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Thursday, October 6, 1955
THE COMMERCIAL and FINANCIAL CHRONICLE
2
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Offer the Comprehensive Services of Our Organization
united states government securities
state and municipal bonds
public utility
—
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—
industrial
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DISTRIBUTORS
•
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•
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Exchange
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Teletype: NY 1-40-1-2
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subscribe.
few weeks. No obligation
Convention Number
THE COMMERCIAL and
FINANCIAL CHRONICLE
19 5 5
19 5 6
FIRST
FIRST
PRESIDENT
Lex
Jolley
The Robinson-
Humphrey Company,
Inc., Atlanta, Ga.
VICE-PRESIDENT
Wm. J.
Burke, Jr.
Gannon, Inc.
May &
Boston,
Mass.
John M. Hudson
John W. Bunn
Thayer, Baker & Co.,
Philadelphia
Nicolaus &
Company, Incorpo¬
rated, St. Louis
Stifel,
VICE-PRESIDENT
Lex
SECRETARY
John M. Hudson
Jolley
The Robinson-
Humphrey Company,
Inc., Atlanta, Ga.
Thayer, Baker & Co.,
Philadelphia
SECOND
TREASURER
SECOND
PRESIDENT
SECRETARY
TREASURER
N. S. T. A
VICE-PRESIDENT
VICE-PRESIDENT
Officers
and
Executive
Diehl
Robert D.
Paine, Webber,
Jackson
Curtis
&
Los Angeles,
Calif.
George J. Elder
T. M.
Blosser &
McDowell,
Detroit, Mich.
Straus,
Council
Harry L. Arnold
John W. Burnt
Stifel, Nicolaus &
Co., Incorporated
St. Louis
Rauscher,
Co.,
Pierce
Goldman, Sachs &
Phillip J. Clark
John L. Canavan
&
Inc., Dallas
Amos
C. Sudler
Co.,
Sl
Wakeley
C.
Allyn and
Company, Incorpo¬
rated, Chicago
A.
Co., New York
Phillip J. Clark
Amos
C. Sudler
&
Co., Denver
George J. Elder
Straus, Blosser
McDowell,
&
Detroit, Mich.
Landon
William
& Co.,
A.
N.
Freear
Edwards
Fort Worth,
Texas
Denver
w.mm
Walter C. Gorey
Edward J.
Carl
M.
Kelly
Loeb,
Rhoades & Co.,
New
York
City
Joseph E. Smith
& Co.,
Philadelphia, Pa.
Newburger
Lester J. Thorsen
Glore, Forgan & Co.,
Chicago, III.
Walter
San
C.
Gorey Co.
Francisco
Harry J. Hudepohl
Alonzo H. Lee
Westheimer and
Sterne, A gee &
Company,
Cincinnati, Ohio
Leach,
Birminghamt Ala.
4
THE COMMERCIAL and FINANCIAL CHRONICLE
Thursday, October 6, 1955
Past Presidents of the N. S. T. A.
1954-1955
1955-1956
1953-1954
1952-1953
1951-1952
1950-1951
1949-1950
1946-1948
.I..
John W. Bunn
Stifel, Nicolaus A
Company. Incorpo¬
rated, St.
Phillip J. Clark
Amos
H.
Harry L. Arnold
C. Sudler A
Russell
S.
Goldman, Sachs A
Co., New York
Co., Denver
Louis
R.
Hastings
Livingstone,
Crouse A Co., Detroit
John
F.
Egan
H. Frank Burkholder
First California Com¬
Francisco
San
pany,
Equitable Securities
Corp., Nashville
Edward H.
Sincere
pany,
and
Welch
Com¬
Chicago
1945-1946
R.
Victor
Mosley
Stroud A
Co., Inc.
Philadelphia
1942-1944
Contents of This Issue
Articles and News
Index to Affiliates
Page
NSTA Officers and Executive Council
(1956-1955)
3
Harold
New
5
Baltimore, Security Traders Association of__
Smith
6
B.
Horizons
Chemistry
the
Fulbright
D.
The
and
Jr.
Orrick,
NASD
Thomas Graham
9
of the Mackinac Bridge Proj¬
ect—Prentiss
Brown_:——
M.
The
Electronics:
Bankers Bond Co.,
Louisville
Aladdin's
10
Lamp
of
Looking
Forward
Hal pin
—
Dan
D.
Goals
We
Seek—Philipp
A
Report
The
V.
the World Bank—Eugene Black
for Saving—Robert B. Blyth
Collect
Judson
More
Taxes
of
in
the
16
Graham's
Club
Denver, Bond Club of—
and
Michigan,
Association
58
.
Securities
of
Security
Dealers
Association
67
Georgia Security Dealers Association
and
60
City
(Missouri),
Bond
of
Louisville, Bond Club of
Memorandum
on
the
72
Ful¬
19
20
41
New
York, Security Traders Association of
27
50
Pittsburgh Securities Traders Association
Portland
21
of
48
St.
22
San
22
Seattle Security
23
Syracuse, N. Y., Bond Club of
23
Twin City Bond Traders Club
St. Paul)
Work
NSTA Nominating Committee for 1956
In Attendance at NSTA Convention-.,.
Report of the Public Relations Committee
Parsons
A
W.
Winners
in
NSTA
26
Members
at
Large (G.
Cunningham)
Golf
Roster of Advertisers
O.
27
Lee,
Jr.
Louis, Security Traders Club of
Francisco
Utah
and
This
71
Issue
Wichita Bond
Members
103
Local
of
66
Security Traders Association
Securities
48
Tournament
in
>
65
(Oregon), Security Traders Asso¬
ciation
21
G.
1941-1942
72
50
Security Traders Association
Philadelphia, Investment Traders Assn. of_
18
_
Convention
Delegates
35
33
Nashville
Convention Sites and Dates for 1956 & 1957
Parsons, Jr.
____
Angeles, Security Traders Assn. of
Report of the Publicity Committee-—
President-Elect Lex Jolley Lauds Associa-
Edw. E.
Traders
.
New Orleans Security Traders Association
Legislative
—
NSTA Affiliates and
Perry Brown
Newman, Brown A
Co., New Orleans
56
*
Corporate
bright Bill
Report of the Municipal Committee—
Convention Approves Amendments to NSTA
tion's
Wm.
Traders
.____.
Memphis Security Dealers Club
1955—
Committee
Tom
71
62
Bond
Kansas
17
*
Bond
Dallas
Los
15
Wychoff
♦
Report
55
Club
on
Need
States
43
H.
Lohman
1944-1945
36
Association---
13
____
Economic
46
Club
14
Piser
49
Cincinnati Stock and
Cleveland Security Traders
Florida
12
.__
Treasury Securities Market—Leroy M.
The
Association
40
11
Television
in
.—
Traders
Carolinas, The Security Dealers of the_____
Detroit
the
20th Century—Paul A. Just
The
Securities
42
Connecticut, Security Traders Assn. of—_
Bill—Harold
_____________
__,
Case History
7
8
Fulbright
Dealers Association
Chicago, Bond Traders Club of_.
E.
——
Bill—Andrew
,
the
and
Wood
E.
Lewis
—
____;
SEC
Boston
______—
in
Lloyd
The
34
Arizona Security
NSTA
the
Million
a
NSTA
of
Association
Greetings—Lex Jolleyto Everyone!
(on behalf
Advertising
Committee) —
Presidential
Thanks
Dealers
4
of
Presidents
Past
Page
Alabama Security
Traders
Dealers
Association
45
(Minneapolis39
Association
70
Traders Club
the
NSTA
69
42
73
Unaffiliated
with
Organizations
Joseph W. Sener
73
Co., Inc.
John
Cleveland
C. Legg
Company,
1941-1942
Herbert H.
;
u.
s.
Blizzard
A.
F.
1940-1941
Thomas A. Akin
Deceased
1939-1940
1938-1939
Edward D. Jones
Edward D. Jones
Co., St. Louis
A
Willis
M.
Summers
Deceased
1936-1938
Arthur
H.
M.
E.
Farrell
Byllesby A
Co., Inc„ Chicago
1936-1937
J.
Gentry Daggy
Deceased
1935-1936
A
Baltimore
1934-1935
Henry J. Arnold
W. W. Cruttenden
Geo. Eustis A Co.,
Cruttenden A Co.,
Cincinnati
Chicago
Convention Number
5
THE COMMERCIAL and FINANCIAL CHRONICLE
1
7^ta5ld.2ntiaL
(fteatlnG5
The 1955 Annual Convention of the National Secu¬
vention
rity Traders Association has come to a glorious con¬
clusion.
In quiet reflection, it gives one a good,
warm
feeling to re-live this Con¬
We say
vention.
with
the
The
been
have
a
business
well
have
been
and
strictly
top quality and the ever-impor¬
tant
social
The
Detroit and
sessions
attended
great deal of enthusiasm;
forums
exceeded the most optimistic predictions.
"Thank you" to all of those who have so
willingly contributed to its success.
portion of ithe
pro¬
gram has been a great success
in the bringing together of old
friends and the
making of new
acquaintances." Mackinac" is en¬
deared to all that attended the
Convention.
Surely much was
Lex Jolley
accomplished to further the
principles of our Association.
We are impressed with the fact that the thinking
of our members, our Association policies and plans
and the position NSTA has in the industry all have
undergone tremendous changes during the 22 years
since organization. Truly, all have kept pace with
changing conditions. All of you can be proud of
your contributions to your "Traders Association."
We now have 4,269 members, the most ever and a
big increase over last year. Attendance at the Con¬
the
to
success
of
Michigan Affiliate contributed
the
Convention
and
were
very
gracious in their entertainment.
The
Commercial
tinued to
give
and
Financial
con¬
Chronicle
their usual fine coverage. Every
subscriber was kept advised of all pre-Convention
plans and activities. The "Convention" issue of the
Chronicle is
we
us
another
those
of
have learned to treasure.
The other
and I
masterpieces which
are most
grateful.
We
Officers, Members of Executive Council
best
benefit
These
should make the coming year one of outstanding
accomplishments for National Security Traders As¬
assure
the Association will have
you
our
efforts for 1956. We ask that you give us the
of your thoughts and your full cooperation.
sociation
and
contribute
much
to
the
securities
industry.
Sincerely,
LEX
JOLLEY, President
National
Security Traders Association, Inc.
Private Wires to:
We make Markets
___G/ore, Forgan & Co.
Chicago
Cleveland
Dallas
in
Dallas Union Securities
Detroit
Hartford
Coburn and Middlebrook Inc.
Philadelphia
Pittsburgh
Securities
St. Louis
Troster, Singer & Co.
Members: New York Security
74
TRINITY PLACE
Telephone HAnover 2-2400
Company
Baker, Simonds & Co.
Los Angeles
Over the Counter
Gottron, Russell & Co.
Dealers Association
NEW YORK 6, N. Y.
Teletype NY 1-376; 377; 378
Harbison & Henderson
H. A. Riecke & Co. Inc.
Arthurs, Lestrange & Co.
Fusz-Schmelzle & Co.
6
THE COMMERCIAL and FINANCIAL CHRONICLE
THANKS
A
MILLION
TO
Thursday, October 6, 1955
EVERYONE!
By HAROLD B. SMITH, Chairman, NSTA Advertising Committee
GREETINGS:
staggering.
in
Ycur 1955 National
tion
Committee
Advertising
another
milestone
stability.
is
tee
toward
our
has
passed
now
gcal of financial
with
results
that
to
more
have
the
encouraging
been
you
our
what lies ahead.
the
NSTA, in like
ties
of
getting
Convention
we
do
this,
manner,
increased
Issue
we
us
much.
us
Harold
B. Smith
increased
advertising
of
for
commercial and
to
be
industrial
had
4,200
members
SMITH,
Pershing & Co.
120
Broadway,
New York
City 5, N. Y.
1955 ADVERTISING
complimentary
charitable nature since advertisers
get
Atlanta,
Ga.;
corporated,
money.
Seibert, Editor and Publisher of the
and
You have
that
Financial
opened
Chronicle,
of
an avenue
we
ours.
Jolley,
Thompson
M.
COMMITTEE
The
CHAIRMEN
Robinson-Humphrey
Wakeley,
A.
C.
Allyn
and
Company,
Company,
Your
through
are
—Ed
a
real
way
more
one
for
co¬
your
thoughtful,
Affiliate Chairmen—James S. Crow, First National Bank of
Birmingham, Ala.; Joseph E. Refsnes, Refsnes, Ely Beck
Phoenix, Ariz.; John C. Hecht, Jr., Dempsey-Tegeler & Co.,
Los Angeles;
Walter C. Gorey, Walter C. Gorey Co., San Francisco;
Phillip J. Clark, Amos C. Sudler & Co., Denver; Nicholas E. Fon Eisen,
Birmingham,
Co.,
Fahnestock
& Co., Hartford, Conn.; James B.
Dean, J. W. Tindall &
Atlanta, Ga.; Fred T. Rahn, The Illinois Company, Incorpo¬
Chicago; Don H. Alldritt. Mid-;Continent Securities Company,
further
rated,
Kans.; Hector W. Bohnert, The Bankers Bond Co., Inc.,
Louisville, Ky.; Arthur J. Keenan, St. Denis J. Villere & Co., New
Orleans, La.; Charles A. Bodie, Stein Bros. & Boyce, Baltimore, Md.;
James
R.
Duffy, Paine, Webber, Jackson & Curtis, Boston, Mass.;
William
P.
Brown, Baker, Simonds & Co., Detroit, Mich.; Oscar M.
Bergman,
Sparks,
soliciting staff
Beck, Hal Murphy, Vince Reilly and Ted
Peterson—to
inspiration. Many,
interests
many
have
been
thanks go to
concerned and to each and every one
a
Bishop
every
of
our
committee who
Allison-Williams
E.
Edward
F.
D.
&
Harry J.
Company, Minneapolis, Minn.; Russell K.
Company, Kansas City, Mo.; Ralph C. Deppe,
Co., St. Louis, Mo.; Edward J. Smith, Smith,
Syracuse, N. Y.; Edgar M. Norrls, Greenville, S. C.;
Hutton
Jones
&
&
Co.,
Hudepohl, Westheimer and Company,
Cincinnati, Ohio; Mar¬
Corporation, Cleveland, Ohio; Dan V.
Portland.
Oreg.;
Lewis
P.
Jacoby, Jr.,
Thayer, Baker & Co., Philadelphia; H. Sheldon Parker, Kay, Richards
& Co., Pittsburgh, Pa.; Edward F.
Thompson, Union Planters National
Bank, Memphis, Tenn.; William Nelson II, Clark, Landstreet & Kirktin J.
our
advertisers and members of my
advertising would be
Bailey,
Long,
The First Cleveland
Foster
&
Marshall,
patrick, Inc., Nashville;
John L. Canavan, Rauscher, Pierce & Co..
Inc., Dallas, Tex.; A. Payne Kibbe, A. P. Kibbe & Co., Salt Lake City,
Utah; John I. Rohde, John R. Lewis, Inc., Seattle, Wash.
tf
record
In¬
Inc., Wichita,
generosity and
courteous and
so
"... twelvefold growth since
A
Inc.,
Chicago.
Company,
combined with the efforts of your
When
owe
revenue
could, and I hope will, perpetuate the
secretaries who
this
only conclude that, with
revenue
only from myself,
our
in this Conven¬
operative spirit, together with the aid of
project the possibili¬
"spark plug" in each affiliate, results in the
of
space
We don't need
ours.
NSTA and its affiliates.
in
and Yearbook
can
a
Commercial
project
Let
com¬
&
operations to
see
HAROLD B.
Vice-Chairmen—Lex
of
of
one
throughout the country.
experienced in bringing home to them
To Herb
corporation earnings figures and
results of current
every
Local
pride, that
we
from
Chairman, NSTA Advertising Committee
members with
our
outstanding value for their
this banner issue.
business
but
corporations whose securities
relationship of
tion Issue of
productive and, it is with
give
In
natural for
desirability of taking
ads
and
more
much enthusiasm and
we
public and advertising in this issue of
should be
report in recent years that our
efforts
virtually the entire American in¬
this issue possible, not
made
panies in this category is such that little difficulty
are
readily discernible.
It has been very
a
are
publicly held.
The
estab¬
more
is
ours
are
We in the investment business
with
vestment
Interest in the work of this Commit¬
becoming
lished
Security Traders Associa¬
touch
like this has earned
us
...
nationwide reputation
a
with
Write
investment
brokers
as
a
"GROWTH
COMPANY."
for
illustrated
booklet:
"This is Bank
Corporation"
/'///<?/■//<>//
OF AMERICA
Headquarters: ST. LOUIS, 9th & Sidney Streets
Offices in: ATLANTA, Western Union Bldg.; CHICAGO, 333 North Michigan;
MIAMI, 5204 West Flagler; NEW YORK, 103 Park Avenue;
SAN FRANCISCO, 275 Post Street
Operating Outside the Continental U. S.
as:
Bank Building Corporation International
Operating in Mexico
as:
Edificios Para Bancos
Building
Convention Numbed
THE COMMERCIAL and FINANCIAL CHRONICLE
New Horizons in
When
cal
investor
an
or
chemi¬
a
good
a
deal
hope,
of
Defining chemistry
equipped with
tools
e
which investors have made in chemical stocks."
returns
industry will continue and "there is
to
ward to in the chemical
made available
lower
r,
There is
surely much to be done
require new and bigger
plants. Moreover, whel§
one looks at the growth curve, it
appears that, at best, the chemi¬
cal industry could not be more
than half way through its growth
Holds growth
pretty rosy future to look for¬
a
industry." Describes
some
metals and plastics
new
stage.
by the chemical industry, and indicates their future useful¬
products.
Chemistry
is
the
science
to
ness
industry and households. Sees atomic
we
Lloyd
the
change. Wher¬
from Sears Roebuck?
ever
E.
ihe
we
turn,
find evidence of chemistry at
work.
for
The fine roast beef
and
in
the
we
colored
in
the
fall
moccasins
until
worked
pliable
the
fats
of
out
the
had
ail
leather.
treatment, it remained
serviceable.
and
when
longer
By the
use
trolled
We
no
chemical
gives
dered
at
Jack
Frost
windows,
Gary
past
and
way
the
men
artistry with which
decorates
the
winter
and
squaws
the
blast
a
con¬
reactions, a few
in a tannery can
in a few days more
leather
thetic
even
than
all
Indians,
the
nature of
who
white
used to
wears many, many
leather
which
we
wear
This
silicone
does
not
waterproofing.
treatment
it
makes
and at the same time
improves
its
appearance
and
wearing quality.
porous,
Here is another example which
come closer home to most of
will
Can
you remember how first
mothers, and then later our
wives, spent many hours in the
evenings darning socks? After the
war the knitting mills began mak¬
ing nylon socks for men, and now
the darning of socks is rapidly
becoming a lost art. The differ¬
us.
improved
plants,
product,
has
tedious
of
freed
labor
by Dr. Lloyd at the An¬
nual
Meeting of the National Security
Traders
Association,
Mackinac
Island,
Mich., Sept. 12, 1955.
Our Steadfast
in
hours
many
for
more
of
produc¬
investors
tive and
enjoyable effort.
The
cleaning of silverware is
another
simple example which
will have particular significance
for the ladies.
silverware
The time
was
always
was
by hand, and this
suming
part
of
was a
stocks.
dium
party.
Well,
polished
time-con¬
reaction
black
silver
sulphide
and
is
been
treated
containers,
or,
time
chemical
and
gives
the
assets
dollar
the
of
if
to
fast
the
one
as
a
The organic branch of the
chemical
industry in the United
been growing 10%
a
which means a doubling
States
has
year,
every
7J/4
After
con¬
breath
a
taking
-
saves
products
growth, and having arrived at its
that
present size, is the chemical indus¬
yield greater satisfaction.
try
now
in need of
rest
a
or
Wonder
rust
titanium
four
or
What
Titanium
Metal,
newer
corrosion
and
use.
five
about
Because
on
metals that will
which will power not only the air¬
planes but
even
the automobiles of
the future.
while flying back
York, I sat across from
a
General Motors engineer.
In
the course of our conversation, we
discussed future changes in autoyear
ago,
from New
Continued
cn
UTILITIES
RAILROADS
TRADING FACILITIES
PREFERRED
STOCKS
AND
INSURANCE
COMMON
•
STOCKS
Co.. Inc.
Blyth
I
New York
BOSTON
Financial institutions
arc
invited
to
avail themselves of
our
services.
Dtcltri and Underwriter!
of Hxfk-Craie Sarunba
Member! New York Stock
SIXTY WALL STREET, NEW
BOSTON
PHILADELPHIA
SAN FRANCISCO
DALLAS
Exchange
YORK 5, N. Y.
CLEVELAND
CHICAGO
WF.8T PALM BEACH
San Francisco
SPRINGFIELD
•
LOUISVILLE
•
•
Chicago
•
PHILADELPHIA
DETROIT
•
•
•
•
SACRAMENTO
Los Angeles
PITTSBURGH
MINNEAPOLIS
•
EUREKA
Salomon Bros. & Hutzler
•
•
•
Seattle
CLEVELAND
SPOKANE
•
•
Portland
INDIANAPOLIS
•
•
OAKLAND
(♦
•
FRESNO
•
8AN
JOSE
.
this
high temperatures, that are
corrosion resistant, and are light
in weight. Such metals are needed
for the jet and turbine engines
WITH COMPLETE
•
of
stand
INDUSTRIALS
BONDS
is
The attention of engineers these
PRIMARY MARKETS
BANK
than
But, titanium is now
years
old already.
new
metals yet
to
days is focused
can
PUBLIC
the
in
magic.
Policy
years
some
come?
A
years.
such
wonders
mo¬
a
glimpse at
combination of properties, an ex¬
tensive
future
is
predicted for
sales.
economy
future
research
temperatures.
chemicals,
for
as
of
for
time
a
stainless steel, and will stand high
the heart
of the modern chemical industry,
the growth has been five times as
whole.
the
in
things which
stimulates our imagination these
days is the wonder metal, "titan¬
ium."
Titanium is only half as
heavy as iron, is more resistant
of
During
past 40 years, the chemical
industry has grown about three
times as fast as U. S. industry as
a whole; and if one considers only
organic
of
One of the
these
the
these
The
British
four
curtains
land
40
or
to
industry.
ment and take
to
the
In
compares
easier
change
us
the
forward
look
Yes, there are even now
things in the laboratories
which promise big improvements
for the future.
Let us pull back
the
accustomed
invested
of
yet,
just
wrapped
with
Dow
Saran-wrap, the silver stays bright
and needs no polishing.
These are only a few simple
examples which
illustrate
how
chemistry gives us "better things
for better
living," to quote du
trolled
time
to
new
chemical
the
when
off
of
rate
timism?
import from
years since
that time, the chemical industry
has grown until today only three
industries are larger on the basis
recon¬
Pont—how the application of
I
cut
Germany.
verted to bright and shiny silver.
Now we go still a step
further,
and if the silver is put into chem¬
ical
in
very
a
expect
But, is there
evidence
in
new
products and
new fields which justify such
op¬
supply of
dyes and medicinals which we had
eventually,
place
War
blockade
or
takes
made
date from
to
World
for
(washing soda to
if you use one
of the magnesium leaves now be¬
ing sold for this purpose, a chemi¬
cal
have
we
chemical
industry
Applied
said
be
carbonate
ladies),
you
ture
chemical
the
chemistry began
in this country with the making
of soap and gun powder in the
early 1800s, but the modern chem¬
ical industry, as we know it, can
when
preparing
Chemical
of
should
the
growth to con¬
industry has
doubled its present size.
Well, that is a pretty rosy fu¬
is so basic in bringing about these
improvements, it has had a phe¬
nomenal
growth.
You
invest¬
ment professionals are well aware
that
this
growth has reflected
handsomely in the returns which
The
developed
our
address
socks.
chemists learned that if you place
silverware in boiling water in an
aluminum pan and add some so¬
leather waterproof but still leaves
lived
Because
itimes longer in
heels
and
every
shoes of natural
silicone resin for
a
toes
Growth
other words, as
tinue until the whole
Industry
wool, from which socks
be made, and it tnerefore
or
Yes¬
synthetic leather, in the future
they will be treated with Sylflex,
settlers
45
ton,
Phenomenal
nylon shows better
than the rayon, cot¬
hand
or
wanted footwear, they made
moccasins.
Where did they get
over
the
could
need to be grown on a cow.
whether
came,
for
tribe
Already the Goodyear Tire and
Company have small-scale
production
of
a
plastic
sheet
which is porous, like leather, and
will be tough and durable.
But,
changes have been going
on
since the beginning of time,
but only in recent years are we
beginning to understand them. In
the past 100 or 150 years scien¬
tists have learned many of na¬
ture's secrets, and, as a result, we
can now use this knowledge to in¬
itiate and control changes which
we
want to take place—changes
for giving us a higher standard
of living.
the
whole
Rubber
These
before
a
today, mechanization in
tannery; and tomorrow, syn¬
the
reactions;
or
of
process;
chemical reaction to
change the properties
anything.
•An
way.
prepared all winter.
terday, the slow laborious
furnaces?
the results ol! chemical
When
that
have
These, too, are evidences of chem¬
ical changes.
Wherever we see
change about us we are seeing
here
better
or
leather
of chemicals and
prepare
or
from
for it takes
make
working
now
have
you
ridden
Pittsburgh at night
watched the spectacular fire¬
works
that
the laboratories made in cnemicai
hours
After such
to reds, yellows,
and browns. This, too, is a chem¬
ical change. Have you ever won¬
green
is
ence
wet strength
the
been
during the cooking.
shall thrill again to the
leaves
it
To get
less
raw
reactions
Soon
their
for
order
No.
ments, and then the squaws took
these hides and chewed them end¬
product.
This, as
know, is the result of cnemi-
you
they
tooK
deer
hides,
scraped
by hand with crude instru¬
them
tonight tastes, looks,
fact
is
quite different
Did
leatner
they
had
dinner
from
cal
we
leather?
In
present
boon to industry.
of
control led
Lewis
energy a
,
minimum
cost
Dr.
and better
more
chemical reactions.
chemical
of the
our
need
to
controlled
which will
needs for bett
continue
Notes
the
chemistry
meet
better things for better living."
us
phenomenal growth of chemical industry, "a growth reflected handsomely in
He finds
the
the science of controlled change, Dr. Lloyd gives
a
very rosy out¬
look.
as
examples of how chemistry "gives
for
and
expect
tinue?
tinue
challenge,
plenty
of
cause
this growth to con¬
Well, if we expect to con¬
improving our standard of
living and doing things by im¬
proved processes, we are going to
we
Economist, the Dow Chemical Company
to the horizon of the chemical in¬
he finds
Chemistry
By LEWIS E. LLOYD*
employee projects his interest
dustry,
7
PASADENA
•
SAN
DIEGO
page
74
8
Thursday, October 6, 1955
THE COMMERCIAL and FINANCIAL CHRONICLE
The SEC and the Fulbright
I
of
honored
am
to
the
be
fine
organization
and to deliver my maiden speech
your
after
three
months
as
Bill
the
By ANDREW DOWNEY ORRICK, JR.*
guest
today
to
Commissioner Orrick, after
Securi¬
of the
ties
Ex¬
and
change
the Securities and
Com¬
mission
at
second Annual
program
and current objectives of
Exchange Commission and the problems facing it such
the regulation of uranium mining
Twenty-
your
revealing the
stocks and the processing of
Convention.
rial, discusses the important features of the Fulbright Bill.
Over the years
tions
your
organi¬
cently
the
exchanges
I understand, the
sion and several
(Conducted
a
forum
It
was
as
the
much
as
past
year
the aggre¬
and
Atlantic
impossible, however,
present today.
Commission
again
attend
members-—Harold C. Patter¬
son
pleased
Convention
because
it
this
so
many
of Virginia and myself from
Since all of you have
considerable interest in the man¬
California.
your
only
ner
in
outstanding
are
administered,
an
billion
a
but
of
the
on
address
22nd
by
Convention
material
conceal
in¬
and
participants
attempts to discredit the char¬
protects the
Commission not only
of
small
and
the Commission re¬
circulated for comment a
Act have not been
der
Securities
State
The
of
Problem
Uranium
Mining Stocks
enacted
The distribution of and
in
stocks
mining
uranium
issues
in
—
the
trading
especially
Colorado
terested parties.
Association
the
on
The
subject.
Let
tion
Denver and Salt Lake
months
the
Security
Traders Association,
Mackinac Island, Mich., Sept. 12,
what
has
been
done
solve them:
to
Since
1955.
and
few
past
June,
cial
task
force,
countants
and
and
City
a spe¬
composed of ac¬
lawyers, for the
of inspecting the brokers
dealers registered in that re¬
purpose
1955, the Commis¬
to
similar to
stop or¬
registration
bill
a
has
been
the
registration
on
both
your
During
atten¬
of
the
the early
extensive
much
and
publicized study of the stock mar¬
ket.
In its majority report the
Committee recognized the basic
of
soundness
require¬
securities
the
acts
and expressed its general satisfac¬
tion
the Bennett bill have been
conducted
bill.
its
began
ments of the Securities Act. Hear¬
ings
direct
consideration
a
mittee
introduced
Michigan to eliminate entirely the
provision exempting small issues
from
to
part of this year the Senate Com¬
on Banking and Currency
rentically, it might be mentioned
that
Fulbright Bill
now
me
Fulbright
Pa-
the
with
these
in
has created a major
discussing enforcement problem for the Com¬
an
important legislative proposal mission.
In
order to supervise
The Commission is also actively
affecting the securities markets, I more adequately these activities
working on the continuing prob¬
shall review briefly some of the in
speculative mining stocks, the lem
imposed by the illegal dis¬
significant problems in the en¬ Commission recently dispatched to
tribution throughout the United
forcement field that the Commis¬
the
power,
respect
The Commission
Washington
and, more recently, in Denver and
Salt Lake City.
Plateau area,
At the outset, before
in
with
material.
Administrators,
by Congressman John Bennett of
collectively, are vitally interested
administering the securities acts
faced
Con¬
the procedure of issuing
ders
into the House of Representatives
grossly inadequate.
in
has
the
are
administrative
proposal to revise Regulation A
(which is applicable to issues un¬
would, of course, also welcome
your comments and those of your
or
sion
of
considering, further¬
more,
whether the Commission
should not be granted additional
companies,
cently
members
some
gress
uranium
closure standards of the Securities
members, individually and
by the Congress thor¬
oughly, effectively and fairly, in
the public interest and for the
protection of investors.
provide further pro¬
purchasing
investors
to
securities
the mining industry and other in¬
period,
and its
the
public by preventing the distribu¬
tion of securities where the dis¬
filing of material with the Com¬
mission which is either fraudulent
in this strenuous financial
In order to
tection
The Commis¬ provisions
reports.
with
confronted
problems
curities acts.
$300,000) which, among other
designed
to
prevent statements, to prohibit the use of
sion believes that prompt action abuses in small speculative offer¬ misleading proxy soliciting ma¬
terial.
The only
legal remedy
should
be taken
to prevent
by promotional companies,
or ings
presently available to the Com¬
suspend public offerings in cases would require the issuer to escrow
mission under the statute to en¬
where a company has wilfully or a portion of the funds obtained
force its proxy rules is to com¬
negligently failed to comply with from the sale of its stock. These
mence an action in a Federal Dis¬
the
disclosure
standards of the proposed revisions are presently
trict Court seeking to enjoin thelaw.
The use of its stop order the subject of intense discussions
use of misleading proxy soliciting
and
suspension powers
by the in the Commission and by the
necessary
arising
is
pressing
many
National
Inc.,
or
met, but it also
has the effect of discouraging the
Commission
Orrick
of
mislead
posed legislation that affects the
securities
markets.
The present
The volume
Commissioner
industry, for the purpose of
you informed of the pro¬
gram and objectives of the Com¬
mission and of its views on pro¬
national securities
Annual
appear
keeping
yeai^ during the depressed
trading
*An
at
ties
an
period of the 1930s.
acts
that
Association, and sim¬
organizataions in the securi¬
ilar
also because it has
opportunity to discuss
with you some of the problems
confronting security traders in this
provocative period which is char¬
acterized by a record volume of
new
financings
and
increased
market activity. The novelty and
complexity of many conditions af¬
fecting
the
securities
industry
arise out of this unprecedented
interest in corporate investment
and securities trading. During the
past three years the volume of
new corporate financings averaged
nearly $9y2 billion each year as
compared with less than $7 billion
a year in the immediately preced¬
ing postwar period and about $2
ciation,
provided
believe
before your
represented in this Asso¬
are
securities
I
Commissioners should
the
members of the securities industry
who
the
which
occa¬
afforded
has
sion to meet
attend
year,
not
to
facts
the opposition, unless based on
provable facts, and similar unfair
and misleading representations are
prohibited. Both the Commission
order gion. to determine whether they
registra¬ are fully complying with the se¬
stop
against the
this year, be¬ formation, and it has suspended
during the past few months 22 offerings under Regulation A
the Commission has acquired not in which the companies did not
only a new Chairman—J. Sinclair make adequate disclosure of ma¬
Armstrong of Illinois, but also two terial facts or failed to file the
new
am
commenced
has
proceedings
Convention
your
I or all of the Commissioners to be
I
sion
cause
members
lems before your group at
City.
year,
SEC prob¬
on
the
of
entire Commis¬
staff
during
gate volume of trading during the tion statements of six companies
in which it appeared that there
preceding two years. '
It is appropriate that a member was a wilful, deliberate attempt to
annual
conventions,
last
almost
was
staff to attend
and
the
concerning
both
of
essential
acter, reputation and integrity of
your
Orrick, Jr.
material
the
reveal
dictions of future financial results
members of its
A. D.
solicitation
control,
their interests. Unsupportable pre¬
tation and administration.
and
ers
of proxies
corporate
sides
sugges¬
Commis¬
e
Designed
have re¬
encountered in the
that
in contests
the rules
require, among other matters, that
as
ciously invited
sion
been
proce¬
in pro¬
material.
abuses
for
regarding revision of tn£ bill and the problems relating to its instrumen¬
zation has gra¬
t h
proxy
prevent
solicitation
mate¬
proxy
Makes
and
of the Commission
cessing
member
a
practices
present
dures
Commissioner, Securities and Exchange Commission
making
contributions
have
laws
toward
been
the
that
and
are
maintenance
of fair and honest securities mar¬
kets.
the
However,
Committee
expressed its belief that addi¬
tional legislation might be neces¬
sary
to preserve a healthy, grow¬
States of speculative uranium and
ing economy. The majority report
oil
pointed out that an issuer of se¬
curities registered on a national
securities exchange is subject to
one
set
of regulations
whereas
securities
companies.
of
issued by Canadian
The proposed revision
Regulation A, which is applic¬
to
small offerings
by Ca¬
able
nadian
an
companies,
additional
tion
investors
to
would
in
another issuer in the same indus¬
afford
of
try, and with the same degree of
public interest, whose securities
protec¬
the
measure
United
in the
traded
are
over-the-coun¬
States in Canadian companies. The
Commission anticipates that a sat¬
#ly
ter
isfactory solution to the problem
boiler shops operated by un¬
scrupulous promoters located in
'
jority report concluded:
"The Committee is of the view
market, is subject to entirely
different
regulations.
The ma¬
of
We maintain
Canada
the
may
near
that
also be achieved in
as
general policy, it is in
a
the public
future.
interest that companies
are traded over the
whose stocks
counter
The Commission has distributed
for comment
a
more
be
with the
The Processing of Proxy Material
ACTIVE TRADING MARKETS
same
and
detailed and
an
the
Continued
on page
J. R. Williston & Co.
1889
ESTABLISHED
MEMBERS
AND
1X5
Eastman, Dillon
&
STOCK
YORK
AND
STOCK
EXCHANGE
COMMODITY
EXCHANGES
Broadway, New York 6, N. Y.
Stocks
Dealers
Bonds
Commodities
Distributors
STREET, NEW YORK 5, N. Y.
BOwIing Green 9-3100
OTHER
NEW
Brokers
Co.
MEMBER NEW YORK STOCK EXCHANGE
Tel.
comply
extensive list of
UNLISTED SECURITIES
15 BROAD
to
statutory provisions
same
rules and regula-
exacting set of rules, which codify
in
required
Bell System Tel. NY 1-752
Telephone
Cable
BArclay 7-7500
"Williston"—New York
Teletype
y,'
Direct Private Wires
to
our
correspondents in Chicago, Hartford, Los Angeles,
Milwaukee, New Haven, San Francisco, and St. Louis
Rye, New York
•
Miami Beach, Florida
'
A .\
.
'
NY 1-2766
82
Convention Number
The NASD and the
I
in
speaking
NASD
on
the
and
you,
as
f
o u r
Who
Bill?
a
Mr. Wood discusses the
on
steward¬
1955
the
C
Frear
I ap¬
before
exchanges
are
pushing the Fulbright Bill for selfish
reasons,
i t tee
secu¬
and asserts
public demand for the
no
and it would
measure
serve no
useful
pur¬
in
that
is
It
1946.
though the SEC states that it ap-
tion to the total amount of under-
been, proves the Fulbright Bill "in prinin to¬ ciple," is there this difference in
day's markets, particularly in the attitude?
writings today, they are the ones
which if not controlled and curbed,
can give our industry a black eye
and hurt us terribly with the general public.
Such support as there was came
the
of
market.
To
over-the-counter
mind, the hear¬
my
ings
were no "witch hunt" and,
overall, I think they did good.
They made the public aware, as
it would not have otherwise
the
significant
incipient
to note
legislation
of
of
uranium
and
1940, 1946, and 1949—in each case motional, speculative issues, such
sponsored by the Securities as many uraniums and Canadian
Exchange Commission.
The minnings, because we know that,
Fulbright Bill, I am informed, while the total dollar amount of
was
not so sponsored.
Why, al- these offerings is small in relaand
mining
stocks.
come
Out of the hearings have
the Bennett Bill, which pro¬
to
poses
making
eliminate Regulation A,
all underwritings, how¬
small, subject to full regula¬
tion. The Securities and Exchange
ever
Commission
opposed the Bennett
Bill, and submitted to our indus¬
try, for comment before Sept. 15,
proposals which drastically
strengthen Regulation A, at the
same time eliminating Regulation
The
D.
NASD
has
also
gone
is, and I am sure that of the SEC,
on the matter of these small pro-
—was
of the speculative dangers
areas
The
of
Bill
Frear
set
a
minimum
in gross assets and
stockholders.
The
original
$3,000,000
300
XT.OTk
.
..
„
~
jut
a
minimum of
NASD Opposes Fulbright Bill
conducted
equity holders.
The "Double Standard" Phrase
—A Loaded Name
so-called
This
came
problem
first
out of the "double standard"
June
27, June 30,
reversal of
affected, and they are thus hopeful of attaining additional listings
appeared in behalf
of the Frear Bill.
Whatever the
of such
changes.
on
July 1.
It
was
a
our
Atlanta,
Ga.,
on
in current regulation,
Thats Settlng Pretty ar~
the-counter markets for trading
of securities of the corporations
position in 1949 when the then
Chairman, Clement A. Evans, of
and
C0SPlet? reversa) ?f
securities
on
such
I
would
like
21 Governors are members
control of the uranium issues and
guised.
their
like, which deficiency is
being met by the strengthening of
Regulation A requirements, but to
sions
P°sition; °tthe are all against it. And a
New y°rk Stock Exchange,
They
large number of our other mem-
bers who are members of the New
York Stock Exchange are against
it.
words
dis-
Frequently, I ask myself
generally.
curities
ula
of the various
the staffs
Exchange
Commission
the
the
"And I call particular attention, much of an indorsement! Most of
because I think it is significant, to h- fPstimonv related to the mo¬
the fact that when, for example,
.
.
i
Mr. Day testified the other day, posed margin requirements on unhe had to admit that he was tes- listed securities, when, as, and if.
tifying not for the Midwest ExAll other witnesses at the hear-
bers were opposed to this legisla-
i"gs were agmnst the Bill, with
the exception of Mr. Wmthrop H.
In other words, it was an
Continued on page to
"The bill would impose on hun- tion.
ing begins.
INDUSTRIAL, RAILROAD, PUBLIC UTILITY,
MUNICIPAL AND FOREIGN SECURITIES
=Reynolds & Co.=
Underwriters—Distributors
*
and
120
'
BROADWAY, NEW YORK 5, N. Y.
•
SAN FRANCISCO
CHICAGO
New
California
York
East
Rochester
Carmel
Syracuse
Oakland
Pennsylvania
Sacramento
North
San Mateo
Santa Cruz
Minnesota
Santa Rosa
•
•
buffalo
lincoln
•
^Members 5\£eu>
•
Illinois
Chicago Heights
Offices and to
des moines
omaha
•
NEW
Winston-Salem
Stockton
Direct Private Wires to all Branch
-A
Carolina
Raleigh
Salisbury
Scranton
detroit
& Co.
York Stock Exchange
Durham
York
Minneapolis
WERTHEIM
Vineland
Salinas
Lancaster
•
Orange
Morristown
Allentown
chicago
Jersey
City
Atlantic
Berkeley
Brooklyn
indianapolis
UNLISTED TRADING DEPARTMENT
Other Principal Exchanges
PHILADELPHIA
New
Exchange
•
st. louis
our
Correspondents in
sunbury
•
•
sioux city
kansas city
•
toronto
better
Fetoal'Reserve "to
300, 500, or 750 holders — the
single standard ends and adulter-
Members: New York Stock Exchange, American Stock
Commis¬
is
an
himself,
•.
dAto-
informal opinion concerning them." I don't think that's
express
Ex¬
The
Fulbright Bill
with
its
the
Fulbright Bill is
minimums does not get to
the
purely "a rehash of the Frear
roots of the problem, where prob¬
Bill," of 1949, which in other
lems exist. The smallest issues are
forms had cropped up in proposed
often the most dangerous, and are
legislation, first in 1940, and again
not
included.
Regulation A, as
*An address by Mr. Wood at the 22nd
amended, meets those dangers and
Annual Convention of the National Secu¬
nothing more is necessary. Paren¬
rity Traders Association, Mackinac Island,
thetically, our primary concern
Mich., Sept. 12, 1955.
nrprmrPH
administoTd bV'the"se-
and
^
changes determine at what point
Senator,
the
are
h:„
—
bill.
of
gain
'
(the whole setup of the bill)
would be
sion,
Jr
rnv-
Tlinp 27: "As these provi¬
June 97. <«At! ty,pt;p nrnvi-
facetiously by what magic form¬
justify the hearings, in my mind,
Senator Fulbright felt it necessary
the
selfish
for
the bill
Martin
Federal Reserve Sys-
:n
V®
ment on
m
-d the over-the-counter markets
sires
+w
nf
Chairman
ernors of the
^Parenthetically,
"Parenthetically,
our
McChesnev
ex-
to call attention to this fact. Seven
of
^a
t
Fedlral Lserv? waffor
in the matter of more drastic
to introduce his
I think it the .Comrnis"*at it is in the pub
$5,000,000 assets and 500 securities
irdVf-
In
rephed,
Lehman asked him
(PaSe 223 of th.e transcript), relative to the attitude of the management of these corporations on
the listing of their issues,— But
suPP°s® they did not want their
secV-r
i
t*Ar- Mc^orml.CK
Ang> Senator
representatives who have urged J,er,S,, 9
, jeKail-aUiCJ??
After careful consideration, the this type of legislation, not only ket, that should be tinai. in ot
holders; as amended, at SEC sug- NASD decided that it must oppose currently but in the past. Their w°rcls> the corporat ons,
in ¬
gestion, it now sets a limit of 750 the Fulbright Bill in the hearings exchanges compete with the over- selY®s> w2? <7,
SLoHv or
Fulbright Bill set
remarks of James E. Day, Bres- circumstances
iy^y
wnicn
Presin 1949 which
against the Bennett Bill,
ident of Midwest Stock Exchange, prompted that favorable position,
and I think, generally speaking,
March
in
the
hearings.
That — conditions today warranted a
we
are
in agreement
with the
recommendations of the SEC, al¬ phrase,—"double standard"
T.
•
3
It is un-realistic.
loaded name.
Therefore, on July 1,1 appeared
though our Board has taken no
There is no double standard.
A before the Sub-committee on Seposition on them, as yet. Also,
corporation voluntarily makes its curities of Committee on Bankdirectly stemming out of the hear¬
choice, when it lists its securities, ing and Currency, and stated, and
ings, Senator Fulbright has intro¬
as to
the amount of information I quote:
duced his bill, which I discuss
it must disclose and in the matter
am here today to express our
today. I am not naive enough to
think any hearing can be held in of financial reports, proxy state- opposition to the enactment of this
ments and
inside trading.
If it
Our opposition arises because
Washington without political im¬
does not choose to list, the re- section
1
of the
bill
provides
plications, and the Fulbright Bill
is proof of that conviction.
The quirements are the same for all br0ad and unnecessary corporate
hearings
brought to light no corporations. The charge of "dou- regulation of unlisted companies
save
the basis of $o,-
gional exchanges. Later, when
Edward T. McCormick, President
°f the American Stock Exchange,
was testifying on the availability
these additional issues for lisc-
principally from stock exchange ?1(?n
..
record
weaknesses
on
assets and 500 securities
minimums, there would
125 issues made available ior
listing on the New York Stock
Exchange and 1,300 more on re¬
dreds of corporations burdensome
restrictions and onerous requirements in the preparation of reports for which we find there is
no need, either for the protection
of stockholders or the public. We
know of no demand for this legislation from stockholders, prospective investors, or our own
members. We noted little interest
for such legislation in the recent
hearings on the stock market.
ative
through,
holders
be
Markets, as
the represent¬
Wood
and privately they admit
is for selfish purposes,
it
me
went
Stresses evil of forcing corporate information that benefits competitors.
pose.
Securities
E.
Fulbright
staffs, of
the
Exchange
000,000
there is
conducting its
"friendly
study" of the
Harold
exchange
which, and I say this most em¬
phatically, are not reprehensible.
G. Keith Funston, President
of
the New York Stock Exchange,
testified that if the Fulbright Bill
reversal of position taken in behalf of the
a
Bill, but changed circumstances warrant the reversal. Charges the
rities
Fulbright
o m m
the bill. Says it is
must oppose
behind
are
The
course,
to
On March
8,
Fulbright Bill introduced in the last session of Con¬
and reveals that after careful consideration, the NASD decided that it
gress,
ship.
peared
an
Those Behind the Bill
President, Harold E. Wood & Co., St. Paul, Minn.
mem¬
bership,
our
and
speaking."
was
Chairman, National Association of Securities Dealers, Inc.
large segment
o
not
individual
which
the subject "The
Fulbright Bill," I
a m
reporting
to
Fulbright Bill
By HAROLD E. WOOD*
happy to be here today.
is a great Association, and
am
Yours
9
THE COMMERCIAL and FINANCIAL CHRONICLE
YORK
10
Thursday, October 6, 1955
THE COMMERCIAL and FINANCIAL CHRONICLE
■
•
i
...
.
Case History of the
Chairman, Mackinac
Upper and Lower Peninsulas had
been under discussion for more
than
70
years
it
as
Mr. Brown gives an interesting account
a
i sio
would be as good a time
to put an end to the ugly
whisperings that we are running
rather
than
of the planning and financing of
We
pletely
iectCti<?al Pr°"
the
by
ades efforts to
finance
the
become
Prentiss
em-
Brown
M.
roweci for a single bridge.
the
two
much
two
the
communities
bridge
smallest
joined by
The
effort
first
broiled
in politics
Authority created by the
met
with failure.
Legislature in 1934 was abolished
due
to
so
—
1947 when
by the same body in
the
need
for
bridge
a
far
was
during the depres-
than
greater
so
sion years.
the
new
financial
and
restricted
feasibility;
its
in
the
Wall
much
Street
the
Much of it was
already men-
it
selection
for
were
this
a
follow.
of
uncertainty
to
as
Government's
plans
the
Needless
future.
was
serious blow, but
a
prelude
what
to
Furthermore,
sured that could
propriation
We
Legislation
we
to
was
we were as-
obtain
an
ap-
maintenance
for
of
after completion, then
obtain
did
to
that
cinch.
a
Legislation
and in June of the same year an-
permitting the Authority to pro-
other
ceed with
tempted and this, too, failed. This
tion
dollar
financing and construepassed in 1952 only
was
appropriated
was
Legislature
Later
for
the
on
that
one
by
the
purpose,
Legislature granted
the Authority an
appropriation of
be
done
We
opened for traffic.
sympathy
of
the
each
Short of
faith
and
there seemed
before
IT"
,
♦Summary of
at
the Annual
Security
largest
,,
an
bor-
ever
...
„
address by Mr. Brown
Convention of the National
Traders
Mich., Sept.
14,
launch
and
slate
faith
a
them
Among
ficulties.
was
an
unfriendly lawsuit in the Michi-
and gan
which
Court
Supreme
wo
eredit which in Michigan requires eventually won with a unammof the people. It was very ous decision. Another was the
doubtful that such a campaign coolness of Michigan traders with
Association,
Jan.
our
prospectus.
connection
because
cur
for
against
us
Traffic
inac
at
scheduled
to
bonds
were
project.
would
the
a
be
no
Legislature,
was
bond
credit
no
the
chance of
1954
mount-
backed
of
by
state
success
when
armrnnriation
our
was
appropriation
expire
the
boats
go
this
we
approached
were
Abrams
James
of
Allen
&
by
Com-
and
with his plan for first and
second lien
that
into the project the opposi-
tion toward it diminishes.
of
bonds.
of concrete
yard
every
goes
ton of steel
every
the
detratcors
are
Many
big
now
was
unless
the
Our first reaction to the Abrams
plan
was
that
the
second
lien
bonds, despite their higher inter-
hackers.
The important thing is
that the structure is about one
third complete and the most dif-
est rate, would not be marketable jjcult part getting-the 34 foundaSecond, we were determined that lIona <*own to rocK nas been sue
we wouId n0 lon«er work with " " '
^ ' ^1®*
a sin8Ie house as
Mr.
V
Abrama quickly reassured us on
both these counts when he teamed
"b with Union Secuirties Corporation, Stifel, Nicolaus & Com-
"tt-Chapman & Scott, substructura ™ntract^ sald at a ba"^^
St. Ignace the other night, All
that s left to be done
awmhlv
pany,
and A. C. Allyn and Corn-
pany.
inh "
job."
assembly
course,
sold.
the
For
1955
above
the
while
the
the
tremendous
a
largest
one
are
In
better
than
bonds
carrying
even
I
that
par,
selling at
109.
a
certain
it
is
undertaken.
rumor
our
4%
a
would be selling a
FOR
is
the bonds doing?
selling above
are
of
super¬
fact,
Securities traders probably
MARKET PLACE
nf
this
this
Division
contract.
Now, how
THE
know
first
lien
coupon
eight
is
16%.
ferry service running
made
three
none
seemed
bit.
to
deter
However,
consideration
is
the
impor¬
that
ferry
boats with capacity limited to 462
vehicles per hour
the
bridge's
compared to
as
6,000
gross
this
three
over
per
hour
state
are
to
backed
will
.
.
not
.
earn
twice
because
bond.
We
for
much
as
to
want
we
Philadelphia
Providence
Chicago
San Francisco
New Haven
The
of
1957
and
is
bridge in November
tween
of
1958.
and
now
great factor in this
with
any
tractors
kind
could
Weather
them will
of
beat
to
see
the
a
break
it.
odds
1863
Street, New York 5
one
and
overcome
project possible.
Exchange
2-9780
that
pleas¬
It sort of makes
tremendous
to make the
Stock
con¬
Now
a
a
and
the structure rise above
obstacles that had to be
American
be¬
be
schedule
work is above water it is
AJLK&k&G.
New York 5
slightly
Plans call for
Adler, Coleman & Co
HAnover
but
little
as
wrapping and painting during the
summer
little higher if forget
15 Broad
now
completing the cable
Members New York Stock Exchange
leading Domestic and Canadian Exchanges
a
ex¬
money,
pay
construction
ahead of schedule.
Meriden
Members New York Stock
Exchange and other
are
the money we borrow as pos¬
ure
Members
on
sible.
the horizon.
be¬
than
more
interest
because the bridge won't
they
engi¬
dollars
ploring that possibility right
5%'s
some
is
the
pay
our
circulating
million
This
year.
enough
I
traffic
the
WIRES TO
DIgby 4-2525
in¬
rate
14 months and
CORRESPONDENTS IN FOLLOWING CITIES
1 Wall Street
7%
1954
MONTREAL AND TORONTO
ESTABLISHED
is
of
DIRECT PRIVATE WIRES TO
Boston
months
traffic
LIFE STOCKS
Worcester
is
increase
dollar
Perhaps
and
tween Wall Street and
Los Angeles
Mack¬
service
period
same
least
tant
first
in the past
creases
now is an
WpII
Well,
Bridge
carrying out
Hartford
of
ferry
vehicular
is over-simplification. The opening the
American
structure
DIRECT PRIVATE
steel
running according to the predic¬
five
With
in¬
can
our
Straits
the
over
Straits
ahead.
over-run
only item in
increases in labor
any
The
sold and the contractors given the
the
material costs.
or
impossible and they rarely hesitated to knock it.
Nevertheless, the bonds were
doing
is
lump sum, and
a
ness and government were conditioned to look upon the bridge
as either politically or physically
were
sprung up
superstructure contract guarantees
aSed to try to finance the Pr°iect
through the drawdown procedure,
This aPPeaIed to Mr. Charles T.
Fisher, Jr., Vice-Chairman of the
Authority and to me. We set
about contacting insurance comPanies. The response was difficult
we
rumor
Our substructure contract
of
While
interesting
major contracts that
crease.
is
shown in
as
is
with steel
that
tion.
gauge.
It
to note that this
in
and
amount
we were
passing month the
1,
maintenance
maintenance
Mackinac,
1955.
erected
880,000,000, set forth in
investments counsel and encour- throughout the state both in busi-
at-
was
the
construction
lo finance and build the Mackinac
the
for
the job of underwriting
on
bonds there were many dif-
a v°le
to what could
rescue
Bridge
is
as
there
from
with
ing.
required
to
knew
cost
The amount of money
finance
to
really staggering for
and
repair the bridge if and
effort
somewhat at loss
erate and
was
Bridge,
compaign
pany
was
$417,000 annually to maintain, op-
when it
ing would not be feasible for the
took
our
^rst effort then. Sometime during Arthur & Company, toward the
^be middle of the month I was bonds and the entire project. A
called by an insurance company great many important people
along
the bond sale would be
mini-
duties.
original
make an annuonce-
that revenue bond financ-
ment
Even after this powerful group
were
we
with
rates
the Authority considered a
the
1953
wculd have been successful in its the exception of Kenower, Mac-
the bridge
When
to
of
of it due to in-
fifths of the funds the backers of
to fulfill its
planning
Mackinac
the
finance
to
reasons
interest
creased
oniy
engineers; and granted only two
mum
multi-
a
Bridge in March of 1953
tioned and
say,
fully limited to determining phy-
was
completely
to
Authority
created its duities were care-
sical
Mackinac
what
when
Even
was
the
mjmon dollar structure.
that
an
probably
are
even
And
connected
October
you
that the structure
the construction fund
dec-
Within
last
be
of money,
nanceable and
In
assure
me
opened for traffic for the
bonds to finance the structure could be sold.
fi-
certain
are
will
project in which hurdles had to be cleared before the $99,800,000 of
gan a
steel
over on our
Let
that this is not the least bit true.
com¬
a
any
requirements.
a
bridge being constructed between Mackinac Island and the mainland of Michi¬
nary's
dream
and fcr„
once
Now
milions of dolars
people
began to look
many
upon
were
quashed.
as
Chairman, Detroit Edison Company
long that
-so
v
neering offices
all
Bridge Authority
President, First National Bank, St. Ignace, Mich.
Former
1
Mackinac Bridge Project
By PRENTISS M. BROWN*
bridge across the Straits of
Mackinac
connecting Michigan's
A
'
•
Electronics
It
only
was
that
our
short
a
remarkable
time
The Aladdin's Lamp
—
By
ago
present-day
of
for
citing the remarkable growth already achieved by the electronics indus¬
After
ex¬
ago,
try, Mr. Just
Jules
Verne
realm
mobile
fan¬
of
tasy when his
active
inative
industry
aided
writ¬
in
16
years
air¬
ships, and ad¬
venturesome
Just
trips
into
spac'e.
Verne stories
outer
Jules
must seem tame and
fantastic
of
ers
to
Actually,
of
out
growing
our
come
developments that dwarf the fan¬
of
of
the
even
writers.
And
fanciful
most
great
our
laboratories
phenomenal
more
tronics
the
measures
height
of
of
one
that
existed
in
top scientists? Doesn't
like a story from
our
sound
more
imagination of Verne
was
only a faint image of the
atomic-power Nautilus of today.
closer
another
to
realization
of
imagination.
Similarly, all of the marvelous
things that our knowledge of elec¬
tronics have given us thus far are
once
was
Arabian
"The
vivid
what
it is through electronics that the
power of the atom is being harnessed for peacetime uses.
pure
than Aladdin's.
genie of the lamp.
is
what
But
him
I
the future?
for
can
or
plastic
chassis
found that
near-
ly three million wage earners are
involved, in one way or another,
in the manufacture of electronic
equipment and the components
that go with it.
The simple applications of elec¬
tronics might be compared with
the initial uses of the steam en-
gine which touched off the first
major industrial revolution more
than a century ago. This will give
you an idea of the transition that
has hardly begun in industry under the impact of electronics. In
other words, we are just beginning
to apply electronics td the produc-
tion of materials and services. For
the most part, industry is using
electronic devices now only to
control conventional machinery,
There is quite a gap between these
controls and the completely automatic factory. It is this gap that
"The development of
atomic
^et's begin with industry and is beginning to close rather raenergy for use in peace as well as ^be initial applications of elec- pidly from now on.
war will have a close relationship ironies in industry. For the most
a «*««,««« i?™*™
to electronic developments.
It part, the applications of electronme Automatic factory
must necessarily depend things that are still to come. Then,
developments in electronics, mindful of General Sarnoff's preThis was made clear when Briga- diction that atomic energy may
dier General David A. Sarnoff, one day prove the largest field for
Chairman of the Board of the electronics, I'll leave it to you to
Radio Corporation of America, judge whether this forecast is
said (and I quote):
.
actually fantastic.
^
The ultimate in the applicatior
of electronics to industry is the
elec- photo-electric cells and other automatic factor. And as you all
control devices.
With them, in- know it is here. Since it was dejjs ln industry to date are simple.
They are made up largely of
is too long and complex a story to
discuss briefly; but that field may
larger for
day prove
any
other field I have
dustry has raised standards of
quality and precision. They have
veloped by the Navy and the National Bureau of Standards after
hundreds of functions in
mentioned."
modern genie
What can we expect
doing for us?
from
our
Tomorrow
insulation,
magnets
uP°n
tronics than
_
This in¬
power
one
,
and
Now
Electronics:
come.
Now, this is not just my opin¬
It is a conviction shared by
Our genie is elec-
tronics, and what we can do with
it far surpasses the power of the
only dim shadows of the things to
ion.
may
you
of
wire,
board,
tion by 1964—just 10 years hence
—of some $20 billion. Now this
may sound fantastic. As a matter
of fact, it is almost unbelievable,
Suppose, then, we take a look
at the areas where electronics is
taking root, and let's look at the
wondered how and when the
peacetime application would be
undertaken in measurable effort.
Now, isn't it hard to believe Well, it appears that the full
that this statement comes from peacetime
application of atomic
it
"Nautilus"
production
output of
The study also
brings Hopalong Cassidy, Fred
Waring and the United Nations
into our living room."
Nights"? Aladdin,
recall, had his magic
lamp and when 'he rubbed it he
brought forth a genie who had
The recent U. S. Government an¬ marvelous powers to serve him as
Our generation has no
nouncement of plans to project a slave.
magic lamp; but in its place we
space stations into outer space in¬
have a far more powerful slave
dicates
that
we
are
reaching
The
an
industry — amounted to only
$213 million. This year, the factory value of electronic equipment and components, including
radio and television broadcasting
equipment, is expected to reach
$8 billion.
As for the future, trade estimates forecast an annual produc-
turns on street lights as
All of the world was amazed at
falls, 'smells' dangerous gas the World War II and Korean
warns of the approach of wartime effort by our government
intruders in total darkness, and in this field and I know that many
re¬
in
business.
manufacturing
an
clouds,
promise even
developments
or
interest
sheet metal.
dusk
for the future.
the
forecasting
leaks,
mastery of electronics have
search
beans, finds hidden treasburied in the ground. Elec-
ure
anything but
youthful admir¬
Rogers and Flash
Gordon.
tasies
as
metal, measures the atom for war.
Neither the
the thickness and strength of ma- atom
nor
the hydrogen bomb
terials
without
touching
them, would have been possible without
discards the one bad bean from electronics, and, as you all know,
tons of
with
port of a small electronic research
and
development subsidiary or
of molten
rivers
some
each
million
terest may range
$20 billion by 1964.
our
Buck
the electronics
sub¬
marines,
have
—
$50
Estimates electronics production for
years.
billion, and quotes trade estimates
1955 at $8
of
all the way from
radio and televi¬
sion set almost exclusively to sup¬
three
ing of yet-tobe-born
more—101
to date is bound to be picayune as
progress
concerns
sales
Points out that while it took the auto¬
become a billion dollar industry, electronics
to
reached that status in just
imag¬
him
observes that the
annual
compared with future developments.
was
delving in the
the
that
industrial
A
man.
ample,
Today
only beginning to be tested.
For example, the magazine said
out of the 500 largest U. S.
Corporation
Television Shares Management
or
so
A.
structure, although the potential is
A. JUST*
PAUL
only in the mind
generation
Paul
of the 20th Century
Executive Vice-President
conquests of time, space and the
elements existed
11
COMMERCIAL and FINANCIAL CHRONICLE
THE
Number
Convention
three
.
Billion Industry Projected
That
such
from
statement,
measur-
ing,, analyzing, controlling
a
years
of
experimentation
and and an expenditure of close to $5
regulating. You have seen a num- million, automation has become a
her of these devices at work, for reality in a number of large corn-
this: electronics already
changes in our way of
recognized authority as General
Sarnoff, is startling to anyone fa-
in
miliar with the speed and scope
example, in various types of fire panies and is spreading to the
of electronic development. Just to
the world. These changes are af- give you an idea: it took the autobroad field of electronics.
Perhaps this subject has been fecting our lives in our homes, our mobile industry 16 years to bea billion dollar industry,
best crystallized by Dr. W. R. G. offices, our factories, our methods come
of transport, education, medicine, Electronics did it in three years.
Baker, Vice-President and Gen¬
and virtually all of the arts and As recently as 1939, the produceral Manager of the Electronics
sciences.
tion of electronics—measured as
small machine shops,
And, it is particularly interest"Electronics" found that the elec- lng
n0+te t.?.t th.e ^tar 1t955
tron tube and its
rmnin
F1.3 ? transition m the elec' JroFlcs "j^ustry
mechanthe transistor, have become major lzed production. Many of the tech-
all of
leading scientists.
an
new
developments in this
papers
of
ports
of
ume
The
filled with re¬
ever-increasing vol¬
our
daily
Department
Company.
are
of General
Commenting
"It
is man's
slave;
most versatile
no,
more
and
than
a
slave, it is a genie who can move
mountains, a magic carpet that
can
guide itself through fog or
storm or darkness; a magic mirror
that can show you the other side
of the world.
you
is bringing
life
on
Boston
address
scale
Authorities
and
a
manner
in the history
in
are
an(t other safety apparatus.
of
Recently, the trade publication
,
vnnnffer
•
u
factors
in
America's
Continued
economic
on page
agreement
our
set in motion
the
airplane, automobile, or steam
of
forerunner
took
a
Carl M.
The steam engine, as the
engine.
the
machine
Loeb, Rhoades & Co.
age,
Members New Tor\ Stoc\
great work load from the
man. The automobile
Exchange and other leading Exchanges
shoulders of
and
men
airplane
over
made
neighbors
of
NEW YORK 5, N. Y.
STREET
42 WALL
vast distances.
Electronics controls
by
Investment
Mr.
Just
Club
at
before
the
the
Boston
Yacht Club, Rowe's Wharf, Boston, Mass.,
Sept. 28, 1955.
of
the
we
have the twin sciences
atom
and
PRIVATE
combined scientific effort that en¬
abled
man
SYSTEM
WIRE
the electron—a
to release the power
immediate
Providing
of
access
to
Primary
Branch
Offices,
GENEVA
ELMIRA
AUBURN
HORNELL
LONDON, ENGLAND
MEMPHIS. TENN.
NEW YORK CITY
REGIS,
ST.
NEW
State and Municipal Bonds
through
Markets
Correspondents and their connections in 90 Cities throughout the United States
HOTEL
••
.
mastery of electronics has
an even greater so¬
cial and economic revolution than
that
Now
♦An
a
unprecedented
Electric
on
the
subject of electronics, Dr. Baker
said (and I quote):
useful
tell
YORK
ITHACA
STATE
I
MIDDLETOWN
UTICA
SYRACUSE
WATERTOWN
CORRESPO NDENTS
Elder
I New Orleans, Atlanta,
Baton Rouge, Dallas,
Longview, Tyler
The
FIRST
Borland
Betts,
NATIONAL CITY BANK
d
u
j Denver, Colorado Springs,
Chicago
r
p
l
Boettcher & Co
1 Nashville, Knoxville,
Clarksville
u
Municipal Bond Department
&
Member Federal Deposit
,
p
Mead,
Co.
Charleston, Parkersburg
Miller
{
*
& Co
&
Baltimore
Co..
ja«ra'& H<"—d
J Philadelphia, Lancaster,
r~
{
Germantown
{willimantic
Russ
ISt. Louis, Clayton,
Springfield, Houston,
Little Rock, Belleville
73 Branches in
c..»M
{
{
Proscott 4 Co
/Hartford, Waterbury,
r
Cooley & Co
TELETYPE NY 1-708
Head Office:
e
\\r
Chicago
Co.
Pittsburgh
Co
E. W. Clark & Co
n
55 Wall Street, New York
W. L. Lyons
Jackson, Memphis,
Chaplin
&
Johnston, Lont.n 4 Co.......
{
ofNew York
Chattanooga
Co.
Chapman
Waller C. Hardy &
Chicago
Co.
&
&
Farwell,
San Antonio
& Company
i
r»
Sutro & Co._
<$>
1 San Francisco, Los Angeles,
| San Jo89> Beverly Hills
Greater New York
FOREIGN
Insurance Corporation
Greenshitdds
A.
Co
T. A. Richardson
Paulo
& Co.
A. Bromberg
CORRESPONDENTS
Montreal, Canada
—Toronto, Canada
Sao Paulo, Brazil
<$>
!
<$>
Julio C. & Diego Roldos
Fraser & Co.
Montevideo, Uruguay
Singapore, Straits Settlements
Yamaichi Securities Co., Ltd.
Tokyo, Japan
24
12
THE COMMERCIAL and FINANCIAL CHRONICLE
Thursday, October 6, 1955
Looking Forward in Television
On
May
1945, the Federal
Communications Commission,
as
part of an all-inclusive proceeding
to allocate the spectrum to various
25,
By DAN
Assistant General
D. HALPIN*
down
Manager in Charge
2,400,000 at all levels,
as
"higher" than a
year ago but not too high in pro¬
portion to the going rate of sales.
Television-Radio Division, Westinghouse Electric Company
services,
_
called
for
dustry
in¬
Mr.
Halpin, in pointing
com¬
ments
on
a
dustry.
d
Comments
color television, and mentions
on
proposed rules
television dealers. Forecasts
and standards.
Six
a
The trend towards earlier
buy¬
ing by the trade and public this
year and during the early months
deeper revolution
of next year will establish
on
pattern
television's growing expansion and the heavy capital investment in the in¬
television
a n
wrought
in the life of America in five
years than did radio in 35 years, gives data
proposed
allocation of
channels
out that television has
problems facing
some
in
a
new
at
distribution
the
manufacturing
and
distributor
levels resulting in
probably hav¬
ing all retail and wholesale meet¬
ings out of the way by July 4,
1956, to capitalize on expanded
"rosy" future for television.
a
to
characterized
of Marketing
months
color
set sales, multiset
sales, and
undoubtedly another record year
t
h
f'i
factured outside of this country, wornouts
^ total of 4,191,000 sets have been sizes.
rat
for
models
new
and
of television receiver sales.
chases of the early black-andwhite receivers. This, too, will be
MNov6 21 1045* ^eavin2 a total of 8,163,288 manu- 1,357,000 sets were replaced as the new medium by mass puiv
p
"final" flllnrn
firm
S" replaced
wae
total
Dan d. Haipin
all
mine, and
purchased
nt
fivp vmts'hppa^fi
inet
initial
inortia
overwhelming
poputhe
21-inch
size
is
evidenced by the fact that of the
estimated 3,182,000 television re
ceivers sold to the public in the
first half of this year, 2,624,000 or
83% were of the 21-inch size; the
remainder were mostly 17-inch in
size. Out of the 7,300,000 receivers
sold at retail last year, about
5,785,000 or 79.25% were of the
21-inch size. Your customers—and
competitors, have
total 49,163,288 re-
our
a
+2S ceivers throughout
nf
hrnaAnac+Jro
ni
Current
larity
of
a
can plants. Our customers—yours,
LJr.'c
m
out—making
worn
36.477,000 sets in use
throughout the world from Ameri-
u gaiea.
Mow
nooriv
or
of
*ess
tn
tban
the world in
decade. What an
a
ward'thewniinalvnrnfftw nlw ausPicious beginning for a new
Vib JIfhtoz urrnnih?i 5111^ industry!
Sni,Zn
iL
r?
A public investment of $15.6
thon!ii!i naiinin
billion is represented in these 38,Tt
ha*
nphiPvpH
miinh
oSS 588,000 television receivers sold at
in
lifn
aiii+c
dollar
vo
LlrTi
ume, now
i
5 retail. Based
«
ranking third
price
all advertising media, exceeded only by newspapers and
themselves
among
af least
on an average
mine—thus show
retail
erence
decided pref-
a
for the larger-size units.
comes
to
.
?-10'4 billion* 4dd aboat $2-4 bil~
A
in
sets
the
Gold
Coast
near
or
Park
now
renresents
$1
f?m
aooui
ine
imosame,
fho
w
ine
rest
The
manufa'ctured
'he
in
manufactured^ in
states,
of which
sold
been
8,587,000
.
,
♦An
in
nnlv
United
united
public.
in
use
415 012
Of the
were
address
by
ic
color
iq
and
July
sets
1,
m e
Mr.
1955,
in
were
oi-inch
tube
fVin
n-t
which
radio
>
*
70%
that
came
out of the survey was
approximately
homes
in
the
17%
Detroit
the
of
area
have
television sets in
or more
in the area,
found, rises to
was
,
°fm" e?tlmated 28'.°j00 p™duced.
To glve you an ldea of the cur.
600,000
sets were replaced as wornout for
some
Halpin
the
Clinic,
at
Antonio, Texas.
Though it's been
as
"deal"
a
characterized
market,
liquidations
and
in
which
close-out
sales
however,
best July in television's history,
The optimists
AKm,t
J^) By income groups. About
not amazed at
upsurge in sales—
were
the continued
of the families who earned "
75%
sale™^ t£e
-
^
pessimists who gloomily
"■v.;;
SXJ!L
less than 352 000 in 1954 have tele- bredict wrongly time and again,
l^s than $2,000their homes, while Preliminary reports indicate the
in 1954,^ave tele
vision sets m
excellent total of about 400,000 re¬
H**8*
*o,uwnave a television receiver
16
to
17-inches
in
size. 46,000 of them 19 to 21-inches
'
'
"
in
size.
Last year
alone, some
.
.
,
the
same
period,
by
In the six-month
period, 7,058,889 radios
duced,
were
pro¬
RETMjA reported, com¬
with
4,886,559
receivers
pared
manufactured in the like period of
1954.
These
radio
down into the
Home Sets:
1,170,228;
sets
broken
were
following figures:
1,350,510; Portables:
Sets:
3,661,416;
Auto
and Clock-Radios:
876,675.
There seems little doubt now
there may be price hikes
by fall.
Increased costs appear to make it
imperative
raise
for
prices,
manufacturers
though
to
competitive
was
the
not
experience
in
early
„
„
,
„
set $7,500,000
.
.
instances.
Metal
those
have
components, especially
of copper and steel,
made
increased
as
much
as
10
to
20% in recent weeks. Recently,
the price of selenium to domestic
consumers
to
$10
was
increased from $7
pound
per
as
result
a
of
stronger demand here and in Eu¬
rope.
The shortage of selenium
units
a
year,
adjusted
come groups were among the first £
+
+w*
re
sales set a record.
But this year's should See even a
to enthusiastically "splurge" into better and newer
sales record for
;
some
their lowest point. This means retail sales are at a going rate of
original
them
during
set production increased
than 44%!
more
the
ownership. The middle, lowest in- for seasonal difference. Last year's
of
Association
ceivers sold at retail in a month
which normally sees retail sales at
000
3 GS'
Yet,
use.
every 12
oi°Z monthTuni?
some
out
Manufacturers
1955).
hqUldatl°ns and
abound, the current television unit
television receivers.
own
use—in
sizes
vision
country.
One particularly interesting fact
them under 15-inches in size; 246,-
,
e
^^nly
25 and under age group,
receivers during the first six in their home
months of thls year—306,000 of
However, this
ex-
.'
rom
VM-oair/^nxx..-.
foreign new
Third Annual Radio and Television
San
8 000
38,588,000 have rent scrappage rate:
the
sets
ennntries
por 6
to
me
As of
sizes.
emergence in September
41 000 000 sets have been
1946
r>inoor>
o
same
factors might make it difficult in
inch tube sets and smaller; 503,000
°.r
aile °Yer
tube
Stream-
Tr, iooc thon
In less than m vooro since tnio
10 years cinnn tele-
of
xxrhof
accounts
sizes!" 4,080,000 or° 11.8% 'are 15!
Figures—The
lined Television Statistical Story
vision's
size
t.uhe
reveled- breakd°Wn °£
$6 billion.
Fabulous
21-inch
same
the
reported early this month (Aug. 6,
the
center
found little
change in this percentage. Here is
than
During the first
this year, 3,828,793 tele¬
receivers were manufac¬
vision
1954
tallied,
S eiec- receiver end of the business alone!
dS
01
tronics, growing out of the
over
total. of $15,6 bilbon sPent in the
of
1954.
tured, the Radio-Electronics-Tele¬
a
thk
half
higher
man—
financiers but the working
survey made by the one out of every four, or 25% in
Kiiii™
i ll0n for servlcing labor alone; University of Michigan's Survey families with incomes of $10,000
P HP". SL?
SuTfiJS iil? about $1.7 billion for components, Research Center found that nine annually or higher,
budget that ran $8.15 billion last
antennas, accessories, etc.; about out of the ten of the area's fami$1'1 billion for tube replacements lies—or 87%, own a television set.
Today's Television Receiver
selling and servicing last year and
you arrive at the astounding When
the
1955
results
were
Market
facets
was
34%
period of
Avenue
The study puts the multiset homes
.
Television set production dur¬
ing the first six months of 1955
color
very
the
of
the laboring class, the great bulk
of average income families in this
Breakdown of Ownership in One at one out of
Specific Locality
This ratio, it
staggering
a
television
for the sale
future. Your market—my market
the industry's market — is not
two
of
$270 for the
10-year
period, the retail value of the sets
the pattern
higher prices being paid
seas,
as
well
rectifiers
pinch
is
because
as
over¬
of
aj
already starting to
television manufac¬
many
turers.
The U. S. S.
Nautilius, our new¬
submarine, has gone all-out in
you, "WE" at Westinghouse, and using
selenium rectifiers aboard
the rest of the industry.
the
vessel.
"WE"
at
Westing¬
est
Official
course,
August sales data, of house, are using a combination of
is not yet available, but selenium
rectifiers
and
series
filament
long-life
through¬
in all
our
out
Underwriters and Distributors
almost all manufacturers report a
sales upbeat continuing
indicates
receivers
this
month
which
of
vacuum
gives
that pre-fall buying by consumers
has already begun in earnest be¬
cause
of better styling, service-
Railroad Securities
freedom from service
free
Industrial, Public Utility and
selenium
chasis, and possible increases
of prices at the
manufacturing and
retail levels.
As of Aug.
Municipal Bonds
1, inventories
rectifiers
Continued
are
on
& Hickey
MEMBERS
New
York
Stock Exchange
49 Wall
Laird, Bissell & Meeds
Members New York and American Stock
120
DU PONT
BUILDING
WILMINGTON, DEL.
44
WHITNEY AVE.
NEW
•
Street, New York 5, N. Y.
Telephone:
Teletype:
HAnover 2-7900
NY 1-911
NATIONAL
BANK
PUBLIC UTILITY
BUILDING
INDUSTRIAL
PHILADELPHIA, PA.
-
HAVEN, CONN/,
Exchange
RAILROAD
Bell Teletype NY 1-1248-49
PHILADELPHIA
Stock
Exchanges
BROADWAY, NEW YORK 5, N. Y.
Telephone BArclay 7-3500
»
American Stock Exchange
Midwest
BASEL
SWITZERLAND
160
W.
BROADWAY
SALEM, N. J.
BOND and
extra-
good
enough for the United
States
Navy to entrust the lives of their
were
Vilas
greater
and
long reliability. For we have de¬
cided
at
Westinghouse, that if
Bank and Insurance Stocks
Unlisted Securities
tubes
television and radio
which
STOCK BROKERS
page
92
Convention Number
13
COMMERCIAL and FINANCIAL CHRONICLE
THE
The Treasury Securities Market
The
Treasury securities market,
opinion, is influenced pri¬
marily by three factors. These are
(1) the condition of business, (2)
After
icy followed
by the
Fed¬
discusses the various types of
Reserve
like
various
important. Describes the
process
of dealing in Treasury securities.
relation of Treasury Securities Market to commercial
to
eral Reserve
the
policies, and gives data
on
Treasury
se¬
curities
and
market
that
is
two
dealers
of
types
prin¬
cipals in most of the transactions
are
place
securities
or are
able to find securities when
there is
a
bid
that
offered
are
for them,
Dealers
ences
Piser
tion
among
the other hand, we may
important.
are
take only
part into position and call around
Municipals generally yield less
the reason
is, of course, that municipals are
exempt from the Federal income
than Governments, and
tax.
to
Governments.
Those
at
low
size
with
ential
ties.
from
price
and
Government
Another
factor
that
to
it
may
longer to
or
we
many
of
of such large
are
sometimes
days
if
see
buyer. A good
take
work
out the transaction.
All
dealer transactions
net,
that is, without commission, which
a
securi¬
the
is
a
several
high
yield and have the greatest differ¬
a
customers
find
the transactions
the lowest credit rating naturally
sell
other
can
Corporate bonds yield more
than
that
means
buy
is
it
the
are
differential
the
between
mar¬
ketability of the issue.
and
price
at which
we
the
price
at which
we
tinuously throughout that period
would have found it a very costly
operation and might very well
have hhd his capital seriously im¬
paired or wiped out. As a matter
of fact, in running a position, a
dealer frequently will have a long
position in some issues and a short
position in other issues. You may
acquire a long position in an issue
such
many
when there is a large addi¬
a particular type of
security.
market is a dealer
distinguished from a
as
broker market.
♦An address
Annual
Forum
The main
differ-
by Mr. Piser at the Fifth
on Finance
at New York
University, New York City, Sept. 1, 1955.
It
we
make
would
have,
we
on
be
could make 2/32
that
A Dealer's Market
that
action.
we
The Treasury
market
come
funds
of
also
are
long-term
nice
These non-bank financial institu¬
tions
generally consider Treasury
securities
as
residual
higheryielding mortgages and corporate
the Government market. This was bonds.
Only if they have funds
most noticeable during the period that they are unable to put into
when the Treasury issued savings private loans and securities will
notes, which were a non-market¬ they usually buy Treasury securi¬
able security. For example, short- ties. For example, during World
term
market
rates
increased War II the net amount of savings
sharply during the first half of coming into the hands of life in¬
1953 to a point where they ex¬ surance companies was $12 bil¬
ceeded the yields on savings notes, lion, but this was a period of a
occasionally have
and
an
influence
on
of
small amount of residential build¬
in
the holders
ing and
savings notes
large volume
and purchased marketable securi¬
redeemed
ties.
them
This forced the Treasury to
increase the rate
thereby making
savings notes,
them more at¬
on
tractive relative to marketable
a
small amount
actually
1/64
or
are
instead
of
After
position
curities. Later in 1953 that process
the
end
of
the
reversed.
was
trade
comes
in
they
time they have sold $12 billion
of Treasury
securities.
Of this
was a ter¬
rific demand for savings notes. total $10 billion was sold between
1945 and 1951, most of which time
Even though the Treasury cut the
rate, the demand continued. The the Federal Reserve was pegging
the market. During 1953 they sold
Treasury finally
gave
up
the
whole thing and discontinued the only about $400 million and dur¬
issuance of savings notes in Octo¬ ing 1954 only about $800 million.
down
sharply.
There
Since
ber, 1953.
tual
Treasury Bills
the end of the war, mu¬
savings banks
billion.
These sales
have
-
Certificates
that started shortly after the end
of the
A factor
war.
Continued
on
on
ESTABLISHED 1869
NEW YORK
WHITEHALL 4-2300
PINE STREET
Warrants
REORGANIZATION
SECURITIES
New York Stock
Exchange
208 SOUTH LA SALLE STREETT
FEDERAL STREET
LIBERTY
ST.
LINCOLN-LIBERTY
LOCUST
FINANCIAL 6-3800
2-5430
BOATMAN'S
PHILADELPHIA
CHICAGO
BOSTON
75
MEMBERS
CHESTNUT
100
BUILDING
STATE STREET
4-3151
1-9070
Tel.
REctor
NEW YORK 5
2-7800
MADISON
BRANCH OFFICES:
Buhl
Building, Detroit, Mich.
1 Pre6g Plaza, Asbury Park, N. J.
254 Park Avenue,
New York
DETROIT
BUFFALO
RAND BUILDING
4514
728
FORD
BUILDING
WOODWARD 2-6175
BUILDING
7-2062
ALBANY
LOUIS
BANK
American Stock Exchange
120 BROADWAY,
$2
the decline in bond prices
tor in
Goldman, Sachs a Co.
able to
Ms TjONNELL & Qa
sold
by life insur¬
possible
are
this
Among the marketable securi¬
size, which may tem¬ ties the shortest issues are Treas¬ ance companies and mutual sav¬
ury bills, which are three-month ings banks were an important fac¬
porarily depress the price of that
Dealers
a
war
Since that
reversed; market yields went
was
continually in touch with their
customers, so that when
new
ernment securities.
se¬
the
2/32.
of
plant and machinery. As a result,
life insurance companies placed
$14 billion of their funds in Gov¬
deal
but
invest¬
ments and prefer to hold
if
on every
large
Treasury
bonds.
spread is more likely to be 1/32,
Scrip
-
be called
institutions,
may
financial
that trans¬
very
The
dominated
ket in large
30
Rights
factors.
is
life insurance companies.
and local government re¬
holders
Non-marketable securities do
securities at issuance.
tional issue of
par¬
as
tirement
types of
sell on our market that pays the issue in relation to other Treas¬
factors will vary
overhead of the business and, we ury securities, and you may have have an original maturity of up to
over a period of time.
When busi¬
one year, notes are issued with an
ness
is rising and credit ratings hope, makes a profit. For exam¬ a short position in an issue that
has been in substantial demand in original maturity of one to five
are
generally considered to be ple, we may bid 99 6/32 for a
the market.
years, and bonds are longer-term
high, the differentials usually will particular issue and offer it at
be small. In addition yields will 99
8/32; if we are able to execute
be influenced by the relative sup¬
a
transaction at those prices, the
ply of various types of bonds in
difference of 2/32 is the gross in¬
the market; yields, of course, will
go up
market
non-bank
that has been offered in the mar¬
these
Also,
different
principally by what
Treasury securities that are out¬
standing with the public, I want
to talk only about marketable se¬
curities, because these are the
only ones that we actually trade
in.
investor's
the
somewhat
and Fed¬
reserves
Turning to the
that they handle, that is, when are also constantly checking mar¬
they purchase a security from an kets with I each other, which en¬
various types of investors. I would investor, they increase their in¬ ables all dealers to keep rather
like also to give an analysis of ventory of securities. There is no close to each other with respect
the fluctuations in Treasury se¬ market place similar to a stock to the buying and selling prices
curities over the last year and a exchange, but each dealer is in that they quote and also to clear
half and try to point out some of constant touch with customers and transactions between themselves.
Dealer positions are financed in
the factors that have caused those with other dealers over the tele¬
fluctuations.
One is by
phone and the teletype machines. two principal ways.
The first point that I want to The principal reason that Treas¬ borrowing from
banks and the
make to you is that the rate on ury
securities are traded in a other is by selling securities to
Treasury
securities
constitutes dealer market rather than a bro¬ banks and corporations, and oc¬
the basic rate for all interest- ker market lies in the large aver¬ casionally to the Federal Reserve
bearing securities. The yields on age size of the transactions, which Bank, under an agreement to re¬
other bonds follow rather closely makes it necessary for many of purchase them at a specified price
the yields on Government securi¬ the transactions to be negotiated. at some later date.
The importance to a dealer of
ties. Differences arise because of If a bank comes to us, for ex¬
differences in credit rating and ample, and wants to sell $10 mil¬ being able to judge the market is
because
of the
greater market¬ lion or $15 million of a particular illustrated by the period from
ability that Government securities issue of Treasury securities, we May, 1952 to June, 1953, when the
have as compared with corporate may take the entire block into our long-term Treasury bond market
and
municipal
securities.
With position and hold them until such declined by 9 points. Any dealer
respect to municipals tax differ¬ time as we can find a buyer. On who had a long position con¬
M.
are
Explains
State
the
between
ence
and
position at the time.
All of these different segments
of the market are interrelated, but
each one is also influenced by
Treasury debt management policies.
their distribu-
Leroy
investor
long-term
bank
divided into
are
are
ticular tax
types
marketable
of
govern¬
securities set the basic rate for all interest-
bearing securities, but, with respect to municipal bonds, tax differences
management
policy fol¬
lowed by the
Treasury. I
would
marketable obligations issued by the
Points out that Treasury
Bonds
that
fully taxable and
those that are partially tax-ex¬
empt. The latter have different
values to different investors, de¬
pending upon the tax status of the
noting factors influencing the Treasury's securities market, Mr. Piser
ment.
System, and
(3) the debt-
discuss
those
Vice-President, Aubrey G. Lanston & Co., Inc., New York City
the credit pol¬
eral
securities.
By LEROY M. PISER*
in my
the other
page
97
14
THE COMMERCIAL and FINANCIAL CHRONICLE
Thursday, October 6, 1955
The Economic Goals We Seek
A
continuously expanding
econ¬
and
reached
By PHILIPP H. LOHMAN
high and stable employment,
reasonable stability of the
purchasing power of the dollar—
omy,
nomic
Chairman, Department of Commerce and Economics
tion
a
these
University of Vermont and State Agricultural College
of
Dr. Lohman
the lack of unanimity
policy
which just
ocrats
available
with
Dem¬
Re-
or
as
to the effect these trends
will have
would court
a
employment opportunities.
reasonable
and the
ments
are
changing nature of competition
goals which
may
not be
high
importance of monetary and fiscal control devices
8-10%
population,
country has
people to
more
bers do not include
of
people than
break
the
of
War
Civil
War.
II,
over
babies have been born
37
Since
million
to Ameri-
can
families.
The baby crop over
the
next
10
even
it is thought
larger. Business will
more customers over
have many
the years to
to
expand
It will have
considerably to meet
come.
the needs of a sharply growing
population. But there will also
come the day when the quondam
babies become part of the avail¬
able labor force.
Not
only will there be a net
addition to the potential
labor
force via the birth rate, there will
undoubtedly also be a higher per¬
centage of women seeking em¬
ployment. Mr. Mortimer Spiegelman, of the Metropolitan Life Inw
yeai^thaP^ 1
•in
about
230
females
siderable
who
males
vf*
there will
for
be
every
100
forpp
fbp^lahnr
hnt
uu
ThP
tht
TTnitPri
still
cupfp*
world's
great
wiu
vParsTni'nrnbahiv
S1^nnallv
zzo,uuu annual y.
•These
in s
and
arefafrlv
large numbers, particularly when
one
remembers
that
these
num-
produced
the
in
future
certainly be higher than what
today
Output per unit of
as equipment, raw materials and, of
course, labor are more effectively
applied. As more units are prois
t wiu stm increase
duced
labor,
with
the
will
industries.
of
men
place in
take
To
amount
same
release
a
women
what
of
and
some
extent
this
technologically
displaced labor
will be re-employed in view of
the rising demands of a greater
population is another question. A
policy directed toward high and
able
Vice-President
tors
most
of
employment
opportunities.
X. Schreder, Execu¬
Harold
Mr.
tive
Distribu¬
of
Group, feels that
clearly indicated
the
next
decade
the
condition
.
.
will
be
and the need for increasing capi-
tion,
over
those
65.
under
Mr.
18
Schreder
those
and
concludes:
"We must not fear the technologi.
,
x.
,
.
,
,
ca* revolution of automation ; we
must
nfrt£er netf fitllin-St0reednvCnrSe
of the
oi me continually increasir g proconunuaiiy mcreasi
able labor ^PP1^ natural popu-
achieved in the face of
reduction
in life; and> whatever displace-
out.
lng technology
to
.
m,
^
«
^
#
t
t.
of
our
and
children
stayed
in
as
will
apparently no unanimto the effect these trends
have
on
the
need
for
avail-
can
at
however, point to
private U. S. army of
all these forces may
may
poli¬
cies.
What percentage of the national
production shall be devoted to
current
consumption
and
what
go into new public
and
private
capital
goods
via
saving and investment channels?
amount
shall
much is "more?"
achievement
ard
of
sometime
goes
ago
by
a
There has been,
lot of trouble
a
which
demand of the
Society for the Advancement oi people
Management
be,
the world
the
Leahv told
T
will
and
the
the
can,
stems
from
for
masses
a
stand¬
want
cannot
new
impossible
of
time, When
"more"
and
they
at
the
economic
of obvious
limitations, they will
always turn in a private economy
to
of
(then)
62-million
persons
employed." He estimated that
every one
to the government and force it to
the
meet
is
clerical salaries then amounted to
their
that
demands.
governments
The
irony
have
been
notoriously less successful in addin? to production than private in¬
dustry.
one-ninth of the nation's total income
get it because
the eight million productive farm
that
and
for
every
re-
time,
one
of
Inflationary Developments
worker
who spends all his or her time
in
The
danger of inflationary de¬
velopments exists even when gov¬
of invoices, receipts,
reports, slips and carbon copies in
ernments pursue
the colors of the rainbow.
as
is
morass
a
no
doubt
a
There
shown in
sensible policies
of the economi¬
some
substantial volume
cally underdeveloped
countries.
that, in the interest of Even when a government agency
cost reduction, could and should determine
policy, "more" can only
be displaced by the new machines. be had tomorrow
by taking less
To what extent this type of labor
today. That is, resources must be
would
be
and
able
willing to diverted to create capital goods
enter positions in
the economy which can1 then tomorrow aug¬
which needed filling is, of course, ment
production. Meanwhile, the
still another question.
output of consumer goods must be
labor
the Goals Be
All
we
can
Americans
want
curtailed.
Accomplished?
say
is
stable
that
Speaking of Iran, Professor S.
Valkenburg says: "In spite of
all that the Development Board is
most
Van
and
high
employment with a reasonable
stability of the price level, goals
which, in view of the forces I
have discussed so far, cannot be
doing, it is not popular. At pres¬
ent the greater part of the oil
Continued
on
page
Founded 1851
UNDERWRITERS
-
DISTRIBUTORS
-
DEALERS
Industrial, Public Utility and Railroad Securities
State and
Union Securities
65
Corporation
NEW YORK AND BOSTON
PHILADELPHIA
CO.
Member
STOCK EXCHANGES
American Stock
Exchange
CLEVELAND
40 Wall
HARTFORD
&
MEMBERS
Broadway, New York 6
BUFFALO
Municipal Bonds
ESTABROOK
Associate
BOSTON
in
the
living
that
file drawer of papers is added
Investment Preferred Stocks
Common Stocks
—
affect fundamental economic
shufflers" Man^emenTcon-
Can
Equipment Trust Certificates
industries affect¬
new
Everybody wants "more," but how
^Pt?rnfCmett
of
Corporate and Municipal Bonds
instability. The
products; the elimi¬
generate social tensions that
trying to argue for or
possible labor shortages,
went
felt that "if Americans traded the
Trading Markets Maintained in
contribute
social
new
economies
long."
them
it be
the
policies
ing the balance between regional
that "so long as there is one man
who seeks employment and can¬
not find it, the hours of labor are
Americans began to re- workers, there is another
how much further
duced?
"Fortune,"
and
location of
far, organized labor has been
busy with the guaranteed annual
wage.
That objective certainly
huge
extent
equipment; transfer of industries;
So
one
level
I shall
nation of obsolescent and obsolete
i
steady business archives for
the
V
.Sh°rtages tire earlier. Yet the work week
" Cap,tal Investment
'
became smaller and smaller. But
There is
jty
More
school
longer.
ci,
a
proportion of
Americans in the working force,
a
compliment to U. S. industry
and agriculture. Child labor went
ment will occur due to an advanc-
of
labor
timing of
against
price
such
nomic
day), then the great
event (the four-day week) would
be scheduled to arrive, not around
1980, but in the 1960's."
a
"every year that
was
secular
me
nine hours
too
pur¬
development.
Here
just say that the rate of
progress itself will be involved.
Change
will always
spell eco¬
Without
Magazine, in an arti¬
cle
in
July 1954, asked: "The
Week:
How
Soon?"
Four-Day
Here the opinion is expressed that
"Americans
clearly
have
some
the
upward bias.
discuss to what
on
eight-hour
day
for
the
three
three-day weekend (and worked
"Fortune"
in
of the dollar. More
an
toward
it."
have
the
present
let
investment." He supports this
statement in part by referring to diT not'stem "from" "a" desYre'to
Jhe heavy and disproportionately provide workers with more leilarge number of so-called non- sure. But we still have the late
Productive people in our popula- Bill Green's appealing statement
iatjon increase; net migration; an
increasin£ number of women
seeking 3°bs> particularly later on
a
tendency toward labor shortages
stable employment must consider ductivity of U. S. industry.
all variables adding to the availThe five-day week
of
average
between200 000
be
j
ill ilS Th?pnJuncf
somewhere
Mexicans
wiu
it
lmmigrants. The number coming
into the country during the last
fivp
of
illegally.
effjciency wjth which goods
nnp
receivers
number
enter
'Though a
factor,
nevertheless
net
migration spell additional job requirements.
too^lOO^" rati° may ^ °nly
200
of
in
1960
as
minor
years
will be
a great influx
Ricans, who are not
immigrants, and a con¬
Puerto
counted
the United States had at the out¬
World
that
later
force.
its
decrease
power
trend has
of labor in the national income.
added almost 35 million
goals
curves,
euphemistically expressed, they
stabiliz¬
as a
these
bumps and wash-outs
continued
chasing
needing further considera¬
as
to
continued, high
employment is, over the long run,
a
ing force, and calls attention to the problems arising from the increasing share
this
1940,
of dangerous
Economists have repeatedly sa-d
ac¬
to
Since
road
full
say
Stresses
of the labor
Philipp H. Lohman
ac¬
that the price for
tion.
as
be
The
Says stable and higher employment,
stability of the price levels,
defeat if they
permitted un¬
employment
go
goals
acter?
complished without compromises, and lists the danger of inflationary develop¬
publicans
as, say,
these
will be
the need for
on
un-marked
about every
American sub¬
scribes.
eco¬
complished without compromises?
far-reaching institutional
changes of a rather abrupt char¬
analyzes present and prospective economic trends, and indicates
eco¬
nomic
to
Can
continued
The $64,000 ques¬
Without
are
three objec¬
tives
without
growth.
is:
St., NEW YORK 5
-
IS State St., BOSTON 9, MASS.
SYRACUSE
HARTFORD
•
POUGHKEEPSIE
•
PROVIDENCE
•
SPRINGFIELD
90
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
A
Report
Bank, as it enters its tenth
year, is going forward in the same
sp.nt of exploration and innova¬
By EUGENE R. BLACK*
In presenting
Against
always
pressing prob¬
now.
the
the problems involved in
duction
ment, as well
and
living, we
moving
being made
last month's United Nations atomic
applying available
in
I. shall
ways.
mention
of
four
the
as
concern
the
over
them:
we
last met, long
strides have
to
Economic
Development
Institute,
staff college for senior
a
which
have
we
officials,
established
with
and Rockefeller Foundations.
The
national
The
credit.
increased
welcome, I
resulted
when it has
private capital going
may
in
say,
abroad.
Up to now, part of the
credit extended has been offered,
ment of the International Finance
management of their economic af¬
not
informally
later
Our
in
50 .countries have
intent to join IFC.
let
report
me
expressed their
The two larg¬
of
their countries.
that the
We hope,
itself
Bank
will
too,
benefit
prospective stockholders—the from the interchange of ideas and
United States and the United experience that will take place
Kingdom—have already completed between the Bank staff and the
the legislative action required; and participants in the Institute.
The
Institute
is now getting
other countries are taking action.
Our hope is that we can bring
new institution into being by
the first of next January.
But the
timing,
as I am sure you realize,
will depend on your own govern¬
ments. Further steps are needed
ready to offer its first course of
study in Washington. We received
many more excellent nominations
for it
than
able.
Of
we
the
had places availcandidates se-
16
lected, nearly all have had wide
minimum experience in dealing with economic policy, and all hold imporof membership and capital—that
tant
positions in their govern
is to say, 30 countries and sub¬
ments.
scriptions amounting to $75 mil¬
As you can see from the proslion. Let me urge you, who have
spoken for the corporation so elo¬ pectus we have issued, we are
quently at the annual meetings asking to have nominations for
in the past, to work with equal the second course by the end of
zeal at home for early action by this year, so that candidates can
be chosen well in advance of the
your governments.
Once the necstart of that course in October,
esssary action has been taken, the
1956. This time, we hope to take
Bank, I can assure you, will for its
a larger number of officials, posown
part move to put IFC into
sibly 25. How useful this new Inoperation with out delay.
attain the
to
Let
and
me
necessary
next mention
fundamental
a
familar
problem
—
the
of how to increase the
skill and efficiency with which
available resources are applied to
problem
This is a
economic development.
which
with
matter
the
Bank
is
constantly concerned. It is one to
which we are now taking another
and
♦An
ing
approach
new
of
address
the
Annual
Governors
at
the
Mr. Black, in present¬
Report
the
Bank of Istanbul,
through
of the Board of
Annual Meeting of the
Turkey, Sept. 29, 1955.
stitute
will
be
to
particular
any
country, I want to emphasize, will
depend largely on the caliber of
the candidates put forward. These
nominations are,
therefore,
an
established
to
promote
exports.
the
assess
capacity to
believes, however,
Problem of the Use of
This
year,
to
agreed to communicate to
medium-term
0f
use
to you my coninstances in which the
express
over
cern
been
pressed
capital
beyond
its
us, every
guarantees, insurance, funding arrangements and the like. On the
information, the Bank
medium-term debt,
risk
of lending was
has
where
the
considered too
great for
interests to carry
without
private
govern-
mental assistance.
This collection of data is by its
proper
limits. In fact, as you know, under
the goad of export competition,
very
there
all capital transactions, and experience will be required in inter-
jn
have
been too many cases
credit has been offered
which
at medium
jrgy adviser, who is present at
months, information about *"1S
annual meeting.
He was
medium-term transactions to among the staff members who
which they are a party — loans, represented the Bank at the Gethree
p.eva conference, and he will continue to keep us acquainted with
Pr?2ress in what has been well
called
the
pacification
of
short term
to
nature experimental.
The in-
formation obviously will not cover
..
These are
new developments in
the Bank. I certainly do not mean,
however, that this account of them
should obscure the operations we
have been carrying out in the
past-year. The Annual Report you
have before you covers one of the
m.os^ active periods in the Bank's
history; and one in which some
the encouraging trends I mentioned when we last met have
It will not be pubwill it be divulged
except to the governments con- continued to run strong and deep.
j0ng term, and for projects whose cerned. It will enable the Bank,
The Annual Report records more
economic merit has not been care- on a confidential basis, to provide lading than in any other fiscal
fuuy appraised by either the information from which creditor year —$410 million equivalent.
lender or the borrower. As a re- governments may be able to gauge Since the end of the year, this
guft, Some countries have so heav- trends in the medium-term obli- Pace have been more than mainiiy committed their foreign ex- gations of borrowing countries, tamed. We have made 12 addiinduce
which
or
even
purchases of capital goods
only be amortized at
preting
lished;
it.
nor
can
change to medium and short-term
and
debt
loans, amounting to $110
of a borrowing country can itself
make a better assessment of the
medium-term demands facing its
to
seriously diminish their
capacity to attract the long-term
as
investment needed for steady and
economic development,
successful
extension
Th
f
credit
and
obviously
exerdse Qf
f
both
the
exercise
j
e
t
on
lend
difficult
.
and
the
the part
th
th
Qne th-
rQwer
acCeDtance
demands
as
I
bor_
t mak
vacuum
^
mentioned
of informa-
tion about how much indebtedness
from which
the government
million Our gross total of comfitments, since we began operatlons, pow amounts to something
own
resources
of foreign
ex- over $2,400 million in 40 countries
change. In short, it is my hope an£ territories.
that the Bank's collection' of in0ne
these latest loans, I am
formation can help improve judg- happy to say was made in LebaprudeLe
_
ments about whether it would be
wise to extend or accept new
credit in the amount, on the terms
and for the purposes suggested.
If
it
can
do
this
it will
be
ner-
about how much indebtedness If it can do this, it will be per
stances,
neither
nor
110 the Bank; but they
not kept us from working in
the area has helpfully and as perconcern
In these circum- forming a service of great impor- have
is outstanding.
lender
*> lwi made in a
Middle Eastern country since 1950
The difficulties of developing and
*irTu ng ^ecls ln the Mlddl!
East have long been a source of
the
the
prospective tance to
prospective
bor-
lending
and borrowing
Continued
countries alike.
on page
—
im¬
portant matter, and one in which
I
urge
direct
The
the
Governors
to
take
a
interest.
third
development
in
the
SYMBOL OF
Bank that I want to mention is an
effort
service
to
develop
which
we
an
information
hope will help
both lending and borrowing coun¬
use of inter-
tries to make better
■
■
■
■
for Brokers and Dealers in
Itll
Western Securities
SALT LAKE CITY
DENVER
LOS ANGELES
STOCK 6- BOND
SPOKANE
BROKERAGE SERVICE
for Banks, Brokers and Dealers
Hardy & Co.
Members New
Members
J. A. HOGLE & CO.
Estab. 1915
Stock
Exchange
★
Members New York Stock
Private Wire Service
York Stock Exchange
American
50
Exchange
BROADWAY, NEW YORK
Coast to Coast
30 Broad St
New York 4
Los
Spokane
Salt Lake
Telephone DIgby 4-7800
Teletype NY 1-733
Beverly Hills
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Provo
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Boulder
MAIN
ST.
&
MEETINGHOUSE
LANE
SOUTHAMPTON, L. I., N. Y.
the
categories of
I did last year, I
as
that it should
keep itself informed of developleast ments even
in this pioneering
of 14 stage. For that reason, we have
have recently appointed an atomic en-
will be able to total at least these
Medium-Term Capital
want
at
vacuum
The governments
exporting countries
major
atomic revolution is by no means
just around the corner. The Bank
engaged in an
now
effort to fill this
This
was
a
startling and
glimpse;
at
the
same
time, I think it taught us that the
use.
loans,
new
The Bank is
basis of this
ambition is for these offi¬
est
the
primarily at private risk, but
risk of governmental in-
the
cials to return to their posts
with
new appreciations
of what kinds
now that the establishment of the
of
policies
and
programming,
corporation is clearly in sight.
After examining the charter that what kinds of practical action, are
the Bank submitted to your gov¬ likely to make the best contribuernments earlier this year, some tion to the economic development
but
at
stitutions
a
exciting
partially.
portance: it is to help the less de¬
Corporation, an affiliate of the fairs by affording top administra¬
Bank, which will work to promote tors an opportunity to broaden
the growth of private enterprise their knowledge of economic de¬
and investment. We will be dis¬ velopment.
can
rower
service
veloped countries to improve the
IFC
repay¬
outside interests.
availability of international credit
a highly welcome development
of the past few years—especially
task of the Institute is of real im¬
Geneva, the world
glimpse of the work be¬
done to turn this awesome
caught
ing
with interest. From
at
force to peacelul and constructive
Reveals record
is
establish¬
toward the
meeting;
economic develop¬
of medium-term credit, and other
use
the Bank and sales of its loans
ments to
financial assistance from the Ford
Since
this
conference
con¬
structive
cussing
atomic energy
we
new,
hope,
taken
progress
resources to
relating to the activities of the institution.
are
and
matters
Energy
affiliate, the International Finance Corporation;
its
pro¬
standards of
been
Atomic
Finally, let me mention that the
Bank is watching the subject of
his annual report, Mr. Black tells of the
in the establishment of
lem of how to
Eugene R. Black
Watching the Subject of
President, International Bank for Reconstruction and Development
tion that has marked its life up to
raise
the World Bank
on
The
15
Angeles
City
Denver
25
16
The Need for
Every time I look at the present
of savings of the people of
this country,
and the need for
savings that has developed, I am
Department
Assistant Secretary of the Treasury
mates that
contrast¬
situation
the
sav¬
the
ings,
In
five
the
ing credit, and
December,
1934
until
of
of the constantly enlarged demand for
the
sistent
1S39,
says
Federal Reserve policy is to
assure
enough credit for
not
con¬
as
growth, and to prevent an unbridled credit expansion and inflation.
of
$7
time
d
°
u
er
d
«
deposits,
savings and
*?an sssocia-
n,
7
'
billion
the form of
m
have
tion
shares,
private life insurance, and
investments in mortgages,
direct
increased
there
is
the
for
the full measure of the increase
in savings by the people of this
no
investment
of
these
more
country
enormously. Yet
lack of opportunity
vide
is
not
reflected in
ings> pn fact> 0ur dynamic econ- these figures because they do not
cmy js crying for even greater include the interest that individsavingSt
in the last five years, uals have in the rapidly growing
individuals have accumulated sav- public and private pension funds,
ings
of
$77
over
billion
sav-
the
in
fully
anci the direct investment of indi-
securities
ment
funds
to
in
attractive
m0re
" was
we
In
there
years,
those
was
five
same
net demand
no
* roug
an
irec
jnves meiV in
m05t^a^es'and local e
corpora
and state
securi les,
In the
issues.
for
borrowed
to
money
finance
housing, plant and equipment,
state and local public works.
tually, these normal
tal in
indebtedness
There
of
of capi-
in
accumulations of
were
ings, but they were not utilized by
m
was
,
Today,
the
different.
—nr-
.
a
situation
Savings
k
m
n.
,i
is
vastly
the
of
people
l
i
bmion
"
.
That
was
League of New York
stale, Atlantic City, N. J., Sept. i9, ,955.
of
double
,llrh
^
.
ingS in
Association
^
amounted
ap„lim„,,tinn
„
♦Remarks by Mr. Blyth before the Sav-
ings
$
an s
companies
period the
^onds
in
ajone
Series
and
E
increased
by
H
more
advanced
$14& billion, and the increase
the
assets
of pension 'funds
is
The
billion,
growth
the
r?
_
the five-year period which
,
ended Dec. 31, 1939. Furthermore,
in
apart
Federal
from
the
Government
price index
System
possible
government
much
in
securities
this
of
period
by its efforts to support the price
of
ies,
whose
growth
trend
amount
of
Even
savings
portion
of
creates
problems.
.
.
..
,
,,
,
.
,
/
„
cumulation of sayings, however, complicated the job of the Fedthe accumulation of funds by eral Reserve, and undoubtedly
many savings institutions has not
,
tr
•
.
x
x
been sufficient to meet the opporfQr
contributed to the inflationary de-
xi
profjtable
t
x
,
m
$800
banks
pace
the
a
of
govern-
A
demand
for
rather
of
capital
This
in
the
savings,
has
in¬
This
is
particularly in the real estate
estate
real
estimated that
credit extended by
fi¬
increased $7.2
billion in the first half of
0Ver
million of gov- the securities.
This leaves the against an increase
m ernments. This continued a trend central bank free to deal with the in the same
IN
the
vigorous
sharply.
nancial institutions
and, therefore, is not forced to buy
of
slackening
of accumulation
H SOld
III
up
smaller pro¬
incomes.
is freed of its commitment mortgage field. It is
the price
be
Indeed, in the face
overall
an
true
jgjj million of government securities ment securities at arbitrary levels,
(j in 1954, and mutual savings
of
open market but the Federal Re-
support
may
economy needs more cap¬
,
Today,
annual
people
their
ital, not less.
creased
to
nearly
growing
sell government securities in the
serve
sold
.
institutional investors continue to
Hi
alone
xi_
velopments of the period.
themselves. This is illustrated by
jj| the fact that life insurance companies
n
the
little this year, it is readily ap¬
done at the
„
in
though the aggregate dol¬
lar amount of
a
in
request of the Treasury. It greatly
was
related
growth has continued.
j.£e jnsurance companies.
trary levels. This
is
part to contractual payments, the
the
ac-
this
1954, but the
of insurance compan¬
case
saving
,.
The
growth is slowing down.
In the
are
.
de¬
increased
that
jjH
BRUKlRo
rate
have
parent
In spite of the tremendous
in
a year ago.
than in
more
country
^ed
DDHI/rDC
associations
helped make this large scale liqui-
of
time
year ago,
months of the year
seven
upward
Reserve
a
increase
slightly below
year
In this
36%.
over
dollar
fun(js and those handled by the of government securities at arbi-
lia
to
qav_
quite
consumer
Federal
estimated to have amounted to $3 dation
savings of the
an s' commercia
surance
.
ican
banking field,
individuals'
share accounts of
savings and loan
n°t entirely coincidence
had a serious price infla-
of government securities.
in
the
the first
In 1954, for example, the vestors disposed of $13V2 billion
public
in
.
vaiue of the holdings of the Amer-
than
^eop e acc^naa a e in savings an
°ar! associa 10nf'
^ savings
economic stagnation.
,,
1954 alone the
sav¬
the private sector of our economy.
This
*°^al
as aSSreSa e
lssuea
balance.
on
de-
mortgages, corporate securities
an(* sta*e anc*
dynamic economy reduced
a
their
users
same Period, however, the net
mand or new money in e
or
Ac-
gages.
are
fast
as
posits of mutual savings banks in
invest-
form of time deposits, savings and viduals in government securities tion in the period from 1946 to
"^rattrsecurities, and state and local *oan shares, private life insurance, c0rp0rate securities and mort- 1952 when these institutional in¬
securities.
growth
while
pro-
corpo-
savings
year
personal income.
was
V
this
deposits is well below
apparently
private
'
tilat
order to
make
as
S253.P
quarter ,of
second
In the commercial
than $15 billion of govern-
1955,
of
Nevertheless, there is evi¬
increasing
the
total
a
in
of
level
a
dence that individual
in d ividuals
saved
the
1954.
capital accommodation. Urges lenders, however, to exercise caution in grant¬
from
end
quarter
with
billion
institutions have been obliged to divest themselves of government
many
securities in order to take advantage
1930's.
years
second
compared
that existed in
esti¬
Commerce
of
disposable personal in¬
aggregated $267.1 billion in
come
Treasury official observes that despite the tremendous accumulation of
reminded of
ing
Saving
By ROBERT B. BLYTH*
rate
the
Thursday, October 6, 1955
THE COMMERCIAL and FINANCIAL CHRONICLE
»
1955,
as
of $4.5 billion
period in 1954. Insur¬
CTHPI/C
Akin
OI UUno
ANU
H that has Per^s^ed since 1946, dur- problems of credit expansion in
DflMnC
DuNUo
jjj ing which period life insurance
Hi
companies
U banks
and
together
mutual
have
savings
liquidated
our economy in a flexible manner.
Disposable
now
personal
income
running far above 1954.
ance
and
companies,
savings
is
Continued
The
on
UNDERWRITERS AND DISTRIBUTORS
of
CORPORATE AND MUNICIPAL
SECURITIES
servicing
brokers and dealers
since 1878
Members New York Stock
QP/vee/
72
.1-
:
.
Exchange
ijtew Q/c-y^ 2,
'
•
&/.
;
;
Telephone WHitehall 3-7600
Corporate Teletype: NY 1-865
Municipal Teletype: NY 1-1691
•
We have direct wires to the
\
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/.
Baltimore
Cincinnati
-
Beaumont
Cleveland
following cities:
.
Dallas
'
Beverly Hills
Detroit
Boston
Fullerton
ASIEL & CO.
Chicago
Galveston
Members
Los Angeles
Philadelphia
Houston
Leesburg
St. Louis
Indianapolis
Louisville
St. Paul
Seattle
Joplin
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Members
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Exchange
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Nashville
San Francisco
Exchange
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Telephone HAnover 2-5000
banks,
savings and loan associations,
Teletype NY 1-1110 & NY 1-1111
page
101
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
17
States Collect More Taxes in 1955
The continued
prosperity of this
country brought state tax collec¬
tions to
lion
a
for
new
the
By V. JUDSON WYCKOFF
peak of $11.6 bil¬
fiscal year ended
June 30, a sum
in
Wyckoff,
the
For
most
part
the
crease
taxes
was
sible
been
pos^
tax
of
rev-
price changes. Some of
the most important taxes are ad
valorem varying in yield with the
flKwrnmSt^rn and 27appref°r
all governments, one
market
ciate
mentioned
came
the
..
boom
35%.
net
of the past
(These
12 months.
1955
25%
was
sion
Major Factors Back
of
state
Census, final results will
little
very
change.
grants
other
governments
eral)
approaching
Also there
mark.
Soi
increase
There
1951
since
has
factors
at
the
in
of Increased
least
three major
growth of tax fig-
MionVDrira?eand
iaiion, prices, ana
(mainly Fed¬
the $3 billion
charges and
governmental
has been
UieMmbw
ine numoer
functions.
of
or
There
growth in the populathis country from 154.4
a
miscellaneous items of about $1.5
billion. The result will be a grand
tion
total of approximately $16 billion
in general revenues for the 48
currently. With other factors re¬
maining the same the following
sequence
results:
more
people,
states
State
taxes, however, are only
14%
of
the
total
paid in this country.
ernments
billion
months
local
bill
more
Local gov¬
roughly $11.5
Treasury
$60.3 billion for the 12
ending June
30.
(The
data
on
an
expenses,
165
taxpayers,
more
can be ascribed, for instance,
population growth?
Suppose
population had not changed since
1951—would state tax
revenues
be
higher
today?
This can be an¬
swered by removing the popula¬
tion influence through reducing
annual
basis from the thousands of local
taxes
a
resulting total of Federal,
to
a
per capita basis.
On
capita basis state tax col-
per
tax
sales, inheritances
(Specific taxes levied
per physical unit change less rap-
motor fuel tax
Der
commodityPrices
gallon,
per
nack )
and
Thus
in-
waaes
the
crease
rates
on
more
same ad valorem tax
such bases will brlng in
dollars to the Dublic treas-
me puonc xreas
•
fiseP"C^m°4enrDurchLinfagents
"ndpayronepartments wfll havl
ta0^ ^n^y forTventhe
,
can
the
influence
and prices
be¬
course,
is relative
If
my
taxes
have
of
income.
over
but
five
a
10
or
income
year
has
100%, I am no worse off
financially than before, though I
my
also
gone up
am apt to remember nostalgically
thp
imallpr
hilk
tav
of
former-
population davs
current dollar figIT.
on
,
Thls
To
summarize-
government
a
We
have
more
tidavtLn evef be!
lver
loaay lflan
Pe
°n' a"d m°re
Uauy
a
Are
than
of
ures
as
ccmmoaJy prices ana wages in
historically
™stoncaliy
valid
This
is
relation
valid
relation
g,!u? H?
f
]ocaj to the state and then to the
But
totals
with
the
national
gross
us- product-GNP, for short. GNP is
taxes.
means more
burden" of taxation for
the n,ation K a whole can be mea~
??eid r0^1*
comparing tax
the
point
'f
P1]r
<,nods
tneitotal.currcnt value ot all gooas
and servlCes (without duplication)
Produced
pmin+rv
and
offered
within
the
'48:siate tax'
^cal 1955
compared
in
this
nerinri'nf
o
a %enn
j
fish to make is that our increased
ir 3re kY f
the r?~
°f a" absolute mcrease m
Voillp nf au
tPh™hd^
collections
for
3%
of the GNP
2.7% for 1951.
are
with
g°vernmental functions. The other (These ratios have changed very
number of public employees. Parts are population growth and Uttle during the 1941-1955 period.)
gam"e
auantities
same
mnnAV
More
.
of
goods and
spent
money
revenue
means
the
more
needed, and taxes
go
question: How much of the
increase
in tax
collections
state and other levels
ment
be
can
of
ascribed
on
The paragraphs
been
concerned
up
to
with
now
tax
levels of
government the
respective figures
20%.
Are Taxes More Burdensome?
With either approach one comes
to this
For all
higher prices.
up
_
,
b°rr™'
million
to
units.)
The
to
tions
approximation.
not attempt to col¬
does
1951
tax receipts. But how much
of the change in state tax collec¬
the Federal
financial
in
more
figure is an
Census
lect
tax
collected
and
in
took
million
during fiscal 1955.
about
of
the
of
income,
as
mu
are
values
....
{J. tJJ°"e.» o2»S
sfury-. Ther<; is another approach: Federal level
from
are
such
27%
Tax Collections
when fully reported
1955 will be larger, of
including
course,
the
Total
revenue
for fiscal
1951.
Combine all levels
been
show
about
exclude
caicu^a4,ons,.
Security.)
Although the $11.6 billion is a
preliminary tax figure just re¬
leased by the Government's Divi¬
and
data
dollar
ciearette taxes
calculations
tic
cial
was
and
Federal
fiscal
continued
level
base,
governmentsrevenue for idly:
show aboUt
tax
v
the
in
During
the gain
years
the state
on
is
sum
.,
past five
30%
incomes all of
shared
1955
4.5% higher than in 1954.
corporate
which
the
,
more
one
question:
burdensome
more
doubled
.
least
at
general
Burden,
to
years.
.
just
year
fore?
matter of
from sales, in¬
dividual and
Wyckoff
period of
a
fiscal
remains
taxes
Naturally there is interest in
knowing how current tax levies
compare with prior years. As has
because
bulk
enues
over
the
important
period
.
v. J.
col¬
tax
or
higher rates.
state
annual analysis of State
an
current
new
taxes
the
gives
years,
data drawn from the recently issued report of the
Comments on three major factors in the growth of State
Census Bureau.
in¬
in previous
came
without
This
as
lections, also with
1954.
for
ended, the changes since 1951, and
major reasons for such changes.
There
Prof.
4.5% larger
than
tions
Professor of Economics, De Pauw University
are
21.7%
and
Are these percentages too high,
have
Continued
collec-
on
page
the
govern¬
to
price
changes?
This is a harder ques¬
tion to answer than the one about
the
influence
cause
of
deals
one
population
with
Sfr&lerfUt&tot
be¬
persons,
commodities, and the relative im¬
portance of
influences
each.
can
If in addition to
However
be
such
approximated.
population growth
the factor of price changes is re¬
moved from the raw figure of tax
revenue, state taxes between 1951
lections have increased 22% since
and
state and local tax collections for
fiscal
This percentage gives
1955 is
ment of the growth of state services,
quantitative
and
possibly
in per capita terms shows an in- qualitative including some waste,
crease
of
19% during the past For
all
governments,
Federal,
five years compared with an un- state and local, the adjusted gain
by its
$83.4 billion, a sum which
size cannot mean much
revenue
very
to
most
in
of
terms
us.
of
Put
this
a
a
like
and
an
Federal
tax
1955
increased
about
13%.
a measure-
estimate for local
adjusted dollar gain of 27%.
A second influence over
better idea of the cost of gov¬
ernment in the United States.
Adding
governments the three-level total
amount
daily tax bill of
$230 million,
which works out to $160 thous¬
and every minute, and one gets
something
1951.
period
If
on
tax
you are
collections
a
is
is
in
the
neighborhood
of
15%.
time
When these percentages are corn-
the
pared with the changes in unad-
C. J. DEVINE
interested in
48 Wall
Chicago
PREFERRED
it may
be
to your
STOCKS
•
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Makes
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of all types
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trading problem?
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Spencer Trask & Co.
25
BROAD
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Members
ALBANY
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helpful
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wire system provides
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88
1955
Thursday, October 6,
THE COMMERCIAL and FINANCIAL CHRONICLE
18
Report of the Corporate and Legislative Committee
At the 22nd Annual Convention
William J. Burke, Jr., Chairman of the
Wil¬
Mich.,
Island,
Mackinac
on
Committee,
of May & Gan¬
non, Inc., Boston, Mass., Chairman
of the Corporate and Legislative
Committee, presented in person
the annual report of the Commit¬
liam J. Burke, Jr.,
the ball
The
it is not
to get
year
urging
Capital Gains Tax.
Also advocates action
to
of the report follows:
able
We
to
all
ready
stand
help if
necessary.
ef¬
only
certainly hope that
our
if
the
to
other members of the
will
forts
defeat Fulbright Bill.
While
be.
intention at this time
they
committee,
Asks members write their Congressmen to
if need
Tom
our
to call upon
the resolution adopted by the Convention last
support the resolution.
text
year was
himself, will stand ready
assist
to
and
end of the
tee.
on
rifice to
and Legislative
the main objective of the Committee this
says
rolling
NSTA Corporate
be
successful,
that
extent
action
this
might
PnrnnratP^nd^T
.
I
T pedsPffis-
and
pnrnnratp
y
iative
com-
mjupp
mittee
'
wa
was
*0
to
ball
rolling on the
the
get
resolution
gains
capital
this
that
o
s
on
i
c
t i
a
passed
Aso n
the
at
their 21st -nrinuui Convention ut sun
luc"
*
Annual
at still
We
as
mittee
report-
ed
this
on
the
any
The
resolution
was
favorable, and they
0n
.
The sound reasoning underlying
this amendment
ognized
I
to
adopted it unanimously.
the
by
further
was
Keitri
G.
rec-
Funston,
President of the New York Stock
report made at that Exchange, when testifying before
J
,-.1
<-l ari
ntir-f
thp TTi 11 hri a nf rnrrnniitpp in Washtime should be included as a part the Fulbright Committee in Wash
of
this
no
ii
is
ington
said
alternative method to
"An
Capital
He
last spring.
in
part:
follows:
as
ease
the effect of the capital gains tax
Gains
Corporate and ?"
Legislative Committee, having in free(jom from tax
liability when
mind, among other things, the im- he
exchanges one security invest"Last year
recognizing
t^allowTheYnv'estorihe^ame
your
created
balances
in
our
economy
tain
leading nations did not cona tax,
decided to'
such
° Convention the8
resolution"
following
tional
"NOW,
ment for another
further the fact that
well-thought-out tax structures of
other
THEREFORE,
to
unfreezing
IT
BE
RESOLVED: that the National Se-
re|j
selling.
were
there is
a
The reasons
committee is seeing to it that
Congress is apprised of how the
but
many,
are
your
doubt that the Capital
no
members of th|e National Security
Traders Association,
the largest
Gains Tax played a part in help-
as
a
person now
^hen
-n
takes the
he
tire proceecjs from ^e
house and puts them
this
resolution
tion
ciatl0n-.
individuals
in
the
country, feel about this tax. It is
expected that at the proper time
the
by
your
asso-
was
that
such
gen-
legislation of
£ype asked for in this resolution would
sidered.
not be
This
favorably
con-
atmosphere
brought about by
circumstances
of
forts.
,.
.
a
of
was
combination
which
many
in
committee
far
so
budget and have to do
no
research,
'
posed
our
that
work
on
is
and
en-
sale of one
in another,
stock
ano
in
company,
er
real
local
graphical
geographical
distribution
committee
proves
Our
repre-
his
us
undertaking
this
is
as^e(^
us
this
t0
our President has
take
going to do
action
of
and
we
and
no
doubt
stated, for the holding
there was any
our
to
was
economy
on
are
situated
to
geographically
whole
the
best
carry
committee.
Thomas Graham of Louisville has
his
indicated
ability
to
obtain
with
ascertain
if
tempt
legislation.
tacted
Vic Mosley
apparent danger to
Washington
in
behalf, and at great personal
the
high
prices
so many
times in
Bill,
forces in
this
Members
Your committee
of
traded
are
in
the
market, to assist
The
response
Boston Stock
Underwriters and Distributors of
and Railroad Securities
satisfactory. (Incidentally,
Municipal, Utility, Industrial
Equipment Trust Certificates
Avon
Manufacturing Co.
on
the following
The Kerite Company
Products, Inc.
Keystone Portland Cement Company
Brown & Sharpe Manufacturing Company
Department
P. R.
Bryant Chucking Grinder Co.
Marathon
Cameo
Bank and Insurance Stock
The Meadow Brook National Bank
Incorporated
Central
Telephone Company
Mallory & Co., Inc.
Moore
Corporation
Drop Forging Company
Consolidated Rendering Company
National Aluminate Corporation
Continental Screw Company
National
Crompton & Knowles Loom Works
River Brand Rice
The Duriron Company, Inc.
Rock of
Erie
Primary Markets in Equity and Senior Issues
St. Croix
Forge & Steel Corporation
Foote Mineral
Company
Blankbook Company
Mills, Inc.
Ages Corporation
Paper Company
Speer Carbon Company
Hudson Pulp & Paper Corp.
Atlanta, Ga.
•
Dallas, Texas
Grand
Philadelphia, Pa.
*
•
Aurora, 111.
Detroit, Mich.
•
Rapids, Mich.
•
•
Scran ton,
Springfield, Mass.
Pa.
•
St. Louis, Mo.
•
•
Buffalo, N. Y.
•
Eau Claire, Wis.
•
Manchester, N. H.
Rochester, N. Y.
•
Chicago, 111.
•
St.
•
•
Muscatine, la.
Paul, Minn.
•
Williamsport, Pa.
•
United States Potash
Jones & Lamson Machine
Company
Company
Williams and Company, Inc.
Columbus, O.
Flint, Mich.
BOSTON 7
Pittsburgh, Pa.
San Francisco, Cal.
•
Tracerlab, Inc.
Ionics, Incorporated
Other Offices
Wilmington, Del.
50
FEDERAL
STREET
NEW YORK 5
40
WALL STREET
in
our
very
we owe
debt of gratitude to Lew Walker
Midwest Stock Exchange
We invite inquiries
*
Allison Steel
Albany, N. Y.
us
was
Exchange (Associate)
Exchange
securi¬
over-the-
Members
American Stock
con¬
Asso¬
our
Lee Higginson Corporation
Exchange
Philadelphia-Baltimore Stock Exchange
at¬
directly by mail, and also
counter
a
an
undesirable
System to Offices in Principal Cities
Midwest Stock
the
and
Teletype NY 1-1109
Private Wire
on
confronted
Street, New York 5
Telephone DIgby 4-4000
Boston, Mats.
going
get
corporations whose
efforts.
our
sac-
and
gratifying to
were
the members
ties
this assignment.
our
defeat
to
this
Philadelphia, who has been to
we
marshall all
marrjr
over
could
we
the Fulbright
ciation
of
efforts,
our
most
our
enthusias¬
committee started immediately to
islation of the type asked for in
resolution, and he will take
help in
every
and most
matter
Congressional sponsorship for leg-
so.
hearings by Senator Fulbright's
Committee
of this committee has fallen
shoulders of those who
the
Before
deal of the work
a good
your
committee.
your
mark facetiously about how his of this,
of
valuable.
so
President, John Bunn, has
assured
course o£ the hearings out great Personal sacrifice to all
of his committee> saw fit to re- those attending. As a consequence
for
in
that the wisdom of the broad geo¬
endorses
the biggest
>
the
daily chores at the
meetings of this committee with-
on
The
affiliates
of
indeed
heart bled for those who did not
likewise.
this respect, and it is in this work
tically
Fulbright,
that you
ask
through the
this
Senator
One of the reasons,
& Co.
do
the
are
INCORPORATED
customers
Its position was not helped when cept at convention time, to hold
scholarly
in
ef¬
our
offices
our own
°f y0U ar® aWare and wWeh are sentation on this committee. It is
to° numerous to enumerate here, therefore almost impossible, ex-
you sp^e 0£
gain since you are
will also
We
of
superim-
i
custom, and it continues to be so,
to have broad
support
committee will work
It has also been the
trading desk.
in
will
representatives
have your fellow workers, friends
have
we
as
of
people
themselves
their
to
Congress
wag
mate in
thinking of the lawmakers in
eral
brb?glng th<r.m ab°ut<
members
write
**
The members of our association
™as Jelj; that tbe
are aware, we are sure, of the
Washington and the limitations of your legislative
It
"Similarly, if you sell $1,000 want to take profits because by
worth of stock in one company s0 doing they would bec0me subin °rder to
"y ?1'000 wor
0 ject to a big capital gains tax. In
Blair
organized
body
financial
among
concerned with, will they give
recognition to the part the Caph^s been taken ital Gains Tax has played in
further action
act as an opening wedge
legislation that will result in
change in this tax. Consequently,
to
common
^u.iihivjh
an0thernl\n1ndllidual ha^no during the
curity Traders Association, Inc. at have no
44 Wall
grade
giuuc
the
o
report.
The report
good
guuu
since the passage of this resolution and up to the present time,
do think that
v.
solution
one
no
Bui-
and
"To permit such swaps—with no
tax or a nominal one—would be
this
reaction
delegates'
of
letin,"
capital gains
tox*'
"Traders
Burke, Jr.
which
wmcn
at
ai
ing to bring about this situation.
with
capital
gains to
the ex- large holdings of long-term in- It will be interesting to read in the
tent that all securities sold, where vestors which are now kept from final report of the Fulbright Comthe full proceeds are invested in the market by the capital gains mittee that if it is the high level
other securities of American in- tax."
of stock prices they are mostly
is-
second
sue
Wm. J.
in
comcuiii-
mouthy
money
tember 25, 1954, representing 32 facilities of American enterprise, for this condition
affiliated groups of 4,033 members
do hereby memorialize Congress
to modify
the tax law dealing
com-
a
your
^uui
Atlantic City, New Jersey, Sep- pletely invested in the productive stocks
fast ^national dustry be free of
convention,
keeping
nceping
CHICAGO 4
231 S. LA SALLE STREET
Liberty 2-5000
HAnover 2-2700
FRanklin 2-4500
Teletype BS 452
Teletype NY 1-917
Teletype CG 175
1
Convention
Number
of the National Quotation Bureau.
He
helped to defray most of the
incurred
expense
of
the
19
THE COMMERCIAL and FINANCIAL CHRONICLE
in
the
mailing
notice to
members.)
Tom Graham, the most indefa¬
Graham's Memorandum
since the Frear bill
was
killed to
further controls. The
arguments have not changed. They
are
the same glib, selfish, unen¬
lightened words as before.
Herewith is the text of Thomas
"If
anything, the picture has
On the
justify
any
Fulbrighl Bill
contend,
the
on
what
seems
in
party
good for the vol¬
Exchanges, just as
seems
ume
good for the political
of
power
Govern¬
our
ment.
"The (new Four Horsemen) are
changed drastically the other way trying to sell the Fulbright Com¬
in
this bill, which I suggest should Fulbright Bill.
five
years,
making it more mittee and Senator Fulbright an
be made a part of this committee's
"There is a growing mass of unjustified
than ever to clamp uneasy bill of goods, and the in¬
voice is being charged to small
report.
[Statement
reproduced evidence that supporters of pro¬ new controls on unlisted markets.
further below.—Ed.]
posals of Senator J. W. Fulbright Take a look at the additional business and the small investor.
"In his statement May 24, re¬
Harold Wood, Chairman of the for legislation affecting the over- company securities now listed on
all
National Association of Securities the-counter
exchanges.
There are more garding his purpose in proposing
listed stocks now than good mar¬ this new legislation, Senator Ful¬
Dealers, Inc., will talk at lunch securities
kets can be made in supporting bright said his bill was designed
today on this bill. He is of course (unlisted)
them, and with considerations for to end the (double standard) ex¬
taking the same position as that market stem
from
a
hard
the public interest. A look at the isting with respect to the listed
taken by our Association on this
tigable
worker
on
tee, has prepared
legislation,
that
commit¬
our
statement
a
of
opposing
on
its
you
can
from
see
the
re¬
port of this committee, it is really
a
die
of
core
on
the
bid
-
committee
finished.
business
on
We
feel
that
not
the
yet
suc¬
listed
and
evidence
unen¬
d i
v
i d
u a
1
Committee will
and
Ex
work.
our
full
can
best
We
see
can
fit to carry on
assure them of
cooperation.
serve our
think
I
we
Association and
on
spreads of many
all exchanges is
the
that
enough
so-
(blue chip) market is turn¬
ing prudent investors toward the
'light blue chip' stocks.
"'Forbes' magazine (July, 1955)
s
within the Se¬
curities
issues
called
in-
lightened
ceeding Corporate and Legislative
our
asked
and
hard, selfish
passage.
As
memorandum
Graham's
shaped
change
Commission,
pointedly
and others
prob¬
the
(paradox)
lem
as¬
statement
a
on
the
of today's big market.
latest Forbes stockholder
The
with
sociated
with
up
and
unlisted
tor said such
he termed
as
cal
The Sena¬
markets.
(double standard),
a
it, (has neither logi¬
foundation
reasonable
nor
basis).
is
"There
when
standard
double
no
consider that basically
you
the difference
tion
as
and
that
false
"Now
gospel of distortion into the
willing ears of these SEC insiders. has the
Respectfully submitted,
CORPORATE
AND
LEGISLA¬
TIVE COMMITTEE
curbs
Chairman
May & Gannon
Boston, Mass.
Co.,
San Francisco, Calif.
James B. Jones
Courts & Company,
investment.
to
and judgment
(light blue chip)
prudence
turn
to
the
over-the-counter
the
"At
of
to
out for blood—the blood
"This
Portland, Me.
same
bill
Frear
group
of
to
the
do
do.
It
liance
of
to
is the
the
same
Stock
same
unholy al¬
Exchanges,
markets
unlisted
"The
Robert W. Baird &
Co.,
Graham
tially
A
are
Co.,
such
to
because
other
eco¬
would be indeed
subject small business
restrictions
tilla
evidence
of
duced
Yet
has
a
scin¬
been
pro¬
not
Corporation
prints for
a
already
discouraging for a new
start,
with
untold
restrictions.
But with the
ficult and
to
business
other
restrictions
the
in
contemplated
Fulbright bill, it would be impos¬
sible.
Are we to blight freedom
of
enterprise
this
for
and
suc¬
as
has
is
are
Fulbright bill.
in the
inherent
is
"There
grave
pro¬
the blue¬
manufacturing build¬
too,
danger,
that the Fulbright bill would en¬
the
large
control
bureaucratic
greatly that
which small
it
would
activity
intrastate
invade
tional
of
scope
so
from
business, and our na¬
might never re¬
economy,
cover.
would
"It
in the public in¬
be
terest and in the best interests
our
Nation
interested
unlisted
a
as
whole
small
in
market,
if
business,
in
and
of
those
the
the dy¬
namic
economy
would
apprise their Senators and
of
our
Country
Congressmen of their opinions on
this proposed
THOMAS
Bankers
237
legislation."
GRAHAM
Bond
Company
South Fifth Street
Louisville,
Ky.
Fulbright Com¬
did not disclose any spec¬
mittee
listed
market.
ABC
is
"It
investment in character.
study by the
herent in the listed markets.
proposals to hobble the
unlisted
Louisville, Ky.
unwise
raise this capital?
exceedingly dif¬
would you go to
essen¬
SEC and big Wall Street firms
representing speculative elements
finance who are testifying to¬
day—as they did five years ago—
in
Milwaukee, Wis.
nomic factors, it
into
forced
ones,
and
Where
thing
in favor of
Philadelphia, Pa.
Robert Haack
The Bankers Bond
of small
malcon¬ business and the small investor.
vainly to promote the
that the Fulbright bill now seeks
Stroud & Co., Inc.
competition
capital because of restrictions.
then,
Senator Fulbright,
the
a
tal as never before the opportu¬ posed in the Fulbright Bill.
interest' when what they nity had been presented. With all
"Such legislation would deny
actually are promoting in disguise
the big money behind them, the
many a small new business access
is their own selfish interest by the
are now to
further extension of bureaucratic (new Four Horsemen)
capitalization. For
example:
tents tried
R. Victor Mosley
and vital capi¬
being
put up its securities
to
bring all these things to fruit.
But
the
bank
says
it
cannot
handle the securities and advance
to
the
Would
when smaller busi¬
with larger
bank
the
to furnish necessary
Corporation goes to
individual initiative? That is what
specula¬
'public
Carl K. Ross
Co., Inc.,
new
time
are
merger
stocks, these (new Four Horse¬
men) want to strangle the growth
business.
They have not, in al¬ of the smaller companies that are
most 20 years, proved the need in the fortunate position of being
able to attract
a
nesses
ABC
items.
suppliers
Inventory
jobs.
ready
are
dif¬
same
between
Senator desire to destroy
investor
market to the detriment of small
control.
New York City
Carl K. Ross &
additional
any additional legislation of
this nature. They yelp loud about
F. Egan
First California
Thomas
on
obtain
is to
small
the
(even
for
William J. Burke,
John
Their aim
that
surprising
await
ceeding generations by throttling
great
the
industry by working with big interests,
Thomas Graham
shocking) fact:
during 1954 the national market, as represented
Chairman Wood in assisting him who want to
see
small business squeezed out 717 top corporations (with com¬ by the smaller companies whose
where we can in his efforts to de¬
bined assets of $268 billion) in¬ securities are unlisted, just to help
of the market.
feat this legislation.
"The old Four Horsemen of the creased their over-all number of the speculator?
As Chairman
I would like to
common stockholders barely 1.6%.
"The net effect of the Fulbright
publicly thank those members of Apocalypse' have been replaced
That is the slimmest growth since Bill would be to cut off access to
my committee who
served their by four new ones: Leer, Jeer, Fear
Association so unselfishly and so and Smear. Ever since 1938, self¬ 1949. And some major companies capital
markets by the smaller
ish insiders of our big money mar¬ actually lost stockholders during
competently in the past year by
companies.
ket
have
been
whispering this the year.
their work in this committee.
reveals
census
Machinery and equipment
mand.
suppliers are standing by to equip
the building.
A potential labor
force
of 300
men
and women
listed and
between
unlisted securities is the
ference
It has a potential product—
there is a determined de¬
ing.
which
during that five-year period
ulative
the
in
dangers
markets such
as
markets
the
unlisted
Underwriter
•
Distributor
•
Dealer
those already in¬
are
The
fomenting
all
speculative (gambling) fever.
What
seems
good
for
General
Motors, the 'new Four Horsemen'
Securities of the United States
Government and its Instrumentalities
State, Municipal and Revenue
Securities
Bonds, Preferred and Common Stocks
of
Industrial, Public Utility and
Railroad
Corporations
Bank and Insurance
Company Stocks
Bankers' Acceptances
Securities of the International Bank for
Reconstruction and
Development
Canadian Bonds
| Foreign Dollar Bonds
The
FIRST BOSTON
corporation
Waiting to Help You at—
New York
Merrill Lynch, Pierce, Fenners Beane
Philadelphia
Boston
Pittsburgh
Cleveland
Chicago
San Francisco
Y
20
THE COMMERCIAL and FINANCIAL CHRONICLE
Thursday, October 6, 1955
Report of Municipal Committee
The
Municipal Securities Com¬
Chair¬
is Walter G. Mason, of Scott,
Walter G.
mittee of the WSTA, whose
man
Horner & Mason,
Va.,
notes
Opposes
Authority and
revenue
bonds being favored by investor.
permit commercial banks to underwrite
to
move
offerings.
new
think
Sees New Housing
Security Traders Association,
commented, among other things,
on the weakness in the mumcipaJ
to a substantially
larger volume
this fall.
Even
though this may result in a fur¬
ther
cheapening of prices and
subsequent increased yields, we
instability in municipal bond
some
prices during last six months, with slight decline in volume of
National
of the
Convention
22nd
Municipal Securities Committee,
Inc., Lynchburg,
report to the
annual
its
in
dications point
Mason, of Scott, Horner & Mason, Inc., Chairman of the NSTA
issues.
revenue
issues.
bonds
The
The
municipal I market at
time of our meeting last year
in
if
the
was
period of relative stability,
one can say that there is such
a
a
period.
However, dur¬
ing the past
six months
have
we
been
witnessing
a
downward
trend
and
to-
day we no
longer live
with
this
b 1
p r
e
sta-
i
c e
structure. The
"Bond
Buyer"
averages point
out this instaG.
Walter
Mason
b i 1 i t y
I
when
we
2.63%,
ages
of
a
year
"Bond
only
slightly
very
the
compare
averages,
with
current
the
2.26%. The
averages
fail to
ago,
a
for the institutional, bank
pension fund dollars.
Our economy is changing and
growing so rapidly that very few
of us can comprehend the changes
that will take place within the
next five years. This development
coupled with an unprecedented
ments
and
demand
sumer
biles
for
for
has
inflation.
the
credit from
housing
renewed
In
an
thorities
the
and
the
effort
inflationary
economy,
con¬
automo¬
danger of
to.
forces
in
the
have
changed
and
raised
rate
to
curtail
activity has had
amount
of
tremen¬
influence upon
municipal market and brokers'
cost
of
carrying securities has
also
increased
substantially.
The unprecedented
growth in
the population of the country is
creating and will continue to cre¬
ate
problems that
will
require
the
miles westward to Buffalo.
cation
for
that
and
of
food
But
it
with
the
American
processing
will
local
be
industries.
task
our
authorities
farmer
to
to
work
provide
the
were
held
also
West
added
relieve
to
the
highway congestion which
will result from the larger popu¬
lation in the years to come.
The
volume
of
offerings
new
has been somewhat less than that
of
a
New Housing Au¬
continue to gain
year ago.
thority
favor
bonds
with
the
investor.
This
is
covering ap¬
miles, another
1,430 miles are under construction
and 5,200 miles of turnpikes have
been
authorized.
Although the
operation
proximately 2,250
ing
down
because
of
more
effi¬
us
struction.
interested in toll highway con¬
One was the rejection
ary
market.
weakness
names
in
the
There
second¬
Undoubtedly, the
municipal price
of
the
structure has tended to keep new
issues away from the market as
of
bid
a
two items this year
were
for
extending
additional funds
the
New
York
Thru-
readied
for
sale.
The
bond
to pass a substitute bill.
the
was
other
rejection
de¬
of
Highway Program
by Congress and its failure in turn
revenue
continues to grow as
favorite.
The
an
investor
turnpike issues
the
ing the
year
there
are
Dur¬
were a number
Legislative
our
familiar
ter
item
could
have
The lat¬
very
serious
repercussions in the future
are
very
day when
as
we
rapidly approaching the
our
whole highway sys-
with
this
the
and
solicited
in
Winton A. Jackson
First Southwest Company,
Dallas, Texas
F. Boice Miller
B. J. Van
Byron J. Sayre
John Nuveen &
you
this
doing
whatever
Legislative Committee
and
record
on
as
N-S-T-A
strongly
opposing r the
current
of the large banks to secure
amendment
an
Act,
which
now
the
to
will
branch out
bond
Co.,
Chicago, 111.
is
following
deems necessary.
We
hereby go
move
Ingen & Co., Inc.,
Miami, Fla.
com¬
plete cooperation of each of
is
Baxter, Williams & Co.,
Detroit, Mich.
rate
Committee
City
H. Russell Hastings
to
by law at 23A%. This means
the Treasury could
conceivably
be loaning money at 2%%
and
Banking
permit
them
into the
to
revenue
business, and probably later
ening
velopment
municipal
interest
The
Company,
New York
funds from
is set
afford
the President's
ket.
for
by the Thruway Authority.
has tended to delay other
turnpike issues that are being
mar¬
The
unable
are
necessary
sources.
This
offerings hoping for
better
other
they
if
the
secure
Orleans, La.
Allen &
Housing administrator to
housing
way
municipal authorities delay their
a
izes the
work your
Thruway will average $1,620,000 per mile upon its comple¬
year
other
New
Another section of the bill author¬
grant loans to colleges to provide
the
basis
their
Congress,
Steagall
of
further
activities
bonds.
corporate
in
to
In
passing
wid¬
include
1933
the
the
"Glass-
that
Act,"
determined
banking and invest¬
commercial
ment
and
banking
that
the
not compatible
are
public
interest re¬
quired the basic separation of! such
businesses; now, a handful of the
largest banks in the country want
to expand the function of commer¬
3 1
cial
banking, which is and should
be primarily that of depositary
trustee
and
short-term
lender,
further
into
the
risk
business
of
AFFILIATES
outright investment banking.
Clearly depositors' money, most
of
it
on
never
a
be
demand
used
basis,
to
should
finance
risk)
4 3 0 0
business.
As
long as the Federal Reserve
System continues to tighten credit
restrictions, the municipal market
WM V. FRANKEL & CO.
MEMBERS
will continue to drift lower. Thus
far
this
summer,
fortunate that the
ume
INCORPORATED
have
we
new
has been light;
been
issue vol¬
however, in¬
Established 1928
We
Broadway, New York 6, N. Y.
Offer
a
COMPREHENSIVE INVESTMENT
AND
Telephone: WHitehall 3-3960
DEALER SERVICE
in
Private Wires
to:
Philadelphia, Denver and Salt
Lake
City
ALL CLASSES OF BONDS AND STOCKS
including
TELETYPE NUMBERS:
PUBLIC UTILITY—RAILROAD—INDUSTRIAL
FOREIGN ISSUES
NY 1-4040-41
so
Peter W. Brochu
terms.
State
ment
than
reasonable
Ma
We Are
N Y 1-2684
Particularly Adapted
to Service Firms
With Retail Distribution
Your
Inquiries Solicited
p. f. fox & CO.
120
n,
John J. Zollinger, Jr., Vice-Chnv.
Scharff & Jones, Inc.,
public works if financial assist¬
applied for is not otherwise
on
Chairman
Horner,
&
Lynchburg, Va.
vital
for
situation
particular interest to those of
of these bonds.
During the
the investor could purchase
New Housings at a better price
assistance
and it is estimated the New York
of
pay¬
financial
have to go into the market to bor¬
row
at a higher rate.
Of course
States
the
Walter G. Mason,
business.
our
building machineryr>total overall
are increasing.
This increase
is due primarily to land acquisi¬
tion
costs. As
an
example, the
Turner
Turnpike
in
Oklahoma
cost
$441,000 per mile in 1953
costs
tion.
to
to
for
in
separate turn¬
due, of course, to their AAA rat¬
ing as well as the unqualified
pledge of the faith of the United
Government
on
MUNICIPAL
Scott,
Housing Act
enable municipalities to qualify
pikes
19
cient earth moving and other road
built
affect
an
available
now
that
be
have
are
cost of grading and roadway con¬
struction for the turnpikes is go¬
largely responsible for this.
39
can
COMMITTEE
This bill amends the
There
financing for schools, water
and sewer facilities, and to sup¬
ply the funds for the turnpikes
will
completely inadequate
to do the job expected of it.
Although the future looks good
for the municipal bond business
there was presented before Con¬
gress a bill this year which may
ance
market
be
ceremonies
the
Dedi¬
NATIONAL
tern will be
Virginia Turnpike.
In addition, there were numerous
extensions of existing turnpikes.
attention
of
the
municipal
specialist. The responsi¬
bility of feeding the 7,000 new
citizens which we gain daily will
issues of this type, mainly:
new
Virginia, Maryland, New Orleans,
Ohio, Florida, and Texas. The past
year also witnessed the opening
of the country's longest turnpike,
The New York Thruway, which
extends from New York City 395
a
reserve
re¬
of
credit.
the
combat
the Federal Reserve Au¬
requirements
This
aver¬
Buyer"
realistic picture of the
yields for short term bonds today.
The long maturities have had to
compete with long term govern¬
give
discount
dous
the report follows:
of
text
business
Respectfully submitted,
bond
price structure, and regis¬
tered
opposition to commercial
bank
underwriting
of
revenue
considerable
be done at lower levels, and we
look with confidence to the future.
BROADWAY, NEW YORK 5, N. Y.
Telephone
Teletypes
REctor 2-7760
NY 1-944 & NY 1-945
Convention Number
of N.S.T.A. members in good standing as po¬
candidates for the Nominating Committee.
names
Convention Approves Amendments
tential
"(2) The Secretary shall set
but in
To NSTA Constitution
All but
Convention
the
of
closing
Association,
Traders
the
shall
Secretary
all
list
NSTA Convention
Sites and Dates
Chosen for 1956-57
Secretary
"(5) The
a
shall
affiliate of
designate the name of the
proposed candidate, or if
each
non-affiliated member
state.
so
the
by
proposed
days
submitted in alphabetical order.
N.S.T.A.
Security
(10)
submitted.
following amendments to the Constitution and By-laws
National
date,
than ten
days following the date
"(4) The Secretary shall indicate in parenthesis follow¬
ing the name, the number of times the name was
held at the
Mackinac Island, Mich.
at
the
names
the National Committee meetings
The
less
than fifteen
more
"(3) On
proposed by the
Constitutional Amendment Committee, approved
at
closing date for such list
a
shall it be
event
no
(15)
of the Secretary's request.
nor
of the amendments
one
21
THE COMMERCIAL and FINANCIAL CHRONICLE
ballot, the tabulated list shall be
sent to each member of the Executive Council, al¬
lowing not less than five (5) days nor more than
ten
(10) days for a selection of not more than
twelve (12) candidates.
"(6) In the form of
~
"(7) The
eighteen
number
tied
a
of
for
mitted
(18)
eighteenth
to
receiving
names
votes, including such
position,
(18th)
certfied National
highest
the
names
may
as
shall
Committeemen
be
sub¬
be
being
as
duly voted and approved by the Executive Council
and
their
list
candidates
of
the
for
Nominating
Edward
H.
Welch
Committee.
"(8) The Secretary shall advise the Chairman of the last
sentence
in
the
such condition
Morton A.
John M. Hudson
John W. Bunn
Cayne
above Article X,
Section 2, who, if
of
a
name
or
in
names
or
conflict
voted de¬
with
said
Article X, Section 2."
following
proposed
Constitutional
annual dues of members affiliated with
$2
a
year was
It
is
a
raising
Amendment
local group from
$1 to
that
Article
Hotel,
Oct. 24-27.
Section
1
as
of
the
said
Con¬
follows:
not affiliated
are
accepted local group shall be $5.00
Edward H. Welch
Mosley
upon
Committee of the Association, were
Amendment
Constitutional
approved at the National Committee meetings held at the
Annual Convention held at Mackinac Island, Mich., Sept.
to
22nd
11th
14th, 1955:
(A) of the said Con¬
stitution and By-laws be amended to read as follows:
"In addition to the national committeemen thus certified,
proposed that Article V, Section 3
is
It
national committee
the
membership
affiliated
elect from the active non¬
may
national
one
a
a year,
with
Chicago), Chairman of the
payable March
Dues for active members affiliated with
Dues for newly elected members
are
to
payable
stead
Hotel, Hot Springs,
Va., Nov. 3-6. The sites and
dates for the 1956 and 1957
notice of election without allowance for fractions of
gatherings
year."
COMMITTEE
MEMBERS:
Constitutional
The
Amendment
minimum
cently completed Conven¬
Inc.)
tion
Baker
tron,
Ex-officio
&
Co.)
Russell
and
Chairman,
and
John
M.
Hudson
(Thayer,
Secretary, also included Morton A. Cayne of Got&
Co., Inc.,
R.
Victor Mosley,
and Edward H. Welch of Sincere &
Stroud
&
at
As
as
Co., Inc.,
Co.
The
(25)
of
members to
NSTA
its
members
Convention afforded many
an
opportunity to visit the
national committeeman-at-large."
administrative procedure the following
an
Article X,
organi¬
Section 2
"The Secretary
is to be added
(a):
shall
the following procedure in the
use
preparation of the Executive Council's list of
candidates
Mackinac Straits
One
The
Bridge
of the World's Largest Bridges
Bridge is well
Nominating Committee:
for the
the annual election the
"(1) At last one month prior to
from each member of the
list of at least twelve (12)
Secretary shall request
Executive
Council
a
the entire
on the way to completion, with
length, including approaches, to be 26,444
feet, and the suspension span 8,614 feet from anchor¬
age to
—TAX-FREE INCOME—
anchorage.
We extend
bers of
MACKINAC BRIDGE REVENUE BONDS
Due November
1, 1994
our
thanks
to
the
mem¬
the Association who have
cooperated both in the financing
and in the making of markets for
'
!"'■
'
.
;
4% Yield
4.75% Yield
As
:
on
on
'■
'
Series A 4's
MACKINAC BRIDGE AUTHORITY
Series B 5%'s
specialists in State, Municipal and Public
Revenue
Bonds,
project
represent
we
believe the bonds of this
an
outstanding
Bridge Revenue Bonds
We
hope you had an opportunity to see the tangible
evidence of our joint efforts in this successful financing.
value.
RIPP & CO., INC.
T"
Ia
ax-eximpt bonds
-yfllen & Company
Established 1922
30 Broad Street, New
40
WALL
STREET
NEW YORK 5, N. Y.
York
the
Grand
Hotel,
Mackinac Island, Mich.
shall be chosen with regard
of twenty-five
membership
qualify for a
approved
Committee, in addition to John W. Bunn (Stifel, Nicolaus & Co.,
The non-affiliated membership must have a
zation exist.
were
during the course of the re¬
committeeman-at-
geographic localities where no qualified local
Committee,
will be held at the Home¬
(or fraction thereof), and
such election an alternate for each. Na¬
tional committemen-at-large
period
The 1957 meet¬
ing, according to Edward
large from each 50 members
shall include in
the
an
local group shall be $2.00 a year, payable March 1st of
each year.
R. Victor
Springs,
Palm
during
Convention
"Dues for active members who
a
Inc.,
H. Welch (Sincere and Co.,
VII,
stitution and By-Laws be amended to read
1st of each year.
Security
Association,
will be held at the El Mira-
Calif.,
not approved.
proposed
National
Traders
dor
Amendment Defeated
The
year's Convention
the
exists, shall interrupt proceeding giv¬
ing time for the voluntary withdrawal
letion
Next
of
Thursday, October 6, 1955
COMMERCIAL and FINANCIAL CHRONICLE
THE
22
Report of the Publicity Committee Newly Elected NSTA President
Joseph E. Smith and the late George J. Muller, Co-Chairmen of the Commit¬
Lauds Work of Organization
growth of the NSTA to
tee, note
Reveals the inau¬
4,000 members.
over
Lex
guration of the "Traders Bulletin" devoted to activities of the Association.
The
report of the NSTA Pub¬
licity Committee signed by Jo¬
seph E. Smith of Newburger &
Co., Philadelphia, and the late
the
individual
member
of
NSTA
received the usual correspondence
relating to National
activities; namely, a
the
from
few letters
a
letter or
President,
the
from
two
Association
Chairman
the
of
The
second
issue
edition,
phrey Company of Atlanta, Ga.,
June, highlighted articles by Pres¬
ident
Bunn;
Lex
Jolley, First
Vice-President; Wm. J. Burke, Jr.,
Chairman Corporate and Legisla¬
tive
Advertising Committee and final¬
ly, news from the Chairman of
the
edition
a
Committee.
On Jan. 23, 1955 in Chicago, at
meeting of the National Officers
and
Dealers
Securities
Dallas
were
Security
Association;
Traders Association of Detroit and
Members
of the Executive
Michigan, Inc.; Security Traders
Council, at the suggestion of our Association of Los
Angeles; San
President, approval was given for
Francisco Security Traders Asso¬
a
national publication.
The fol¬
lowing day at a peeting of the ciation, and Security Traders As¬
National Committeemen, President sociation of New
York, Inc. In ad¬
Bunn
directed
that the
new
bul¬
letin be published under the super¬
vision of George J. Muller and
Joseph E. Smith, as Co-Chairmen
of the Publicity Committee.
George J. Muller
Joseph E. Smith
J. Muller, of Janney &
Philadelphia* and submitted
to the Convention by Mr. Smith,
after noting the continuoi^s growth
of the organization's membership,
After the selection of
George
Co.,
revealed the
official
success
publication,
of the NSTA's
the
"Traders
Bulletin " the first issue of which
appeared in March of this
year.
letter
of the Committee's Re
port follows:
The
National
Association
By
1955
Security
formed
was
Traders
in 1934.
the membership
organization
had
-
of this
to
grown
over
4,000 members. During this period
Honorable
to
J.
W.
Ful-
bright, Chairman Senate Banking
and
Bond
third
The
the
Blizzard, past President NSTA;
news
from Boston and Phila¬
delphia; municipal
Advisory
Municipal
Texas,
presented
Freear,
news
by
of
site
of
bled
as
membership for his election
President of the Association for
the
ensuing
and he called
accomplishments
of the organization during the last
decade and the good work of the
attention
year,
the
to
Committee
The text
Chairmen.
I
in
am
of President Joley's
very
attendance
here
Hastings;
the
and
report
of
of
my
All
editions
activities
1885
of the
ing Committee and the Convention
It is the hope of the
Committee.
that lies ahead. Experience teaches
us
that
standard of living
our
continue
to
increasing
and
rise
at
mass
will
ever
intensifies
from
This
rate.
an
money
the sale of stocks and bonds with
and better
more
highways and streets, water and
sewer
systems; telephone and elec¬
tric lines; trains and planes; fac¬
tories and office
and
a
buildings; schools
governmental buildings—and
thousand other
have
to
past and
things. As in the
the job will he
now,
done. There can be no other result.
being
Presi¬
as
This has been
of
one
our
better
conventions. We all love Mackinac
—the bridge bonds were bid up a
point
idency of this
refreshments, service
Association
I
Jolley
is
want to
press
ex¬
to all of
you my appre¬
ciation.
and
It shall be my purpose al¬
to give this office the respect
ways
dignity to which it is entitled.
You have elected
a
wonderful and
able bunch to work with me.
very
this
been
afternoon.
good.
very
high honor.
a
consid¬
Advertis¬
However, nothing short of per¬
our industry will make
it possible for us to do the job
fection in
or
Being elect¬
Lex
NSTA
approxi¬
in history
period
States
mates it in this respect.
ed to the Pres¬
t
contained
United
the
dent of NSTA.
St. Louis and the Utah Securities
erable information concerning the
in
contributed
by the Security Traders Club of
Dealers Association.
4,000
way
other,
contributed
A.
o s e
you
some
of
Landon
you
Mackinac,
other
the National Nominating Commit¬
were
re¬
members. A11
Grand
Council
Dallas Securities Dealers
at
and to t h
named
sell
in
which to finance
grateful to all of
Convention,
our
other
the demand for
marks follows:
presented by H. Rus¬
was
from the tee. Local articles
Association.
FOUNDED
velopment
since the end of World War II. No
14, Lex Jolley, Vice-Presi¬
the Robinson-Humphrey
Company, Inc., of Atlanta Ga., ex¬
pressed his gratitude to the assem¬
dent
outlining
history of Mackinac's
great upsurge of growth and de¬
Sept.
article in
an
the Detroit "Free Press"
Hotel,
local
a
during past decade.
Convention at Mackinac, Mich., on
edition, issue of Au¬
excerpts from
sage;
which
Committee;
Virginia,"
of the Association
At the final dinner of the NSTA
gust, featured the President's Mes¬
article
Currency
of
Club
expresses appre¬
members, and extolls accomplishments
prospective NSTA affiliate.
by guest writer, Colonel Herbert
H.
The text
published in March fea¬
the President's Message;
was
turing
"The
recent formation of
of the
Bulletin"—the first edi¬
"Traders
tion
name—
a
dition, there was news from Walter
Mason
ciation to
of
Committee, and John M. Hud¬
son, National Secretary. Local af¬
filiates contributing articles to this
Convention
Jolley, Vice-President of the Robinson-Hum¬
have
at
been
four
was
The
sightseeing
ment,
I
food,
all have
entertain¬
and
programs
This morning
superb.
heard
The
—
singing—it
some
"Surrey With the Fringe
Top."
other
and
Smith,
Harold
Committee
on
Welch
Ed
Chairmen
have done their usual good job.
editors that the "Traders Bulletin"
BROKERS
Your officers and Executive Coun¬
has been
cil members shall make every ef¬
tion
fort to manage
Springs; California. That is some¬
and
helpful to Harold Smith
Edward
Welch, Chairmen of
these committees.
in
listed, unlisted securities
A sad
tory
and commodities in the
was
of
the
"Traders
sudden death
J. Muller,
United States and Canada
Association in the
note, but part of the his¬
the
Co-Editor,
Bulletin,"
of
George
June 27,
on
The Committee wishes to thank
THOMSON & MSKINNON
"Commercial
and
Financial
This has
securities
industry.
been done very ably by
accomplished
impossible"
uted to the
Bulletin" in its first year.
success
of the "Traders
during
the
the
to
one
at El
Mirador, Palm
the
arouse
smart
Mackinac.
"next-topast
10
You have found buyers for
people
forward
again.
the many billions of dollars worth
ana
of securities needed to finance the
ance
me
they plan to make
of
our
our
the Coast
to
our
I hope to
/
out
many of those
here, at Palm Springs.
l.
Josephthal & Co.
MEMBERS
York
Stock
Exchange
of Trade
American
Stock
Commodity
Exchange
Exchange, Inc.
120 Broadway, New York 5, N. Y.
WOrth 4-5000
Bell System
Teletype NY 1-319
prompt and efficient service
SUTRO BROS. & CO.
19 Congress St, Boston 9, Mass.
LAfayette 3-4620
Direct Telephone to Boston and Private Wire System
To Correspondents in Principal Cities
Members
d
New York Stock
there
you,
not in attend¬
"WREN ISSUED" SECURITIES
New
The
looking
all of
RIGHTS-REORGANIZATION
Chicago Board
are
see
PRINCIPAL
SECURITY AND COMMODITY EXCHANGES
23rd Con¬
finest.
being
Offices in 40 cities
MEMBERS NEW YORK STOCK EXCHANGE AND OTHER
at
The Convention Com¬
one
on
of
of those
to be here
enough
mittee tells
vention,
interest
of you and many
that, which will be
The members of this Association
have
know, the 1956 Conven¬
will be
thing
not
better
a
years.
who contrib¬
Street, New York 5
TORONTO
de¬
those ideas and ideals that make
for
Chronicle," the "Investment Deal¬
INDIANAPOLIS
CHICAGO
you
each
ers' Digest" and all
11 Wall
manner
sire. We shall continue to promote
other administrations.
1955.
the
the affairs of this
As you
Exchange and other Principal Exchanges
Convention Number
CURRIE, TREVOR *
Denver, Col.
In Attendance at
DAWSON-SMITH, S. EDWARD
Cruttenden
NSTA Convention
Co.
&
New York City
NSTA Nominating
DELANEY, ROY F.
BURKHOLDER, H. F.
EDWARD R*
ADAMS
Equitable Securities Corpora¬
Com¬
&
Evans
A.
Clement
tion, Nashville, Tenn.
Inc., Atlanta, Ga.
pany,
ARNOLD, HARRY L *
Goldman, Sachs & Co.
New York City
BUTLER, J. W*
ARNOLD, HENRY J.
BYRNE,
Cincinnati, Ohio
•
ery,
E*
Gottron, Russell
J. W.
City
DYER, WILLIAM J.¬
Burke & MacDonald, Ire.
Kansas
City, Mo.
Fewel
Los
&
H>
Co.
Angeles, Calif.
Company
Cleveland, Ohio
jfc;
CHRISTIAN, EDGAR A*
Stroud
&
Company, Incor¬
J.
York City
New York
P.
Baker, Simonds & Co.
Detroit, Mich.
Bateman,
Incorporated, St. Louis,
Pacific Northwest Company, Seattle,
Charles A. Bodie, Stein Bros. & Boyce,
Charles C. King, The
Walter
Fred T.
G.
Bankers Bond Co., Inc., Louisville, Ky.
Lynchburg, Va.
Rahn, The Illinois Company, Incorporated,
Chicago.
Scranton & Co., New Haven, Conn.
Charles A. Parcells & Co.
Detroit,
Mich.
Continued
Chicago, 111.
on
page 84
CREAMER, WILLIAM E *
Schirmer, Atherton & Co.
H A /ty
Boston, Mass.
Company,
Incorporated, St. Louis, Mo.
&
CROCKETT, A. GORDON*
Crockett & Co.
Houston, Texas
BURDO, LAURENCE
duPont, Homsey & Company
Boston, Mass.
CROW, JAMES S.
First National Bank of Birm¬
ingham, Birmingham, Ala.
DAVID J*
Simmons
Chicago, 111.
BURKE,
Ellis &
CUMMINGS, FRANK X.
Bear, Stearns & Co.
Chicago, 111.
J., Jr.*
& Gannon, Inc.
BURKE, WILLIAM
Shearson, Hammill & Co.
CUNNINGHAM, GEORGE W.
Mass.
George W. Cunningham &
Westfield, N. J.
Mr. and Mrs.
Co.
Underwriters
Brokers and Dealers in
and
Distributors of
Investment Securities
Listed and Unlisted
l
i
_
Securities
Research and Advisory Service
NEW
T.
L. Watson & Co.
CHICAGO
YORK
SANTA
BARBARA
BUFFALO
'
LA JOLLA
HARTFORD
MONTREAL
LOS ANGELES
NEWPORT BEACH
MIDDLETOWN
NEW BRITAIN
DALLAS
MEMPHIS
PASADENA
BEVERLY HILLS
SAN ANTONIO
HOUSTON
LA CROSSE
BASLE (Switzerland)
ESTABLISHED 1832
EXCHANGE MEMBERSHIPS
Members
25
BROAD STREET, NEW
YORK 4, N. Y.
Telephone WHitehall 4-6500
*•
New York Stock Exchange
New Orleans Cotton
Liverpool Cotton Association, Ltd.
New York Cocoa
Chicago Board of Trade
American Stock Exchange
Exchange
Commodity Exchange, Inc.
American Stock Exchange
New York Stock
Los
Chicago Mercantile
Exchange
Midwest Stock Exchange
BRIDGEPORT
•
PERTH AMBOY
Angeles Stock Exchange
Wash.
Baltimore, Md.
Mason, Scott, Horner & Mason, Inc.,
Leslie B. Swan, Chas. W.
EXLEY, CHARLES E*
Providence, R. I.
BROWN, WILLIAM
Homer J.
Smith, Hague, Noble & Co.
Detroit, Mich.
CONLAN, PETER J.
Hornblower & Weeks
Mich.
Angeles, Calif.
EVERHAM, EDWIN M.
City
Stifel, Nicolaus & Company,
Chairman.
Co.
Green, Erb & Co.
Cleveland, Ohio
CONARY, WILFRED G.*
G. H. Walker & Co.
BROWN, PRENTISS M.
Mackinac Bridge Authority
&
ERB, ROBERT L *
COLWELL, SAMUEL F.
W. E. Hutton & Co.
BRONEME1ER, JOSEPH
Scherck, Richter Company
St. Louis, Mo.
Barth
Los
CLEAVER, JAMES P.
Goodbody & Co.
New York City
Allen & Company
John W. Bunn,
ELLIOTT, WM. H.
Denver, Colo.
Wichita, Kans.
Leslie B. Swan
Fred T. Rahn
Walter G. Mason
Detroit, Mich.
CLARK, PHILLIP J*
Amos C. Sudler & Co.
BROCHU, PETER
ELDER, GEORGE J.
Strauss, Blosser & McDowell
porated, Philadelphia, Pa.
York City
♦Denotes
Tindall &
Charles C. King
Charles A. Bodia
EBLE, HOWARD J.
Gottron, Russell & Co., Inc.
Atlanta, Ga.
BROOKS, WAR O*
Brooks & Company
Boston,
& Co., Inc.
Cleveland, Ohio
Md.
York
EARNEST, GEORGE
CHESNUT, J. D.
CHARLES A., Jr.
BRADLEY, WALTER V.
B. W. Pizzini & Co., Inc.
May
Inc., Salt Lake City Utah
CAYNE, MORTON A *
Francisco, Calif.
Blunt
New
Homer J. Bateman
John W. Bunn
Rollins
&
DUNN, TIMOTHY H.¬
Joseph McManus & Co.
New York City
C-ayias, Larson, Glaser & Em¬
Y.
BUNN, JOHN W.
Stifel, Nicolaus
Dunn
CAYIAS, J. L*
Slocumb & Co., Inc.
Ignace,
&
DUNN, GAMBOL J*
Philadelphia, Pa.
Calif.
Stein Bros. & Boyce
St.
City
Paine, Webber, Jackscn
Curtis, Boston, Mass.
CAUGHLIN, EDWARD J *
Edward J. Caughlin & Co.
Co.
BLUM, ERNEST
New
Co.
York
DUFFY, JAMES R*
Doyle, O'Connor & Co.
Chicago, 111.
Smith, Bishop & Co.
New
New
CASEY, FRED J.
BISHOP, WESLEY M.
Baltimore,
Bache &
York City
Detroit, Mich.
BELL1ZZI, A. JOSEPH
San
&
Curtis, Los Angeles, Calif.
DORSEY, JOSEPH R*
CARR, HOWARD F*
Carr & Company
Angeles, Calif.
BODIE,
DIEHL, ROBERT D*
Paine, Webber, Jackson
Candee, Moser & Co.
BEEBE, JAMES L.
William R. Staats & Co.
San Francisco,
Son, Inc.
Dallas, Texas
Inc., Dallas, Texas
Seattle, Wash.
Brush,
Dallas Rupe &
CANDEE, WILLIAM J.
New
Co.
Louis, Mo.
DeSHONG, HAROLD E.
R. EMMET
Rauscher, Pierce & Company,
BATEMAN, HOMER J*
Pacific Northwest Company
Syracuse, N.
St.
'JANAVAN, JOHN L*
City
&
Edward D. Jones &
Scherck, Richter Company
St. Louis, Mo.
Dallas, Texas
Walston
DEPPE, RALPH C*
Baltimore, Md.
BARKER, JOHN S.
Lee Higginson Corp.
Los
Corporation
Baker, Watts & Co.
BAMBENEK, J. RIES
Dallas Union Securities Co.
New York
Detroit, Mich.
Chicago, 111.
Co.
Eustis &
Committee
For 1956
DENNEY, WILLIAM B.
BAX, PAUL J.
First Boston
Smith, Hague, Noble & Co.
Detroit, Mich.
Manley, Bennett & Co.
ARMBRUST, JOHN J.
Pohl & Co., Inc.
Cincinnati, Ohio
Geo.
23
THE COMMERCIAL and FINANCIAL CHRONICLE
New York Coffee &
York Cotfon
Memphis Cotton Exchange
New
Montreal Curb Exchange
New York
Exchange
Exchange, Inc.
Sugar Exchange Inc.
Exchange
Produce Exchange
24
THE COMMERCIAL and FINANCIAL CHRONICLE
Continued
from
The
vision.
11
page
tronics field
Electronics-The Aladdin's
head
of
corporations
largest
may surpass
the
As
past.
was
line
of
matter of fact, it
a
30 years
nearly
radio
sets
that a
ago
wired
was
by
flowing molten metal into grooved
plastic boards. Stamped, printed
or
etched loops, coils and sub¬
assemblies
by no mean6 new.
these and other
are
until
But
now
techniques have not
been
too
successfully
used
in
combination. The magazine "Elec¬
mechanized
tronics," however, says that an ex¬
of the industry in¬
tensive survey
widest
applications.
backbone
the
of
As
tronics is its
this
the
is
nervous
electronic
most obvious
uses
computation, tabulation and inter¬
pretation of scientific and engi¬
neering data to simple bookkeep¬
ing units. Commercial production
machines
is
we
a
well
are
TV equipment.
stepping up use of etched wiring
television receiver production.
in
have
being
are
expanding
devices
in
an
the
manless
assembly
to
one
spot-check
its
cashiers.
Banks have installed them to
lines.
tronic
tor
New applications of this device
There is little doubt these robot
brains
pattern.
printing industry, Photon,
a typeless typesetter that
delivers film negatives instead of
type slugs.
This amazing elec¬
ex¬
One of the most unique appli¬ pedite confirmation of signatures
might parenthetically explain
on
checks. A Chicago hotel uses
etched wiring is a type of printed cations of the computer machine
the closed-circuit as an inter-comcircuit formed by chemical etch¬ is what RCA calls its "Electronic
munications system with its guests.
ing of wire lines on a board that Audience Voting System." Under
this system, now in development, Someday
there
may
even
be
has
previously
been
laminated
the
Admiral's
use
of
etched
three
wiring boards—assembled by au¬
tomatic machines and dip-soldered
—have
dered
pany's
eliminated
in
hand-sol¬
the
com¬
TV receivers.
The
reports that this mechan¬
has
reduced
assembly by
new
in
new
company
ization
425
connections
human
over
99%.
error
In the
RAC sets five etched wiring
boards
The Computing Machine
One of the most
tronic
devices
—
if
not
the
most
important—is the computing ma¬
chine.
Office equipment makers
such as IBM, National Cash Regis¬
ter, Remington-Rand, Burroughs
in
ment.
the
thick of this
These
machines
re¬
the
closed-circuit interconnections be¬
be
which,
tabulated automatically at
tral point by a computer.
public
opinion
on
a
a
cen¬
Thus,
program
television for
and
stantaneously
throughout
Now
let
lustrations
These robot brains
have
can
an
almost infinite variety of applica¬
tions. The Navy has one that pre¬
of its security
law-enforcement operations.
Electronics in
the
country.
some
is
me
of
moving into
after
All
give
Fields
before
management.
has
to
arrive.
can
industrial
you
a
few il¬
the way electronics
field of activity
one
another.
There's
day goes by that
our
hardly
a
publications
a
pilots
from
a
plane
take-off
rapid
to
new
strides
other electronic innovation.
are
use
&
is
a
Here
few.
Westinghouse
elevator
is
producing
an
system for public build¬
ings
which they bill as—and I
automatically quote: "The first
completely auto¬
landing on a matic elevator control
system for
heavy-traffic
industry
making
industrial
tele¬
eliminates
chanism
the
building."
starter.
weighs
the
It
This
even
me¬
passengers
Nor
that
is
tronics
the
in
work
in
fax
check
an
offender's
record
on
file with
the
state motor vehicle bureau before
also
is
elec¬
many
tronic applications in the medical
field. It is used for "telegnosis."
This is
the term applied to diag¬
at a distance through fac¬
nosis
similie equipment for
X-ray pictures.
a
hospital
of
an
transmitting
telegnosis,
With
obtain the services
can
expert
roentgenologist and
anywhere in the coun¬
specialist
try.
bly.
mar¬
certain to expand apprecia¬
had
use. Some
experience
minimum of
a
the
opinion
publicly
Time
will
not
All
the
aging process, but
lengthen life considerably.
even
of
them
promise of longer
life, the scientists also furnish us
with this picture
of the future
home
equipped with electronic
known
now
climatic his¬
as
events.
New Electronic Devices
Here
are
devices
few
a
electronic
more
that
give evidence that
the only limitation on
electronics
is man's own
all
machines
ingenuity.
know
can
arithmetic,
well
as
and recall.
that
electronic
read, write and do
Now
memorize
as
have
we
sings!
even
the
of
It's
a
new
cations.
It
believe
it
would
to be techni¬
cally feasible.
electronic air-conditioner
of
than
more.
cook
wire
one
On the West
laundry
of
This
isn't
stoves
is
in
liner,
And, only
revealed
tric has
come
no-battery
should
Housewives
that
be
use
the
on
the
One
that
"United
last week
General
electric
on
fiction.
out with
a
it
Elec¬
wireless
clock
market
that
around
Christmas time. Reporting on this,
the trade publication
"Advertising
Age" commented:
conver¬
to
a commercial
ultrasonic
jar
the
washing
dirt
out
Bell
Telephone has an ultrasonic
guide blind persons.
device to
An infrasonic oil well
pump has
been developed in Los
infrasonic
use
energy to vibrate
oil from sand and rocks than
be obtained by
more
can
pumping.
General
Motors has a tiny sound
recorder, the microphone of which
is worn in the lapel like a
lodge
with
"It's
one
Electric
has
come
right job.
General Motors has
mounted
eye
dashboard
press
on
an
an
autronic
automobile
to
automatically de¬
the high beam of headlights
car approaches.
when another
Still another development nottoo-far distant is video tape — a
true electronic program
storage
system
ture
which
and
records
sound
both pic¬
electronically on
tape.
Some
more
of
the
most
advanced
FOREIGN
SECURITIES
Exchange
FIRM
120
BROADWAY
NEW YORK 5,
N. Y.
LONDON:
20-24
TRADING
WORTH 4-5300
MOOREGATE, LONDON, E. C. 2
Carl Marks
Teletype to London, England
&
Co. Inc.
FOREIGN SECURITIES SPECIALISTS
50 BROAD STREET
Private
MARKETS
TELETYPE NY 1-2525
NORTHGATE HOUSE
TELEPHONE HANOVER 2-0050
•
up
electronic psychologist—a
robot developed for the
Army to
see
that the right man gets the
an
For financial institutions
Stock
of
clothes.
SECURITIES
York
ex¬
long-dis¬
by piling
is now pos¬
as
Coast,
uses
machines
complete meals in
luxury
States."
was
big¬
look forward to "radar stoves"
these
big
no
portable ratio and cost¬
a
77
New
may
sible.
It's only a matter
time, they say, until every room button.
in your house is
General
equipped with an
minutes.
Members
and
allow, for
use
telephone wires
perhaps 30 times as many
on
.
system of communi¬
ample, increased
sations
.
the
Scientists
herald
.
development
electronics labora¬
Naval
tories.
elec¬
an
tronic machine that talks
of
that will
MODEL, ROLAND & STONE
are
Angeles to
that
devices
go
will look back
we
of them
many
torical
to
us
developments
taking place in industry
industry.
significant, and
on
permit
electronic
after
that with electronics it may even¬
tually be possible not only to slow
with
way
delay according to
the amount of both foot and
motor
traffic.
How sizable this market will
expressed
possible
are
already in
have
tance
ultimately
become
is
anyone's
guess. In fact, some scientists have
up
are
may
You
of
one
you
tronically assign right of
pronouncing sentence.
Fax
or
breakfast
with the electronic
speed traps or
with robot traffic
cops that elec¬
Baltimore
to
this picture
are
judge
violation
can
FOREIGN
of
that
traffic
uses
in
and some
rail¬
space reservations.
The
airlines make similar use of fac¬
similie.
A
ments
the
Pullman
light"
At
you'll read your facsimilie news¬
broadcast during the night.
All of this may sound a bit fan¬
tastic, but actually all of the ele¬
into
Pittsburgh to handle its
"black
rays.
paper
our
in
of
future, your
hang like a
wall; and the
phosphor-coated
be
to
ultra-violet
elec¬
facsimilie net¬
a
age
will
your
will
of
Recently, the Pennsylvania
set
on
responding
•
limit
application
roads.
Railroad installed
ger
Banks, Brokers and Dealers
in
the New York, New Haven
on
ing not much
For
now
Hartford Railroad.
With
The U. S. Air Force
mechanical genius no bigger
table model television set.
a
than
It
they
Godsend
heating system
senger car
seems
dicts
newspapers,
manufacturing bottlenecks
magazines, com¬
anywhere
to
an
hour
to
two pany statements—don't herald an¬
a
electronics
ket for medical electronic devices
—
What
via
The present billion dollar
or
national issue could be polled in¬
Another
develop¬
have
television
split-second schedule.
Adding Machine and Underwood
are
would
button
a
months
important elec¬
home
equipped with tween police, banks and large
when pressed, stores, and between police in dif¬
registers a vote of "yes" or "no" ferent cities. Houston, Texas, for
at the TV station. These votes are example, already uses industrial
ceiver
utilized.
According to
the company, field and lab tests
prove the advantages of such cir¬
cuits for greater reliability.
are
standard
business
through development of an elec¬
tronically-controlled railway pas¬
I
with metal.
Company has moved into the
railroad
abracadabra
appliances."
television
In the
Inc. has
Minneapolis-Honeywell Regula¬
of studio
the
1955
In that home of the
frequent,
more
prices well below the cost
tems at
$100,000.
road
the
on
combination of fabrica¬
calls
or
sys¬
sons.
In mining, cameras mounted
on
digging
machinery
watch
increasingly im¬
sharpness of tools and detect ob¬
tion, assembly and testing methods portant role in
industry, com¬
structions.
that can hold the price line des¬ merce, banking and merchandis¬
A number of medical schools
pite rising labor
costs, insure ing. In their most spectacular role,
installed
such
systems.
rapid production of highly special¬ they are the "master robot" of the have
Schools and hospitals are leading
ized apparatus on short notice and completely
automatic
factory.
A
Their task it is to correlate and users of industrial television.
increase equipment reliability.
the various electronic Philadelphia super market utilizes
Admiral and RCA have been integrate
dicates
toward
lighter,
photocomposition machine
is going to have quite an impact
on
the $31/2 billion printing in¬
dustry.
producing closed-circuit
are
each trip. As loads become heavier
or
of
sign
electronic
on
walls
made daily.
TV eyes
being installed all over the
country to watch flames in steel
rapidly. Originally produced for
water levels in boiler
the Government at a cost of $1,- furnaces,
drums, smoke pouring from fur¬
000,000 or more, they are now on
nace stacks, and for security rea¬
the market for less than
these
of
num¬
made
licient
Electronics Corporation and others
are
calls
and
re¬
is
the
counts the
even
stops
In the
TV.
past, prices of the closedcircuit system were a deterrent to
its use in industry, mechandising,
Its
range from
of
picture
cent
system
computer.
ber
the elevator shifts to the most ef-
commerce,
education,
medicine
elec¬ and in the home. Now RCA, Allen
system, and B. Du Mont
Laboratories, Dage
nervous
of
carried and
for
industry,
the
brain
steel
our
elec¬
name
Another
it is closed-circuit
niques of mechanized production
have been tested successfully in
of
the
predicts that this field
the growth in broad¬
cast television.
Lamp ol the 20th Century
one
in
Thursday, October 6,
NEW YORK
4, N. Y.
TELETYPE NY 1-971
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
Convention
electronic thinking is taking place
in the aircraft
for it is that 40%
son
of
industry.
of
one
One
A
planes
electronic equipment.
large bombers, for
example, has a total of some 1,200
vacuum tubes for
controls, navi¬
gation, communication and loca¬
tion of the target. Thus, it is not
surprising to find that Consolidated-Vultee Aircraft is moving
of
One
with
office
equipment
electronic
an
sistently as we can.
tinctly hopeful that
in
American Aviation has
that
automatically
of
matter
a
more
a
capital
the
of
market
the year was
the first time,
that the Bank, for
raised more funds
through the sale of borrowers'
ligations than it did from
issue of its own bonds.
sold nearly $100
We
for
acquisiton of new
A striking feature of
our
loan funds.
ap¬
is
background
this
Against
Sales
Repayments and
on
most
from
maturities
dam.
not obvious that
in
fiscal year since 1947.
rely
Given the appropriate
economic
conditions,
the
elec¬
tronics age could come upon us
with the impact of water bursting
United
States.
we
made
During
effective
the
countries
should
bonds
sold
month,
our
million of
loans—some
portfolio, another
$29 million through the direct
participation of private investors
in our loans at the time they were
made. The total was nearly three
times the amount of any previous
year; and 99% of it was sold with¬
it
electronics is not
industry,
guarantee.
This greatly increased
ment demand
for parts
out
of the
twin sciences of the atom and its
electrons.
It is a picture that is
This is the broad picture
full
of its
use
it
does
of
ernments
tion to let
our
any
us
use
been
was
our
the
scientists
place
inventions
and
that ultimately
will come into ex¬
of the
elec¬
devices that will be
com¬
imagine some
even
can't
In fact, they say, we
istence.
tronic
monplace years hence.
'in
So,
electron
is
could
our
the
sense,
modern genie.
than
increasingly common, and
in the year just closed we sold
maturities up to 10 years.
Still
more
encouraging was the fact
that we were able to inaugurate a
new kind of operation
in combi¬
become
We
Belgian
were
the
of Aladdin's
the
loans
to
the same time that
and
Norwegian bonds
at
being successfully
At
10th year of Bank
that
so
has
far
This
tion
tural
paid
their releases or
which
has
At this
have
the
same
defects
as
abroad.
Economic
the
on
progress
effectiveness
de¬
with
all their avail¬
use
development.
In
members
our
extent
in
paring
the
formulation
for
of development were
Agreement. The Articles did rec¬
ognize that the rate at which re¬
leases were made available might
regulated, to prevent
was
greater
of
programs
given to the
governments concerned.
Activities of the
undue
of
are
in
the
looking
In Cey¬
and
the
production techniques,
Bank
this
made
member available to
serve
nanced
carried
and
The
we
sent
out.
To
will
Governors
recall
became
cate
general
survey
mission was
impact
associated
with
the
rivers.
The initial discussions be¬
involved.
The
therefore,
Bank,
felt in incumbent to put forward,
the
a
proposal for
waters
based.
on
a
which
irrigation
division of
a
plan
both
governments agreed
resumption of discussions,
Bank
participation,
on a
Continued
on
of un¬
United States.
forward, I may
and Dealers
of Town
brokers and dealers
since 1886
Inquiries
use
are
of
invited regarding
our
facilities.
HUTTON & CO.
Stock Exchange
exchanges
CINCINNATI
NEW YORK
Trust Company of North America
Securities Clearance Division
Philadelphia
Burlington, Vt.
Columbus, O.
Hartford, Conn.
Biddeford, Me.
Baltimore
Boston
Dayton, O.
Lewiston, Me.
Easton,Pa.
Lexington, Ky.
Portland, Me.
115
BArclay 7-1300
Broadway, New York 15
Complete Domestic and Foreign
Member Federal
comore-
could be
In the autumn of last year,
OVER-THE-COUNTER
and other leading
deli¬
complicated question of
the irrigation use by India and
Pakiston of the Indus system of
offered to
Neiv York and Out
Members New York
the
and
distributing
W. E.
Co¬
a
circumstances in which the Bank
hensive
A
payments
municipal securities
the
mission to study
the
development possibilities of
the upper valley of the
Cauca
River.
'/
lombia,
for
Corporate and
staff
as
In Mex¬
Institute's first director.
Clearance Facilities
Underwriters, Brokers
the
for
Scientific and Industrial Research
to improve
itself,
Bank
on the balance organized and sent to Jordan; it
and exchange re¬ has now returned to Washington
serves
of the releasing member.
and is preparing its recommenda¬
But it was certainly never con¬
tions.
To give continuing advice
templated that the releases would
an
recommendations
Government of Colombia.
and
to
be
sugges¬
tween the two parties, in which
variety this past
the Bank participated, were held
year than ever before. Three gen¬
at the technical level. Much valu¬
eral survey missions finished their
able work was done, but no real
work, on Nigeria, Malaya and
progress could be made towards
tied Syria; and their recommendations a settlement of the main
question
They are certainly contrary
the spirit of the Articles of
to
collabora¬
fact, this kind of
tion with
loans.
have
made
resources,
simply on the availability of capi¬
tal, still less of capital from
their
or—most
lent,
and
designed to lead to further
increases in production.
Another
agricultural mission is now pre¬
the Bank's finan¬ ico, we continued to give assist¬
ance to a study of future electric
the Bank believes
power needs and of the ways in
as strongly as ever that economic
which the required expansion of
development and the raising of
power
supplies can best be fi¬
living standards do not depend
cial
which nations
to
program
tions
principle," have imposed con¬ able resources; and the Bank has,
ditions which prevent its effective therefore, continued, at the re¬
use.
For example, some members quest of its members, to give ad¬
have put conditions on the rate of vice on many different aspects of
be
also
ployment by the Organization.
In a number of countries, we
began or continued assistance on
more
specialized development
problems. At the request of the
Government of Japan, a mission
studied the government's agricul¬
"in
could
members
ganization in Iran, and the Bank
agreed to recruit experts for em¬
11 have spent some time
some
releases
Staff
Board.
assisted the work of the Plan Or¬
decision, in my opinion,
undoubtedly right.
pends
countries
National
the
for
here discussing
Many members, including
who have released their 18%
the
helped to organize and
staff
Directors, and they have lon, a member of the Bank's staff
leave the commission helped to organize an Institute of
where.
on
Bank
Guate¬
Ecuador,
to
While
freely available for loans to any
borrower and for purchases any¬
disbursement of
In
Honduras.
Planning and Economic Coordina¬
been
matter
and
recruit
the outstanding part
loans.
in
representatives
public through groups
derwriters
We
lamp.
capital market.
Belgium and
the
with
made
It Norway
fabu¬
imaginative
of "The Arabian Nights"
conceive for his fanciful
way
author
slave
is
ments of five-year
nation
real
very
slave in a much more
our
lous
a
Invest¬
maturity have
limit on turities than in the past.
no
contrivances
I
that
report to you.
mala
the
representatives it main¬
member
countries;
it
in
added
ment this
invest¬
of the commonly of all — have limited
Bank's loans was accompanied, I the use of their releases to pur¬
changing week by week. So po¬ am glad to say, by a willingness chases of their own products.
tent is the magic of the electron of
Tied
purchasers to buy longer ma¬
releases, in my opinion,
that
as¬
tains
stage of the Bank's own develop¬
has been made
States and Canada,
paid-in capital.
charge where it is, at 1%.
was
development programming, the
increased
the
number of
resident
carefully considered by the
decided
of their obliga¬
that capital for
it
to
on
Executive
member gov¬
the purposes for which
bilateral
a
operations
cur
Bank
of
we
paid-in capital. Nor
relieve
on
other financial
one
like
required
successful
second
a
of its
use
commission
23
in
United
the
And in the last
States.
have
dollar
kind
one
operations next June, the Articles
of Agreement, as you know, give
the Bank the option of raising,
lowering or even of abolishing the
(we placed $50 mil¬
outside
improved;
of
increasing
the end of the
Netherland, our second in the
United Kingdom and our third in
Canada. In an unprecedented op¬
last meeting
lion
of our
situa¬
being extended by
countries
of
pect
year,
first offering in the
our
are
There is
the
outside
sold
were
than for
of these
ob¬ in. Up to now the full 18% of
the only two countries, the United
$70 million from
but many indus¬
tries?
In fact, I think it is safe
to say that the day is close when
every industry will be—in some
fashion—in the electronics field.
one
in funds
exceeded
than $100
All
past.
years
bonds
credits
at
are
freedom.
Surely the time has come for
member countries to give the Bank
prepayments totaling nearly guilder issue in the Netherlands.
The availability of funds bor¬
and Iraq repaid in
advance some $6 million, the en¬ rowed in member countries, how¬
ever, does not lessen the impor¬
tire balance due.
Nevertheless, we continued to tance to the Bank of having the
plications.
a
some
to $274
—
reserves
substantially
with
basis
to the market, so that we of¬
fered fewer or our bonds—some
go
borrowers
by more
member
itself to
Bank
the
for
necessary
has
another
or
$110 million;
guess. It's
laboratory
peacetime
international
two
development. That has been done.
War held up many
tion
kind.
repayments and sales of
leans made it correspondingly less
its tenth
countries
many
to further joint operations of
$88 million equivalent
to
in
on
Bank
entering
levels; the
record
Record
com¬
of operations. Production and
this
Repayments, and especially pre¬
quickly the electronics age
becomes a reality in our every¬
not
projects
several
instrument of
is
say,
payments, of loans accounted for
more of this than any other single
source.
The
Netherlands made
How
day lives is anybody's
Bank
income
eration which I mentioned at our
Industries
Is Many
have
ready to discuss
growth
lending
Loan
20 operators.
Electronics
of
for
any
battery of 20 boring machines now
requiring
we
million, and was greater than
of this instrument is that it
of
fact,
disbursements
the
passengers
operation
are
The
available
counting the revolutions of a shaft
on
a
machine tool.
The signifi¬
the
others
by
informed the Government of
million.
flight.
Douglas Aircraft
has given the electronic tube a
new
application in a unit which
measures
scientific tolerances by
control
in
Disbursements
machine
a
I am dis¬
this recent
amounted during the year
during
can
policy.
year
the World Bank
in their country.
that
records
conversations of plane
cance
as an
mercial
on
followed
be
area:
Syria that we
the financing
regular-size typewriter
in a single second. North
pages
the
now
field
device
will
loan
20
types
Report
our
the
into
be used
15
page
The
into
goes
from
of the cost
new-type
our
Continued
rea¬
Banking Facilities
Deposit Insurance Corporation
to a
with
withoutpage
26
26
THE COMMERCIAL and FINANCIAL CHRONICLE
Continued
from
Report of the Public
page
Thursday, October 6,
For
25
A
Relations Committee
Report
Hugh R. Schlicting, Chairman, and Fred T. Rahn,
water
proposed
These
discussions
their
prejudice basis, and taking as a
starting point the division of the
Vice-Chairman of the NSTA Public Relations Com¬
mittee, praises cooperation of the "Chronicle" and
by
the
are
position brings with
continuing,
and
their
continuing, I am happy to say,
spirit of cooperation and
goodwill.
A modest success has
lanas
own
the
10
it
plow
the
or
re-
sponsioility, and that the ways
immediately at hand for discharg¬
ing that responsibility are to open
Bank.
the
often
rule
illustrated
that it is not in the nature of gov¬
ernment to act with the flexibility
the World Bank
on
exceptions do not dis¬
rare
prove
/
1955
or
to
attention
to
business
con¬
siderations that is required of good
industrial management. And suc¬
cessful
not
or
enterprise
hands,
it
does
long
so
—
stays
in
not
the
as
government
stimulate
the
growth of similar enterprises, be¬
other investment
in
Among political leaders in power
Says effective results have also been obtained
achieved: the two
governments, with the good offices
try to compete
and out,
of
The net result of these state
ven¬
ing
tures,
is
publications in promoting better
public relations of the Association and the industry.
already
at
the local level.
In
the
submitting
Public
report
ance
Bank,
able
were
work
to
Relations
Hugh R.
The
of the Association's "Traders
results
can
In this respect,
accomplished
was
vidual
direct
and
by
our
much
indi¬
of
the issue is of vital impor¬
to the economic future of
tance
best be obtained at the
local level.
of the report follows:
effective
most
this
ment
cause
industry.
and
issue,
not only
be¬
the
people of these two member
countries, but also because a set¬
tlement would
remove
one
affiliates
of the
through making most serious causes of friction be¬
As in the past, excellent cover¬
speakers available for clubs, etc.,
tween these two nations on the
age and help was given us by all
and by inviting top executives in
subcontinent.
of our-old friends and supporters,
corporations to appear as guests
especially the "Commercial and
In all, it was an eventful and
and
speakers
at
regular
local
productive year in the work of the
meetings. Our young Utah affili¬
Bank. The years ahead, I believe,
ate was especially active in this
can
be even more productive for
respect.
Many of our members
the Bank and its member coun¬
took
an
important part in the
tries. At the opening of these re¬
NASD education program.
Your
marks, I mentioned to you the
committee urges that affiliates re¬
progress that has been made since
port
such
events
to
our
new
the end of the war.
The decade,
"Traders Bulletin" and
to
your
we
can
now
see, has been more
newspapers for local publicity.
than a period of recovery, more
Your
committee
include
ments
in this
to
our
would
like
to
report its compli¬
officers
who
auth¬
orized the "Traders Bulletin" and
to the editors and their committee
Hugh R. Schlicting
for
Fred T. Rahn
to
Financial
ment
urge that it be made a perma¬
nent
Chronicle," the "Invest¬
Digest" and the
Dealers'
excellent job well done and
an
part of
our
than
a
time of reversion
before
normal
was
the
what
to
For
war.
much of the world, it has been a
time of great economic expansion
—greater, in all probability, than
any
10 years of the past halfcentury.
national organi¬
Progress, I grant
zation.
fast
you,
is
never
enough,
but we can take
encouragement from the results
achieved since the end of the
there
And
to
war.
believe
capital in
own
rather
there
cause
speculation.
than
to be
neeos
pro¬
a grow¬
private investors who could
finance
willingness to put economic
development above the level of
—or
them
restrict
factional and
out earlier this year an agreement
Daily Quotation Serv¬ governing the use of the waters
ice." Their cooperation and sug¬ during the current crop season. I
am sure that all of you share my
gestions, together with reprints of
special articles made available at hope that this activity, on which
we and the two governments have
very nominal cost, have been in¬
valuable in promoting better pub¬ spent so much time and effort,
will bring about an agreed settle¬
lic relations for our Association
Bulletin."
Text
the
iheir
duction
been
"National
of
Committee,
Schlicting, of
Wra,
P. Harper &
Son & Co.,
Seattle, and Co-Chairman Fred T.
Rahn, of Illinois Company, Chi¬
cago, noted the support given to
the NSTA by several trade publi¬
cations and stressed the import¬
the
Chairman
invest
a
partisan politics.
On the governments of
developed
exert
countries,
tnat
pressures
larly
in
the
and
a
result
economies.
a
standstill
of
today, to achieve
rising standard of living also
requires a rising standard of gov¬
much
not,
to
of production
words, to defeat the
they seek.
purpose
ing too much and the government
doing too little. Attention to re¬
both
were
But
While
to
useful alterna¬
tives between the government do¬
a
ernment.
than
the growth
There
willing
government.
govern¬
are
past
often
more
in other
very
with
times
particu¬
the
standstill
great,
ments
cause
the less
not
are
more
re¬
are
search
in
studies
of
many
industrial
the
techniques,
market,
industrial
tax
a
incentives, the promotion of
capital market, the extension of
credit,
or
even
a
willingness, if
participate on a mi¬
nority basis with private inves¬
increase
the
competence with tors in founding new enterprises
which public affairs are admin¬ —all these
may be useful without
istered, and to establish or im¬ being self-defeating.
prove essential public services.
The leading alternative, in any
The very urgency of their task case,
is to see whether private
has also sometimes driven govern¬ capital and private
management
to be done, many countries
begun long-range efforts to
mains
have
into
ments
the
conflict
demand for
tne
living
of
between
rising standard
necessity for
a
the
and
reasonable
economic
LiConomic
the
of
these is the- failure
of
reconcile
io
One
errors.
commonest
expansion
stability.
all
can
too
necessary, to
be
can
the
of
found. In the experience
Bank, governments all too
frequently underestimate, and of¬
ten neglect to
ists in
has
their countries.
sometimes
easily bring about monetary infla¬
helped
tion
fundamentally the
enemy of economic development,
and in too many countries, unwise
economic policy has allowed it to
for
do
ventures
that
is
so.
Urgency also drives governments
to
try to carry out activities that
could
by
usefully be performed
more
private
hands.
cially in mind
have
I
the
governments
espe¬
that
ventures
explore, the poten¬
tial of private investment that
encouraged
governments
to
private capital, and
occasions
in
more
If
one
capital
than
has
the
on
and
prospect
these
on
been
sufficient
justify
can
ex¬
The Bank
found
amounts.
government
basis
of
the
maxim, "Nothing ventured, noth¬
ing gained," the same maxim is
an
a
even stronger
justification for
conscientious effort to find pri¬
vate
resources.
Perhaps the greatest disadvan¬
that progress can
ESTABLISHED
tage from state ventures into in¬
there
F. S. MOSELEY & CO.
trying to
carry out in the field of industry.
Industrialization
dustry is that they will divert
1879
the
over
long
continue
run
appreciably;
to
the Bank
itself
has
seen
many
instances
of the quickening interest of in¬
American Stock Exchange
and
in¬
vestors, both domestic and
ternational, in development
Midwest Stock Exchange
Exchange
continue. While
will be fluctua¬
tions, the amount of capital avail¬
able for investment will, I think,
MEMBERS
Boston Stock
reasons
certainly
grow
New York Stock Exchange
are
op¬
portunities.
many
part
is
development;
but in
underdeveloped areas, it
is handicapped by a weakness of
entrepreneurial
tradition,
by
a
damental tasks which, in the
lack
most
of
operating experience and
by a shortage of private capital
willing
to
invest
in
industry.
These
ably
Problem
of
Underdeveloped
circumstances, understand¬
have led govern¬
enough,
Underwriters and Distributors
of
CORPORATE
MUNICIPAL
AND
tolerable
longer
SECURITIES
COMMERCIAL
ent.
•
BOSTON
•
CHICAGO
PHILADELPHIA
•
•
PAPER
INDIANAPOLIS
•
WORCESTER
the
groups
act.
continue
life.
in
the
past
can
the needs of the
no
pres¬
is
that individuals and
individuals think and
way
of
Those
CHEMICAL, PAINT & METALLURGICAL DIVISION:
INDUSTRIAL & BUILDING CONSTRUCTION DEPT.
to
strongly for
Clearly, what
persons
favored by
wealth, for instance, will have to
more
and
more
that
recognize
SPRINGFIELD
CONSTRUCTION DIVISION:
serve
This
will
more
manifestly true for
techniques of factory and farm
production; but it is no less true
for
NEW YORK
and
more
better ways of
was
Yet
peoples of the underdevel¬
countries
oped
press
to establish and
operate industrial enterprises.
Countries
The
essential
an
economic
of
ments themselves
The
are
if
the
real
dustrialization
I
think
that
are
benefits
to be
of
as a
after
should
last alternative and only
full examination
a
alternatives that exist.
in
go
cases
where
far
so
ture
be
into
capital
as
a
the
and
quickly
to
put
hands
MARINE & HEAVY CONSTRUCTION DEPT.
New York, New York
Paints & Chemicals
of
UTAH RADIO PRODUCTS
GREAT LAKES CONSTRUCTION & DREDGING
DEPT.
Nashville, Tennessee
Chemicals, Metallurgy, Fuels & Building Materials
Cleveland, Ohio
Fitz Simons & Connell
Dredge & Doek Div.
Chicago, Illinois
C. A. PITTS GENERAL
CONTRACTOR, LTD.
NEW YORK SHIPBUILDING CORP.
countries,
are
CO., INC.
Radio & TV Cabinets &
are
not
at all.
going
to
be
carried
correspondingly
means
ices—roads, schools,
power,
serv¬
trans¬
portation, hospitals and the rest—
that I spoke of a moment ago. Now
these services
are
fundamental not
only to industrial development but
to all
the
development.
opportunities
will
call
into
amount and
than
play
investment
more
any
They
can open
that eventually
more
and
a
effort,
greater
variety of production
government could
Hot & Cold Rolled Steel Sheets &
Galvanized
Components —Electrical Equipment
Voting Machines
or
Coils,
Fabricated; Line Pipe
Milton, Pennsylvania
Bars, Strip & Bar Size Angles
EQUIPMENT DIVISION:
Toronto, Canada
Camden, New Jersey
MARION POWER SHOVEL CO.
SAVIN CONSTRUCTION CORP.
Shipbuilding, Industrial Equipment & Machinery
Marion, Ohio
East Hartford, Connecticut
Excavating Equipment & Cranes
MARINE SALVAGE & DERRICK DEPTS.
HIGHWAY TRAILER CO.
New York, New York
Edgerton, Wisconsin
Truck Trailers, Utility Bodies & Equipment
Your Confidence
Is Justified Where This Flag Flies
or
out
Government investment in
industry
MILTON STEEL
York, New York
the
carried out by the government
Newport, Kentucky
"
un¬
either going to be
NEWPORT STEEL CORP.
City, Illinois
Appliances, Housewares & Steel Containers
re¬
fun¬
for
STEEL DIVISION:
Huntington, Indiana
New
part,
from
sibly finance.
possible.
THE SHOUP VOTING MACHINE CORP.
SHIPBUILDING DIVISION:
ven¬
private
Electrical
TENNESSEE PRODUCTS & CHEMICAL CORP.
may
management
NESCO
Granite
even
effort
the
MANUFACTURING DIVISION:
DEVOE & RAYNOLDS CO., INC.
York, New York
derdeveloped
industrial
every
private
as
other
And
an
think
I
made
of
government
to start
as
enterprise,
should
Louisville, Kentucky
New
in¬
undertake such ventures, if at all,
only
attention
less investment in the basic
obtained,
governments
and
sources
Mekritt Chxpmax& Scott
CORPORATION
Founded in
260 Madison Avenue
•
1860
New York 16, N.Y.
pos¬
Convention
Number
27
FINANCIAL CHRONICLE
THE COMMERCIAL and
NSTA Affiliates and Members
Security Traders Association of New York
BARNES, RICHARD M.
A. M. Kidder & Co.
H.
Wainwright
C.
Oppenheimer
v
FRANK D.
BARRETT,
BROWN, JULIUS
<=
C.
Bradford
HENRY S.
Eastman, Dillon & Co.
BARTOLD,
V
BARTON, D. FREDERICK
Eastman, Dillon & Co.
Ernst
I,
A.
Co.
&
BRUNS, HENRY
hv
*
"
:
Ernst
&
"
j
Edward J.
Nathan A. Krumholz
Kelly
Batkin
WILLIAM
&
Lebenthal
C
;
Mackie,
&
BUTLER,
•
.
Inc.
The
*
I.
FRANK
H.
Trust
Guaranty
Bros.
Burns
BEN,
The
Hanseatic Corporation
York
S.
Proctor & Paine
Abbott.
Corp.
Weeks
william h.
R. W. Pressprlch & Co.
(Continued
28)
on page
(Associate)
Gundy & Co,, Inc.
Wood,
christopher,
Co.
CALEF, JOHN C.
The Dominion Securities Corporator
RANSOM A.
EERNEBURG,
&
Cahen
K.
Boston
Edward l.
Trask & Co.
Hornblower &
SAMUEL K.
CAHEN,
HAROLD W.
(Associate)
Robinson
chave, william f.
Inc.
HANS E.
New
BENTLEY,
First
chapman,
Denton,
Co.
&
carlo
Spencer
&
(Associate)
Co.
&
Jr.
channell, clifford k.
Boston Corporation
CABBLE, JOSEPH C.
of New York
Company
Rice,
Vanderhoef &
Pope Co.
Gill,
K.
ceru,
HENRY W.
BYRNE,
Reynolds
BECKER,
J.
casper, harry d.
John J. O'Kane, Jr.
JOHN
First
g.
Haupt & Co.
carucci, JOSEPH P.
Newborg & Co.
EDWARD
& Co.
BECKER.
i
Company
J.
BUSCHMAN, HERBERT
J.
Co.
BEAN. JULES
Singer, Bean
J.
and
Auchincloss, Parker & Redpatn
Co.
&
BEAHAN,
Rice
BURKE, HAROLD
£/
BATKIN, ELY
Alfred F.Tisch
F.
Co.
Rhodes
Loeb.
Ira
carroll, john j.
Blair & Co., Incorporated
& Co.
ARTHUR
Daniel
g.
Carey
carrington, Jr., william
L.
GERARD
Charles King
BURIAN,
WILLARD
william
Week &
(Associate)
& Co.
White, Weld & Cu.
BASS, SOL
Bear, Stearns & Co.
M.
Capper & Co.
carey.
F.
Stone
BURCHARD,
Carl
Co.
&
capper, milton
BURBANK, BERT
'
Co.
BASTIAN,
Talmage
Spencer Trask & Co.
Hayden,
L.
cappa, michael
G.
L. Watson & Co.
BRYSON, JAMES
BARYSH, MURRAY
(Associate)
& Co.
,
Co.
&
joel
a.
Sartorius
BRYAN, CHARLES F.
■
,
,
BARYSH, MAX
Ernst
Inc.
Securities,
,
T.
*.
BURTON
BARYSH,
canter,
Eastern
Witter & Co.
Dean
-
(Associate
canavan, john j.
BRUGGEMAN, CHARLES
Co.
&
campbell, james v.
H. C. Wainwright & Co.
W. E. Hutton & Co.
BROWNE, HOWARD S.
Tweedy, Browne & Reilly
BARTH, PETER L.
J.
Co.
BROWN, THOMAS J.
f
Co.
&
callaway, Jr., david h.
First of Michigan Corporation
D.
&
KERMIT L.
Bernheimer & Co., Inc. (Associate)
BERNHEIMER,
D.
F.
G.
Saxton
A.
BERWALD,
Co., Inc.
OTTO
&
,
,
^
Co.
■
""'''
President: Alfred F. Tisch, Fitzgerald & Company, Incorporated.
Kelly, Carl M. Loeb, Rhoades &
Bissell & Meeds
Sutro
Co.
& Co.
Bros.
S.
Ladin
Krumholz, Siegel & Co.
Cowen
BIRD,
•
/
}V
*
'
(Associate)
H.
>'* '
Co.
&
v;
Jt..
Co.
BILLINGS. JOSEPH
Secretary: Henry Oetjen, McGinnis & Company.
>
A? "
BEZER, CHARLES
DIES, SYLVESTER J.•
Edward
Second Vice-President: Nathan A.
f
"
A.
BESWICK, SAMUEL F.
Laird,
First Vice-President: Edward J.
&
Berwald
Grady,
Daniel G. Mullin
Henry Oetjen
W.
ARTHUR
BERTSCH,
:
>
Nationwide Facilities for
JAMES F.
Gude, Winmill & Co.\.
Treasurer: Daniel G. Mullin,
Tucker, Anthony & Co.
Directors: John P. Gahan,
Schoellkopf, Hutton & Pomeroy, Inc.;
Berwald & Co., Inc.; John J. Meyers,
Jr., Gordon Graves & Co., Inc.; Barney Nieman, Carl Marks &
Co. Inc.; Salvatore J. Rappa, F. S. Moseley & Co.; Bernard J.
Conlon, P. F. Fox & Co.; George V. Hunt, McLaughlin, Cry an
& Co.;
Daniel D. McCarthy, Union Securities Corporation;
Harry A. Michels, Allen & Company; William F. Thompson,
Greene and Company.
Charles M. Kaiser, Grady,
National Committeemen: Samuel E.
Stanley L. Roggenburg,
Smith, Pershing & Co.
Inc.;
?
BIRNBAUM, NAHUM
Magid, Hill, Thompson & Co.,
Roggenburg & Co.; Harold B.
S
Birnbaum & Co.
the Distribution of
:
BLAIR, FRANK H.
Allen &
Company
&
Investment Securities
L.
STEPHEN
BLANCHARD,
Riter
'«
Co.
BLANK, ANDREW
P.
Fox
F.
&
Co.
<'
•
With 62 offices from
^
BLOCKLEY, JOHN C.
400
Harris, Uphair & Co.
SOL M.
BLOOM,
Continental
United
an
(Assooiat?)
Corp.
f'\
BOLAND, WILLIAM H.
coast to
than
more
effective, nationwide organization for the distri¬
bution of both corporate
t
and
coast,
representatives, Francis I. duPont & Co. offers
and municipal securities.
Boland, Saffin & Co.
BOLOGNINI, RINALDO A.
Samuel
Alternates:
F.
Colwell, W.
Co.; Cyril M.
E. Hutton &
Murphy, John C. Legg & Company; John J. O'Kane, Jr., John
J.
O'Kane, Jr. & Co.; Theodore E. Plumridge, Eastern Securi¬
ties, Inc.; Robert A. Torpie, J. C. Bradford & Co.
1954; Took Office: January, 1955; Term Ex¬
Elected: December,
pires: December 31, 1955.
ROSTER
Lasser
BOND,
Bros.
Francis 1. duPont & Co.
JOSEPH V.
Candee,
Moser & Co.
Members New York Stock Exchange
BOUCHER, JOHN B.
J.
Principal Security & Commodity Exchangee
B. Boucher & Co.
BOUTON, HOWARD R.
11 :
Murphy & Co.
INVESTMENT DEALERS
I
BROKERS
BRADLEY, WALTER V.
B. W. Pizzini & Co., Inc.
OF MEMBERS
BRADY, FRANK J.
AAL, C.
Bache
&
Allen
Co.
ABBE, RICHARD
Shearson,
F.
Hammill &
Meyer
H.
Co.
Mitchell
&
ALBERTI.
Bache &
ALBERTS.
Cryan
&
Main office
Co.
Zuckerman, Smith & Co.
BRENNAN, JAMES I.
J. G. White & Co.,
J.
R.
»
&
C.
Allen
&
HAIR.
JOHN W.
Carolina
BARBIER.
JOSEPH S.
G.
(Associate)
Securities
LESLIE
A. Saxton & Co.,
Inc.
BARKEN. PETER
Peter Barken Co.
CHESTER A.
C. A. Alberts <fe Co.
JOHN S.
ALBERTS, GERARD H.
C. A. Alberts & Co.
BARKER,
ALEXANDER, DOUGLAS C.
BARMONDE, PHILIP T.
Lee
Joseph J. Lann Securities, Inc.
(Associate i
Higginson Corporation
Barmonde,
Gilliland
Sacramento, Cal
;
Joseph, Mo
St. Louis, Mo.
Angeles, Cal.
Miami, Fla.
Sikeston, Mo.
Miami Beach, Fla.
Sioux
Milwaukee, Wis.
Springfield, III.
Danville, III.
Minneapolis, Minn.
Storm
Decatur, III.
Newark, N. J.
Elmira, N. Y.
Corporation
Memphis, Tenn.
San Francisco, Cal.
Dallas, Texas
C.
ALVIN
Tweedy,
Los
St.
New Orleans,
Enid, Okla.
York Hanseatic
BROWN,
Rochester, N. Y.
City, Mo.
Cleveland, Ohio
BROOMHALL, ALLEN
New
Kansas
Kewanee, III.
Cedar Rapids, Iowa
Paine, Webber, Jackson & Curtis
Corporation
Philadelphia, Pa.
Quincy, III.
Kankakee, III.
Charlotte, N. C.
Company
Co.
BROOKS, GEORGE F.
W.
Fresno, Cal.
•
Beverly Hills, Cat.
Co.
THOMAS
Wertheim
»
Akron, Ohio
Bakertfleld, Cat.
Co.
&
Teletype NY 1-1181
Galesburg, III
Wilmington, Del.
STANLEY BRUCE
Williston
DISTRIBUTORS
One Wall Street, New York 5, N. Y
Chicago, III.
Inc.
Co.
B.
•
(Associate)
BREWER, IH, JAMES R.
John C. Legg & Company
R.
&
UNDERWRITERS
Telephone Dlgby 4-2000
BROCHU, PETER W.
DAILEY,
Brothers
Walston & Co.
GERALD
Aronson
AVERELL. ALFRED
Spencer Trask & Co.
Vickers
(Associate)
BRIGGS,
T.
FRANK
S.
HARRY L.
Bernard
PHILIP H.
Freeman & Company
AIGELTINGER,
Co.
&
ARONSON,
Company
MARK
Hentz
K.
BRAND, HARRY L.
Goldman, Sachs & Co.
Barnett
ACKERT,
AIELLO,
McLaughlin,
Company
MOSES
ARNOLD,
&
ALFRED I.
ABELOW.
&
ALTMAN,
ABELE. EDWIN A.
Franklin,
HERBERT
ALLEN.
JEROME
•
IN SECURITIES AND COMMODITIES
Oklahoma City,
City, Iowa
Lake, Iowa
Streator, III.
Terre
La.
,
Washington, D. C.
Okla.
Omaha, Neb.
West Palm
Fort Lauderdale, Flo.
Pasadena, Cat.
White Plains, N. Y
Fort Worth, Texas
Browne & Reilly
Peoria, III. >
Wichita, Kansas
Fort Dodge, Iowa
(Associate)
BROWN, D. HOWARD
Ingalls & Snyder
•
Haute, Ind.
Beach, Fla.
BROWN, HAROLD L.
& Co.
Cohu & Co.
Private Wires
+
ATLANTA
LISTED
&
BEVERLY
UNLISTED
HILLS
PERSHING & CO.
BOSTON
BUFFALO
CHICAGO
SECURITIES:
New York Stock
'
,
Chicago Board of Trade
PITTSBURGH
i
American Stock Exchange
Exchange
ANGELES
LOS
-
Members
DETROIT
HARTFORD
PROVIDENCE
SAN
Teletype NY 1-750
FRANCISCO
ST.
Telephone WOrth 4-4300
120
LOUIS
BROADWAY, NEW YORK 5, N. Y.
v
■
7
f
•
-
.
f
-
>.
r~
WHEELING
YOUNGSTOWN
i
•
/
*
.
■*
4
.r
*
•
'
28
THE COMMERCIAL and FINANCIAL CHRONICLE
Presentation
of President's
Pin
to
Lex
JoIIey, The Robinson-Humphrey Company, Inc., Atlanta,
incoming president, by John W. Bunn, St ifel, Nicolaus & Company, Incorporated, St. Louis,
retiring president
CONLON,
Security Traders Association of New York
JOHN
Homer
CLEMENCE, EDWIN G.
Eastern
COHEN.
Securities,
As
American
EUGENE M.
Securities
Freeman As
COLANDRO, JOSEPH N.
COLWELL,
White, Weld As Co.
W.
E.
As
Hutton
As
Pierce,
Inc.
Fenner
&
Beane
Joseph
F.
DONALD
Hutton
As
B.
DE
Co.
New
Co.
York
Hanseatic
De
Corporation
L.
C.
Current
Second
Florence, Ala. expected to be in operation about April 1,
1956. ***•»***** The (]jty 0f Florence Bonds (both old and
new),
exchangeable into Stylon common stock, are an interesting way of par¬
ticipating in this situation.
In
at
the first 6 months of 1955
sales of Stylon
(ASE) totaled $2.83
75% gain over the $1.62 million volume reported for the corre¬
sponding 1954 period. More efficient manufacturing methods enabled the
net
million—a
profit margin to rise to 15.7% from 4.1% a year ago, and earnings
before taxes rose to $446,000 from $67,000. The increase in net income
per
share was not so striking (13$ vs. 5$) because: (1) this
year's earnings were
subject to a full income tax load whereas tax liability was offset by carry¬
pre-tax
forward loss credits in the 1954
shares increased
on
period, and (2) the number of outstanding
1,633,000 from 1,344,000, due to bond conversions.
to
For the full year 1955 we continue to estimate
earnings of 35$ a share
sales of $6 million. For 1954 the
company reported profits of 11$ a
share
Seligman,
Lear As Co.
As
Hayden,
Stone
&
Corporation
P.
Co.
ERNEST
Incorporated
A.
stone As Co.
DAVIS,
Sutro
JOHN
Bros.
C.
N. J.
T.
Masterson
ECKLER,
PETER
Chas. E.
Interstate
Dixon
EIGER,
Allyn and Company.
Inc.
FRANCIS
Corporation
Securities
BERGER
Merrill
J.
duBOIS
Pierce,
Lynch,
J.
WILLIAM
H.
B.
(Associate)
Wm.
Frankel
As
As
Englander
ENGLE,
Co.,
L.
Incorporated
Pierce,
Fenner
&
Beane
ERICKSON.
FABRIC ANT,
Goldman,
LEON B.
Sachs As Co.
Shields
(Associate)
Bache
As
Wm.
(Associate)
DORSEY, JOSEPH R.
Co.
R.
Sherman
DORFMAN,
J.
SAMUEL
&
TRACY
D.
E.
As
R.
Company
ENGLANDER.
LAWRENCE P.
Boucher As Co.
V.
FREDERICK
Freeman
&
Co.
WILLIAM
Company
SEYMOUR
Pollock
As
Co.,
FARRELL, JOHN J.
Co.
Farrell
adjacent
expected
In
recent
increase the
to
tile alone
Stylon's
to
The
new
leased
present
facilities, which
to
Securities
Co.
be
Florence,
sales potential
facilities
are
are
in
company's aggregate annual
in
between $10 and $11 million by 1957.
to
view
of
the
management's marked
We maintain active markets in
such
volume, annual earnings may be
50$. Such earnings and
dividends, capitalized on a 6.3% yield basis and at an earnings
multiple
of 8 times (American
Encaustic, the leading company in the tile field
currently sells on a 5.0% yield basis and an earnings multiple of
9.5),
probably would warrant a price of 8 for the stock, double the current.
expected
to
$1
average
share and
a
Bonds and 200 shares in the
coupon.
The interest is
it should be noted
the
.
a
dividends
Micro-Moisture Controls, Inc.
The City of Florence Bonds (two series—1952
and 1955) afford an
interesting means of participation in this special situation. Stylon
Corp.
has made a firm offer
(registered with the SEC) to exchange 500 shares
of its stock for
$1,000 principal amount of the first issue of Florence
5%
.
in
increasing sales in
and the prospect of further plant expansion once the new
we project sales of between $15 and $20
years
Florence plant is in operation,
million in the late Fifties. On
success
of the second issue.
case
not
that these
subject
bond issues
Both bonds bear
federal income
to
are
not
a
tax.
Petaca
Shawano
a
Mining Corporation
Development Corporation
However,
direct obligation
of
City of Florence but merely
represent a first mortgage on the plants
thereby. Income received from the rentals
paid by Stylon Corp. (under long-term lease agreement) is sufficient to
built
pay
with
the
the funds
raised
irterest on these bonds and
provide for their serial redemption.
long-term price projection of 8 for Stylon common, the old
(currently valued at $2,000 each) would be worth $4,000 per $1,000
principal amount; the new bonds (currently valued at about $1,030) would
Based
on
our
bonds
be forth
$1,600.
bonds is 2.5%;
The
At present market prices, the
on
above is
Survey of
the
a
new
tax
free yield
For further details call
the old
bonds, 4.9%."
quotation from "The Value Line"
September
on
12,
1955)
and
is
reprinted
(Investment
with
McGrath Securities
their per¬
mission.
Gearhart
&
Otis,
Stylon Corporation
Inc.
and
common
associates
originally underwrote
stock, and later City of Florence 5%
maintain active trading markets.
Corporation
tax exempt Bonds, in which we
GEARHART & OTIS, INC.
74 Trinity Place, New York 6
WHitehal! 3-2900
70 Wall
Street, N. Y. 5, N. Y.
(Associate)
T.
On June 15, 1955 the
company entered into an agreement with the City
Florence, Ala., for the construction and long-term lease of an additional
plant with the proceeds of a $1.95 million City of Florence Industrial
Development Revenue Bond Issue.
As
Goodbody & Co.
EISELE,
Kidder Ac Co.
M.
of
located
Fenner
WILLIAM *
sales of $3.9 million.
on
Co.
Quincey & Co.
DONNELLY, Jr.. JAMES A.
Reynolds As Co.
Co.
&
EBBITT, KENNETH COOPER
Shelby Cullom Davis & Co.
Lubetkin As Co.
JOHN
Inc.
C.
EATON. STANLEY C.
Co., Newark,
DONADIO, JOSEPH F.
HENRY
&
C.
DOLAN.
Peck
Lynch,
Ac
DOHERTY.
A.
M.
DANEMEYER, JOHN
Merrill
Frank
H.
As Co.,
JOSEPH
EGENES,
DOHERTY.
DALE. CALVIN D.
Adams As
Knox
(Associate)
Paine. Webber, Jackson As Curtis
DAINES, FRANCIS
Hayden,
D.
ECKSTEIN, J.
A.
CUSACK. JOHN T.
Amott, Baker & Co.
DAHLGREN.
H.
WILLIAM G.
Cutter
L.
Webster Securities
CHARLES
(Honorary)
DURNIN, JAMES B.
DIXON,
THOMAS
Stone
Beane
Co.
DITTELL, LEONARD
Dreyfus Ac Co.
(Honorary)
CURRY,
RALPH
&
EAGAN,
Ingraham & Co.
&
Fenner As
FRANK
Dunne
Co.
ALBERT
Rollins
As
DUNNE,
SAMUEL F.
Robbins
D.
DIMPEL.
CURRIE, Jr.. JAMES
CURTI,
H.
As
(Associate)
S.
GAMBOL J.
Dunn
(Associate)
Co.
CROWLEY, JOHN B.
Reed,
Bros.
DIMPEL,
Laurence M. Marks As
"First-half earnings rose to 13$ a share in 1955 from
5$ in 1954.
order backlog exceeds estimated production for the next 9 months.
DUNN,
Co.
MAYE, JOHN E.
CRONE, EDWARD A.
STYLON CORPORATION
McManus As
SOCIO,
FRANK
Co.
As
Merrill Lynch, Pierce,
ROBERT E.
F. Berlinger
Sutro
CORLEY, EDWARD M.
F.
Goodbody As Co.
plant
Co.
Frederick
CRAIG. JOSEPH J.
new
&
DeFINE,
E.
Ac Co.
DUGA, J.
Cruttenden
Asiel
DEDRICK, GEORGE E.
CORKEY,
LESTER T.
Hardy
DRUCKER,
DAWSON-SMITH, STANLEY E.
Co.,
JOSEPH J.
Allen As Company
Company
SAMUEL
Lynch,
DOYLE,
Eberstadt As Co. Inc.
CORBY,
Corporation
COLTHUP, JAMES F.
Joseph Faroll As Co.
F.
DAVIS, THOMAS JOSEPH
A. C. Allyn As Co., Inc.
COPPLE, LIVEY E.
Smith, Barney As Co.
Company
COLLINS, GEORGE L.
Inc.
DAVIS, MARTIN
A.
CONLON, Jr., JOSEPH F.
COLEMAN, C. MERRITT
Allen
Marjorie Whitney, Whitney and
Company, Salt Lake City; R. G. Schulder, Whitney,
Schulder, Inc., Denver; Wilma and John P. Haggerty, Carroll, Kirchner & Jaquith, Inc.,
Denver
O'Connell
Merrill
Co.
and
&
BERNARD J.
CONLON.
ROSTER OF MEMBERS
GoodbodY As
M.
P. F. Fox As Co.
(Continued from page 27)
CLEAVER, JAMES P.
Frank
Cranmer
Thursday, October 6, 1955
WH 4-0175
Inc.
Beane
Convention Number
Business
Second
FARKELL, JOSEPH V.
FRANKEL.
ARNOLD
Arnold Feldman Company
&
Singer,
Wm.
M.
Robert
Singer
Laurence
Byfield
Pitfield
C.
Van
Alstyne.
Warren
&
Inc.
Co.,
DOMINICK
Noel
FREE.
FLANAGAN,
John
J.
A.
Merrill
Francis I.
du
FOX,
P.
FOX.
Co.
F.
Fox &
S.
&
GILL,
Gill
Co.
and Company, Inc.
Co.
Boettcher
American
Frank
Lapham
FRANK,
Frank
HARRY R.
Saxton &
Co., Inc.
Towbin Co.
Glore, Forgan &
Co.
ALLEN
GUTBERLET, EDWIN S.
Company
Posner
Paine,
Webber,
Jackson
First
of
GAREISS,
*
Carl
Company
Greenfield
HARRY
&
Co.,
Inc.
K.
(Associate*
(Continued
on
Hanseatic
GOLD.
SAMUEL
GOLDEN,
Greene
GRACE NATIONAL BANK
JULIUS
and
NEW YORK
OF
(Associate)
Company
GOLDMAN, EDWARD PRINCE
Oppenheimer,
& Co.
Broeck
Vanden
Michigan Corporation
& Co.
COMPLETE CLEARANCE FACILITIES
GOLDSCHMIDT, SAM'L
GOLDSTEIN, DAVID
&
Co.,
E.
Lynch,
Inc.
Pierce,
GOLKIN,
Fenner
FOR
Newburger, Loeb & Co.
(Associate)
C.
& Beane
Golkin
SAUL
&
LOCAL AND OUT-OF-TOWN
Co.
BUYING A
SELLING A
Write
or
Dealers
and
call
for
details
v
-
■
.
NEW ISSUE
NEW ISSUE
of any issuing com¬
naturally is to have the stock sold
As underwriters,
can do that job.
Equally important
pany
and raise the money.
is to have the issue
to
have
holders that
in
well-distributed
.
.
.
broad base of many stock¬
a
can
the future.
be
We
a source
of strength
do that job as
can
well.
Here
are
Look at the underwriter's record.
is his
Are his past
"batting average?"
.
.
Aug. 14, 1952
Chemical
July 21, 1953
NEW YORK 15, N. Y.
Member
Federal
Deposit
Insurance
Corporation
.
No underwriter has a
course,
perfect record of
.
.
.
but we
and neither do we
have a good number of healthy com¬
panies that are doing well.
Dealers In
.
Syndicate
Offering
Price
months
$1.00
4 months
Aug. 14, 1953
Oversubscribed
1.00
Sulphur & Chemical
June 18, 1954
Converted into
2.00
Quote
High-
9/20/55
Low
1 %•
41/8"1
Never
IVs
4%
%
%
1.50
13
Corpus Christi Refining
....
Texas International Sulphur .
.
.
United States
HANOVER SQUARE,
How
offerings holding up? Are the compa¬
nies accomplishing what they set out
to do
are the stocks at a premium?
Time in
Offering Date
Issue
Chase
Clearance Department
past under writings:
our
30)
Corporation
I.
Lapham & Co.
Brokers
we
page
(Associate)
Co.
&
HERBERT
JAMES
Merrill
concern
Curtis
(Associate)
Co.
York
New
PAUL A.
Marks
GAVIN.
FRANK, ROBERT R.
Reinholdt Se Gardner
The first
&
GUTTAG, IRWIN
Rothschild
&
(Associate)
(Associate)
ISADORE
&
A.
GURLEY, H. FRASER
NATHANIEL S.
Andrews,
GANSER. EDWARD N.
Corp.
G.
SAMUEL
GOLD,
Corporation
HARRY
Investors
GUMM,
GOLD. DAVID
B.
Peter Morgan
Securities
GREENE,
IRVING
and
GREENFIELD,
Company
and
Siegel &
(Associate)
FRANK.HAROLD W.
Craigmyle, Pinney & Co.
Co.
THOMAS
Unterberg,
Co.
BENJAMIN
GOLD,
W.
GANNON, LESTER F.
FRANK,
E.
Greene
CARL K.
GISH,
Bradley, Gammons & Co., Inc. (Associate)
&
C.
GREENE.
&
Kaufmann, Alsberg & Co.
Frenkel
Schoellkopf, Hutton & Pomeroy, Inc
Thalmann
C.RE^NBERG,
A.
Sunstein
GUITON, JOSEPH F.
&
Bear, Stearns & Co.
FRANK
Ginsberg & Co., Inc. (Associate)
Strauss,
Inc.
Co.,
Walker & Co.
Gerstley,
C.
Purcell
H.
GROWNEY, E. MICHAEL
Joseph McManus & Co.
P.
&
FRANK
A.
G.
GRFENBERG, ALAN C.
Co.
GINBERG,
LESTER
GAMMONS,
Edward
THOMAS P.
&
IRVING
Pitfield
C.
GRAHAM,
R.
Laird, Bissell & Meeds
Co.
S.
GAHAN. JOHN P.
ALBERT F.
Ladenburg,
&
W.
HERBERT
LOUIS
GIBBS.
Wallace & Co.,
Jersey City, N. J.
BARTON
B.
Inc.
G. Edwards & Sons
George
P. FRED
FRANK,
Co.,
GRONICK, SAMUEL
GRACE,
Co.
GHEGAN, A. KINGSTON
Edwin L. Tatro Co.
FUCHS. AUGUST G.
CLEMENT
Co.
Hammill
Shearson,
& Beane
Fenner
A.
RAYMOND
FORBES,
Fret
FRANCIS
FROST,
R.
Pont &
&
Son
GRIMSHAW, FREDERICK M.
GOWAN, VINCENT M.
Goldman, Sachs & Co.
B.
JOHN H.
&
,
GREGORY, in, WILLIAM H.
Gregory & Sons
11.
& Company
COURSE, WILLARD S.
Benjamin. Hill & Co.
Inc.
Kugel, Stone & Co., Inc.
FRINGS, J. GEORGE
Sterling, Grace & Co.
L.
Lynch, Pierce,
GORDON
FOOTE.
L.
&
Gruss &
Bros.
GESELL,
0.
Jr.. PAUL C.
Allyn
Gersten
& Co.
WILLIAM
FLECKNER.
C.
Oscar
Barr
Co.
&
York
JOHN
FRENKEL,
E.
JOSEPH
O'Kane, Jr.,
J.
N.
FREDERICK L.
FRENCH.
(Associate)
Co
McManus &
City,
GERTLER,
PAUL
W.
Frederick
A.
Co.
&
FITZPATRICK, FRANCIS J.
Joseph
Jersey
GREGORY, Jr., WM. H.
Gregory & Sons
Co.
&
RICHARD
GOODMAN,
P.
HENRY
Ashplant
Shields
Securities,
GERSTEN.
Co.,
Frazler
FREDERICKS,
JOHN
B.
Breakfast
CHARLES W.
GOODEVE.
F.
Company
Eastern
Baxter, Williams & Co.
FitzGERALD, JOHN M.
W.
&
FREDERICK.
FitzGERALD, JAMES F
W. L. Canady & Co., Inc.
FITZPATRICK,
Wien
S.
&
GERMAIN,
Incorporated
FRAZIER, LAURENCE S.
EDWARD A.
S.
Inc.
V.
(Associate)
L.
& Co.
WALTER
Troster,
Mackle,
WILLIAM
V. Frankel & Co.,
D.
AARON ALTER
GELI.ER,
Allen
FREDERICK
Jr..
& Otis, Inc.
Gearhart
FRANKLIN, ROBERT
Spiegelberg, Feuer & Co.
FISCHER,
GEARHART,
A.
Co.
&
Bean
FRANKEL,
Company
FEUER, ABRAM J.
FILKINS,
&
FRANKEL, HERMAN
FELTMAN, IRVING L.
Mitchell
ADRIAN
Officers
Past
Meeting
Ungerleider
Gregory & Sons
FELDMAN,
29
THE COMMERCIAL and FINANCIAL CHRONICLE
out
Received 3
Minerals Corp.
of America
UNITED
2%
of syndicate
STATES
I
GOVERNMENT
•
AND
ITS
VARIOUS
SECURITIES
'
.
INSTRUMENTALITIES.
shares
Minerals Corp. of
STATE.
MUNICIPAL
AND
REVENUE
BONDS.
Amer. for each share*
Durham
Explorations
.
.
..
.
.
June 18, 1954
34<-
Selling stopped—
Never out of
syndicate
Canadian market
in stock
Bassons Industries
National Uranium
^Minerals
Aquafilter
......
......
Corporation of America
.
.
July
July
6, 1954
8, 1954
May - 4, 1955
June 16, 1955
dropped
iy2 months
2.00
4
months
1.00
1
month
1.00
1
week
2.00
3%-l
41/2*1
iy4- %
23/4-l%
3%
The Gibraltar
3
IV1
2%
Financial Corporation
52
VICKERS BROTHERS
52 Wall Street. New
York 5, N. Y.
HA
DIgby 4-8040
2-54QO
BROADWAY.
NEW
YORK
4
TELETYPE N.Y. 1-3983
30
THE COMMERCIAL and FINANCIAL CHRONICLE
HALK,
R.
JOHN
L.
B.
W.
HAMILL,
W.
E.
GURDEN
HORCH. ERNEST M.
Lazard
HORTON. CHARLES
Wertheim
HARDY, HARRY J.
Hardy & Hardy
HOUGH,
W. E.
Corporation
HUFF.
L. A.
EDWARD A.
Mathey & Co.
HUNT.
&
S. Bleichroeder,
HUNT.
&
JACOBS,
(Associate)
L.
IIELBIG, BARON G.
.
McGinnis
FARRELL
Inc.
(Associate)
KING,
Sutro
&
Company
King
&
(Associate)
Securities
Corp.
Filor,
St
Co.
Courts
(Associate)
W.
McManus
&
&
Co.
McGOWAN,
Hayden.
Grimm
Corp.
•
St
MELL1N,
SAMUEL
Lehman Brothers
Bache
E.
H.
C.
&
KNOX,
H.
WALTER E.
(Associate)
Co.
WILLIAM T.
Wainwright St
MENDEL,
Peter
(Associate)
MeDermott
MERCOVICH,
MEWING, H.
St
Laidlaw
MARSLAND, ALLISON W.
Wood, Gundy & Co., Inc.
St
&
ANTHONY
Co.
S.
Co.
St
D'Assern
Co.
Co.
EDWIN JEFFERSON
P.
MANSON, JOHN N.
Hardy St Co.
&
WALTER
Co.
MEYER, HERMAN d.
Joseph Faroll & Co.
GEORGE
MEYER,
Co.
milton
Rose
S.
&
Co.
RALPH
&
MEYER,
Co.
C.
FRANK
&
RANDOLPH
Paine,
Webber,
(Associate)
C.
Masterson
PHILIP
Jackson
Curtis
&
MEYERS, Jr., JOHN J.
Gordon
Co.
MATHES,
JOSEPH
Ira Haupt St Co.
& Co.
s.
McVEY, GEORGE M.
Frank
REGINALD J.
Wertheim
4
MEISLOHN,
MASTERSON,
Co.
St
Co.
McLaughlin, Cryan & Co.
Corporation
MARTINELLI, ANGELO
Josephthal & Co. (Associate)
LEROY
Lebenthal
KNAPP.
Co.
McMANUS, JOSEPH V.
Joseph McManus St Co.
Bear, Stearns
Bullard & Smyth
KLEIN,
Co.
St
FRANK V.
Mclaughlin, john f.
JOHN
M.
Securities
ALFRED
Stone
McKENNA,
Singer, Bean & Mackie, Inc.
MARTIN,
KLEIN, CHARLES E.
Granbery, Marache St Co.
JOYCE, WILLIAM H.
Joyce, Kuehner St Co.
Weeks
St
Sons
&
MADDOX, Jr., WILLIAM T.
Goldman, Sachs & Co.
Cohu
JONES, JAMES E.
IIOLTZMAN, SYDNEY
VINCENT
Shufro,
WALTER R.
G. A. Saxton St Co., Inc.
IIOLLAN, JOHN J.
Gregory
Securities
G.
McKinnon
JAMES T.
Mclaughlin, john
White, Weld St Co.
MARTENS.
GEORGE
Inc. (Associate;
McGOVERN, WILLIAM J.
H.
ROBERT A.
Wertheim
Delafield
St
Brothers,
FRANK
&
MARKHAM. EDWIN J.
Co.
& Co.
King
KIRTLAND,
JOHNSON,
Wm. L. Burton St Co.
St
JOSEPH J.
Delafield
Witter St Co.
Joseph
Co.
SAMUEL H.
KIRK,
JOHNSON, STANLEY J.
Battles St Company, Inc.
HOBLITZELL, BRUCE C.
Bros.
Thomson
Hornblower
The Dominion
Gill & Co.
ROBERT H.
Charles King
CHARLES H.
Estabrook St Co.
ROBERT M.
Brothers
St
King
Beane
Peck
McGIVNEY,
J.
Co.
MACDONALD,
&
McGIVNEY,
J.
Co.
MALONE, THOMAS MICHAEL
MARTIN I.
KING,
JANN,
♦
IIINES, JOHN D.
Barr
Co.,
Charles
Deventer
Adams
Hill, Thompson & Co., Inc.
Starkweather St Co.
KING, CHARLES
J.
Fenner
n.
Co.
&
MAGID,
Co.
St
Burnet
MADER, HENRY J.
White, Weld St Co.
(Associate)
KIMBERLY, OLIVER A.
KING,
Haupt St Co.
Dean
Becker &
(Associate)
Inc.
HUGH
Hardy
Co.
JANERELI, JOSEPH
Clark, Dodge & Co.
Ira
KILMER.
Stephen
MACKESSY, T. FRANK
Abbott, Proctor St Paine
W.
Vanderhoef & Robinson
Inc.
JACOBUS, ROYDEN E.
Vilas & Hickey
Herzog St Co., Inc.
HINCHMAN,
G.
HANS
Securities,
IRVIN
St
F.
Pierce,
MACKIE,
Kenney St Co.
,
(Associate)
HERZOG, ROBERT I.
GEORGE
Sherman St
D.
Co.,
EDWIN A.
JACOBSON.
A.
HERZENBERG,
HIGGINS,
Eastern
JACOBS, SIDNEY
Sidney Jacobs Co.
Helbig St Co.
HELFGOTT, LAWRENCE
Kuhn, Loeb & Co. (Associate)
IRVING
Townsend, Graff & Co.
Equitable
KENNEY, JAMES F.
KERR,
Van
Shields & Company
J.
J.
Beanc
mcdowell, harold m.
MacCULLEY, IRA B.
WALTER V.
Burr, Incorporated
St
D. Raymond
J.
N.
ITTLEMAN, IRVING
Strauss, Ginbery &
-
HEIDINGSFELD, JESSE
Ira Haupt & Co.
City,
Coffin
ISAAC, IRVING H.
Stryker St Brown
J.
Hardy <Se Co.
ROBERT
E.
W.
St Company
LYTLE, JOHN
Co.
KENNEY, D. RAYMOND
Jersey
THOMAS
KELLY,
Co.
Walston &
St
Corporation
JAMES
Lynch,
Mcdonald,
(Associate)
MORRIS
St
CHARLES
Allen
B.
HUNTER. WELLINGTON
Wellington Hunter Associates,
Co.
HECK, JOHN
Baron G.
St
St
Co.
LYONS. LAURENCE
KELLY, JOSEPH M.
KENNEDY,
Co.
HEFFERNAN,
GEORGE
Co.
St
FRANCIS
Fenner
Mcdowell, robert b.
St
Birnbaum
Peabody St Co.
JANSEN
Weld St Co.
Merrill
NAT
LUTTERMAN
LYE,
Securities
Union
McCLUSKEY,
Al.
St McKlnnon
Birnbaum
Pierce.
McCarthy, daniel d.
Co.. Inc.
FELIX
LUKOW,
Corporation
J.
Rhoades
Loeb,
KELLY, JAMES
St
LLOYD E.
Seligman, Lubetkin St Co.
Co.
St
HUNT. GEORGE V.
McLaughlin, Cryan & Co.
HECHT, JOSEPH T.
Mabon
M.
,
Company
Thomson
Gregory & Sons
(Associate)
HEANEY, MICHAEL J.
Michael J. Heaney &
Securities
Starkweather
Inc
D'Assern
HAYES, JAMES J.
Murphy & Durieu
,Carl
M.
Co.
St
LUBETKIN,
Hammill
KELLY, EDWARD
Co.
Son
St
LOPEZ,
WALTER
Kidder,
E.
White,
HATZ, ARTHUR
Arnhold
&
Marks
Allen
Co.
&
KELLEY, EUGENE F.
Shelby Cullom Davis & Co.
HULSEBOSCH, GERARD F.
Godnick &
Kane
G.
ASA C.
Jr.,
Weid
Lynch.
McCABE, MATTHEW J.
Singer, Bean & Mackie, Inc.
McCALL. FRANK .1.
Hayden, Stone & Co.
Co.
LOPATO, ALLAN
KEATING, LAURENCE C.
Co.
CLINTON
Georgeson
RAYMOND A.
Burnet St Co.
HARVEY.
C.
Long & Meaney
Hanseatic
HARTIGAN,
St
Carl
Inc.
Co.
St
St
Co.
MAYER, JOHN M.
Merrill
CHARLES
White,
X.
F.
X.
Shearson,
Union
HART, MAURICE
York
Ernst
KANE,
Kuhn, Loeb & Co.
Allen St Company
New
Co.
Cohu St
S.
Co.
CORNELIUS
LITZEL.
KANE, THOMAS FRANCIS
HORN. EDWARD A.
WILLIAM
F.
&
«
Co.
Hutton &
Freres
GERALD
F.
maxfield, N. IRVING
Co.
LOELIGER, FRED V.
Wood, Gundy St Co.,
Gerald
&
Burnham
KALES, DAVIS
KANE,
St
EDMOND
LIPSKY,
(Associate)
Co.
St
ERNEST
Singer
Sartorious
KAISER, CHARLES M.
Grady, Berwald St Co., Inc.
Corporation
EARL H.
Gearhart & Otis, Inc.
ARTHUR T.
HARDER,
Hanseatic
HOOPER.
Pizzini & Co., Inc.
W.
Ernst
Troster,
LIPTON,
KAHN, HENRY
(Associate)
L.
Day St Co.
HALSEY,
York
Inc.
Kahl St Co.
Charles A.
HONIG, JACK
New
Co.,
&
KAHL, CHARLES A.
(Continued from page 29)
White, Weld & Co.
O'Connell
Homer
ROSTER OF MEMBERS
GUTTMAN, RUDOLPH
LIENHARD,
KADELL. ALLAN
Security Traders Association of New York
Thursday, October 6, 1955
Graves & Co.,
Inc.
MEYERS. WILLIAM T.
Gordon
Graves
& Co.,
Inc.
HERBERT D.
D.
Knox
KOCH,
Co.,
&
Inc.
GEORGE J.
Lasser
Bros.
(Associate)
KOERNER, IRVING
Allen
&
Company
KOLLER, Jr., FRANK II.
General
KORN,
Securities
Corporate and Municipal Securities
Corpn.
KRANZ, GEORGE
Putnam Fund Distributors,
AMERICAN
in
WILLIAM L
Dominion
AFFILIATED
Underwriters, Distributors and Dealers
Investing Corp.
Inc.
KRASOWICH, JOSEPH D.
Gregory & Sons
FUND
BUSINESS SHARES
KRISAM.
John
WILBUR
C.
KRUGE,
A Common Stock Investment Fund
A Balanced Investment Fund
Legg & Company
WALTER
Walter
C.
KRUMHOLZ,
Investment
this Fund
Company supervises
objectives of
balanced
long-term
are
a
portfolio
bonds
and
preferred stocks, selected for
stability, and common stocks
capital and income growth
for its shareholders.
between
r
.
selected for growth.
Siegel
KUEHNER,
request
CHICAGO
J.
Coggeshall
25 BROAD
N.
Rhodes
&
Co.
LADD,
The
Teletype: N.Y, 1-210
Boston
EDWIN
LONDON, ENGLAND
Inc.
H.
—
Representatives'
Direct Wire Service
—
New York,
Offices:
GENEVA
Lexington 9-7861
•
AMSTERDAM
Washington and Baltimore
Corp.
S.
Ladin
S.
Tel:
J.
EDWARD
First
Keyser Building, Baltimore 2
National 8-2545
Corporation
Securities,
Edward
LALLY,
CO.
STREET, NEW YORK 4, N. Y.
Eye St., N.W., Washington 6
Tel:
3rd,
LA.DIN,
&
Exchange and Other Exchanges
Telephone: HAnover 2-0600
1636
Hicks
&
Nile
HERBERT
Eastern
LOS ANGELES
Members New York Stock
LACY
LACY,
ATLANTA
Co.
WILLIAM
American
63 Wall Street, New York
,
HIRSCH
E.
St
ROBERT
Loeb.
M.
KUX,
Lord, Abbett «Si Co.
Inc.
A.
KUIPERS, HENRY G.
Lord, Abbett & Co.
KUMM,
on
HANNS
Kuehner
KULLMAN,
Carl
Prospectuses
NATHAN
Co.
&
Joyce,
C.
Kruge St Co.
Company
ELMER
Hayden, Stone <fc Co.
LAND,
DEALERS' SERVICE DEPARTMENT
Capitalize
Special Over-the-Counter Studies
on
Prepared for Dealers
Our
Dealers'
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country.
Plan
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dealers
or
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PAUL
LANG,
J.
Weeden
throughout
H. HENTZ & CO.
'
Exchange and other
leading stock and commodity exchanges
&
STREET, New York 4, N. Y.
Detroit
•
• •
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Corporation
(Associate)
LARSON,
D.
ROY
Knox
R.
St
Co.,
Inc.
KENNETH V.
&
Company
LEONE, GEORGE V.
Leone
St
Pollack
LEPOW, MONROE E.
Lepow Securities Corp.
GUSTAVE
Goldman,
(Associate)
L.
Sachs
&
Co.
MARTIN L.
Lee-Willen
•
Geneva, Switzerland
Inc.
St
Co.
AVE., N. Y. (Sherry-Netherland Hotel)
PLaza
•
Hanseatic
LARKIN, THOMAS A.
Goodbody St Co.
LEVY,
BOwlins Green 9-8420
Chicago
Co.
York
LEVY,
Beverly Hills, Cal.
Coast-to-
"
Members New York Stock
FIFTH
Brokers
C.
LANZA, P. PAUL
New
Mr. Lewis E. Stone.
36 Offices
(Associate)
PHILLIP
LANN, JOSEPH J.
Joseph J. Lann Securities,
developing
Underwriters
V.
Lang & Co.
Mitchell
781
Anderson
J.
JAMES
B.
H.
60 BEAVER
St
Kidder, Peabody & Co.
LEIBERT,
*
E.
Ellis
LANGDON.
For complete details write to
Mr. William P. Green
EARLE
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•
Ira
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•
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Haupt & Co.
LICHTENSTEIN,
B.
•
Members
MILTON F.
S
LIEBENFROST,
Stern,
BENJAMIN
Lichtenstein
St
CONRAD H.
Lauer St Co.
Walston &Co.
S.
Co.
(Associate)
New York
Stock
NEW YORK
PHILADELPHIA
SAN FRANCISCO
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Exchange
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r
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'
*HE.COMMERCIAL and FINANCIAL CHRONICLE
Lex
Jolley, The Robinson-Humphrey Company, Inc., Atlanta, President-elect of NSTA; Prentiss Brown,
Chairman, Mackinac Bridge Authority, S^. lgnace, M.ch.; John W. Bunn, Stiiel, Nicolaus & Company,
Incorporated, St. Louis, retiring President of NSTA
Allen
MURPHY, RICHARD J.
HARRY A.
M1CHELS,
St
ORLOFF, HARRY
Troster, Singer &
L. Burton St Co.
Wm.
Company
MILLER, HARRY D.
Nugent & Igoe, East Orange, N. J.
MILLER, JOHN
MURPHY, WALTER A.
Co. Incorporated
Amott, Baker &
Barrett Herrick
MILT,
New
SAMUEL
&
B.
Corporation
Thompson & CO., Inc.
Merrill Lynch,
Edward
Pierce, Penner & Bean*
Purcell
A.
&
Laurence
RICHARD
M.
Marks
B.
Van Ingen St Co. Inc.
W.
Pizzini
&
Inc.
A.
(Associate)
New
York
Hanseatic
Corporation
JOSEPH F.
Clark, Dodge & Co. (Associate)
NYE, JOSEPH
Co.
Cosgrove,
MORRISSEY, JOSEPH P.
Buck
&
J.
Peter P.
McDermott St Co.
MORTON, ROALD A.
The
Blue List Publishing
Company
Co.
Inc.
HERCULES JOHN
M.
MULHOLLAND, WILLIAM R.
Cryan
HOWARD
&
Co.
&
Co.
Bros.
Denton,
Walston
Eastman, Dillon St Co.
Inc.
MILTON A.
Stanley Heller & Co.
D.
Pulls
St
Co.
EARL
Hardy & Co.
Co.,
O'CONNELL, HOMER J.
Homer O'Connell St Co., Inc.
O'CONNOR, WILLIAM D.
C.
(Associate)
F.
W.
ROBSON, HENRY E.
Eastman, Dillon St Co.
ROGERS, CASPAR A.
Casper Rogers Co.
ROGGENBURG, HARRY F.
Roggenburg St Co.
Goldman, Sachs St Co.
REARDON, WARREN V.
White, Weld St Co.
ROGGENBURG, STANLEY L.
REDMOND, HERBERT T.
RONAN, FRANK J.
Roggenburg St Co.
New
Ogden. Wechsler & Co.
MULLIGAN, FRANK E.
Goodbody & Co.
DONALD
Hanseatic
ROOME, KENNETH A.
Hardy St Co.
WINTHROP
REID, R. VICTOR
Eisele St King, Libaire, Stout & Co.
Pizzini & Co., Inc.
BOOS, J. WILLIAM "
MacBride, Miller St Co., Newark, N. J.
REILLY, JOHN A.
(Continued
Equitable Securities Corporation
on page
OHLANDT, Jr.. JOHN D.
New York Hanseatic Corporation
Tucker, Anthony & Co.
MULLINS, THOMAS J.
White, Weld & Co.
III, CHARLES O'BRIEN
Pearson, Murphy & Co., Inc.
MURPHY,
MURPHY, CYRIL M.
John
C.
Legg &
Company
MURPHY, HAROLD I.
Gregory & Sons
MURPHY,
KENNETH P.
Blyth & Co., Inc.
Thomson & McKinnon
O'KANE, EDWARD R.
John
J.
O'Kane, Jr. St Co.
O'KANE, Jr., JOHN J.
John
J.
O'Kane.
Jr.
O'MARA, JOHN J.
St
Co.
Oils
—
Goodbody St Co.
OPITZ, FRED W.
Cady, Roberts & Co.
ORLANDO, FRANK
Goodbody St Co.
Mining
J.
■
I
.
.
'
'
•
Uraniums
Underwriters and
Distributors
As traders in Natural Resource securities,
we
maintain
such issues.
markets
Brokers
on
in
oyer
200
listed Exchanges.
J. F. Reilly & Co.
MEMBERS
Salt Lake
42
Corporation
T.
Merrill Lynch, Pierce, Fenner & Beane
O'HARA, WALTER T.
MULLIN, DANIEL G.
York
(Associate)
REGAN,
PLOTKIN, EDWARD A.
Stern, Lauer & Co.
OGDEN, CHARLES D.
Ashplant St Co.
KASCHKIND, SOLOMON
PINKUS, MILTON
Troster, Singer & Co.
B.
B.
RAPPA, SALVATORE J.
P. S. Moseley St Co.
PIKE, BERTBAND F.
Troster, Singer St Co.
(Associate)
ROBSON, FREMONT W.
(Associate)
Schoellkopf, Hutton & Pomeroy, Inc.
Legg & Company
PIZZINI, B.
OETJEN, HENRY
(Associate)
Co.
ROBINSON. S. CHARLES
Blair St Co., Incorporated
(Associate)
Frederick S. Robinson & Co.. Inc.
O'DONNELL, JAMES
St
Paine, Webber, Jackson & Curtis
PYLE, RAYMOND WILLIAM
PHELPS, ROGER S.
Byrne and Phelps, Inc.
John
A.
Inc.
R. C. Roberts St Co.
Pflugfelder St Rust
PICON, ANTHONY J.
Inc.
GEORGE
St Co.,
ROBERTS, RICHARD C.
Haupt & Co.
C.
Hlckey
ROBB, ERNEST N.
PRINCE,
PEISER, HARRY J.
,
Inc.
RIGGIO, ANDREW F.
PRELLER, FRED W.
Eastman, Dillon St Co.
&
St
Carl Marks
(Associate)
(Associate)
McGinnis St Company
Kidder & Co.
McLaughlin,
Whitehead
McGinnis & Company
Harris, Upham St Co.
MUELLER, Jr., WILLIAM C.
A.
&
EDWARD
Witter & Co.
PEET, EDWIN F.
Securities,
RICHARDSON,
RALPH
Montgomery, Scott
Co.
Garvin, Bantel & Co.
Co.
S.
Miller &
White
&
Inc.
REUTER, WILLIAM C.
Mabon St Co. (Associate)
Quincey & Co.
ROBERT W.
PFLUGFELDER, WILLIAM H.
St
Shelby Cullom Davis & Co.
(Honorary)
MOTTINO,
G.
Vilas
Co.
St
PURDY,
O'CONNELL, EDWARD J.
Co.
MORTON, PAUL S.
Noyes
POWELL, ALFRED L.
Alfred L. Powell Company
PETKE, RUDOLPH J.
Francis I. riu Pont
MOORE, MELVILLE L.
Hemphill,
St Co.,
RETALLICK, ARTHUR B.
PORTER. WILLIAM K.
S. K. Cahen & Co.
NOKE, G. HAROLD
Marks &
E.
Libaire, Stout St Co.
PULIS, CHARLES D.
MOORE,
J.
Eisele & King,
Reilly
REISMAN, IRVING
Newborg St Co.
POOLE, HORACE I.
Co.
PERLMAN, MURREY
Tucker, Anthony & Co.
Carl
PEENE,
Ira
NIELSEN, SOREN D.
NIEMAN, BARNEY
Richard
&
P.
Eastern
St Pollack
PRELLER, CHARLES F.
Burns
(Associate)
Co.
J.
REILLY, THOMAS J.
POWER,
Dean
Schapiro St Co., Inc.
EDWARD
Newborg St Co.
&
Osborne
PAVIS, FRANK A.
PAYNE,
Bache
NETBURN, AARON
B.
&
MONTE,
Laldlaw
Leone
Jr.,
REILLY, JOHN F.
Inc.
Securities,
POLLACK. HAROLD J.
PATTERSON, HOWARD G.
Freeman & Company
Chas.
Co.,
Lepow Securities Corp.
M.
Co.
MONTANYE, GJLES
Carl M. Loeb, Rhoades & Co.
MONTANYE,
B. J.
NESTER, WALTER C.
GERALD F.
MONAHAN,
Eastern
White, Weld St Co.
Lynch, Pierce. Penner & Beane
NELSON, GEORGE
JOSEPH A.
MITCHELL,
Merrill
MYERS, ELMER E.
MITCHELL, DAVID R.
Hill,
C. M.
Murphy & Durieu
MUSSON, JAMES F.
Hanseatic
York
Inc.
Smith, Pershing & Co., New York City; John J. O'Kane,
John J. O'Kane, Jr. & Co., New York City
OSBORNE, C. MILTON
MURPHY, WALTER J.
Co.,
Mildred
PLUMRIDGE, THEODORE E.
Co.
PARSONS, HOWARD C.
V.
RICHARD
&
O'ROURKE, EDWARD JOSEPH
Goldman, Sachs & Co.
MURPHY, Jr., WALTER
H. c. Wainwright & Co.
MILLER,
Harold
City Stock Exchange
•
Spokane Stock Exchange
DIgby 4-4970
BROADWAY, NEW YORK 4
Teletype: NY 1-4643
Salf Lake City: 264 East First South Street
•
Tel. 4-1865
32)
32
THE COMMERCIAL and FINANCIAL CHRONICLE
Security Traders Association of New York
SILLS, LOUIS
(Continued from page 31)
SILVERIIERZ,
ROSTER
SINGER, HERBERT
Gartman,
TYSON, Jr., ALBERT
Co.
Rose &
IRVING
J.
UNTERBERG.
C.
L.
A.
Stamm
&
SCHMIDT, WILLIAM T.
Co.
ROSENZWEIG, EDWARD A.
Ladenburg, Thalmann & Co. (Associate)
ROTH.
Eastern
Haas
Bache &
Dean
J.
witter & Co.
Cohu
FRED
&
Singer,
Co.
K.
Rice, Jr. &
Mackle,
RUSSELL. EDWARD
-Henry
Edelmann
RUSSELL, Jr.,
Inc.
Co.
SEIJAS.
8ELIGMAN,
&
Walker
WILLIAM
Securities
II.
Cbrpon
DAVID
Frederick
Burton
Co.
&
S.
FILIPPO,
Gersten
SASSA,
&
Mitchell
FRANK
L.
D.
&
Co.,
Inc.
KENNETH
Digest"
(Associate)
onmhcio
L.
& Saxe
Seligman & Co.
(Associate)
WERKME1STER.
Vilas &
VOGELL. FREDERICK W.
Trading Company,
O.
WESEMAN, RALPH H.
In?.
Hill
&
Frank
& Company
WHITING.
Co.
Carl
M.
EDMUND
Loeb,
I WHITLEY, J.
A.
Rhoades
Co.
&
&
B.
Halsey, Stuart & Co. In
VOLKOMER.
STEIN, IRVING
Capper &
JR., JOHN
Hickey
LOUIS
Webster Securities Corporation
WIELAR,
(Associate)
JACK
Starkweather
Co
B.
&
SCHAUMBERG. GERALD
Merrill Lynch, Pierce. Fenr.er &
Frankel
&
Co.,
Co.
WIEN, MELVILLE S.
ne
M.
Incorporated
&
Gruntal
Co.,
DeHaven & Townsend,
Co.
&
Inc.
A.
&
C.
Allyn
Co.
Merrill
Wien
S.
&
Co., Jersey City, N. J.
JOHN H.
fc
WILLIAMS.
Abraham
National
Company
&
Co.
WINSTON, LOUIS
A.
C.
WALTERS, JR., FRANK
(Associate)
&
Stoltz
&
Company
J.
Mabon
&
Co.
Cosgrove, Miller & Whitehead
WITKOWSKI, JOHN
WARNER, FRANK W.
Saxton
E.
Frank
Bureau
WIRTH, HOMER
Co., Inc.
G.
STOLTZ, CHARLES E.
Co.
Quotation
(Honorary)
STOLLE, CARL
G.
City, N. J.
W.
Laird. BLsell & Meeds
Joseph McManus & Co.
STILLMAN, MURRY W.
(Associate)
Jersey
CARROLL
(Associate)
HARRY A.
and
PERCY J.
Mi S. Wien & Co.,
Beane
WALKER, LOUIS
Greene
WIEN,
(Associate)
Lynch, Pierce, Fenner
Inc.
Singer, Bean & Mackie, Inc.
STILLMAN.
&
Co.,
&
WALKER, GRAIIAM
STEVENSON,
B.
Company
(Associate)
Crouter & Bodlne
WALDRON. STANLEY M.
STEVEN, Jr., ANDREW R.
Pont
Sherman
V.
Hi*
WALDRON, D. KINGS! FA
Sherman & Co.
D.
W.
VOLK, WILLIAM
Bruns, Nordeman & Co.
Wm.
SHIPMAN, RICHARD
SIGMUND
&
VOGRIN, JOHN J.
Co.
<u
STERN, FREDERICK M.
K.
SIIIPMAN, C. E,
Halsey, Stuart <fe Co. Inc.
The Dominion Securities Corporation
A.
C.
STEIN, JOHN R.
G. K. Shields & Co.
Co.
VOCCOLI, Jr.. MICHAEL
Stone
Dealers'
SHIELDS, GARVIN K.
H.
SAUNDERS, WALTER F.
Russell
Marks
STATTER, EUGENE G.
Holt, Rose & Company
Co.
CORNELIUS
&
J.
WENDLER. EVERETT r.
Mitchell & Company
LATHROP
Hemphill, Noyes & Co.
SHERMAN, LEE D.
FRANK
Frenkel
Laurence Frazier &
SAXE,
Pierce, Fenner & Beane
Stamrowe
Robinson
du
SHERIDAN,
A.
Union Securities Corporation
SAN
Carl
F. S.
SIIERGER, JOHN W.
JAMES
W.
Legg & Company
VON
Torple & Saltzman
Francis I.
HORACE
WELSH, JOHN JOSEPH
STARK, EUGENE
SHEPPARD, EDGAR
1.
II.
& Co., Inc.
WILLIAM
STANFORD,
SHAW, STANLEY P.
Josephthal & Co.
SAMMON, JOHN F.
Dickson
SPRINGER, WILLIAM P.
Beane
I
Investment
S.
John C.
Vermllye Brothers
SORENSON,
nun
Singer, Bean & Mackie, Inc.
L.
Fenner &
(Honorary)
SALMAN, BERNARD
G.
Benjamin,
&
BERNARD
FRANK
WELLS,
ARTHUR
VERMILYE,
Co.
&
L.
SHARP, ELIOT II.
"The
SANDBACII,
Hart Smith
SHANLEY, RICHARD T.
H.
R.
George
Savard & Hart
Co
RUSSELL
WELCH,
VERIAN, FRANK R.
(Associate)
BERTRAM
Josephthal
J.
G.
SALTZMAN,
Co.
SERLEN, LEWIS II.
Russell & Saxe
SALISBURY,
&
(Associatp*
Siegel & Co.
Co.
&
TUYL, E. EVERETT
VARE.
Inc.
Co.,
N.
Singer, Bean & Mackie, Inc.
Cruttenden
VAN
&
MORTON
WEISSMAN,
RIPER, MILTON
Merrill Lynch, Pierce. Fenner <fc Beane
Straus, Blosser & McDowell
Cohu & Co.
SAFFERSON,
(Associate)
inc.
Eenkert
W.
WEISS,
H.
Merrill Lynch,
HERBERT
Co.
Pell & Co.
VAN
Co.
SMITH, WILLIAM HART
Merrill Lynch, Pierce,
PARIS SCOTT
SIDNEY
Blrnbaum
H.
Company
(Honorary)
WILLIAM
&
WILLIAM
William
SMITH,
HERBERT D.
"The Commercial & Financial Chronicle"
RUTBERG, SAM J.
Rutberg & Co., Inc.
Union
&
A.
Kalb, Voorhis & Co.
A.
SEIBERT.
Glore, Forgan & Co.
SABAII,
Co.
&
WEISS, MALCOLM H.
NOOT, HARRY
Van Tuyl &
Co.
SEAVER, CHARLES
&
du Pont & Co.
Smith
SMITH, HAROLD B.
Pershing & Co.
EDWARD
Beane
E.
SMITH, ELBRIDGE H.
Stryker & Brown
E.
Co.
SEARIGHT, GEORGE
C.
Seaver
RUSKIN.
E.
SCRIMGEOUR, JOHN
RUBIEN, EVERETT II.
RUGEN,
Inc.
Weinberg
Herzog & Co.,
Unterberg, Towbin Co.
VANDER
SMITH, EDWARD E.
Securities,
SCHWARTZ. ARTHUR
(Associate)
Co.
&
CLIFTON B.
Francis I.
SCHWADRON, J. JAY
MILTON
C.
G.
SMITH,
Laird. Bissell & Meeds
E.
S.
WEINGARTEN. LOUIS
CLARENCE E.
VALENTINE, JOHN H.
Shearson, Hammill &
Singer, Bean & Mackle, Inc.
ROSENBAUM, HARRY
WEINBERG, SAMUEL
Spencer Trask & Co.
Hay, Fales & Co.
OF MEMBERS
Thursday, October 6, 1955
A.
Saxton
&
WASHER. HERBERT
Co.
Dean
John
Co..
Witkowski
&
Inc.
Co.
WITTICH, WILBUR R.
R.
Grimm
Witter & Co.
&
Co.
1
STONEBRIDGE, CHARLES L.
SIEGEL,
SCHAEFER, EDWARD W.
H.
D.
Knox
&
Co.,
SIDNEY
A.
Merrill
Lynch, Pierce, Fenner & Beane
Siegel & Co.
Inc.
Carl
M.
IRWIN
Loeb.
Cowen
SIEPSER, JAMES
Rhodes &
Co.
Shaskan
&
WASSERMAN. IRVING
Bond.
STRATTON,
SCHLOSS,
&
GEORGE
Ginberg &
Asiel
Co.,
Inc.
Stanley Heller
Kidder
&
&
Co.
(Associate)
C.
Herbert
WREN.
Hardy & Co.
STRYKER, EDWARD V.
Cowen
in
''
'
7-
-
1
.
&
YOUNG.
Ogden, Wechsler & Co.
New
&
G.
Co.
C.
Haas &
H.
Week
CARL
Walker
SWORDS.
Co.
&
WILLIAM
Company
York
Hanseatic
EDWIN
Edwin
L.
&
Carey
Kidder
M.
&
Corporation
J.
Co.
ALBERT
Carl
Marks
&
Co.,
Inc.
New
York
Hanseatic
WFIGEL, CHARLES
W.
E.
Hutton
&
A.
ZEEMAN,
Co.
(Associate)
Carl
Jr.,
HARRY L.
Marks
&
Co.,
Inc.
Co.,
(Associate)
(Associate)
L.
WEIGNER, ARTHUR
Tatro Company
Tellier &
C.
Corporation
ZINGRAF, CHARLES M.
Brothers
Laurence
M.
Marks
&
TELLIER, WALTER F.
securities
(Associate)
ZEBERTOVICII, ALEXANDER
White, Weld & Co.
Lehman
foreign
A.
ZACK,
ROSWF.LL
J.
Zuckerman, Smith & Co.
Utility
TATRO,
and
Co.
WEHMANN, GILBERT H.
G.
F.
Co.
THEODORE R
YUNKF.R.
WECK. ALBERT H.
SWENSON,
Industrial, Railroad
puhlic
WECHSLER, THEODORE
J.
SULLIVAN, WALTER E.
Hayden, Stone & Co.
' '
;
MARK
Onderdonk
LAWRENCE
Alien
Moore, Leonard & Lyncn
STUART,
Co.
THOMAS
Co.
WECHSLER, ARNOLD J.
Underwriters, Brokers and Dealers
&
WORTHINGTON,
WEBSTER. W. FOSTER
STROTHMANN, NELSON A.
M.
& Co.
WASSERMAN, JOHN
STRAUSS, ABRAHAM
A.
Rlchman
F.
Co.
Co.
Strauss,
WITTMAN, DAVID
Jersey City,
N.
J.
WEILAND,
H.
C.
WILLIAM
ANTHONY
Wainwrlght & Co.
ZINNA.
(Associate)
Co.
EDWARD
Smith.
Barney
&
Co.
TENENBAUM, L. JAY
Goldman, Sachs & Co.
TERRY, FREDERICK A.
Hamlin
&
Lunt
TETMEYER,
Dominlck
Burnham
MEMBERS
NEW
Company
and
YORK
AND
AMERICAN
STOCK
15 BROAD STREET, NEW YORK 5, N. Y.
CABLE: COBURNHAM
(Associate)
WILLIAM
&
Brokers
and
J.
Dealers Are Invited
to
Offer
Domlnick
THISTLETON, JOHN F.
Newburger, Loeb & Co. (Associate)
Us Blocks
of
Investment
Quality Securities
EXCHANGES
•
TELETYPE
Dl 4-1400
NY
1-2262
Suitable
THOMPSON, EDWARD I.
Smith, Barney & Co.
Retail Distribution
for
THOMPSON, WILLIAM F.
Greene
and
Company
TINI, HENRY R.
R.
L.
Day
Co.
&
Amott,Baker & Co
TISCH, ALFRED F.
Fitzgerald
&
Company,
Inc.
Incorporated
TITOLO, JOAQUIN
MEMBERS
Harris, Upham & Co.
YORK
NEW
AMERICAN
STOCK
STOCK
EXCHANGE
EXCHANGE
TITUS, Jr., WILLIAM A.
Roggenburg
Members
New
National
.
.
"
York
Association
'I
.
Security
oj
&
Dealers
Securities
Association
Dealeis,
'
'
Co.
Inc.
1
Wertheim
&
Co.
150
TOMPKINS, BERNARD
(Honorary)
BROADWAY
NEW
Telephone BArclay 7-4880
•
"
CORPORATE SECURITIES
Greene
TORPIE,
and
V.
TORPIE, ROBERT A.
J.
C.
E.
Bradford
&
Co.
We Maintain A
Merrill Lynch,
Foreign Bonds & Stocks
Foreign Bond Coupons
RIEGEL PAPER CORP., CAP. STOCK
German Dollar Bonds
NEW YORK 6
Bell
Barrett Herrlck
TREFCER,
&
TRIGGER.
"The
&
RIEGEL TEXTILE CORP., PFD. & COM.
Co., Inc.
GEORGE D.
Inquiries Invited
Dixon
RAYMOND
Investment Dealers'
Digest"
(Honorary)
Ingalls & Snyder
TROSTER, OLIVER J.
Troster, Singer & Co.
Members New
Members
I
TRUE,
Teletype: NY 1-1928
Pierce, Fenner & Bean*
TRAPANI, RALPH T.
Cutter
Foreign Bond Scrip
J. F.
Trading Interest In
Unterberg, Towbin Co.
TRAGER, THOMAS J.
Telephone: WHitehall 3-3840
N. Y.
Torpie & Saltzmann
C.
Specializing in
BROADWAY
38,
Teletype NY 1-588
Company
JAMES
TOWBIN, BELMONT
29
YORK
TOPOL, ROBERT M.
•
Brokers and Dealers
All
(ASSOC.)
CHARLES
P.
Reilly & Co., Inc.
100
BROADWAY
COrtlandt
TUZO, LAMAR K.
Union Securities Corporation
York Stock Exchange
American
7-6800
Stock
Exchange
NEW
—
Bell
System
YORK
Teletype
NY
5, N.
Y.
1-1459
Convention Number
Security Traders Association of Los Angeles
BOURBEAU,
Daniel
EDWARD
Reeves
St
BRASSINGTON,
Farmers
&M0M
Los
LIPPMAN, WILLIAM A.,
Holton, Hull St Co.
J.
Beverly Hills
Co.,
D.
Merchants National
St
33
FINANCIAL CHRONICLE
THE COMMERCIAL and
LIVINGSTONE,
ALAN
Bank
of
CHARLES
Walston
Marache, Dofflemyre & Co.
Noyes
Co.
E.
F.
Hutton
St
J.
Co.
PATRICK
CALIN, EDWARD
McCREADY, A. WILLIAM
&
Shearson, Hammill & Co.
Miller
Revel
St
Co.
THEODORE
Harbison
CASS, ROBERT
R.
Richard
O'Neil
Robert
M.
R.
John
Green
Nevins
Clemens
T.
Lueker
Fewel
&
President: Richard R.
Treasurer: Clemens T. Lueker, Hill
Governors:
Thomas
J.
DAHL,
Euper, Akin-Lambert Co., Inc.; John
C.
Co.; Robert D, Diehl, Paine, Webber, Jackson & Curtis; Donald
E. Summerell, Wagenseller & Durst, Inc.
Alternates: John C. Hecht, Jr.,
Dempsey-Tegeler & Co.; Robert
Green, Pledger & Company, Inc.; James L. Beebe, William
11, 1954; Took Office: Jan. 1, 1955; Term Expires:
31, 1955.
Elected: Nov.
Webber.
DORMAN,
DORROH.
St
ALEXANDER,
Kerr
&
ANKENY,
BARSAMIAN,
JACK
ASCHKAR.
Jackson
KENNETH
&
St
Curtis
O.
St
Curtis
T.
California
R.
PIKE,
Company
WILLIAM
&
WARNES, ROY
Pierce.
Fenner
St
Bean*
Shearson, Hammill St Co.
Co.
WEBSTER, WILLIAM
E.
Weedon
St
&
Peirsol
C.
WILLIAM
Eichler & Co.
Bateman,
Co.
HERMAN
WEINTRAUB,
E.
Beverly Hills
Co.,
F.
Hutton
St
Company
JOHN S.
Wagenseller & Durst, Inc.
WELLER,
C.
Morgan & Co.
W.
POINDEXTER, CLIFFORD E.
Wagenseller St Durst. Inc.
WESSENDORF, JR., HOMER
Mitchum,
Jones
St
RAMPLEY, CHARLES
Dempsey-Tegeler & Co.
Shearson, Hammill St Co.
EBNER,
Jr.,
CHARLES
L.
Bateman, Eichler St Co.
WHEELER,
JOHN
E.
Akin-Lambert
WILLIAM
Barth
&
I
Hill
Richards
Co..
Lester,
Inc
&
Templeton
Co.
WILLIAM
WRIGHT,
JAMES A.
REEVES,
Ryons
&
L.
Co.
Co.
P.
Harker
St
JOHN
WRITER, JOSEPH
S.
Walston
Co.
EUPER,
THOMAS
Akin-Lambert
RYONS, JOSEPH
J.
Co.,
Ryons
Lester,
Inc.
SANDIFER.
FETTERS, JOHN J.
Jones, Cosgrove St Miller,
FOWLER,
HERMAN C.
BETZ,
PAUL II.
Dempsey-Tegeler St Co.
J.
Lynch,
YOUNG,
I..
&
Co.
St
GRAHAM
St
Weeden
Co.
Co.
Co.
BEEBE, JAMES L.
William R. Staats & Co.
CLAYTON J.
Lester, Ryons & Co.
FRANK
Merrill
R.
RICHARD
RICHARDS,
Dempsey-Tegeler
BeU
B.
Fewel & Co.
DEL
Webber,
Paine,
WARD
L.
RICHARD
Crowell,
Jackson
ENGLE, EDWARD
BAKERINK,
NIELAND
ARSDALE,
Blyth St Co., Inc.
EARNEST, GEORGE H.
J.
ROSTER OF MEMBERS
Co.
PEIRSOL, THOMAS R.
JOHN
Hutton
F.
&
Tulk St Co.
Fairman
OWEN,
Dempsey-Tegeler St Co.
E.
VAN
CHESTER
O'NEIL.
M.
Co.
ELLIOTT,
(Members in Los Angeles unless
otherwise indicated)
Ryons
Noble,
Fewel & Co.
R. Staats & Co.
Dec.
&
D.
DAVIES, JR., WILLIAM H.
Paine,
Dempsey-Tegeler &
Gross,
R.
Templeton
&
DIEHL, ROBERT D.
& Co., Inc.
M.
Lester,
JAMES
Jones
RALPH
Fewel
Richards & Co.
National Committeemen: John C. Hecht, Sr.,
JOHN
NOBLE,
Hecht, Dempsey-Tegeler & Co.; Nieland B. Van Arsdale, Blyth
,
G.
Inc.
GORDON B.
Rogers St Co.
Weedon & Co.
Mitchum,
Secretary: John R. Nevins, Lester, Ryons & Co.
TUTTLE,
Blyth & Co., Inc.
ARTHUR
COCKBURN,
Pledger & Company, Inc.
TURNER, STEPHEN C.
Wagenseller & Durst,
Co.
&
Co.
Crowell,
O'Neil, Fairman & Co.
Weedon
MODRELL, PAUL
NEVINS,
CLAUDE,
Vice-President: Robert M. Green,
MILLER, WILLIAM A.
D.
Henderson
&
E.
Wagenseller St Durst. Inc.
Pierce, Fenner St Eeane
Crowell,
CARLSON,
DONALD
SUMMERELL,
CAMERON, DONALD M.
Merrill Lynch,
M.
SCOTT
STOUT,
D.
Inc.
Blyth St Co.,
McOMBER, A. SHANE
Co.
TIMOTHY
SPILLANE.
Revel Miller & .Co.
CALL, J. RICHARD
Miller
Webber,
Paine.
First California Company
J.
Jackson St Curtis
JACK
SILLICK,
MANWARING, JOSEPH R.
Revel
Co.
&
Morgan
Logan & Co.
BRUM, JAMES
Shearson, Hammill & Co.
Calin-Seley & Co.
W.
FOREST
SHIPLEY,
MACINTYRE,
BROWN, WILLIAM E.
Co.
St
SHIPLEY, CLIFFORD D.
E. F. Hutton St Company
CLEMENS T.
Hill Richards St Co.
E.
&
F.
ALLAN
SHERWOOD,
R.
LUEKER,
MAXFIELD
Hemphill,
Co.
St
Fairman
Angeles
BROWN,
PATRICK H.
SHEEDY.
Jr.
DONALD
Los
Pasaden*
M.
FRANKEL,
HAROLD
Fairman
St
FRANKLIN,
Samuel
Fairman
CHARLES
&
WILLIAM J.
Walter St Hurry. Inc.
ZINK, JAMES
A.
First California Company,
Co.
Incorporated
C.
Co.
SAMUEL
B.
Franklin
B.
Bingham,
Angeles "Times" (Honorary)
SHEEDY,
Mitchum, Jones & Templeton
Bank
ZIMMERMAN,
ROBERT
FRASER, JAMES
St
Company
G.
Stern, Frank, Meyer St Fox
Adams
FREEMAN, ALVIN R.
Dempsey-Tegeler St Co.
INDUSTRIAL, PUBLIC UTILITY, RAILROAD
GALLEGOS,
Members New York Stock Exchange
and American Stock Exchange
Lester, Ryons St Co.
GARROWAY, DAVID
Francis
and MUNICIPAL SECURITIES
Los
du
I.
GENTLE,
Pont
St
Co.
ANTHONY
Angeles
Herald
GINN, WILLIAM
Dean
Peck
&
JOSEPH F.
Witter
(Honorary)
St
DEALERS IN
Co.
RAILROAD SECURITIES
GLASS, Jr.,
William
Express
E.
CHESTER M.
R.
Staats
&
Co.
Guaranteed
Leased Line
Bonds
Preferred
Common
GREEN, ROBERT M.
Pledger St Co., Inc.
and
GREEN,
Laurence M. Marks & Co.
Members New
York Stock Exchange
American Stock Exchange
SAM
Pledger
St
Dean
Unlisted Investment Stocks
Witter St Co.
J.
B.
JACK
Hanauer
HARDCASTLE,
49 Wall
Street, New York 5, New York
Inc.
HALL, MAX
IIANAUER,
(Associate)
Company,
B.
St
Co.,
Beverly Hills
120 Broadway
PARKMAN
New York 5, N. Y.
Telephone REctor 2-4949
E. F. Hutton St Company
Teletype NY 1-724
HECHT, JOHN C.
Teletype N. Y. 1-344
Telephone HAnover 2-9500
Dempsey-Tegeler St Co.
Private wire
Philadelphia
to
HECHT, JR., JOHN C.
Dempsey-Tegeler & Co.
HENDERSON. ROBERT
Holton,
Hull
HOSKIN,
DISTRIBUTORS
St
HUDSON,
R.
L.
E.
Co.
NORMAN
Colburn
IMBLER,
A.
William
MUNICIPAL AND
J.
Co.
ARTHUR
Walston
UNDERWRITERS AND
St
St
Co.
DISTRIBUTORS
UNDERWRITERS
DEALERS
O.
R.
Staats
St
Co.
CORPORATE
IRISH, HERBERT
Fairman
SECURITIES
St
C.
Co.
Corporate and Municipal
JAMESON, CLAUDE
•
J.
Logan St
Co.
Securities
JOHNSON, WILLIAM A.
PRIVATE PLACEMENTS
Sutro
St
Co.
|
KEENAN, JOHN J.
Morgan St Co.
CORPORATE FINANCING
NICHOLAS P.
KIRWAN,
Dean
Van Alstyne, Noel &
Go.
Members:
New York Stock
52
Exchange
WALL
American Stock Exchange
STREET, NEW YORK 5
Philadelphia Office
Witter
St
Co.
1919
R. S. Dickson & Company
INCORPORATED
KNOBLOCK, SIDNEY
Crowell,
"RAFT,
Oscar
Weedon St Co.
Members Midwest Stock
E^xchange
OSCAR F.
F.
Kraft
St
Co.
CHARLOTTE
NEW
YORK
CHICAGO
KRAFT, OSCAR F., JR.
Oscar
Room 831, Western
Established
KELLER, THOMAS H.
J. A. Hogle St Co.
KRAFT,
Oscar
F.
Kraft
VERNER
F.
Kraft
St
Co.
Atlanta
Greenville
Raleigh
HARRIS
&
Co.
Saving Fund Building, Broad & Chestnut Sts.
LINK, FRANK
Harris, Upham St Co.
Direct
Wire
to
All
Offices
Richmond
Executive Committee: Rucker
Security Dealers Association
Alabama
Thursday* October 6, 1955
FINANCIAL CHRONICLE
THE COMMERCIAL and
34
Agee, Sterne, Agee & Leach, Bir¬
mingham; Elbert H. Martin, Odess, Martin & Herzberg, Incor¬
porated, Birmingham; Frank B. Frazer, Shropshire & Company,
Mobile; Hugo Marx, Jr., Hugo
Marx & Co., Birmingham; Wil¬
Hugo
Marx
MASTERS,
Merrill
&
Company,
Co., Inc., Birmingham; Howard
Lynch, Pierce, Fenner & Beane, Birmingham;
Clyde Ulmer, Courts & Co., Birmingham.
Jemison Investment
Hay worth. Merrill
Lynch,
Pierce,
Birmingham; Alonzo H. Lee, Sterne,
Agee & Leach, Birmingham.
MAYES.
Mcdonald, john
Lynch,
Montgomery
v
RALPH E.
Perry & Company,
Birmingham
OF
MEMBERS
Sellers,
Inc.,
John B. Cox, Jr.
James S. Crow
Eibridge S. Hydinger
O.
&
nabers.
Selma
Birmingham
Company,
Morrow & Co.,
FLETCHER,
J.
G. B.
J.
W.
of
ROBERT B.
PERRY
&
Herzberg, Inc.,
TUNSTALL
III,
Berney Perry
Birmingham
FRAZER, FRANK B.
National
First
Martin
Birmingham,
of
Birmingham
WARREN v
Bank, Montgomery
ANDREWS, J.
J.
Birmingham
Bank
National
First
Mobile
Mobile,
Investments,
|
LEWIS
ODESS,
Odess,
Bank
National
First
FORE,
JAMES C.
ANDRESS,
w.
Nolting
Incorporated
Martin & Herzberg
Birmingham
Birmingham
Bank, Birmingham
CARL
Birmingham
Odess,
Securities Corporation,
Equitable
Birmingham
drayton
NOLTING,
Carl
CHARLES
ALLISON,
Company,
HUGH, III
Watkins,
First National
Conville
Montgomery
>
JULIEN
ELIASBERG,
ALEXANDER, GEORGE B.
Farish,
Fenner & Beane,
Pierce,
Lynch,
Birmingham
Leach, Birmingham
&
Agee
Sierne,
&
Birmingham
MORROW,
Merrill
Mohr
Montgomery
Doe
EDDINS, JOHN
RUCKER
Birmingham
J.
MORROW, Jr., HUGH
W'atkins, Morrow &
WELDON W.
& Bonham.
DOE, JR.,
ADAMS,
AGEE,
SIDNEY
Thornton,
ROSTER
Birmingham
g.
McREE, S. A.
MOHR,
Berney
Beanfe,
Pierce, Fenner & Beane
Carlson & Co.,
January, 1956.
&
HAROLD B.
Hendrix & Mayes, Inc.,
Expires:
Took Office: January, 1955; Term
Elected: January.1955;
Fenner
Birmingham
Merri.l
National Bank of
Committeemen: James S. Crow, First
National
Birmingharti
ERNEST
Mohr and Farish, Montgomery; Leo C.
liam Gauntt, Thornton,
Turner,
marx, William
B.
& Company,
Inc.,
»
Shropshire & Company, Mobile
PERRY, W. BERNEY
O. L.
Lynch, Pierce, |
ANDREWS,
Merrill
Fenner & Beane,
ERNEST
ARMSTRONG,
Sterne
Agee
AVERYT
4
George M. Wood, Jr.
President:
James S.
Boyce
B.
Cox, Jr., Birmingham Trust Na¬
tional Bank.
Second
Birmingham.
Eibridge
■:
S.
Hydinger,
Carlson
&
Co.,
Odess,
S.
Boyce,
Merrill
Lynch,
Merrill
Pierce,
Fenner
&
MARION
Lynch,
E.
HAYLEY, FRED A.
Pierce,
Fenner
& Beane,
bonham, john
"
a.
'
■
GRADY
Lynch, Pierce,
Beane,
Inc.,
Odess, Martin
Birmingham
&
Beane,
C
Tr
HODGES,
O
&
&
Beane
"OLLEMAN
HUBBARD, CHARLES C.
Hendrlx & Mayes, Inc., Montgomery
Investments,
MARION J.
Jemison
BLYTHE
Securities
Corporation,
Investment
Members National Association
37 Wall
HOMER
Incorporated,
C.
of Securities Dealers
Merrill
JUDSON
& Leach,
COX, JOHN B..
Inc., Birmingham
CROW, JAMES
First
Bank
of
Lynch.
Pierce,
Fenner
&
GENERAL INVESTING CORP.
\
'
.
Members
New
York
'
Our proven ability,
Underwriters
contacts
Pierce,
Fenner
&
Beane,
Investment Co.,
Tnc.,
T.
CLYDE
&
Company, Birmingham
V1NCENTELLI, JOHN
Lynch,
Pierce,
Fenner
tor
are
at
Carlson & Co.,
&
WATKINS,
Birmingham
wood,
Marx
&
Jr.,
WARNER S.
Morrow
&
Co.,
Birmingham
M.
Wood & Company,
Montgomery
jr.,
George
Birmingham
M.
Birmingham
george
Wood
&
M.
Company,
Montgomery
YARDLEY,
Company,
P.
george M.
George
Inc.,
MARX» Jr-» v- HUGO
:Hugo
Watkins.
wood,
Company,
JOSEPH
Securities Corporation,
WATKINS, Jr., MILES A.
Stubbs, Smith & Lombardo, Int.,
Birmingham
Birmingham
MARTIN, ELBERT H.
Odess, Martin & Herzberg,
Birmingham
Marx
Jr.,
Equitable
Hendrix
THOMAS
&
Mayes,
K.
Inc.,
Birmingham
seasoned
your
service.
PRIVATE
WIRES
\ '
TO
V
of dealer and inves¬
interest in sound stocks
Hendricks
&
and lack of sponsorship.
Eastwood, Inc.
G. A. Saxton
&
Co., Inc.
Philadelphia
Teletype NY I-609-NY I-6IO
NEW YORK 5,
WE CAN
MARKETS OF
N. Y.
Telephone: BOwling Green 9-1600
BROADEN
McAndrew & Co., Inc.
San
Francisco
70 Pine
St., New York 5, N.Y.
INACTIVE SECURITIES
Teletype: NY 1-3390
OF
WHilehall 4-4970
MERIT
YOUR INQUIRY IS INVITED
./I
Beane,
Birmingham
Inc.,
suffering from thin markets
EIGHTY WALL ST.
&
Montgomery
H.
MARX, V. HUGO
specialty is the devel¬
opment
Distributors
Lynch,
Montgomery
TURNER, LEO C.
experience and national
Our
and
Merrill
Montgomery
HARRY
Birmingham
Security Dealers Association
Montgomery
WALKER,
Hugo
DENSON,
&
Beane,
Beane,
Birmingham
MILLS
Mohr
Farish,
ULMER
LYNN, HENRY S.
Sterne, Agee & Leach,
& Co., Inc. Birmingham
Inc.,
Sterne, Agee & Leach, Birmingham
'Birmingham,
DARBY, Jr., NOLAN C.
Merrill
&
LONG, KENNETH
CRUMPTON, TOM U.
T. U. Crumpton
Fenner
JOSEPH P.
Stubbs, Smith & Lombardo,
Birmingham
Birmingham
h.
Lombardo,
THORNTON, Jr., J. MILLS
Thornton, Mohr & Farish,
Merrill
'7
&
Birmingham
Pierce,
LOMBARDO,
S.V
GEORGE
J.
Thornton,
Courts
LEE, ALONZO
Jr.
National
Lynch,
Montgomery
Birmingham Trust National Bank,
Birmingham
P
HAnover 2-4850
Jr.,
Smith
Birmingham
Inc.,
ROY W.
LEACH, EDMUND C.
Sterne, Agee & Leach,
Montgomery
Telephone
NY 1-1126 & 1127
H.
STRAUGHAN, Jr., HOWARD R.
Jemison
MORTIMER A.
Sterne, Agee
Street, New York 5, N. Y.
Company, Birmingham
MERVYN
THORNTON,
Brodnax & Knight,
CARLSON, Jr., Robert H.
Carlson & Co., Birmingham
Teletype
&
Stubbs,
Co.,
JOHNSON, LYNWOQD S.¬
Merrill Lynch, Pierce, Fenner & Beane
Montgomery
YARDLEY P.*
Co., Birmingham
COHEN,
L.
Co., Birmingham
Birmingham
Sterne, Agee & Leach, Birmingham
Security Dealers Association
Inc.,
Birmingham
KNOWLES, BEN B.
&reeTve<mdcompaa\^
&
STUBBS,
Knight, Inc., Birmingham
Courts &
Members New York
Mobile
Birmingham Trust National Bank
HYDINGER, EB S.
Carlson & Co., Birmingham
Martin & Herzberg,
CARLISLE,
MURRAY
STERNE,
Hugo Marx & Co., Montgomery
KNIGHT, Jr.,
CANBY,
Beane,
STANSEL, ARTHUR
S. BROOKS
Tuscaloosa
SECURITIES
&
rrhokc
c
Birmingham
Odess,
Fenner
Sterne, Agee & Leach, Birmingham t
Cumberland
BRYANT,
Pierce,
^
JEMISON, Jr., JOHN S.
OVER-THE-COUNTER
Montgomery
R.
SHROPSHIRE, OGDEN
Shropshire & Company,
Carlson
Jr^C. O.^
Birmingham
C.
Bonham,
Lynch,
Birmingham
Courts
BOYD, JAMES R.
Carl W. Nolting
BROWN,
JOHN
Birmingham
Birmingham
Fenner
Birmingham
in
&
JR.,
SMITH,
HOnrFS
Fenner
imr ifma v
Pierce,
Lynch,
&
PHILLIP A.
HENRY M.
Stubbs, Smith & Lombardo,
BERNARD F.
& Herzberg,
HERZBERG,
Montgomery
MILTON
Brodnax
Inc.,
SMITH,
'-:r-
;
Sellers, Doe & Bonham,
BRODNAX,
Herberg,
Doe
Merrill
Pierce, Fenner &
-v '
Montgomery
TRADING MARKETS
&
Mobile
HENDRIX, JAMES R.
Hendrlx & Mayes, Inc., Birmingham
Inc.
BOSWELL,
OUR 25th ANNIVERSARY
Bank,
rroRrv
H^hii Lynch,
Merrill Tvn?h
Beane, Birmingham.
Merrill,
LOUIS
Martin
Birmingham
Birmingham
BOYCE,
E.
Birmingham
Sellers,
National
Merchants
HFPHT
dwigiit
Martin & Herzberg,
Merrill
Odess,
Lynch, Pierce, Fenner & Beane,
SHIVER,
.'?•
Milton
H.
IIAWORTH, HOWARD
SELLERS,
Bank of Mobile, Mobile
gomery.
Treasurer:
Inc.,
Birmingham
Montgomery
blair,
r
Secretary: George M. Wood, Jr., George M. Wood & Co., Mont¬
HOWARD
Montgomery
SCHULHAFER.
First National
Merrill
Vice-President:
PILL,
of Birmingham
Bank
R.
Lynch, Pierce, Fenner & Beane
BAXLEY,
National
Perry & Company,
Birmingham
Birmingham
ROBERT S.
BACON,
John
First
Birmingham
Crow, First National Bank of Birmingham.
Vice-President:
First
A.
Merrill
Milton S.
EDWIN A.
GENTRY,
E.
Berney
Thornton, Mohr and Farish, Montgomery
Leach, Montgomery
&
WILLIAM L.
GAUNTT,
Birmingham
Trading Markets in Public Utility, Natural Gas and Industrial Securities
Convention Number
Prentiss
Brown,
Nicolaus &
THE COMMERCIAL and FINANCIAL CHRONICLE
BOLIN,
Kansas
City Security Traders Association
FRANK
M.
Robert
Chairman, Mackinac Bridge Authority, St. Ignace, Mich.; Bert H. Horning, Stifel,
Company, Incorporated, St. Louis; Lawrence A. Rubin, Secretary, Mackinac Bridge
Authority, St. Ignace, Mich.
New
PRICE,
E.
Harris, Upham & Co,
Stern
BURTON, JOHN T.
York
City
STOENNER,
EARL W.
SELTSAM,
DONALD
SYLVESTER, W. CLYDE
A.
Hanni & Co.,
Seltsam,
CARNES, JAMES E.
Merrill Lynch, Pierce, Fenner & Beane
Cole &
Beecroft,
Burke
CIIARMLEY.
B.
C.
john
GEORGE
SOLOMON,
E.
L.
Harvey A. Clayton & Co.
COBURN,
Stern
CLAY
E.
Brothers
F.
E.
F.
E.
Co.
WELSH, MERLE L.
Harris, Upham & Co
Company
LEONARD A.
WHITE,
K.
Evans & Company
McDonald,
Company
Co.
&
STEPHENS.
WALTER i.
COLE,
&
JOHN
McDonald, Evans & Company
Company
RUSSELL
Hutton &
UDham
WAHLER,
HAROLD
Hutton &
SPARKS,
Sylvester Investment Co.
Harris,
Topeka
Co.,
P.
Investment
Soden
A.
Christopher & Co.
CLAYTON,
JOHN
SODEN,
C.
WAGNER, THEODORE F.
B.
MacDonald
&
W.
Topeka
FRANK J.
SNYDER,
ARTHUR W.
Prescott, Wright, Snider Co,
Brothers & Co.
Bache & Co.
CARROLL, LAURENCE
Co.,
Walter V. Bradley, B. W. Pizzini & Co., Inc.,
Pizzini, B. W. Pizzini & Co., Inc., New York; Frank H. Kemp, Campbell, McCarty &
Inc., Detroit; Lee R. Staib, Geo. Eustis & Co., Cincinnati;
Waddell
Beecroft, Cole & Co., Topeka, Kans.
&
JASPER
WIIITSITT,
V.
Reed, Inc., Atlanta,
A.
Ga.
DALE
R.
Weltner
E.
&
Co.,
Inc.
COLEMAN, harry L.
H. O.
Peet & Co.
COMBEST, earl l.
Charles M.
Erwin H.
James E. Carnes
Kneeland Jones
Harris
Eisen
Herrick
Barrett
CROWE,
&
Co.,
Inc.
JOSEPH M.
Luce, Thompson & Co.
President: Charles M. Harris, Harris,
Upham & Co.
Vice-President: Kneeland Jones, A. E.
Weltner & Co., Inc.
E.
James
Treasurer;
Carnes,
Lynch, Pierce,
Merrill
dyer,
E.
Fenner &
Secretary: Erwin H. Eisen, Lucas, Eisen &
—
located
In
otherwise
E.
F.
ROSTER
City
Kansas
Hutton
&
unless
BELL,
indicated)
e.
Merrill
ERWIN
Eisen
Bell
Zahner
Commercial
39 BROADWAY
NEW YORK 6, N. Y.
MEMBERS
JOHN
and
Company
NEW YORK STOCK
AMERICAN
FOLEY, CHARLES J.
H.
National
Peet
O.
Co.
&
STOCK
MIDWEST STOCK
EXCHANGE
EXCHANGE
EXCHANGE
Bank
W.
C.
Lynch,
JOSEPH McMANUSA CO.
Inc.
ELLIOTT, LANDIS
Barret, Fitch, North & Co.
FOGARTY,
Co.
BJORKMAN, J. d.
Company
h.
& Waeckerle,
evans. harold d.
McDonald, Evans & Company
ELDON R.
R.
The
BACKLUND,
Waeckerle, Inc.
OF MEMBERS
GEORGE
ASHBY,
Hutton & Company
EISEN,
Lucas,
Beane.
(Members
william j.
F.
hall, emma m.
Pierce,
&
Fenner
Kansas
Beane
City. Kansas
Commerce
Trust
Company
hanni, arthur r.
Seltsam, Hanni & Co., Inc.,
Topeka, Kans.
harris, charles m.
Harris,
Bacon, Stevenson & Co.
Members New York Stock
Members American Stock
Upham & Co.
harrison, william a.
Waddell & Reed,
Exchange
Exchange
HENRY,
Mark
Inc.
MARK
& Co.,
Henry
HILLMOND,
a.
Atchinson,
Kan.
W.
>mcoro>d
Waddell & Reed, Inc.
MUNICIPAL
BONDS
hunter. hayward h.
chicago
Baum & Company
George K.
JOHN P.
JENNINGS,
Bonds, Incorporated. Kansas City, Kans.
JONES, CLARENCE E.
Broadway, New York 6, N. Y.
39
Brothers
Stern
Telephone DIgby 4*4100
Co.
&
JONES, HAROLD H.
Prescott,
Wright, Snider Co.
jones, kneeland
a.
E.
J.
JOURDAN,
Our
the following common stocks
qualifies us as specialists in this group.
with
identity
for many years
H.
F.
Sivalls and Bryson
Boston &
B.
Albany Railroad
C.
Members
and
York'Stock Exchange
New
other
120
leading
George K. Baum & Company
MEYER, CARL A.
Columbian
Broadway, New York 5, N. Y.
231
So. LaSalle St.,
Private
Wires
to
Los
,
American Stock Exchange
Security and Commodity Exchanges
Chicago 4, 111.
Angeles and Chicago
Co.
MYRON
MESLER,
Securities
(Mrs.)
MOYER,
CO.
&
McDonald, Evans & Company
Dictaphone Corporation
&
LOWELL
Christopher
Mcdonald, claude m.
Disney (Walt) Productions
Houdry Process Corporation
Giannini (G. M.) & Co., Inc.
ERNST
john
Hutton & Company
Oil Co.
LISTROM,
Black
WALLACE
Peet & Co., Kansas City
latshaw,
E.
Bareco
O.
oohsal
Inc.
Weltner & Co.,
Corp.,
Topeka
MARGARET
THE
FOR
PERKINS
Waddell & Reed, Inc.
north,
frank w.
Barret,
Fitch,
North
'
& Co.
pauly, elmer w.
Prescott, Wright, Snider Co.
PITLUGA,
EDWARD
F.
Barrett, fiejiick & Co., Inc.,
jj
PRIVATE
NATIONAL
COVERAGE
OF
WIRE
LISTED
AND
SYSTEM
UNLISTED
MARKETS
36
THE COMMERCIAL and FINANCIAL CHRONICLE
Bond Traders Club of
ROSTER OF MEMBERS
Chicago, Inc.
Chicago
unless
COOLEY, RICHARD
Thomson
indicated)
otherwise
COOLEY,
ABE, WILLIAM J.
Hallgarten &
ADAMS,
JOHN
C.
A.
W.
Allyn
Loewi
and
David
Co.
ANDERSON, ALFRED
Francis
I.
du
Brown
E.
Pont
& Co.
C.
Lee
The
First
Frank H. Buller
Adolph C. Egner
Boston
A.
HARVEY
Devine
Cruttenden
CULLEN
&
CUMMINGS,
Noyes & Co.
Secretary: Frank H. Buller, Hickey & Co., Inc.
Treasurer:
Allyn and Company, Inc.
BARCLAY, HAROLD
Barclay Investment
Vice-President: George R. Wahlquist, Weeclen & Co.
Eastman, Dillon &
Directors: The Officers and
Paul J. Bax,
poration; John J. Hack, Jr., F. S.
A. G. Becker &
BAItROWCLOUGH,
The First Boston Cor¬
Moqeley & Co.; John D. Kipp,
Co., Incorporated; F. Girard Schoettler, Wayne
of
First
BARTII.
Company, Incorporated; Edward H. Welch, Sincere and Com¬
Elmer W. Hammell, Straus, Blosser & McDowell; Peter
BARTJIELL,
J.
Crutienden
Conlan.
Hornblower
&
Weeks; Fred T. Rahn, The Illinois
Koerner, F. S. Moseley & Co.: Harry L. Nelson. Blyth & Co.,
Casey, Doyle, O'Connor
A. G. Becker &
Co.
First
De
Boston
Corporation
BENSON,
&
Co.
&
Co.; John D. Kipp,
J.
Co., Incorporated.
P.
JAMES
Doyle,
Blaney & Co.
EDWARD
Shearson,
A.
Stein, Roe & Farnham
ELWELL,
Loewi
&
The
Co.
Co.
Specialists in
Co.
Inc.
P.
T.
National
Noyes &
Bank
of
Chicago
Co.
H.
Co.
&
Co.
GOODWIN,
Co.
GORDER.
Stone
&
Co.
EDWARD
Co.
JAMES
Fairman,
&
C.
Hammill
&
&
GOODMAN, WILLIAM D.
Freehling, Meyerhoff & Co.
P.
Bolger
WILLIAM
Hentz
GOODMAN,
Bache
&
McKinnon
&
Co.
GOTT.
EARLE
Milwaukee,
Wis.
GRAHAM,
The
&
Inc.
A.
Webster
&
Goodbody
C.
E.
Harris & Company
HENRY
Securities
Corporation
C.
Co.
THOMAS
Bankers Bond
Co.,
Louisville,
Ky.
CHARLES E.
GRATZA,
WILLIAM
Hornblower
Hutzler
&
&
GOLDEN, GEORGE T.
ERZBERGER, ELMER W.
Smith, Burrls & Co.
BOBLETER, IIENRY T.
Bros.
A.
Thomson
(Associate)
Francis I. du Pont & Co.
BLUMENTHAL. HAROLD
Swift, Henke & Co.
Salomon
Co.
&
JAMES
JOHN
First
David
J.
Co.,
I
A.
O.
(Associate)
ENYART,
McKinnon
&
GAMON,
(Associate)
BLOMBERG, CARL X.
Thomson
L.
Company
ADOLPH
EGNER.
Fuller
Reynolds & Co.
ROBERT
FINLEY
Shllllnalaw.
A.
FRED
GALLAGHER,
Inc.
P.
O'Connor
DUNNE.
Company
GLOSSER. EARL C.
O'Connor
LEO
Doyle,
BLOHM, MILTON R.
Glore, Forgan & Co.
February 28, 1956.
L.
Mich
and
and
GIESEN, ELMER J.
&
JOHN
JOHN
DOYLE,
P.
BLECHSCHMIDT,
Elected: January, 1955; Took Office: March 1, 1955; Term Expires:
DOYLE.
Co.
WILLIAM
William
NEIL
Boettcher
B.
BINZ. A. A.
Shearson, Hammill & Co.
IlLANEY,
FULLER,
GALE.
F.
Rapids,
DONOVAN,
GEORGE
E.
Young-Tornga
Grand
RODNEY M.
Borland & Co.
Betts,
YOUNG,
De
BECKER. WILLIAM J.
&
Halsey, Stuart
Noyes
Incorporated
Incorporated
FULLER. JOSEPH T.
William A. Fuller & Co.
A.
ANTHONY
& Co.,
LEONARD
Boettcher
W.
Condon.
JOHN
Hemphill,
BAX, PAUL J.
BERG,
Alternates: F. Girard Schoettler, Wayne Hummer & Co.; Star C.
J.
DETMER.
Company
M.
SIDNEY
Weis
FRIEDMAN.
Stein, Roe & Farnham
B.
Swift, Henke & Co.
Company, Incorporated.
Inc.; Fred
dePERSIO.
J.
Co.
&
Chicago
E.
Trust
ROBERT
Irving
HOWARD
McDougal
& Co.
&
&
DAVID80N,
GARY
NORMAN
Fahnestock
J.
Kneeland
Corporation
N.
CORNELIUS
Northern
FREEMAN.
J.
Co.
GLEN
of
A.
Co.
Harriman Ripley
Simmons
&
&
DARFLER.
&
FOLLMER, FRED J.
BERNARD
GEORGE
Goodbody
I..
Dempsey-Tegeler & Co.
BAUM,
National Committeemen: Thompson M. Wakeley, A. C. Allyn and
DAHLIN,
Co.
Michigan
X.
PATRICK
Ellis
E.
Bank
GEORGE
A. C. Allyn and Cjmpany,
CUNNINGHAM, JAMES
Reynolds & Co.
Co.
GEORGE
EDWARD
Harris, Upham
Hummer & Co.
pany;
Blunt
BARNHART, WILLIAM S.
Adolph C. Egner, Jr., Shearson, Ham,mill & Co.
The
FLYNN,
Bear, Stearns & Co.
|
Hentz
FLYNN,
J.
FRANK
CUMMINGS,
GERALD
National
DONALD T.
William Blair & Company
Co.
CUNNINGHAM,
G.
First
W.
Renshaw
FLETCHER.
Bear, Stearns & Co.
BALLISCH.
President: Fred T. Rahn, The Illinois Company.
H.
Co.
CHARLES
BACHAR, STEPHAN A.
Belts, Borland & Co.
A. C.
Co.
&
&
FITZSIMONS,
Langlli & Co.
Corporation
JOSEPH
The
W.
CRUTTENDEN, Jr., WALTER W.
S.
JOHN
ARTHUR,
David
HAZEN
Jr..
ARTHUR
FITZGERALD,
Brothers, Harriman & Co.
Cruttenden &
Corporation
Higginson
ARNOLD,
J.
R.
CRUTTENDEN, WALTER W.
WILLIAM A.
ANDERSON,
FENTON,
Rodman
JOSEPH
CORNELIUS,
ANDERSON. JOHN A.
Anderson, Plotz & Company, Inc.
Farwell, Chapman & Co.
Wis.
(Associate)
CORBUS,
WALTER C.
A. Noyes &
ALM,
Incorporated
Company,
FELLEGI, JULES
Milwaukee,
Co.,
Company.
FEIL, PETER V.
Langill <fc Co.
PETER
&
E.
and
FAUST, JOHN N.
Kidder, Peabody & Co.
H.
COONEY, WALTER E.
Kidder, Peabody & Co.
Henke
ALLYN.
McKinnon
&
WM.
COOPER,
George R. Wahlquist
ARTHUR
M. Byllesby
Incorporated
R.
Television Shares Management Co.
Co.
FRED E.
& Co.
Jr.,
Swift,
Rahn
FARRELL,
H.
located In
(Members
Fred T.
Thursday, October 6, 1955
EUSTICE,
Mid
BODEN. JOHN L.
JOHN
Continent
GREEN.
J.
Weeks
ARTHUR
A.
Shearson, Hammill & Co.
W.
Investment
& Securities
GREEN, LEONARD
Fairman, Harris & Company,
Corporation
Shearson, Hammill & Co.
&
Inc.
BOEDEKER, ROBERT F.
Central
Foreign Securities
Republic Company
BOWKER, HERBERT H.
Dean
Witter
BOYLE,
Co.
&
WALLACE
Glore,
Forgan
J.
&
Co.
'
BRADY, EDMUND G.
First
Securities
Mitchell & Company
Company of Chicago
BREWER, G. FABIAN
Foreign Investments
William
Blair
&
Company
BROWN, CARMAN S.
C.
S.
Brown
&
Members
Co.
Philadelphia-Baltimore Stock Exchange
BROWN, HARRY M.
Salomon Bros.
dnc.
120
Tel. WOrth 4-3113
WHitehall
Bell
Teletype N. Y. 1-1227
DAVID
Ellis
&
J.
INACTIVES
Simmons
BURKE, HERBERT J.
Rogers & Tracy, Inc.
CAMPBELL,
Street, New York 4, N. Y.
EDWARD
Continental
Trust
Teletype
3-9200
NEW YORK 5f N. Y.
*
■
FRANK G.
Kneeland & Co.
BURKE,
Associate Member American Stock Exchange
Telephone
BROADWAY
BURCH,
SECURITIES
Blunt
30 Broad
Hutzler
BULLER, FRANK II.
Hickey & Co., Inc.
tjd'wificldand
INVESTMENT
&
BUHLE, Jr., PHILIP C.
Goldman, Sachs & Co.
NY
1-515
J.
National
Illinois
Bank
vwwumimMHvwwnuwwwMWvvmwvuuwwwuw
CANN, JULES F.
Lehman
CANN.
A.
&
Co.
Brothers
MAURICE
G.
Becker
J.
&
Co.
Incorporated
CARLTON, FRANK A.
F.
A.
Carlton
&
Co.
We
CASEY, FRED J.
Doyle, O'Connor & Co.
are
CASSERLY. Jr., THOMAS D.
Doyle, O'Connor & Co.
BUYERS OF BUSINESSES
CAVANAUGH, AUDRAN J.
William
Fuller
A.
&
Co.
CERF, Jr., FLOYD D.
Floyd D. Cerf, Jr. Company,
Incorporated
and
oj
CHAPIN. RALPH
Aetna Securities Corporation
Reynolds &
Co.
BLOCKS OF STOCKS
CLARKE. JOHN W.
John
W.
Clarke
Co.
&
Incorporated
CLEAVER.
GEORGE
Lehman
Underwriters and Distributors
Industrial Securities
E.
Brothers
Inquiries Invited from Brokers and Dealers
CLINE,
THOMAS J.
Kneeland & Co.
COCHRAN, LOREN A.
William Blair & Company
COLLINS,
Herbert
PHILIP
J.
Sims
T.
&
Co., Inc.
COLNITIS,
JOHN J.
A. A. Harmet & Co.
COMBITHS.
William
111
Broadway
New York 6, N. Y.
CONDIT
Link,
J.
Fuller
CECIL
Gorman,
CONDON.
B.
WALLACE
A.
Co.
O.
Peck
RAYMOND
Van
Hill, Thompson & Co., Inc.
T.
&
Ingen
&
Co.
V.
& Co., Inc.
<
70 Wall Street, New
York 5, N. Y.
Telephone JFHitehall 44540
CONLAN, PETER J.
Hornblower
COOK.
H.
&
Weeks
FREDERICK
M. Byllesby
Incorporated
J.
and Company
'
iWWVWWWHHWWWWWWWHHWWWWHWUW
Convention
Number
THE COMMERCIAL and FINANCIAL CHRONICLE
••
.i
Crandon
Joseph T. Fuller, William A. Fuller & Co., Chicago; Paul W. Matthews, Matthews & Company,
Toronto, Canada; Mr. and Mrs. Joseph E. Masek, M. H. Bishop & Co., Minneapolis, Minn.
GREGORY.
Swift,
GRIGSBY,
John
to
to
DONALD
C.
Allyn
Kneeland
J
Company,
and
Inc.
Robert
W.
HACK,
F.
S.
Milwaukee,
Cruttenden
Farwell,
J.
Co.
&
McCormick
McDowell
to
Ernst
to
Co.
C.
Ernst to Co.
HARTWIG, CARL A.
Link, Gorman, Peck
First
& Co.
HEAI.Y.
WILLIAM
Chicago
'
HUMMEL, GEORGE F.
First Securities Company
Company
WILLIAM
HUNTER,
FRANK
The First National Bank of
HERMAN.
Cruttenden
Chicago
C.
McNulty to Company
MEYER, JULIEN L.
Salomon Bros,
to
Hutzler
T.
MEYERS,
HENRY P.
Goldman, Sachs to Co.
T.
&
Co.
MIEHLS, DON G.
William
to
Blair
to
Company
(Continued
Co.
on page
38)
Co.
C.
H.
JAY
JOHN
and
Childs
F.
Incorporated
Securities Corporation
American
Company
KEGLEY, WILLIAM C.
Rogers to Tracy. Inc.
to
Brothers
Stern
Shields & Company
F.
JOHN
Co.
H.
KEITH. CLYDE
Co.
Taylor &
N. Y.
James J.
MELL, HERMAN G.
Smith, Barney & Co.
T.
KEARNS, HUGH
KEHOE,
120 Broadway, New York 5,
j.
ERNEST A.
Cruttenden
Allyn and Company,
KEATING,
L. STAMM & CO
Incorpc:ated
F.
Co.
Co.
Rothschild
william
Co.
.
of Chicago
Co.
&
HENRY
&
McHUGII, JOHN D.
JEROME
to
Co.
to
Taylor
CHARLES
MAYER,
Investment
Greenebaum
KAPPA, HARVEY
S.
F.
Co.
KANT, HERBERT H.
A.
B.
&
of
A.
Merrill, Lynch, Pierce, Fenner & Beane
Republic Co.
Webber-Simpson
Company
BERNARD
IIORMAN,
EDDE K.
Central
Securities
L.
Inc.
& Co.,
to Co.
Smith. Burrl*
A.
Halsey, Stuart to Co. Inc.
Bacon, Whipple & Co.
HAYS,
JEAN
Bache
McGregor,
LAWRENCE N.
Co., Incorporated
to
&
Jr.,
McGREEVY, JOHN A.
to
Kneeland
Moseley
GEORGE w.
F. S. Yantis & Co., Incorporated
T.
Fuller
A.
S.
McGHIE.
Co.
to
MATHEWS,
T.
VINCENT
KANE,
HORDER, EARL R.
1IAWXHURST, JR., RALPH R.
Blair
JONES, WELLARD C.
Aubrey G. Lanston
H.
Eastman, Dillon to Co.
IIORACEK,
MARR.
Co.
MATZ.
LESTER
HOLT.
HART, JOSEPH E.
Wm. H. Tegtmeyer & Co.
&
M.
William
JOHNSON, TOGE V.
The First Boston Corp.
nOFER, RAYMOND
HARRELL, WILLIAM R.
Reynolds to Co.
Childs
F.
F.
Incorporated,
MARTIN L.
Byllesby and Company,
MARQUARDT,
B.
JOHN
JOHNSON,
Co.
McFARLANE, LAURENCE B.
Co.,
(Associate)
MAHER, RAYMOND A.
A. C. Allyn to Company,
JOHNSON. FREDERICK F.
Barcus, Kindred to Co.
HOFER, CHARLES
HARMET, ALFRED A.
A. A. Harmet to Co.
Inc.
W.
ROBERT
JANSHOFF,
Tex.
M.
Company
Incorporated
Dean Witter to Co.
THEODORE
HOELCK,
ELMER W.
Blosser
Straus,
H.
(Associate)
to
Hentz
MAGEE,
JAMES, WILLIAM E.
Halsey, Sttuart to Co.,
Co.
WILLIAM
Russ
L.
Chapman
HAMMELL,
H.
G.
to Co., San Antonio,
HOBBS,
Moseley to Co.
HALLFORD,
to
Wis.
MADDEN, ROBERT
JACOBSON, R. DONALD
Smith, Burris & Co.
HITCHCOCK, JAMES E.
JOHN J.
Jr.,
FRANK E.
Mercantile National Bank
Investment Co.
Trust
Baird &
W.
Robert
Milwaukee,
JACOBSON.
Co.
to
Greenebaum
Baird & Co.,
(Associate)
J.
Hutchinson Co.,
McCOTTER, DONALD C.
Lee Higginson Corporation
JAMES H.
Northern
MADARY, HARRY
HIRSCHBERG, EDWARD A.
HAACK, ROBERT W.
Wisconsin
RICHARD
HICKEY,
The
Fisher,
F.
Charles
MacLEAN,
A.
to Co.
Hutchinson
McMaster
ISAACS, MILTON J.
Straus, Blosser & McDowell
HICKEY, III, MATTHEW J.
A.
Co.
Chicago;
HUTCHINSON. HERBERT
HICKEY, Jr., MATTHEW J.
Hickey to Co., Inc.
D.
Co.
WILLIAM
Nuveen
GUILD,
A.
GORDON
Henke
Henri P. Pulver, McMastei
Quotation Bureau, Chicago, 111.
Leahy, National Quotation Bureau, Boston;
KERR. WILLIAM D.
Bacon, Whipple to Co.
Underwriters
Distributors
F.
GEORGE
KING.
Weld to Co.
White,
E.
Dempsey-Tegeler & Co.
KING, THOMAS
MEMBERS
New
York Stock Exchange
American Stock
York
New
KIPP, JOHN D.
York
Mercantile
York Coffee &
York
New
Exchange
STAR C.
Moseley to Co.
KOERNER.
Sugar Exchange, Inc.
Cocoa
Industrial and
Municipal
KOENIG, PHILIP F.
C. F. Childs and Company
New York Produce Exchange
New
Milwaukee, Wis.
(Associate)
Commodity Exchange, Inc.
New
Jr.
Marshall Company,
The
Chicago Board of Trade
Incorporated
Co.,
&
J.,
OTTO
KOCH,
Exchange
Becker
G.
A.
Exchange
Cotton
F.
S.
Securities
KOMAR, JR., JOSEPH
Paine, Webber. Jackson & Curtis
Exchange, Inc.
Chicago Mercantile Exchange
ROBERT
KRELL,
B.
Bacon, Whipple to Co.
Tel.:
Cables "STAMAL"
REctor 2-6800
ARTHUR M.
Arthur M. Krensky. Jr. & Co., Inc.
KRENSKY,
Jr..
LANE, ROBERT W.
Company,
and
Allyn
C.
A.
LANE. WILLIAM H.
Harris Trust to Savings
LANGILL. BANFORD
Langill to Co.
Incorporated
Bank
B.
IN OUR
50th YEAR
LANNAN, J. PATRICK
Kneeland
to
Co.
LaPAK, RAYMOND F.
Blunt Ellis to Simmons
MONEY
LA
LAWRENCE
to Co.
ROCCO,
EQUIPMENT
C.
TRUSTS
Lamson Bros,
LAWLOR, Jr., WILLIAM J.
Hornblower to Weeks
HARVEY G.
Co., Inc.
LEASON,
RAILROAD
to
Leason
LEASON, JR., HARVEY GLEN
GARVIN, BANTEL & CO.
NEW YORK
STOCK EXCHANGE
MEMBERS
AMERICAN
STOCK EXCHANGE
Inc.
LEE, ARTHUR D.
Goldman,
LEE.
MEMBERS
Co.,
&
Leason
MORTGAGES
JOSEPH M.
F. Rice and
Daniel
LIENING,
Freeman & Company
Sachs to Co.
PUBLIC
Company
UTILITY
EDWARD H.
& Co. Inc.
Miller, Spink
LILLIG,
COLLATERAL LOANS
SERVICING BANKS,
120
BROKERS & DEALERS
BARCLAY
7-6440
LEONARD
Illinois
TELETYPE
NY 1-17
ys,VAWsWs>,g
1905
BONDS
MUNICIPALS
V.
61 Broadway
Company
RALPH S.
Tracy, Inc.
LONG8TAFF.
Rogers to
TELEPHONE
DEC,
LINDER, EVAR L.
Paine, Webber, Jackson & Curtis
The
5
A.
■
Harrison & Co.
LOCKHART,
BROADWAY
NEW YORK
EDWARD
Carter H.
ESTABLISHED
New York
LORING, FRANK E.
Aubrey G. Lanston to Co., Inc.
LYNCH, PHILIP A.
Francis I. du Pont to Co.
_
j
REVENUE
BONDS
RALPH G.
Company
RANDALL,
Bond Traders Club of
Chicago, Inc.
Bache
&
Sincere
Mullaney, Wells & Company
MILLER,
C.
Childs
F.
and
Glore,
Forgan
Sz
Milwaukee
E.
Sz Co.
'
Milwakee,
W.
Gibson
Brown
HARRY L.
Sz Co., Inc.
NELSON,
Blyth
PODESTA.
POLLICK,
WILLIAM A.
NELSON,
Co.
Sz
JOHN
R.
RYAN,
PULVER,
F.
McMaster
SACCO,
Sz
Co.
Arthur
A.
Pierce, Fenner Sz Beane
LAWRENCE
NORTON.
Salle
Securities
RA
H.
Co.
Illinois
MING.
Glore,
H.
P.
D.
D.
Mr.
Krensky & Co.
of Chicago
Sz
&
John
SAYRE, BYRON J.
Co.
John
Nuveen
Ver
Co.
&
H.
Co.
Tegtmeyer &
Rice
F.
SCHOETTLER,
F.
over-the-counter
Company
Barclay
A.
Inc.
WILKIN,
C.
W.
Bacon, Whipple
Weeden
Wis.
GEORGE R.
Harry
Co.
THOMPSON
SCHWANZ, F. DAVID
Schwanz & Company,
FRED
IIL
Doyle,
Kneeland
WELCH,
SCOTT, MORTIMER W.
Scott Sz
Sincere
Wyandt, Incorporated
J.
&
Co.
LEROY
F.
Bank
of
Chicuao
R.
Co.
GLEN
Wortman
R.
Sz
Co.,
Aurora.
111.
(Associate)
O'Connor
Sz
O'Connor
EDWARD
and
Sz
THEODORE
The First
D.
Co.
WRIGHT,
Stifel,
WAUCHOP, RAYMOND C.
Doyle,
Sz
WORTMAN,
J.
(Associate)
SCOTT, JAMES H.
Blyth & Co., Inc.
Co.
Wilson
& Co.
WALSH, THOMAS
Aurora.
P.
WOOLARD, FRANCIS C.
WOUK,
Inc.,
Sz
IIARRY
J.
The First National
M.
M.
RICHARD
Cruttenden
GEORGE
WINTERHALTER,
G.
& Co.
JOHN N.
WILLIAMS, ROBERT C.
Racine,
Chesley & Co.
WALLACE,
Inc.
II.
Langill Sz Co.
Allyn and Company, Inc.
WALKER,
Investment Company
RICHARD
WILLIAMS,
Co.
Co.,
A.
Baker, Walsh Sz Co.
V.
JOHN
Sz
Boston
Co.,
Smith, Barney Sz Co.
& Co.
SCHUBERT, DONALD D.
securities
&
WAKELEY,
CLARENCE R.
SCHOLZ,
Co.,
Sz
WILSON,
WAHLQUIST,
GIRARD
Wayne Hummer
Meulen
Weeden
and
&
&
RICHARD
WIERENGA,
EDWARD
Nuveen
Atherton
Arthur M. Krensky & Co.,
Inc.
C.
(Associate)
SCHMITZ, JOHN F.
Daniel
Schirmer,
WERNECKE,
Krensky
MEULEN,
Ver
SCHEUER, CHARLES G.
Wm.
Creamer,
Harry O. Valleau Sz Co.
VALLELY.
Chesley Sz Co.
PHILIP
M.
E.
E.
VALLEAU, HARRY O.
Kenly
SAWERS, ARTHUR R.
Company
Sz
LAWRENCE
SANDBERG,
Co.
JAMES
Arthur
P.
William
Mrs.
FRED
Rogers Sz Tracy,
VACHA,
Co.
&
&
UNGEHER,
SADLER, FRED ».
T.
Forgan
Co.
&
MOREY
SACHNOFF, SAMUEL
The First National Bank
Norris
The
C.
ARTHUR
SACHNOFF,
Co.
Inc.
M.
Fuller & Co.
A.
Cruttenden
W.
Harrlman
Hutchinson
FRED
RAIIN,
NEWPART, CHRIS J.
Merrill Lynch,
HENRI
Hutzler
GERALD
Jr.,
William
A.
Sadler
NEWELL, EDWARD
Langill Sz Co.
A.
Sz
Bros.
MERTON A.
Halsey, Stuart Sz Co.
RUSSELL,
Swift, Henke Sz Co.
Bear, Stearns Sz Co.
Inc.
Inc.
C.
EDWARD
ROOB,
Salomon
ROBERT
Cruttenden
Harris & Company,
Hickey Sz Co., Inc.
Co.
GEORGE
CLARKE J.
Sz Company,
Harris
ROGERS, JOHN
Weeks
Brothers
(Associate)
Co.
ROBINSON, ELDRIDGE
C.
Jr., GEORGE
Peabody Sz Co.
Kidder,
PETRIE,
Co.,
&
Fairman,
PETERSON,
ROBERT A.
Incorporated
Blair Sz
Sz
Incorporated
WILLIAM T.
Fairman,
Inc.
Company
Sz
St
LEO
T.
Co.,
ROBERTSON,
& Co.,
CHARLES
Hornblower
MURPHY,
Co.
A.
Gibson
TERRIGO,
MURPHY, JAMES H.
Dempsey-Tegeler Co.
P.
W.
&
;•
RING, HERBERT A.
Thomson & McKlnnon
L.
DONALD
EDGAR
C.
Sz
ARTHUR
C.
PECK,
•
B.
Loewi
Lanston
G.
Sz
RILEY,
Jr., JOHN
Hutton
F.
W.
R.
Sz Co.
Upham
Blair
Co.
HOWARD
PEARSON,
L.
DONALD
Harris,
REYNOLDS.
P.
Sz
O'Rourke
P.
PARKER.
Company,
(Associate)
MULLER,
JOHN
>
•
RICE, ROBERT M.
R. M. Rice Sz Co.
Inc.
O Rourke
P.
Aubrey,
C.
McMaster Hutchinson
MOSIIER, THOMAS
Wis.
J.
Co.
Corporation
HOWARD
MORTON.
The
J
PAMPEL,
Boston
Co.,
OROURKE.
ORION
First
Sz
O ROURKE,
MOON, RUSSELL F.
Shearson, Hammlll
MORRIS,
The
Blyth
Company
THOMAS It.
Sz Co.
MONTGOMERY.
Company
HUGH J.
OLDERSIIAW, HALLOCK
DONALD L.
MOFFAT.
Chicago
Wis.
REVELL, RAYMOND F.
White, Weld & Co.
P.
Borland Sz Co.
Betts,
Inc.
& Co.,
Spink
Miller.
and
O'CONNOR,
It.
SAUL
P.
Securities Co.
Salle
La
O'BRIEN, EDWIN
M.
CHARLES
MILLER.
OF MEMBERS
Milwaukee,
EDWARD
RENTER.
ROSTER
F.
Co.,
ROY
'
(Continued from page 37)
of
Securities
First
REED,
La
Thursday, October 6, 1955
THE COMMERCIAL and FINANCIAL CHRONICLE
38
Scott
VOUNG.
H.
La
Company
National
CIIAPIN
Nicolaus
WYANDT,
Co.
Sz
E.
Bank
of
Clncaao
N.
Sz
Co.,
Inc.
OWEN H.
Wyandt,
Incorporated
RAYMOND
W.
Salle Securities Co.
SEARLE, RICHARD M.
Hallgarten
frank c. moore & co.
42
Telephone
The
Broadway, New York 4, N. Y.
WHITEHALL
3-9784-5-6
&
Co.
SELLERS, PAUL A.
Illinois
Company
SENNOTT, WILLIAM J.
Teletype
NY
H. M.
1-2628
Byllesby and Company,
Incorporated
Specialists in
SHALES, GLENN S.
Carter H.
Harrison Sz Co.
SHAW, BRADFORD
W.
Swift, Henke Sz Co.
SHERWOOD, DONALD B.
Reynolds
BANK and INSURANCE
Co.
&
SILBERMAN,
NATHAN M.
Straus, Blosser & McDowell
Active
SIMMONS, RICHARD W.
Trading Markets in
Blunt
Ellis
SINCLAIR, RICHARD
White, Weld & Co.
UNLISTED SECURITIES
i
M.
SJOSTROM, ROBERT A.
Kidder, Peabody Sz Co.
SKEPNEIC, Jr.,
PAUL J.
Rogers & Tracy,
SMITH,
The
LLOYD
First
SMOLE,
Inc.
H.
National Bank
JOSEPH
of
Chicago
A.
The First National Bank
of
Chicago
SORENSON. OLAF A.
Gerald F. X. Kane
Fahnestock
&
Co.
WALL
STREET
NEW
YORK
&
5
&
Co.,
A.
50
BROADWAY, NEW YORK 4, N. Y.
Telephone: DIgby 4-2420
Teletype: NY 1-3430
Inc.
Direct
SPARKS, ALLEN K.
F.
edwin l. tatro company
Co.
SPANIER, WILLIAM A.
Leason
ONE
STOCKS
Simmons
&
Telephone
BALTIMORE —BOSTON —HARTFORD:
Carlton Sz Co.
Enterprise
7846
STEFFES, JAMES W.
Swift, Henke Sz Co.
STEPHENS, DONALD B.
Cruttenden
STEWART,
The
Sz
Co.
JOHN
First
W.
Boston
Corporation
STONER, HARLEY H.
Halsey, Stuart & Co. Inc.
STRAIT, WALTER L.
Underwriters and Wholesalers
Swift,
Henke
&
Co.
STRAUS, FREDERICK W.
Straus, Blosser & McDowell
of
STRAUSS, ROBERT
Daniel
F.
and
Rice
Company
STRONG, ORVILLE H.
Natural
The First National Bank of Chicago
Resource, Industrial & General
SUNDELL, ROY B.
Julien
Collins
&
Company
SWANSON, KNUTE
Market Securities
G.
Carter H. Harrison
Sz Co.
SWIECH, STANLEY
Stanley Swiech and Company
TEGTMEYER,
WILLIAM
H.
Wm. H. Tegtmeyer & Co.
TERO,
A.
C.
ROBERT
Allyn
J.
and
Company,
Incorporated
THOMA, GLEN J.
Harris, Upham Sz Co.
THORSEN,
LESTER J.
Glore, Forgan & Co.
PETER MORGAN & CO.
31
Tel.:
TORGERSON, FRANK S.
Link, Gorman, Peck Sz Co.
TORNGA,
Nassau Street, New York 5, N. Y.
Dlgby 9-3430
DeYoung-Tornga Co.
Grand Rapids,
Mich.
Tele.: NY 1-2078
TORREY,
GEORGE
McCormick
-
Kugel, Stone
Incorporated
Co.
HERMAN
Sz
30 Broad Street
(Associate)
R.
Co.
TRITSCHLER, ALEXANDER M.
Reynolds Sz Co.-' .'■> J.
Telephone: WHitehall 3-2050
New York 4,
N. Y.
Teletype: N.Y. 1-1822
Convention
Twin
Number
THE
City Security Traders Association, Inc.
PLUMLEY.
BISHOP, MORLAN H.
M. H. Bishop & Co.
National
Securities
Corp.
Research
&
Juran
&
W.
Investors
HARMON
E.
Diversified
CAMPBELL,
SAM
Jamieson
&
Inc.
Services,
ROBERT
COHEN,
J.
&
Clarey,
Homer
Collins
Juran
&
President: Harold L. Field, Jamieson &
Company, Minneapolis;
Vice-President
George A.
Minneapolis.
MacDonald,
First
National
Bank
FERGUSON,
FIELD,
HAROLD
apolis.
National Committeemen: Fred S.
Minneapolis.
pany,
October 28,
ROSTER
OF
located
J.
in
Minneapolis
unless
Co., St.
Bank
of
Minne¬
St.
Paul
ARTHUR C.
H.
&
Tarras de
C.
WARNER,
&
Co.
White,
Claire,
LEO
Merrill
Wis.
LLOYD
Company,
&
Co.
J.
Lynch, Pierce, Fenner & Beanu
WITTENBERG, WILBUR W.
Blyth & Co., Inc.
Inc., St. Paul
WIKMAN.
KERMIT
A.
FRANK
Weld
WHITE,
Eau
Co., Winona
(Associate)
Minneapolis
DALE
Reynolds
B.
WIKMAN,
M. H.
Company
&
E.
R.
Co.
W.
Bishop & Co.
Paul
Co.
&
RAY
M. Dain
B.
&
Company
GEARINO, E. R.
Marquette National Bank
M.
H.
Pflugfelder & Rust
Members
Bishop & Co.
of the
New
York
Stock
Exchange
GOODMAN, DONALD F.
MEMBERS
BABCOCK, Jr., CARROLL II.
otherwise indicated)
«fe
Bishop
Francis
(Members
National
K.
GIESEN, WILLIAM H.
1954; Took Office.: October M 1954.
Company
EMIL
H.
GARCI^,
Elected:
of
First National Bank of
SORUM.
&
apolis
SMITH, JACK P.
L.
Incor¬
GALLAGHER, JOHN A.
Smith, Barney & Co.
Alternates:
Emil J.
Klemond, Merrill Lynch, Pierce, Fenner &
Beane, Minneapolis; Harold L. Field, Jamieson & Company,
Minneapolis.
SIVERSON,
Co.
Nuveen
FLODIN,
M.
Goth, Irving J. Rice & Company,
Incorporated, St. Paul; Raymond B. Garcia, J. M. Dain & Com¬
BEN
& Co.,
Jamieson
Kalman
Company,
JACK
O.
Northwestern
A.
Williams
Allison-Williams
John
Treasurer: Donald N. Anderson, First National Bank
of St. Paul.
Ac
WALLACE
FISK,
Curtis
HUGH
Jamieson
Secretary: Raymond B. Garcia, J. M. Dain & Company, Minne¬
&
PRESTON B.
SIRIANNI,
Wilson
&
Blyth & Co., Inc.
of
.
Gilbert
Dain
M.
TALBOT.
RICHARD D.
St. Paul
Baxter,
FELDMAN, GRANT A.
Piper, Jaffray & Hopwood
H.
and
PAUL A-
STONER,
TARRAS.
SHUTE,
GEORGE
Byllesby
Moody,
&
National Bank
First
DEVINE, OWEN C.
Hazeltine,
M.
M.
SEMPF, WALTER J.
'
.
DAYTON, LEONARD V.
Smith, Barney & Co.
Donald N. Anderson
H.
Duluth
Co.,
(Associate)
George A. MacDonald Raymond B. Garcia
CHESTER
SANDAHL,
COLLINS, HOMER
Curtis
J.
Webber, Jackson
Paine,
«b
porated
Lynch. Pierce. Fenner & Beane
ROWND,
Inc.
ROMAN J.
Steichen & Co., Inc.
J.
ST1LLMAN.
Paul
J.
Inc.
MERRILL M.
Dain & Company
M.
R.
Co.
J.
CHARLF.S
Merrill
CLAREY, JOHN M.
W.
Company,
STEICHEN.
Je
Inc.
Co.,
RIEGER,
Keenan
II.
ARTHUR
IRVING
Paine,
Irving J. Rice & Company, Inc., St.
T.
Johnson-McKendrick
Co.
&
JOHN F.
Webber, Jackson
STEELE,
At
Woodard-Elwcod
RICE,
CAMPBELL,
Kalman
Paul
W.
E.
Presc«ut
RAND.
W.
(Associate)
Co.
J.
HARRY
STARN,
St.
Moody,
PRESCOTT
BROWN,
SPACE. WALTER P.
Woodard-Elwood & Co.
N.
ALFRED
upham & Co.
Harris,
PREES1IL, F. WARREN
BORIN, LEIGHTON
Harold L. Field
39
COMMERCIAL and FINANCIAL CHRONICLE
I.
du
Pont
&
Co.
GOTH, FRED S.
Irving J. Rice & Company,
piper( Jaffray & Hopwood
61
Inc.
BROADWAY,
NEW YORK
6,
N.
Y.
St. Paul
ALDRICH,
Central
MALCOM
Republic
M.
BECKER, CHARLES
Company
Johnson-McKendrick
ANDERSON, DONALD N.
GRUN,
Co.,
Inc.
First National Bank of St. Paul,
St. Paul
Allison-Williams
ALPHONSE
First
National
IIAMMEROT,
BERGMAN, OSCAR M.
Reynolds
Company
J.
Bank
of
Minneapolis
HOWARD
&
Co.
Telephone BOwling Green 9-4900
HARRIS, ROBERT E.
ARMS,
J.
P.
JAMES
Arms,
P.
BERRY, RICHARD J.
Incorporated
Harold
E.
Wood
&
J.
Co.,
St.
Paul
M.
Dain
&
Company
HAW, FRED
First National
Bank
of
Minneapolis
HEIRONIMUS, ROGER L.
Marquette National Bank
1023
<5>
1955
HENNINGS, HENRY B.
Northwestern
National
Bank
of
M<laughun,Cryanico.
Minneapolis
HUNT, JOHN W.
"
Midland National Bank
Brokers and Dealers
JACKISH,
Merrill
in Listed and Unlisted
GEORGE
MEMBERS
NEW
V.
Lynch, Pierce, Fenner <fe Beane
KENNETH C.
Smith, Barney & Co.
JOAS,
EMIL
Johnson-McKendrick
JOHNSON,
First
Paine,
INQUIRIES INVITED
ROY
Jr.,
National
KELLAR,
COMMODITY
|
&
Co..
of
Bank
Webber,
Minneapolis
Jackson
KINNARD, JOHN
Merrill
Frank C. Master son & Co.
WALL
STREET
•
1923
KOOP,
NEW YORK 5, N. Y.
ADVISORY
SERVICE
&
Curtis
BOND
BROKERAGE
SERVICE
G.
Lynch,
Specializing in Public & Stockholders Relations
Pierce,
WILLIAM
Fenner
&
Beane
W.
Piper, Jaffray <fc Hopwood
LEWIS.
W.
WALL
ONE
Francis I. du Pont & Co.
Exchange
INVESTMENT
Klnnard & Company
LEJCIIER, GEORGE F.
(Associate)
STREET
NEW
YORK
5
Telephone HAnover 2-1355
WARDWELL
Reynolds
Telephone HAnover 2-9470
(ASSOC.)
INC.
Inc.
J.
KLEMOND, EMIL J.
64
EXCHANGE
EXCHANGE,
HENRY
John G.
Members American Stock
STOCK EXCHANGE
STOCK
JOHNSON.
Securities
Established
YORK
AMERICAN
Teletype—NY 1-2155
Co.
&
Teletype NY 1-1140
MacDONALD, GEORGE A.
First
National
Bank
of
Minneapolis
MACH, ROBERT F.
Reynolds
C.
ORIGINATORS
-
UNDERWRITERS
-
DISTRIBUTORS
CORNELIUS
D.
Mahoney & Co.
MASEK,
M.
H.
JOSEPH
Bishop
MATHISON,
NEW JERSEY MUNICIPAL
Piper,
Paine,
STATE, MUNICIPAL
E.
&
Co.
and
DONALD
Jaffray & Hopwood
MATSCHE,
AND
D.
Mahoney <b Co.
MAHONEY, JOSEPH C.
C.
OF
D.
Co.
&
MAHONEY,
PAUL
Webber,
E.
Jackson
Curtis
&
REVENUE BONDS
St. Paul
McGANN, GLENN
AUTHORITY REVENUE OBLIGATIONS
Francis I. du Pont & Co.
McKENDRICK,
Johnson-McKendrick
McNAGHTEN,
(Associate)
EDWARD
ROBT.
&
Co..
Inc.
S.
Williams-McNaghten Co.
MILLER,
JOSEPH
Kalman
Boland, Saffin
Established
20
PINE
ST.
NEW YORK 5,
N. Y.
&
Co.
1920
BYRNE
Inc.
WHITEHALL 3-3414
Mannheimer-Egan,
Inc., St.
44
Paul
Central Republic Company
OSTROM,
(Associate)
GEORGE
Republic
PHILLIPS,
Telephone
Company
Caldwell.
GUYBERT
M.
Phillips Co., St.
Wall Street
New York
System Teletype—NY 1-535
PHELPS
Incorporated
O'CONNOR, WILLIAM G.
TELEPHONE
AND
R.
Company,
MYERS, THEODORE A.
Central
Bell
&
Paul
DIgby 4-2410
5, N. Y.
Teletype
NY
1-1474
40
THE COMMERCIAL and FINANCIAL CHRONICLE
Joseph
and
Mary
Smith, Newburger & Co., Philadelphia; Mrs. George J. Muller,
Mary and John M. Hudson, Thayer, Baker & Co., Philadelphia
Drexel
Hill
and
Mr.
Pa.;
Mrs.
Elmer
Charleston,
Hammell, Straus, Blosser & McDowell, Chicago; Henri P. Puiver, McMaster
Peter J. Conlan, Hornblower & Weeks, Chicago
MERRILL
&
C.
S.
LYNCH.
FENNER
PIERCE.
♦SMITH, .DAVID
Jackson
BEANE
Columbia, S.
♦SMITH,
C.
♦BAITS, WALTER E.
Branch
Banking
Wilson,
N.
c.
e.
Co.
Trust
&
Greenville,
♦NISBET,
Laurinburg, N. C.
Law
M.
&
Spartanburg,
♦NORRIS,
C.
S.
Columbia,
Clanton
Greensboro,
J.
&
N.
Company,
F.
Jones
Lloyd Canady
Harold C. McCarley
James
Conner
Charleston,
President: Edgar M. Norris, Greenville, S. C.
Vice-President:
Charles
F.
Jones,
Securities
First
Corporation,
Durham, N. C.
C.
McCarley,
McCarley
&
Company,
Inc.,
Greenville, S. C.
North
Citizens
Trust
♦DARGAN,
Canady,
Lloyd
Lloyd Canady
Jr.,
R.
Interstate
Securities
Charlotte,
N.
Charlotte,
N.
OF
S.
R.
Corporation
♦BARNES,
COMPANY
JAMES
PRINGLE,
(THOMAS)
N.
Pines,
R.
AND
C.
Frost,
N.
COMPANY
&
Southern
N.
C.
♦DIXON,
ERWIN
ijmiiiimiMiiiMiiiiMMMmiHiiiiiMiiiiiMiiimiiiiiiMiiimiiimiiiiiiiiiiimmiiiL
ROBERT
Huger,
Co., Greensboro, N. C.
Durham,
N.
EVERETT,
Selected
C.
Jr.,
'
LAWRENCE
;
•
E.
N.
C.
&
Covington,
Spartanburg,
S,
Incorporated
Greensboro,
H.
Alex.
Brown
S.
&
Sons
Winston-Salem,
C.
♦
&
C.
N.
BEN
WITHERS, Jr.,
R.
Company
S.
C.
N.
P. T.
Dickson & Co.
Charlotte.
N.
Inc..
C.
C.
♦SMITH, ALLEN II.
♦Also
Gastonia, N. C.
Traders
members
of
the
National
Security
Association,
.
PRIMARY
S.
MARKETS
Investments, Wilmington, N. C.
♦griffin,
george
i.
Complete Trading Facilities and Experience
Reynolds & Co., Raleigh, N. C.
♦HARDIN,
ERNEST
E. L. Hardin &
For
L.
Co., Inc., Salisbury, N. C.
Brokerage Service in all
♦IIAYS, ROBERT S.
R.
Joseph J. Lann Securities,
inc.
S.
Hays <fc Company, Inc.
N. C.
♦HUNT,
37
WALL
Jr.,
Alester
STREET, NEW YORK 5, N. Y.
ROY
G.
Douglas
C.
Alexander
&
CHARLES
Co., Greensboro, N. C.
Corporation
C.
N.
♦lawrence,
simon
SIEGEL
s.
Branch
N.
39
C.
♦LEWIS, RICHARD
The
W.
S.
E.
DIgby 4-2370
N. Y.
Teletype N.Y. 1-1942
C.
Dickson
S.
Co., Inc., Columbia, S. C
b.
&
Co., Inc.,
Representation of dealer and corporate accounts in the origina¬
Charlotte, N. C.
♦MANNING,
Vivian
DEALERS
CO.
NEW YORK 6,
JENNINGS
D.
G. H. Crawford
♦LYON,
R.
C.
BROADWAY
Robinson-Humphrey Company, Inc.,
Charleston,
♦LUCAS,
UNDERWRITERS • DISTRIBUTORS
&
Banking & Trust Co.
Wilson,
n:iGiiiiiiiBi3iiiiiiiiiiiiiiiiiiiiisiiiBioiiiiiii!iiiiiiiiiBisiiHiiiiiiiiiiiiiiiiiiiiiiiiiiianr:
for BANKS —BROKERS and DEALERS
II.
F.
Securities
Durham,
J. Lann
MARSHALL
McDaniel Lewis
First
Joseph
Co., Inc.
Greenville, S. C.
JONES,
SECURITIES
F.
Furman
♦JOHNSON,
Telephone WHitehall 3-6344
UNLISTED
Durham,
MALCOLM
M.
Manning,
matthews. david
Southern
S.
S:
Underwriter
C
and dealer in
a.
special corporate situations.
Co., Inc.
C.
N.
♦McAllister,
R.
Greenville,
Investment
Charlotte,
tion and distribution of investment securities.
M.
harry
Dickson
&
Co.,
Retail Distribution
l.
Inc.
Charlotte, N. C.
Batkin
&
CO.
♦McAllister,
Joe
Joseph
McAlister
Co.,
f.
Greenville,
S.
GEORGE A. SEARIGHT
C.
McCALL, ARTHUR C.
30 BROAD STREET, NEW YORK 4, N. Y.
Alester
G.
Furman
WHITEHALL 3-3388
Member
Co.,
New
York Security Dealers Association
Inc.
Greenville. S. C.
TELETYPE NY 1-1965
♦McCARLEY, JR..
J.
Asheville, N.
C.
115
NATHAN
McCarley & Company,
Inc.
I
;
C
♦WARMATH, JOHN T.
♦WILLIS,
Jackson & Smith,
CO.
&
Simons,
JOSEPH
S.
JOHN
CHESTER D.
Ward
Charleston, S. C.
C.
Barnwell
Charleston,
B.
McDaniel Lewis &
II.
Co.,
SIMONS, KEATING L.
C.
Corporation
C.
Equitable Securities Corporation
&
Columbia, S.
N.
Jr.,
Asheville,
♦WARD,
MAYO
S.
CHARLES R.
McCarley & Company, Inc.,
ERNEST
Read
.
Corporation
Securities
♦WALLER,
The Robinson-Humphrey Company, Inc.
Inc.
IIARTSFIELD
Pines,
N. C.
C.
♦SANDERS, Jr.,
Co.,
C.
,DIETENHOFER
I.
Inc.
C.
N.
Greensboro,
V.
&
Co.,
C.
Securities
Vance
Fayetteville,
Pringle
G.
C.
S.
♦VANCE, Jr.,
ROBERT J.
N.
Charleston,
STUART
&
H.
♦READ,
S.
N. C.
Dickson
S.
E.
S. C.
L.
Spartanburg,
Company, Inc.
H. S. Dickson & Co., Inc.
Greenwood,
Inc.
VANCE, CHARLES R
Greensboro,
LOGAN
Charlotte,
G.
Carolina Securities Corporation
Raleigh,
C.
Co.,
Charlotte,
Reynolds & Co., Winston-Salem, N. C.
Co.,
♦
Vance
&
& Co.,
♦PRATT,
ROBERT
&
♦DICKSON,
MEMBERS
BABCOCK, CHARLES II.
C.
TRUST
DARST
Southern
ROSTER
AMERICAN
Company, Raleigh,
&
Carolina.
♦ABERNETIIY,
Inc.
C.
CROOM, WILLIAM D.
First Securities Corporation
Durham, N. C.
Dargan
Treasurer:
Company,
Charleston,
Inc.,
C.
N.
C.
♦TOWNSEND, JOHN C.
Townsend, Weston & Co.
E.
LEE
Peeler
Powell
♦CURRY, Jr., RAVENAL B.
Harold
Secretary:
M.
C.
♦POWELL, Jr.,
and
S.
S.
Durham,
C.
♦conner, james
Charles
Lee
Company,
Investment
Charlotte, N.
C.
S.
♦PEELER, J.
&
GRADY
Southern
The Robinson-Humphrey Company,
MELVIN
♦CLANTON,
Edgar M. Norris
THOMAS,
C.
♦PEARCE, PHIL
♦CANADY, LLOYD E.
Lloyd E. Canady & Company
Raleigh, N. C.
Smith,
Corporation
COMPANY
&
Spartanburg, S. C.
N.
♦SMITH, JOHN CLAYTON
Smith, Clayton & Co., Greensboro, N. C.
5s.
W.fflBLIN
EDGAR
Greenville,
CALHOUN
Smith
S.
Gastonia,
S.
Columbia, S. C.
Securities
Charlotte, N.
Company
W.
Smith,
C.
JR.,
Interstate
♦blackford, iienry j.
A.
T.
S.
&
FRANK
Frank
MILLS, HENRY
C.
♦beman,
^
1955
Hutchinson & Co., Chicago;
BARNWELL, JR., WILLIAM II.
Huger, Barnwell & Company
Securities Dealers of the Carolinas
W.
Thursday, October 6,
Broadway
New York
Convention
Mr.
Number
and
Mrs.
41
THE COMMERCIAL and FINANCIAL CHRONICLE
Michael
New Orleans
C.
Hardony, Ball, Burge & Kraus. Cleveland;
Gcttron, Russell & Co., Inc., Cleveland
Howard
J.
Josef
Eble,
&
Ada
Phillips,
Pacific
Northwest
William
(Members
in
Orleans unless otherwise
New
Indicated)
Howard,
ARNOLD,
Labouisse, Friedrichs &
&
Co.
FRANK
Bank
National
Investment
Co.
Jr., WALTER II.
Howard, Weil, Labouisse,
WEIL,
of
Commerce
WHALEN,
FRANK B.
M.
Smith-Wood
WOOD,
Friedrichs
A.
and
Co.
WOOLFOLK,
J.
Howard,
Crane
in
Orleans
New
ROBERT
Woolfolk
Miss.
WILSON
&
Villere
J.
&
WILLEM, MICHEL A.
Beer & Company
Company
Jackson,
Comany,
H.
Arnold
Wheeler
Orleans
ERNEST C.
Denis
Weil
LESTER
and
New
Schlicting,
MACRERY B.
Woolfolk, Inc.
WHEELER,
of
Hugh
and
Adrienne
Co., Seattle
&
ROBERT D.
Weil,
A.
Alvis
Seattle;
WEIL, JOS. H.
Smith
&
Company
ALV1S,
Son
WILLIAMS,
LEON
Nusloch, Baudean
ADAMS.
ALEXANDER,
VILLERE,
St.
i-JT-r
Company,
Harper &
THIBODEAUX, PAUL J.
Whitney National Bank
ROSTER OF MEMBERS
Security Traders Association
P.
Shober
&
M.
THOMAS
Weil,
Labouisse, Friedrichs
an-'
ZOLLINGER,
Company
Scharff
&
Jr.,
JOHN
Jones,
J.
Inc.
BOUCHE,
LOUIS J.
White, Hattier & Sanford
BREAUB, Jr., J. CHARLES
Newman, Brown & Co., Inc.
¥
C.
Homer
PERRY
BROWN, WM.
Newman,
CRANE,
Co.,
&
Brown
Inc.
PRICE
G.
Arnold & Crane
Robert D. Alexander
Kees
SELL MORE—EARN MORE
DANE, IIAIIOLD
John Dane
DANE, JOHN
President: C. Homer Kees, Ducournau & Kees.
Vice-President:
Robert
D.
Alexander, Howard, Weil, Labouisse,
DE
LA
VERGNE, J. H.
Arnold
Profit More from Your Sales
CLAUDE
Derbes
&
DESBON,
Friedrichs & Company.
Crane
&
DERBES,
Co.
PAUL
Blaise
D'Antoni
Build
DUCOURNAU, JAC. P.
Secretary-Treasurer: Paul M. Desbon, Blaise D'Antoni.
Ducournau &
FEIBLEMAN,
National
&
Committeemen: Arthur J.
Keenan, St. Denis J. Villere
Co.; John J. Zollinger, Jr., Scharff & Jones, Inc.
Elected:
December 15,
1954; Took Office: January 1, 1955; Term
T.
JEFF
T.
J. Feibleman
&
Company
Yes—now you can profit more from your sales
FRIEDRICHS, G. SHELBY
Howard, Weil, Labouisse,
Friedrichs and
GLAS,
R.
Glas
an
a
.
.
with
.
an
unusual profit-sharing plan
personal estate of $5,000
to
alert,
enabling
$50,000.
Company
FORD
King Merritt & Co., Inc., offers
T.
Lynch, Pierce, Fenner & Beane
HATTIER, Jr., GILBERT
White, Hattier & Sanford
KEENAN,
sell
We
ARTHUR J.
Denis
KEES, C.
Villere
J.
Mutual
in
&
Co.
more
help
Fund
shares
Operating
vestment.
HAWLEY, JACKSON A.
Equitable Securities Corp.
St.
build
you to
JEREMY
&
Merrill
and
you
an
coast-lo-coast,
most
know how
we
We deal
opportunity.
exclusively—America's
popular
help
to
in¬
our
men
keep
you
more.
earn
build
such
you
profitable business in
a
supplied with tested sales-getting ideas.
your own area;
We handle all
your
routine
you
free to
HOMER
Ducournau
George W. Cunningham & Co.
firm that has
progressive
Company
HARDY,
Expires: December 31, 1955.
Personal Estate
a
Kees
KERRIGAN,
&
paper
Kees
work and other time-consuming details—leaving
devote all your time to ihe business of
E.
JOHN
selling and earning.
Newman, Brown & Co., Inc.
225
EAST
BROAD
STREET
Jackson,
WESTFIELD, NEW JERSEY
Salesmen
KINGSBURY,
J.
enjoying life
Merritt
KINGSTON, WALTER D.
W. D. Kingston & Co.
One
LEARY,
Jr.,
Barrow,
A.
National
MANION,
TWX
WSFD
NJ
126
N.
CHARLES
Merrill
A
Orleans
Alaska,
and
Western
and earning bigger incomes
Many
over
men
$8,000
are
in
a
part
as
earning $20,000
month.
recent
Lynch, Pierce, Fenner & Beane
JOS.
Our unusual incentive plan gives
special top commission plan
sales
bring
W.
Europe,
are
of the King
annually.
up
Several
a
would
operating
team
on
with them.
your own
as
is
open
You
a
you
to
net
the
same
others,
qualified
more
this
opportunity.
who
men
way
than
can
you
dealer!
P.
Learn how
Steiner, Rouse & Co.
MORSE, RICHARD
The
made
Hawaii,
states,
more
organization.
man
$5,000.
& Co., Shreveport
American Bank of New
MINETREE,
33
M.
Leary
LOUQUE, WM.
Telephone Westfield 2-6322
in
W.
Miss.
we
can
help
King Merritt, President,
C.
National Bank of
Commerce
in
you
sell
more
and
earn
more.
Call
or
write
at
New
Orleans
NEWMAN.
LEON
Kohlmeyer &
NEWMAN,
FIRST
.
MORRIS
Newman,
}
.
Co.
Brown
KING MERRITT 6-
W.
&
Co.,
Inc.
CO., INC.
391 Grand Avenue, Englewood, N. J.
NUSLOCH, GEORGE H.
LOwell 7-0100
Nusloch, Baudean & Smith
IN
OGDEN, FRED
From New York
N.
RAPIER. EDWARD
Uranium
Financing
RODDY,
JAMES
Scharff
&
City Dial MUrray Hill 8-8840
D.
E.
Jones, Inc.
SANFORD, J. B.
White, Hattier
Schweickhardt
TELLIER & CO.
SCRANTON,
A
& Sanford
SCHWEICKHARDT,
&
NATIONWIDE
ORGANIZATION
ERWIN
SPECIALIZING
IN
MUTUAL
Company
JACK
Newman, Brown & Co., Inc.
1
EXCHANGE
PL., JERSEY CITY 2, N. J.
SHOBER, JOHN B.
Woolfolk
Telephone DElaware 3-3801
Teletype J
&
Shober
OFFICES IN PRINCIPAL CITIES
N. Y. Phone DIgby 4-4500
Cy 414
SMART,
LAWRENCE
STOUSE, JAMES
The
Hibernia
Orleans
F.
A.
National
Bank
in
New
FUNDS
42
Thursday, October 6,
THE COMMERCIAL and FINANCIAL CHRONICLE
COPP,
Arizona Association of
GEORGE
E.
Hutton
Security Dealers
F.
&
1955
Seattle Security Traders Association
Company
CRARY, C. E.
E.
Hutton
F.
&
Company,
Tucson
CUTHBERTSON, FRED A.
Refsnes, Ely, Beck & Co.
HENRY
DAHLBERG,
E.
Henry Dahlberg and Co., Tucson
DUNBAR,
Kirk
KIRK
C.
Dunbar
C.
&
Co.,
Scottsdale
DYKEMAN, JACK
Henry Dahlberg & Company, Tucson
KENNETH
ELLIS,
Kenneth
Ellis
A.
&
Co.
ELY, Jr., SIMS
Refsnes, Ely, Beck
PICKS,
&
ALBERT
Co.
A.
Witter
Dean
Co.
&
FITCHET, SETH M.
Merrill Lynch, Pierce,
FULKERSON,
Ed
Kenneth A. Ellis
Maurice 0. O'Neill, Jr.
WALTER
Fenner
&
Eeane
P.
Murray & Co.
GALLOWAY,
ALVIN
David Paden
Howard W.Jones, Jr.
W.
Gordon Yeadon
Clinton
E. Fonlds
Henry Dahlberg and Co., Tucson
GORMLEY,
President: Kenneth A. Ellis, Kenneth Ellis & Co.,
Phoenix.
Vice-President: Tom W. Myers, E. F. Hutton & Company,
Phoenix.
First
Maurice O. O'Neill,
Pierce, Fenner & Beane, Phoenix.
Merrill
Jr.,
Secretary-Treasurer:
HALL,
E.
Elected: December, 1954; Took Office: Jan. 1, 1955; Term
Dec.
Lynch,
Expires:
31, 1955.
Ellis
of
In
(Members located
Phoenix unless
Hutton
ANDLAUER,
Lambuth & Company
JOHN
W.
E. F. Hutton & Company, Tucson
Tucson
Arizona
KARLSON,
Elected: January,
ROSTER OF MEMBERS
H.
Ellis
&
LEWIS, JOHN R.
John R. Lewis,
ATKINSON, Jr., REILLY
Hemphill, Noyes & Co., Tucson
H.
1
A.
1955; Took Office: January, 1955; Term Expires:
January, 1956.
KOLKOSKI, CHESTER M.
Kenneth
Pacific Northwest Company.
Alternate: Homer J. Bateman,
Company
HENRY
P.
Pratt & Co.
Co.
Members
of
The
Investment
Association
inc.
LAMBUTH,
Dealers'
MacLeod
M.
WILLIAM
First
230
St. West
Notre Dame
National
Witter
Dean
Bank
of
MONTREAL
Arizona
Co.
Walston
MacDUGALL, DONALD L.
Ed.
Stock
Office: 230
Head
Exchange
Notre Dame St. West, Montreal
Branch
EASTER,
Donald
HAnover 2-0575
Exchange Place, New York City
QUEBEC
—
TROIS-RIVIERES — SHERBROOKE
— ST. JOHNS, P. Q.
PROVIDENCE, R. I.
F.
Hutton
&
MORONEY, WILLIAM T.
Merrill Lynch, Pierce,, Fenner & Beane
Lynch, Pierce, Fenner & Beane
J. Bradley Streit &Co.
Co.
Inc.
Tucson
of
Arizona
Co.
▲
♦
O'NEIL,
Jr.,
Merrill
Members:
MAURICE
E.
F.
O.
Lynch, Pierce, Fenner & Beane
Hutton
&
Company
OWEN,
JOHN G.
Merrill Lynch, Pierce, Fenner & Beane
Exchange
Calgary Stoek Exchange
PHILLIPS,
E.
F.
PERRY, LEONARD
Grande
Co.
&
&
Co.,
Inc.
PHILLIPS, JOSEF C.
Pacific
Marshall
Northwest
ROHDE,
FRANK
John
Inc.
JOHN
R.
Company
SANDERS,
P. Harper & Son &
I.
Lewis, Inc.
SIDNEY
J.
Foster & Marshall
Co.
HEMPHILL, WALDO
Waldo Hemphill & Co.
SCHLICTING, HUGH R.
HENSHAW, ROBERT F.
Bank of California, N, A.
SOHA, Jr.,
STEIN, WALDEMAR L.
JONES,
Jr.,
Wm.
P.| Harper & Son & Co.
ANDREW
Seattle Trust
Bramhall
HOWARD
and
M.
Savings Bank
& Stein
TAYLOR, C. ARNOLD
W.
Wm.
JONES, JACK E.
Blanchett, Hinton & Jones,
YEADON,
Bank
Inc.
Harper
P.
& Son &
Co.
GORDON
of
California
BUD
Hutton
&
PICKERT, HAL.
ST., W.
EMpire 8-4831
E.
Company, Tucsson
C.
Hutton
F.
RASMESSEN,
TORONTO, CANADA
Co.
&
FORD
Woodward & Zuber, Tucson
REFSNES, JOSEPH E.
Refsnes, Ely, Beck & Co.
REFSNES, JOSEPH L.
Refsnes, Ely, Beck & Co.
REIS,
NESBITT, THOMSON AND COMPANY, INC.
NY
&
PERRINE, KENNETH I.
E. F. Hutton & Company
Exchange
♦
Teletype
Co.
National Securities Corp.
'
OVENS, JAMES M.
Exchange
140 Federal
HAnover 2-8875
Lynch, Pierce, Fenner & Beane
JOHNSON, PAUL G.
Blyth & Co., Inc.
O'CONNELL, DANEL D.
Henry Dahlberg & Company,
First
Street, New York City 4
Co.
PATTEN, Jr., WILLIAM T.
Blyth & Co., Inc.
K.
HARTLEY, TALBOT
OFFERMAN, LEWIS E.
Telephone
&
&
DAVID
Merrill
Douglas & Co.
EDWARD
Blanchett, Hinton & Jones,
Murray &
Lambuth Company Investments,
25 Broad
C.
Witter
GRANAT,
OAKLEY, Jr., BERFORD S.
80 RICHMOND
Walston
PADEN,
C.
FOULDS, CLINTON
Wm.
Stock
A.
Company
DONALD
Witter
Dean
Foster
Merrill
Ed
Edmonton
ROBERT
Lynch, Pierce, Fenner & Beane
NELSON, MARTIN
Nelson, Scoville & Co., Inc.
EASTER, F. KENNETH
Company
MURRAY, ED E.
Canadian Stock
Seattle
MULLEN, HELEN A.
CHICOUTIMI
The Toronto Stock
ol
MEYERS, TOM W.
Dean
40
Merrill
Pacific Northwest
DOUGLAS,
E.
Offices:
NATHANE,
J.
Co.
DANIEL, ROBERT E.
Co.
Mcpherson, orville s.
Henry Dahlberg & Company, Tucson
Montreal Stock Exchange
Canadian Stock Exchange
Bank
Incorporated
OPER, WILLIAM.
&
McGINNlS, JAMES F.
Merrill Lynch, Pierce, Fenner & Beane
Members:
Toronto
Ellis
A.
Hughbanks,
Pacific Northwest Company
THOMAS
Kenneth
&
ERWIN
Pacific National
MORFORD, H. JAMES
CHRISTIE, TOM
Murray & Co.
MARNELL,
savard & hart
LESLIE
BOHRER,
&
The
BERRYMAN, H. CLYDE
Merrill Lynch, Pierce, Fenner & Beane
BISSELL. M. LAWRENCE
Securities Exchange, Inc.
LEE, BENTON M.
Co.
MOREHEAD
W.
LARSEN, DAVID
&
ROBERT M.
MacRAE,
BATEMAN, HOMER J.
Pacific Northwest Company
Lambuth & Company Investments, Inc.
Canada
of,
KUSIAN, PETER
Xii'cson
Inc.
MACLEOD, EDGAR B.
WILLIAM
BAIRD,
Blanchett, Hinton & Jones, Inc.
savard & hart,
P. Harper &
Son & Co.
J.
Hutton &
F.
Committeeman: Hugh R. Sci.licting, Wm.
National
Co.
C.
W.
KAUFMAN,
Gordon Yeadon, Bank of California.
Treasurer:
Secretary: Clinton E. Foulds, Foster & Marshall.
Hemphill, Noyes & Co., Tucson
Investments, Inc.
Paden, Merrill Lynch, Pierce, Fenner &
Beane.
HENSON, JAMES CO.
Refsnes, Sly, Beck & Co.
E.
CIIAPPELL,
TYLER
Woodward & Zuber,
BARRETT,
Co.
WILLIAM
of
David
Vice-President:
Company
HICKS, ROLAND
BROWN, WILLIAM P.
C. ^
Pierce, Fenner & Beane
FRED
Merrill Lynch,
&
W. Jones, Jr., National Securities Corp.
President: Howard
WILLIAM
F.
The First
BECK, PAUL D.
Refsnes, Ely, Beck & Co.
otherwise Indicated)
E.
Co.
G.
IIANCHETT, HAROLD G.
Refsnes, Ely, Beck & Co.
MEMBERS
OF
&
Arizona
HARVEY,
ROSTER
WILLIAM
Kenneth
GROLL, HAROLI)
Street, Boston 10
Telephone HAncock 6-3355
Jr.,
Merrill Lynch,
of
CORPN.
LIMITED
member:
The Investment Dealers' Association
of Canada
GEORGE
Pierce, Fenner & Beane
ROGERS, FRANCIS
First
Midland Securities
Arizona
ROSENCRANS,
C.
Canadian Government, Municipal
and
Co.
SHELDON
Corporation Securities
D.
Kenneth Ellis & Co.
1-4358
SENA, J. P.
Dealers in
Canadian
Public
E.
Government, Municipal
P.
Hutton
SCHWAGER,
E.
Utility & Industrial Issues
F.
&
Hutton
SORANSON,
Company
HERB
&
Company, Tucson
RANDOLPH
E.
The Midland
Merrill Lynch, Pierce, Fenner & Beane
Orders
Stock
executed
Exchanges
or
at
all
on
STEINHOFF,
Canadian
New
net
York
Henry
prices
CARROLL
Dahlberg
&
LIMITED
member:
F.
Co.,
Company
Tucson
The Toronto Stock
Exchange
STRICKLER, PAUL
E.
Affiliated
F.
Hutton
&
Company, Tucson
with
NESBITT, THOMSON AND COMPANY
Limited
First of Arizona
all Exchanges
Co.
TRUAX, VICK
AND
Ed
THOMSON & CO.
Murray &
Co.
Toronto, Ontario: 50 King Street West
WAMBACH, WILLIAM S.
First National
Bank of
Arizona
MEMBERS
MONTREAL
STOCK
WEBSTER, ARTHUR i.
EXCHANGE
TORONTO
STOCK
STOCK
Merrill Lynch,
EXCHANGE
CANADIAN
EXCHANGE
WOODWARD,
Woodward
regina
saskatoon
calgary
edmonton
lethbr1dge
fredericton
YOUNG,
&
victoria
saint john, n. b.
Zuber,
PHILIP
J.
Ellis
&
London,
Ontario: Huron & Erie Building
Sault Ste. Marie,
Ontario: 110 March Street
Montreal, Que.: 215 St. James Street West
Tucson
Private Wire to
M.
moncton
Kenneth
vancouver
Pierce, Fenner & Beane
MALCOLM
montreal quebec toronto ottawa hamilton london, ont. kitchener
winnipeg
Stock orders executed on
THIESSEN, RICHARD L.
Co.
Eastman, Dillon & Co., New York
ZUBER,
ARTHUR
Woodward
&
J.
Zuber,
Tucson
Convention Number
43
THE COMMERCIAL and FINANCIAL CHRONICLE
W.
Cincinnati Stock and Bond Club
C.
Co.; Richard
Thornburgh
Thayer,
Elected:
December
Term
16,
1954;
Took
Office:
December
16,
Greene
GUCKENBERGER. EDGAR F.
HALL,
Jr.,
Clair
otherwise
unless
Cincinnati
in
DITTUS,
indicated)
Fox,
Pohl
&
Company,
HENRV
Eustis
Geo.
AUB, A.
A.
E.
&
ELLIS,
Ellis
Co.
&
W.
Co.
Harrison
Eustis
&
Co¬
II.
Richards &
Field,
Harold
Roberts
J.
E.
Bennett
&
&
WILLIAM
Westheimer
and
T.
H.
Merrill
Fund
Distributors,
Inc.,
J.
Mlddletown,
ROBERT
& Ladd,
Beane
Beane
EUTZ,
C.
O.
CHARLES
Harrison
&
Hinsch & Co.,
A.
Co.
WILLIAM
A.
Bartlett & Co.
FUERBACHER,
Walter.
C. J.
L.
H.
Richards
II
Pohl
First Vice-President: Warren R. Woodward,
Co.
Vice-President:
Harold
Roberts, John E.
Joseph & Co.
Secretary: Arthur H. Richards II, Field, Richards & Co.
George
C.
V.
Morgan,
Eustis
Geo.
Jr.,
CHARLES
W.
&
E.
Madigan
W.
and
Bache
GLENN,
CRUM, JAMES F.
W.
The Samuel & Engler Company
&
D.
Breed
W.
John J.
Fischer, Jr., Merrill Lynch, Pierce, Fenner & Beane; Charles
L. Harrison III, Harrison & Company; Robert I.
Westheimer,
Westheimer and Company; Jack L. Reiter, C. H. Reiter & Co.
DEHNER,
Merrill
Pierce.
Fenner
&
Greene
Beane
&
Joseph & Co.
KATZ, ARTHUR V.
Cincinnati Municipal
(Continued
Dayton
National Committeemen: Clair S. Hall, Jr., Clair S. Hall & Com¬
pany;
John
Henry J.
Heimerdinger,
Arnold, Geo.
Walter, Woody & Heimerdinger;
Eustis & Co.; Paul W. Glenn, W. D.
Gradison & Co.
Alternates: Harry J. Hudepobl, Westheimer and
Company; Charles
A.
Richards, Field,
Richards & Co.; Robert Thornburgh,
The
Burns Bros. & Denton, inc
MATTHEWS
6■
37 Wall Street,
COMPANY
Tel.:
New York 5
TWX: NY 1-1467
DIgby 4-3870
Established 1909
Members:
Toronto Stock
UNDERWRITING
Exchange
The Investment Dealers' Association
—
DISTRIBUTING
—
TRADING
of Canada
Canadian Securities
220
Toronto, Ontario
Bay Street
Private
Wire
Connections
United
with
thirty
States
of
EMpire 4-5191
principal
cities
in
the
BONDS
America
Provincial,
Government,
Municipal
Corporation—External and Internal
STOCKS
Orders Executed
at
Greenshields & Co (n.y.)
on
Canadian Exchanges
regular commission rates
Inc
Affiliated with:
Specializing in Canadian Government,
Provincial,
Municip(d and Corporate Securities
Burns
&
Bros.
Denton
Limited
64
Wall
Street
Telephone: WHitehall 3-9525
Canadian
Members:
Affiliate
Burns Bros. &
Ottawa
Company Limited
The
Toronto Stock Exchange
established 1910
Toronto
Montreal
Dealers'
Members:
Greenshields & Co Inc
Business
The Investment
Association of Canada
Teletype: NY 1-3708
Quebec
Sherbrooke
Toronto
•
Montreal
S.
Hutton Sc Co.
Bond
Corporation
KEYS, RICHARD H.
The Reserve Investment Company
Co.
Ladd,
E.
John E.
Corporation
GREENE, HARRY T.
WALTER J.
Lynch,
Inc.
JOSEPH, JOHN E.
Co.
Municipal Bond
GORDON M.
&
Harrison,
T. B.
Harrison, Inc.
Jr.,
Sc
JOHNSTON, CAMPBELL
GEORGE T.
Middendorf
&
JOHNSON,
Co.
Gradison &
GRAHAM,
Harrison & Company
Co.;
Breed
G.
Cincinnati
DAVIS, GILBERT A.
Co.
JOHNSON, MARK T.
Company
PAUL W.
GRADY,
&
JAMESON, ROBERT A.
Pohl Sc Company, Inc.
Inc.
H.
GILBERT, MAURICE
COULSON, CHARLES G.
L. W. Hoefinghoff & Co., Inc.
Hutton
E.
ISPHORDING, ROBERT B.
Doll Sc Isphordlng, Inc.
GESSING, LAWRENCE
A. Lepper & Co.
STANLEY
Company
HUTTON, Jr., JAMES M.
Inc.
& Co.,
SAM
Westheimer
Company, Inc.
Columbus
Treasurer: Charles Steffens, Cincinnati Stock Exchange.
Trustees:
J.
Stanley Cooper Co., Inc.
Thayer, Woodward &
Company.
Second
&
COOPER,
PATRICK
Reed,
and
THOMAS J.
Ratterman Sc Co.
RUSSELL
GERTZMAN,
CONNERS,
President: Richard Weilinghoff, C. J. Devine &
W.
Browning & Co.
HUGHES,
Heimerdinger
Sc
GERHARDT, FRANK E.
CONNERS, CHARLES F.
Pohl & Co., Inc.
Charles Steffens
Company
RICHARD
Westheimer
Devine & Co.
Waddell &
Field, Richards & Co.
A.
and
Hoefinghoff Sc Co., Inc.
Nelson,
Hinsch & Co.
R.
W.
HOOD, PAUL
Seasongood Sc Mayer
Inc.
JOHN
Woody
GEIGER,
COMPTON,
L.
IIUDEPOHL, HARRY J.
GARRARD,
A.
Westheimer
HOWES,
WALLACE J.
Charles
JOHN G.
HITZLER,
FROEHLICH, JOHN E.
Walter, Woody & Heimerdinger
A.
CLANCEY, W. POWER
W. P. clancey & Co.
COMER,
OSCAR W.
FRIEDLANDER, ALFRED
BenJ. D. Bartlett Si Co.
Company
CARTWRIGHT,
BenJ. D.
Chas.
Thornburgh
A.
Hinsch Sc Co., Inc.
HOEFINGHOFF. LEE W.
FOGEL, ROBERT
The W.
:<
Heimerdinger
Stranahan, Harris & Company
JR., JOHN J.
Lynch, Pierce, Fenner
&
BUSE, ROBERT O.
Sc
RAYMOND
CHAS.
H1RSCHFELD,
FITZGERALD, LAWRENCE S.
Merrill Lynch, Pierce, Fenner &
Co.
J.
\
\
Hutton Sc Co.
Chas. A.
Chicago
FISCHER,
Greene
ROSS
Company
BRINK, ROBERT
The W. C. Thornburgh
BROWN,
W. E.
Jr.,
,
.
Heimerdinger
Co.
FINNEY,
Inc.
Co.,
Putnam
BERLAGE,
Woody
HICKEY,
HINSCH,
BENNETT, JEAN E.
JOHN G.
Woody Sc
Waller.
Walter,
Co.
FILDER, Jr., HARRY A.
Co.
Ellis
Warren R. Woodward
Company
HEIMERDINGER, JOHN M.
BECKER, FRED
Richard Weilinghoff
WEBSTER
E.
&
HEIMERDINGER,
Company,
EUSTIS, GEORGE
Geo.
R.
HUGH
Sc Company
IILAI), Jr.,
L.
The J. L. Barth Co.
Company
Harrison Sc Company
HARRISON,
Harrison
DAVID
Jr.,
Sc
HARRISON, HI, CHARLES L.
WILLIAM F.
ENGLER, HERMAN J.
The
Samuel
&
Engler
lumbus, O.
Co.
WILLIAM
Co.
Einhorn & Co.
Co.
Si
Si
Hall
S.
nAPPLEY,
GEORGE
C. H. Reiter Sc Co.
R.
& Company
WILLIAM
EINUORN,
REGINALD
Hutton
BARTH,
■<
Harrison
Inc.
J.
EDGAR
E. Aub
BARNARD,
W.
&
Reusch
DOHRMANN
ARMBRUST, JOHN J.
ARNOLD,
HERBERT
Hoefinghoff & Co., Inc.
CLAIR S.
W.
L.
located
Sc
GRISCHY, CLIFFORD H.
Field, Richards Sc Co.
1954;
Expires: December, 1955.
ROSTER OF MEMBERS
(Members
B.
Ladd, Dayton
JOHN
GREENE.
Woodward
Thayer,
& Co.
•
Ottawa
•
Winnipeg
on page
44)
44
THE COMMERCIAL and FINANCIAL CHRONICLE
Thursday, October 6, 1955
'
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Butler, Baker, Watts
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,
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—
KORROS,
MORGAN.
Westhelmer
MAHON. Jr.,
aad
The
Company
C. H.
Relter & Co.
McCOY.
MAURICE
W.
E.
MATTHEW
Hutton
C.
LEPPER, MILTON
A.
Lepper
&
?'•
Harrison
&
MACK.
Company
FRANCIS
Cincinnati
M.
MADIGAN,
Braun,
J.
MEYER,
and
Co.
Field,
The
W.
C.
Heimcrdinger
&
RUFUS
W.
Dayton.
O.
Harrison
E.
Hutton
&
Co.
John
NEUMARK, J. II.
Middendorf
W.
E.
Hutton
J.
C.
&
.j
& Co., Incorporated
R.
Hinsch
&
Co.,
Inc.
Eache
O'HARA, JOHN J.
Seasongood & Mayer
OLI.IER,
CLETUS
Harrison
&
Geo.
Company
E.
MILLER,
A.
liJ. E. Madigan & Co.. Inc.
SCIIWINDT,
LLOYD
Lepper & Co.
Harrison & Company
CLIFFORD
PEALE,
SHAFFER,
Wellington Fund, Inc., Chicago
Charles
MIILLIPS, GEORGE
W.
Grariison
D.
&
GOVERNMENT AND MUNICIPAL BONDS
Merrill
A.
&
Co.,
Inc.
Ratterman
REED,
Hill
Merrill
&
J.
ROBERT
REIS,
W.
The
C.
H.
Reiter
&
Co.
W.
E.
Fox, Reusch & Co.
Co.
&
RICHARD
F.
ROBERT
and
WHEELWRIGHT.
Ellis
&
WHITE,
Company
RICHARD
P.
Co.
J.
AUSTIN
J. A. White & Company
WIDMANN,
Widmann
ALBERT
&
C.
Company
WOODWARD, WARREN
Thayer, Woodward & Co.
Inc.
WOODY, MARION H.
&
Walter, Woody & Heimerdinger
Co.
Stock
JR.,
Hutton
TERRELL,
Company
ROBERT
Eustis
Westheimer
Beane
Company
ALBERT
STEVENSON,
RELSCH, CARL H.
WISENER
Fenner &
C.
WORK, JOSEPH R.
Geo.
Exchange
J.
&
J.
&
Co.
WILLIAM
Westhelmer
JUSTIN
and
P.
Company
ZIEGLER, ALLEN
Merrill Lynch, Pierce, Fenner & Beane
Co.
CHESTER
Eustis
WORTH,
Nelson, Browning & Co.
Mayer
C.
Company
and
WESTHEIMER,
Pierce,
Cincinnati
STENGER,
REITER, JACK L.
EMpire 3-7218
Inc.
STEFFENS, Jr., CHAS. H.
Mayer
&
Co.,
R.
Eustis
and
C. J. Devine & Co.
KENNETH
LEE
Geo.
THOMAS
Seasongood
call
&
Bennett & Co.,
E.
STAIB,
Mayer
&
Geo.
SNYDER, CIIAS. II.
GORDON
Seasongood
DEPARTMENT
L.
&
WEISS,
Lynch, Pierce, Fenne^ & Beane
C.
Co.
HARRY
WELLINGHOFF,
Bache & Co.
Co.
Seasongood
REIS,
SMITH,
Co.
ROBERT
REIS. Jr.
TRADING
&
&
Field, Richards & Co.
Co.
SMALLEY, ROBERT
Hinsch
Eustis
Westhelmer
D.
R.
and
Company, Cincinnati
Company
WEINIG, DAVID
Mayer
JACK
Westheimer
RATTERMAN, GEORGE
CORPORATION BONDS AND STOCKS
&
Hinsch
Lynch,
SIEGMAN.
RANSICK, NEIL
Chas.
A.
and
WEIL, JOSEPH B.
Ohio
PETER
&
>
Company
WANNER, LOUIS C.
Seasongood <fc Mayer
,
SHEPLER, LLOYD W.
Co.
POOR, HENRY E.
Merrill Lynch, Pierce, Fenner & Eeane
CANADIAN
Co.
EARL
Co.
JOSEPH H.
Geo.
W.
DANIEL
Seasongood
M.
VASEY,
&
Westheimer
Gradison
D.
and
VONDERHAAR,
and Company, Hamilton,
SCHWARTZ,
W.
Harrison
Company
&
C,
Thornburgh
Westheimer
CARL
Schwarm
C.
WESLEY
TRITTON, THOMAS
VIRGIL
PAULY, Jr., R. COR WIN
Middendorf Ss Co.
&
Eustis
OSWALD, GEORGE
Smart, Clowes & Oswald, Inc.
W.
W.
Thornburgh Co.
Westheimer
Co.
SCHWARM,
C.
TOBIAS, JOHN E.
C.
KURT
SCHIRMER.
H.
The
Co.
WILLIAM
&
W.
THORNBURGH,
Company
White
A.
RUXTON,
Co.
EDMUND B.
ROBERT
The
Co.
Joseph & Co.
ROSSBACH,
Co.
&
RICHARD
Thayer, Woodward & Co.
HAROLD
E.
Minneapolis
TOBIAS, CHARLES H.
&
ROBERTS,
Co.,
THAYER,
Co.
&
&
THORNBURGH, ROBERT
H.
CHARLES A.
GEORGE
RILEY,
Thornburgh Co.
O'BRIEN, IIARRY
Irving Co.
H. Bishop
Co.
ARTHUR
Richards &
Bache
W.
MUSEKAMP, III, GEORGE II.
Company,
Roth &
A.
II,
M.
RIFE, ROY E.
Woody
C.
&
E. Masek,
Richards &
Field,
MIDDENDORF, WM. A.
Company
JAMES
RICHARDS
RICHARDS,
Walter,
Co.
Bosworth
Charles
Municipal Bond Corporation
ALFRED
Westhelmer
CHARLES
McCune
MEINERS,
Joseph
REYNOLDS, JOS. B.
Benj. D. Bartlett &
F.
T.
The Weil,
Co.
&
Mrs.
MUETIIING, CARL A.
Columbus
Corp.,
McKIE, STANLEY G.
LOVELAND, FRANKLIN O.
LYNCH,
C.
JAMES
Hutton
MURPHY,
Browning &
McCUNE,
v
Co.
&
E.
V.
& Co.
B.
Cleveland
W.
Nelson,
Greene & Ladd, Dayton
LENHOFF,
W.
C.
&
MUEHLENKAMP, JOHN C.
Doll <fc Isphordlng. Inc.
HOYT
First
GEORGE
Eustis
MORIARTY,
McCLOY, C. JAMES
Fahey, Clark & Co.
KORTE, ARTHUR W.
LAUFERSWEILER,
Geo.
ROSTER OF MEMBERS
FRED
'<'/', ¥',> '//i
"■
Mr.
43)
page
'W
H%*%P
"J
'J■
& Co., Baltimore
Cincinnati Stock and Bond Club
(Continued from
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T.
ZOUVELOS,
Bache & Co.
Harrison
P.
&
Company
COMPANY
AND
LIMITED
73
King Street West
•
Toronto, Canada
Telephone EMpire 6-5251
Members
Investment
Dealers'
Association
of
Canada
STOCKS
BONDS
in
Canadian
Investment Securities
Bonds
maintained in all classes of Canadian external
and iniernal bond issues.
Stocks
Government, Municipal,
Orders executed
Utility, Corporate
Canadian
External
at net
and
MARKETS
Internal
Exchanges
New York
Siock orders
on
Exchanges,
or
prices
executed
or
PRIVATE
WINNIPEG,
/
ihe Montreal and Toronto Stock
on
net New York markets quoted on request.
DIRECT
Inquiries Invited
'
WIRES
CALGARY,
BELL
SYSTEM
TO
TORONTO,
VANCOUVER,
TELETYPE
NY
MONTREAL,
AND
VICTORIA
1-702-3
A. E. Ames & Co.
Incorporated
New York
\
Boston
Boston
Affiliates in:
1
Philadelphia
)
-
M
1
:
Toronto
Montreal
Winnipeg
Calgary
Vancouver
and other Canadian Cities
Victoria
Calgary
-
London, England
-
Member
American
Stock
Exchange
Toronto
40
EXCHANGE
Telephone
London, Eng.
Ottawa
!
H'
Associate
Canadian
Af filiate
and
—
PLACE, NEW YORK 5
WHitehall
Member
Canadian
Stock
4-8161
Toronto,
Exchanges
Montreal
Winnipeg
Montreal
Vancouver
Halifax
Convention Number
Mr. &
THE COMMERCIAL and FINANCIAL CHRONICLE
Mrs. Lex Jolley,
The Robinson-Humphrey Company, Inc., Atlanta;
Mr.
Malinda Jolley
Bond Club of Syracuse, N. Y.
COULTER.
Central New
POZZI.
Q.
FRANCIS
Marine Midland
Trust
and
Company
of
Mrs.
45
Harold
B.
Smith, Pershing &
Smith,
Bishop & Co.
DAY, MARSHALL W.
D.
Bonbright & Co.
B.
DREW
Eastman
G.
ENGREN,
SMITH,
RICHARD
FELDMAN,
LeROY
H.
of
Foster Sb Adams
TIFFANY, DONALD L.
Donald L. Tiffany, Inc.
A.
Goodelle
TORMEY,
Bishop & Co.
LEO
SMITH.
Leo
JAMES
C.
TURCOT, CHARLES J.
Reynolds & Co.
V.
WALLACE,
Smith & Co.
V.
Jr.,
Hemphill, Noyes & Co.
J.
Co.
GEORGE W.
First Trust & Deposit Co.
GEHM.
Company
York
Pope, Inc.
EDWARD
Smith,
Marache &
Granbery,
N.
Clarence
GEORGE
Midland Trust
Central New
SCHMIDT, NORMAN C.
Co.
As
Co.
TICKNER, RULAND L.
SCHELLENBERG,
William
EMMONS. EDWARD L.
Reynolds
&
WILLIAM J.
Marine
ROLLINS, KARL B.
K. B. Rollins & Co.
Co.
&
Bishop
THORNE,
ROBERTS. JAMES
George
City
York
CUMMINGS. ERNEST ML.
George D. B. Bonbright «fc Co.
EASTMAN,
York
SUITS. GILBERT
FRANK
Smith,
Co., New
WARREN R.
Fayettevilie, N. \.
GOODELLE, CLARENCE A.
SNYDER,
GRABAU, ALVIN J.
E. W.
EVERETT W.
WILLOUGHBY,
Snyder and Co.
Bache
Grabau-Buchman
STOKES,
GRAY, DONALD A.
William N. Pope, Inc.
ROY
Merchants
H.
&
DON
S.
Co.
WILSON, J. HOLDEN
National
Bank
Cohu
<fc
Co.
WILLIAM H. C.
Higginson Corporation
GRIMES.
Pearne
W.
Billings
A. C. Bickelhaup, Jr.
John P. Miles
Francis Q. Coulter
Lee
HEATON,
William
President: Pearne W.
Billings, Cohu & Co.
JOHNSON.
Vice-President: John P. Miles, L. D. Sherman & Co.
Secretary: Albert C. Bickelhaup, Jr., Hemphill, Noyes & Co.
tral
New
LAPHAM. BEVERLEY H.
H.
LAPHAM,
Carl
National Committeeman:
Alternate: Everett W.
Snyder, E. W. Snyder and Co.
ALBERT C.
BILLINGS, PEARNE W.
CANDEE,
Cohu & Co.
Smith,
WESLEY
Carl
Cohu &
M.
Bishop &
BULLOCK, EDWARD
Reld-Bullock Co.
L.
F.
J.
Loeb, Rhoades & Co.
COPF.LAND,
Reynolds
HARRY
&
D.
MORE,
CARY. DANIEL W.
Reynolds & Co.
Co.
Rhoades
N.
G.
& Co.,
Y.
McLeod,Young,Weir & Company
Co.
M.
Loeb,
LIMITED
Rhoades
&
Co.
Members of The Investment Dealers' Association of Canada
MILES, JOHN P.
Co.
HORACE
M.
WILLIAM
Loeb,
MARSH, WILLIAM L.
BULLOCK, JR., EDWARD
Reid-Bullock
Jr.,
I LeVEILLIE, G. NORBERT
Carl
Hemphill, Noyes & Co.
M.
Auburn,
Wesley M. Bishop, Smith, Bishop & Co.
ROSTER OF MEMBERS-
BISHOP,
Lapham & Company
Coulter, Marine Midland Company of Cen¬
York.
BICKELHAUP, Jr.,
ORLIE D.
George D. B. Bonbright & Co.
B.
Treasurer: Francis Q.
CHARLES T.
N. Pope, Inc.
Sherman
DON
Cohu &
&
Co.
DEALERS IN ALL
S.
Co,
CANADIAN SECURITIES
MULCOCK, ERNEST R.
E.
C.
R. Mulcock & Co.
POPE. WILLIAM N.
Co.
William
N.
Pope,
Direct
Inc.
private wires to Montreal, Ottawa, Winnipeg, Calgary,
Vancouver and
The First Boston Corporation, New York
Stock orders executed
Head
50 King Street
A memo to
on
all Exchanges
Office
West, Toronto, Canada
MONTREAL
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banks
brokers
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Halifax
Moncton
Saint John
Municipal
Edmonton
Vancouver
Victoria
American
W. C. Pitfield &
TO
COAST
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Co., Inc.
Wood, Gundy & Co., Inc.
Street, New York 4
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46
THE COMMERCIAL and FINANCIAL CHRONICLE
Thursday, October 6, 1955
GUTHRIE,
Governors: Francis R. Cogghill, White, Weld & Co.; John McCue,
Boston Securities Traders Association
James
Committeemen:
E.
1954;
December,
Took
January
1,
1955;
HALl.LTT,
OF
F.
members
located
are
Gilbert M. Lothrop
Edward Hines
Hanrahan
Barrett
JOSEPH
BATCHELDER,
P.
BRADLEE,
Hemphill,
New
Noyes
BRAGDON, J.
Frederick V.
GANNON.
Corporation
BREEN,
ROGER
FRANK
Sherman
Moynihan, J. B. Maguire & Co., Inc.
Hines, Chace, Whiteside, West & Winslow, Inc.
Corresponding Secretary; Carl V. Wells, Paine, Webber, Jackson
& Curtis.
Co.
Ac
Whiteside,
West Ac
REGINALD
Winslow.
Inc.
T.
Pent,
Inc.
Homsey
Ac
Company
HUGHES, FRANCIS J.
H.
Clayton Securities Corp.
HURLEY, EDMUND J.
Wise,
JOSEPH
Hobbs Ac Seaver,
HURLEY,
Ac
HERBERT
Hornblower
Ac
Inc.
E.
Weeks
HUSSEY, EUGENE R.
Co., Inc.
The First
GODDARD, JAMES H.
BROWNE, JAMES D.
Lee Higginson Corporation
BRUGGEMANN,
Treasurer: Edward
EDWARD
Sears
Boston
Corp.
S.
J.
Vice-President: Gilbert M. Lothrop, W. E. Hutton & Co.
Co.
Ac
IIORMEL, EDWARD F.
Day Trust Company
Corporation
Gleason
I.
Me.
GLEASON, SHERMAN
Schlrmer, Atherton & Co.
President: James E.
Portland,
May Ac Gannon, Inc.
Goldman, Sachs & Co.
McVey
L.
G.
Itooper-Kimball.
du
Vance, Sanders Ac Company
C.
Hanseatic
Co.
Co., Providence, R.
HOMSEY, ANTON E.
FOSTER, Jr., I1ATIIERLY
Co.
&
WILLIAM
York
H1XON.
E.
Ac Co.,
Ac
J.
Weld
Chace,
FREDERICK
Lee Higginson
2nd, DUDLEY II.
BRADLEY,
Carl V. Wells
FOSTER,
Upham Ac Co.
JOHN
Draper,
Inc.
ARTHUR
S.
HINES, EDWARD F.
FAZIOLI, CLIVE B.
White, Weld Ac Co.
ROBERT
Incorporated
Inc.
FREDERICK
IIERLIHY,
Co.
Emery Ac Co.,
Nathan C. Fay
Ac Co.
Schlrmer, Atherton & Co.
Harris,
8.
Co.,
HASTINGS, FRANCIS
FAY, NATHAN C.
R.
Worcester
White A:
Harson
White,
B.
Buck Ac
Ac
HENRY
IIART,
Goldman, Sachs Ac Co.
HAROLD
BERNARD. Jr., HUBERT N.
BLAIR,
J.
F.NGDAHL,
Draper, Sears Ac Co.
S.
Schirmer, Atherton Ac Co.
EMERY, FORREST S.
M.
BATES, CURTIS S.
Josephthal
Homsey Ac Company,
Richard
L.
HART,
ELWELL, REGINALD
Joseph M. Batchelder & Co., Inc.
BEACHAM,
P.
R. W. Pressprich Ac Co.
B.
Co,
HOWARD
IIARSON.
Harris, Upham Ac Co.
CLIFFORD
Co.
PAUL B.
Ac
Knox
Baldwin.
ELDRACHER, THEODORE
Company, Providence, R. I.
it
D.
HARRIS.
EAGAN, WALTER F.
Long Ac Nash
BARRl'S, Jr.,
R.
Brothers, Harriman Si Co.
duPont,
JOSEPH
BARRETT.
DUFFY, JAMES
DYKES, ALVIN A.
& Co.
Barney
Ac
BIRNEY
HARRINGTON. FRANK T,
MEMBERS
Brown
W.
ALBERT
Smith,
Sachs
.
HARKNESS. ROBERT B.
Dwlnnell, Harkness Ac Hill,
Paine, Webber, Jackson Ac Curtis
Josephthal Ac Co.
BAKER,
Co.
F.
Moseley Ac Co.
UANRAIIAN,
Term
DUNCKLEE, WILLIAM S.
WALTER K.
BAJLfcY,
Moynihan
unless
Ac Co.
Hayden, Stone
James E.
Boston
W.
JOHN
ALTMEYER,
In
Indicated*
otherwise
S.
Co., Inc.
Ac
LEAMAN
Goldman,
H.
.All
Sachs
IIALLIW1LL,
Expires: December 31, 1955.
ROSTER
Worcester
DAVID A.
Goldman,
Moynihan, J. B. Maguire &
Office:
A.
Weeks,
Dayton Haigney A:
HALEY,
Co., Inc.; James R. Duffy, Paine, Webber, Jackson & Curtis;
Wilfred G. Conary, G. H. Walker & Co., Providence, R. I.;
William J. Burke, Jr., May & Gannon, Inc.; J. Russell Potter,
Arthur W. Wood Company.
Elected:
Ac
llAIGNEY, DAYTON P.
Inc.; Leo F. Newman, American Securities Corporation; Joseph F.
Robbins, F. S. Moseley & Co.; John L. Shea, Jr., Shea & Co., Inc.
National
ELWIN
Hornblower
May & Gannon, Inc.; Lewis D. McDowell, Chas. A. Day & Co.,
H.
Goddard Ac
GRIFFIN,
A.
LESTER G.
Baldwin, White Ac Co.
HUTCHINSON,
Inc.
Hutchinson
|
F.
IRVING
Ac
Jr., JAMES A.
Company
INGALLS, JEROME M.
C. Allyn and Company, Inc.
GUNN.
BURKE, Jr., WILLIAM J.
May Ac Gannon, Inc.
HENRY
Co.,
Coffin Ac
E.
Burr, Incorporated
INGALLS, ROBERT
Townsend, Dabney Ac Tyson
U.
Tucker, Anthony Ac Co.
BURNS, WALTER T.
Recording
Secretary:
Thorndike, Inc.
Frederick
V.
McVey,
Childs,
Jeffries
&
Burns, Barron
CANFIELD,
New
Ac
Co.,
Portland, Me.
LLOYD
England
Trust Co.
CANNELL, JOHN
v///////////////////////////////////^
John
Cannell
CAREW,
P.
S.
Co.
Ac
JOSEPH
S.Weinberg & c«.
E.
Moseley Ac Co.
CARR,
FREDERICK
R.
Members N. Y. Security Dealers Ass'n
Tucker, Anthony & Co.
CARR, JOHN F.
Hayden. Stone Ac Co.
GOLKIN
&
CO.
We render
Carr
&
Thompson, Inc.
CARTER.
W.
Co.
FRANCIS
Mlxter
Ac
for Banks and Dealers
E.
Company
CHAMBERLAIN, RAYMOND E.
P.
—
DEALERS
S.
E.
60 Wall
Emery Ac Co.. Inc.
CHAMBERLAIN,
A.
brokerage serv¬
ice in all Unlisted Securities
HERBERT F.
E. Hutton Ac
CASEY,
UNDERWRITERS
a
CARR. RALPH F.
Ames
RICHARD
Co.,
&
Street, New York 5
Phone: WHitehall 3-7830
F.
Teletype No
Inc.
NY 1-2762
c=
CLARK, ASA F.
Wise, Hobbs & Seaver, Inc.
DISTRIBUTORS
CLAYTON, CALVIN W.
Clayton Securities Corp.
COGGHILL.
FRANCIS
White, Weld
Ac
CONARY. WILFRED
G.
H, Walker Ac
CONNELL, Jr.,
Hanrahan
60
BROADWAY, NEW YORK (4)
WHitehall
4-4567
Teletype NY 1-1658
G.
Co., Providence,
WILLIAM
&
Co.,
R. I.
We
G.
Worcester,
Mass.
that
we
are
have
pleased to
now
announce
started
our
CONWAY. JAMES J.
Moors
Ac Cabot
COPELAND.
Tel.
R.
Co.
at
the
same
address with the
34th year
same
firm
name
RICHARD
Chas. A. Day Ac Co., Inc.
and the
,
same
business
COPPENS, RAYMOND V.
Blair
&
Co.,
Incorporated
CORBIN, RICHARD
Blyth & Co., Inc.
COWARD,
SPECIALISTS IN UNLISTED SECURITIES
J.
RICHARD
McDowell,
Diimond
Providence,
CRAMPTON.
Weeden
R.
&
JOHN J. O'KflNE JR. & CO.
Company,
I.
ALFRED
1922
ESTABLISHED
R.
Ac Co.
Members
CREAMER.
WILLIAM
New
York Security
Dealers Association
E.
Schlrmer. Atherton Ac Co.
A securities
Coffin Ac Burr.
42 Broadway, N. Y.
DIgby 4-6320
CROCKETT. HARRY W.
firm serving dealers
Incorporated
CROSBY. ALBERT
and
individual
P.
investors
based
J.
on
research and
trading markets
S. Moseley
Ac Co.
DALEY, JOHN L.
B.
Maguire
&
Co.,
Inc.
D'ARCY. JOHN J.
P. L.
Putnam
DARLING,
du
Ac
Co.. Inc.
RODNEY
M.
MUNICIPAL BONDS
Pont, Homsey & Company
DAVIS. DONALD
Donald
DAY.
Davis
Jr..
Chas.
LEON
Chas.
Stkauss, Ginukrg & Co., Inc.
A.
DEXTER.
Stone
SPECIALIZING IN ODD LOIS
E.
A. Day Ac
DAY, WILFRED
Co.
Ac
Co.,
Inc.
N.
Day Ac Co.. Trie.
Jr..
Ac
WALLACE
Webster
(Amounts
D.
Securities
Corp.
up
to $10,000)
'
DIAMOND. CLEMENT G.
115
Broadway
New York 6, N. Y.
Tcwnsend. Dabnev Ac Tyson
nOLIBER.
G.
Telephone
T eletype
BArclay 7-7631
N Y 1-3636
H
LEBENTHAL8 CO. SS)
RTCHARD
Walker
&
Co.,
Providence.
R. I.
135
DONNELLY. JOHN P.
Salomon Bros.
OldestHouse fa America
nOVOHTTF. JOHN J.
Donohue Ac Sullivan
DOVOVAN.
Davton
DOUCET,
BROADW, NEWYORK C*N.Y.
.
REdor 2-1737
Ac Hutzler
WARREN
Specializing kli
ODD LOT MUNICIPAL
IftODO-lOTS
BONDS]
lIBlNTMALtC*.
Haigney Ac Co.. Inc.
T.
LESTER
Salomon Bros. Ac Hutzler
Bell
Syitem Teletype NY 1-2272
m
Convention Number
Mr. and Mrs. Roy
INGHAM
Jr., JOHN
THE COMMERCIAL and FINANCIAL CHRONICLE
F. Delaney, Smith, Hague, Noble & Co., Detroit;
Smith, Hague, Noble & Co., Detroit
L.
R.
W.
Jr., G. C.
Pressprich
&
GEORGE
KEALEY,
McCUE,
Co.
Coffin
C.
National
Second
McCORMICK, Jr., JAMES f.
LELAND, ALAN C.
Halsey, Stuart & Co. Inc.
JORDAN,
McAllister, Jr., henry p.
LeBEAU, IRVING C.
May & Gannon, Inc.
BERT L.
Street
HARVEY
KELLER,
Keller
Brothers
KENNEDY, F.
Erittain
Salomon
W.
Co.
R.
Co.,
Hanseatic
York
S.
Inc.
E.
Paul
Mixter
&
MATHIS, Jr.,
Estabrook
Inc.
&
Hutton & Co.
MAY,
LANG, HAROLD F.
DAVID
&
May
Lang & Dadmun, Inc.
MAY,
LARSON, N. HENRY
The First Boston Corp.
Cabot
HERBERT
C.
Blyth & Co., Inc.
SORTERUP,
Brown,
ROBERT
Lisle
Providence,
SPENCE,
W.
B.
Marshall,
&
I.
R.
FREDERICK
Townsend. Dabney & Tyson
JOSEPH
A.
SPORRONG,
STANLEY
Burgess & Leith
RINALDI, JOSEPH M.
Company
ROBBINS,
F. S.
STANLEY, Jr., GEORGE A.
JOSEPH
Schirmer, Atherton & Co.
F.
STUMPP, DAVID
Moseley & Co.
E.
W.
Company, Providence, R. I.
Hutton
&
W.
Co.
RYALL, EUGENE J.
C.
J.
SULLIVAN, JAMES E.
Devine & Co.
Baldwin, White & Co.
Fund, Inc.
RYAN,
H.
&
Moors
F. S. Moseley & Co.
MOYNIHAN, JAMES E.
J. B. Maguire & Co., Inc.
C. Wainwright & Co.
ERNEST W.
SMITH,
Josephthal & Co.
RICHARDSON,
Hanseatic Corporation
MOTLEY, JR., EDWARD
Boston
H.
Co.
SMITH, CHARLES H.
Preston, Moss & Co.
MOSSOP, WALLACE L.
MAX, RICHARD L.
Co.
&
American Securities Corp.
JOHN A.
Lerner & Co.
Co.
Inc.
Inc.
D. Sheeline
SLIFER,
Co.
REILLY, ARTHUR H.
MORRISON, JAMES A.
Townsend, Dabney & Tyson
JOHN O.
Meredith,
Co.,
Sides, Morse & Co., Inc.
S.
Prescott &
LESTER F.
REED,
Co.
&
&
SIDES, W. RANDOLPH
moore, george e.
LAMONT, NICHOLAS
&
Inc.
Co.,
Hanseatic Corporation
Barrett &
Lamont
W.
G.
frederick s.
York
New
May & Gannon, Inc.
LAHTI, W. HENRY
Co.,
William
&
SHEELINE, PAUL D.
WILLIAM
PRESCOTT,
alexander w.
moore,
MANN, Jr., GEO. P.
Mann & Gould, Salem, Mass.
&
Shea
Hodgdon & Co.
d.
H.
PAUL A.
SHEA, Jr., JOHN L.
Arthur W. Wood Company
GEORGE
&
Scribner
Corporation
L.
POWERS, EDWARD F.
& Co.
lewis
Goodard
H.
New
Corp.
J. B. Maguire & Co.,
Estabrook & Co.
Lahti
ROBERT
QUINN, DANIEL L.
Schirmer, Atherton & Co.
moore,
MAGUIRE, JOHN E.
KUMIN, EMIL
Matthew
Securities
Webster
&
SCRIBNER,
Josephthal & Co.
Day & Co., Inc.
monroe, paul b.
R. W.
Pressprich
Curtis
MAGUIRE, JAMES B.
KIRWAN, THOMAS A.
Thomas A. Kirwan & Co.
Elmer and Vi Hammell,
SCHUERHOFF, ROLAND
Smith, Barney & Co.
Co.
PUTNAM,
J.
MacDONALD, WILLIAM G.
Brown, Lisle & Marshall, Providence, R. I
&
PARKER
E.
POTTER, J. RUSSELL
Wainwright
A.
Buck
MIR9GEAS,
Inc.
& Co.
KILNER, GEORGE M.
Wm. H. Tegtmeyer & Co., Chicago;
Blosser & McDowell, Chicago
McVEY, frederick V.
Childs, Jeffries & Thorndike, Inc.
Sheeline & Co.
York
C.
Chas.
J.
POLLEYS,
(G. H.) & Co., Providence, R. I
Mcdowell,
E.
D.
New
Pressprich
H.
M.
Co.
MacDONALD, J. RENWICK
Paine, Webber, Jackson &
& Co.
RODNEY P.
W.
&
JAMES
Paul
Stone
& Co.
GERARD
Mcdonough, john l.
LYNCH, JAMES J.
BRITTAIN
Allyn
Richard
PILLSBURY,
McCUE, JOHN A.
P.
GILBERT
&
C.
Walker
& Hutzler
Bros.
Irene Scheuer,
PIERCE, RALPH W.
Adams & Co.
May & Gannon, Inc.
Hutton
Shea
N.
Securities
Kennedy & Co.
Stone
E.
LYNCH
KENNEY, PHILIP F.
Hayden,
Incorporated
JOSEPH
LOTHROP,
L.
NORTON
KELLER,
A.
Lerner & Co.
Keller Brothers Securities Co.
KENT.
Burr,
LOMBARD,
KEANE, J. FRANK
Elmer H. Bright & Co.
F.
&
Frederick C.
LERNER, LOUIS C.
Bank-State
Trust
and
Straus,
LAWRENCE, EDWARD W.
Hemphill, Noyes & Co.
Blyth & Co., Inc.
JACOBS,
Charles
Edwin M. Everham,
New
VINCENT
York
P.
Hanseatic
(Continued
Corp.
on page
48)
MUDGE, JOHN G.
Gannon,
Inc.
Mudge
Adams,
MURPHY,
WILLIAM F.
C.
A.
May & Gannon, Inc.
Mass.
Newton,
Co.,
&
ARTHUR C.
Allyn
and
Inc.
Company,
OVER 25 YEARS
OF
SERVICE
SYRACUSE AND
TO
MURPHY, TIMOTHY D.
Chace, Whiteside, West & Winslow,
Inc
CENTRAL NEW YORK INVESTORS
MURRAY, RAYMOND M.
Tucker, Anthony & Co.
Established
MEMBERS
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NEW
YORK
AMERICAN
CO
&
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Merrill Lynch, Pierce,
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STOCK
NEWMAN,
(ASSOC.)
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★
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May & Gannon, Inc.
LEO
American
LIFE
Fenner
&
HIGH
GRADE
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Day & Co.
RICHARD
NOWELL,
Putnam
F. L.
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•
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ANTHONY
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Wires
CO.,
CO.,
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Tel.:
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E.
Washington St.
SYRACUSE, N. Y.
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Teletype SS-198
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Corporation
PARSLOE, GEORGE S.
CITY
YORK
NEW
120
Tripp & Taber, New Bedford, Mass.
to
NEW
Inc.
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PARENT,
Lee
Private
E. W. SNYDER & CO.
C.
& Co.,
edward J.
PARDEE, MILTON I.
LOCKPORT, N. Y.
ST., BUFFALO 2, N. Y.
Direct
INDUSTRIALS
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FUNDS —PUBLIC
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Telephone Washington 4970
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THE COMMERCIAL and FINANCIAL CHRONICLE
48
Earl
Brothers & Co., Kansas City, Mo.; Charles G. Scheuer, Wm. H. Tegtmeyer & Co.,
Chicago; Harry L. Nelson, Blyth & Co., Inc., Chicago
W. Price, Stern
Boston Securities Traders Association
f>1-3. Jus'.us
Thursday, October 6,
Martin, Atlanta, Ga.; Mr. and Mrs. Edward Adams, Clement A. Evans &
LUDLAM, PAUL A.
Merrill Lynch, Pierce,
Security Traders Association of Portland, Ore.
MAY, EARLE
Walston
PATTEN,
WARD, FRANCIS v.
H.
Inc.
L. Putnam Ss Co.,
Donohue & Sullivan
Providence,
Joseph Cummlngs,
R.
P.
1.
SWIFT,
Harriman
ROBERT
Blyth & Co., Inc.
BOBBINS, J. GILBERT
Campbell
REGINALD
WHITTEMORE.
D.
Tripp & Taber, Fall River, Mass.
Inc.
SI OAN.
M.
DONALD
H. Whittemore
&
Neil
D'Amico
Robert
W.
J. Sheldon Jones, Jr.
Pitt
Weeden
&
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West
C.
J.
Clayton
Securities
New
Hayden,
Coffin
Co.
ARTHUR G.
Wadsworth & Co.
Stone
&
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Co.
&
Burr,
Incorporated'
BALFOUR,
Northwest
YOUNG, HERBERT
Brown
Donald C.
W.
Brothers Harriman
&
ZUCCARO,
WALKER, HARRY R.
ALFRED
First Boston
White, Weld & Co.
I
Company
ADAMS, RICHARD H.
Co.
BADER,
Bedford
WALSH, FRANCIS P.
A. G, Walsh & Son
Tripp
and
N.
&
Company
DON R.
Company
RAY
First National
Bank of Portland
ROSTER OF MEMBERS
Corporation
WOLLEY, SUMNER R.
WADSWORTII,
Arthur G.
N.
Atkinson
WOLL, ALBERT J. T.
N.
LESLIE A.
&
Co.
WOGLOM, ALBERT G.
S.
Inc.
Co.
Devine
Si
HOWARD
BOSKIRK,
ZORA,
Secretary-Treasurer: J. Sheldon Jones, Jr., June S. Jones & Co.
& Winslow, Inc.
Pacific
TUCKER,
VAN
Vice-President: Robert W. Pitt, Blyth & Co., Inc.
N.
Chace, Whiteside,
CURTICE
C.
Sloan
TRIPP, Jr., CHAS.
President: Neil D'Amico, Dean Witter & Co.
WINSLOW, Jr.. A.
R.
Taylor & Co., Inc.
TOWNSEND,
Incorporated
Camp & Company
Inc.
Salomon Bros. & Hutzler
Taylor & Co., Inc.
WILLIAM
C.
SOMERS,
H
WINN, PHILIP D.
Hooper-Klmball,
R.
Thompson,
Robbins,
DONALD
Donald
Co.
TAYLOR, JOHN
&
&
AL
Walston & Co.
WILLIAMS, T. EDMUND
Carr
Portland
PITT,
TARANTINO, JAMES W.
New York Hanseatlc Corporation
THOMPSON,
of
Co.
Spencer Trask & Co.
Bedford, Mass.
D.
TAYLOR, Jr.. JOHN
Bank
&
& Curtis
Ripley & Co.,
WHITCOMB,
Tripp & Taber, New
RICHARD
Moseley & Co.
Adams
SCHWAB,
TAKER, ELLIOT C.
TABER,
S.
WHITCOMB, BURTON F.
HENRY K.
Townsend, Dabney & Tyson
Co.
PRESTON
M.
Bishop-Wells Co.
Jr.,
TABU,
Investment
First National
E.
WELLS, RAYMOND E.
Draper,
C.
Co.
Patten
PHIPPS,
.
Paine, Webber, Jackson
WILLIAM F.
Sears & Co.
&
GEORGE
George
WELLS, CARL V.
WALTER T.
Kidder, Peabody & Co.
SWIFT,
Beane
PEANO, FRED
WEEKS, Jr., ROBERT S.
SWENSON, CAEL J.
&
Wainwrlght & Co.
WARING, LLOYD B.
Kidder, Peabody Si Co.
SULLIVAN, EOBEET W.
M.
C.
Fenner
LUNDBOBG, HUGO
Handel, Lundborg & Co.
ROSTER OF MEMBERS-
P.
Company, Inc.,
Atlanta
(Continued from page 47)
SULLIVAN, Jr., JOHN E.
1955
G.
r.
Sloan
&
Blankenship,
BRADLEY,
Zilka, Smlther & Co.,
Inc.
Foster
&
Si Balfour
U.
S.
Gould
Blakeley,
&
Inc.
NORMAN
Bank
National
of
Portland
COLE, VERGIL R.
BAILEY, DAN V.
LOUIS V.
J. B. Maguire & Co.
Delegates at Large
A.
BLAKELY, WILLIS H.
Co.
JACK
Corporation
ZUCCHELLI,
DAVID
Russell, Hoppe, Stewart
Daugherty,
Marshall
Butchart
Cole
&
Inc.
COLLINS, WILLIAM J.
William
J.
Collins
&
Co.
COLTON, E. L.
Canadian Bank
Greetings and Best Wishes from Philadelphia
of
Commerce
D'AMICO, NEIL C.
Dean
HESS,
Witter &
JOHN
Hess
TRADING DEPARTMENT PERSONNEL
&
Co.
J.
McFaul
HILL, VIRGIL
U.
R. Victor
Mosley,
vice president
S.
Nation"l
JONES, Jr., J.
June
R. Victor
S.
Bank
of
Garnett
Portland
SHELDON
Jones
&
Co.
ner
Mosley
JORY,
>
Equipment Trust Certificates
Bank
of
California,
KOSTERMAN.
Zilka,
Allan
B.
&
Lee, Jr., Scott, Hor¬
Mason, Inc., Lynchburg, Va.
FRED
N.
George W. Cunningham, George
Cunningham
&
Co.,
West-
A.
Frank J. Laird
Frank J. Laird
O. Lee, Jr. Geo. W. Cunningham
Garnett O.
PIERRE
Smither &
Co.,
W.
A.
field, N. J.
Inc.
Railroad Bonds, Guaranteed
Leased Lines Stocks
and
Foard, Jr.
Edgar A. Christian
Public Utility
James G. Mundy
Industrial
Russell M.
Bonds 8c Stocks
Ergood, Jr.
cd
Butcher
Municipal Bonds
Michael J.
Rudolph
Sherrerd
&
ESTABLISHED
L. Wister Randolph
1910
1
Robert J. Campbell
Institutional Department
Underwriters, Distributors, Dealers in
DeCourcy W. Orrick
CORPORATE AND MUNICIPAL SECURITIES
Edward F. Hirsch
Felix E.
Statistical Department
Maguire
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York
Telephone
BArclay 7-4641
Convention Number
Charles
E.
and
THE COMMERCIAL and FINANCIAL CHRONICLE
Helen
Dow Chemical
Exley, Charles A. Parcells & Co., Detroit; Dr. Lcu:s E. and Mrs. Lavan
Lloyd,
Co., Midland, Michigan; Howard & Ernestine Carr, Cair & Company, Deiroik
Baltimore
Margaret and Harry L. Arnold, Goldman, Sachs & Co., New York;
Gottron, Russel & Co., Inc., Cleveland
ROSTER OF MEMBERS
Security Traders Association
49
LANAHAN, Jr., WALLACE W.
—
ROBERTS,
Stein Bros. & Boyce
ARMSTRONG,
J.
EDWARD
Stein Bros. & Boyce
LIST,
Stein
BAMBERGER, E. CLINTON
Baumgartner,
Downing
MACE,
& Co.
E.
R.
BERRY,
ALLISON
Robert
Garrett
BLOCHER,
BODIE,
Trust
Jr.,
Stein
BOYCE,
&
JR.,
John
Co.
John C.
Robert
Mead,
H.
Jr.,
1'IET,
John
A.
D.
&
HARRY
1'INDELL,
BROWN, J. DORSEY
J. Dorsey Brown & Co.
C. Roberts, Jr.
Joseph G. Strohmer
Chester N. Martin
Harry J. Niemeyer
T. Williams & Company,
Incorporated.
Bros.
BUTLER,
Boyce
LEONARD
Mead,
Miller
PLUMMER,
Stein
J.
&
John
R.
Treasurer: Harry J. Niemeyer, Robert Garrett & Sons.
CHENOWETH,
Alternates: William C. Roberts Jr., C. T. Williams & Company Inc.
JOHN
Watts
COLEMAN,
Mead,
&
CRUNKLETON,
RIEPE,
Alex.
Co.
JOHN
C. Legg & Company
J*.
WATTS, Jr., SEWELL S.
Baker, Watts & Co.
B.
Boyce
WHITE,
GEORGE
Merrill Lynch,
Stein
G.
WILLIAM F.
Miller
,
TAYLOR. PRESTON A.
Mead, Miller & Co.
II.
REIN, HOWARD E.
Equitable Trust Co.
Co.
&
&
'
,t
...,
G.
Pierce, Fenner & Beane
WILBUR, LeROY A.
CHAMBERS, ROBERT P.
John C. Legg &
Company
Baker,
DONALD
Bros.
JOSEPH
RING,
Mead,
R.
J.
Brown
&
Miller
&
Boyce
JOHN
Baker, Watts & Co.
Sons
YEAGER, G. THOMAS
W.
&
Bros.
YEAGER,
CREIGHTON
GEORGE
Co.
Baker,
Watts
&
'
ca.
Mercantile-Safe Deposit and Trust
Company
EBERWEIN, BERNARD E.
Alex.
Brown
ENSOR,
This Is How It
Worfys
or
ing conditions,
we
prejudice and in the light of constantly shift¬
continue to search for relatively under-valued
resulting selections form the basis of almost 100 primary
markets
to
are
firm and
our
interest often substantial.
increasing number of dealers
stop,
.
E.
CARL
Legg
&
UNDERWRITERS AND DEALERS
Company
FREEMAN, EDWARD B.
Lockwood, Peck & Co.
Industrial, Public Utility, Railroad and Real Estate Securities
Company
r
are
/-
V
TRADING DEPARTMENT
Pierce, Fenner & Beane
GUNDLACH, LOUIS P.
Brooke
look—and do business.
UNLISTED
CHARLES
GROSS.
finding it advantageous
,
/
GRESSITT, MORDECAI B.
George G. Shriver & Co., Inc.
Merrill Lynch,
An
Sons
Boyce
Mercantile-Safe Deposit and Trust
trading markets, carried in the Philadelphia Office, in which
our
C.
&
GRAY, E. GUY
securities.
The
Bros.
FRANK, J.
John
Without favor
&
LAWRENCE
Stein
Co.
&
IIERR, WILLIAM J.
Alex. Brown & Sons
Established
O. JOSEPH
c/o Phil.-Bait. Stock Exchange
KEAGLE,
H. M.
Byllesby and Company
(Incorporated)
Members
Alex.
Philadelphia-Baltimore and Midwest Stock Exchanges
Associate Member American Stock
1500
Exchange
Chestnut Street, Philadelphia 2,
KIDD,
Brown
C.
Stein
KLEIN,
New
RIttenhouse 6-3717
CHICAGO
York
REctor
NEW
YORK
&
Sons
Bros.
&
New
Boyce
American
1508
2-0553
PH 606
George
G.
KRATZER,
Stein
MINNEAPOLIS
(r
Co.
Stock
Exchange
Exchange
Miller & Co.
Mead,
Teletype
York Stock
Philadelphia-Baltimore Stock Exchange
GUSTAV
Pa.
Phone
1865
MEMBERS
NEWTON
KOLSCHER,
Philadelphia Phone
Bioren
KELLERMANN, HOWARD L.
JACK
Walnut Street
A.
Shriver
&
Co.,
Philadelphia 2, Pa.
Inc.
PEnnypacker 5-9400
DAVID
120
Broadway
New York
5, N. Y.
WHitehull 3-0590
Bros. & Boyce
KRIEGEL, LEO
H.
Landon
Davies
Better Service To Yon
PRIMARY TRADING MARKETS H- RETAIL DISTRIBUTION
More Opportunities For Us
•m-+-
IIOLWIM,
Members
Philadelphia-Baltimore Stock Exchange
I52» WALNUT STREET
Teletype PH 30
American
&
CO.
Stock Exchange
(Associate)
PRILADELI'IIIA S, PA.
Telephone LOcust 8-0900
irt
W,
SUNDERLAND, EDWIN P.
John C. Legg & Company
LEE
CHARLES
M
.
ALFRED
Trust Co.
STROHMER,
FOE, PHILIP I.
Philip L. Poe & Co.
Co.
Secretary: Chester N. Martin, Kidder, Peabody & Co.
National Committeemen: Charles A. Bodie, Stein Bros. & Boyce;
J. Wilmer Butler, Baker, Watts & Co.
DAVID
C.
Equitable
Baker, Watts & Co.
WILMER
Co.
SPILKER,
Lockwood, Peck & Co.
Baker, Watts & Co.
BUTT,
Vice-President: Joseph G. Strohmer, John C. Legg & Company;
J.
&
Co.
J.
Sons
Howard & Co.
FINKERTON,
BRUCK, H. MITCHELL
Stein
President: William C. Roberts, Jr., C.
'
M.
&
mm
Merrill, Lynch, Pierce, Fenner & Beane
Wm.
Miller
SOWERS. J. CLAIRE
Mead, Miller & Co.
Legg & Company
HARRY
Legg & Company
HARRY
SNYDER, JACK
Mead, Miller &
Boyce
Garrett
C.
SIIEELY,
Shriver & Co., Inc.
NIEMEYER.
Inc.
JOSEPH W.
John
ELWOOD
EDWARD
PREVOST
WILLIAM C.
& Company,
Williams
T.
SENER,
MORGAN, Jr.. C. GERARD
EMMET
Legg & Company
JOHN
&
A.
& Boyce
Cayne,
Union Trust Company
Downing
&
George G.
R.
C.
BRADY,
E.
Bros.
MILLER,
Boyce
C.
Stein Bros.
BRADLEY,
S.
Company
CHARLES
Bros.
Stein
Sons
Jr.,
Lillian
SADTLER, C. HERBERT
Boyce
FRANK
McCLURE,
M.
&
THOMAS
Maryland
&
MARTIN, CHESTER
Kiclder, Peabody & Co.
Co.
&
Jones
Bros.
Baumgartner,
BANEY, ARTHUR L.
C.
ROBERT
Mort and
New
York
Telephone COrtlandt 7-1202
50
THE COMMERCIAL and FINANCIAL CHRONICLE
Nashville Security
C.
DAVENPORT.
Traders Association
EVAN
Securities
Equitable
DAVIS,
FRANK
Wiley Bros.,
Thursday, October 6, 1955
Investment Traders Association
Corporation
J.
Of
Inc.
-/fy
DOUGLAS.
N.
Philadelphia
JAMES
Clark, Landstreet & Kirkpatrick, Inc.
EASTON
Securities
Co.
JTSs.-
Cumberland
EVANS,
Securities
PAUL
Paul
Corporuiion
PEYTON
Cumberland
EVE,
L.
PORTER
Mid-South
EVANS
Securities
FAR It A K,
Co
v:.
RUDOLPH
Temple Seruntie>
FINCH,
CoiiMiauon
F
Eve
NORMAN
S.
Corpmailun
I>.
Spencer Trask & Co.
GIBSOV, Jr., JO
B. W. Landstreet III
Rudolph Lauper
B. Schoen
Kenneth
Web-ter
iz
Gibson
GREENWALT, FUFOKI)
Wiley Eros.,
President: Beverly W. L .ndstreet III, Clark,
Landstreet & Kirk-
patrick, Inc.
J.
Vice-President: Kenneth B. Schoen, J. C. Bradford & Co.
Secretary-Treasurer: Rudolph Lauper,
First American National
Bank.
S.
&
Co.
THOMAS
M.
Equitable Securities Corporation
W.
PORTER
N.
Estes
&
Company,
Corporation; William Nelson, II, Clark, Landstreet & Kirk¬
patrick, Inc.
KINGINS,
Jack
MER\ YN
M.
December 17, 1954; Took Office: January 1, 1955; Term
Expires: December 31, 1955.
KIRTLANI).
Bradford
&
M.
BERRY,
Co.
Clark,
BASS, JACK M.
Jack
BASS,
Jack
BELL,
M.
JK.,
M.
Bass
Secuirties
JACK
Company
Equitable
WALTER E.
Inc.
clayton,
Co.
Spencer
everett
Trask
&
LARKINS,
LAUPER,
f
H. FRANK
Securities Corporation
Kirkpatrick,
irst
S,
Securities
Co,
National
American
Second
Pierce,
Securities
ray g.
Securities
McDANIEL,
&
Fenner
MATTHEW
t.
Cumberland
Retail Distributors
e.
h.
Securities
First
FINIS
J.
National
American
C.
Bradford
&
Underwriters
Municipal Bonds
Bank
Inc.
High Grade Corporate Bonds and Stocks
Co.
carr
payne,
Cumberland
Securities
Corporation
pettey,
herbert
Equitable Securities
Corporation
pilcher, matthew,
b.
SCHMIDT, POOLE, ROBERTS & PARKE
Mid-South Securities Co.
READ,
YARNALL, RIDDLE & CO.
of
ROBERT R.
Robert
R.
SCHOEN,
J.
C.
Read
Investment
KENNTH
Bradford
Members Philadelphia-Baltimore Stock
Co.
B.
123
SOUTH
BROAD
sharp, alfred
SI1ILLINGLAW, RICHARD
1528 WALNUT ST., PHILADELPHIA
2, PA.
SIMFKINS,
Merrill
N. Y. Phones
P.
PA.
Phila. Phone
T elelype
REctor 2-1695
Securities Co.
PH
KIngsley 5-0650
538
HAnover 2-4556
OTTO
Lynch,
(9),
d.
Alfred D. Sharp it Company
Mid-South
Exchange
STREET
Co.
&
PHILADELPHIA
Exchange
Philadelphia-Baltimore Stock Exchange
American Stock Exchange (Assoc.)
Bell System
Company,
Pennsylvania and General Market
L.
NIELSEN, EINER
New York Stock
&
Trading Markets
Corporation
NELSON, II, WILLIAM
I
Clark, Landstreet & Kirkpatrick,
Specializing in
Stroud
F.
JR., T. H.
Cumberland Securities Corporation
NELSON,
Issues Free of the Pennsylvania
Personal Property Tax
Yarnall, Biddle & Co.
Mundy,
Secretary: Rubin Hardy, The First Boston Corporation.
MITCHELL,
BONDS and STOCKS
G.
Webster & Gibson
mitchell,
PUBLIC UTILITY—RAILROAD—INDUSTRIAL
James
Beane
Co.
thos.
Wiley Bros.. Inc.
Members
Vice-President:
Corporation
Mclaughlin,
AUTHORITY BONDS
President: Wallace H. Runyan, Hemphill, Noyes & Co.
First Vice-President: Samuel M. Kennedy,
Bank
BERT
Temple
PENNSYLVANIA MUNICIPAL and
John Carothers
Hardy
Incorporated.
MADDEN,
martin,
UNDERWRITERS, DEALERS and BROKERS
Rubin
Inc.
RUDOLPH
Mid-South
M.
Co.
w.
Kirkpatrick,
&
J.
LUSKY, IRA L.
Merrill Lynch,
Inc.
BEVERLY
III,
Landstreet
Mid-South
L.
CLARK, HAROLD W.
Clark, Landstreet it
BENEDICT, E. B.
&
EWING
Kirkpatrick,
BURKHOLDER,
Equitable Securities Corporation
Spencer Trask
Clark,
WILLIAM I.
Equitable Securities Corporation
M.
it
Bass
Company
Co.
—
Landstreet &
BRADFORD,
it
Inc.
&
K.
FltED
LANDSTREET,
C.
EDWARD L.
Kirkpatrick,
Jr.,
Laiki. .treat
Clark,
Mid-South
ROSTER OF MEMBERS
J.
Company
&
Lass
KIRKPATRICK,
Elected:
J.
Inc.
Burkholder, Equitable Securi¬
ties
BARNES, MELVILLE
James G. Mundy
Kennedy
Co.
it
Bradiord
HUDSON,
KEITH,
Co.; Rudolph Lauper, First American National Bank.
National Committeemen: H. Frank
ALBERT
C.
Gibson, Jr., Webster &
Gibson; James C. Ward,
Bank; Beverly W. Landstreet III, Clark, Land& Kirkpatrick Inc.; Kenneth B. Schoen, J. C. Bradford &
Samuel M.
Wallace H. Runyan
WALTER
Bradiord
HALLIBURTON, GUS G.
Equitable Securities Corporation
J
Jo
Third National
R.
C.
IIILL,
Directors:
street
HALE,
W.
Inc.
Pierce,
Fenner
&
Beane
Teletype—PH 22
SMITH, H. LAIRD
New York Telephone
WOrth
4-4818
Equitable Securities Corporation
SMITH,
MARION
Cumberland
Securities
Corporation
smith, Mcdowell
Merrill
Lynch,
Pierce,
Fenner
&
Beane
STEMPFEL, ROBERT S.
Spencer
J. W. SPARKS & CO.
ESTABLISHED
1900
Trask
Co.
&
Spencer Trask
&
Sanders
&
MEMBERS
EXCHANGE
PHILA.-BALTIMORE
AMERICAN
STOCK
STOCK EXCHANGE
Obligations of tho
temple,
Temple
thomas h.
Securities Corporation
Third
james
First
STATE, MUNICIPAL and REVENUE BONDS
American
webster,
NEW
T.
TELETYPE—PH
New
Broadway
York
WORTH
5,
N.
210
Y.
4-0220
Western
Broad
a
&
1
c.
Gibson
Bros.,
SCHAFFER, NECKER & CO.
Packard
Inc.
Jr.,
DAVID
Bldg., Philadelphia 2
LOcust 7-3646
W.
•
Teletype PH 864
Wiley Bros., Inc.
Savings
Chestnut
Philadelphia
KIngsley
robert
W.
Bank
622
WILEY,
120
National
wiley. david w.
YORK
Wiley
&
TURNPIKE, WATER AND SEWER ISSUES
c.
National Bank
Webster
T.
PENNSYLVANIA SCHOOL AUTHORITIES
WARTERFIELD, CHARLES
Dealers in
BONDS
w.
J.. C. Bradford & Co.
ward,
A.
Specialists in...
Inc.
CITY OF PHILADELPHIA
TUCKER, JAMES
LISTED and UNLISTED SECURITIES
TO
and its Political Subdivisions
EXCHANGE
Brokers in
WIRE
UNDERWRITERS
COMMONWEALTH OF PENNSYLVANIA
Company
thomas, marion f.
W. N. Estes it
Company,
DIRECT
AND
Co.
STEVENSON, ALEC B.
Vance,
NEW YORK STOCK
DEALERS
STERN, SOL
7,
Fund
Sts.
Bldg.
WILLIAMS, J. L.
J. C. Bradford & Co.
Pa.
6-4040
wilson. buford g.
Jack M.
Bass it
Company
zeitler, john r.
Third
National
Ban|k
BOSTON
Local
Enterprise 13T0
Enterprise 5131
CINCINNATI —Enterprise 7-3646
CLEVELAND
Enterprise 6289
MILWAUKEE—Enterprise 8-3646
Telephone CHICAGO
Numbers from
these cities.
—
—
—
MINNEAPOLIS—
NEW YORK
—
Zenith 4243
Enterprise 6283
PITTSBURGH
—
Zenith 0821
ST.
—
Enterprise 8043
—
Zenith 4245
LOUIS
ST. PAUL
Convention Number
"Duke" and
Bea
51
THE COMMERCIAL and FINANCIAL CHRONICLE
Hunter, Wellington Hunter Associates, Jersey City, N. J.;
G. H. Walker & Co., Providence, R. I.
Treasurer: John C.
Carothers, B. M. Byllesby and Company, In¬
Incorporated;
Jack Christian, Janney & Co.; William H. Doerr, American
Securities Corporation; Robert F. Donovan, Blyth & Co., Inc.;
Harry H. Fahrig, Jr., Reynolds & Co.; J. Edward Knob, Drexel
& Co.; Robert McCook, Becker & Co.; William J. McCullen,
Hendricks & Eastwood, Inc.; Thomas F. O'Rourke, Joseph L.
O'Brien Co.; Willard F. Rice, Eastman, Dillon & Co.; Joseph E.
Smith, Newburger & Co.; Roy C. Thomas, F. P. Ristine & Co.;
John F. Weller, Goldman, Sachs & Co.; plus six governors to
CUMMINGS, JOSEPH
&
CUNNINGHAM,
ROSTER
J. Lewis
LEWIS
AYREC,
Ripley
Walston
&
George
BAILEY,
White,
Pierce,
Fenner
6c
Beane
Lynch, Pierce, Fenner & Beane
Bailey
GEORGE
Elklns,
6c
Co.
Rambo, Close 6c Kerner, Inc.
S.
DEMPSEY, JOHN P.
Co.
&
CORSON,
SPENCER
Morris 6c
Peabody
Co.
&
L.
DENNEY,
Co.
WILLIAM
B.
Eastman, Dillon & Co.
CRAM, JAMES
NEWTON
B.
Newbold's
H.
Co.
E.
DAVIS, EDMUND J.
Kidder,
Co.
&
COMPTON,
Cohu
LEONARD
Weld & Co.
BARBER,
W.
Merrill
GEORGE A.
A.
ROBERT
Co.
P.
PERCY
Lynch,
6c
JR.
6c
DARBY, DONALD W.
Hallowell, Sulzberger
Co.
CIIAUNCEY
COLWELL,
Incorporated
Co.,
6c
B.
C.
COLLINS, JOHN PATRICK
Armstrong 6c Co.
ARNOLD, EUGENE T.
Harriman
HAROLD
HARRY
Dackerman
C.
DAFFRON,
Harrison
ARMSTRONG, J.
Co.
DACKERMAN.
Harry
Incorporated; Joseph E. Smith, Newburger & Co.; R. Victor
Hardy,
6c
R. N. Nash & Co.
MEMBERS
COLFER, LAWRENCE J.
Rufus Waples 6c Co.
Co.
&
Bioren
Merrill
Walling-
OF
ANDERSON, TOWNSEND C.
National Committeemen: Edgar A. Christian, Stroud & Company,
ford, H. M. Byllesby and Company, Incorporated; Rubin
Brooke
Co.; John E. Knob, Drexel & Co.
BAILEY, JR.,
Mosley, Stroud & Company, Incorporated; Charles L.
Sachnoff, First National Bank of Chicago; James S. Crow,
First National Bank of Birmingham, Ala.
Yarnall, Biddle & Co.; John M.
Hudson, Thayer, Baker & Co.; James B. McFarland, III, Becker
Governors: Edgar A. Christian, Stroud & Company,
time.
and Fay
Alternates: Samuel M. Kennedy,
corporated.
be elected whose names were not available at press
Samuel
Arline & Wilfred Conary,
Son
&
Co.
(Continued
Wurts, Dulles 6c Co.
on page
52)
BARNES, JOSEPH O.
The First Boston Corporation.
Battles
&
Company,
Inc.
BARTON, JOHN G.
F.
Ristine
P.
&
Co.
HERBERT E.
H. A. Riecke & Co., Inc.
BEATTIE,
Hopper. Soliday & Co.
•
Townsend, Crouter
&
i
HERBERT
H.
New
Bodine
York
<&
Philadelphia-Baltimore Stock Exchanges and
American
Stock
Exchange
BODINE, PAUL W.
Drexel
Co.
6c
LOcust
Hornblower
New York Phone
4-2900
Bell
I
Weeks
&
PHILADELPHIA 2
Philadelphia Phone
DIgby 4-0200
11.
SAMUEL
BORTNER,
CHESTNUT STREET,
1500
BOOTHBY, Jr., WILLARD S.
Eastman, Dillon 6c Co.
—
&
Members
Armed Service
Philadelphia-Baltimore Stock Exchange
—
DeHaven
WILLIAM
Montgomery, Scott & Co.
BLIZZARD,
Established 1872
Members
BELL,
Jr.,
System
Teletype—PH
518
Brokers and Dealers in
BOWERS, THOMAS
Yarnall,
ALFRED F.
BRACHER, JR.,
•
JOHN L.
BRADBURY,
—
Distributors, Dealers, Underwriters
Miller & Company
Jones,
—
A.
Biddle & Co.
LISTED AND UNLISTED SECURITIES
Dolphin
Corporate and Municipal Issues
Co.
&
BRADLY, CHARLES C.
Trading Department
E.
John Gibson, Jr.
Joseph A. McNamee
Clark
W.
BRENNAN, CHARLES
Blyth & Co., Inc.
Drexel
Telephone
—
Street, Philadelphia 2, Penna.
Teletype —PH 593
PEnnypacker 5-4075
&
J.
1
N.
WILLIAM
BRITTON,
1420 Walnut
Stock and Bond Brokers
Co.
6c
New
Co.
BROCK, ALEXANDER B.
Stroud 8c Company, Incorporated
York
Wilkes
Stamford, Conn.
Barre, Pa.
30 BROAD STREET
Deposit & Savings Bank Bldg.
DIgby 4-0200
VAlley 3-4131
77 BEDFORD STREET
i
Fireside 8-6466
BROOKS, G. ROBERT
Schmidt, Poole, Roberts & Parke
BROWN, J. DORSEY
J.
EST.
1916
Dorsey Brown & Co.,
BROWN, LLOYD B.
Arthur L. Wright &
Baltimore
Co.,
Inc.
BRYSON, NORTON
Merrill
Brokers and Dealers in
CALL,
Lilley
Listed and Unlisted Securities
Lynch, Pierce, Fenner & Beane
THOMAS
&
Call
Co.
Bank and Insurance Stocks
GRANT
CAMPBELL, A.
Janney & Co.
Dawkins,
active
CHARLES
CAMPBELL,
Waters
Stroud &
6c
James B. McFarland
Charles A.
Members
New York Stock
American Stock
Caplan
Exchange (Associate)
Philadelphia-Baltimore Stock Exchange
Phila. 'Phone
LOcust 4-3500 Teletype PH 767
Philadelphia 7, Pa.
N. Y. 'Phone DIgby 4-6792
Rails Utilities
City-County-State-Authority Issues
J.
Co.
Guaranteed Rails
CAROTHERS, Jr., JOHN C.
M. Byllesby and Company,
Incorporated
H.
CARTER,
Jr.,
Edward
J.
CHRISTIAN,
Stroud
6c
CHRISTIAN,
Janney
FREDERIC P.
|& Townsend, Crouter & Bodlne
DeHaven
CAUGHLIN,
Lijberty Trust Bldg., Broad and Arch Sts.,
6c
CARSON, JOSEPH R.
Hemphill, Noyes & Co.
Exchange
Industrials
Common and Preferred Shares
Inc.
Co.
CAPLAN, ALBERT
HECKER & CO.
markets
Pennsylvania Tax Free
JOHN
Walston 6c
J.
trading
R.
Taggart & Co.,
CANTWELL,
A.
Inc.
Company, Incorporated
CAMPION. RICHARD
Robert McCook
J.
Co.,
ROBERT J.
CAMPBELL,
Trading Department
Janney for—
D.
EDWARD
New York Telephone
WOrth 4-2140
Bell Teletype System
JANNEY
1529 Walnut
Street, Philadelphia 2
PH 80
RIttenhouse 6-7700
J.
Caughlin 6c Co.
EDGAR A.
Company,
JACK
& Co.
Incorporated
Since
1907—Underwriters, Distributors, Dealers, Broken
Thursday, October 6, 1955
THE COMMERCIAL and FINANCIAL CHRONICLE
52
Mrs.
John
P. Haggerty,
Earl
Arthur F. Rees 111, Hancock, Blackstock & Co.,
Denver;
Queen"
and
Atlanta—"King
C.
DORSEY,
Investment Traders Association
CHARLES
DOWNS.
H.
(Continued from page 51)
Rlecke
A.
Parrlsh
Inc.
Jr..
DERRICKSON,
Blair & Co.,
JOHN
WILLIAM
DOERR.
H.
Newburger
H.
CHARLES
Distributors,
Inc.,
JENNINGS,
Camden, N. J.
Securities Corp.
American
Incorporated
Delaware
Bache
DICK,
&
Co.
Stroud
&
Sheridan
E.
De
Blyth
Co.
F.
Euler
Inc.
Co.,
&
F.
J.
Reynolds
WILLIAM
WILLIAM
Haven
&
W.
&
Co.,
Inc.
S.
Townsend,
Crouter
Ristine
&
R.
KIELY, Jr.,
Co.
H.
De
&
J.
&
Co.
E.
GEORGE
Haven
JERRY
Weeks
Baker,
Co.
St
P.
JONES,
HARRY
Jr..
FAHRIG
Paul
Bodine
Hart
&
FREDERICK
Bogan
KETCHAM,
Reynolds & Co.
CHARLES
EULER,
ROBERT
DONOVAN,
CRAIG
JR., LEWIS
Lewis C. Dick
(Honorary)
M.
Janney & Co.
Co.
JOHN
JOHNSON,
Company, Incorporated
&
Bureau
SAMUEL
KERSLAKE,
ERGOOD, Jr., RUSSELL M.
DOLPHIN, LEO M.
Dolphin & Co.
DEVOLL, Jr., FREDERICK V.
B.
Quotation
Yarnall, Biddle & Co.
W.
STANLEY
JEFFRIES.
ROSTER OF MEMBERS
DUDICHUM,
KENNEY, ROBERT J.
JOHN
National
H.
Co.
&
&
E.
& Co.,
FORREST
DUBLE,
KENNEDY.
JACOBY, Jr., LEWIS P.
Thayer, Baker Si Co.
Sulzberger & Co.
Hallowell,
Of Philadelphia
KEARTON,
HUTCHINSON, ALMON L.
Kidder, Peabody & Co.
Corp.
RUSSELL M.
DOTTS,
i
HUDSON, JOHN M.
Thayer, Baker fi Co.
A.
Boston
First
The
Hagensieker, Reinholdt & Gardner, St. Louis; John W. Bunn, Stifel, Nicolaus
Company, Incorporated, St. Louis
Crouter
Townsend,
KLINGLER,
&
The
Bodine
JOHN
First
F.
Boston
Corporation
FANT, JOHN FITZSIMONS
Colket
Penington,
Gerstley, Si \xti:i\ & Co.
Members New York Stock
M.
Freeman
H.
Nash
N.
J. W.
&
THOMAS
KNAPP, ALFRED
J.
Wurts.
Woodcock, Hess Si Co., Inc.
H.
Dulles
Inc.
JUSTICE.
S.
Kidder.
Co.
WALTER
FIXTER,
Exchange
Co.,
St
FREDERICK
FISCHER,
JOYCE,
ALBERT
FENSTERMACHER,
M.
Co.
&
FLOYD
Peabody
KNAUPP,
E.
&
Cohu
Co.
S.
Co.
&
WILLIAM
&
C.
Co.
D.
Sparks & Co.
FLEMING, GEORGE N.
So.
121
BROAD
N.
Geo.
STREET, PHILADELPHIA
Fleming <fe Co.
FLYNN,
Telephone KIngsley 6-2600
E.
Clark
W.
&
Frank
DEALERS
B.
Nation's
Effective Distribution in the
Incorporated
J.
FRANK
J.
BROKERS
•
Co.
Company,
FOGARTY,
—
Si
ALLAN
Stroud
DISTRIBUTORS
•
JOHN M.
2nd,
FOARD,
DISTRIBUTORS
UNDERWRITERS
(Honorary)
Third Largest
Fogarty & Co.
Trading Area
FOX, IIOLSTEIN DeHAVEN
A.
Wood
C.
Jr.
Co.
&
FRENCH, JAMES C.
Wellington Fund,
Direct Wire to New York
Claymont,
Inc.,
Burton,
&
Dana
GAUGHAN,
—
Mgr. Trading Department
Co.
PHILIP
P.
Townsend, Crouter &
DeHaven &
Newburger
Bodine
WALTER
GEMENDEN,
Butcher
ESTABLISHED 1904
Cohu
CHARLES
&
M.
New York
WM.
GORMAN. FRANK
H.
Stock Exchange
Kuch
G.
GREEN,
Inc.
LISTED AND UNLISTED SECURITIES
&
American Stock Exchange
Company
Pierce,
ROBERT
Stroud
•
J.
and
Lynch,
GREENE,
Stock Exchange
Philadelphia-Baltimore Stock Exchange
HARRY
Merrill
Company
Members:
Harper & Turner,
CO.
&
Co.
GOODMAN,
SAMUEL K. PHILLIPS
E.
Sherrerd
&
GESSING,
Members Philadelphia-Baltimore
JOSEPH E. SMITH
Del.
GABLE, ALBERT G.
City
Fenner
& Beane
Walnut
1401
Street, Philadelphia
New York City
N.
2, Pa.
LOcust 8-1500
•
Atlantic City
Lebanon
Vineland
Company, Incorporated
W. LAWRENCE
GRIFFITHS
& Townsend,
DeHaven
Crouter & Bodine
MALVIN R.
HAGER,
Montgomery, Scott St Co.
1500
Chestnut Street, Philadelphia 2,
HAINES, FRANCIS J.
Pa.
W.
Philadelphia
LOcust
Bell System Teletype
4-2600
PH
New York
375
Newbold's
H.
COrtlandt 7-6814
&
Son
HARDY. RUBIN
The First Boston
Co.
We
pleased to announce the election of
ARTHUR G. HISCOX
Corp.
PERRY
RUSSELL A.
Eastman, Dillon & Co.
HARRIS,
A.
HAROLD
<♦>
HARRISON,
are
GEORGE R.
SELHEIMER
H. VAN METER
Laird, Bissell & Meeds
HART,
ROBERT
Euler
E. W. CLARK & CO.
ESTABLISHED
&
F.
HEFFELFINGER, HARRY L.
Samuel
Phillips &
K.
Securities
First
JOHN
HEPPE,
NEW
YORK
STOCK
STOCK
Corporation
Melville Bruce McLean
STOCK
HESS,
EXCHANGE
EXCHANGE
WILLIAM
Butcher
LOCUST AT 16th STREET
Janney
HISCOX,
Telephones:
First
Philadelphia KIngsley 5-4000
WHitehall
&
Co.,
Harry R. Snell
Inc.
JAMES
&
Sherrerd
ARTHUR
Securities
G.
Corporation
CHARLES
Merrill Lynch,
E.
Pierce,
First Securities Corporation
Fenner & Beane
Member
HOLDSWORTH, ROBERT M.
German town
Lancaster
York
Hornblower
HOLMAN,
Si
Weeks
ROBERT
us as
Registered Representatives
& Co.
HOERGER,
3-4000
Have become associated with
RICHARD
HEWARD,
PHILADELPHIA
York
Gustav H. Rosser
M.
Hess
(ASSOC.)
HEWARD,
New
Exchafige
Stock
EXCHANGE
Woodcock,
AMERICAN
Corporation
George W. Hornberger
E.
Phila.-Baltimore
PHILADELPHIA-BALTIMORE
our
Wilson C. Clarke
Co.
WILLIAM
•
MEMBERS
of
Hart
HENSHAW,
1837
As Vice Presidents
O.
Smith, Barney & Co.
1520
LOCUST
Philadelphia-Baltimore Stock Exchange
STREET
•
PHILADELPHIA
KIngsley 5-4700
2,
PENNA.
8c
53
FINANCIAL CHRONICLE
THE COMMERCIAL and
Convention Number
ieiS-v;: 1
lilililfc
Jr., Dempsey-Tegeler & Co., Los Angeles; John C.
Dempsey-Tegeler & Co., Los Angeles
John C. Hecht,
KNOB, JOHN
Drexel
Jenks,
Bioren
As
Co.
Butcher
Woodcock,
FRANK
LAIRD,
Stroud
As
JOHN
LAMB,
LOVE,
Geo.
Incorporated
M.
ALFRED R.
Wood As Co.
Rlstine
A
E.
Stroud
McCANN, THOMAS J.
Gerstley, Sunstein As
Co.
Company,
Incorporated
As
Hecker
Scott As Co.
Kerner,
REILLEY,
JOSEPH
Miller
As
REMINGTON,
QUINTARD,
ROMEYN
B.
Woodcock,
Company,
Yeatman As
Eastwood
JOHN
RADITZKY,
Inc
RICE,
J.
Incorporated
S.
Co.
CLIFFORD
Hess
WILLARD
Eastman,
WILLIAM R.
New York Hanseatic
WISTER
Schmidt, Pooie, Roberts As Parke
Inc.
McCULLEN, WILLIAM J.
McCULLOUGH,
L.
Company,
REBAR, WALLACE A.
Jones,
Co.
As
As
Stokes & Co.
Suplee,
MANN, NEVIN
Halsey, Stuart & Co., Inc.
ALLYN R.
Paine, Webber, Jackson & Curtis
RASH,
Stroud
Hess & Co.
Close &
bo.
As
RANDOLPH,
PYLE, JOSEPH L.
McCOOK, ROBERT
S.
Raffel
Co.
McCAULLY, ARMOUR W.
Hallowell, Sulzberger As Co.
Hendricks
LA
Rambo,
WILLIAM
RAFFEL,
C.
Co.
PRIGGEMEIER, CHARLES G.
Co.
E.
FELIX
Montgomery,
Co.
As
J.
Snyder As
As
Wright,
Sons
MANEELY, HARRY
LAND, C. EDWARD
P.
THOMAS
MAGUIRE,
Penlngton, Colket As Co.
F.
Newbold's
H.
W.
J.
Company,
H.
LESCURE, JAMES
&
PIMLEY, ANDREW F.
Sherrerd
As
FRED
Fahnestock
JAMES J.
McATEE,
McBRIDE,
LACHMAN, Jr., CARL
Eastman, Dillon As Co.
PHILLI8,
Newburger & Co.
Grubbs
As
LAWRLE, WILLIAM N.
First Securities Corporation
THOMAS B.
KRUG,
Kirkland
James L. Whitaker, Tillman-Whitaker Co.,
Snyder, E. W. Snyder and Co., Syracuse, N. Y.;
Athens, Ga.
MARKMAN, JOSEPH
ST. C.
JOSEPH
LAUT,
E.
As Co.
Everett W.
Hecht, Sr.,
Dillon
As
G.
Inc.
F.
Co.
As
(Continued
Corporation
Co.,
on page
54)
Wellington Fund, Inc.
william m.
Lynch
Mcdonald,
Paul As
JOHN P.
McFADDEN,
Rambo, Close & Kerner
New
Phila. Telephone
Co.
OVER-THE-COUNTER
PH
2-2820
Incorporated
Company,
&
Stroud
63
WALTER B.
Hess As Co.,
McLEAR,
Inc.
Woodcock,
JOSEPH A.
McNAMEE,
Soliday As Co.
Hopper,
Corporate and Municipal Securities
Wellingtgon
WALTER G. NELSON
EDMUND J. DAVIS
President
Charge
in
john A.
Hecker As
Manager of
of
Municipal
Corporate Department
Bond Department
E.
RAYMOND A.
F.
'
II
J.
Incorporated
FRANK J.
As Co.
MORRISSEY,
Morrissey
ROBERT P.
As Company
MORRISSEY,
DISTRIBUTORS
Miller
Jones.
1912
VICTOR
R.
MOSLEY,
As
Stroud
Incorporated
Company,
JOHN A.
Reynolds
Co.
As
MURPHY, JOHN W.
BROOKE & CO.
Hornblower As
H.
I
ft
ft
I
300 N. Charles St.
Locust Sts.
Baltimore 1. Md.
Philadelphia 2, Pa.
II
1
I
I
N.
225 SOUTH
Necker As
Schaffer,
WALTER G.
Rambo, Close & Kerner,
C.
Drexel
MARKET
New
H.
Public UtililY
AUTHORITY
BONDS
New
Inc.
Co.,
As
Guaranteed
1421
New
York
COrtlandt
CHESTNUT
Phone
7-6814
PATTISON, THOMAS C.
STREET, PHILADELPHIA 2
Teletype
PH
313
Philadelphia Phone
RIttenhouse
Barney &
GORDON
Bache
&
phillips,
Samuel
Samuel
Industrial
•
Line
Leased
Stocks
K.
Inc.
Exchange
Investment Securities
As
Co.
samuel K.
Phillips & Co.
Jr.,
Stocks
Members Philadelphia-Baltimore Stock
EDWARD J.
Phillips
Obligations
Mutual Funds Shares
Co.
K.
Trust
Charles A. Taggart & Co.,
Co.
W.
6-8189
phillips.
and
Bank and Insurance
Inc.
GEORGE M.
Paine, Webber, Jackson As Curtis
Smith,
Railroad
Equipment
Parsly Bros. As Co.,
PFAU,
•
Sunstein & Co.
Gerstley,
Philadelphia-Baltimore Stock Exchange
Co. Inc.
Jersey and General Market Municipal Bonds
PATTERSON,
Members
To:
Electronic and Television Securities
PARSLY, L. FULLER
Aspden, Robinson & Co.
Wires
SECURITIES
Parke
PARKES, Jr., NEWTON
AND
Private
4-5951
Dealers and Brokers in
JOHN T.
Poole, Roberts As
Riecke
A.
Teletype
PH—255
Co., A. W. Benkert & Co. Inc., Wm. V. Frankel &
York; and C. T. Williams & Co., Baltimore, Md.
THOMAS F.
O'Brien Co.
As Co.
MUNICIPAL BONDS
System
DIgby
Telephone:
F.
PARKER, JOHN E.
REVENUE
Bell
City
Charles King &
HENRY M.
PAIRMAN,
SECURITIES
York
Dackerman As Co.
L.
Schmidt,
CORPORATE
Inactive Securities Invited
15TH STREET, PHILADELPHIA 2
Direct
C.
O'SHEA,
MUNICIPAL BONDS
New
Inc.
LAWRENCE J.
Collings & Co., Inc.
NOWLAN,
Joseph
PENNSYLVANIA
trading markets in unlisted securities
Pennsylvania
Philadelphia Telephone
KIngsley 5-1060
Co.
NELSON,
Harry
Distributors
on
Arthur L. Wright & Co., Inc.
NECKER, CARL
O'ROURKE,
Underwriters and
Pennsylvania Authority & Revenue Bonds
New Public Housing Authority Bonds
Inquiries
NAYLOR, ROBERT
H. N. Nash & Co.
c.
DEALERS
•
Corporate Securities
Stocks • Mutual Funds
Insurance
•
•
Nash As Co.
N.
O'BRIEN, JOSEPH
mm
Municipal
•
We maintain active
.
Weeks
NASH, HAROLD
Philadelphia-Baltimore Stock Exchange
Incorporated
Company,
As
Stroud
MURPHY
State
Bank
mundy, james G.
GENERAL
Telephone—-RIttenhouse 6-4494
Teletype—PH 788
•
N. W. Corner 16th &
PHILADELPHIA 2, PA.
FINANCE BLDG.,
Bache & Co.
Stroud & Company,
Members
Philadelphia-Baltimore Stock Exchange
Members
Co.
JOSEPH
MORLEY,
MORRIS,
ESTABLISHED
Edward J. Caughlin & Co.
j.
Fund, Inc.
meaney, thomas
milburn,
Vice
SECURITIES
McLEAN, DONALD M.
The First Boston Corporation
Teletype
York. Telephone
REctor
PEnnypacker 5-2800
&
Hecker
B.
McGARVEY, Jr., JOHN N.
PHILADELPHIA 2, PA.
1518 LOCUST ST.,
3rd, JAMES
McFARLAND,
Incorporated
Special Situations in
As Co.
Barney
Smith,
1516
KIngsley 6-0900
Locust
Street, Philadelphia 2, Pa.
Teletype PH 677
New York Phone WHitehall 4-7000
54
Lex
THE COMMERCIAL and FINANCIAL CHRONICLE
JoIIey,
The Robinson-Humphrey Company, Inc., Atlanta, President Elect; John
Nicolaus & Company, Incorporated, St.
Louis, retiring President
Investment Traders Association
W.
Bunn,
Philadelphia
Burke, Blunt Ellis & Simmons, Chicago; Peter Brochu, Allen & Company,
Evar L. Linder, Paine,
Webber, Jackson & Curtis, Chicago
MICHAEL J.
Stroud & Company, Incorporated
WALLACE
Hemphill,
SAILER,
A.
(Continued from page 53)
J.
RUDOLPH,
RUNYAN,
Of
David
Stifel,
J.
Noyes
A.
WILLIAMSON,
&
JOHN
B.
RODGERS,
Butcher & Sherrerd
Blair &
H.
Co.
ROBINSON, ELLWOOD S.
ROSS,
Aspden, Robinson Sc Co.
J.
Boennlng
LOUIS
Delaware
&
Co.
Company,
Distributors,
Inc.
SCHAUFLER, CHARLES A.
Schaffer,
C.
C.
Colllngs
Eastern
C.
& Co.,
The
Philadelphia Bank Stocks
RUSSELL
Philadelphia Transportation Co. Issues
&
Company
JOSEPH
A.
Securities
ZERRINGER,
Corp.
WALTER
K.
ZUBER, ETHAN G.
Co.
Suplee, Yeatman & Company. In«-
Corp.
E.
SHAW,
&
ARNOLD
Company,
CHARLES
Merrill
Pennsylvania, New Jersey & Delaware Bank Stocks
Weld
Wellington
Bankers
M.
Inc.
HOWLE
SELHEIMER, PERRY N.
First Securities Corporation
Battles
SECURITIES
Boston
White,
Securities,
C.
C.
First
SERVICE,
BONDS
The
ZELLER,
WURTS, JOHN W.
WILLIAM McE.
Morrlssey & Co.
J.
YOUNG,
Inc.
Kidder, Peabody & Co.
Necker & Co.
SCHULER,
Co.
YEATTS, Jr., ALBERT
GEORGE
WRIGHT, Jr., WILLARD
Trading Markets
RAILROAD
and
Wright, Wood & Co.
J.
F.
REORGANIZATION
Byllesby
WOOD, 2nd, RICHARD D.
SCHAFFER, RUSSELL W.
Schaffer, Necker <fc Co.
SCHREINER,
RAILROAD
M.
WILLIS,
I
LESLIE
Hecker &
YEATMAN, Jr., POPE
Suplee, Yeatman & Company, Inc.
Incorporated
Butcher & Sherrerd
Co., Incorporated
YEAGER, WILLIAM F.
WILLIS, ALFRED J.
<fc Co.
SCATTERGOOD, HAROLD F.
BICHTEB,
COIT
Schmidt, Poole, Roberts & Parke
SANDER, RUDOLPH
ROSTER OF MEMBERS
E.
New York
H.
JACKSON
Sailer
Thursday, October 6, 1955
SMITH,
Lynch,
Inc.
THOMAS A COMPANY
P.
Pierce,
Fenner
&
Beane
ALCOA
JOSEPH
E.
Newburger & Co.
SNYDER,
HARRY
BUILDING
PITTSBURGH
19,
PA.
B.
Yarnall, Blddle & Co.
STREET,
F. J. MORRISSEY & CO.
Finance
The
New
RIttenhouse 6-8500 & 6-3295
Bell
York
Telephone
REctor 2-0037
System Teletype
—
B.
Boston
Corporation
Municipal and Corporate
SULZBERGER, GEORGE W.
Hallowell, Sulzberger & Co.
Building, Philadelphia 2, Pa.
Philadelphia Telephone
PHILLIPS
First
PH 279
Securities
SUNSTEIN, JR., LEON
Gerstley, Sunsteln &
SUPLEE,
WILLIAM
SuDlee.
Co.
Z.
Yeatman
&
Company,
Inc.
TAGGART, CHARLES A.
Charles
A.
Taggart
&
Co.,
Inc.
TALCOTT, RAYMOND L.
Drexel
"Jaypee" Says...
& Co.
TERRELL, CLAYTON
Reynolds
"SERVICE IS THE KEY
THOMAS,
F.
TO OUR SUCCESS"
P.
"Jaypee" has been Phila¬
delphia's leading supplier of duplicating
and
mailing service for the Street.
&
JOHNSON & PRINCE
1955
Producers of N. S.T.A. "TRADERS BULLETIN'
12th
St.
•
Philadelphia 7, Pa.
•
PE
5-1717
Aimee Stone, Owner—John W.
Johnston, Mgr.
ALL TAX EXEMPT ISSUES
H.
W. E.
Co.
GOVERNMENT
Noyes <fc Co.
—
STATE
—
MUNICIPAL
LAND BANK
-
EDWARD
Hutton
TOBIAS,
& Co.
TERRITORIAL AND REVENUE BONDS
BERNARD
H.
Gerstley, Sunsteln
&
Co.
HAROLD
Brown
S.
C.
LEWIS
Hemphill,
TODD,
214
ROY
Rlstlne
TILGE,
n.
Co.
TITTERMARY,
For 50 years
1905
&
*
Brothers Harrlman
TORRENS,
ROBERT
Harrlman
Ripley
&
Co.
A.
&
Co.,
Incorporated
JOHNSON & JOHNSON
TREVINE, ROY
Harrlman Ripley &
Co., Incorporated
UNION TRUST BUILDING
UNDERWOOD, J. FREDERICK
Boennlng & Co.
PITTSBURGH 19, PENNSYLVANIA
VEITH, FRANK H.
C. J.
Devine
VOORHEES,
Drexel
&
&
Investment Securities
W.
Co.
Smith
M.
W.
atwewawi
Co.
WALLINGFORD,
H.
ATlantic 1-8333
WILLIAM
WALLACE, DAVID
E.
Teletype Pittsburgh 289
Co.
CHARLES
Byllesby
and
William
L.
Company,
G. Simpson
D.
John L. Emery
K. Buchanan
Incor¬
porated
LOCAL
h'UeS
—
LISTED
—
UNLISTED
WARNER, ALFRED S.
Swain
&
WARNER,
Arthur
H. A. RIECKE &
CO., Inc
(Member Phila.-Balt.
Stock
1519 WALNUT
Exchange)
STREET
PHILADELPHIA 2, PA.
RIttenhouse 6-3440
Direct
Private
Wire
to
TROSTER, SINGER & CO., NEW YORK
INQUIRIES INVITED
Company, Inc.
HENRY
L.
B.
Wright & Co.,
Inc.
WELLER, JOHN F.
Goldman, Sachs & Co.
WELLS, ALFRED D.
Lilley & Co.
WELSH, Jr., HENRY
Lilley & Co.
C.
Underwriter. "
Corporate
DMuolcipal Secur,t.«»
and M
WHITCRAFT, FRANK
A
Kidder, Peabody & Co.
Retail
Outlets
Trading
WHITEHEAD,
Camden,
N.
WILLIAM
J.
WHITLEY, FRANK L.
Bioren
&
WILLIAMS,
H.
N.
Co.
GEO.
Nash
&
PLAZA BUILDING
Teletype—PG 469
H.
Co.
PITTSBURGH
19, PA.
Telephone—GRant 1-1875
City;
55
Convention
FINANCIAL CHRONICLE
THE COMMERCIAL and
Number
Faith
and Edwin J. Markham,
Charlotte
Wertheim & Co., New York
Traders Association
Prescott & Co.
QUIGLEY,
Inc.
&
ROWLEY.
Union
Inc.
Co.,
C.
C.
WARREN
L.
& Co.,
Russell
Burge
&
Edmund J. Rung
Cleveland Corporation.
Vice-President: Martin J. Long, The First
Shorsher, Ball, Burge & Kraus.
Secretary: Fred A.
Treasurer: Edmund J. Rung,
Russell K. Rowley,
Union Securities Corporation.
Robert L.
Cayne, Gottron, Russell & Co., Inc.;
Martin
The First Cleveland Corporation.
J. Long,
C.
J.
Devine
located
in Cleveland
unless
Hawkins
JE.,
Co.
Cook & Co.
COVINGTON, HEEBEET C.
Harrlman Ripley & Co.,
DAVIS, CLARENCE F.
The First Cleveland
BELLE, CLAUDE W.
McDonald & Company
DE
WILLIAM E.
Beadling & Co., Youngstown
BOCK, EOY E.
Dodge
BUEK,
Miller
DOERGE,
Securities Corp.
Incorporated
Corp.
& Co.
JACK O.
DONAHUE,
&
JOHN
CAEEY, WALTEE J.
Cunningham, Gunn & Carey,
G'ottron,
Inc.
E.
C.
Russell & Co., Inc.
RAYMOND
NEW YORK CITY
CEYLON
Securities
E.
Ohio
MOORE, LEONARD & LYNCH
Members:
JAFFE.
GEORGE E.
KING,
New York
UNION TRUST BUILDING
PITTSBURGH 19, PA.
ORIN E.
Blyth & Co., Inc.
KOESER,
Telephone ATlantic
LAFFERTY, ALAN E.
Teletype
HENRY G.
Lynch, Pierce, Fenner
Merrill
1-0358
397
Beane
14 Wall Street
New York City, New York
Bldg.
First National Bank
&
ERNEST
Blyth & Co., Inc.
Greensburg, Pa.
Telephone 3311
Direct
LEWIS, MILTON B.
or
Private
Telephone DIgby 9-3650
3312
Wire
to
New
York
and Greensburg Office
Jaffe, Lewis & Co.
CORWIN L.
&
Co.
LONG, MARTIN J.
The First Cleveland Corp.
Brokero and Dealers in
LUCAS, WILLIAM
Baxter, Williams & Co.
i
Corporate & Municipal Securities
Youngstown
Braun, Bosworth <fc Co..
Stock Exchange
Specializing in
\
Western
Pennsylvania Issues
Inc.
MOLNAR, ALEXANDER E.
Curtiss, House & Co.
MORROW, FRANK W.
Morrow
Exchange (Assoc.)
Gottron,
&
J.
Ceylon E. Hudson. Wooster
GEORGE F.
Ledogar-Horner Company
Parsons
Branches
Jr. EDWARD E.
& Co., Inc.
PATRICK, FRANCIS J.
Paine, Webber, Jackson & Curtis
N. Y
PA
•PITTSBURGH
(AT. 1-0380)
NY 1-1420
—
Pittsburgh: PG 482
PERKO,
Private
Wire to
Co., New York
CHARLES
Russell & Co., Inc.
CHARLES
PARSONS,
Direct
Carl M. Loeb, Rhoades &
Co.
OPDYKE.
PG
Hornblower & Weeks
NASH.
New York City:
Pittsburgh Stock Exchange
Stock Exchange
American Stock Exchange
EVERETT A.
Miller & Whitehead
NADEAU,
—
1955
MILLER, GEORGE D.
Members Pittsburgh
Teletypes
—
Corporate and Municipal
McPOLIN, BENJAMIN J.
McDonald & Company
reed, lear & co.
Bell
Jackson & Curtis
HUBERTY, GEORGE
Goodbody & Co.
MASTERS, OLAN B.
Butler, Wick <fc Co.,
\
MEADmLE
HADOLD
Webber,
SEVENTY-EIGHT YEARS OF LEADERSHIP
-
Mericka & Co., Inc.
McGINTY, JOHN
McDonald & Company
NEW YORK,
Witt & Co.
in
MARSHALL, FRANK L.
The First Boston Corporation
(BArclay 1-5969)
American Stock
P.
Paine,
HOTALING, A. STEPHEN
The First Boston Corporation
LISTON,
DIRECT PRIVATE WIRE
V
John
WOEHRMANN,
E.
STEPHEN
Prescott
•
WITT, JOHN P.
Underwriters, Distributors, Dealers
Co.
LAZIN,
Joseph, Mellen & Miller, Inc.
DOTTORE,
4 W
Weeks
&
Halle & Co.
Will S.
LAUB,
Saunders, Stiver & Co.
EICHAED M.
Hornblower
A.
Cosgrove,
DONALD A.
Bache & Co.
<Sz Co.
ROBERT
WEAVER,
FRANK J.
KEIER, RUSSEL E.
Collin, Norton & Co., Toledo
GARMO, A. W.
Hayden,
Jr.,
I877
& Co.
Jaffe, Lewis & Co.
BEADLING,
BUCHANAN,
Inc.
COOK, LAWEENCE
CHAELES McGHEE
Baxter, Williams &
WARDLEY. RUSSELL G.
Co.
Ball, Burge & Kraus
Curtiss, House & Co.
Russell & Co.,
Lawrence
&
HAYS, GEORGE H.
Wooster,
MOETON A.
Gottron,
ASBECK, FEEDEEICK M.
Olderman, Asbeck & Co.
BAXTEE,
CAYNE,
indicated)
Devine
SHORSHER, FRED
IRWIN, LeROY C.
otherwise
TAYLOR, JAMES N.
Ceylon E. Hudson, Wooster
Co.
Ledogar Horner Company
HAWKINS, DANIEL M.
HUDSON,
ROSTER OF MEMBERS
(Members
J.
SCHULTE,
& Co.
HANSON, DAVID G.
Wm. J.
Quigley, Quigley & Co., Inc.;
Erb, Green, Erb & Co., Inc.
Alternates: Morton A.
T.
Co.
Mericka & Co., Inc.
IILIVAK
Jay L.
Committeemen:
&
Ball, Burge & Kraus
C. J. Devine & Co.
Fred¬
erick M. Asbeck, Olderman, Asbeck & Co.; John O. Doerge,
Saunders, Stiver & Co.; Dan M. Hawkins, Hawkins & Co.;
National
Miller
,
IIARDONY, MICHAEL C.
Benjamin J. McPolin, McDonald & Company;
Governors:
J.
& Co.
RICHARD
GREEN, WILLIAM
Green, Erb & Co., Inc.
Green, Erb & Co., Inc.
President: Robert L. Erb,
Hayden,
R.
Gottron, Russell & Co.
GRAY, WILLIAM S.
Wm.
&
SWANSON,
RUSSELL, JAMES N.
J.
Merrill, Turben
Fred A. Shorsher
Devine
IRVING
Gottron, Russell
Fulton, Reid
Inc.
Kraus
HARRY
Ohio
Co.
RUNG. EDMUND J.
GRACE. ARTHUR V.
Gottron, Russell & Co.
Martin J. Long
J.
&
SUMMERGRADE,
K.
Corp.
Securities
RUFFING, JAMES
GAITHER, PAUL H.
Erb
RUSSELL
CHARLES
Gottron,
Robert L.
Borton & Simon, Inc.
Ross,
Paine, Webber, Jackson & Curtis
Ball,
LEONARD O
ROSS.
Salomon Bros. & Hutzler
FOSTER,
PIERRE R.
Smith & Co., Elyria,
R.
Bache
Weeks
&
ALBERT
FLEEGLE,
GAWNE.
P.
STRING, RALPH E.
ERB, ROBERT L.
FISCHER.
JAY L.
Quigley & Co.. Inc.
EILERS, STANLEY M.
Erb
SIEGLER, EDWARD N.
Edward N. Siegler & Co.
SMITH,
Co.,
E1IRHARDT. EDWIN F.
The First Cleveland Corp.
Green,
W. E. Hutton & Co., Cincinnati
Lynch, Pierce. Fenner & Beane
Merrill
EBLE, HOWARD J.
Gottron, Russell &
Hornblower
F. Moriarty,
James
PROSSER. GUY W.
DRNEK, J A.MRS J.
Cleveland Security
and
Chaplin and Company
Members
New
York Stock Exchange
Pittsburgh Stock
American Stock Exchange (Assoc.)
PEOPLES BANK BLDG.,
JOHN F.
J. F. Perko & Company
PLACKY, GEORGE
L. J. Schultz & Co.
PLASTERER, DON W.
Hornblower & Weeks
Telephone GRant 1-3900
New York Office—40
Exchange
PITTSBURGH 22, PA.
Bell Teletype PG 473
Wall St., WHitehall 3-4000
56
Thursday, October 6, 1955
THE COMMERCIAL and FINANCIAL CHRONICLE
BINKLEY,
Security Traders Association of Detroit
KENNETH
Webber,
Paine,
B.
Jackson
FLOYD, Jr., C. A.
Wm. C. Roney Sc
Curtis
Si
BOLGER, G. L.
And
Manley,
Michigan, Inc.
Bennett
BOLTON,
Mulr
<fc
Texas
J.
San
Corp.,
Antonio,
(Associate)
Incorporated
JOHN
WILLIAM
Simonds
BRUEGGEMAN,
Co.
R.
RALHP
&
KING,
Co.
Sc
Co.
king.
Weeks
GOODRICH.
Smith,
Company
RUSSELL
Hague,
Sc
Don
Harold J. Burrcw:
Robert J. Moons
Roy F. Delanay
W.
Miller Sc Co.
Baker,
Vice-President:
Victor
A.
Williams,
Simonds
&
Co.
Straus,
CODY,
Watling, Lerchen & Co.
S.
Directors: William P. Brown, Baker,
Simonds & Co.; Charles A.
Parcells, Jr., Charles A. Parcells & Co.; George A. McDowell, Jr.,
Straus, Blosser & McDowell.
R.
Baxter,
Bache
COLE,
members located
in Detroit unless
BAIKD, MACKENZIE C.
otherwise Indicated)
BALLENTINE,
ADAMS,
WILLIAM M.
Braun, Bosworth Sc Co. Incorporated
BAYER,
ALDINGER,
Co.
ALBERT
H.
P.
J.
WALTER
A.
C.
Sc Co.
BECHTEL, CHARLES
H.
Hentz
Sc
GEORGE
Watling,
S.
Co.
Wm.
N.
C.
Baker. Simonds Ac Co.
Nauman,
Sc
DE
Co.
McFawn
BILLMEYER,
AXTELL, WILLIAM J.
Paine,
&
Company
Webber,
&
Jackson
Harriman,
&
Ripley
Grand Rapids
Incorporated
MEMBERS
Wm.
Boston Stock
Exchange
American Stock Exchange
Exchange
Midwest Stock Exchange
EXLEY.
A.
Sc
MUNICIPAL
AND
D.
B.
Fisher
W.
Sc
Company
G.
Goldman, Sachs Sc
Co.
DON
Simonds
E.
&
Co.
EARL D.
Hornblower
Sc
Weeks
MAHONEY, J. ALBERT
Hornblower
Noble
G.
&
Co.
Sc
Weeks
PARKER
LEROY
MILTON
A.
Sr., MILTON A.
Manley, Bennett & Co.
MARTIN,
Jackson & Curtis
MacArthur
Jr.,
Manley, Bennett Sc Co.
KEITH
H.
Co.
R. C.
JAMES
O'Donnell &
Mcdonald,
&
Co.
O.
jr.
Company
harry
McDonald-Moore
Sc
a.,
Co.
Mcdowell, Jr., george a.
Straus, Blosser & McDowell
Baker,
Simonds
&
MERCIER,
Co.
KAUHL, HERMAN A.
Weeks
Collin,
Company
RUSS
&
george
a.
EDWIN C.
Straus, Blosser Sc McDowell
First
MILL,
E.
Norton
sr.,
MEYER, FRANK P.
Goodbody Sc Co.
KEIER,
Mcdowell,
Straus, Blosser Sc McDowell
Vogel Sc Co.
KANNEY, CHARLES J.
FISHER, DONALD B.
CORPORATE
Co.
Paine, Webber, Jackson Sc Curtis
FAULKNER, GEORGE L.
Sc
RICHARD
REGINALD
MacFARLANE, JOHN O.
Manley, Bennett & Co.
MAHONEY,
&
F.
McDowell
&
MacArthur
ROBIN
Baker,
J0HN80N, RAYMOND A.
JOHN J.
Hornblower
Blosser
Kenower.
J.
Co.
BERT
MANLEY,
JAR VIS,
Manley, Bennett Sc Co.
of
Straus.
MacKENZIE,
R.
Roney & Co.
Kenower.
E.
Charles A. Parcells
Underwriters and Distributors
LOUIS
MacPHERSON, PETER
Charles A. Parcells Sc Co.
Co.
Noble
K.
Noble & Co.
CHARLES
FALLON,
Sc
Aldlnger & Co.
C.
INMAN,
EDWIN M.
Hague,
Company
JOHN
Paine, Webber,
Charles A. Parcells Sc Co.
Smith,
Company
Company
Company
MANLEY,
INCH,
Blosser Sc McDowell
EVERHAM.
Rapids
MACE.
Lerchen
Smith, Hague,
Co.
Co.,
Toledo
of
R.
Michigan
Corporation
B.
Campbell,
McCarty & Co., Inc.
SECURITIES
COMMERCIAL
PHILADELPHIA
PAPER
SPRINGFIELD
.
PRIMARY MARKETS
WORCESTER
•
UTILITY and INDUSTRIAL STOCKS
NEW ENGLAND SECURITIES
Townsend, Dabney
ESTABLISHED
Members
New
York
and
Tyson
&
BOSTON
1887
Boston
Stock
Exchange
Associate Members American Stock Exchange
30
STATE
CORRESPONDENT
A. M. KIDDER &
CO., NEW YORK
STREET, BOSTON 5
for
ORDERS EXECUTED ON ANY EXCHANGE OR
MARKET
UNLISTED SECURITIES & MUNICIPAL BONDS
BANK and INSURANCE STOCKS
Private Wire System
New York
Telephone CAnal 6-1540
Teletype BS-346 for Trading Department
BS430 for
Municipal Department
J. B. MAGUIRE & CO., INC.
31 Milk
Branches:
Street, Boston 9, Massachusetts
Branches:
Portland, Me.
Lewiston, Me.
Fitchburg, Mass.
Greenfield, Mass.
Augusta, Me.
Bangor, Me.
Lawrence, Mass.
Keene, N. H.
Open-end Telephone Wire to New York
Manchester, N. H. (Reps.)
I
New York—CAnal 6-1613
TELEPHONE
CABLE
BOSTON:
ADDRESS
LAFAYETTE
3-7010
"SENDANTHY"
Bean'
I
Sc
SEABOURN
Wlnckler
MacARTUUR,
&
VERL
J.
LUDINGTON,
Grand
Co.,
F.
HYDE, R. HAROLD
Corporation
Sc
PETERS
HURLEY, WILLIAM L.
Baker, Simonds Sc Co.
ELLWOOD, AARON A.
New York Slock
Fenner
J.
Livingstone, Crouse & Co.
&
LUCHTMAN,
&
Reid
O'Donnell
R.
Carr
W.
Reid
E.
LOGAN,
HUGHES, VICTOR M.
HURDLEY,
GEORGE J.
Straus,
S.
&
Smith, Hague,
EIS, VALLETTE R.
Sc
C.
Fordon,
DRUKER, MAURICE
Baker, Simonds Sc Co.
ELDER,
R.
HUBER, JACK C.
HUNTLEY,
DOHERTY, Jr., JOHN E.
Smith, Hague, Noble Sc Co.
Moreland
C.
HUME, JR.,
Paine, Webber, Jackson & Curtis
1879
Pierce,
Lerchen Sc Co.
LIVINGSTONE,
Michigan Corporation
Watling,
H.
DISTLER, ARTHUR P.
ESTABLISHED
Lynch,
RAYMOND
Hornblower Sc Weeks
NORRIS
wnite
First of
Company
EARLE, HENRY
First of Michigan
T.
HUBER, FRED
Sc Co.,
C.
Company
LIEBER, GEORGE H.
HORN, CLARENCE A.
Co.
LAWRENCE
LESTER
ELMER
Watling,
Company
Lerchen & Co.
Hudson
Co.
Andrew
Curtis
F. S. MOSELEY & CO.
&
HILL, J. GORDON
Andrew
R. C. O'Donnell Sc
Co.
I.ICIITENSTEIN, h. F.
HOLLISTER, GEORGE R.
Young-Tornga Co.,
Sc
LERCHEN, WM. G.
B.
Kenower, MacArthur & Company
Weeks
Bennett
DILWORTH,
DUANE
H.
B.
Reid
C.
HITCHMAN,
YOUNG, NEIL
De
WM.
PETER
Watling,
&
Co.
RUSSELL a.
Goodbody Sc Co.
Co.
HINSHAW, JOSEPH
DILLMAN, GEO. C.
BERNARDI, RAY P.
J.
Roney
Manley,
&
HINDES, HOWARD
DENNEY, WILLIAM B.
BENJAMIN, WM. A.
ALLEN, ALONZO C.
Blyth Sc Co., Inc.
Al.LMAN,
Lerchen
Beane
Co.
&
A.
Co.
Management
Merrill
Watling, Lerchen & Co.
DELANEY, ROY F.
Smith, Hague, Noble
Wlnckler Co.
Pordon, Aldlnger & Co.
ALLARDTCE,
Sc
RALF A.
Hornblower
Co.
Goodbody Sc Co.
CROOKSTON,
Baker, Simonds <fe Co.
Chas. A. Parcells & Co.
Fenner
S.
L.
Sc
Sc
LEPPEL, BERTRAND
Chas. A. Parcells Sc Co.
IIIBBARD,
CREECH, DONALD I.
Manley, Bennett & Co.
BAUBIE, WILLIAM E.
ALBEBS, E. P.
C.
Sc
Wayne
LARSON,
C.
Kidder
M.
Andrew
Pierce,
Sc
KUIINLELN.
LANTERMAN,
RUSSELL
Baker, Simonds & Co.
PETER
McDonnell
K.
R.
Goodbody &
Lynch,
CHARLES
KUPFER, RAYMOND A.
Smith, Hague, Noble & Co.
JOSEPH
H.
G.
Simonds
Goodbody
Williams
IIIGBIE,
Webber, Jackson Sc Curtis
CRANE,
Straus, Blosser Sc McDowell
Co.
ROBERT A.
CORDEN,
Paine,
(All
Sc
T.
Co.
Sc
Merrill
ROSTER OF MEMBERS
Crouse
ROBERT
LAUDE,
A.
Livingstone.
Pontiac
of Detroit
HEbERT, L.
Blosser Sc McDowell
JOSEPH
S.
HASTINGS, PIERCE A.
Baker, Simonds & Co.
WM. F.
COEN
Bank
Moreland
Paine, Webber, Jackson & Curtis
HASTINGS,
MINTON M.
CLUTE,
Treasurer: Harold J. Burrows,
Co.
KUISTENSEN, EDMUND F.
Co.
Rapids
IIARTNER,
CLARK, WILLIAM E.
Straus, Blosser Sc McDowell
National
Baker.
Co.
Smith, Hague, Noble & Co.
Curtis.
Secretary: Robert J. Moons, Manley, Bennett & Co.
Wlnckler
HAGUE, SAMUEL
VGSPER
McDonald-Moore Sc. Co.
Webber, Jackson Cz
Paine,
J.
Grand
J.
KINGSBURY, ROBERT
C. J. Nephler & Co.,
KRE1DLER.
H. SAMUEL
MacNaughton-Greenawalt Si
CHAPEL, HAROLD R.
President: Roy F. Delaney, Smith, Hague, Noble & C~.
Co.
GREENAWALT,
F.
L.
&
Co.
KOVALIC, FRANK J.
Watling, Lerchen Sc Co.
H.
Noble
Jackson
CARR, HOWARD F.
Carr Sc Company
CHADDOCK,
Sc
Goodbody Si Co.
,
GORDON, WILLIAM II.
F.
Noble
LEO
KISSEL,
J.
Roney Sc Co.
CAMPBELL, DOUGLAS II.
First of Michigan Corporation
CAVAN,
C.
Hague,
w
Goodbody
Lansing
Co.
KISCII. JOSEPH J.
Wm. C.
ANTHONY
Sc
GEORGE
Smith,
G.
GIRARDOT, ALFRED
J.
HAROLD J.
O'Donnell
C.
DON
&
Lynoh, Pierce, Fenner Sc Beane
GILBREATH, Jr., W. S.
First of Michigan Corporation
Watling, Lerchen Sc Co.
CALICE,
GENDRON,
w.
McFawn
CYRU8 II.
Merrill
GILBERT, NELSON R.
Dunovan, Gilbert Sc Co.,
P.
Sc
Bennett
Manley,
BURROWS,
Vogel Sc Co.
Hornblower Sc
Goodbody & Co.
Baker,
H.
McDonald-Moore
Braun, Bosworth & Co.,
BROWN,
KING.
A.
R.
Nauman,
GATZ, JOSEPH F.
BOWYER, MERLE J.
BRABSON,
FRANK H.
Campbell, McCaity & Co.
KERSTEN,
GARDNER, BRACKETT
Co.
FREDERICK
Investment
KEMP,
Co.
GAItCEAU, FRANK J.
Wm. C. Roney Sc Co.
Bell
Providence, R. I.—Enterprise 2904
Portland, Maine—Enterprise 2904
System Teletype—BS-142
Boston—HUbbard 2-5500
Hartford, Conn.—Enterprise 6800
57
Convention
John
Esther
&
the Commercial and financial chronicle
Number
Zollinger, Scharff &
St.
Denis
Miller & Co.
W.
MILLER,
RAYMOND
MIOTTEL,
S.
Co.
McDonnell Si
MOONS,
J.
ROBERT
Manley,
Co.
A.
MOORE, WILLIAM
Moreland
Co.
C.
Reid
Blosser
&
ARTHUR
Blair
SPADE.
D.
ODDY, R.
Paine,
H.
Ann Arbor
LOUIS
H.
V.
Sattley
V. Sattley
C.
Inc.
Trading markets in
V.
Curtis
&
England Bank, Utility and Industrial
New
S.
WARD
STANKO, MARION J.
75
Inc.
STEIN, MYRON D.
A. M. Kidder & Co.
■
Boston
Teletype: BS 338
Sattley Si Co., Inc.
Hornblower
SCHAFER, HARRY L.
F.
J. Winckler Co.
V--;;
Federal Street,
Telephone: Liberty 2-6200
ROBERT H
Weeks
Si
:.'V
' \
CHICAGO
NEW YORK
STRINGER, MAX J.
STUIT,
v.;/;/:
H.
SWIAT,
New Bedford
:
England
Newport
:
Branches:
Providence
:
Springfield
:
Taunton
C.
EVERITT
Co.
Vogel &
LEO A.
Mulhall,
&
Olmstead
Since 1920
:
GORDON O.
SYVANSON,
A.
Lowell
ROSS
W.
McFawn Si Co.
Nauman,
SUTTON,
New
MacArthur & Co.
SUTHERLAND.
<
R.
MELVIN
Kenower,
FRANCISCO
SAN
PHILADELPHIA
Watllng, Lerchen & Co.
.
Stocks
Paine, Webber, Jackson & Curtis
P.
& Co.,
and
American Stock Exchanges
Co.,
&
STOETZER, Jr.,
O.
Jackson
H.
1865
Members New York, Boston, Midwest
M.
Livingstone-Crouse & Co.
SATTLEY, HALE V.
RAYMOND C.
MILO
WAYNE
GEORGE W.
Paine, Webber, Jackson & Curtis
WILLIAM
SANCRANT, MUREL J.
K.
Webber.
Founded in
Co., Incorporated
Si
STAHLBERGER,
R. C. O'Donnell & Company
OSBORN,
R.
ROWADY,
Smith, Hague, Noble & Co..
O'DONNELL,
Kidder, Peabody & Co.
Watllng, Lerchen & Co.
W.
Co.
&
Bennett Si Co.
Manley,
Jackson
Si Co.,
SPLANE,
ROTSTED,
S.
McDonald-Moore
Noble
SNOWDAY, H. TERRY
SPAULDING, RICHARD
THADDEUS
OBUCHOWSKI,
Hague,
& Co.
ZOELLIN, FRED J.
Moreland & Co.
HONEY, JOHN K.
Wm. C. Roney Si Co.
McDowell
Goodbody
Lynch, Pierce, Fenner & Beane
Noble Si Co.
SNELL, ROBERT L.
NOVIKOFF, WALTER N.
Straus,
Smith,
Manley, Bennett Si Co.
Goodbody Si Co.
NEWMAN, PERCY P.
Hornblower & Weeks
Merrill
WOCHHOLZ, ROBERT A.
SMITH, PHIL H.
RODECKER,
Fisher Company
JACK
SMITH, Jr., HAL H.
Company
RICHARDSON, DONALD L.
Nauman, McFawn Si Co.
Company
&
B.
ZINN,
CjJarr & Company
&
Baker, Simonds & Co.
NEPHLER, Jr., CLARENCE J.
C. J. Nephler Co., Pontiac
D.
F.
THOMAS
Baker, Simonds Si Co.
Company
NEIL, ROY W.
YOUNGS. LEO N.
Curti*
SIMONDS, RALPH W.
Curtis
Smith, Hague,
Company
A.
SLOANE, WADE
Reid
C.
VICTOR
Co.
Si
REILLY, RAYMOND W.
Manley, Bennett & Co.
NAUMES, JOHN R.
Andrew
&
ANDREW C.
Andrew
Baker, Simonds Si Co.
Webber, Jackson Si
Paine,
WILLMORE,
Company
REUTER, GEORGE A.
NAUMAN, ARTHUR P.
Nauman, McFawn &
&
Jackson
Rapids
REID.
Si
Bennett
Manley,
MONTGOMERY K.
Webber,
WARREN A.
WOOD,
Co.
SIMMONDS, CHARLES M.
Kidder Si Co.
Paine,
MUSCHETTE, LESLIE C.
First of Michigan Corporation
Carr
M.
Simonds &
Baker,
Winton
A. Jackson,
Dallas
WRIGHT, JOHN C.
WILLIAM E.
Reid
C.
Andrew
Crouse Si Co.
BYRON L.
Grand
PAUL I.
Si
Livingstone,
RAUCH,
Co.
McDonald-Moore Si
MORELAND,
R.
Dallas;
WILLIAMS, JOHN M.
WILLIAMS,
Co.
&
IRWIN
Blosser & McDowell
SHOEMAKER,
STUART
POWELL.
Bennett &
Straus,
Baker, Simonds & Co.
PORTER,
Kidder
SHAPIRO,
CLAUDE G.
PORTER.
W.
Paine, Webber, Jackson & Curtis
MONTGOMERY, HAROLD G.
Southwest
McElyea,
Company,
G.
R.
Mrs.
Campbell, McCarty Si Co., Inc.
Co.
&
Bennett
Manley,
M.
A.
SCHOLLENBERGER, HERBERT
PARKER, HOWARD L.
GEORGE A.
Ferris, Wagner & Miller
Jackson;
OTIIMER
SCHNEIDER,
Chas. A. Parcells & Co.
& Co.
A.
First
SCHNEIDER, ELWOOD H.
E. H. Schneider Si Co., Kalamazoo
W.
FARCELLS, EARLE
MILLER, EDWARD J.
Smith, Hague, Noble
Winton
Orleans
New
PARCELLS, Jr., CHARLES A.
Chas. A. Parcells & Co.
MILLER, DON W.
Don
Co.,
&
Villere
Mrs.
Orleans; Margaret & Arthur Keenan,
Jones, Inc., New
J.
Hornblower
Inc.,
Kalamazoo
M.
GEORGE
TIEDECK,
Weeks
&
TORNGA, HERMAN
De
Specializing in New England Securities
Market Stocks and Bonds
Grand Rapids
HENRY
Si Co.
McFawn
Nauman,
General
Co.,
Young-Tornga
VANDERVOORT,
VERNIER, JOHN E.
Si Co.
Bennett
Manley,
VERRAL, CLIFFORD E.
S.
R.
Livingstone, Crouse & Co.
VETTRAINO,
JOSEPH D.
Manley, Bennett Si Co.
MAY& GANNON.™
Blossser
Straus,
STREET, BOSTON 10, MASS.
140 FEDERAL
ARMIN
VOGEL,
A.
'•!
S.
&
PETER
VIVIANO,
Vogel & Co.
H.
VOORHIES, FRANK
Sr.
Goodbody
William F. May
Joseph Gannon
McDowell
H.
E.
Co.
William J. Burke, Jr.
WAKEMAN, WYNN F.
Vice-President
President
Baker, Simonds & Co.
Treasurer
WALLACE, ROBERT
Wm.
NEW YORK
BOSTON
Roney
C.
HARTFORD
Enterprise
CA 6-2610
2-8360
9830
PORTLAND
PROVIDENCE
Enterprise 9830
Enterprise 9830
i
J.
Blosser Si McDowell
Straus,
HU
Si Co.
WASS, CLARENCE
'.
WATLING, PALMER
Watllng, Lerchen &
Co.
WATSON, THOMAS H.
Baker, Simonds & Co.
STANLEY M.
Livingstone, Crouse & Co.
WEAVER,
S.
R.
WEED,
First
WILLIAM
of
F.
Michigan Corporation
Your Doorway to trading markets
New England Securities
31
MILK STREET,
BOSTON 9, MASS.
Telephone HAncock 6-8200
WELCH, EDWARD L.
Baker, Simonds
WHITE,
Carr
WIGEL,
Si Co.
CHARLES
Si
Company
A.
F.
Goodbody & Co.
P.
Members
New York and
Springfield
*
Boston Stock Exchanges
Fitcliburg
*
Worcester
THE COMMERCIAL and FINANCIAL
58
The J.
K.
J.
A.
Hogle
Co.
Si
DUDLEY
Merrill
4i'>
Garrett-Bromfleld
Central
Co.
&
NORMAN C.
Pierce. Fenner
BARWISE.
Merrill Lynch,
BATCliELDfcU,
Amos
J.
A.
Hogle &
C.
GODFREY
Co.
Co.
M.
WILLIAM
Bank
National
Colorado
J.
Howard
Carroll
P.
' Trevor Curria
Gaorga
B.
Fisher
Boettcher
U.
President: William W.
Argall, Bozttcher and Company.
Vice-President: Howard P. Carroll, Cat roll, Kirchner &
Jaquith,
Bank
National
Directors: Garald
Co.; Leon A. Lascor,
J. K. Mullen Investment Co.; Herbert P. White, Coughlin and
Company; William M. B. Berger, Colorado National Bank.
Central
and Com¬
IIROWN,
Phillip J. Clark, Amos C. Sudler & Co.; Trevor Currie;
Bernard F. Kennedy, Bosworth, Sullivan & Co.; Robert L.
Bank
BROWN,
National Committeemen: William W. Argall, Boettcher
&
Carroll,
JONES,
A. W.
National
Mitton, Robert L. Mitton Investments.
Boettcher
and
Piters,
BUCUENAU,
Radinsky; Howard
Colorado
Carroll, Carroll, Kirchner & Jaquith, Inc.; John P. Haggerty,
BUERGER,
L.
Alternates:
M.
Ladet,
Ladet &
Buerger,
KENNEDY,
EDWARD
Hanifen
Company
KING,
Carroll, Kirchner & Jaquith, Inc.; William E. Sweet, Jr., Peters,
Writer & Christensen, Inc.
HARDY,
Bank
National
Amos
HUGO
BULKLEY,
Ldt.
RALPH
Colorado Grain
Boettcher and
ROSTER OF MEMBERS
HENRI,
J.
Company
BUSH, EDWIN
(Members
located
otherwise
in
Denver
unless
Amos
JOHN H.
C. Sudler Si Co.
ALFF,
Amos
indicated)
Sudler
C.
The
International
Trust
Boettcher
Co;
National
CANNON,
National
Co.
LADET,
Bank
Bank
The
J.
Hicks,
Investment
Mullen
K.
Co.
JIM
HILL,
Kirchner
Carroll,
Jaquith,
&
LASCOR,
L.
&
&
K.
Inc.
Mullen
Investment
Co.
DAVID
The
Co.
Dadinsky,
A.
LAWRENCE,
Co., Inc.
Newton &
,
J.
Boettcher
and
Company
LAYTON, ROBERT
JAMES
Boettcher
Inc.
Corporate
M.
L,
Buerger, Ladet
Denver
IIILDT, THOMAS
Bosworth, Sullivan
DONALI)
Securities
BRUNO
KULLGREN. ELWOOD M.
Colorado State Bank
|
Co.
&
CAMPBELL, DONALD
Campbell-Jacobs & Co.
Company
CAMPBELL,
First
Bank
Henri
States
KUGELER. HENRY A.
Denver National Bank
HICKS, J. W.
ASHLEY, LEE C.
GEORGE H.
Denver
and
of
L.
H.
ASIICRAFT, CLARENCE
Merrill Lynch, Pierce, Fenner & Beane
ADAMS, FREDERIC A.
ALFF,
WILLIAM
B.
.ti
Bank.
Peters, Writer & Christensen, Inc.
.
Corporation
B.
HERSHNER, JOHN D.
The United States National
Co.
WILFRED
BUXTON,
Cruttenden
ARGALL,
EUGENE
ADAMS,
&
JAMES
M.
D.
ROBERT
KONOPKA,
OSCAR
HASSELGREN.
Upham & Co.
Harris,
BURKHARDT, RICHARD
National
S.
Mountain
Co.
&
ROGER
KNODEL,
GEORGE R.
Cruttenden
ROBERT
Kirchnor & Jaquith
Carroll,
KNIGHT,
U.
Securities Corporation
Bank
National
KIRCHNER,
B.
PAUL
C. Sudler Si Co.
HARRIS,
Buerger, Ladet & Radinsky,
States
NEIL
First
Carroll, Kirchner & Jaquith, Inc.
E.
F.
JOHN
Mountain
A.
and
HOWARD
WAYNE
BERNARD
Bosworth, Sullivan & Co.
Stone. Moore & Company
HANSEN,
HARRY
III,
J A MLS
Mountain Spates Securities Corporation
LLOYD
and Company
HANNON,
Company
Inc.
O. JERRY
Writer & Christensen. Tr<<':.
KENNEDY,
McCabe,
F.
Inc,
D.
KANE,
HANIFEN,
Bank
American
Co.
Jaquith,
Writer & Christensen,
In:.
Coughlin
Company
&
JOKGENSON,
pany;
DONALD
J.
Peters,
I'.
Kirchner
Inc.
HAMMER,
Trust
&
JAQUITH, RICHARD E.
Peters,
ARTHUR
BRIDGEVVATER,
DONALD
Campbell, Jacobs
IIALL, I.EKOY O.
Inc.
Co.
S.
JACOBS,
Founders Mutual Depositor Corp.
BRERETON, WM. II.
Brereton, Rice Si Co.,
Trust
WILLIAM
Management Corporation
JOHN
Writer & Christensen,
HALL,
Depositor Corp.
WILBER H.
Kirchner & Jaquith,
Carroll,
BOUCHER, ROBERT
D. Bachar, J. A. Hogle &
JOHN
HAGGERTY.
BORLAND, EUGENE W.
Peters, Writer & Chistensen, Inc.
BOSWORTH, ARTHUR F.
Bosworth, Sullivan & Co.
George B. Fisher, Bosworth, Sullivan & Co.
r.vtir;i
Co.
si
IIADLEY, PAUL II
,
Boettcher & Company
R.
Loveland, Colo.
Incorporated.
Secretary: Trevor Currie.
Treasurer:
S.
VICTOF
C. fa.ttsier
Amos
B.
C.
International
Hamilton
HAROLD
Co.
E.
Mutual
LARRY
JACKSON, Jr.,
HACKSTAFF, RICHARD A.
C.
J.
and Company
BLODGETT,
The
W.
&
ALLEN
Hogle & Co.
IRION,
LY.VNE
Hogle Si Co.
A.
A.
Col.
Kirchner & Jaquith, Inc.
Founders
& Co.
Hogle
Sudler
W.
Co
ROBERT
HARRY
HUNT.
J.
ARI.EEN
Si
Springs.
C.
INMAN,
Mountain States Securities C:rp
Birkenmayer & Co.
W. Argall
A.
IIAAG,
BIRKENMAYER, SR., WILSON C.
BLICKENSDERFER,
William
J.
MRS.
Carroll,
Co.
Corporation
A.
Hughes
Amos
RICHARD
GREENE.
Management
IIUNSICKER,
CRN FIN.
B.
W.
IILGHES,
Si
GOODE, J. II.
Cruttenden &
L.
BENWELL, OSWALD
Mountain States Securities Corporal n
BERGER,
Inc.
ERNEST S.
Poor's Corporator
Standard
Service
Investment
DONALD
J.
Carroll, Kirchner & Jaquith,
Company
Huey Co.
Colorado
GARRISON, IV ILIA M J.
Denver National Bank
BEASLEY, ANDREW
BEAUDIN, JOSEPH
E.
W.
and
LEE
A.
HUGHES.
Co.
&
L.
and
Forbes
Company
&
Company
CARROLL, HOWARD
Kirchner
Carroll,
CHAPIN,
Don
DON
A.
Fort
Co.
Colorado
RUSSELL
Bosworth,
Dealers and Brokers
& Co.
Sullivan
CHRISTENSEN, E. W.
Peters, Writer & Christensen,
New England Fund
CLARK,
ORGANIZED
Inc.
A.
Chapin
Colllni,
CHATLAIN,
Jaquith,
&
GLEN
Colorado
Inc.
in
General Market Issues
B.
State
Bank
1931
CLARK,
Amos
PHILLIP J.
Sudler
C.
CLARKE.
Co.
&
GEORGE
Specializing in
P.
Merrill Lynch, Pierce, Fenner &
CODY,
RAYMOND
Beane
New
P.
Colorado National Bank
England Securities
COLE, C. L.
Garrett-Bromfield
Co.
&
COLLINS, LOWELL O.
Founders
National Distributor
Mutual
CONKLIN, W.
Depositor
Corp.
A.
Carr & Thompson. Inc.
Bosworth, Sullivan & Company, Inc.
CONNELL,
Coffin & Burr
COPELAND.
Incorporated
31
MILK
STREET
B.
BOSTON 9, MASS.
COUGHLIN, EDWARD B.
Coughlin and Company
BOSTON
YORK
A.
J.
& Co., Inc.
Peters, writer Si Christensen, Inc.
Founded 1898
NEW
ROBERT
Brereton, Rice
HARTFORD
BANGOR
NEW YORK
BOSTON
COUGHLIN, WALTER J.
Coughlin and Company
PORTLAND
HUbbard
COXHEAD, J. WALLACE
Bosworth, Sullivan & Co.
WHitehall 3-7600
2-6442
Bell
System Teletype BS 328
COXHEAD, Jr., J. WALLACE
Bosworth, Sullivan & Co.
CRANMER, CHAPPELL
Cranmer
&
Co.
CRAWFORD, JOHN C.
Bosworth, Sullivan & Co.
CRILEY,
LAWRENCE
Cruttenden
& Co.
CRIST, B. P.
The J.
K.
CURRIE,
Keystone
eystone
Custodian Funds
Fund
ofC ana da, JLtd.
DAVIS,
RESERVES:
INCOME:
A
objectives of
iSeries B-l
GEORGE
Harris, Upham & Co.
long-term
certain
DAVIS,
WALAER
Peters,
United
Company seeking
CAPITAL GROWTH
TAX BENEFITS
and
under
your
Canadian Laws
local
investment
dealer
or
Keystone Company of Boston
Congress Street
B.
Members Boston and New York Stock
& Christensen,
Inc.
and American Stock
Exchanges
Exchange (Associate)
G.
States
National
Bank
of
50
Congress Street, Boston
Walter & Co.
Boston 9, Mass.
Listed and Unlisted Securities
DOLAN, JOHN
The
J.
K.
Mullen
Investment
Co.
MUNICIPAL BONDS
DOLLAR, IVAN
MUTUAL FUND DEPARTMENT
Lynch, Pierce, Fenner & Beane
DOLSBY, LE ROY
Carroll, Kirchner & Jaquith, Inc.
Telephone LAfayette 3-4832
DOOLITTLE, CHARLES
Merrill Lynch, Pierce, Fenner & Beane
DUNN,
50
Writer
DECKER, MARTIN
Merrill
iSeries K-2, iS-3, S-4
The
lemtmaa
NORMAN
Merrill Lynch. Pierce, Fenner & Beane
Denver
fully managed Canadian
Investment
Series B-2, B-3, B-4,
Prospectus from
Co.
DENNISON, FRANK
K-l, iS-1 and iS-2
GROWTH:
Investment
TREVOR
DAVIS,
The
VsTith the investment
Mullen
PAUL
Investment
Denver
FISHER,
D.
G.
i
Service
Co.
First
BRANCHES:
R.
National
Bank
CLAYTON
National
FALL RIVER
LOWELL
EAST FALMOUTH
GEORGE
Bosworth, Sullivan & Co.
FLOYD,
Teletype BS-537
Private Wire System
i
FERRELL,
O.
Bank
1955
HAROLD
Hamilton
IIUEY,
Republic Company
GARRET,
&( lieune
iiLit.U/lN
Sudler
C.
HUBER,
CARL
FREEMAN,
BARKER, FREDERICK F.
FRANK
Boettcher
Company
ROGER G.
Lynch, Pierce, Fenner & Beane
IRALEY,
F.
Bosworth, Sullivan & Co.
'•
Si
FORSYTH. ALEXANDER
Calvin Bullock, Ltd.
GARALD D.
BACHAR,
BAKER,
Forbes
Investment Co.
Mullen
HIRTH,
RUSSELL H.
FORBES,
AYERS, ROSCOE
Bond Club of Denver
Thursday, October 6,
CHRONICLE
MILFORD
WINCHESTER
MANCHESTER, Nl H.
n
Convention Number
59
THE COMMERCIAL and FINANCIAL CHRONICLE
:!
*
r
*
Emil
J.
Klemond, Merrill Lynch, Pierce, Fenner & Beane, Minneapolis;
J.
LEFFERDINK,
M.
Dain
J.
ALLEN
&
MATLOCK,
Allen Investment Company,
Boulder, Colo.
Broad
New
WOODFORD
Street
York
MAYER.
and Company
J.
LORENZO
LINVILLE,
W.
I
Jr.,
LONG WELL,
Boettcher
LUIIE,
ELMER
and
Company
.Macart-Jones
MANNIX,
Colorado
Pueblo.
Co..
JOHN
SODEN.
F.
METZNER,
The
F.
RANALD
National
of
Inc.
SMITH,
Bosworth,
A.
Sullivan
F.
Carroll,
TUPPER,
Allen
JR.
C.
Boettcher
Carroll, Kirchner & Jaquith,
National
Bank
Col.
TEXTILES
CANTON
DEALERS...
Co.
PUBLIC UTILITIES
ORMSBEE, JACK
Carroll, Kirchner & Jaquith,
HARRY W.
and Company
OWENS, JOHN C.
Peters, Writer &
Inc.
Christensen,
DONALD
INSURANCE
L.
and Company
PEARSON, G. HAROLD
Mountain States Securities Corporation
& \
PRIVATE TELEPHONE LINE
PETERS, JR., GERALD P.
Peters, Writer & Christensen,
CITY—WHITEHALL 4-6437
Inc.
PETTIBONE, Jr.. C. ARTHUR
Earl M. Scanlan & Co.
PFEIFFER, WILLIAM L.
Cable
and
YORK
in
Unlisted Securities
Established 1908
POWELL, JAMES
Boettcher
Dealers
LAfayette 3-0460
PLEASANTS, AARON W.
The International Trust Co.
INC.
HOTCHKIN CO.
Telephone
& Co.
Upham
Harris,
and !to
ST., NEW
BANKS
Inc.
EVERETT
Boettcher
PINE
INDUSTRIALS
OLIN, WALTER
Garrett-Bromfield & Co.
PATTERSON,
70
Address
53
Company
STATE
STREET
"Tockin"
BOSTON 9, MASS.
QUINN, ARTHUR
Quinn & Co., Albuquerque, N. Mex.
trading markets we will reflect to
whose
DAVIS
RADINSKY,
Ladet & Radinsky, Inc.
Buerger,
brokers in the New England area.
dealers and
JOSEPH L.
RAICHLE,
Company
and
Boettcher
RALSTON, JOHN
Writer
Peters,
79
HUbbard
Phoenix, Ariz.
DAYTON BAIGNEY & CO.
Brereton, Rice & Co., Inc.
MALCOLM F.
ROBERTS.
2-6065
Garrett-Bromfield
Teletype BS 30
NEIL
ROBERTS,
The
Wellesley
Portland
Company
Trust
&
CHARLES J.
RICE,
BOSTON
ST.,
of
&
INCORPORATED
Co.
F.
National
States
United
Bank
Denver
75
O.
ROBINSON, J.
Allen Investment Company,
ROBINSON. RAYMOND
Garrett-Bromfield
i
51 YEARS OF SERVICE *
L.
Co.
&
Teletype BS 596
Co.
&
Rogers
RGSEWARNE,
PAUL
New York
D.
Writer <£ Christensen,
racers,
Bosworth Sullivan & Company,
Incorporated
SARGKANT.
H!
Stocks
3
particularly of
■
•
.
Z SC1IAEFER,
-
New
England Corporations
SCHLENZIG.
Z
—
Inquiries invited from Dealers
and Financial Institutions
■
ZZ
r*
p
'r~
—
Retail Department
Distribution in New England
Maintaining
with
a
c
ZZ
SCIIROEDER,
JR..
SCOTT.
FIF
E.
Lynch.
Merrill
Bank
Pierce.
MELVIN
RIC"ARD
Fenr.T & Beane
Writer
Peters.
M.
A
<te
Member Boston Stock
Exchange
Hogle &
SIMPSON.
Envelope Co.
Co
GEORGE
BRYAN'
Simpson
Ar
C. EATON
Corporation
E.
Company
II. p
Harris, Upham &, Co.
; SIPLK.
SMITH,
U. S.
Christensen, Inc.
Mountail Staue.. Securities
E.
W. L. Maxson Corp.
THOMAS
SIMONS,
B
National Company
F.
GEORGE
—
SIGI.FR.
WASHINGTON AT COURT STREET
Riverside Cement Class B
G.
Management Corporation
SEEM AN.
J
Trading Markets
& Co.
F. VV.
National
American
-
Boulder, Colo.
M.
EARL
M. Scanlan
Earl
Inc.
L.
Investment Company,
Allen
SCANLAN.
—
Inc.
E.
RAYMOND
LESLIE
SAYRE,
—
WOrth 4-2463
Upham & Co.
Harris.
ZZ
Listed and Unlisted Bonds and
Writer & Christensen,
Peters,
HI
—
B.
GERALD
3 RYAN,
-
Telephone
Inc.
CHARLES A.
ROTH,
Chas. A. Day & Co.
FEDERAL STREET, BOSTON
Boulder, Colo.
W.
JOSEPH
ROGERS,
/
Inc.
T.
REFSNES, JOSEPH E.
Refsnes, Ely, Beck & Co.,
Midwest Stock Exchange
MILK
Bank
Central
CLAYTON SECURITIES CORPORATION
Christensen,
&
VERNON
REECE,
Members
60)
Inc.
Springs,
BERN
O'DONNELL,
FRED
G. A. SAXTON & CO.,
page
Bosworth, Sullivan & Co.
pleasure in announcing a
NEW YORK
on
M.
ROBERT
PARKER.
We take
f
C.
Pierce, Fenner & Beane
Merrill Lynch,
NELSON,
ARCH
MIDDAUGH,
M.
Colorado Grain Corporation
(Continued
Kirchner & Jaquith, Inc.
D.
ORVILLE
NEELY,
NEWMAN, ROBERT
Newman & Co., Colorado
International Trust
Bank
ROLAND
Investment Company, Boulder, Colo.
Co.
&
Denver
MEYER,
Ill
H.,
Mullen Investment Co.
STANDISH,
MOSLEY, HEYWARD E.
Company
States
J.
K.
Management Corporation
MYERS, J. HAROLD
Company
CARL D.
United
B.
The J
Investments
Kirchner & Jaquith,
Carroll,
George J. Elder,
Phillip J. Clark, Amos C. Sudler & Co., Denver;
Straus, Blosser <ft McDowell, Detroit
SMITH, CHARLES
L.
Mitton
XORPOTH,
Col.
PRESTON
To
Mrs.
Greeley, Col.
&
D.
Earl M. Scanlan & Co.
MARBLE.
L.
MOHAR,
L.
and
McKINLEY.
ROBERT
MacDONALD,
&
FIF
McCONNELL, FRANK T.
LEON
MACART.
Robert
Cruttenden & Co.
and
Mr.
MITTON, ROBERT
Hogle & Co.
Boettcher
TOM
Boettcher
KARL
McCONNELL, FRANK
G.
Company
A.
Corporation
McCABE. WILLIAM E.
McCabe, Hanifen and
KENNETH
Merrill Lynch, Pierce, Fenner & Beane
LLOYD.
A.
Sales
City
LINSCOTT, KENNETH E.
Boettcher
Ray B. Garcia,
Company, Minneapolis
lerner & co.
10
POST
OFFICE
SQUARE
BOSTON 9, MASS.
Telephone HUbbard 2-1990
Teletype BS 69
60
Thursday, October 6, 1955
THE COMMERCIAL and FINANCIAL CHRONICLE
Bond Club of Denver
FELKER, RICHARD R.
Georgia Security Dealers Association
The Robinson,
Humphrey Company, Inc.
FLEMING, Jr., STROTHER C.
Beer
(Continued from page 59)
&
Company
FLEMING, WILLIAM S.
ROSTER
—
STEELE, E.
OF
VAN
E.
A.
Denver
OGDEN
FORD,
Merrill Lynch,
STONE,
ERNEST E.
Stone,
Moore
St
Company
WALSH,
Co.
<fc
Walter
Bosworth, Sullivan St Co,
United States National Bank of
NEIL
WEBB.
Ji: U.
&
Jaquith,
Inc.
FRANK
WHITE,
King Merrltt
Investment
Radinsky,
&
Co.
WILLIAM H.
Inc.
E.
Writer & Christensen, Inc.
WILLIS,
WILSON,
WOULFE,
TROUTMAN, WILLIAM E.
Central Bank As Trust Co.
WRITER,
TRUGLIO.
WRITER,
NICHOLAS
Co.
St
Writer
Co.
YOUMANS,
PAUL
D.
Christensen,
At
Inc.
Inc.
E.
ULRICH, FRED C.
Peters, Writer & Christensen,
ARTHUR
Service
iMembers
W.
located
Atlanta
in
ADAMS,
EDWARD
Savannah
ALLEN,
Company, Inc.
BRUMBACII,
WILLIAM
Pruett and
BRYANT,
Crawford, Inc.
The
Tindall
The
H.
BOS
&
Co.
R.
FRED
TONS,
M ASS,
CARROLL
b
S
630
Dickson
&
Co.
Company
French &
Trust
Crawford,
Inc.
CANDLER,
Courts
C.
&
J.
HOWARD,
III
ALFRED
inquiries in-
Company,
Clisby
The
JERRY
G.
Co.,
Norris St Hirshberg, Inc.
CULLEN
W.
J.
Company,
Co'Ut.Hir
CABELL
Hopkins & Co., Columbus
HUGER, WM. E.
&
Courts
Co.
HULL, J. G.
Merrill Lynch, Pierce, Fenner & Beane
Company of Georgia
Lane,
JOHNSON,
Co.,
St
Inc.
T.
Space
French
GARNER
St
JOHNSON,
St
Co.,
Inc.,
Merrill
O.
Crawford, Inc.
HARRY
H.
Lynch, Pierce, Fenner St Beane
Established
Macon
Robinson-Humphrey
Courts
1926
NORMAN
&
Company,
Inc.
A.
11.
Co.
Evans
&
Company,
D.
COOPER, HOMER G.
Courts St Co., Athens
Inc.
COOPER,
WILLIAM
F.
Pierce, Fenner & Beane
COURTS, MALON C.
Courts St
Courts St Co.
&
Co.
COURTS, RICHARD W.
CO., Inc.
MEMBERS
Courts St Co.
BOYD,
BOSTON
KNOX
BLACKWOOD, Jr., W. HUGH
Jr., D.
New
HUDSON
York Security
Dealers Ass'n
CRAWFORD, ALLEN
Johnson, Lane, Space St Co., Inc.
Inc.
Savannah
9,
MASS.
Teletype BS 1059
BRADLEY,
Merrill
THOMAS
Lynch,
Specializing in Bank Stocks of
Hampshire
Massachusetts
Fenner
St
SAM
SAFT Corp. of Am.
Southwest'n States Tel.
Power Cond. & Electronics
Blackstock
&
STREET, BOSTON 9, MASS.
BROKERS IN
C.
Pierce, Fenner & Beane
CROFT.
P.BAYSHAW, DONALD B.
Lord, Abbett & Co.
BROADWELL,
DAVIS,
UNLISTED
CROWLEY, CARL A.
Courts
St
Byron
The
Lunch,
r
J.
Pierce,
W.
&
Beane.
SECURITIES
B.
Tindall
<fc
Co.
RICHARD
Courts St Co.
Co.
Fenner
Co.
JAMES
DENNY.
St
Company
LLOYD
DEAN,
F.
S.
RoDinson-Humphrey
Courts St
Co.
HENRY
Eirooke
Jr., EDWARD
Merrill
WILLIAM F.
BROOKE, BYRON
11
A.
Broadway
NEW YORK 4
BROOME,
Jr.,
STOCKTON
Stockton Broome St Co.
BROOME,
STOCKTON,
Stockton
Pruett
Paul D. Sheeline & Co.
WILLIAM
Merrill Lynch,
Co.
Broome
&
III
Co.
BROWN,
Courts
and
Company, Inc.
JOSEPH
&
St
The
Telephone DIgby 4-1388
Bell System
DREW, J. OLIN
Clement A. Evans
&
LANDON
Company,
Teletype NY 1-86
Inc.
27 State Street
C.
Robinson-Humphrey Company
BOSTON 9
DURRETT,
E.
J.
Co.
BROYLES, NORRIS
Beer
DICK. Jr., JACKSON P.
Beer St Company
DULANEY,
BROWN, ARRY L.
Prospectus Available
CRAWFORD, Jr., ALLEN C.
French St Crawford, Inc.
CRAWFORD,
T.
Goodbody & Co.
Reeves Soundcraft
Beane,
BRAY, ROBERT M.
Trust Company of Georgia
BROCK,
Firm Markets
DEALERS AND
J.
Pierce,
Savannah
Hancock,
ARNOLD
J. FRAZER
Hllsman St Co.,
H.
ELLIS,
J.
Courts
Company,
Telephone CApitol 7-8950
Inc.
Bell System
B.
&
Teletype BS 169
Co.
Direct phone
Inc.
1IIRSHBERG, JULIAN R.
CHARLES THOMAS
COOLIDGE,
Hancock, Blackstock & Co.
BRANNAN,
MILK
&
COLLINS,
Robinson-Humphrey Co.
Augusta
31
Co.,
CLISBY, JOSEPH R.
Johnson, Lane, Space & Co.,
Telephone HAncock 6-0170
&
W.
BOUNDS. JAMES W.
Western Massachusetts Cos.
'*
D.
Inc.
Merrill Lynch,
Light Corp.
Manufacturing & Sales Co.
Towle Manufacturing Co.
I
Jr.,
CLARKE. HARRISON
Johnson, Lane, Space St Co., Ins
&
BLANCHARD, SCOTT D.
Goodbody & Co.
Ludlow
*Dynaseal Lighting
Space
.Lane,
Johnson,
Co.
CLARKE, HAGOOD
Johnson, Lane, Space St Co., Inc.
The Citizens and Southern National Bank
Haverhill Gas Co.
Cinerama, Inc.
Co.
CARL
BLACK, Jr., H. GRADY
Clement A.
Fitchburg Gas & Electric Light Co.
Calif. Int. Tel.
Company, Inc.
BLACKSTONE, LESTER J,
Eastern Utilities Associates
Vermont
&
J.
Savannah
Savannah
Evans
BLACKSTOCK,
New
Courts &
HILL,
Evans
FRANK
JOHNSON, DAVID
W. Tindall St
The
Maine
A.
Inc.
Company of Georgia
Clement A.
ARTHUR W. WOOD COMPANY
ST.
Clement
HENRY.
Space & Co.,
R.
JELKS, FREEMAN N.
Johnson, Lane, Space
OHISHOLM, FRANK A.
Varnedoe, Chlsholm St Co., Inc.
Augusta
CONGRESS
HEAD, DIXON
Savannah
BEESON, JAMES T.
1915
G.
Co.
Company of Georgia
Trust
19
WM.
JACOBS, ROGER M.
Hancock, Blackstock St Co.
Courts St Co.
BEAVERS, J. KARY
Telephone LAfayette 3-0810
Jr.,
Johnson, Lane,
Trust
M.
Courts & Co.
BASTIN,
Electric
HAYS,
HUNERKOPF, CLOVIS
Hancock, Blackstock St Co., Atlanta
Savannah
Lowell
Inc.
HUME, E. STOCKTON
CHESNUT, J. D.
your
Inc.,
Courts St Co.
St
CALLAWAY, THOS.
Company
E.
BARROW, Jr., CRAIG
Johnson, Lane, Space St Co., Inc.
continuing interest and invite
Crawford,
HARRIS, J. RALPH
Goodbody & Co.
Cabell
CARTER, Jr., HUGH D.
a
&
RICHARD E.
Clement A. Evans & Company,
HOPKINS.
FRANK
Byron Brooke
BARRETT, JULIAN N.
Beer St Company
We have
Grange
HANNER,
Holfman-Walker
TOWNSHEND
S.
BURT,
BANKS, Jr., DONALD
Teletype
Incorporated
La
M.
E.
Robinson-Humphrey
BANKS,
2-2530
McKlnnon.
WALDO
HOFFMAN.
The Citizens and Southern National Bank
HOI. LIS
J.
W.
BAKER
C O.
H.
Robinson-Humphrey Company, Inc.
BUDD,
J.
Richmond
&
C.
BUDD, Jr., JAMES S.
BAGGERLY, EARL W., Jr.
French St Crawford, inc.
c)
Beane,
1
Company, Inc.
AUSTIN,
S
St
BRYANT, EVERETT C.
Courts St Co., Newnan
■;
at
Fenner
Augusta
R.
ARMSBY, JOHN W.
Wyatt, Neal & Waggoner
ST R EET
Thomson
HAINES,
IIIXDSMAN,
BRUCKNER, JACK L.
Merrill Lynch, Pierce,
G. LEONARD
French
CO U R T
Robinson-IIumphrey Company
Johnson, Lane, Space St Co.. Inc.
unless
otherwise indicates
Co.
AIKEN, Jr., ISAAC M.
Johnson, Lane, Space & Co., Inc.,
BROTHER
The
French
ROSTER OF MEMBERS
Clement A. Evans &
KELLER
Company,
Johnson,
Colo.
Lynch, Pierce, Fenner At Bean•
Investment
&
December, 1954; Took Office: January, 1955; Term Ex¬
pires: December, 1955.
S.
Colorado Springs,
Merrill
Tindall
GRIGGS, Jr., JAMES R.
YOUNG, WILLIAM A.
RALPH
ZARLENGO,
W.
Elected:
Bosworth, Sullivan At Co.
Inc.
J.
Committeemen: Justus C. Martin, Jr., The RobinsonHumphrey Company, Inc.; Edward R. Adams, Clement A. Evans
& Company, Inc.; Roy W. Hancock,
Hancock, Blackstock &
Company; James B. Dean, J. W. Tindall & Company; Euge: e
F. Willis, J. W. Tindall & Company.
Co.
Christensen.
&
Co.
National
YOUNG,
VANDER VEER, Jr., GEORGE C.
Peters, Writer & Christensen, Inc.
Dean,
Trust Company of Georgia.
At
UHLIR,
LIBOSLAV
Mountain States Securities Corporation
B.
Martin, Clement A. Evans & Com¬
Inc.; Jackson P. Dick, Jr., Beer & Company; N. Barnard
Murphy, Jr., Norris & Hirschberg, Inc.; Robert M. Bray, Jr.,
S.
HAROLD
Writer
Peters.
James
Executive Committee: Wayne
Bank
Sullivan
GEORGE
Peters,
TSCHUDI, FRANK N.
Sullivan
Vice-President:
W.
RICHARD
Bosworth,
F.
&
National
St
Co.
R.
GRADY, HENRY W.
Secretary-Treasurer: Justus C. Martin Jr., The Robinson-Hum¬
phrey Company, Inc., Atlanta.
i
GOULD, WM. H.
Courts
National Bank
R.,.fiTLIS
Blackstock &
Atlanta.
pany,
ROBERT
TOWER, NORMAN
Merrill Lynch, Pierce, Fenner & Beane
Bosworth, Sullivan
President: The late Roy W. Hancock, Hancock, Blackstork & Co.,
J. R.
American
JACK
Z E R O
Crawford, Ino.
Co.
St
GODSHALL,
Justus C. Martin Jr.
Atlanta.
WILLARD, E. WARREN
Boettcher and Company
L.
Dean
Inc.
WIESNER, ALFRED A.
-wo
Carroll, Kirchner & Jaquith, Inc.
Bosworth.
ERSKINE
Hancock,
WHITE, HERBERT P.
Coughlin and Company
L.
Mountain States Securities Corporation
TICE,
Ladet
B.
James
Roy W. Hancock
Carroll, Kirchner At Jaquith, Inc.
St
Inc.
H.
GLENN. JOHN F.
Citizens and Southern
Bank
DONALD
Peters,
HARRY
THOMPSON,
Inc.
Co.,
Co.
&
Courts
WELLER, HIRAM D.
Peters, Writer & Christensen,
Tallmadge St Tallmadge
Mullen
<fe
WM.
&
French
ELNORE
TALLMADGE, ROBERT
K.
Inc.
GAY, Jr., EDWARD
W.
National
Buerger,
Kirchner
Tallmadge & Tallmadge
J.
CHARLES
WEISS,
TALLMADGE. MYLES P.
The
L.
S.
TALBOTT, J. L.
THARP,
Courts
Co.
Company,
Crawford,
Hilsman
FULWILER,
&
&
JAY D.
H.
GASTON,
WM. E.
Sullivan
C.
Merrill Lynch, Pierce, Fenner & Beane
R.
Carroll, Kirchner & Jaquith, Inc.
SWEET, WILLIAM
peter*. Writer de Christensen, Inc.
TETTEMEIt,
Co.
At
CHARLES
WARREN,
SWEENEY,
J.
Company
Bosworth,
Denver
Carroll,
At
WARDMAN,
Ga.
G.
Evans
A.
St
FROST,
M.
Upham
Albany,
J. McCREA
French
WALTER, FREDERICK I).
SWAN. HENRY
ADRIAN
Clement
FRENCH,
II.
JOSEPH
Harris,
SULLIVAN, JOHN J.
The
C.
Pierce, Fenner St Beane
Harris. Upham At Co.
SUDLER, AMOS C.
Aftios C. Sudler
F.
VINEY,
Co.,
Bank
National
Inc.
Hogle St Co.
St
FONVILLE, PERCY
Goodbody & Co.
DERVORT, R. G.
VERNER,
Carroll, Kirchner & Jaquith,
STITT. CARL E.
J.
Courts
MEMBERS
Teletype BS 51
BROYLES, Jr.,
Beer
&
NORRIS
Company
ARNOLD
EVANS,
CLEMENT
Clement
A.
A.
Evans
St
Company.
Inc.
between offices
Convention
JOHNSON,
Number
THOMAS
M.
moore,
MANNERS. PAUL E.
Lane, Space & Co.,
Johnson,
Inc.
First
National
Bank
Maurice
hi,
A.
Clement
Evans
&
MARTIN, Jr., JUSTUS C.
J.
RAY
W. Tindall
The
W.
& Co.
Robinson-Humphrey
MARTIN,
ROBERT
Mutual
Funds
The
Robinson-Humphrey
J.
C.
GUY
Company,
Inc.
MARTIN,
Bradford & Co.
MASON, JAMES
Johnson, Lane,
A.
KAHLMAN,
The
Evans
<fe
ALFRED
Company,
Trust
Robinson-Humphrey Company,
ANDREW
Jr.,
KLINE,
&
A.
&
KNELLER,
CUYLER,
Paul A.
Inc.
LATTIMORE,
Merrill
&
Roane
The
JOSEPH
LeCLAIR,
WM.
Inc.
J.
Pierce,
JOHN
Fenner
&
Beane
H.
watson, thomas c.
F.
&
J.
Co., Inc.
whitaker. james l.
Tillman-Whitaker Co..
Co., Inc.
white, mrs. marie o.
J. W. Tindall 81 Company
M.
T.
SUMMERS,
&
Inc.
Reed,
E.
&
J.
&
Co., Inc.
CHAPPELL
Blair
CHARLES
Co., rtidcun
&
A.
&
Company, Inc.
NUNNALLY,
george
a.
Hancock,
McKEE
GEORGE
&
Clement
Co.
&
Company,
Inc.
c.
Crawford,
Blackstock
Company,
&
&
FONVILLE
Co.
&
Hirshberg,
j.
Evans
&
Ac
MEADOWS,
Georgia
Courts
H.
Byron
LUTTRELL, W. R.
W.
R.
W.
R.
MILLER,
Columbus
Luttrell,
Miller
Co.,
Inc.
Waddell
A.
&
&
Inc.,
Macon
O.
VARNEDOE,
Varnedoe,
Company \
pruett,
F.
and
and
M.
Company,
Reed, Inc.
&
f.
Co.
francis
d.
wise, Jr.,
Fenner Si Beane
SAMUEL
Chisholm
lamar m.
Merrill Lynch, Pierce, Fenner
L.
&
Inc.
Co.,
wood,
o.
Jr.,
& Beane
B.
Securities Corp.
WOOLFOLK, JOHN C.
A.
CURTIS
Company,
Columbus
WALKER,
H.
Fulton
HAROLD
Hilsman
St
Inc.
Co.,
WALLACE,
Jr.,
ROY
A.
Si Company,
Inc.
National Bank
IV.
YEARLEY,
The
Evans
CHARLES
WRAY,
ALEXANDER
Robinson<-ttuniphrey Company, Inc.
ZIMMERMAN, WILLIAM H.
W.
Zimmerman St Co., inc.,
Spencer,
Columbus
Merrill Lynch, Pierce, Fenner St Beane
rees,
(Mrs.)
Inc.
RAGSDALE, IRVIN T.
MOLLOY, THOMAS P.
Cabell Hopkins & Co.,
F.
Pierce, Fenner Si Beane
Inc.
Company,
gertrude
Fruett
Corporation
Inc.
carl a.
Pruett
pruett,
L.
Securities
Inc.
Crawford,
h.
Company,
C.
WALKER, SAMUEL G.
J. H. Hilsman & Co., Inc.
preston, Jr., samuel w.
Wyatt, Neal & Waggoner
Bank
PHILIP
&
Tindall
Clement
Co.
MILSTEAD, ANDREW J.
Merrill Lynch, Pierce, Fenner & Beane
MADDOX, JOSEPH J.
Lord, Abbett & Co.
MA.DEIRA,
French
PAUL
JAMES
National
First
Jr.,
Brooke
MILHOUS,
Columbus
JOHN
Si
W.
Southern
perkinson, tom g.
W.
Co.
MEWBORN,
Byron Brooke & Company
LUTTRELL,
Si
Courts
Savannah
& Co.,
&
Savannah
PENDERGRAST, T. J.
L.
Chisholm
JAMES
MEANS,
Co.
EDWARD
LINDSEY,
CARL
Varnedoe
joseph
Evans
eugene
willis,
Inc.
W. Tindall & Co.
WALKER,
A.
jr.,
A.
Merrill Lynch, Pierce,
VARDAMAN,
frank
Clement
Co.
Merrill Lynch.
willis.
WAGGONER, T. REUBEN
Wyatt, Neal Si Waggoner
Savannah
Co.
Inc.
C.
Inc.
PAULSEN, GROVER c.
Johnson, Lane, Space & Co.,
peeples,
Athens
williamson, ii, james j.
lamar
lawrence
FRANK
A.
Co.,
williams.
HOWARD
G.
Robihson-Humphrey
Jr.,
&
Courts &
Athens
UNDERWOOD. L. DEAN
Lynch, Pierce, Fenner & Bear"
French
E.
Co.
M.
Co.,
Robinson-Humpnrey
TRAYWICK,
J.
The
THOMAS
Tindall
W.
The
Jr.,
Courts
TOMPKINS, IIENRY B.
Company
parker,
&
Evans
E.
TINDALL, JULIAN W.
J.
oglesby,
&
Courts
W.
WILLIAM
Courts
Savannah
s.
Co.,
\v!LkinSGn, ii, w; C.
TILLMAN,
J.
LEWIS,
&
Courts
Bank
E.
ROBERT H.
&
Merrill
S
JR., EUGENE
National
Tillman-Whltaker
III,
OBERRY,
W.
Co.
McWHORTER,
LESSER, NORMAN
of
Inc.
WIEGAND,
Fulton
FRANK
JR.,
TAYLOR,
Hoffman-Walker
Company
george
Albany
wiiittle8ey,
Lane, Space Si Co.,
Johnson,
Athens
whittington, henry o.
Varnedoe, Chisholm & Co.. Inc.,
W.
Hilsman
H.
Norris
D. FINLAY
Co., Incorporated
McRAE,
Equitable Securities Corporation
LEE, R. E.
wyatt, Neal Ac Waggoner
Trust
Inc.
Pruett and Company,
F.
Hilsman
STEWART,
Inc.
Courts & Co.
A.
PAUL
Tindall
W.
Courts
Beer
C.
Blackstock & Co.
&
Courts
McNEEL,
Company,
Decatur
barnard
Company of Georgia
NEWTON,
nicolson.
HOWARD
McNAIR,
E.
Robinson-Humphrey
Hilsman
C.emunt
Equitable Securities Corp.
W.
HARRY
Cc.,
n.
Hirshberg,
NICHOLS,
PHIL
Lynch,
McGAUGIIY,
Fenner
H.
Trust
Inc.
Ga.
Jr.,
Hancock,
|
Pierce,
&
Jr.,
&
J.
NEAL, J. ROBERT
Wyatt, Neal Si Waggoner
JOSEPH A.
Pierce, Fenner & Beane
McFARLANE,
Varnedoe, Chisholm & Co. Inc,, Savannah
LAY,
J.
McDougal Company,
Columbus,
T.
Lynch,
Waddell
STEWART,
myers, frank j.
PAUL A.
McDUFFf.E,
Johnson, Lane, Space & Co., Savannah
Merrill
Company
neal, roy d.
john e.
& Coi(
Jr..
McDOUGAL,
GEORGE C.
JOHN
Norris
Merrill Lynch,
Crawford,
EUGENE
Hirshberg, Inc.
STEPHENS, J.
king
murphy,
Inc.
Co.,
JIMMIE NELL S.
Hilsman
McCORD.
KNOX, WILLIAM S.
Wellington Fund, Inc.
KOvTZ,
H.
J.
Co.
Jr.,
French
&
Space
(Mrs.)
McClelland,
J.
MARION
Courts
Company
Savannah
Augusta
KISER,
Norris &
L.
Robinson-Humphrey
murpiiy,
Inc.
Company,
Clisby & Co., Macon
Ga.
KILPATRICK,
&
Company of Georgia
Inc.
MATTHEWS,
Grange,
The
MATHEWS, Jr., ROBERT C.
D.
KEY, R. C.
La
Company
Augusta
Inc.
&
WALLS, JAMES WALLACE
The Robinson-Humphrey Company. Inc.
ELLIOTT
C.
Brooke
Byron
STEINIIAUER, R.
JOSEPH
King Murphy
KABLE. JOHN R.
Clement
Evans
A.
Jr.,
STEADMAN,
Inc.
C.
Norris & Hirshberg Inc.
MORRIS,
WAYNE
Clement
R.
Inc.
JACK
I.
Securities
JOLLEY, LEX
JONES,
Company,
MORRIS,
j.
Company,
Savannah
JOHNSTONE,
61
THE COMMERCIAL and FINANCIAL CHRONICLE
Columbus,
G-a.
The
Robinson-Humphrey Company
iii,
Trust
arthur f.
Company
Georgia
of
Hancock, Blackstone & Co.
MALLORY,
JR., WALDO W.
Johnson, Lane, Space & Co.
MONK, GEORGE W.
Clement
Evans
A.
&
Company,
Inc.
REEVES,
H. GRADY
Courts
Si
Co.
REVSON, Jr., ALFRED F.
Si
Courts
Co.
reynolds, a. zahner
Courts
RHODE ISLAND SECURITIES
Co.
Si
REYNOLDS, JOHN C.
Goodbody & Co.
roberts,
Courts
Our Trading Department Invites
Your Inquiries
ben
Inquiries Invited
e.
Co.
&
robertson, Jr.,
willis
a.
The Robinson-Humphrey Company,
On All Rhode Island Securities
ROBINSON, ROBY
The Robinson-Humphrey
CHARLES
Pruett and Company,
Inc.
Company,
Chas. W. Sgranton & Go.
MEMBERS
Inc.
ROPER,
Open-end Phones to Boston —Lafayette 3-0610-0611
roper,
william
Clement
SETTLE,
J.
H.
J.
YORK
MIDWEST
&
STOCK
SETTLE,
EXCHANGES
AMERICAN
STOCK
EXCHANGE
WESTMINSTER
PROVIDENCE
ST.
DIRECT
YORK,
ST
PAWTUCKET
3.
R.
I.
Bell Teletype PR 43
Telephone union 1-4000
NEW
PRIVATE
LOUIS,
AND
Hartford: JAckson 7-2669
New York: REctor 2-9377
Inc.
Teletype NH 194
&
Si
Co.,
Inc.
R.
Co., Inc.
Johnson,
robert
Lane,
e.
Space
&
Co.,
Inc.
SHOUN,
MURRAY C.
Merrill Lynch, Pierce, Fenner & Beane
TO
WIRES
simkins,
HARTFORD,
BRIDGEPORT,
arthur
Clement
OFFICES
PLAINS
WHITE
Telephone: MAin 4-0171
Inc.
(ASSOC.)
sherwood,
15
Company,
ROYSTON
Hilsman
J. H.
EXCHANGE
FLEMING
Hilsman
MEMBERS
NEW
Inc.
Savannah
1900
YORK STOCK
NEW HAVEN
C.
Evans
SAUNDERS, JACK h.
Varnedoe, Chisholm & Co.,
G. H. WALKER & CO.
Established
A.
NEW
A.
b.
Evans
&
Company,
Connecticut
Inc.,
Savannah
Securities...
SITES, CRAWFORD N.
Courts
&
Co.
SITES, FRANK B.
Courts &
Co.
are
Primary
CONNECTICUT
MARKETS for Dealers
everywhere
SLATTERY, JOSEPH
Johnson, Lane, Space Si
Augusta
sloan,
A.
Evans
&
the basis of
and dealers
our
long and pleasant relationship with
brokers
throughout the country. We solicit your inquiries
with confidence that
samuel
iii,
Clement
Inc.
Co.,
specialized experience will be helpful.
our
Company, Inc.
We
particularly invite
your inquiries in:
Industrial-Utility
Insurance
-
AMERICAN
HARDWARE
ASSOCIATED
CONN.
Bank
LT.
SPRING
&
CONNECTICUT
CO.
MFG
HARTFORD ELECT.
Municipal
LANDERS
NEW
Securities
Space &
Lane.
sidney
Clement A.
Co.
Inc.
m.
Evans
&
Company,
Inc.
POWER
FMHART
State
hershel f.
Johnson.
smith,
POWER
&
smith,
F.
RUSSELL
MACHINE
MFG.
SOUTH'N
NEW
TORRINGTON
LIGHT
CO.
ENG.
TEL.
CO.
VEEDER-ROOT
Courts
«fe
Co.
SMITH,
WILEY
Johnson,
Augusta
SPACE,
Sales.
J.
Lane, Space Si Co., Inc.
Jr.,
Johnson,
,
Vice President and Secretary
in charge of Trading and
C.
&
BRITAIN
GEORGE A. DOCKHAM,
SMITH. WALTER
JULIAN A.
Lane, Space Si
Inc.
Co.,
Savannah
SPEAS.
COBURN & MlDDLEBROOK, inc.
100
Trumbull
Street, Hartford
Bell Teletype HF 464
*
Boston Tel. HUbbard 2-3780*
Direct Hartford-New
NEW YORK
1, Conn.
N. Y. Tel. DIgby 4-6713*
Hartford Tel. JAckson 7-3261
NEW HAVEN
Conn.
Norwich, Conn.
Waterbury, Conn.
Direct
Wire
to
HINCKS
Hirshberg, Inc.
J.
kyle
PROVIDENCE
BOSTON
Manchester, Conn.
Zimmerman & Co.,
Troster, Singer &
spencer,
R.
S.
john
872
stafford.
C.
stafford,
&
w.
York
stanbury,
BRIDGEPORT
i
Bank
•
BRIDGEPORT 3, CONN.
r.
Members
Telephone
h.
Co.,
thomas
National
STREET
Inc.
Co.
a.
Tillman-Whltaker
First
I
thomas
Bradford
MAIN
c.
Dickson & Co.,
Yarmouth, Me.
Co., New
1907
Inc.
Columbus
Bristol, Conn.
Worcester, Mass.
BROS. & CO., INC.
ESTABLISHED
York-Boston 'Phones
Springfield, Mass.
W. Wardsboro, Vt.
Manchester, N. H.
W.
&
Spencer,
J.
New London,
J.
Norris
spencer,
.
Athene
FROM
NEW
EDison
YORK,
5-5141
CALL
WHitehall
Midwest Stock Exchange
4-8221
Teletype
BPT 489
THE COMMERCIAL and FINANCIAL
62
CAROTIIERS,
ALMON, TAYLOR B.
Dallas
Security Dealers Association
Dallas
In
Bank
National
First
C.
Merrill
Bailey
BAMBENEK,
Dallas
Keith
3EARD,
Rauscher,
Southwest
First
BERNET.
COLE,
Company
Dallas
ALBERT E.
Jr.,
SChHeidet, Bei'net & Hickman,
Inc.
W- Turner, Eppler, Gueriri & Tufnct»
Cor¬
CRESON,
Secretary: R. B. (Brud) Smith, Texas Bond Reporter, Irtci
Treasurer: W. Perry
CROMWELL,
Cromwell
JULIAN
BOBO.
ttausdher, Pieree & Co,, Inc.
McPherson, Merrill Lynch, Pierce, Fenner &
Beane.
Hudson,
The Officers
and Roderic B.
Thomas, Dallas Rupe &
Son, Inc.; R. L. Ward, Dallas Union Securities Company, Ft.
Worth; Taylor B. Almon, Rauscher, Pierce & Co., Inc.
Stayart
BOHNEY,
O.
Mutual
Inc.
Co.,
&
Funds
&
Securities
Co.
Dumas.
Boothman
&
Willijam N. Edwards
Co., Ft. Worth; William C. Jackson, Jr., First Southwest Com¬
pany;
J.
Harold E.
Ries Bambenek, Dallas Union Securities Company;
DeShong, Dallas Rupe & Son, Inc.; Samuel P. John¬
Southwestern Securities Company.
son,
Alternates:
Rader
John
L.
Canavan, Rauscher, Pierce & Co., Inc.; C.
McCulley, First Southwest Company; John W. Turner,
Eppler, Guerin & Turner; Keith B. Reed, Keith Reed & Com¬
pany;
Elected:
James W. Davis, Davis & Company.
pires: December 31, 1955.
ALEXANDER,
EDWARD M.
Bros.
&
Dallas
at
William
Ft.
BROWN, E. KELLY
E. Kelly Brown Investment
BROWN,
EDMOND
Garrett and
L.
Company, Inc.
BROWN,
First
JIM
State
Bank
Dallas
In
Bank
Texas
Hutzler
FIF
E.
Management
BRYAN, JOHN L.
Rauscher, Pierce
T.
R.
&
Trust
Co.
of
Dallas
BRYCE,
Corporation
&
Co.,
Hutton
F.
Burt,
Company
Inc.
Dallas
R.
Inc.
& Son,
Inc.
& Son,
Inc.
A.
JOHN
M.
Hamilton &
Burt,
WILLIAM
Hamilton
&
Inc.
Co.,
S.
Inc.
Co.,
Co.
E.
Shearson,
Rupe & Son,
DENNING,
DICKEY,
T.
DICKSON,
C. NESOM
First
First
Hamilton & Co., Inc.
Co.
R.
Dallas Rupe
Bank
in
Dallas
M.
& Son,
Inc.
IIEMENWAY, W. P.
Dallas
Rupe & Son,
HEMMINGSON,
H.
Bank
National
National
HAWKINS,
Pierce & Co., Inc.
JOHN
&
HATCHER, M. M.
ERNEST E.
Rauscher,
Rauscher, Pierce & Co., Inc.
Hammill
Inc.
STEVE
Company, Inc.
Garrett and
BUCKNER,
Burt,
A.
Co.,
R.
HAMILTON,
DeSHONG, HAROLD E.
Dallas Rupe & Son, Inc.
BURT,
C.
R.
HAMILTON,
Inc.
BUCHANAN, Jr., J. D.
M. A. Hagberg & Co.
The Illinois Company
&
IIARTMAN, MERRILL
Walker, Austin & Waggener
U.
Hutzler
MANLEY
Hagberg
Dallas Rupe
Texas
R.
&
&
DORIAN
Company
Dallas Rupe
DEATON, Jr., FRED. R.
Dallas Union Securities
Inc.
F.
B.
FRED
DENNARD,
Garrett and Company,
BUCHANAN,
E.
C.
JOHN
Garland,
IIALL,
Rupe & Son,
DEATON.
A.
IIALE,
Bank,
R.
Dallas.
HAIIN, CIIAS. W.
Rauscher, Pierce & Co., Inc.
DAVISON, OLIVER E.
Dallas
EARLE
M.
Texas
(Associate)
R.
National
of
Company
W.
R. M.
National
in
GUERIN, DEAN
Eppler, Guerin & Turner
Co.
Company, Dallas
Davis &
DAVIS,
Company
Inc,
C.
Bros.
&
I.
Bank
JOSEPH
Dorian
Turner
ROBERT
National
HAGBERG,
Investment
JAMES
DAVIS,
Securities
&
&
D.
& Son,
JR.,
Salomon
Worth. Texas
Central
BROWN, JACK P.
Union
Edwards
N.
First
DAVIS, J. EDWARD
Co.
(Associate)
ROSTER OF MEMBERS
Salomon
Bank
Rupe
GILBERT,
GRANOWSKI.
CUTTER, FRED C.
National
Guerin
GRAFF,
(Associate)
Inc.
S.
Eppler, Guerin & Turner
(Associate)
BRUCK,
ACKERMAN,
Company
Inc.
DAVID T.
Eppler,
Dallas
L,
Inc.
GEORGEVITCII,
(Associate)
Crowe
Reporter.
ROBERT
CUTHERELL,
Securities
BRANYON, ALLAN D.
Dallas
January 1, 1955; Took Office: January, 1955; Term Ex¬
HUGH
Southwestern
Mercantile
Bond
Texas
BRADFORD,
CLYDE
WILLIAM 3.
Bros.,
GENTRY,
Dallas
at
GEORGE W.
CULLER,
(Associate)
National Committeemen: Landon A. Freear,
E.
&
Parkhurst
McCall.
&
Muguenin
Garrett
(Associate)
Dallas
Co..
&
Texas
Bros.,
GARRETT,
Co.
CROWE, CLARENCE
BOOTIIMAN, CLAUD 0.
Garrett
REX
CROSSON, CHARLES J.
Mercantile National Bank
'
P.
&
Beane
A.
Edwards
N.
Worth,
GARRETT,
Securities Company
W.
&
GANNON, E. J.
Shearson, Hammill & Co.
& ITcane
Fenner
CROSSLEY, E. LYNN
City Auditor. City of
WILLIAM L.
BOIIAN,
Ft.
Fenner
W.
Company
LANDOX
Williami
P.
R.
Southwestern
BLACK, A C.
Henry-Seay & Company
poration.
FREEAR,
Inc.
K.
Pierce,
EDGAR
Inc.
B
J. H.
Merrill Lynch, Pierce,
|
Lynch,
Dittmar &
Group,
of Texiu;
K.
Company,
ROBERT
Merrill
CO WD RE Y,
Co,
Gdodbody &
&
FRANKLIN,
JOHN
Jr..
Distributors
JOB
BINFORD,
Vice-President: Thomas B. Walker, Jr., Equitable Securities
FRANK
FOSTER,
Co.
&
Pont
Rupe & Son,
CORNELL.
Company
Garrett
du
Inc.
Columbian Securities Corp.
IISK,
GEORGE
COOPER,
ftlLHEIMEft, Jib, WILLIAM E.
oiiearson, Hammill & Co.
The
KEITH
I.
Francis
&
& Son, Inc.
Rupe
CONGDON.
Edwards,
FICItES, Jr., RALPH L.
JOHN J.
Dallas
Inc.
Co.
&
J.
Ferris
(Associate)
Bank
Corporation
THOMAS
Jr.,
R.
J.
A.
Pierce
*
FERRIS, JOHN D.
M.
RAE
Company
ESTES, B. H.
B.
Bank
Republic National
MARION
IJEATIE,
Company
Co.,
Guerin & Turner
Eppler,
COKE, Jr., OWEN S.
First Southwest Company
Securities
BECKETT,
Directors:
CLIFTON,
& Son
SAMUEL
Jr.,
Equitable
President: John
Company
JOHN
III,
National
&
W.
WILLIAM B.
EPPLER,
Securities
Union
CLAYTON,
N.
Edwards
(Associate)
(Associate)
Texas
Southwest
Inc.
Co.,
Bank
WILLIAM
N.
JOE
First
&
National
Worth,
ELLIS,
DICK
Jr.,
Dallas
Co.
First
Rupe
Ft.
K.
Hamilton
CLARK,
JAMES
Dallas
R, B. (Brud) Smith W. Perry McPhdriort
Burt,
Securities
&
ALGIE
CHOATE,
Company
RIES
J.
Reed
JEARD,
7. B,, Welder, Jr.
Company
&
Securities
Union
LEWIS
Eppler, Guerin & Turner
HUGH
BASS,
Jchn W. Turner
William
KENNETH
Southwestern
EDWARDS,
Lynch, Pierce, Fenner & Beane
CHANDLER,
ALFRED
Alfred
BAKER,
H.
EDELMAN, EDWARD
Locke, Locke & Purcell
EDWIN O.
CART WRIGHT,
AUSTIN, Jr., FRANK E.
Walker, Austin & Waggener
BAILEY. C.
M.
EARP,
T.
EARLE,
CARROLL, JAMES
Rauscher, Pierce & Co., Inc.
DAVID
S.
Sr.,
Mercantile
Pierce & Co.
Rauscher,
ARNSPIGER,
Thursday, October 6, 1955
CHRONICLE
in
Central
Dallas
Inc.
GEORGE
Investment
T.
Company of Texas
INCORPORATED
CANAVAN,
Rauscher,
Members
CARLSON,
Muir
New York Stock
Exchange
Midwest Stock Exchange
ROBERT
Investment
Bank
CAROTIIERS,
Carothers
-
Distributors
Preferred and Common Stocks
CG
Co.
HENRY,
HUGH
DUPREE,
B.
Wm.
Inc.
N.
ROBERT
LOUIS
B.
HILGER,
Co., Ft. Worth, Tex.
DERRY
M.
Rauscher, Pierce & Co., Inc.
Brokers
-
Financial 6-3400
We're back
SINCE 1890
It
Stifel, Nicolaus & Co., Inc.
was
fun
friends.
desk again
at our
at
Mackinac.
and caught
up
in the daily grind.
Meeting old friends. Making new
Visiting and "shooting the breeze" with people in our
Relaxing. Overeating. Under-sleeping.
own
line of business.
And
just plain enjoying ourselves.
'
65 Years
of Investment
We
Banking
to
hope
see
we won't
you
year at
Palm Springs
again.
Arthur M.
Underwriters & Distributors
have to wait until next
Morey "Moe" Sachnoff
Krensky
Municipal Obligations
Toll Road Facilities
t
ARTHUR
Bridge Revenue Bonds
Water & Sewer Revenue Bonds
New
York
M.
Stock
KRENSKY
Exchange
and
Other
Public Utilities
Industrial &
BOARD
Corporate Securities
OF TRADE
BUILDING
GRAND RAPIDS
CHICAGO 3
105 W. ADAMS
STREET
ST.
314 No.
LOUIS
•
•
&
Ft.
Worth
Company
Henry-Seay & Co.
P.
Edwards &
Telephone
Chicago 4, Illinois
j
Co.,
Securities
Goodbody & Co.
Company
CHARLES
&
Union
Chicago Bank Stocks
South La Salle Street
231
883
DUNLAP,
Edwards
PHILIP L.
Dallas
Rauscher, Pierce & Co., Inc.
Corporation
Trust
N.
IIENDRIX.
DUDLEY, MORRIS A.
E.
William
J
Corporate and Municipal Bonds
Equipment Trust Certificates
Teletype
Dealers
-
&
&
HENDRICKS, CLARENCE R.
II.
Mercantile National Bank
Pierce & Co., Inc.
CARNES, GRIFF
Texas
Underwriters
DREBING, A.
JOHN L.
CO.,
INC.
Principal Exchanges
CHICAGO 4, ILLINOIS
MICHIGAN
2
BROADWAY
i'
Number
Convention
John
and
Canavan, Rauscher, Pierce & Co., Inc., Dallas; J. Ries Bambenek,
Company, Dallas; Joseph Bronemeier, Scherck, Richter Company, St.
(Standing) Harold E. De Shong, Dallas Rupe & Son, Inc., Dallas
Kathryn
Securities
iiobbs,
will
KERR,
Eppler,
Guerin
HORTON,
&
First
Hudson,
Crowe
Securities
JOHN
(Associate)
R.
Company
Keith
Inc.
LAFFERTY, J. LEW ELL
Republic National Bank
Garrett
& Boothman
&
Jr.,
Rauscher,
Judson S. James & Co.
Inc.
MANGRUM,
PAGE
E.
SAMUEL
Southwestern
JONES,
Union
KAUMEYER,
Southwest
KEELER,
D.
J.
DANIEL
Wood,
Company
Merrill
(Associate)
First
W. K.
MASON,
ACHESON
Dallas
OLIVER,
H.
Securities Company
Jr., ALLEN L.
Hutton
F.
in Dallas
THOMAS
Union
Underwood
A.
Co.,
&
&
Company
EDWIN S.
OLSMITH,
Inc.
Dallas Rupe
JACK
& Son, Inc.
G.
OLSON, A.
LENNART
MOUNTS, JACK
Dallas Rupe & Son,
O'NEAL, DONALD
Inc.
Rauscher,
I
D.
Pierce
&
Co.,
Inc.
MUNGER, JACK R.
Company
Keith
Reed
&
OSBORNE,
Company
CLIFFORD J.
Dallas Rupe & Son,
of
Texas
MURPHY,
R.
Bank
in
OTTO.
Dallas
ED
S.
Dallas Rupe
(Associate)
NAZRO,
North
Inc.
P.
National
First
FRANK
&
& Son, Inc.
ARTHUR P.
American
Securities
(Continued
ComDany
on page
64)
B.
Co.
MILLER,
Bank
Frank
(Associate)
Fenner
&
Beane
Fairman, Harris & Company, Inc.
Company
Members:
m.
White, Atwood,
(Associate)
McLane
York Stock Exchange
New
Pierce & Co.,
Distributors of
Inc.
Corporate and Municipal Securities
FRANK
Miller &
Midwest Stock Exchange
—
&
sam
Rauscher,
& Co.
Pierce,
FRANK
Southwest
merrill,
National
Bank
First National
Company
The Columbian Securities Corp. of Texas
H.
julian
Francis
A. J.
Republic
Abbett & Co.
&
Lynch.
Turner,
Struthers & Co.
Shearson, Hammill
Company
WILLIAM R.
Newsom
Pierce & Co., Inc.
MEDANICII,
IRVING
MARTIN, J. T.
C.
Securities
R.
MOSS,
MUNSON
Henry-Seay
meer,
MANNING,
Securities
&
ROBERT
Mcpherson, w. perry
Manney & Co.
Company
HERBERT M.
Dallas
Lord,
P.
Securities
Texas
of
R.
National Bank
McKINNEY.
Inc.
JOHN E.
Southland Life Insurance Co.
MANNEY,
and
MORONEY, T. J.
Republic National Bank of Dallas
(Associate)
E.
Company
McFARLAND, WILLIAM E.
Central Investment Company
McMAHON,
Pierce & Co.,
Eppler, Guerin & Turner
JOHNSON,
HAROLD
Republic
Investment Co.,
THOMAS
ALONEY,
Garrett
Jr.,
Sanders
NICOUD,
MORRIS, JACK
Texas
Hutton
Rauscher,
Company
JAMES, Jr., JUDSON S.
JOHNSON,
F.
McGINNIS,
Co., Inc.
F.
Southwest
First
Bank of Dallas
MELVIN
Transwestern
JACQUES, JAMES
Worth,
McEWEN,
Rauscher, Pierce &
NEWSOM,
Company
&
Moody's Investors Service
WM. L.
MAILLOUX,
ComDany
Moore
Inc.
Company
Bank,
LEWIS F.
III.
MA.DDEN,
Texas
BARRON
McCULLOCH,
Ft.
Mercantile National
C.
Company
Worth,
Ft.
CLAYTON
First Southwest
Worth
LYNE,
Company
W.
WILMER L.
OBENCHAIN.
Investment
McCULLEY,
E.
WILLIAM
Southwest
First
Inc.
Company,
National
Worth
Fort
WINTON A.
JACKSON,
(Associate)
Crowe
&
McCulloch,
Central
LUCAS, B. W.
O.
PAT
Reed
and
Fort
Southwest
First
Parkhurst
McCONNELL, HARRY N.
S.
KLINE,
(Associate)
JACKSON.
WALTER
Murray
MOORE,
McCLURE, Jr., FRED L.
Hudson, Stayart & Co.,
Inc.
IIUGUENIN, A. B.
HUMPHREYS,
Barron
Co.,
&
Dumas, Huguenin
D.
Inc.
Co.,
&
Stayart
Edwards,
First Southwest Company
HUDSON, ROBERT S.
Hudson,
J.
MURRAY W.
MOORE,
(Associate)
Crowe
&
(Associate)
KLECKA, JOE E.
K.
Stayart
Parkhurst
McCall,
National Bank
KEY, KERMIT L.
FRANKLIN
B.
Union
HUDSON,
Co., New York;
McCLANE, JOHN S.
Parkhurst &
HOUSTON,
Singer, Bean & Mackie, Inc., New York; Edward & Myrt Parsons, Parsons & Co., Inc.,
Charles A. Bodie, Jr., Stein Bros. & Boyce, Baltimore, Md.; Nathan A. Krumholz, Siegel
Mr. & Mrs. Garnett 0. Lee, Jr., Scott, Horner & Mason, Inc., Lynchburg, Va.
Cleveland;
JOHN
McCALL,
KIRK, PAUL
Turner
Morton Weiss,
Union
&
McCall,
Bank
PAUL B.
McCall,
Dallas
National
(Associate)
m.
e.
Dallas
Louis;
McCALL, hobby ii.
BEN J.
Jr.,
Mercantile
Rauscher, Pierce & Co., Inc.
hoffman,
63
THE COMMERCIAL and FINANCIAL CHRONICLE
Co.
•
KEIL,
MORRIS
Schneider,
KELLER,
MAYES, IIARLAND
Rauscher, Pierce & Co., Inc.
McADAMS, V. C.
J.
Bernet & Hickman, Inc.
HENRY
Henry Keller & Son,
mirsky, george
MOORE, ADDISON p.
Dallas Rupe
Fort Worth
& Son,
Shearson, Hammill & Co.
S. La Salle Street
209
Southern
Inc. >.
Brokerage
Chicago 4, Illinois
Co.
•
New York 5, N. Y.
52 Wall Street
Gary,
Indiana
Salina,
Emporia,
—
Garden
Direct Private
City,
Kan.
Wires to:
Y.
Hutton & Co., N.
W. E.
New York Hanseatic Corporation,
A C.Al/un and Company
(/
INCORPORATED
'
COMPLETE
TRADING
SPECIALISTS
IN
,
Wichita
N. Y.
FACILITIES
LOCAL
MARKETS
d/
Underwriters and Distributors
°f
Public Utility,
I
Industrial and Municipal
A. G. Becker & Co.
Securities
INCORPORATED
it" '''-'r^or
—.a
.— .'J
.
.
y»
«Ji,„
Established 1893
Since
IQJ2
Underwriters and Distributors
•
•
•
•
•
Brokers of Listed and Unlisted Securities
Commercial Paper
n
dCo.
Members
New York Stock Exchange
American Stock Exchange
Midwest Stock Exchange
San Francisco Stock Exchange
MEMBERS
120
New York Stock
Midwest Stock Exchange
Exchange
American Stock
So.
LaSalle
St.
Exchange (Associate)
Telephone: FRanklin 2-fil00
New York
Boston
i
And
Pine
Street
Telephone:
4
WHitehall 3-2800
Teletype: NY 1-3433
Teletype: CG IDS!)
Chicago
54
New York
Chicago 3
Other
Cities
THE COMMERCIAL and FINANCIAL CHRONICLE
64
Thursday, October 6,
1955
"liWw
Mr.
&
Mrs.
Edward
H.
Mr.
Welch, Sincere and Company, Chicago
VON
ROUNSAVILLE, GUS
Dallas
Security Dealers Association
Carlson
GORDON
Rupe & Son, Inc.
Dallas
JAMES C.
Dallas Union Securities Company
OWENS,
Parkhurst
McCall,
PAWEL,
R.
&
McClung
Houston,
H.
RAUSCHER,
Inc.
Jr.,
JACK
Keith
TOM
PENICK,
Hudson,
&
Inc.
Co.,
CHARLES
&
SCOTT,
Company
FRED
RODGERS,
Central
[
Keith
Eppler, Guerin & Turner
LEWIS
SEAY,
&
WILLIAM
Henry-Seay
SHARP,
R.
Company
of
Company
WALTER
WARD,
Company
Company of Texas
WALKER,
Austin
Jr.,
&
Walker,
Austin
&
WALTON,
E.
B.
D.
&
Hutton &
Union
WRIGHT,
J.
Central
Waggener
ZIVNEY,
E.
Company
Fort
Securities
Company
CARL
Investment Company
CHAS.
Merrill
Bank, Ft. Worth
of Texan
E.
Lynch,
Pierce,
Fenner
&
Worth, Texas
7
&
Inc.
Co.,
57
For
Hutton
Rupe & Son, Inc.
Co.
LUTIIER
F.
F.
Dallas
Corporation
Fort Worth National
Corporation,
H.
WILLIAMS, G. E.
WALKER, WILLARD E.
Dallas
in
Securities
WIGLEY, Jr., ROBERT
Waggener
THOMAS
L.
Union
I.
Dallas
VINYARD, EUGENE D.
Francisco
Worth, Texas
WEIL,
Central Investment
R.
Dallas
Ft.
SHEA, JOSEPH
E.
Gorey Co., San
H.
Underwood
A.
Texas
GEORGE S.
Reed
E.
Bank
National
Walter C.
Upham & Co.
Equitable Securities
Distributors
Alfred Bailey & Company
C,
F.
Investment
ROOKER,
FRANK
Inc.
Hickman,
&
Investment
SCOTT, WALTER R.
ROBERTS, NICHOLAS F.
Republic National Bank
C.
Bernet
RALPH
First
First Southwest Company
Rauscher, Pierce & Co., Inc.
RADAR,
Reed
J.
RIVES,
Stayart
PERKINS, Jr., JACK F.
J. F. Perkins & Company
PIERCE.
KEITH B.
REED,
Republic National Bank of Dallas
E.
SCOTT, CHARLES
Southwestern
&
Walker,
JULES
Gorey,
WAGGENER, NELSON
A.
Newsom
Schneider,
II.
Rauscher, Pierce & Co., Inc.
PAYNE,
&
SCHNEIDER,
JOHN
JESSE
Jr.,
SANDERS,
Sanders
JOHN
Rauscher, Pierce & Co., Inc.
TOM E.
J. Edwards,
Knickerbocker,
&
RAUSCHER,
(Associate!
Crowe
Dallas
at
(Associate)
Texas
PARKHURST, MILLAKI)
Beer
Bank
National
Mercantile
RATLIFF, HARRY
GLAHN,
C.
WAGNER, ROBERT L.
CLARENCE
SAMPLE,
OF MEMBERS-
Mrs. Walter
Harris,
Company
RUPE, Jr., D.
(Continued from page 63)
ROSTER
&
&
&
Years
Company
MUNICIPAL BONDS
SHELTON, LOCKETT
Republic National Bank of
SHIELDS, Jr., E^ A.
Merrill Lynch, Pierce,
Dallas
Exclusively
Beane
&
Fenner
SHILG, J. ERVIN
H. M. Byllesby
Company
and
Garrett
Company,
and
Inc.
SITZENSTATTER, N. J.
Eppler, Guerin & Turner
(Incorporated)
SMALLWOOD,
WILLIAM
First Southwest
P.
Established 1898—Incorporated
Company
CHICAGO
SMITH,
Texas
bonds
stocks
B.
R.
Boston
Bond
Reporter
Cincinnati
NEW
St. Paul
(Associate)
1953
YORK
Los Angeles
STANDLEY, JOHN
Southwestern
Life
Co.
Insurance
(Associate)
j
STANLEY, JAMES
Keith
Reed
&
R.
Company
STAYART. LOUIS
W.
Hudson, Stayart & Co., Inc.
Public
Utility— Industrial
—
Railroad
STAYART, Jr., LOUIS W.
Hudson, Stayart & Co.,
Inc.
STEPHENS, JOHN D.
Municipal Bonds
First National Bank
in Dallas
STEVENSON, O. ROY
Fort
Members Midwest Stock
Exchange
American Slock
Worth
Fort
Philadelphia-Baltimore Slock Exchange
National
Bank,
Worth
STEWART,
T.
FRITZ
COMPLETE UNLISTED
Southwestern Securities Company
Exchange (Assoc.)
STONE,
J. S.
Rauscher, Pierce & Co., Inc.
135 South La Salle
Street, Chicago 3
Teletype CG 273-2860
York
—
Philadelphia
—
Minneapolis
Company
TAYLOR, W. ALLEN
E.
New
SERVICE FOR
STORIE, WILLIAM STEWART
First Southwest
Telephone Financial 6-4600
F.
Hutton
&
DEALERS
Company
TEMPLE, ROBERT F.
Southwestern
Securities
Company
TEMPLE, T. D.
★
Walker. Austin
THALHEIMER,
Carothers
Keith
Co.,
E.
Reed
THOMAS.
Dallas
Inc.
W.
&
Dallas Rupe
Jr..
B.
R.
Sanders
135
Inc.
S.
La
Salle
St.
CHICAGO
3
BRUCE
Inc.
JEROME
Rauscher,
THWEATT,
Doyle, O'Connor & Co.
Company
& Son,
Rupe & Son,
THORNTON.
★
L.
RODERICK
THOMAS,
Corporate and Municipal Securities
LOUIS
&
THOMAS, J.
★
& Waggener
Pierce & Co.,
Inc.
JEAN E.
&
Newsom
TITMAS, JOHN H.
The Milwaukee Company
Keith Reed & Company
TUCKER, ALLAN M.
Rauscher,
207
EAST
MICHIGAN
MILWAUKEE
2,
Member Midwest
STREET
Stock
R.
A.
Underwood
Teletype
BRoadway 6-6075
MI-581
CHICAGO
Inc.
OVER-THE-COUNTER
TURNER, JOHN W.
Eppler, Guerin & Turner
SPECIALISTS
TURRELLA, E. P.
Dallas Rupe
& Son,
SINCE
Inc.
MADISON
WAUSAU
RACINE
ST. PAUL
1926
UNDERWOOD, ROBERT A.
R.
A.
Underwood
UNDERWOOD,
BAY
CHICAGO
Inc.
Co.,
TYSON, EARL A.
Eppler, Guerin <fe Turner
FUND, INC.
Telephone
GREEN
Co.,
&
TUCKER, W. ROY
Dittmar & Company
Exchange
Wholly owned subsidiary
Edgar, Ricker & Co., Distributor and Manager
WISCONSIN
Pierce &
TUCKER, R. G.
WISCONSIN
R.
A.
UTLEY,
Merrill
Jr.,
Underwood
&
Co.,
ROBERT
&
Co..
Inc.
A.
Inc.
SWIFT, HENKE & CO.
PAUL
Lynch,
Pierce,
Fenner
VAUGHN, JACK
Shearson, Hammill & Co.
&
Beane
MEMBERS MIDWEST STOCK EXCHANGE
Beane,
65
THE COMMERCIAL and FINANCIAL
Convention Number
C.
& Lynch
Leonard
Moore,
Reed
Reitzell,
and Company
Chaplin
ROBERT
Blair & Co.,
J.
Co.,
&
Erie, Pa.
Inc.,
Richards
&
Preston,
Company
TIERNAN, Jr., FRANK M.
Preston, Watt & Schoyer
Incorporated
SATLER, Jr., FRANK L.
PAUL
DAY,
Hulme, Applegate & Humphrey, Inc.
JOHN
and
Chaplin
TITUS,
Cunningham, Schmertz & Co., Inc.
Walston
Thomas
FREDERICK
UMSTEAD, S. AUSTIN
A. E. Masten & Co.
SCOTT, JAMES II.
James
H. Scott
&
Co.
>1
Moir
Kenneth
Joseph H. Sullivan
Samuel
H. Teresi
Hulme, Applegate & Humphrey, Inc.
Vice-President: Kenneth Moir,
Chaplin and Company.
Directors: Samuel H.
Taylor Co.
Earl E. Sweitzer, E. E.
&
Co.; John R. Klima, Reed, Lear & Co.
McKee &
S.
McLaughlin,
Stout
Alternates:
William
& Co.
Inc.; Wilbur E. Johnson, Johnson & Johnson.
Elected:
December 10, 1954; Took
Stubner
WM.
GUY
Jr.,
P.
Office: January 1, 1955; Term
Walston
&
Graham
Kay,
Reed, Lear & Co.
JAMES
ANFANG,
&
Co.
Thomas
CLIFFORD
BODELL, G.
J.
Cunningham, Schmertz & Co.,
BUFFINGTON.
Inc.
Parrish
&
W.
H.
Preston,
&
Co.,
DUANE
Lynch,
ALBERT
CARTER,
Co.
Babbitt
BARBOUR,
ivlerrill
SHIRLEY
Elmer
G.
Pierce,
CRAIG,
&
Fenner
C.
Beano
S.
E.
Powell
JAMES
E.
Sweitzer Co.,
R.
C.
&
W.
&
KEIR,
Milwaukee 2,
A.
=
TELETYPE
With Own Private Wires to
R.
Los Angeles,
Masten
Cal.
CG 656
2-2400
&
St. Paul, Minn.
,,
Milwaukee, Wis.
Company
&
EUGENE H.
Co.
Lear &
William A. Fuller & Co.
FREDERICK
LEECH,
of Midwest
Stock Exchange
P.
209
C.
S.
SALLE
LA
STREET
CHICAGO
•
4
Teletype CG 146-147
Tel. DEarborn 2-5600
& Lynch
Moore, Leonard
657
-
Sheboygan, Wis.
C.
EDWARD
Members
Teletype
~
BROKERS and DEALERS
W.
T.
LESTRANGE, GEORGE
Arthurs, Lestrange &
Co.
LEWIS, GUY W.
Peoples First National Bank & Trust Co
/
\
EUGENE W.
LONSINGER,
Co.
Lear &
Reed,
LOOS,
C.
JOHN
&
Walston
Co.
Listed & Unlisted Securities
Underwriters—Brokers
MARONEY,
FRANKLIN
Blair & Co.,
Incorporated
McCONNELL, W.
Deane
Singer,
Straus, Blosser & McDowell
MEMBERS
NEW YORK STOCK
DETROIT STOCK EXCHANGE
EXCHANGE
•
•
EXCHANGE
BRUCE
& Scribner
McGUINESS, FRANCIS J.
Chaplin and Company
MIDWEST STOCK EXCHANGE
AMERICAN STOCK
McKEE, CARL
C.
(ASSOCIATE)
S.
McKee
39 SOUTH LA
CHICAGO
SALLE STREET
MUZA,
YORK
ANdover
DETROIT
KANSAS
TELEPHONE
CITY
3-5700
TELETYPE
Retail
<fc
Trust
YOU!
excep¬
tional facilities for wide distribution Ji
and sound
placement
of securities.
Claybaugh & Co.
F.
MT.
Singer,
Deane
V.
& Scribner
CLEMENS
CALL OR
WRITE
H. SHELDON
Kay, Richards & Co.
CRUTTENDEN & CO.
PARRY, HERBERT B.
COAST
Reed,
Lear &
Trading
Co.
CHARLES
PEELOR,
Members
G.
&
Lestrange
Arthurs,
Singer,
I
'•••.
Co.
PONICALL, Jr., FRANK M.
/
Co.
NUTTALL, RICHARD
GRAND RAPIDS
650
PRIVATE WIRE SYSTEM COAST TO
Bank
MILWAUKEE
PARKER,
CG
midwest-you'll find here
ALBERT J.
National
JOHN N.
Blair
NEW
corn*
—concentrated in the heart of the
MOIR, KENNETH
Chaplin and Company
3, ILLINOIS
32
munities from Denver to New York
Company
METZMAIER, Jr.,
Mellon
With 83 representatives in
0 ISTRIBUTIOIN
S.
&
\
Deane
Scribner
&
POWELL, ELMER E.
Elmer
E.
Powell
&
=
I
MI 461
RAndelph 6-5900
CHICAGO—Phone
& Grubbs
LEATHERBURY, GEORGE
Reed, Lear & Co.
CHICAGO
jj
BROADWAY 1-8130
/ /
LEAR, JAMES C.
Reed, Lear & Co.
Commodity Exchanges
Wis.
•
BERNARD C. i
Stuart & Co, Inc.
JOHN
Reed,
Exchange
Principal Stock and
WATER STREET
?HiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiniiiHiiiiiiiii>"
WILBURE
Kirkland
E.
LEAR,
OF
NORTH
765
Reed, Lear & Co.
COMPANY
CO.
MARSHALL
Johnson
KIRKPATRICK,
KOST,
STate
■ 111 ^
\
HAROLD M.
KLIMA,
Telephone
Beana
Johnson
Jr.,
&
Halsey,
Service Co.
Stock
&
E.
WILBUR
&
KELLEY,
Light & Power Co.
York
Fenner
UNLISTED WISCONSIN SECURITIES
E
H.
PAUL
Johnson
Iowa Southern Utilities Co.
all
Pierce,
i
E
Chaplin and Company
Company
Jenks,
and
ROGER J.
Lynch,
WE MAINTAIN MARKETS IN
G.
& Company
McKelvy
INGRAM,
Central Indiana Gas Co.
New
Co.
1
Co.
FRANK H.
HUNTER,
Co.
Continental Telephone Co.
MEMBERS
&
1
Hulme, Applegate & Humphrey, Inc.
Trading Markets
AND
Merrill
Inc.
THE
an
Inc.
HUMPHREY, ARTHUR F.
Johnson
SINCERE
Walston
EARL E.
Hulme, Applegate & Humphrey, Inc.
JOHNSON,
Iowa Public
E.
& Trust Co.
W.
FRED
Jr.,
JOHN T.
&
JOHNSON,
Iowa Electric
JOSEPH H.
SWEITZER,
M.
HULME, MILTON
Watt & Schoyer
McKee
YOUNG,
J.
ARTHUR
Parrish
R.
CARTER, SAMUEL
Incorporated
National Bank
Co.
in 111111111 u ii 1111 n f 111 n n; i: i n 11 n 111111111111111111111111111111111111111111111111111
JOHN W.
HOY,
HOWARD J.
Howard J. Burgwin & Co.
WALTER H.
BABBITT,
Jr., JOSEPH
BURGWIN,
Arthurs, Lestrange & Co.
AUSTIN, JAMES
Pa.
Chaplin and Company
Arthurs, Lestrange & Co.
ARTHURS, ADDISON W.
Mellon
Trust
&
ZINGERMAN,
IIOWLEY, WALTER L.
BROWER, W. BRUCE
Hulme, Applegate & Humphrey,
Co,
JOHN P.
& Company
IIEFREN,
Inc.
Cunningham, Schmertz & Co., Inc.
APPLEGATE, A LOWRIE
&
Co.
Company
ROY
HARRISON,
Richards
&
Company
&
IIAMSHER,
—
LEE
S.
Richards & Co.
Kay,
Walston
Ciinningham, Schmertz & Co., Inc.
Co.
&
Thomas
BEAR,
Incorporated
WOLF, JOHN
CHRISTIAN J.
SULLIVAN,
GEORGE H.
GLEESON, Jr.,
GURCAK, FRANK
J.
Co.
STUREK, FRANK T.
Mellon National Bank
FOLEY, WILLIAM R.
Reed, Lear & Co.
Cunningham, Schmertz & Co.,
ACKERMAN,
Company,
ROBERT A.
Deane & Scribner
GRAHAM, E. W. STERLING
Expires: December 31, 1955.
ROSTER OF MEMBERS
&
C.
Corporation
W.
Co.
&
STUBNER,
GENKINGER, JACK M.
J. M. Genkinger & Co., New Castle,
Emery & Company,
Simpson,
Simpson,
G.
Boston
FRED
Singer,
&
WOODS,
GAMBLE,
Co.; George E. Lestrange, Arthurs, Lestrange
Cryan
STOUT, FREDERICK L.
Company
CHARLES N.
Singer, Deane & Scribner
FISHER,
Kay, Richards &
Sheldon Parker,
H.
Committeemen:
SYDNEY
STOLACK,
ROBERT R.
Co.
Fla.
Sarasota,
Jenks, Kirkland & Grubbs
National
Stroud
&
ROBERT
First
The
WILLEY',
STEPHEN W.
(Honorary)
STEINECKE,
Ward
WETMORE.
Steele & Co.
Fauset,
NORMAN B.
Jr.,
Norman
WOLFERS, PHILIP
Co., Inc.; George E. Lestrange, Arthurs, Lestrange
Sweitzer
WARD,
HARRY J.
STEELE,
Comuanv
EVERSON, RICHARD
Reed, Lear & Co.
C.
Teresi, Thompson and Taylor Co.; Frank M.
Ponicall, Jr., Singer, Deane & Scribner;
C.
and
Company
&
Ward & Co.
WOEBER,
FERRERO,
Secretary: Samuel H. Teresi, Thompson and
McKelvy
& Co.
Cryan
NORMAN B.
Norman
SIMPSON, WILLIAM G.
Simpson, Emery & Co., Inc.
EMERY, JOHN L.
Simpson, Emery & Co., Inc.
»
Joseph H. Sullivan, Cunningham, Schmertz & Co., Inc.
Treasurer:
Childs
F.
WARD,
SHERIDAN, GEORGE W.
& Lynch
Leonard
DOYLE, ROBERT
C.
President: Paul A. Day,
P.
Richards & Co.
Kay,
McLaughlin,
Scribner
&
Deane
Singer,
DORBRITZ, ERNEST O.
Mcore,
Paul A. Day
JOHN
WILLIAM
VORSANGER,
SCRIBNER, JOSEPH M.
H.
Singer, Deane & Scribner
DONOLDSON,
Company
&
& Co.
DODWORTH, W. STANLEY
DONNER,
Co., Inc.
ANTHONY E.
TOMASIC,
SCHUGAR. MAX N.
A.
Company
J.
S.
Cunningham, Schmertz &
SCHMERTZ, ROBERT C.
DEAXINS, ROBERT G.
Reed, Lear & Co.
DeCOURSEY,
& Lynch
Moore, Leonard
A.
FRANK M.
Watt & Schoyer
TIERNAN,
JR., RALPH S.
RICHARDS,
CUNNINGHAM,
SAMUEL H.
Thompson <te Taylor Co.
TERESI,
REITZELL, CARROLL F.
DANIEL J.
CULLINAN,
& Company
McKee
S.
RAYMOND M.
TAYLOR,
PAUL
REED,
E.
JAMES
CREHAN,
Pittsburgh Securities Traders Association
CHRONICLE
Co.
New York Stock Exchange
209 S. LaSalle Street
Denver
Milwaukee
•
& Other Principal Exchanges
Chicago 4, Illinois
Grand Rapids
New York
•
DEarborn 2-0500
Indianapolis
Lincoln
Omaha
St. Louis
Thursday, October 6,
THE COMMERCIAL and FINANCIAL CHRONICLE
66
The
A.
SIDNEY I.
Edwards
G.
AYERS
C«
Merrill
T.
Lynch,
BAKER,
Sons
&
Pierce,
WILLIAM
Boatmen's
Fenner
&
Beane
Bank
of
St.
&
Co.
BARKLAGE,
I.
BAUCOM,
A.
Edwards
G.
BECKERS,
v/s&'i ■>'/ ''■>
C.
Weber
Herbert
M. Roach
Sons
HUMPHRIES,
Edwards
G.
JARRETT,
Bond
JORDAN,
BOOGHER,
Albert
Securities
&
G. H.
Co.
I.ELAND
Theis
&
Sons
Inc.
Inc.
KERR,
A.
BRECKENRIDGE, HUNTER
McCourtney-Breckenrldge & Co.
BRENNAN,
L.
G.
Scherck, Richter Company
Leo
Matye
R,
Daniel
Clooney
C.
Boschert
BURNS,
EUGENE
President: Ralph C. Deppe,
First
Vice-President:
Vincent
C.
Weber,
Vice-President:
Secretary: Leo R.
John
F.
Co.
Matye, Dempsey-Tegeler &
Co.
Cruttenden
CARLTON,
Harris
Trust
CLOONEY.
LEO
C.
Deppe,
Edward
Jones
D.
Jr.,
Company
&
Walsh, Newhard, Cook &
Co.; Herman J. Zinzer,
Dempsey-
Tegeler & Co.
Took Office: November 1, 1954; Term
Expires: November 1, 1955.
O.
S.
&
Sons
D.
<fc
Jones
Walker
Co.
E.
&
Co.
HENRY J.
Richter Company
HERBERT
H.
M.
Wibbing & Co.
ROBINSON, SPENCER II.
ROBERT
H.
Hill
JOHN
F.
Brothers
Edwin
Barrett
Herrick
&
Bank
Co., Inc.
SCHIRP
HERBERT
&
GREGORY
SCHLUETER.
Newhard, Cook & Co.
\
II.
Sanders
-
B.
J.
L.
Newhard, Cook & Co.
MILLS, R. G.
G. Mills
SCHMELZLE, ALBERT
& Company
Fusz-Schmelzle
D.
Co.
Taussig, Day & Co.. Inc.
MILLS, ANDREW S.
R.
DONALD
C.
SCHERCK, GORDON
Scherck, Richter Company
McKEE, LOGAN
MEYER, EUGENE J.
Municipal Bond Corp.
Savings
MITCHELL,
Co.
&
DARMSTATTER, E. W.
Stifel, Nicolaus & Company, Incorporated
MORFELD, EDWARD H.
Morfeld, Moss & Hartnett
MOSS, MORRIS
Simon &
M.
Co.
SE1ITURIA, EDWARD
Newhard, Cook & Co.
MOREY, Jr.,
I. M.
&
THOMAS
Weber-Mitchell
CUMMINGS, JOHN P.
Newhard, Cook & Co.
Co.
SHAPIRO, SUMNER
CHARLES
A.
P.
DUMONT
G.
RICHARD
Paul
Brown
Slayton
SMITH,
U.
Morfeld, Moss <fc Hartnett
Inc.
&
Co.
Edwards & Sons
SLAYTON,
Company,
&
Newhard, Cook
MICHIGAN INVESTORS
H.
ROACH,
DAVID
MOBERLY, RALPH
Slayton
YEARS OF SERVICE TO
G.
IRVIN
RICHTER,
Scherck,
CREELY, WALTER J.
Goldman, Sachs <fe Co.
DEMPSEY.
OVER 20
G.
Co.
DAVIS,
Co.; Edward H. Morfeld, Morfeld, Moss & Hartnett; Richard H.
Edward
KEIMER,
ine
Dempsey-Tegeler <fe Co.
Newhard, Cook & Co.
&
Company
W.
Edwards
REIMAN, WM. L.
Paul Brown & Co.
MATTHEW,
R.
CONDEE,
Ralph
Walker
MATYE,
Boschert, Morfeld, Moss & Hartnett.
Committeemen:
G.
A,
SANDERS.
Gardner
&
REDMAN,
Scherck, Richter Company
J.
&
H.
MATTHEWS,
V.
Co.
&
JAMES
Reinholdt
National
Co.
BYRNE, R. EMMET
Scherck, Richter Company
Roach, O. H. Wibbing & Co.
Clooney, Reinholdt & Gardner.
Treasurer: Daniel C.
&
BURDICK
CADLE, CHESTER J.
Second Vice-President: Herbert M.
Third
Weber-Mitchell &
TARLETO.V
and
White & Company
Henry, Franc & Co.
Edward D. Jones & Co.
Company
Simon & Co
Redden
MALONE, VINCENT
T.
Fusz-Schmelzle
BURTC1I,
M.
MAENDER, CLARENCE J.
JOSEPH
BUNN, JOHN W.
|
Stifel, Nicolaus & Company, Incorporated
F.
ROY
and
REDDEN,
& Sons
LOTTMAN, CHAS. S.
Kerwin, Fotheringham & Co.,
Scherck, Ricnter Company
John
I.
KENNETH
Edwards
Jr.,
Zahner
POPPER, ELVIN K.
LAMSON, GUY C.
Scherck, Richter
BROCKMEYER, E. H.
Goldman, Sachs & Co.
H.
PITT,
Harvey, Klein & Co., Inc.
EMMET J.
BRONEMEIER,
Peltason, Tenenbaum Co.
R.
KLEIN, ELMER B.
Brennan & Company
BROCK8MITH
JOHN
Richter Company
PELTASON, PAUL E.
Walker & Co.
G.
Inc.
B.
PELTASON, CHARLES M.
Peltason, Tenenbaum Co.
Stifel, Nicolaus & Company, Incorporated
Bramman-Schmidt-Busch,
Inc.
Co.,
ROBERT A.
Scherck,
KELLY, FRED S.
BRAMMAN, EDWARD O.
&
Petersen
Smith, Moore & Co.
KEANEY, FRANK X.
Stifel, Nicolaus & Company, Incorporated
BOSCHERT, DANIEL C.
Morfeld, Moss & Hartnett
Co.
&
JAMES
PAUL1,
W.
ROY
EDWARD
Moore
PATKE,
ELMER
KAUFFMAN,
Company
Company
SON, WILLIAM T.
Oison, Donnerberg & Co..
Etkhaidl
EDWARD D.
Edward D. Jones & Co.
BOND, RAYMOND C.
Co.
O'NEILL, THOMAS J.
Ft. Smith, Ark.
JONES,
BLEWER. CLARENCE F.
Blewer, Glynn & Co.
Bankers
D.
Newhard, Cook & Co.
Sons
&
O'
Edward D. Jones & Co.
Co.
<&
Richter
OLDENDORPH,
Smith,
NORMAN
Trust
Mercantile Trust
JANSEN, KENNETH J.
WALTER A.
Brown
Scherck,
A. G. Edwards & Sons,
BLAKE, WILLIAM J.
A.
Vincent
&
FLOYD
Union
O'BRIEN, JAMES
Inc.
Midwest Stock Exchange
Sons
Company
NORDMAN, JOHN
Co.
IIUERNER, CHARLES
&
Edwards
G.
Paul
Co.
CHARLES
BEATTY,
A.
&
&
Louis
NIEMOELLER, JOHN J.
Stifel, Nicolaus & Company, Incorporate
Co.
&
HORNING, BERT II.
Stifel, Nicolaus & Company, Incorporated
LOUIS
Simon
M.
White
St.
IIOCII, HAWORTH F.
McCourtney-Breckenrldge
IfOPP, JOHN K.
Taussig, Day & Co.,
BAKKWF.LL, EDWARD
Stix
NEWCOMB, LOWELL
Dempsey-Tegeler &
Louis
Bank
NEUWOEHNER, HIRAM
IIONIG, THEODORE C.
II.
National
National
Louis
St.
IIIPFENMEYER, JERRY
Goldman, Sachs & Co.
Stix & Co.
ASHER,
CLARENCE
Boatmen's
of
IlILLE, WILLIAM M.
Metropolitan St. Louis Co.
FREDERIC A.
ARNSTEIN, Jr.,
Ralph C. Deppe
NELSON,
ROSTER OF MEMBERS
Security Traders Club of St. Louis
S.
HOVEY
&
E.
Company,
ELMER
Inc.
C.
Savings Bond
Division
Federal Reserve Bank
j
G.
& Co.
DEPPE, RALPH
Edward D. Jones <fc Co.
McDONALD-MOORE & CO.
DOWDALL, WM. F.
Wm. F. Dowdall &
CHARLES A. PARCELLS & CO.
Co.
Established
ESSERT,
ATTENTION N.A.S.i). MEMBERS
EARL
H.
Orders
Midwest Stock Exchange
1566
PENOBSCOT
BUILDING
FARROW,
FRED
Albert Theis
DETROIT
WO
3-9565
<fc
Executed
N.A.S.D.
F.
Sons,
Inc.
on
A.
DETROIT
STOCK
EXCHANGE
MEMBERS
MIDWEST STOCK
EXCHANGE
Edwards
G.
at
403
National
Phone
E.
Bldg.
P.
4-8044
LANSING
0.
Box
207
603
Michigan
Ed. 2-4937
Request
on
STOCK
EXCHANGE
EXCHANGE
FISCHER, ROBERT E.
The Boatmen's National Bank of
National
8-1507
for
Invited
DETROIT STOCK
St.
639
Louis
FITES,
VERNON
Stifel, Nicolaus & Company, Incorporated
FRANEY,
FRANK
Newhard,
Penobscot
Building
DETROIT
Bank Bldg.
Phone
STOCK EXCHANGE
of prescribed commission
Members
FISCHER, JOSEPH S.
Goldman, Sachs & Co.
GRAND RAPIDS
60%
Inquiries
MIDWEST
FLINT
DETROIT
Detroit Stock Exchange Listings
Sons
&
the
Members
FELSTEIN, SAM
MEMBERS
1919
DRUMMOND. KENNETH
Calvin Bullock
Municipal and Corporate Securities
Telephone WOodward 2-5625
26
Bell
System
Teletype DE 206
V.
Cook
Co.
&
FRIEDMAN. WM. STIX
Semple, Jacobs & Co.
FUSZ, Jr..
BUHL BUILDING
FIRMIN
Fusz-Schmelzle
GERSTUNG,
A.
An Address of Distinction
WILLIAM
Edwards
G.
GIGER,
GLASER,
Glaser,
FINANCIAL TENANTS
&
Michigan
Manley,
Bennett
McDonnell
Miller
Corporation
&
&
Co.
Co.
Win.
Bank
C.
Shannon
Hudson
of
Roney
&
D. B. Fisher
CORPORATE
Ac
SECURITIES
Co.
G. H. Walker &
r
-
>
•
& Co.
.
Specialists in
Co.
,
ROBERT
Michigan Bonds and Stocks
H.
Newhard, Cook & Co.
GUMMERSBACH, ALBERT E.
Dempsey-Tegeler & Co.
HAEUSSLER, WALTER
Paul Brown
C.
pIRST OF^flCHIGAN CORPORATION
Co.
&
HAGENSIEKER, EARL
&
Member
Gardner
Detroit
<6
Midwest
Stock
Exchanges
Detroit
&
Co.
Company
White
MUNICIPAL BONDS
Co.
EDWIN
Vogel
Reinholdt
National
Sons
RUDOLPH
GUION,
Blyth & Co., Inc.
Campbell, McCarty & Co., Inc.
&
Dempsey-Tegeler
GRAF.
Baker, Simonds & Co.
&
GODBOLD, EARL
IN THE BUHL BUILDING
of
Active Markets Maintained in
B.
HAROLD
Cruttenden
Ferriss, Wagner
Co.
GARDNER, FRED W.
Reinholdt & Gardner
Detroit
First
D.
&
&
Co.
Co.
HARRIS, IRWIN R.
Scherck, Richter Company
HARTNETT,
BUHL
NEW YORK
WM. H.
Morfeld, Moss «fe Hartnett
HARVEY, JOSHUA A.
A.
G.
Edwards
&
Sons
HEITNER, NORMAN E.
Yates, Heitner & Woods
Grand
|
1955
BUILDING, DETROIT
CHICAGO
Rapids
Lansing
Battle Creek
Port Huron
COLUMBUS
Flint
Saginaw
Convention
Number
SORT, GEORGE
Moody's Investors
Florida
Service
G. Mills St
STEELE,
Thomson &
Jacobs
&
Co.,
ft
Pierce,
Fcnner
Co.,
Frank L.
&
Leane
IHEIS, III.
Albert
Palm
4\*
St
Inc.
T. Nelson
Devine
Howard W. Freeman
George Carrison
Co.
&
&
&
H.
&
T. Nelson
ADAMS,
T.
WICKMANN, W. JACK
Stifel, Nicolaus & Company, Incorporated
The
Boatmen's
Bank
of
Blewer,
Glynn
&
YATES, Jr.,
Yates,
Inc.,
&
&
T.
GRIGSBY, WILLIAM A.
John Nuveen & Co., Chicago
Palm
Hough,
&
BENJAMIN
D.
Co
E.
&
McKinnon,
Coral Gables
St.
DeLand
Petersburg
Arries &
Co.,
Allen
FERRIS,
DAKIN
Merrill
Jacksonville
Co.
St.
B.
D.
Pierce, Fenner & Beane
Petersburg
HOLLOWELL, RALPH D.
A. M. Kidder St Co., Miami Beach
Lynch, Pierce, Fenner & Beane
Pensacola
HOLT, WILSON C.
Goodbody & Co., St. Petersburg
FLINN, EMERY
Oscar
E. Dooly
St Co., Miami
HOPPER, HARRISON
Goodbody St Co., Clearwater
FOISY, M. L.
Merrill Lynch, Pierce, Fenner St Beane,
St. Petersburg
A.
M.
Kidder & Co.,
O'Rourke,
HOUGH, WILLIAM R.
Beil & Hough, Inc., St.
Petersburg
HOUSTON, HUBERT. T.
Goodbody & Co., Tampa
(Continued
Sarasota
on page
DETROIT AND MICHIGAN BANK
Inc.,
68)
&
•
William B. Denney
WILLIAM H.
&
BLACK,
JAMES
Allen
St
Petersburg
Inc.,
MANLEY, BENNETT & CO.
Members
Petersburg
St.
Exchange
Exchange (Associate)
Detroit Stock Exchange
New York Stock
I.
American Stock
Lakeland
Company,
Trading Dept.
Petersburg
St.
FREDERIC C.
Hough, Inc., St.
Jr.,
—
Gainesville
McKinney,
Associates,
STOCKS
Retail and Trading Interest
Beach
Security
BRADY, EUGENE P.
Thomson & McKinnon, Miami
DONALD B.
Lord, Abbett & Co., Atlanta, Ga.
BRAYSHAW,
Established
J.
Merrill Lynch,
BIEDER, G. L.
Livingstone, Crouse & Co.
St Co. Inc., Miami
B. J. Van Ingen
C.
EWING, CLAUDE M.
A. M. Kidder St Co., Ft. Lauderdale
FREEMAN, ROBERT T.
Miami
Co.,
BEATON, R. A.
McCleary St Co., Inc.,
Beil
Tampa
ALLEN C.
Ewlng St
EWING,
BARROW, JR., CRAIG
Johnson, Lane, Space & Co.,
Savannah, Ga.
BEIL, Jr.,
DON E.
ARRIES,
&
Company, Inc., San Antonio
Nelson
BAXLEY,
Beach
Thomson
Woods
S. R.
M. Kidder St Co.,
A.
Inc.,
DAVID
Baxley
ZINZER, HERMAN J.
&
O'Rourke, Inc., Daytona Beach
FREEMAN, HOWARD W.
H. W. Freeman & Co., Ft. Myers
Davis
Daytona
ANDERSON, WALTER T.
Anderson Cook Company, Inc.,
A.
ANTHONY,
Dempsey-Tegeler
Robinson-Humphrey Company, Inc.,
Atlanta
ATWILL, JR., WILLIAM
Atwill and Company, Miami Beach
Woods
Heitner &
&
Freeman
BARR, TRACY B.
ALLEN, R. C.
Allen & Company, Lakeland
Co.
JAMES
W.
H.
EDWIN F.
A.
BARNES.
J.
&
Paul
Ranson &
ZAEGEL, JOHN F.
Yates,
MONROE
F.
EVERETT
Company, Lakeland
ALLEN, J.
Gardner
Heitner
ASHLEY,
O'Rourke, Inc., Daytona Beach
Leedy, Wheeler & Alleman,
St.
YALEM, EUGENE S.
Reinholdt
Freeman,
O'Rourke, Inc., Daytona Beach.
Orlando
D.
National
Allen
HARRY
W.
WELLES
Nelson
ALLEMAN,
Louis
WUEST,
The
HOLDER,
ROSTER OF MEMBERS
Co.
WILLER, ERNEST
Inc.,
Leedy, Jr., Leedy, Wheeler & Alleman, Inc., Orlando; Wilson
C. Holt, Goodbody & Co., St. Petersburg; T. Nelson O'Routke,
A.
KENNETH
Simon
GRADY, HENRY W.
\
Governors: The Officers and W. H. Cates, Tallahassee; Loomis C.
Co.
WHITE, Jr., JULIAN
White & Company
A.
Company,
&
George Carrison, Pierce, Carrison, Wulbern,
'
I
Secretary-Treasurer: Howard
Co., Fort Myers.
Co.
WHITE, F. HOWARD
Goldman, Sachs St Co.
I.
McCreedy
Inc., Jacksonville.
Company
WHITEHEAD,
McCreedy,
'
Vice-President:
Co.
EDWARD
T.
Miami.
WEINRICH, JOSEPH
Dempsey-Tegeler &
White
Clinton
President:
X.
Weber-Mitchell
Miami
L.
Co., Inc., Miami
HODGE, EDWARD C.
WEBER, VINCENT C.
WHITE,
ROBERT W.
Thomson & McKinnon,
EVANS, J. HERBERT
Beil
A.
&
Fenner & Beane,
Miami
GOGGIN,
GUNBY, D. KIRK
H.
McCreedy
H.
Dempsey-Tegeler
Miami Beach
GIVENS, JOSEPH J.
Merrill Lynch, Pierce,
ERICKSEN, CARLETON %
Clinton T.
ROBERT
FRANK
Beane,
Lakeland
G.
Thomson St McKinnon,
ERICKSEN, ARTHUR C.
T. Nelson O'Rourke, Inc., Daytona Beach
Newhard, Cook & Co
J.
GIBSON, EMMETT
'
Sons, Inc.
RICHARD
C.
Miami
Co.
Glasef, Vogel & Co.
WEBB,
EDWARD
Gordon Graves &
VOGEL, LEONARD
WALSH,
GARNER, J. FRANKLIN
Mullaney, Wells & Co.,
Co.,
Beach
ENGLISH.
THOMAS, JOHN R.
Blair & Co., Incorporated
WALSH,
&
EMERSON, W. A.
Merrill Lynch, Pierce, Fenner St Beane,
St. Petersburg
ALBERT
Theis
Edenfield
ELLIOTT, RAYMOND J.
Merrill Lynch, Pierce, Fenner &
TEGELER, JEROME F.
Dempsey-Tegeler & Co.
TENENBAUM, HARRY
Peltason, Tenenbaum
T. RAY
Goodbody St Co., St. Petersburg
EDENFIELD, FRANK L.
TAUSSIG, WILLIAM H.
Lynch,
GAITHER,
Orlando
STUEBE, EDWARD
Newhard, Cook St Co.
Merrill
Inc., Winter Park
GAISER, FREDERIC R.
Axe securities Corp., Tarrytown, N. Y.
DYER, J. B.
Merrill Lynch, Pierce, Fenner St Beane,
Inc.
STEIN, ELLIOT H.
Scherck, Richter Company
TAYLOR, MEL M.
Semple, Jacobs St
McKinnon, St. Petersburg
DUSKIN, JOSEPH H.
Thomson Ac McKinnon. Palm Beach
Company
DON
Semple,
GADE, HERMAN
Security Associates,
DUELL, CLAUDE J.
Security Dealers Association
STAY, WALTER A.
R.
67
THE COMMERCIAL and FINANCIAL CHRONICLE
1100 Buhl Building
WOodward 5-1122
Detroit 26,
Teletype DE-92
Michigan
BRUNDAGE, CHARLES F.
A. M. Kidder St Co., Sarasota
1922
BUCHER, BRUCE S.
Merrill
MEMBERS
Lynch, Pierce, Fenner & Beane
Orlando
DETROIT STOCK
EXCHANGE
BUDD,
R.
TOWSEND
Dickson
S.
&
Co.,
Inc.,
Atlanta
Orders executed
CALDER, HUGH C. ;
A. M. Kidder St Co., Tallahassee
Underwriters
—
Distributors
Dealers
—
CARDEGNA, JOHN
Merrill Lynch, pierce,
Fenner &
N.A.S.D.
on
members
Detroit Stock
at
regular
Exchange for
rates
less
40%.
Beane,
Palm Beach
CORPORATE and MUNICIPAL
CARRERE,
Merrill
HENRY
Lynch.
MICHIGAN
M.
Pierce,
Fenner
& Beane,
Jacksonville
SECURITIES
CARRISON,
Pierce,
H.
UNLISTED MARKETS
GEORGE
Wulbern,
Carrison,
Inc.,
Jacksonville
Complete Trading Facilities
CARSON, Jr., ROBERT B.
Thomson & McKinnon, West Palm Beach
CATES, W.
DETROIT
Penobscot
MEMBERS
CERF, FLOYD D.
Floyd D. Cerf. Jr., Company
Building
WOodward 5-6202
CHILDRESS,
Childress
NEW YORK
FRANCIS
B.
and Company,
STOCK EXCHANGE
Teletype DE 100- 101
BUHL BLDG.
Incorporated, Miami
Teletype DE 336
CO.
WM. C. RONEY
H.
Tallahassee
26, MICH.
Jacksonville
Grand Rapids
•
DETROIT, MICH.
Battle Creek
Saginaw
Kalamazoo
CHRYST,
CLAYTON J.
Thomson St McKinnon, Orlando
CHRYST, JOHN M.
Thomson & McKinnon, Daytona Beach
CHURCHILL, WALTER R.
Thomson & McKinnon, Jacksonville
JOHN
L.
T.
KENOWER
REGINALD
MacARTHUR
NORRIS HITCHMAN
JULIUS
POCHELON
CLARK, FRED B.
B.
MELVIN R.
J.
Van
Ingen
STUIT
& Co.,
Miami
Inc.,
COLEY, MARION H.
T. Nelson O'Rourke, Inc., Daytona Beach
COOK, ROBERT H.
B. j. Van Ingen St Co.,
Underwriters, Distributors and Dealers in
Investment Bankers
Miami
Thomas
M.
Cook
&
Company,
Beach
Palm
Members
COURTNEY, WILLIAM M.
Merrill Lynch, Pierce, Fenner
&
Beane.
New York
Jacksonville
HOUSTON
Merrill Lynch, Pierce, Fenner & Beane
COX,
Specializing in
Palm
Michigan Municipals and Revenue Bonds
Atlantic
Paul
National
WOodward
Michigan
Trust
Bank
of Jackson¬
/
GRAND
RAPIDS
GLendale
1-2231
Members Detroit and Midwest Stock
Davis
&
Bearinger Building
SAGINAW
Telephone
2-7128
Exchanges
Midwest
Stock Exchange
(Mrs.)
Co.,
Miami
MUNICIPAL AND CORPORATE SECURITIES
DAVIS, PAUL A.
Davis
St
Co., Miami
DeLANO, OSCAR L.
Goodbody St Co., Sarasota
2-3262
Building
A.
JUNE
CROUCH, LEO P.
Thomson St McKinnon, Jacksonville
Paul A.
BUILDING, DETROIT
(Associate)
Detroit Stock Exchange
ville, Jacksonville
FORD
American Stock Exchange
CRANFORD, JAMES A.
The
Stock Exchange
Beach
CROSSETT,
Kenower, MacArthur & Co.
I
COOK, THOMAS M.
,
W.
Municipal and Corporation Securities
Inc.,
WATLING, LERCHEN & CO.
De
LOCA,
Merrill
Ft.
CHARLES
Lynch,
FORD BUILDING
H.
Pierce,
Fenner
&
Lauderdale
DICKSON, WILLIAM R.
A.
DETROIT 26,
Beane,
M.
Kidder
St
Co.,
DOOLY, OSCAR E.
Oscar E. Dooly St Co.,
Ann Arbor
Clearwater
Miami
MICHIGAN
Jackson
Kalamazoo
Pontlac
Thursday, October 6, 1955
THE COMMERCIAL and FINANCIAL CHRONICLE
68
are "From the Best Location in Nation":
Howard Eblfe, Gottron, Russell & Co., Inc.,
Cleveland; Mr. and Mrs. Michael C. Hardony, Ball, Burge & Kraus, Cleveland; Mr. and Mrs. Edward
Parsons, Parsons & Co., Inc., Cleveland; Mr. and Mrs. Benjamin McPolin, McDonald & Company,
Cleveland; Mr. and Mrs. Morton A. Cayne, Gottron, Russell & Co., Inc., Cleveland;
Proclaiming they
Robert W. Reis, Seasongood & Mayer, Cincinnati; John N. Fuerbacher, Walter, Woody & Heimerdinger,
Cincinnati; Mr. and Mrs. Harry J. Hudepohi, Westheimer and Company, Cincinnati; Mr. and Mrs.
Lee R. Staib, Geo. Eustis & Co., Cincinnati; Mr. and Mrs. James F. Moriarty, W. E. Hutton & Co.,
E.
Cincinnati; Henry J. Arnold, Geo. Eustis & Co., Cincinnati; John J. Armbrust, Pohl & Company, Inc.,
Mr.
Cincinnati
and
Mrs.
Robert
L.
Erb,
Green,
Erb
PRELLER,
Florida Security Dealers Association
UNDERWRITERS
DEALERS
•
BROKERS
•
Merrill
(Continued from page 67)
HOWARD, WILLIAM R.
Thomson & McKinnon, St.
MARKETS
NEWMAN, FRANK
Petersburg
HUEY, GRANT S.
Paul
Davis
A.
&
Co.,
Miami
A.
ESTABLISHED
—
MEMBER
1920
DETROIT STOCK
BUHL BUILDING
Merrill
—
I
26
ISAACSON, OSCAR
Merrill Lynch, Pierce, Fenner & Beane,
TELETYPE—DE
PHONE—WOODWARD
1058-9
1-3670
WIRE
TO—
W.
TROSTER, SINGER & CO., NEW YORK
Cook
M.
Palm
&
Salomon
West
K.
Wulbern,
KABLE,
Company,
Inc.,
Atlanta
KEEGAN,
Oscar
40$
TO YOU!
0
NASD orders welcomed for execution
Stock
at
a
Exchange. We will
cost
to
of
you
Call
B.
MEMBER
Van
J.
60%
or
of the
listed business
full
commission.
STOCK
Goodbody & Co.,
Coral
&
Oscar E. Dooly
M.
Graves
&
Co.,
Co,
MEMBERS DETROIT STOCK EXCHANGE
Wulbern,
C.
McClure
&
PAUL
M.
Kidder
&
PRIMARY MARKETS IN DETROIT ISSUES
Inc.,
PIERCE, ROBERT J.
Pierce, Carrison, Wulbern,
LISTED AND UNLISTED SECURITIES
I
B.
J.
Paul
NASD
Van
A.
Merrill
Exchange
members
Co.,
Connections through
Joseph McManus & Co. Wire System
Vance,
Sanders
&
Company,
New
of
the
Stock Exchange
Detroit
—
DEALERS
UNLISTED
LISTED
Listed
on
in
AND
SECURITIES
Orders From
Over 235 Stocks
the Detroit Stock
Exchange
Odd Lots
Round Lots
615 Ford
DETROIT
Building
26,
MICH.
BELL TELETYPE
PHONE
Tampa
DE
WOodward 3-9385
119
Co.,
Gainesville
Miami
Beach
&
Co.,
Inc.,
Miami
.
a. h. vogel
& company
Members Detroit Stock
Miami
Lynch,
Pierce,
Fenner
&
Exchange
Beane.
Miami
MORLEY, JOHN J.
A.
M.
Kidder &
T. Nelson
I
A.
BLDG.
M.
Co., Jacksonville
ARCHIBALD
R.
O'Rourke, Inc., Daytona Beach
MYLES, HARRY
Kidder
Investment Securities
S.
&
Co.,
Bradenton
NEAL, JR., HARRY J.
DETROIT 26, MICH.
SHAW, HERBERT I.
Jacksonville
W.
Ingen & Co.,
Davis
MORRISON,
Coast Wire
T elephone
Inc.,
Fenner & Beane
Beach
MORGAN, KNEALE
Detroit Stock
Round Lots
WOodward 1-9804
Delray
N.A.S.D. Members
MOORE, BUDD G.
PENOBSCOT
Merrill Lynch, Pierce,
We Solicit Split Commission
MILLER, F. BOICE
610
Miami
Goodbody & Co.,
SHARP, NATHAN S.
McNICHOL, HERBERT T.
A.
Direct Coast to
M.
Equitable Securities Corporation, Atlanta
McKINNEY, HOWARD
Baxley & McKinney,
SPECIAL SITUATIONS
Odd Lots
Fenner
Lauderdale
SEABER, ALFRED
DETROIT
McCLURE, LOUIS C.
McGAUGHY,
to
Inc.,
MICHIGAN
LOMBARDO, JOSEPH P.
Stubbs, Smith & Lombardo,
Louis
A.
Bell
Teletype
DE
M.
NELSON,
H.
559
&
Co.,
St.
Petersburg
ARTHUR
& Co., Miami Beach
Hentz
NELSON,
,
Kidder
CARL
L.
Sullivan, Nelson & Goss, Inc.
W. Palm Beach
Beane,
& Co., Miami
C.
Carrison,
BROKERS
McCREEDY, CLINTON T.
McCreedy & Company, Inc., Miami
BANK STOCKS
40%
&
JUAN
HAROLD
SCHULER,
Merrill Lynch, Pierce,
Miami
McADAMS, RAYMOND F.
Oscar E. Dooly & Co., Miami
&
Beane,
[
SALLERAS-LLINARES,
Beach
ORIN
LINK, JR., HARRY W.
WOodward 2-6842
Don W. Miller
less
&
Fenner
Jacksonville
Hutzler,
Members
Atlanta, Ga.
rates
SALKAY, ZOLTAN
Merrill Lynch, Pierce,
Miami
McKinnon, Orlando
MATHEWS, Jr., R. C.
Trust Company of Georgia, Atlanta
regular
McKinnon,
LEWIS, NATHANIEL L.
Thomson &
Beane,
Miami
McKinnon,
Andrew C. Reid & Company
Clement A. Evans & Company, Inc.,
the
Beane,
Gables
LEEDY, Jr., LOOMIS C.
Leedy, Wheeler as Alieman, Inc.,
Orlando, Fla.
Birmingham
on
&
Miami
Inc.,
KARL
MARTIN, T. WAYNE
at
Fenner
A. M. Kidder & Co., Miami
Orders executed
&
LARKIN, JR., JOHN F.
EXCHANGE
Bldg., Det. 26
&
CLIFFORD U.
Davidson-Vink-Sadler, Inc.,
St. Petersburg
Leedy, Wheeler & Alieman, Inc., Orlando
Ingen & Co.,
Fenner
KUHN, OLIVER W.
A. M. Kidder & Co., Tampa
wire collect.
DETROIT
Pierce,
PIERCE, PAUL L.
E.
Merrill Lynch, Pierce, Fenner & Beane
Fort Lauderdale
the Detroit
on
transact your
CARR & COMPANY
400 Penobscot
Dooly & Co., Miami
KLAUSER,
Pierce,
SADLER,
Jacksonville
BERNARD
E.
Orlando
Co.,
Lynch,
Thomson
PIERCE, CLYDE
Pierce,
KENNEDY, R.
Merrill
Ft.
&
ALEX
&
ROGERO, A. C.
R.
Evans
A.
Beane,
Inc.
PHELPS,
JOHN
Clement
&
ROBINSON, HUGH B.
HARRY E.
Palm
Fenner
Orlando
Pierce, Fenner & Beane,
Bros.
St. Petersburg
E.
Pierce,
Lauderdale
ROBINSON,
(Mrs.)
Lynch,
&
Ft.
Grimm
Lynch,
PETERSEN,
Gordon
N.S.T.A. TO MICHIGAN!
Orlando
T.
PAUL, MARY
D.
Kidder & Co.,
ROBERTS, Jr., ALBERT
Goodbody & Co., St. Petersburg
E.
Co.,
H.
NELSON
T. Nelson O'Rourke, Inc., Daytona Beach
Thomson
Jacksonville
WELCOME
,
PEPPER, CECIL B.
Johnson, Lane, Space & Co., Inc.
Savannah, Ga.
Carrison,
Inc., Orlando
Palm Beach
McKinnon, Tampa
JONES, RICHARD
JAMES
O'ROURKE,
Merrill
JOHNSON, THOMAS M.
Pierce,
ROBERT
Kidder &
M.
REMILLARD, R.
Merrill Lynch,
PEARSON, JAMES
JESTER, DeWITT T.
&
Coral Gables
Palm Beach
Company
Beach
Thomson
M.
Merrill
JACKSON, EDGAR W.
Thomas
—DIRECT
A.
E.
Co.,
Jacksonville
McKinnon, Ft. Lauderdale
Miami Beach
BELL
A.
O'REILLY,
HULETT, WILLIAM B.
DETROIT
&
EDMUND
READ,
W. J.
NOWELL,
Lynch, Pierce, Fenner & Beane,
Thomson &
ROBERT
Miami
Co.,
The Crummer Company,
McKinnon, Tampa
Miami Beach
EXCHANGE
&
Lynch, Pierce, Fenner & Beane
Lauderdale
Fort
D.
Newman
M. Kidder
NOEL,
HUKLE, JOSEPH F.
BAKER, SIMONDS & CO.
D.
NEWMAN,
&
HUGHES, THOMAS
Thomson
Frank
Tampa
RAGATZ, CARL H.
Merrill
ACTIVE TRADING
SECURITIES
PRESCOTT, BARNARD
A. M. Kidder & Co.,
ROSTER OF MEMBERS
-
MIDWESTERN
FREDERICK A.
Lynch, Pierce, Fenner & Beane
Orlando
DISTRIBUTORS
•
Cleveland
Co., Inc.,
&
1646; Penobscot Bldg., Detroit, Mich.
Tel. WOodward 3-2540
Teletype DE-431
York
Convention
SMITH,
F.
Number
BURTON
VAN
Orlando
A.
Palm
Lynch,
M.
R.
Merrill
Inc.
Co.,
JR., MILES A.
Smith & Lombardo,
WATSON,
Pierce,
Fenner
Value
&
Beane,
New
JR., JULIAN A.
Johnson, Lane, Space & Co., Inc.,
Savannah, Ga.
STUBBS, JR., GEORGE H.
Stubbs, Smith & Lombardo,
GAVIN
Line
York
Merrill
FOLEY,
Rex
WILLIAMS,
Distributors,
Ala.
Pierce,
G.
Merrill Lynch,
Beane.
&
I.
McKinnon,
Miami
WRIGHT
Beach
A.
TRIPP, JEROME C. L.
Tripp & Co., Inc., New York City
M.
&
Co.,
GARLAND
Kidder
&
A.
M.
Kidder
HALL,
&
Co.,
EDWARD
Knowlton
Beach
Pierce,
E.
SCHAG,
Wulbern,
CHARLES
SHAFFT,
D.
Incorporated
Company
O.
Snook
Cahn
&
&
Co.
K.
EMMET
WHITAKER.
CONRAD
L.
ELMER
Barth
J.
& Co.
Davis, Skaggs & Co.
Hill
Richards
Wells
Co.
&
'
STEWART,
A.
Company
Wilson,
LEWIS
FRANK
Levy
Lawson,
Higgins
<fc
Corporation
WOSSER,
M.
JAMES
Johnson
J.
Boston
First
Elworthy & Co.
D.
Bank
Fargo
WOOD,
SPULLER. Jr.. LOUIS J.
Company
ALBERT
California
First
Jacksonville
WILLIAMS, EVERETT
SMITH, ROBERT L.
Corporation
B.
,
California
HEWITT,
Inc.,
Lynch, Pierce, Fenner & Beane
BROOKS,
California
First
WALTER
Davis, Skaggs
G.
IIENNIG, DICK
B.
Carrison,
Inc.
Co.,
Shuman, Agnew & Co.
WEIR.
York Hanseatic
First
WULBERN,
SANDELL. RUDOLPH T.
Co.
GEORGE
1IARKINS,
Lauderdale
Merrill
WEBER.
S.
&
&
Co.
&
Co.
Blyth & Co., Inc.
Ft.
Blyth
WATTS, WILLIAM F.
PURCELL
New
Palm
Calvin, Bullock, Ponte Vedra
VALENTINE, KIMBALL
Vance, Sanders & Company, Boston
Schwabacher
&
Shafft,
Miami
Co.
&
VICINO, WALTER
ROBERSTON, Jr., BENJAMIN B.
Pont
J. Barth & Co.
Inc.,
WRIGHT, GARLAND P.
UFFORD, HENRY M.
du
Walter C. Gorey Co.
P.
Co.,
Co.
&
Hooker & Fay
(
Graves
Company
EARL
Witter
Dean
GOREY, WALTER C.
Pierce, Fenner & Beane,
F.
California
THOMAS,
Carlos
Francis
L.
Lauderdale
Gordon
MILTON
Bank
Fargo
Schwabacher
GIANTI, RICHARD
WINTERS, JONATHAN H.
Lakeland
First
RICH, LOUI8
GAMBARASI, ARTHUR
Shaw, Hooker & Co.
GUMBEL,
THROM, HAROLD J.
REINER,
San Mateo
G.
HERMAN
Frank
Ft.
Thomson
Co.,
JACK
GOETZE,
WILLIAMSON,
SULLIVAN, JOHN
&
RICIIMAN, ANTHONY J.
&
TERRY, LINTON H.
Kidder & Co.,
&
Wells
San
Fenner
Jacksonville
Beach
Blyth
JOHN J.
Youngberg
Stone
Dwyer & Co.
Inc.,
FREDERICK
Investment Company,
Williams
SULLIVAN, JAMES B.
Sullivan, Nelson & Goss, Inc.,
M.
Merrick
FRESE,
Lynch,
QUINN,
BARRY
& Co., Inc.
STONE,
Hooker & Fay
TOM
FORD,
H.
Fund
City
Miami
Inc..
QUINN, HUBERT J.
FRANCIS
Hannaford & Talbot
Inc.,
WHITEHEAD, CLINTON S.
SPACE,
A.
FAZACKERLEY, KENNETH
Irving Lundborg & Co.
Fort Myers
L.
W. Palm
Beane,
WATKINS,
Lauderdale
Birmingham,
&
Birmingham, Ala.
&
Lynch,
Fenner
FINNEGAN, JOHN
OREN
Kidder
Pierce,
Beach
Stubbs,
C.
SMITH,
Ft.
RYN, JOHN
Merrill
SMITH, HENRY M.
Stubbs, Smith & Lombardo,
Birmingham
SMITH,
69
THE COMMERCIAL and FINANCIAL CHRONICLE
&
Williams
HILL, Jr., HOUSTON
J.
San Francisco
Strauss
S.
HOWARD,
Security Traders Association
&
Co.
LESLIE
Brush, Slocumb & Co.
HOWE,
AL
Markets In
Shuman, Agnew & Co.
IMHOF, JAMES
Merrick
Rex
ISAACS.
Co.
&
PAUL
Sutro
UNDERWRITERS and DISTRIBUTORS
E.
Co.
&
Dealers and Brokers
JANK, CHARLES E.
Frank
Knowlton
&
Co., Oakland
in
JENKINS, ROBERT
Schwabacher
&
Listed and Unlisted
Co.
KAMMERER, GEORGE
J.
Strauss
S.
KANE,
C.
Issues
G.
& Co.
CHARLES
Walter
Michigan Securities
R.
HUDSON WHITE & COMPANY
B.
Gorey
Co.
Detroit Stock Exchange
Members Midwest Stock Exchange
KESSLER,
Wells
KOCH,
Rudolph T. Sandell
President: Henry Perenon,
Vice-President: Rudolph T. Sandell,
Shuman, Agnew & Co.
in
Gorey, Walter C. Gorey Co.;
San
Francisco
BOURNE, ROBERT K.
General
Co.
BROWN,
Stone
MAY,
Co.
Richards
J.
American
Trust
FRED
Higgins
H.
J.
BENJAMIN
Walston
Company
HODGE
Walston
MARTINI,
MURPHY,
J.
J.
LEONARD
William
&
Staats
&
&
Barth
&
;
.
rates
less
Inc.
wires to
dual
&
Co.
&
Ford
Co.
Co.
Teletype DE 540
Direct
WILLIAM
&
—
St. Paul
Co.
Co.,
Private
Wire to
—
Chicago
St. Louis
—
Los Angeles
Dallas
■—
Inc.
H.
I. du
& Co.
Pont
RICHARD
Walter C. Gorey
Co.
F. Swift &
Co.
WILLIAM
Lundborg &
FAULKNER.
W.
Telephone WOodward 3-6828
Building
PERENON, HENRY
PIKICH,
Irving
assure
on
listings.
DETROIT 26, MICHIGAN
JACKSON
Francis
PAYNE.
E. F. Hutton & Company
FARRELL,
Primary Markets
efficient service
Co.
Slocumb &
PALMER.
Henry
BORDEN, THOMAS
&
Exchange orders at regular
40% to NASD members. Our direct
KIMBALL
Brush,
C.
ENGLISH, GIFFORD M.
Brush, Slocumb & Co.
&
:
Co.
First California Company
Co.
BLUM, ERNEST E.
Weeden
\
'
INVESTMENT SECURITIES
New York
EGAN, JOHN F.
Co.
BELLIZZI, JOSEPH
Walston
i
-
Collins
&
Denault
Stern, Douglass & Co.,
Co.
WILLIAM
R.
7
:
.■
L.
Inc.
O'REILLY, JOHN J.
WILLIAM
PALM,
E.
BELKNAP,
,7
Co., Palo Alto, Calif.
WILLIAM
Sutro & Co.
Bank
DOUGLASS, DONN
H.
Co.
MUETZEL, FRANCIS
Youngberg
Strauss
.
FRANK
Barth
Holt
S.
'■
EXCHANGE
EXCHANGE
MORRILL, CLIFTON W.
Davidson & Co.
De
DONDERO,
J.
.
McMAHON, J. B.
Merrill Lynch, Pierce, Fenner & Beane
Company
Co.
Trust
DAVIDSON,
A.
Crocker First National
BEEBE,
&
Co.,
&
MORAN,
&
J.
BARKER, STEWART 8.
<fe
.
We solicit Detroit Stock
Blyth
COSTELLO, JOHN A.
Co.
Dean Witter & Co.
Stone
STOCK
STOCK
EARLE
McLOULGHIN,
Youngberg
American
BAUM,
RUSSELL G.
BUICK, JOHN E.
VICTOR
WILLIAM
Jr.,
7 \
Wulff, Hansen & Co.
MAHLMANN,
CARSON, GEORGE F.
Wilson, Johnson &
BAKER,
DETROIT
MEMBER
Co.
RALPH
&
Reynolds
BAILEY,
Upham &
Canadian
Co.
&
NAUMAN, McFAWN & CO.
J. KENNETH
Harris,
Hill
Upham & Co.
Schwabacher
Corporation
Barth & Co.
LYNCH,
J. Earle May «fc
ROBERT
&
&
Inc.
Schwabacher &
WILLIAM
BACIGALUPI,
J.
Boston
ROBERT
BOWYER, FRANK
Elworthy & Co.
(Honorary Member)
Walston
American
Securities,
W.
Teletype DE 7
Co.
MIDWEST
ELIZABETH
Harris,
First
LOBERG,
j.
indicated)
-
ANDREW
The
Quinn, Stone & Youngberg; James M. Stewart,
ABRAHAMSON, RICHARD
AHART,
&
MACRAE, Jr., COLLINS L.
located
unless otherwise
ACKRIDGE,
WOodward 2-8992
Teletype GR 184
-
Davis, Skaggs & Co.
LEH,
Wilson, Johnson & Higgins.
&
Phone 94336
26
Building
& Williams
William R. Staats
Joseph Bellizzi, Walston & Co.
Weeden
Levy
Buhl
LAVERTY, HENRY
Bellizzi, Walston & Co.; William C. Falkner,
Wulff, Hansen & Co.; Leslie J. Howard,, Jr., Brush, Slocumb &
Co.; Walter Vicino, Blyth & Co., Inc.
ACHARD.
DETROIT
Michigan Trust Building
LARZELERE, JOSEPH
Governors: Joseph
(Members
Corporation
LARKIN, EMMETT A.
Stern, Douglass & Co., Inc.
Secretary-Treasurer: Milton E. Reiner, Wells Fargo Bank.
Alternates: John J.
Exchange (Associate)
GRAND RAPIDS 2
Boston
Lawson,
Stock
American
LAMPERTI, ANGELO
Milton E. Reiner
Henry F. Swift & Co.
National Committeemen: Walter C.
J.
Bank
GENE
First
Henry Perenon
MAURY
Fargo
Co.
WILLIAM
Stern,
C.
EMIL
Douglass &
Co.,
Inc.
McAndrew
Wulff, Hansen & Co.
&
Co.,
R. C. O'DONNELL & COMPANY
Members Detroit Stock Exchange
PRICE. THOMAS W.
Incorporated
★
MICHIGAN
SMITH, HAGUE, NOBLE & CO.
MEMBER
UNLISTED SECURITIES
DETROIT LISTED STOCKS
NEW YORK STOCK EXCHANGE
AND
OTHER LEADING EXCHANGES
Ann Arbor
Jackson
40% to NASD Members
*
Lansing
625
PENOBSCOT BUILDING
DETROIT 26, MICHIGAN
Main Office
539 PENOBSCOT BLDG.
WOodward
DETROIT, MICH.
3-5535
Teletypes
Telephone
DE
WOodward 3-7040
Representative
—
443
Saginaw
and DE
444
Thursday, October 6,
THE COMMERCIAL and FINANCIAL CHRONICLE
70
Fred J. Casey,
Doyle, O'Connor & Co., Chicago; Harry L. Nelson, Blyth & Co., Inc.,
McLaughlin, Cryan & Co., New York
McLaughlin,
Campbell, McCarty &
City;
Chicago; John F.
Harry L. Arnold, Goldman, Sachs & Co., New York; Frank P. Meyer, First of Michigan Corporation,
Detroit; Jay L. Quigley, Quigley & Co., Inc., Cleveland; Robert C. Wallace, Wm. C. Roney & Co.,
Detroit; Stuart P. Porter, S. R. Livingstone, Crouse & Co., Detroit
Frank H. Kemp,
Co., Inc., Detroit
RAMON N.
BOWMAN,
Utah Securities Dealers Association
Ned
J.
GLASER,
Company
Bowman
IRWIN C.
Cayias,
New
Larson,
York
Ned
Company
Bowman
J.
GROFF,
Ned J. Bowman
J.
Inc.
I.
A.
GEORGE L.
Potter Investment Co.
POULSEN,
Co.
&
Lynch,
Pierce,
Ned J.
Bowman
Securities
IIELOTES, THOMAS
A.
RALEIGH,
Mid-Continent Securities
Inc.
Brothers & Co.
HERRICK, 0.
Dumke
Muir,
S.
REED,
Ned J. Bowman Company
BULLEN, ROBERT
BURTON,
R.
L.
Burton
Ned
&
Co.
IVERS,
J.
THOMAS H.
Hogle & Co.
A.
J.
A.
Hogle & Co.
"Deseret
Kibbe
P.
Calvin
P.
Gaddis
Wendell Smoot, Jr.
Frank M. Whitney
Richard
W.
Muir
Glaser,
CHRISTOPULOS,
President: Calvin P.
Gaddis, Edward L. Burton & Co.
Emery,
Inc.
Nichols Brokerage
LARSON,
•Cayias,
PLATO G.
&
and
J.
C.
Cromer
Jack
R.
LIGHT,
JR.,
S.
Brothers,
Inc.
Austin
Harrison
S.
Edward
Brokerage
Co.
LINDQUIST, G. C.
L.
G.
Burton
&
Co.
J.
A.
Jr., WENDELL M.
Hogle & Co.
STEAD, H. WAYNE
Brokerage Co.
LOVE,
MILTON
State
H.
Securities
A.
Kibbe
P.
SUDBURY, R. KEITH
Co.
&
MAXWELL, J.
KARL
Securities
DEALY, K. A.
Whitney & Company
Company
THOMAS,
MOENCH, RICHARD
D.
Payne Kibbe, A. P. Kibbe & Co.;
J.
A.
Hogle
Ned
Richard Moench &
v
MONSON, SMITH
J.
&
JOHN C.
Company
Bowman
A.
VAN
Cashin, Inc.
MUIR,
RICHARD
Muir,
S.
Hogle & Co.
Co.
DODGE, NOBLE B.
DOWSE, BARD K.
W.
BLERKOM, WALTER
Van Blerkom & Company
Dumke & Light
WENDELBOE, STRATFORD L.
Whitney & Company
ROSTER OF MEMBERS
J.
Co.
TUNKS, PHILLIP
Co.
&
Edward L. Burton
Whitney, Whitney and Company.
Wayne Stead Co.
Commission
DAVIS, GLEN L.
DEWITZ, HERBERT
Frank M.
Brokerage Company
Light
&
SMOOT,
Whitney & Company
Brothers & Co.; Edward N. Bagley, J. A. Hogle & Co.
National Committeemen: Albert
B.
Smith
B.
Associates
&
GIVEN A.
Dumke
Utah
Beane; Harrison
Emery,
DAVIDSON, ARLIN
Coombs, Coombs and Company; Lincoln R.
&
Hogle & Co.
Linduist Securities
Muir, Muir, Dumke & Light.
Ure, Jr., A. P. Kibbe & Co.; Walter L. Roche, Merrill Lynch,
Pierce, Fenner
A.
SMITH, NICHOLAS
Company
Trans-Western
Directors:
Fenner
Mountain States Securities Corp.
C.
Leonard
Muir,
Treasurer: Richard W.
STERLING
Glaser,
Larson,
LEONARD, M.
CROMER, L. L.
Secretary: Frank M. Whitney, Whitney and Company.
Pierce,
Co.
&
COOMBS, JACK R.
Coombs
Lynch,
SMITH, AUSTIN
Co.
M.
Vice-President: Wendell Smoot, Jr., J. A. HOgle & Co.
Company
SIMONS, GEORGE
Larson,
Christopulos
NEBEKER, JR., WALTER D.
Stratford
L.
Wendleboe
&
Co.
FENTON, JAMES E.
Edward
(Members
located
In Salt Lake
City unless
BADGER,
otherwise indicated)
ANDERSON, CLINTON
Western
Securities
ANDERSON,
V. E.
VERNON
E.
A.
A.
EDWARD
Hogle
N.
& Co.
Muir, Dumke
& Light
BERNICK, ROBERT W.
Salt Lake
Hogle & Co.
Hogle &
A.
DUMKE,
Co.
BAIN, ALLAN C.
Anderson & Co.
ASPDEN, WILLIAM H.
J.
J.
RALPH A.
Badger &
A.
BAGLEY,
Corporation
ARCHER, FRANK C.
J.
Ralph
Tribune
BOWMAN, JACK H.
Co.
Ned J. Bowman Company
Baxter,
L.
Burton
EDMUND
&
NICHOLS,
Co.
J.
F.
PEARSON, G. HAROLD
Mountain Securities
F.
Flanagan Co.
A.
CALVIN P.
Edward
GLADE,
J.
i
II
A.
L.
Burton
&
J.
A.
C.
&
URE, Jr., LINCOLN R.
Co.
POTTER,
Co.,
Robert
D.
Provo
Potter
DAVID
A.
B.
P.
P.
Investment Co.
ROBERT
Woolley &
Kibbe
WHITNEY,
&
Company
Co.
RICHARD
E.
Whitney & Company
.
Williams
& Co.
EASTON
Hogle & Co.
WOOLLEY,
Whitney & Company
HARVEY
Hogle
WOLLEY,
Corporation
rOMEROY, M.
JOHN J.
Hogle & Co.
GADDIS,
WHITNEY, FRANK M.
Whitney & Company
PETT, J. ARTHUR
J. Arthur Pett Co.
FORSTER,
J.
LOUIS
Christopulos & Nichols Brokerage Co.
W.
Muir-Dumke & Light
FLANAGAN, J.
Originators,
II
Distributors of
0
CLEVELAND
NEW YORK
Corporate
And
jMunicipal
Securities
•
1
Philadelphia
Chicago
San Francisco
§
u
m
:¥s
$3
Columbus
Detroit
Minneapolis
Member Midwest
Hartford
:+•>
(
Beane
Co.
SCHETTLER, HAYDN A.
CAYIAS, JACK L.
Cayias,
&
E.
Reed
Bowman
J.
Merrill
News"
KIBBE, ALBERT PAYNE
A.
E.
ROCHE, WALTER L.
JARRAND, JACK E.
CASHIN, RUSSELL
Cashin, Inc.
K.
RICH, FRED W.
H.
Edward
HOGLE, JAMES E.
J. A. Hogle & Co.
CAINE, Jr., WALTER A.
J.
JAMES
James
Light
&
Beane
Whitney & Company
BROTHERS. HARRISON S.
Harrison S.
&
Company
BRADY, L. PIERCE
Zion's
Fenner
PROVOL, GEORGE A.
BERNARD
Hogle
TED
Merrill
Mountain
IIEALY,
Company
Emery,
VERNE E.
Rocky
W.
RAY
POTTER,
Glaser,
City
BOWMAN, K. RALPH
BRADFORD,
1955
Stock
Exchange
Convention Number
Security Traders Association of Connecticut
GRAHAM,
G.
H.
JOHN
Walker
GRAHAM.
New
E.
HOGARTH,
Edward
J.
NSTA Golf Tournament
GUY
M.
Bradley & Co., Nsw
WILLIAM
8c
Putnam
HURLBLRT,
E.
T.
and
&
H.
West Hartford
B.
William H. Rybeck
A. Maurits Johnson
Edward J. Beakey
&
Co..
LIBBY,
President: Nicholas E. Fon Eisen, Fahnestock & Co., Hartford,
First
Company, Meriden, Conn.
&
Chas.
Johnson, G. H. Walker & Co.,
DAVID
The
Secretary-Treasurer: Edward J. Beakey, Eddy Brothers & Co.,
R.
F.
Coburn
&
Laird,
New
National
Committeemen: Leslie
B.
C.
Cruttenden
Longest
&
Co.,
Burke,. Jr., May &
William
J.
Gannon, Inc.,
Haven
Co., Detroit.
Company,
M.
First Southwest
Company, Dallas.
Johnson
Wilson,
Stewart,
and J. Earle May, J.
Waterbury
&
Co., Bridgeport
F.
DEALERS
SECURITY
J.
SPECIALIZED
1
CLEARINGS
Griggs Company, Waterbury
WILLIAM
PROMPT
—
H.
HARRY
in New York
We clear for dealers
D.
Pittsburgh
•
Scranton & Co., New
SAMUELSON, ARTHUR O.
George C. Lane 8c Co. Inc.,
Haven
Address
New Haven
-
Chicago
Loans
and
-
Cleveland.
Securities
RIO. U S. PAT. Oil.
i
located
Members
in
otherwise
Hartford
unless
G. L.
.Esta brook
CLEMENCE,
Austin & Co.
BAILEY,
THOMAS
White,
Weld
BEAKEY,
Eddy
BLIGH,
R.
& Co.
EDWARD
ROBERT A.
8c
Co..
8c Co.,
Torrlngton
COOK.
&
Hincks
DYER.
BRESLAV, WALTER
Walker
&
Co.,
Schirmer,
FRANK
Shearson,
&
THENEBE,
I.
Bank
Fahnestock
Co.
A.
M.
IN
RICHARD
Co., Bridgeport
F.
Kidder 8c
Charles
Corporation
NICHOLAS
8c
TRADERS AND DISTRIBUTORS
CHARLES E.
WHEELER,
EISEN,
L.
Charles E. Thenebe & Associates
WEISKE.
FON
E.
Hammill
ANDREW
8c Co.
Putnam
FAUST, HAROLD E.
Equitable Securities
S.
Co.
Judd &
HAROLD
TACKUS.
Bridgeport
ENGLISH, JAMES P.
Cooley 8c Company
Atherton & Co.
ROBERT
Brainard,
GEORGE A.
& Co., Inc.,
Bros.
Eddy Brothers 8c Co.
Bridgeport
ROBERT B.
CALVERT.
C1LENTO,
Largest
Haven
SWEENEY. WILLIAM J.
Sweeney 8c Company, New Britain
Haven
DOCKHAM.
Haven
CARTER,
Ohio's
S. JACKSON
SWAN, LESLIE B.
Chas. W. Scranton 8c Co., New
Co.
COX, FREDERIC R.
Co.
BRADLEY. E. HOLBROOK
Edward M. Bradley & Co., Inc.
H.
G.
& Co.
SUTTON, FREDERICK T.
White, Weld & Co., New Haven
AARON
8c
CV 240.
Jackson Btelner 8c Co., Inc.
D.
Inc.
CONNER, EARL W.
Maples 8c Goldschmldt. South Norwalk
New
G.
Putnam
STEINER,
HARRY
Denton
ADOLPH
STARKEL,
partment. Teletype:
ALFRED H.
Fahnestock
New
Co.
ROBERT H.
Haven
Putnam
BOWMAN,
8c
Day & Co.
COHAN.
J.
Co.
Fahnestock
L.
New
C.
Brothers &
SHURE, JOSEPH
Bache & Co., New Haven
CLARK, MYRON H.
indicated)
AUSTIN, GEO. L.
FRANK
E.
Co.
Cleveland and Ohio Securities
R.
Thenebe & Associates
WILDE, RICHARD
Conning & Co.
E.
W.
:/
\:
ELL&
COITION
MEMBERS
NEW
ZSth
COMMERCE
CLEVELAND
■
'.I
■
V '
%
EXCHANGE
EXCHANGE
TELETYPE —CV
BLDG.
CHERRY
OHIO
■'
INVITE YOUR
SECURITIES
t
CLEVELAND
DIRECT WIRE
JOSEPH McMANUS
NEW YORK
—
& CO.
ON
CINCINNATI
IN
STOCK
OF COMMISSION
CINCINNATI'S
Co. Inc.
OLDEST
INVESTMENT FIRM
ESTABLISHED
14. OHIO
1862
MEMBERS
MIDWEST STOCK
EXCHANGE
GEO. EUSTIS & CO.
508
/*
BUSINESS
COMMISSION
LISTED
EXCHANGE—YOU RECAPTURE 40%
Wm. J. Mericka &
565
1-5050
NASD MEMBERS
.
WE
%
14,
STOCK
STOCK
ATTENTION
OHIO SECURITIES
.
YORK
MIDWEST
UNION
;
&
& Co. (Palo Alto)
Earle May
Bissell & Meeds
Chas. W.
ROSTER OF MEMBERS
Blum,
Incorporated
Morris & Co.
SAMPSON,
I
E.
Ernest
—
C. Gorey Co.
William H. Rybeck 8c Company, Meriden
Elected: October, 1954; Took Office: January, 1955; Term Expires:
Bureau
San Fran¬
by
H.
Middlebrook,
FRANK
RYBECK,
December, 1955.
Team
Won
Brush, Slocumb & Co., Inc.; James
Haven
The R.
Swan, Chas. W. Scranton &
Quotation
Tournament:
PAZERA, ALPHONSE L.
Co., New Haven.
A.
Higgins; Walter C. Gorey, Walter
Incorporated
New
Harry
Trophy:
List
National
cisco
Drive:
Boston.
Co.,
Company, Dallas.
MacDonald, Jr., McDonald-Moore
&
City.
First South¬
McCulley,
Rader
west
DANIEL J.
MURRAY,
Conning & Co., Hartford; James P. English, Cooley & Company,
Hartford; John E. Graham, G. H. Walker & Co., Hartford.
Lann,
Inc.,
MORRIS, ROBERT S.
Robt. S.
Austin, G. L. Austin & Co., Hartford; Richard W. Wilde,
Jack
F.
Griggs
Watson
L.
Cleveland;
Co.,
Legg & Company, New York and
Blue
J.
Securities,
High Gross: C. Rader McCulley,
&
ROBERT
MORGAN,
T.
L.
Incorporated
R.
Scranton
W.
MERRILL,
Hartford.
Middlebrook,
MELIA, THOMAS
Bridgeport.
Governors: Adolph G. Starkel, Putnam & Co., Hartford; George
N.
NORMAN
& Middlebrook,
MARSH,
Second Vice-President: A. Maurits
&
New York.
MAIGKET.
Coburn
D.
Krensky
Joseph
Lann
son-Smith,
Co., Inc., Bridgeport
GORDON H.
Coburn
i
Vice-President: William H. Rybeck, William H. Rybeck &
&
J.
Morey
Nearest to Pin: S. Edward Daw¬
IvNABLEIN, RUDOLPH L.
Bros.
Net:
New York
HARRY V.
Gross:
Low
Sachnoff, Arthur M.
Co., Inc., Chicago.
Joseph
Bridgeport
L. Day & Co.
Hincks
&
Turben
Chicago; Wilbur Krisam, John C.
MAURITS
KENNEDY, JOSEPH R.
Kennedy-Peterson, Inc.
Eisen
Co.,
&
Frost, Investment Dealers Digest,
Low
A.
Walker
KEEFE, JR.,
R.
Mackinac Island
Second
C.
Co.,
JACOBS, DONALD
Conning & Co.
G.
Nuveen
Farland, Hecker & Co., Philadel¬
phia, Pa.
E.
Company
GORDON
Andrews
JOHNSON.
John
Sayre,
Chicago; Harry J. Gawne, Merrill,
Co.
Buell
C.
J.
First Low Gross: James B. Mc-
D.
HUNGERFORD. DONALD
Robert
Haven
(Calloway
Harry J. Wilson, Harry
Wilson & Co., Chicago; Byron
System):
E.
Haven
HOLM AN,
Kickers Handicap
Winners in the
Co.
&
REGINALD
HEGEMAN, ARTHUR W.
Hegeman 8c Co., Stamford
N. E. Fon
71
THE COMMERCIAL and FINANCIAL CHRONICLE
TRACTION
BLDG.
CHERRY 1-4070
CI
560
De¬
tj
:
/
■-
..
:
i
Almstedt
Inc.
Blyth & Co.,
L.
Goodbody
Lyons & Co.
TRINKLE,
WATSON B.
DABNEY,
J.
J.
The
Stein
J.
ANDERSON C.
Kentucky Trust Company
The
VON
ROENN,
WATTS,
W.
Ebinger,
&
Inc.
L.
Lynch,
H.
Pierce,
Fenner
Beane
&
ALLEN
Lyons Si Co.
S.
WILSON, HOLMAN R.
Boyce
The
B.
Hilliard
B.
J.
Merrill
Company
ERNEST
VOGT,
BEARING,
Si
Reid
WATKINS, Jr., WILLIAM T.
WALTER
Bros.
WILLIAM
Wagner,
Co.
MILTON
TROST,
DEAN, WILLIAM A.
Berwyn T. Moore & Co.
&
Kentucky
Hilliard & Son
B.
WAGNER,
ELIZABETH
TEDDER,
CULBERTSON, CRAIG
W.
JAMES H.
Brothers
STUCKER,
CARLILE
CRUTCHER,
Bond Club of Louisville
v
■
Thursday, October 6, 1955
CHRONICLE
THE COMMERCIAL and FINANCIAL
72
Son
&
WARREN
Kentucky
WRIGHT,
The
G.
Compan*
OSCAR
Bankers
Bond
Co.,
Inc.
DESMOND, C. G.
Stein
Si Boyce
Bros.
Memphis Security Dealers Association
JOSEPH H.
Eskew, Gresham & Dierscn
DIERSEN,
JOSEPH II.
Fidelity Bank & Trust Company
DURHAM,
Citizens
DYSART, PAUL
Stsin
Powhatan M.Conway
Dale F. Linch
Ernest B.
Boyca
RUSSELL
Reld and Ebinger,
Wagner,
Kenneth Green
Vogt
&
Bros.
EBINGER,
Inc.
FARRA, JOHN B.
The Kentucky Company
President: Dale F. Linch, Berwyn T. Moore
& Co., Inc.
Llnooln Bank Si Trust Comuany
FERGUSON, MRS. ORA M.
Merrill Lynch, Pierce, Fenner
Secretary: Ernest B. Vogt, J. J. B. Hilliard & Son.
Treasurer: Kenneth
Green, Stein Bros. & Boyce.
Committeemen: William J.
Conliffe, Merrill Lynch,
Pierce, Fenner & Beane; Albert C. Brocar, Jr., J. J. B. Hilliard
Alden, Jr., O'Neal, Alden
Charles C. King, The Bankers Bond Co., Inc.
&
Co.. Inc.;
VICTOR B.
Commonwealth
C.
GERST,
Citizens
ROSTER OF MEMBERS
Inc.
Liberty National Bank & Trust Co.
GERARD,
O.
Bond Co.,
Bankers
The
FULLER, ASA W.
& Son.
William
Beane
&
FETTER, JAMES M.
National
Alternates:
URBAN
FEHRJBACH,
Vice-President: Powhatan M. Conway, The Bankers Bond Co., Inc.
Liife
Cj.
Insurance
A.
Fidelity Bank & Trust Company
GRAFTON, ARTHUR W.
Edward F. Thompson
A. L. Whitman
BROCAR, Jr., ALBERT C.
O.
O'Neal-Alden
Si Co.,
Thompson, Union Planters National Bank.
Vice-President: A. L.
Inc.
O'Neal-Alden
Si Co.,
BURKHOLDER, Jr..
Almstedt
BADE,
ARTHUR H.
Whitman, Bullington-Schas & Co.
BAKER,
&
Stein
Merrill
BOHNERT, HECTOR W.
The Bankers Bond Co.,
W.
The
Si
Beane
E.
Boyce
&
Merrill
Lexington.
Co.,
BURCH,
Ky.
Lynch,
Pierce,
Si
Fenner
Beane
—
McPHILLIPS, REED M.
Bullington-Schas ■& Co.
Lynch, Pierce, Fenner & Beane
C.
J.
BROWN
Lynch,
BERT
T. Moore &
Berwyn
Inc.
Co.,
MITCHELL, EARLY F.
Pierce,
Fenner
Si
Securities
FOSTER. WALTER T.
Carl
M.
Loeb,
National
First
Bank
RADER, R. BRUCE
'
Clark, Landstreet & Kirkpatrick,
Inc
Co.,
The
Beane
CURD, H. PRICE
Federal
HELCK, CHESTER L.
RISON,
SAM
Inc.
E.
Standard Securities Co.
Rhoades Si Co.
Liberty National Bank Si Trust Co.
HILL,
HOYT
The
J.
Mutual Funds
FREDERIC, FRANK D.
Equitable Securities Corporation
HENNING
J.
Hilliard
B.
Si
Bond
Co.,
Leftwlch
R.
Planters National
Bank!
M.
&
Ross
Saunders Si
A.
Co.,
RICHARD
HUDGINS, JACK L.
SCHAS, FRANCIS D.
Bullington-Schas & Co.
S.
M. A. Saunders & Co., Inc.
Inc.
JONES, CLARENCE L:
Inc.
SAUNDERS, ROBERT M.
HARRIS,
JOHNSTON, Jr., ROBERT H.
Bankers
SAUNDERS, Sr., M. A.
Union
Son
HOPKINS, W. HOWARD
The
ROSS, HOWARD C.
GRISSOM, WILLIAM
G.
Kentucky Company
HILLIARD,
—
OF MEMBERS
ALLEN, HARRY
HART
HARMON,
Goodbody & Co.
Securities
&
Clark, Landstreet & Kirkpatrick, Inc.
ROSTER
Boyce
Hutton
Merrill
Co., Inc.
CREGOR, BEN
Stein Bros. & Boyce
Treasurer: R. Bruce Rader,
HAMPTON, GARRETT
Lynoh, Pierce, Penner
Bankers Bond
Secretary: Justin Leeker, J. C. Bradford & Co.
Merrill
CONWAY, POWHATAN M.
Inc.
BOOTH, MOREY
&
Bros.
HAGAN,
CONLF/FE, WILLIAM J.
Boyce
Bros.
Stein
CLOWES, JOHN R.
Smart, Clowes & Oswald, Inc.
RUSSELL
Stein Bros.
Inc.
IIAAS, WILLIAM G.
O'Neal-Alden Si Co., Inc.
G.
Goodbody & Co.
Co.,
GREEN, KENNETH
CHRISTMAN, Jr., HENRY
Brothers
WM.
JAMES R.
Almstedt Brothers
Goodbody Si Co.
Bankers Bond
GRATZER, BERNARD W.
The Louisvi'le "Times" iHonorary)
B. Hilliard & Son
J. J.
Inc.
ALLEN, HORACE
ALMSTEDT,
The
BURGE, JOHN M.
WM. O.
ALDEN, Jr.,
THOMAS
GRAHAM,
J. J. B. Hilliard Si Bon
R. Bruce Rader
President: Edward F.
Wyatt, Grafton Si Grafton
WM.
ALDEN,
Justin Leeker
Merrill
M.
Lynch, Pierce, Fenner Si Beane
Saunders Si Co.,
A.
Inc.
Almstedt Brothers
★
★
JOHNSON, ALBERT L.
JONES, WILLIAM L.
Louisville Trust Company
*
KAMPFMULLER,
Citizens
The First National
Trust Co.
&
Mid-South
KAUFMAN, IRVIN
GREEN,
ERB
Members
&
CO
Bros.
Si
N. B. C.
Inc.
NICK
J.
THOMPSON, EDWARD F.
Union Planters Nat'l
Co.
LEEKER,
J.
ABE
C.
JUSTIN
Bank
FRED
J. C. Bradford & Co.
Bradford
WARD,
F.
&
Co.
i,
LONG, EDWIN A.
Russell, Long & Company, Lexington, Ky.
J.
Co.
LEFTWICH, WILLIAM
Goodbody &
R.
Fenner & Beane
Berwyn T. Moore & Co., Inc.
LINKER,
TREXLER,
Union Planters Nat'l Bank
Merrill Lynch, Pierce,
Cherry 1-6035
&
LANCASTER, JAMES C.
LEWIS, LINCOLN
Exchange
14, OHIO
Jr.,
Memphis Securities Company
<
Bache
BUILDING
CLEVELAND
Co.
KITTLE, CHARLES M.
Boyce
LINCH, DALE F.
905
THOMAS,
Securities
WENDELL
R.
Spraglns & Company
KING, CHARLES C.
The Bankers Bond Co.,
of the
Midwest Stock
Stein
R. W.
JORDAN, ROBERT H.
ERNEST
Fidelity Bank
SPRAGINS,
Bank
FRANKLIN
&
Co.
WHITMAN, A. L.
GROOM
Leftwlch Se Ross
Bullington-Schas
WOOTEN,
LIMERICK, AYLETT B.
R.
Goodbody Se Co.
LUCAS, CHESTER A.
B.
Bradford
C.
ROGER
Wooten
B.
Si
&
Co.
B.
Company
Stein Bros. & Boyce
MCDOWELL,
ROBERT
B.
Blyth & Co., Inc.
McNAIR, WILLARD P.
The
Bankers Bond
MILLER,
THE FANHER
Co.,
Inc.
Berwyn T. Moore &
Co.
COMPANY
MANUFACTURING
EATON
BARBARA
Inc.
MILLER, J. HUGH
J. J. B. Hilliard & Son
MANUFACTURING COMPANY
MOLTER, EDWARD G., Jr.
Wagner, Reid and Ebinger, Inc.
I
MOORE. BERWYN T.
"Security through Diversification" has been
sible
for
the
successful
Berwyn T. Moore Si Co.,
respon¬
growth of THE FANNER
PARKS, JOSEPH W.
1.
Chaplets
8. Gear
3.
Hobbing Machinery
Awning Hardware
11. Thumb Screws & Thumb Nuts
4. Stove Hardware
5. Radiation
12. Industrial Hardware
Fittings
13.
Expansion Shields
6.
Pipe Fittings
14.
7.
Gray Iron Castings
15. Electrical Hardware
Drop Forgings
T, Moore
&
Inc.
Co.,
PURYEAR, ROBERT E.
The Bankers Bond Co.,
Inc.
RASH, DILLMAN A.
9. Industrial Plastic Products
10. Marine Hardware
,
EDWIN W.
Berwyn
2. Chills
privileged to serve for more than 40 years includes the
most respected names in practically every basic industry with
volume production. To have served them is in itself a testimony to
the caliber of products which Eaton makes and to this Company's
standing as a dependable source of supply.
Berwyn T. Moore & Co., Inc.
POWELL,
LINES:
been
Hilliard & Son
J. J. B.
MANUFACTURING COMPANY sinceT894.
PRODUCT
he list of customers which Eaton has
Inc.
OESWEIN, HENRY
Louisville
Title
I
Insurance
Today,
Co.
motor
FRANK
REGISTER,
Citizens Fidelity Bank & Trust Co.
REID, JOHN L.
Merrill Lynch, Pierce, Fenner & Beane
REIMER, J. BERGES
PLANT LOCATIONS:
SCHULMAN,
1. The
Fanner
Cleveland
2. Canadian
9,
Manufacturing Company, Brookside Park,
Ohio
Fanner, Ltd., Hamilton, Ontario
3. Cleveland
Hobbing Machine Co., Cleveland, Ohio
Hobbing Machine Co., Ft. Lauderdale, Florida
Cleveland Foundry Division, Cleveland, Ohio
Poly-Cyclo Products Company, Inc., Cleveland, Ohio
Munray Products, Inc., Cleveland Ohio
Philadelphia Hardware & Malleable Iron Works, Inc.,
Philadelphia, Pennsylvania
4. Cleveland
5.
6.
7.
8.
Si
iron castings; rotor pumps; fastening devices, cold drawn
cooled, poppet and Free valves; tappets, hy¬
bine parts; eddy-current rotating
controls and electronic devices.
Boyce
SOL
Courier-Journal
springs and spring wire forms; stampings; permanent mold
draulic valve lifters and valve seat inserts; jet engine
The Kentucky Company
Bros.
coil
steel wire; sodium
ROSWELL H.
RUTLEDGE, WESLEY
Stein
the products which Eaton furnishes industry are
axle components; automotive heating-
axles and
ventilating systems, automotive air-conditioning units; leaf springs,
gray
Berwyn T. Moore & Co., Inc.
RICHARDSON,
among
truck
and
gas
tur¬
equipment; aircraft instruments,
(Honorary)
SEDLEY, MRS. ELINORE
The Bankers Bond Co., Inc.
SMART,
JOHN
Smart, Clowes & Oswald, Inc.
General Offices: CLEVELAND 10, OHIO
SOMMERS, ANTHONY
Lincoln Bank & Trust Company
plants:
SPIERS, JOHN H.
Wagner,
Reid and Ebinger,
STERNBERG,
Merrill
Inc.
battle Creek
•
cleveland
lawton
•
•
marion
Detroit
•
•
massillon, ohio
Marshall
•
Saginaw
BERT
Lynch,
Pierce,
Fenner
<fe
Beane
vassar
•
coldwater, michigan
•
kenosha, wisconsin
STITES, Jr., JOHN H.
J.
J.
STONE,
B.
Hilliard & Son
REID
Merrill Lynch, Pierce, Fenner & Beane
Lackawanna
•
No. Tonawanda, N. Y. • London, Ontario, Canada
Convention Number
73
THE COMMERCIAL and FINANCIAL CHRONICLE
Wichita Bond Traders Club
NSTA Members Not
Affiliated With
Any
Regional Group
ROSTER OF MEMBERS
AYRES, JOHN W.
Willis, Kenny & Ayres,
Richmond, Va.
BOLES,
The
-
Inc.
EWING T.
Ohio
BRADT,
Company, Columbus, Ohio
JOHN
Doolittle
Co.,
Buffalo,
Jr.,
BREWER,
Rouse,
A.
&
J.
NEWTON
Brewer
N.
Y.
Becker
&
Washington, D. C.
CASSELL, EUGENE H.
C.
Don H. Alldritt
F.
Cassell
CHERRY,
President: Don
Alldritt, Mid-Continent Securities Company,
Incorporated.
Vice-President:
J.
Cortner, Davidson-Vink-Sadler, Inc.
Secretary: Donald K. Clinger, Lathrop, Herrick & Clinger, Inc.
&
CHRISTIE,
B.
Warren
Co.,
NORMAN
Crockett
H.
&
Inc.
Charlottesville, Va.
Warren J. Cortner
Co.,
Christie
V.
G.
Houston,
BYRON
Texas
V.
Co.,
&
Houston,
Texas
CRAIGIE, WALTER W.
F.
W.
Craigie
Richmond,
& Co.,
Va
CRAWFORD, IRA B.
ROSTER
OF
ALLDRITT, DON H.
Mid-Continent
MARSHALL,
Securities
Company,
First
Securities Company of Kansas, Inc.
BROOKS, WAR O.
Brooks & Company
CLINGER, D.
PRESTON,
&
Company
CARL A.
RITTENOURE,
pathrop, Herrick & Clinger, Inc.
The
Inc.
of Kansas, Inc.
LAWRENCE
Rittenoure
VINK, DIRK
Sadler,
of Kansas, Inc.
T., JR.
First Securities Company
CORTNER, WARREN
of Kansas, Inc.
ROY
RAY
Crockett
Co.
W.
Lanford,
Alfred
Co.,
&
Houston,
Co.,
Inc., Atlanta
Charlottesville,
Houston,
Sadler,
VAVRA,
JOHN
POWELL
Montreal,
Willis, Kenny & Ayres, Inc.,
Richmond, Va.
WALTON,
FERTIG,
Fort
B.
Walton
and
Company
Miss.
WHEAT. Jr., JAMES C.
J. C. Wheat 6c Co., Richmond,
Va.
J.
and
WILLIAMS,
Sons
HARRY
G.
Quail <te Co., Davenport,
Canada
Que.,
GUS
Cedar Rapids, Iowa
B.
Iowa
CHARLES E.
Willis, Kenny & Ayers, Inc.,
WILLIS,
&
Company,
Rock, Ark.
Inc.
Richmond, Va.
Va.
LEONARD
Leonard
Little
Inc.
& Co.,
HECTOR
Richardson
James
Lynchburg,
S.
John S. Vavra
CO.,
VIDRICAIRE,
DRINKARD, OSCAR B.
Scott, Horner & Mason,
Inc.
O.
Jackson,
Va.
Texas
Walton
Davidson-Vink
WALTON, OTIS B.
THORNHILL, G. ERNEST
Wyllie and Thornhill,
Texas
T.
J.
N.
G.
Lex Jolley, The Robinson-Humphrey Company,
Tisch, New York;
GORDON
CLAUDE
Westfield,
Mrs.
Inc.
CUNNINGHAM, GEORGE W.
George W. Cunningham &
DAVIS,
W.
Investment
Crockett
&
Ark.
&
CROCKETT,
First Securities Company
REED,
Rock,
CROCKETT, A.
First Securities Company
K.
Davidson-Vink
Evans
MORAWITZ,
Crawford
Little
CLYDE
McDonald,
Inc.
BARRETT, H. M.
Hill,
MEMBERS
J.
J.
Fertig & Co.
Wayne,
Underwriters, Distributors, Dealers
Ind.
GOODMAN, KENNETH E.
PARSONS
CO., INC.
&
Kenneth
GRAEFE,
First
Des
OHIO MARKETS
E.
Goodman
Sheboygan,
HARRY
of
Iowa
Moines,
in
Co.
FULLER
Harrington &
HARRISON,
B.
Corporate and Municipal
Corporation,
Iowa
HARRINGTON,
CORPORATE FINANCING
&
Wis.
Jackson,
Co.,
GEO.
A.
Securities
Miss.
G.
Harrison & Austin, Inc., South Bend, Ind.
WHOLESALERS
HENDERSON,
THEODORE C.
C. Henderson & Co., Inc.,
T.
BLOCK BIDS
Des
Moines,
BALL, BURGE & KRAUS
Iowa
Members
HEWITT, CHARLES E.
Santa
Fe.
CLEVELAND 14, OHIO
-
Phone:
TOwer
G.
Russ 6c Company, inc., San Antonio, Tex.
HUNT, E. M.
First Trust Co.
T eletype:
1-6550
WILLIAM
Jr.,
ISAACS,
CV 652
of
HENRY
Waddell
&
Lincoln, Lincoln, Neb.
G.
Reed,
Kay &
Co.,
1790
Union
Commerce
CLEVELAND
Houston,
Fla.
(Associate)
Building
14, OHIO
Teletype CV 584
Telephone MAin 1-2910
Inc., Miami,
KARKOWSKI, MAURICE
KELLEHER,
American Stock Exchange
Midwest Stock Exchange
i
HOBBS,
1425 N. B. C. BLDG.
New York Stock Exchange
Mexico
New
AKRON—CANTON—COLUMBUS—DAYTON—LORAIN—YOUNGSTOWN
R.
Texas
WILLIAM
Spokane, Wash.
KENNY, GEORGE P.
Willis, Kenny & Ayres, Inc.,
Richmond, Va.
SAUNDERS, STIVER & CO.
KNAPP, RUSSELL F.
Securities Corporation
of
IN CLEVELAND
Iowa,
Cedar
Rapids, Iowa
CORB LISTON
IT'S
KOSEK, ERNEST
Distributors and Underwriters of
Corporate
Securities and
Ernest
Kosek
Cedar
Rapids,
KRAMER,
Municipal Bonds in
6c
Company,
Kramer-Gardner
Burlington,
R.
FOR OVER 20 YEARS
Company
Iowa
LANFORD, LOUIS A.
Hill, Crawford 6c Lanford, Inc.
Little Rock, Ark.
OHIO
Prescott & Co.
LEE, Jr., GARNETT O.
Scott,
Horner 6c Mason,
Richmond, Va.
TERMINAL
TOWER
CLEVELAND
13, OHIO
LEVY,
ROBERT
Robert
Members Midwest Stock Exchange
,
LEWIS,
E.
&
Co..
EDWARD
Pemberton
Members New
York, Midwest and Other Principal
Stock
Waco, Texas
900 National
Exchanges
S.
City Bank Building
14
CLEVELAND
Miss.
Jackson,
Bell Teletype—CV 97
Telephone: PRospect 1-6300
E.
J.
Securities
Vancouver.
MASON,
&
Company,
MacDONALD,
Inc.,
E.
Levy
Jr.,
Lewis
COUNTER SPECIALIST
OVER THE
Iowa
ALFRED
B.
C..
WALTER
Limited
Canada
G.
Scott, Horner & Mason, Inc.
Lynchburg, Va.
McCLINTICK, Jr., WILLIAM N.
Strader, Taylor & Co., Lynchburg,
MERRILL, TURBEN 6- CO.
MEMBER
MIDWEST
STOCK
McGANN,
Albert
South
EXCHANGE
Catalin
Central
Corp. of America, (pfd.)
Natl.
Cleveland
Bank
Builders
Jack
of Cleveland
Coffee
National
Company
Ohio
&
Co.
Co.
Fibers, Inc.
Metallurgical Corp.
Publishing
Perfection Stove
Union
Company
Higbee Company
U.
S.
Bank
Truck
of
Co.,
PHILIPSON,
PHILLIPS,
Co.
Commerce
Available
Upon
Request
Topeka,
L.
FANNER MFG. CO.
Kans.
Company, Utlca,
N.
Y.,
Jackson
&
Inc.
VALLEY
Curtis
6c
HARRISON
Shaffer 6c
W.
CO.
MOULD
&
IRON
CO.
CORP.
corporations
Share
Corporation
L.
Co., Amarillo. Texas
Craigie 6c Co., Richmond, Va.
STEWART,
HAROLD
Harold
Stewart
S.
FEISS
L.
SMITH, MARK A.
F.
&
ENGINEERING
and other Ohio
Wis.
FRANK
JOSEPH
LESTER
A.
Indianapolis Bond
Indianapolis, Ind.
H.
Information
and
BLAIR
of
Houston
MAX
Milwaukee,
Lines, Inc.
trading markets
in the stock
D.
White-Phillips Company,
Davenport, Iowa
REISSNER,
Inc.
B.
Inc.,
RADA, RALPH
Paine, Webber,
Company
Co.,
The
SHAFFER,
Statistical
ROBERT
WILLIAM
&
Philipson
Mfg. Co.
Telephone
Ohio Leather Co.
Penton
Glass
M. A. Hanna
Screw
Ohio Crankshaft
Diamond Portland Cement Co.
Globe
Estes
Securities
Moragne & Co.,
PESELL.
Inc.
City Bank of Cleveland
Northern
Trencher Company
Trust Company
Cook
Heintz
National
Supply
Cleveland
Cleveland
&
D.
We maintain
Ind.
Bend,
MORAGNE,
R.
Va.
ALBERT
McGann
S.
6c
The First Cleveland
Member Midwest
Company, El
Paso,
Corporation
Stock Exchange
Texas
1612 Union
Commerce Bldg.
Cleveland 14, Ohio
Tel. MA
1-6800
Teletype CV 67
National City E.
STRADER, LUDWELL A.
Strader, Taylor 6c Co.,
Lynchburg.
Inc.
6th Building
CLEVELAND
14
Va.
Telephone PR 1-1571
TAYLOR, CLARENCE E.
Strader, Taylor 6c Co.,
Lynchburg, Va. <•"
inc.
Teletype CV 443
-
CV 444
74
John
Rubin
M.
Hudson, Thayer, Baker & Co., Philadelphia; William J. Burke, Jr., May & Gannon, Inc.,
aus & Company, Incorporated, St. Louis; Lex Jolley, The RobinsonHumphrey Company, Inc., Atlanta; George J. Elder, Straus, Blosser & McDowell, Detroit
Continued
from
page
oxidation at high
the metal¬
lurgical and mechanical problems
Wi.en
temperatures.
New Horizons in
mobiles.
He predicted that one of
the first major changes would be
the use of gas turbine engines.
He
pointed out that all the major
experiment¬
ing with them and that the Chrys¬
auto companies were
ler turbine
engine had already at
that time been driven
streets
of
Detroit
in
chassis; that it had
ficient
that
was
its
around the
Plymouth
ef¬
a
proven so
exhaust
tempera¬
actually lower than that
have been solved and
Chemisiiy
turbine
en¬
gines come into use, we shall need
to develop a whole new fuel sup¬
of the present piston-type engines.
It was the judgment of this en¬
ply for
gineer that the only thing keep¬
ing the turbine engines out of
cars today is the problem of ade¬
quate supply and machining tech¬
niques for the high-temperature
alloys required in these new en¬
gines. Researchers in the labora¬
tories are working hard on these
problems. Already special ceram¬
ics are being tried to protect the
gave
our cars.
longer
no
be
High octane will
needed; kerosene
good performance and about
18 miles per
gallon in the Chrysler
In
the
light
for
metals,
anything
new
in the way of new primary
metals, because the chemists now
know just what elements are pos¬
quest
hardly
can
sible
expect
which
and
tallic properties.
have
ones
me¬
Of the light met¬
als,
only beryllium and calcium
not, as yet, been used indus¬
trially as structural metals. Cal¬
have
cium
is
reactive
too
it corrodes too
lium
Piper, Jaffray
Hopwood
is
the
in
position
The
the
sures
MEMBERS
as
industry.
the spectacular plas¬
In the transporta¬
tion field for
trucks, for automo¬
airplanes, mag¬
weight and de¬
weight.
plastics
costs.
wonder
this
Just
spring,
all-mag¬
fighter plane. It was built
as
a
prototype of the aluminum
planes. It handled very well.
It
Air Force
tested
an
nesium
flew
little
a
cheaper
minum
field,
to
faster
planes.
In
magnesium
lighter,
and
than
make
the
is
stronger
will
the
suitcases.
material
of
our
that
or
us
and the plastic in¬
rate such
a
about
every
In the future
we
five
will
practically everything about
to the
public
magnesium sheet, in¬
doubles
six years.
find
The
it
Al¬
age.
billion pounds will be
dustry is growing at
us
of
even
used this year,
be
alu¬
Samsonite line has been converted
use
Magnesium
most three
luggage
giving
are
is light, but
lighter; and in
uses
where their properties are
suitable, they will replace heavier
materials.
Plastics are truly the
bile parts, and for
nesium is saving
creasing
used.
Plastics
in
our
homes, in
our
transportation,
cars,
and
in
even
the
as
almost
ocean
tne
STATE AND MUNICIPAL BONDS
that
only go down
•
SAINT PAUL
are
made.
know
that
Dow
metal
from
millions
but
of
have
there
is
can
all
you
magnesium
Since
this
put into operation in
have
we
guess
gets
water.
sea
process was
1941
I
cost
improve¬
as process
taken
in
cubic
I
s
KERMIT SORUM
the
all
of
OSCAR BERGMAN
Allison-Williams Company
MINNEAPOLIS, MINNESOTA
sea
mile
—
of
removed
yet
a
hundreds
from
pounds
not
TWIN CITY STOCKS
as¬
but also
source,
the basic
ments
GREAT FALLS
limitless
not only
future
indicates
Exchange and other principal Exchanges
•
As we noted a moment ago, the
trend in modern design is to light
growth
tics
formerly
neither
for
magnesium
supply in the
BILLINGS
of
was
fifth
abundant.
•
as
Magnesium is only about oneas
heavy as iron and is
Established 1895
MINNEAPOLIS
stead of plywood and fiber board
supply in
that
contender
a
of
good properties,
lightweight industrial metal.
Corporate and Municipal Securities
New York Stock
limited
surface
like
seems
its
easily, and beryl¬
such
earth's
chemically,
of
Because
the growth of magnesium use has
been truly phenomenal.
It has
maintained the same over-all rate
the
engine.
we
Samuel N. Kennedy, Yarnall, Biddle & Co.,
F. Rice, Eastman, Dillon & Co., Philadelphia; V. Edward Knob, Drexel & Co.,
Philadelphia
Willard
metal parts from
7
1955
(Bud) Hardy, First Boston Corporation, Philadelphia;
Philadelphia;
Boston; John W. Bunn, Stifel, Nice
ture
Thursday, October 6,
THE COMMERCIAL and FINANCIAL CHRONICLE
sea
I
Phone:
ATlantic 3475
TWX MP 163
water.
Magnesium
is
easy
to
and mold, and because
light weight is finding in¬
creasing
acceptance.
The
old
machine
of
Kalman & Company, Inc.
its
prejudices about fire hazard
and
corrosion
MEMBERS MIDWEST STOCK EXCHANGE
Be¬
are
disappearing.
magnesium
cause
flash
bulbs
and
people thought of it
UNDERWRITERS & DISTRIBUTORS
as
in
used
was
fireworks,
a
serving
many
fire haz¬
the
ard.
Well, of course, magnesium
will burn, as will also iron, alu¬
minum, coal, wood, and many
other common materials, but
they
CORPORATE & MUNICIPAL SECURITIES
H eartland
of
a
rich
state
are hard to
ignite unless they are
finely divided. Have you noticed
Mcknight building
MINNEAPOLIS
ST.
PAUL
120
ST
P
ST P
hard
coal
1, MINN.
TELETYPES—
teletype—
mp
how
ENDICOTT BLDG.
1, MINN.
grill
93
was
117
it is to
get even char¬
when you want to
ignited
some
steaks?
Yet,
when
1
in
the university, one of the
chemical researchers was drying
(Corporate
Dept.)
(Municipal Dept.)
finely divided charcoal in an oven
at a temperature of merely 225°
F., just a little above the boiling
point
of
water.
tray from the
walk
As
oven
he
took
the
and started to
the room, the char¬
spontaneously
burst
into
flame right in his face.
The dif¬
Corporate and Municipal
across
coal
Securities
ference
is
that
his
charcoal
was
finely divided.
Fred S.
The same is true
for magnesium. When it is finely
Goth—Mgr. Trading Dept.
divided
it does ignite and burn
readily, but it is not a par¬
fire hazard in bulk form,
as
in sheets and castings.
In the
past 15 years, hundreds of thou¬
sands of magnesium griddles have
been sold.
Many of them have
IRVING J. RICE (r COMPANY
more
ticular
INCORPORATED
Members
2ND
Midwest
FLOOR,
ST.
Stock
PIONEER
PAUL 1,
Teletype ST P 30
GREGORY & SONS
—
Wire
York,
Telephone CApital 4-1881
been
System
flame
DEMPSEY-TEGELER & CO.
Direct
New
BUILDING
MINN.
'
Private
Exchange
\
for
years
over
.
..
348
service
company serves
busy Iowa communities look
and
42
for
gas
the heartland of
a
service.
to
this company
A great, fast-growing
rich state—and
serves
it
well!
open
ranges
without any
Incidentally, if you like
pancakes, these griddles are ex¬
cellent; they give uniform baking
because of their high heat con¬
ductivity. ?
gas
trouble.
to:
Chicago, St. Louis, Los Angeles, Detroit, Dallas,
Nashville, Cincinnati, New Orleans
\
used
Call the roll
for electric
IOWA ELECTRIC LIOHTE POWER
Li
u
I
General Offices: Cedar Rapids, Iowa
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
Thompson M. Wakeley, A. C. Allyn & Company, Incorporated, Chicago; Fred T. Rahn, The Illinois
Chicago; Herman J. Zinzer, Dempsey-Tegeler & Co., St. Louis; Donald B.
D. B. Fisher Company, Detroit; Samuel P. Johnson, Southwestern Securities
Company, Dallas
J. Russell
Company, Incorporated,
James
Potter, Arthur Wood Company, Boston; William J. Burke, Jr., May & Gannon, Inc., Boston;
Moynihan, J. B. Maguire & Co., Inc., Boston; William G. MacDonald, McCoy & Willard,
Boston; Wilfred G. Conary, G. H. Walker & Co., Providence, R. I.
i
E.
risner,
in
hobbies
our
creased
another
In
10
or
15
in¬
by
niture
if
fur¬
years,
a
,you
of the modern contour chairs
some
in
furniture
the
others
from
stores
today,
plastic laminate ma¬
terials like the Formicas and other
melamine products
which
are
be¬
ginning to appear on counter tops
in kitchens and on high-grade din¬
tables, and some will be
molded
directly
from
plastics.
Whole pieces of furniture will be
ing
room
in
molded
are
as
one-story
of
the
more
water,
from
resins in great presses
high as our modern
phenolic
that
seconds
few
a
houses.
The
will
future
furniture
cheaper,
be
durable, unaffected by
acids
or
keep
polished,
and
will
be
de¬
ing
finished
signed by the finest artists in t._e
piece of wood
will have to get an
antique or have it custom made,
because
by that time furniture
will be made from plastics, some
fiber-glass-polyester resins, like
want
you
,
improved
plastics.
of
use
The
commercial field.
wanted
Along with this improved fur¬
will come better, cheaper
houses. We will see many changes
through the use of plastics.
The
niture
doors
will
foam
coated
sheets
Dow
of
be
from
made
plastics
Styrofoam
coating
This
an
of
stucco.
interesting
reinforced
On
would
The
with magnesium sheets, for exam¬
wich,
ple
insulation
would weigh
will
only
quarter
a
present doors.
as
neither
shrink
nor
They
swell,
with changes in
temperature and humidity.
Not
only doors, but even the walls
warp
twist,
or
themselves
be
made
Last
in
from
week's
Week"
future
will
plastic
materials.
of
"Business
issue
carried
houses
an
article
solvents, easy to revolutionary house just
about
now
Members
New
York Stock
Members
Stock
Members
cement
Midwest
Chicago
Board
&
Co,
Exchange
Exchange
of
Trade
Associate Members American Stock Exchange
he
placed
Thus, he built
inch of plaster.
wind.
much
Collin, Norton
sandwich wall five inches thick
a
material, it is a plastic foam which
rigid but weighs only IV2 pounds
per cubic foot.
Such a door made
as
inside
the
which
is
Texas.
Styrofoam
then sprayed cement on the out¬
side to
give a one inch thick
with
an
for
he built walls by gluing together
metal.
or
is
Styro-
Houston,
different type house, so
a
three inch planks of Styrofoam. He
side
each
on
in
distributor
the
of
stand
200
mph
which is
a
Styrofoam,
material
core
gives
in
him
RUSS KEIER,
Manager
Unlisted Trading Department
sand¬
heat
much
as
is used
as
this
the walls
in
deep freezer. It keeps the
walls dry also, because the Styro¬
a
GARDNER BLDG., 506 MADISON AVE.
TOLEDO, OHIO
foam consists of millions of little
air bubbles
each
sur¬
by strong, durable,
plastics.
This
rounded
completely
wa¬
ter-resistant
Telephone CHerry 8-5571
Bell Syltem Teletype TO 100
du¬
rable, efficient house will cost less.
The
estimates that his cost
owner
will be about 85 cents per square
a
be-
foot,
compared to $1.25 in the
as
same
for less-efficient brick
area
Midland
In
veneer.
and
Grand
Rapids,
wall sections have been
by taking two inches of this
built
We
generally have buying and selling orders in the
Styrofoam
plastic
and
putting
waterproof
plywood
or
fiber¬
glass plastics sheets on each side
by use of a synthetic resin ad¬
following list of over the counter securities:
Aetna Standard
Atlantic Register
Engineering
hesive.
Bessemer Securities
Ohio Water Service
Commercial Shearing & Stamping
ESTABLISHED
Peerless Cement
Federal Machine & Welder
Valley Mould & Iron
Industrial Silica
Youngstown Steel Car
withstand
of
sures
the
even
wind
hurricane.
a
walls,
UNDERWRITERS
YOUNGSTOWN 1, OHIO
Telephone Riverside 4-4351
Specialists in
OHIO, KENTUCKY and WEST VIRGINIA
Listed and Unlisted Stocks and Bonds
than
SECURITIES
conven¬
and
they
require
Municipal Bonds of all Types
why not a fully plastic wall? That,
too, will come. Some daring, im¬
aginative
architects have
de¬
signed houses already with roof
sections
made
from
all-plastic
sandwiches. By placing sheets of
clear plastics on each side of Sty¬
rofoam,
one
obtains
a
panel
which is translucent.
Imagine a
living room in which the roof is
constructed of such panels.
The
whole
ceiling then
becomes
a
of diffused
source
1556 Union Commerce
only will the use of plastic
materials greatly change the house
the
future, but it will require
from
DAYTON
CHARLESTON
HAMILTON
WHEELING
Underwriters
—
Distributors
Members New York Stock
Exchange
American Stock Exch. (Assoc.)
Cincinnati Stock Exchange
chemical
the
lions
CINCINNATI
of
industry mil¬
synthetic
resins from which
these plastic
materials are made; and this, in
turn, will require a lot of chem¬
icals. Starting^with petroleum and
natural
gas,' and nitrogen and
oxygen from the air, the chemical
industry will have to work around
the clock to make enough of these
the
of
tons
Bldg.
CLEVELAND 14, OHIO
Telephone PRospect
Teletype—CV
1-2770
174
1707 Union Central
CINCINNATI
Bldg.
2, OHIO
Telephone MAin 1-3776
Teletype—CI 197 & CI 150
WALTER, WOODY and
light.
Not
in
DISTRIBUTORS
are
much less construction labor. But,
UNION NATIONAL BANK BUILDING
AND
OF MUNICIPAL & CORPORATE
pres¬
They
drier
and
warmer
tional
BUTLER, WICK & CO.
1908
These
panels, only two
and one-half inches thick, consti¬
tute
fully satisfactory outside
walls.
They bear the weight of
the roof; they are stiff enough to
Ohio Leather
Bessemer Limestone & Cement
field, Rickards & Co.
HEIMERDINGER
403 Dixie Terminal
Building
CINCINNATI 2,
Phone
MAin
Bell System
OHIO
1-5072
Teletype CI 188
materials fast enough.
too,
will use
plastic panels
Most certainly the
Transportation,
322-326
WALNUT
STREET
more
and
more
and
CINCINNATI
Phone—MAin
1-0560
2,
OHIO
Teletype—CI 585, CI 232
sections.
car
of
Wire
to
Francis I. du Pont & Co.
future
will
have
a
plastic body. The polyester fiber¬
glass bodies, which have appeared
on
Direct Private
the
of
a
few
runners
sports
cars,
are
fore¬
of the family
future. Fiberglass
car of the
reinforced plas-
Continued
on
page
76
Specializing in the purchase and
sale of municipal tax
and munic¬
ipal revenue securities.
76
Fred
J.
Mr. &
Casey, Doyle, O'Connor A Co., Chicago; Paul J, Bax^ First Boston Corporation, Chicago;
C. Tietjen, First Boston Corporation, New
York; Harry Li Nelson, Blytft A Co., Inc.,
Chicago; Fred T. Rahn, The Illinois Company, Incorporated, Chicago
Continued from page 75
food, In few
our
chemibals
are
uses
giving
more
results than in agri¬
already come a
long way from the first Bordeaux
mixture for spraying grapes. First
tics
are
came
Agricultural Chemicals
actually
tougher than
DDT, Chlordane, and Other
steel. They are lightweight, and
chlorinated products to combat in¬
-Most of the products to satisfy
sect pests; then came the growth
although not as easily dented by human wants can be divided into
spectacular
New Horizons in
bumps
are
when
fender is puctured or torn.
a
more
easily
I think it is safe to
most
years
of
predict that in
the
automobile
bodies will be plastics.
stop
with
about
the
new
What
lightweight trains
The interior of air¬
boats
small)—yes, and
products?
But, why
automobiles?
of the future?
planes,
repaired
(both
even
Already
large
major
areas
of food, clothing,
shelter, and transportation. In the
field of food, I'm not looking for¬
ward to synthetic substitutes.
I
pretty
well
satisfied
with
good old beefsteak. Nevertheless,
here again chemists can do a good
deal to improve on nature. You con
am
take the modern product,
glutamate, and apply it to
sodium
a
"so-
of
killers.
weed
introduced
some
sprayed
on
of
will be satisfied with this sort cf
for,
stead of wood.
the
will
improvement
food
become
field;
but
on
nature
as
leaves
funny
the
as
it
weeds.
pounds,
know, some kinds of
persistent weeds—and,
you
as
grass
and
are
in
fact, grass is the biggest weed
problem of the American
import farmer today. A spray,of Dalapon
will kill the grass and not injure
chemicals
increasingly
grass
control
such crops as beets,
or
alfalfa, grapes,
growth-controlling chem¬
icals have been
foliate cotton,
developed to de¬
others to thin fruit
the
temperature
about
degrees,
53
fall
blossoms
.
can
the
In
the
from
the soil.
much
can
be avoided.
preparation
soil
future,
aided bv chemicals added
be
If the
ground has too
clay, then hydrophilic resins
be added to perform the same
function
as
the
the
If
manure.
the
soil
is
in
acids
humic
too
sandy,
nematodes
the soil
in
Chemistry
and
in¬
even
Food
ingly to improve the quantity and
quality of our food. By controlling
the growth conditions, we can in¬
the
crease
vitamin
content, the
important trace ele¬
ments, and the protein content of
food plants. Chemicals will also
of
amount
play
important
an
role
in
meat
production in the future. Animals
if
faster
grow
riched
thetic
with
their
feed
vitamins
is
and
en¬
syn¬
proteins, and they will re¬
through chemical
main
healthier
added
sites.
This will lead
meat
production.
hydrophilic resins can be
to give the same moisture
holding
properties
as
organic
To
matter.
In the
be
future, chemicals may re¬
place the moleboard plow which
so
revolutionized farming a hun¬
and
existing
tion
dred
ago.
years
cover
chemicals
The
will
and
be
the
Eventually, weeding
the
control
..
.
of
killed
insects
as
by
crops
new
all
pests
developments will
plant life with atomic radia¬
will bring about mutations
which start
process
new
varieties. By this
the researcher
up
nature
the
creates
new
MUNICIPALS
Trust Company
Georgia
Telephones:
WAlnut 1671 and L. D. 521
15 Broad Street
Bell Teletype AT-283
Telephone: HAnover 2-1561
The Bank Wire
Teletype: NY 1-2712
Private wire Atlanta
-
New York
can
processes
South Carolina, and General Market
Representatives
para¬
many
GEORGIA,
of
and
to lower cost
new species
of
plant life. Bombardment of seeds
well as speed
and
these
added
disease
for
Alabama, Florida, North Carolina,
Bell
kill
to
Chemicals will be used increas¬
treatments
Specializing in
New York
other
and
and
the weed seed before planting.
other
ground
fruit trees.
Other
if
below
this loss
to
like grass only a
temporary stunting occures. Now,
at Dow, we have developed a new
one which we call Delapon. It kills
the
moderate
is
kill
sects
Research has dis¬
plant and no tomatoes form. By
spraying with suitable chemicals,
will
This is not
in
tomato
leaf plants
cellent steak out of it. I, for on?,
being made from plastics in¬
kills
plants,
leaf
that
covered
thin
so" piece of beef and made an ex¬
the
broad
in cool weather.
absorbed, carried to the roots, and
causes the plant to die, while for
will largely be done by chemicals.
The ground will be fumigated to
good yield cf tomatoes even
sure a
drops
For
this chemical, when
reason
fruit trees, so as to get the
right number on the tree to de¬
velop the highest quality fruit in
size and texture, yet others to re¬
duce the windfall of apples and
other fruit, and chemicals to as¬
on
Dow
1946,
which
2,4-D,
and
most
In
weeds but does not kill grass.
other hobby
fishing rods and bows for archers
are
the
culture. We have
Chemistry
Johnson
Wilson,
in growing
tant
Wm. P. Harper & Son & Co., Seattle; Mr. & Mrs. James M. Stewart,
& Higgins, San Francisco; Mr. & Mrs. William J. Zimmerman,
Bingham, Walter & Hurry, Inc., Los Angeles
Mrs. Hugh R. Schlicting,
Herbert
10
Thursday, October 6, 1955
THE COMMERCIAL and FINANCIAL CHRONICLE
greatly
by which
varieties.
John J. O'Kane,
Jr., John J. O'Kane, Jr. & Co., New York; Milton Pauley, Troster, Singer & Co., New
York; Mrs. Firmin Fusz, St. Louis; Arthur Weigner, Lehman Brothers, New York City;
Firmin D. Fusz, Jr., Fusz-Schmelzle &
Co., Inc., St. Louis
Truly, the chemical industry will
be of great assistance in
the
agri¬
culture of tomorrow.
fields
other
than
food
pro¬
duction, new and better chemical
products will replace old ones. In
clothing,
for
textiles
the
will
natural
properties
price
example, synthetic
ultimately replace
fibers. The superior
and
the
ultimate
low
of
synthetic textiles, based
automatic plants, will
ultimately drive even cotton from
on
modern
common
use.
This
is
fine
a
rangement, because the land
used
be
to
grow
needed
abundant
natural
for
food
ar¬
now
fibers
even
will
in
within
country
Rayon is just
however,
Textiles
In
it.
rearranged
processing.
our
few
a
a natural fiber
through
chemical
In the latter 1930s,
the
only natural
wool, and linen.
Then, about the turn of the cen¬
tury, chemists learned how to take
cotton
were
produce
rayon
from
waterproofing resins. The
Corning Corp. is now be¬
ginning to market a resin which
Dow
thetic
each
fiber,
tate
the
silk.
In
cesigned to imi¬
was
chemical
the
ists have
last
structure
10
learned
years,
of
chem¬
about
more
the
large molecules in synthetic resins
have
and
such
In
as
developed for
us
fibers
Orion, Saran, and Dacron.
these
fibers the
chemists have
used their
knowledge of synthetic
resin
structure
to
put together
fibers with specialized properties.
In the future, by mixing the syn¬
thetic
resins
that
can
by discovering
any
into
go
new
fibers
ones,
we
expect new fibers with most
cotton,
and
silicone
as
waterproof as a duck's back.
When this resin is put onto cloth,
it forms a very thin layer around
and
At first there
property
desired;
these have been
they will
woven
be treated
and
into
when
be put onto a cloth to make it
can
individual
the
cloth
ier feel.
will
won't
STOCK
EXCHANGE
Broadway
1-1980
Moline, Illinois
Wire
Between
St.
away
have
as
Louis
and
Chicago Offices
the
in
dis¬
now
we
thinking
the
world
these
know
efficient
future
growth
on
at
the
useful
enjoy¬
for the
page
DEMPSEY-TEGELER &
MEMBERS
NEW YORK STOCK
★ UNDERWRITERS
EXCHANGE
AMERICAN
STOCK
EXCHANGE
★ DISTRIBUTORS
(Associate)
MIDWEST
STOCK
EXCHANGE
★ CORPORATE
LOS
&
ANGELES
STOCK
OFFICES
our
about
Los
around
bodies
bodies
chemical
of
10th and Locust
•
are
plants
Angeles
Chicago
Tpi.tvn.
leieqrpe
St. Louis 1, Mo.
(Trading Department)
MunjCjpa| Department)
Pasadena
Glendale
SL 144
SL 491
Beverly Hills
Fullerton
Newport Beach
La Jolla
Santa Ana
Nationwide Wire Service
Joplin
few short years,
Fayetteville
Muskogee
of
human
disease
ail¬
and
One of t^ese days we shall
made sufficient progress in
that
against
scientists
offensive.
human
will
LOCATED IN ST. LOUIS
dis¬
take
They will show
arrange our
the
how
physical health so
us
Heart
to
take
can
chemistry in
to
change
disorders
BUT
our
be treated by
may
arranging
of the Middle West
the
body. Many of
you here may live to see the day
when the color of the eyes or hair
may be changed, at will, by use
of
synthetic
hormones.
Mental
the
chemistry
of
We Make National Markets in
Unlisted Securities
re¬
the
i
human body in similar manner.
Direct Private Wires To
Chemistry and Atomic Energy
New
No estimate of the future would
be
complete
without
considera¬
York,
Denver,
Chicago,
Dallas,
Los
Houston,
Angeles,
San
tions of atomic energy.
of course,
only
a
It is now,
question of time
Louisville,
until abundant low-cost power can
be had from atomic reactions.This
will be
dustry,
a
Lexington,
Milwaukee
and
San
Francisco,
Antonio,
Nashville,
Kansas
Jackson,
City,
Miss.
boon to the chemical in¬
because
many
chemical
either high temper¬
large quantities of elec¬
processes use
atures
or
trical power.
There is
future
SCHERCK, RICHTER COMPANY
Members
even
process
more
improvement
320 N.
by
uranium
Stock
Exchange
.
disintegra¬
4th Street
ST. LOUIS 2, MO.
radiations frolm atomic power and
in the radio-active products which
from
Midwest
promise for
the application of the high energy
result
78
CO.
of yesterday
defenses
we
improved
our
shows
It
Continued
develop
immunity
from
many
of our present ailments.
They will make hormones which
Louis, Mo.
had
EXCHANGE
about
You
a
have
as
St.
many
for
ment.
the wonder
have become
the
commonplace medication of
today. Although less spectacular,
great
advances
are
also
being
made
in
the
development
of
chemicals for the specific treat¬
to
Peltason, Tenenbaum Co.
have
MUNICIPAL SECURITIES
been
things
What
ease
Private
bility of
products
ble.
ments.
Telephone—GArfield
Chicago, Illinois
we
St. Louis
We
ment
2, MISSOURI
now
before possi¬
ones never
new
we
cheaply, and for mak¬
look
chemical horizon shows the possi¬
Medicinals
new
In
INCORPORATED
ing
more
Kleenex.
drugs
Stifel, Nicolaus & Company
have
Recipe for Industrial Growth
The
they
Unfortunately, they
have
a
way
of getting out of
kilter and needing some repair.
Here, too, is an opportunity for
the chemical industry.
BANKING
Teletype—SL 392
that
be laundered but will
themselves.
INVESTMENT
ST. LOUIS
cheaply
so
bp thrown
card
making the old products
for
appear¬
fireproof, and others will
even
pretty
OF
314 N.
ironed to
well-tailored
made
ours?
SIXTY-FIVE YEARS
to be
Yes, and many of our clothes
be
be
need
even
that
ance.
processes
soil
or
easily, and which wash easily and
have
chemical
smoother, silk¬
a
clothes that do not wrinkle
not
efficient
longer wet by
dirt, while at the
ture, the rain coat will be an an¬
tique. We can look forward to
do
tion. These things offer broad new
fields for developing new, more
In the not too distant fu¬
cloth,
by the
no
time it has
same
us.
MIDWEST
is
fiber; thereafter,
water and sheds
new
MEMBERS
DeShong, Dallas
Rupe & Son, Inc., Dallas; Winton A. Jackson, First Southwest Company,
Dallas; G. Harold Pearson, Mountain States Securities Corporation, DenVer; John L* Canavdn, Rauscher,
Pierce & Co., Inc., Dallas; Graham
Walker, Joseph McM&niiS & Co., NeW York
du Pont company
developed and began to market
a completely synthetic
fiber, '"Ny¬
lon."
Nylon, the first truly syn¬
decades.
fibers:
Harold E.
Bell
Teletype SL 456
GArfield 1-0225
THE COMMERCIAL and FINANCIAL
(Ffotit
John M. Hudson, Thayer, Baker & Co., Philadelphia;
Los Angeles; John W. Bunn, Stifel, Nicolaus &
Robert D. Diehl, Pains, Webbef, Jackson & Curtis,
Company, Incorporated, St. Louis; Lfex Jfiflley, The
Robinscn-Humphrey Comrany, Inc., Atlanta; William J. Burke, Jr., May & Gannon, Iric., Boston;
Thompson M. Wakeley, A. C. Allyn and Company, Incorporated, Chicago
Continued
from
dollar-and-cents
research.
in
confidence
of
vote
Rosie
things that make management
willing to invest in research and
which makes your clients willing
The
New Horizons in
chemical
turns
for
industry
the
and
good
re¬
investor.
Will
this
Chemistiy
enough to try
the future?
ever,
anxious
There
to
expand
new
and
is
daring
ideas.
two other
items, how¬
which are required to trans¬
This much is certain: the mar¬ form this picture into reality; we
ket is there, We all want more must have plenty of efficient re¬
and better products; moreover, our search, and we must have enough
high wages furnish the necessary investment capital to build the
purchasing power to transform new and expanded facilities re¬
our
wants
into purchases.
The quired, The chemical industry has
are
the
present.
Unless government
ered
action make it
the
for
dustry to maintain
chemical
in¬
healthy profit
a
the
and
&
the
a
from
their
the
past
the future plans for
I am convinced that
fore my appearance,
industry,
is
no
chemical industry
mirage.
submit
to
exhibit
will grow to be¬
also
than
Beane.
Harry Riter,
as
the
National
Manufacturers
Chairman
of
President
Association
159
and
former
a
the
believe that isolated in¬
does not
of
stances
lack
should be used
information
of
as
a
basis for
of
Exchange
the
Securities
1
Commission,
Bill
upon
are
in
names
It's
before
me
this themselves—are
give
to
any
such
request
stockholder
proxy
as may
previously
an
corpo¬
of their officers
other information
formally
been
given.
get how close the issuers of over-
and more
more
the
to
public.
the-counter
The
my
appearance
the
to
securities usually are
houses
maintain
which
their markets. Personally, my
on
Continued
July 1, wrote the managements of
on
Underwriters
—
Distributors
still
—
Dealers
★
haven't heard of any reasons
ing given,
be
I
-
Humphrey Company, Inc.
GEORGIA
might add,
that, in reply to
inquiry from the staff
written
AND
AND
PUBLIC
INSURANCE
TEXTILE
MUNICIPAL
of the ablest in the
LONG DISTANCE 421
that
he
mand for this
people of
knew
Inquiries Invited
"There
Is Adequate
On
matter
the
NATIONAL
ATLANTA 3,
legislation from the
BANK
■
BUILDING
GEORGIA
Telephone CYpress 2731
Teletype AT 155
State.
our
all Local Securities
i
FULTON
de¬
no
on
★
business,
of
SECURITIES
SECURITIES
tee at the conclusion of the hear¬
one
UTILITY
STOCKS
ISSUES
SOUTHERN
of Senator Lehman's Sub-commit¬
replied
WALNUT 0316
BANK
ings, our Minnesota Commissioner
of Securities, Theodore Ofstedahl,
RHODES-HAVERTY BUILDING
ATLANTA 1,
INDUSTRIAL
corrected."
a
The Robinson
be¬
evils that need to
any
Information"
of
information,
there is adequate information. To
Julian
W.
Tindall
J. Hollis Austin
listen to
James
B.
Dean
Eugene P. Willis
James
D.
Chesnut
Eugene E. McNeel, Jr.
of the Sub-commit¬
some
tee, and its staff, one would think
that we operated in a wilderness
UNDERWRITERS
DISTRIBUTORS
DEALERS
of
ignorance, and sold, not on in¬
formation, but on intuition and
desire.
Georgia Municipal Bonds
.i
.
.
Water & Sewer Revenue Certificates
That's
I
nonsense.
would
call your attention to the fact
that,
fully listed
issues on all exchanges, according
to SEC figures as of June 30, 1954;
against
as
Fitch
the
3614
furnishes
information
Johnson, Lane, Space and Co.
INCORPORATED
on
corporations with 1326 issues;
Moody — 7620 financial institu¬
Georgia and South Carolina
tions, 3821 industrials, 861 public
utility, and 1245 transportation.
Municipal Bonds
1104
All Southern & Local Issues
Standard
domestic
★
★
★
★
1 t
J
these
totals
of
amount
of
Teletype
AT
98
FULTON NATIONAL
BANK BUILDING
3,Georgia
the
of
CORPORATE BONDS & STOCKS
3614
of the
& LOCAL SECURITIES
substan¬
information
corporations
re¬
in
the
ATLANTA
they operate and in
are sold, or
SAVANNAH
AUGUSTA
which their securities
of
Atlanta
3922
Think
against
tics take account
quired
cover
Nor do these statis-'
states where
1614
Poor's
as
listed issues.
tial
J. W. TlXILYLL & C OMPANY
and
corporations.
the
right
of
stockholders to
as they
demand such information
require.
.
In 1946 the SEC listed 119 com¬
panies
whom
they
accused
of
BELL
AT
182
TELETYPES
SV
16
fi
page
HANCOCK,BLACKSTOCK 8 COMPANY
and
and
not have
The advocates of the bill also for¬
Washington office of the NASD a
week
many
Each year corpora¬
giving
information
1949.
Fulbright
the
of
un¬
necessarily burdening small com¬
panies/'
Later, Mr. Riter said:
"Very frankly in the testimony I
have listened to today and also in
reading
the
testimony
of
the
Chairman
tions
of
NASD, said at
of the hearings: "The NAM
one
tional
am
as
100
forget that most
—
willing
giving inadequate information to
the public and added an addi¬
obsolete list.
But
of
&
the respcr3S2was able to»
could wish.
rations
for full disclosure.
im
week be¬
Committee
the
more
have told
are
the
In
replies,
and the over-whelming majority
giving all the information one
The
biggest industry.
The NASD and the Fnlbiight
for'
holders
securities
year.
amazing, and I
was
lislr.
SEC
asked
of everything they had sent,
of chemical manage¬
9
page
and
to
tonight
our
copy
the
on
above
Proponents
us
Greenberg,
Thomas
Mrs.
companies
mentioned
future we have consid¬
rosy
come
the
Bill
Continued
All of
l8g/j.
Mr.
out
the attitude
ments,
examine
chemical
the
of
record
I
When
the industry,
Lynch, Pierce, Fenner
Distributors And Underwriters
Tisch, New York City;
the conditions for
rapid growth are all
the profits which
the industry is expected to make.
impossible
Pat
future,
continued
ical industry are
technology is ripe; science and en¬ customarily spent about 3% of to¬
gineering have developed to the tal sales for research. Only the
stage where progress can be very electronics and aircraft industries Smith, Managing Partner, Merrill
Investment Securities Since
in
to invest their dollars in the chem¬
rapid in the next decades. Chem¬
ical management is willing and
picture become a reality or will it
prove
to
be merely a mirage
which will fade as we approach
McCulley, Dallas;
C, E, UntCrbergj Towbin Co., New York City; (Back) Charles A. Bodie, Jr., Stein Bros. & Boycc,
Baltimore; C, Rader McCulley, First Southwest Company, Dallas; Alfred F. Tisch, Fitzgerald &
Company, Incorporated, New York; Harry Hudepohl, Westheimer and Company, Cincinnati
this
match
can
77
page
Row)
Thursday, October 6, 1955*
CHRONICLE
AU
68
"m
79
Number
Convention
The commercial and financial chronicle
79
W. Bunn, Mr. e/, Nicolaus & Company, Incorporated, St. Louis, retiring President of NSTA,
extends congratulations to Lex Jolley, The
Robinson-Humphrey Company, Inc., Atlanta, President-elect
John
Byron and Arlene Sayre, John Nuveen & Co., Chicago
Continued
from
78
page
The NASD and the Fnlbright Bill
has
a
been
never
turned
down
$15,000. There would be duplicate
or triplicate
reports to made out,
on
request for "inside information"
our
the
popular
primary market.
This brings up the question of
inside
trading
and
its
related
problem of sponsorship. Frequent¬
ly a member of firm making a
primary market in an over-the-
for
securities
on
any
firm
for
company
makes
whom
the
state
the
corporation,
securities
stable
Then,
exists
on
the
exchanges.
Is
a
of
and
tion.
If
latter
the
ferred
SEC
the
wrote
the
on
to
have
C&S
above, to send us their
m
all kinds, from
in New York State
came the following
letter, trans¬
mitting to us their latest annual
statement. I incorporated this let¬
ter
in
my
testimony.
I quote
Ewing T. Boles, President, In¬
Incorpo¬
rated, a former President of the
Investment Bankers Association of
and a one-time Gov¬
NASD, appeared most
effectively against the Fulbright
Bill.
He stressed particularly the
burdensome costs and the dangers
America,
in Georgia
re¬
current reports of
Costs
firms
thai
the
corpora¬
list I
5
bank with the
modest,
were
we
When
tions
vestment Dealers of Ohio
company
verbatim:
of the
inherent
the
to
"We
required
by
the
SEC
small
a
750
imately
present
business in
small
are
We
stockholders, and at
a yearly
and
proxy
per
as
en¬
closures.
ago we supplied
more
information,
and
our
competitors, whose stock is family
"Years
would
«s Si
supply only
we
statement
w,
detailed
unreasonably time-consuming,
would have to be met by a limited
owned, used
personnel, and the actual costs in
age
dollars range between
company.
small company with approx¬
are a
meeting the requirements of the
bill.
The reports which
would
be
of
top U.S.
production
capital posi¬
costs,
working
weaker business went to the wall.
one
be
out
dif¬
mortal
the big competitor might feel
he could cut his prices until
that
about the "double standard."
ernor
sales
down
relationship which brings stability
unlisted markets, to be de¬
stroyed by those who talk easily
Burdensome
then
their
the possibly
too,
costs,
to the
The
with
information by the little fellow to
his stronger
competitors, break¬
often
than
market
Federal
and
forms
and
danger of the giving away of vital
thai
maintaining
thus
more
of
readable
holders,
fering accounting forms.
counter security is on the Board
of Directors of the issue. He also
positions
and
with
it to our disadvant¬
customers, and it
our
Continued
$10,000 and
on
page
80
Of America's
fifty largest corporations, thirty bank with The
Citizens & Southern
—
the time-tested
production and marketing
to
area
banking gateway to
a
that stretches from Louisiana
the Atlantic.
With its network of 22 banks and offices
covering Georgia,
plus its 600 Southeastern correspondents, The C&S brings
Where is Prosperity?
We
can answer
that.
in South Carolina
our
Prosperity is
—
just
a
a
busy little town
few miles from
one
you
unsurpassed facilities for serving
Facilities
developed through 68
years
your
business needs.
of pioneering leadership
in services to business.
of
These
S. C. offices.
time-and-money-saving services include:
•
Throughout the Southeast,
salesmen and net-work of
our
clearing of checks daily to every banking
community in the Southeast.
19 offices, 100
Direct
and
That
small.
Retail distribution
when you
big
•
Locating and developing plant and office sites in Georgia.
distribution.
•
Providing fast and reliable credit information.
we're good folks to call
•
Stimulating
•
towns
Backing
private wires
means
means
retail
cover
have large blocks of stock to sell
This coverage
also enables
markets in many
us to
or
buy.
maintain trading
southern and national issues.
Whatever
come
closer
your
business
your
by teaming
the Southeast's most
Established 1925
Members New York Stock Exchange
Atlanta
up
aim
in
the
Southeast,
you'll
with The Citizens & Southern,
comprehensive hanking systeyi.
The CITIZENS & SOUTHERN
Investment Bankers
and Other National
sales via installment loans to consumers.
dealers with financing and sales counsel.
your
NATIONAL BANK
Exchanges
New York
LD-159
B0-9-9227
AT-188
NY-1-2370
Bond Department—Atlanta,
Georgia
Tel. ALpine 3811
Members
Federal
Deposit
Long Distance: 271 and 272
Insurance
Corporation
Teletype: AT-399
Alfred A. and Evelyn
P. Brown, Baker, Simonds & Co., Detroit; Fred T. Rahn, The Illinois Company, Incorporated,
Chicago; Mr. & Mrs. Thompson M. Wakeley, A. C. Allyn and Company, Incorporated, Chicago
William
Continued
cf
from page 79
us
ness
who have been in this
20
years
the past have
unfriendly
the Fulbright Bill
without
formation
require
punitive in
That
condition
come
the
again.
area
their
might
Why, then, increase
of jurisdiction and con¬
Investment trol, when unnecessary?
the
Let's not fool ourselves. On page
industry, hostile to true
complete
give
more
frequent,
reports would
detailed
be a ter¬
company."
and
hardship
this
to
broad
the
with
concerned
also
were
the
granted under
Bill. I read from
Fulbright
powers
Municipal Bonds and Corporate
formal statement of July 1:
"Moreover,
we
are
concerned
with the grant to the Securities
my
and
to
and
decisions.
have
since
only yearly in¬
sales figures.
to
us
information
We
Banking
in
been fundamentally
enterprise,
we
that time supplied
rific
busi¬
at bitter
loss of business to us.
a
"Accordingly,
To
learned,
6, 1955
E. and Mildred Robson,
Harmet, A. A. Harmet & Co., Chicago; Henry
Eastman, Dillon & Co., New York
cost, that some Commissioners
The NASD and
meant
Thursday, October
FINANCIAL CHRONICLE
THE COMMERCIAL and
80
Securities
Commission
of
broad powers
to define certain
terms necessary to implement the
provisions of the bill. We believe
Exchange
that such broad powers
Local Industrial & Utility
Stocks
Trading Markets
should not
be
granted to an administrative
agency without compelling
rea¬
sons.
For example: the Commis¬
Retail Distribution
sion
may
exempt certain
cor¬
porations; it must define certain
terms; it has the power to de¬
termine
the
if
applicable
no
STRADER, TAYLOR & CO., INC.
remain
if the corporation
LYNCHBURG, VIRGINIA
specifically covered
is
longer
shall
law
even
by the terms of the bill; the power
to define assets; who are to be
considered the 500 securities hold¬
LD 39
-
5-2527
-
TWX LY 77
other criteria. Should not
specifically study,
recommend,
and
define
guides
ers; and
the
Congress
and standards for Commission ac¬
af¬
tion and acquaint corporations
fected with the intent of the Con¬
gress?"
"We Are Opposed to More
Regulation"
Finally, I
to our strongest
come
objection to the bill.
posed
such
If
Firm Markets In
to
must
we
SECURITIES
tion,
tive
as
as
of
our
New York
Rhoades & Co.,
of
Correspondent
a
Orrick
missioner
today,
that
1920
I
am
UNDERWRITERS
-
about
the
MEMBERS
PHILADELPHIA-BALTIMORE STOCK
EXCHANGE
DISTRIBUTORS
-
DEALERS
Southern Building,
STerling 3-3130
Washington 5, D. C.
Teletype: WA 28 & WA 95 & WA 509
The
say,
this
present
very
but
this plat¬
on
he
must know
personal in
am
I
what I
•
am
together.
program
Commission,
sincere in this,
and
are
in
Those
the
of
us
business
who
more
I
stern
sym¬
have
than
Office: Alexandria, Va.
years
has
not
know that that condition
always been
true. Those
Telephone 8-2821
W. VA.
Corporate LY 62 & 63
Corporate Stocks and Bonds
Municipal Bonds
Unlisted Securities
"handing out
fair, and objective yet
pathetic.
20
N. CAR.
apple sauce" because we are
been
Branch
to
sharing
am
Telephone:
VIRGINIA
lessening
being
and
not
is
these comments, nor in
Johnston, Lemon & Co.
Ca££j(ynMrunj
desire for more power. Com¬
form
ESTABLISHED
evils.
two
there is seldom, if ever,
Carl M. Loeb,
the
Regulation feeds upon itself, and
Direct Private Wire to
LYNCHBURG, VA.
against more regula¬
lesser
the
1932
inadequate in¬
of
choose the first alterna¬
we
me
1955
when
between
choose
evil
SCOTT, HORNER & MASON
not necessary.
is
regulation
formation
WASHINGTON
regulation,
more
occasional
We are op¬
Underwriters
& Distributors
Municipal LY 82
-
Star
102 of the
C., Martha and Peter Koerner, F. S. Moseley 8l Co., Chicago
Transcript, Senator Ful-
bright in discussing the total
ber
of
come
companies
under his
to
to
easy
point
many,
extend
it,
well
would
the
hearings,
go
in
the
same
further later."
feel
the
same
way,
as
they
I think that if this
and I
believe
be
be
would
Besse, President, Boston Stock
Exchange, in his testimony said,
"I have
respect
Senator
a
to
500
stockholders.
extended
close
I
Senator
able
NEW
YORK
Government
-
Municipal
Corporate
-
Securities
—
Underwriters
last
day
turned
to
"I
Brokers
into
this
ter
Established
for
Direct
F.
S.
Wires
Moseley & Co., New York
Gregory & Sons, New York
Miller & Co., Los Angeles
Walter C. Gorey Co., San Francisco
& Crawford, Inc., Atlanta, Ga.
Louis C. McClure & Co., Tampa, Fla.
Odess, Martin & Herzberg, Inc., Birmingham and Tuscaloosa, Ala.
Beil & Hough, St. Petersburg and
Leesburg, Fla.
Clisby & Company, Macon, Ga.
the
the
for
Exchange
Active Markets in Local Issues
and
ques¬
people
are
themselves.
the
to
stock
Direct Private Wire to New
CARL M.
York Correspondent
LOEB, RHOADES & CO.
Charles & Chase Sts., Baltimore 1, Md.
Telephones: Baltimore—LExington 9-0210
That
Bell
Teletype
—
New York
—
WHitehall 3-4000
BA 270
exchanges,
firms who
have tes¬
here.
not
am
those factors
of
member
a
the
as
do
chair¬
feel
that
to be scrutinized
are
closely, since
very
Stock
gets
one
more
bill
subcommittee,
knows, but I
man
to
Revell,
more
something to gain, bet¬
"Now, I
the
York
Stock
Exchange (Associate)
Philadelphia-Baltimore Stock Exchange
of
comment
Lehman,
the
thing,
member
tified
1899
Members
Exchange
American Stock Exchange (Assoc.)
Philadelphia-Baltimore Stock Exchange
—Members—
New
American
the hearings, he
of
business
the
New York Stock
Mead, Miller & Co.
tionable appears the necessity for
this bill. And I cannot help but
recollect that nearly all the pro¬
applies
JOHN C. LEGG & COMPANY
the
Senator
think
ponents
—
I
down.
of Connecticut, an
distinguished man.
On
who have
Dealers
farther
Bush
said:
INSURANCE STOCKS
with
and
the
BALTIMORE
still
be
fully as much in the
public interest if not more so."
minor reservation with
the
legislation is—
legislation, I cannot
coverage could not
why the
see
& Company, Inc., Denver
it to be—a benevo¬
lent piece of
W.
change that." At another
in
will
fight the "double standard." Harry
if there is
it
commented
"We
The staff of the Exchanges may
would
bill, said: "After
they digest this
need
which
Lehman
vein:
num¬
Virginia and Bernard Kennedy, Bosworth, Sullivan
have really
we
public demand.
no
French
"Twenty-two
when
first
we
23
or
years
wrote
the
ago,
ROBERT GARRETT & SONS
Securi¬
ties Act and created the Securities
and
Exchange Commission, there
a
big public demand and a
was
good
very
for
reason
it.
And
ESTABLISHED 1840
I
Build
certainly feel that that bill, which
Alex. Brown & Sons
I
Established
amended
we
ally,
the
as
served
1800
last
Senator
useful
a
will
recall,
MEMBERS
purpose.
"Most of the small industries in
Members New
York
Members
and
Philadelphia-Baltimore Stock Exchanges
American Stock
Exchange (Associate)
state
our
what
should
are
BALTIMORE
New
York
Washington
Winston-Salem
BROKERS AND DEALERS
Municipal and General Market Bonds
Baltimore Bank Stocks and Local Securities
small
be.
good,
examples
industrial
Their
labor
public
New York Stock Exchange
of
American
Stock
firms
relations
Exchange (Associate)
Philadelphia-Baltimore Stock Exchange
relations
are
good, their relations in the neigh¬
borhood where they operate are
good.
And I do feel that unless
Redwood &
South
BALTIMORE
Sts.
115
2
NEW
Broadway
YORK
there is
some real public purpose,
necessity, for
additional
regulation of these companies, that
the committee ought not to seek
to impose the additional regula¬
tion provided for in this bill.
public
"As
ESTABLISHED
fine
are
the
for the Future by Investing in America'
incident¬
year,
I
began
consideration
MU
5-7600
6, N. Y.
BArclay 7-1919
Private Wire Between Baltimore and New York
Offices
of
this bill myself, I had no particu¬
lar feeling about it one
way or
the other. But the more one hears
1900
the testimony, I am obliged to
say
that I am inclined to feel that the
bill
BAKER, WATTS & CO.
is
Many
ing
HJe J)nvite
unnecessary."
at
years
dinner
a
I
ago,
in
was
St.
tjour J)nquirieA
presid¬
Paul.
In
introducing
Members
Members
New
York
Stock
Hal
Exchange
Philadelphia-Baltimore Stock Exchange
Associate
Members
American
Stock
Ganson Purcell and
Dewar, the then Chairmen
Exchange
of
the
Securities
Commission
and
the
and
Exchange
NASD, re¬
BALTIMORE
SECU
spectively, I said irreverently that
I never thought of what these gen¬
U.
S.
Government
Bonds
tlemen
State, County and Municipal Bonds
Public
Listed
Active
Authority
and
Unlisted
and
Trading
Markets
Revenue
Stocks
in
and
Local
Bonds
Bonds
Securities
did
of
our
without
my
land
once
grandmother
and
knew:
ever
made
old
lady
"she
dearest
She
regula¬
think¬
New Eng¬
said:
an
Grandmother
kindest
BALTIMORE 3, MD.
investment in¬
our
ing of the remark
describing
CALVERT & REDWOOD STREETS
to
dustry, as heads
tory mechanism,
old
Representative:
Clarksburg,
New York—CAnal 6-7162
Bell
W. Va.
Baltimore—MUlberry 5-2600
System Teletype—BA
395
Stein Bros.&Boyce
in
A Baltimore Institution since 1853
friend.
is
the
lady
I
6 South Calvert Street,
LOUISVILLE
cats."
We
ter.
a
Teletype: BA 393
just don't want to give the
bigger kettle of
warm
wa¬
MEMBERS
CUMBERLAND
NEW YORK
EASTON
PADUCAH
Securities and Exchange Commis¬
sion
Baltimore 2, Maryland
Telephone: SAratoga 7-8400
always warmed
the water before she drowned the
Telephones:
RYLAND
a
OF
NEW
and other
YORK
STOCK
EXCHANGE
leading exchanges
r
Bankers Bond
The
Continued
Co., Inc., Louisville, Ky
fully
from page 8
The SEC and the
are
registered
24,
May
The
of the bill is to
of
solicitations,
proxy
transactions by insiders,
venting
unfair
of
listed
by the absence of legisla¬
fair
—
tion
financial
making
rate
holders
closures of the
reporting
Exchange Act
vestors in the
is
has
that
ap¬
listed
predecessors,
be
about
of
un¬
public investors.
originally intro¬
to
available
bill,
ily
The
as
standard
deficiencies
which
the
At the
tion of the Committee.
of
quest
Fulbright
Senator
Commission
re¬
the
prepared appropriate
amendments to the bill,
of the proposed legis¬
lation.
the
of registration of equity
security
and
a re¬
imposed
a
total
it
but
holders,
asset
of
Active Markets in All Issues
also
test
Wagner, Reid and Ebinger, Inc.
Members
Midwest
Stock
bill,
was
House of
Exchange
exceeds
Act
1933
of
$1,000,000.
Registration of unlisted securi¬
terminate
ties would automatically
after the issuer certifies
the
of
of
000,
class
of
less
500
than
$1,000,-
persons,
debt
tation, insider trading and margin
minating
security,
or
was
securities
The Commission is also
to
its
upon
own
application
motion,
notice and hearing, if it
continued
in
registration is
public
the
ndt
LOUISVILLE 2, KY.
TELETYPE
BELL
TELEPHONE
292
LS
WABASH
4191
™!
BANKERS BOND «
INCORPORATED
legislation.
As
originally
^IIIIIIIIUIIIIIIlllllllllllllIIIIIIIIIIIIIIIIIIIKIIIIIIIIIllllllllliiiiiiiiiiiiiiiiiiuiiiiiiir*
bill would
istration
LOUISVILLE
Holman R. Wilson
Robert T. Vail
Walter Trinkle
Hoyt G. Hill
Esther Kachler
John B. Lessenberry
Roswell H. Richardson
all
LEXINGTON
Thos. H.
William B. Holton
if
John B. Farra
of any company
company's
total
assets
the
Philip Homer Barnes
be
that
the
the
provide
does not
standard
of
an
INVESTMENT
The
Exchange
also
Commission
that
statutory
sole
the
mended
WAbash
Phone 2-1858
Bell
securities
Teletype LS 579
security
Direct
Wire
—
holders
class number 750
Scherck, Richter Company, St. Louis, Missouri
;
rimillllllllHimilllllllllllllllllllllllllllllllllllllimillllllllllllllllllllllllliiiiiiiin
should
Our
studies
be
of
or
have
of equity
whether the
a
DEPARTMENT
recom¬
standard for registration
6818
of
enforcement.
and
LEXINGTON, KY.
Liberty
Local Securities
issuer,
standpoint
the
from
administration
Exchange Building
at
Kentucky Municipal Bonds
terms of earning power
LOUISVILLE 2, KY.
Fifth
a
to measure
public interest, and is unsatis¬
factory
COMPANY
Long Distance 238
Teletype LS 186
be¬
significance
either in
or
for
Commission
the
that it
satisfactory
Corporate Securities and
Bell
registration
eliminated,
entirely
lieves
Kentucky Municipal Bonds
LOUISVILLE 2, KENTUCKY
by 500 or more persons.
Commission
recommended
that the asset test for
Retail Distributors and Underwriters of
KENTUCKY HOME LIFE BLDG.
held
are
SECURITIES
Member Midwest Stock
to
$5 million or more
and if all the company's securities
amounted
Minary
KENTUCKY
1st FLOOR
Exchange
(with certain speci¬
securities
reason
THE
Commission of
the
with
Member Midwest Stock
fied exemptions)
The
KENTUCKY
introduced, the
have required the reg¬
particular
more persons.
indicated
that
there is limited public trading in-
THOMAS
HECTOR
WILLARD
Mrs.
E.
JAMES
POWHATAN
GRAHAM
P.
C.
M.
CHARLES
BOHNERT
W.
ROBERT
McNAIR
OSCAR C.
ELINORE
SEDLEY
C.
CONWAY
KING
JOHNSTON, Jr.
ROBERT E.
LEWIS
FETTER
MRS.
H.
M.
PURYEAR
WRIGHT
nec¬
interest or
It
York.
after
finds that
also introduced into the
Representatives by Con¬
Arthur G. Klein of New
can
reasonably be as¬
sumed, therefore, that the 84th
Congress,
upon
reconvening in
January, 1956, will give serious
and
early consideration to this
STREET
given
the registration of any
gressman
415 W. JEFFERSON
of
has
order ter¬
enter an
either
upon
essary
the
(3)
or
amount
to less than $1,000,-
been reduced
requirements contained in the Ex¬
proxy
the
of
holders
principal
of
class
authority
reporting,
have
issuer
equity securities number
outstanding
the
the
(2)
or
the
(1)
that
Commission
assets
total
solici¬
bill
the
introduced into change Act for securities regis¬
the Senate in the closing days of tered
on
national
security ex¬
the last session of the Congress.
changes applicable to every un¬
Very significantly, a companion
listed
issuer
whose
total
assets
bill, containing some but not all
of the provisions of the Fulbright
Commission,
where
Securities
principal amount of the class
000.
the
re¬
the
would
Thus,
$2,000,000.
The
to
been reduced to less than
The revised bill adopted as
make
record
these
apply
the
the
750
of
persons.
debt securities
which have been registered under
quirements
to
standard
are
class of its
held
750
also
would
over-the-counter securities for
vised
bill, which included many
the changes proposed by the
than
days
the purpose
each
to
securities
more
90
Commission brought to the atten¬
Securities
by which to meas¬
Commission,
the
technical
Kentucky
Com¬
Securities
in the opinion securities under the
a number of Exchange Act, the provision for
contained,
of
is
respect
equity
public interest in the trading
ure
companies is presently being
duced,
its
to
appears
with
750 record holders is a reason¬
able
to
furnished voluntarily and is read¬
important over-the-
like
of
the hypothesis that
on
the
information,
mission believes that the selection
as
expressed
information
material
counter market. The present Com¬
mission,
available
the
interstate
securties
On the basis of
than 500 holders.
The opposi¬
been
Fulbright bill
grounded
dis¬
accepted
generally
and reasonable.
the
accu¬
and
reporting plicable for the protection of in¬
and pre¬
in issues of which there were less
namely, that a stockholder is en¬
titled
to
complete
information
problems
the
industrial
stocks occurred in issues
in
its
or
traded by use of the mails or any
means
of
interstate
commerce)
bill
the Securities about his company, whether or not
Commission has the securities of the company are
of
of
1,000, but that only 4.6%
of the value of transactions in the
same
class of securities occurred
The basic princi¬
incorporated in the bill —
ple
have
value
the
(provided
engaged
commerce
by
supports them."
secu¬
For
persons.
of
$2,000,000
is
issuer
less than
the
of
objectives
and
27%
exceed
where the number of holders were
sound and the Commission
are
tion which would make the prin¬
of inside in¬
use
bill
that
common
years
cognizant
raised
by insiders, which are
formation
principles
pro¬
extension
periodic ciples of fair, adequate and
and
fair disclosure to security
in
the
Exchange
been
Exchange
stockholders,
to
and
furnishing
to
accurate
adequate,
reports
general purpose
respect
to
applicable to unlisted
Over
extend the provi¬
Securities
the
with
relating
or
shown
num¬
studies
certain
transactions in unlisted
rities.
of the
implement these findings
Committee.
visions
credit
750
Armstrong stated that "the Com¬
mission believes that the broad
securities
It also makes the
Securities of the Senate
than
less
example,
secu¬
listed
not
national
on
exchanges.
1955, Senator J.
William Fulbright of Arkansas in¬
troduced a bill into the Senate to
sions
securities
rities—to
exchanges."
Act
operative only to listed
on
ber
issues
whose holders
securities
Banking and Currency Committee
on
the Fulbright bill, Chairman
Fulbright Bill
now
companies whose stocks
listed on national securities
as
On
of
over-the-counter
in
terest
In
this situation.
of
aware
his testimony before the Subcom¬
mittee
tions
Don & Trudy Miller, Don W. Miller & Co., Detroit; Clarence A. Horn, First of Michigan Corporation,
Detroit; Charlotte & Paul I. Moreland, Moreland & Co., Detroit
Webber, Jackson & Curtis, Los Angeles; Jo & Charles C. King,
Ruth Diehl, Paine,
&
Robert
1955
Thursday, October 6,
CHRONICLE
THE COMMERCIAL and FINANCIAL
82
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
83
Dr. Louis
E. Lloyd, Dow Chemical
Co., Midland, Mich.; George J. Elder, Straus, Blosser & McDoweu,
Harry L. Arnold, Goldman, Sachs & Co., New York; Landon A. Freear, William N. Edwards
Co., Ft. Worth, Tex.; Phillip J. Clark, Amos C. Sudler & Co., Denver; Harry J.
Hudepohl,
Detroit;
&
Westheimer and
for the protection
the
of
reason
of investors by
small
number
of
public
investors, lack of trading
interest, inactivity of the issuer
and restrictions
there is substantial public interest,
certain provisions of the Exchange
extensions of credit applicable to
the unlisted securities covered
by
the bill. The anomalous situation
that is created by different credit
Act
market value of the
of the issues
security.
statutory test for inclusion
of equity securities under the bill
750
is
recordholders.
This
is
a
simple, certain and easily applied
standard,
and
in
order
to
avoid
the possibility of confusion where
admitted to
now
un¬
listed
number
of
might fluctuate above and below
registration
the
until
recordholders
drops
number
to
of
than
less
500 persons.
In
addition to
the
three
stand¬
total asset test,
the $1,000,000 prin¬
cipal amount of
securities
any
test,
class of debt
and
750
equity
security holders test—the bill also
exempts from its purview the
curities
of
of
certain
specific
such
companies,
se¬
types
as
registered
investment companies,
banks, in¬
surance
companies, charitable
ganizations, savings and loans
or¬
as¬
sociations and similar institutions.
Revision
view
In
of
the
of
the
Exchange
Act
purpose
of the
Fulbright bill to require registra¬
regulations for listed and unlisted
trading
privileges is limited to those
registered
on
se¬
are duly listed and
another national se¬
curities
exchange
and
unlisted
privileges
shall
continue
only
long
so
mains listed
Unlisted
the security
as
re¬
another exchange.
on
trading privileges of
curities which
se¬
admitted
had been
the effective
date of the act may continue. The
Commission
minate
authorized
is
to
or
ter¬
to
listed
suspension is
tection
of
investors by
inadequate public
tration provisions if the Commis¬
exchange
relating
of
the
in
rules
the
of
event
that
Commission.
trading
is
In
WINDOW
BUILDING
BELL
TELETYPE OR 84010
LONG DISTANCE
27
the
suspended,
bill specifically makes it un¬
lawful for brokers or dealers to
transactions
Commission
The
in
estimates
such
secu¬
approximately 1,500 to 2,000
that
Underwriters and Distributors
com¬
panies will be affected if the bill
of
is
reason
public
enacted in
its present form.
unnecessary
make
in
to
tell
livelihood
your
securities
It
of
have
State, General Market, and Public Revenue
who
you,
traders
as
and
informed
an
impact
which
MUNICIPAL
this
BONDS
comlex. The
are
Exchange
Act following are some of the
prob¬
requirements lems that have been discussed in
Direct Wire to New York and Chicago
(1) It has been suggested that if
small businesses are required to
publish and circulate financial re¬
ports periodically and to disclose
LUDMAN
IN
BANK
ORLANDO, FLORIDA
this connection:
LEADS
1924
the
is
distribution of
margin
to
ESTABLISHED
FLORIDA
has failed to comply with tJoe pro ¬
visions of the Exchange Act or the
pro¬
the vicinity of the
the
Robinson-
Incorporated
finds, after notice and hear¬
ing, that the issuer of such security
by this legislation
provisions
The
rities.
inadequate
or
Jolley,
LEEDY, WHEELER 6- ALLEMAN
sion
who, therefore,
opinion on the
legislation
might have on the companies and
trading activity or the character
the capital and trading markets
of the trading.
affected, that the problems raised
The bill would also make the
such security in
Lex
CORPORATE SECURITIES
or
security covered by its regis¬
any
effect
necessary
the public interest or for
broker
a
Finally, the bill authorizes the
Commission to suspend trading in
ing, where it finds that termina¬
or
Mrs.
eliminated.
hear¬
privileges, after notice and
tion
securities from
unlisted
suspend
&
MUNICIPAL BONDS
whereby an investor
not borrow any funds on un¬
dealer but may borrow on unlisted
securities from a bank would be
of unlisted
to exchanges prior to
ards for exemption—the $2,000,000
BUSINESS
securities
The extension
curities which
Mr.
Malinda Jolley
borrowings and
trading privileges would be
required to register under the bill.
recordholders
750, the bill provides for continued
on
may
trading
the
Peterson, Commercial & Financial Chronicle, Chicago;
tion of unlisted securities in which
dealing with unlisted trading
privileges on the exchanges are
revised, for the reason that most
The
T.
Humphrey Company, Inc., Atlanta;
the small amount of the public
investment
as
measured by
the
or
C.
Company, Cincinnati
B.
J. Van
the internal aspects of their opera¬
tions—such as their current in¬
ENGINEERING
Ingen
Municipal
8c
Co.
inc
Bonds
ventories—their competitive posi¬
tions would be undermined.
57
(2) It has been claimed that
additional
burden
form
and
on
of
an
William
New
Street
York
du
Pont
MIAMI
5
Bldg.
32.
135
Fla.
So.
La
Chicago
Salle
3,
St.
111.
financial
onerous
small companies, in the
increased
costs
for
ac¬
counting and legal services and
keeping, would be imposed.
(3) The bill also raises intricate
record
problems respecting
the
cally traded issues.
LUDMAN
LUDMAN Auto-Lok
OF
Aluminum Awning
Windows
LUDMAN Jalousies
FAMOUS
LUDMAN
Single Sash
TWO NEW
Wood Awning
PRODUCTS:
UNDERWRITERS
and
distribution
be
active
or
an
LUDMAN Shower Door Tub
also
may
board
of
be
of
the
If
creating
represented
directors
swing
LUDMAN Screens and
OUR
of
restrictions
trading
LUDMAN
Housing Windows
LUDMAN Curtain Wall
LUDMAN Aluminum
a
on
Southern & General Market
the
Municipal Securities
issuer.
the
in
against
such
short
the
Fabricators, Erectors, Warehous¬
LUDMAN Aluminum
ing and Sale of Structural Steel
Sliding Glass Doors
Specializing in Florida Issues
securities
LUDMAN
New York—Washington,
maintenance
these
I
of
dealers,
an
orderly
UNLISTED
market in the securities might be
Custom Aluminum
Extrusions
faf
Distributed throughout
NORTH MIAMI
ALL
(4)
A
to
substantial
annual
the
detri¬
increase
appropriation for
in
the
Securities and Exchange Commis¬
ister
-Atlanta—Houston—Miami
the
I
CORPORATE ISSUES
LOCAL SECURITIES
public stockholders.
sion would be required to admin¬
the world
D. C.—$♦. Louis— Boston—Son Franciscor-Chicago
FLORIDA
affected
adversely
ment of the
the
Sales Offices:
on
Window Panels
Projected Windows
Frame
imposed
were
DEALERS
TWENTY-FIFTH
YEAR
...
Storm Sash
—
or
Enclosures
LUDMAN Jalousies in Doors
DISTRIBUTORS
is¬
broker
as
market in the securities, but they
Windows
—
Such dealers
principal in making
LUDMAN Auto-Lok
ADDS
the original
sue
Wood Windows
on
not only have participated in
may
CORPORATION
MAKERS
its effect
sponsorship by dealers of lo¬
bill.
The
Continued
Commission
Barnett Nat. Bank
Bldg.
Jacksonville 1, Florida
L. D. 47;
Bell
ELgin 3-8621
Teletype JK 181
pierce,
c\
33 ison,
wulberim,
on page
84
1 imc.
Mr.
Mrs.
&
Frank
J.
Ronan,
F.
Continued
from
New
Willis,
page
York
J.
Hanseatic
W.
Tindall
Corporation, New York;
& Company, Atlanta
Mr.
J.
John
Mrs. Eugene
&
O'Kane,
|Lester J. Thorsen,
Continued from page
23
affected by
listed companies to be
the bill should first be made.
The
In Attendance at NSTA Convention
conduct¬
ing such a survey, which it plans
to complete before the Congress
FELDMAN, GRANT A*
has conservatively estimated that material facts about its activities reconvenes in January, 1956, to
Piper, Jaffray & Hopwood
reasonably
be disputed. determine, among other things:
the cost would amount to at least cannot
Minneapolis, Minn.
(1) The identity of the com¬
However, the Commission believes
$500,000 annually.
FISHER, CHARLES F.
panies that would be required to
that before the Congress decides
The SEC and the Fnlhright
Commission is presently
Bill
The soundness of the basic prin¬
of
ciple
substantial
exists
there
which
in
companies
requiring
public investor interest to disclose
and
fairly
fully,
the
accurately
whether to extend the jurisdiction
National
register;
over-the-counter
the
market,
(3) The type of proxy materials
soliciting proce¬
followed,
by
such com¬
and
panies;
SPECIALIZING
Firm
IN
(4)
Bids
y
/
ARK
nature
and
Firm
Offerings
Securities
brokers
Quotations
of
and
directors
also
hb
Government
securities
the
by
Dealers
of
of
(5) The effect of sponsorship of
Distributors
States
extent
such companies;
/mIM.hi.
■
United
The
insider trading in the securities
such
companies
dealers who
of
such
are
companies;
The
effect
of
periodic, fi¬
nancial reporting and disclosure
requirements on the competitive
General
Market Municipals
A
ment
Co.
Edwards &
Worth, Texas
reliable
informed
and
judg¬
the merits of the bill and
on
whether
it
constitutes
necessary
J.
M. Dain &
Company
Minn.
GOREY, WALTER C*
Walter C. Gorey Co.
San
Francisco, Calif.
FRENCH, JOHN S.
A. C. Allyn & Co., Inc.
New York City
GREEN, ROBERT M*
Pledger & Company, Inc.
FRIEDMAN, LEONARD*
Boettcher & Company
GREENBERG, THOMAS*
Los Angeles.
Chicago, 111.
C. E.
Investment
Calif.
Unterberg, Towbin Co.
New York City
FROST, JACK*
Dealers'
Digest
FUERBACHER, JOHN N*
Walter, Woody &
Heimer-
dinger, Cincinnati, Ohio
FULLER, JOSEPH T*
position of small businesses.
Louis, Mo.
Merrill, Turben & Co., Inc.
Cleveland, Ohio
Chicago, 111.
and
(6)
•
Fort
St.
GARCIA, RAYMOND B.
GAWNE, HARRY J.
FREEAR, LANDON A*
William N.
FUSZ, FIRMIN D., Jr.*
Fusz-Schmelzle & Co., Inc.
Minneapolis,
an
dures
I
Bureau,
of
type
employed,
Underwriters
Quotation
Inc., Chicago, 111.
financial re¬
of the Commission over the vast
FISHER, DONALD B*
ports which these companies make
D. B. Fisher Company
and important area represented by public or furnish to their security
Detroit, Mich.
holders;
The
(2)
6, 1955
Co., New York; Charles A. Bodie, Stein Bros. & Boyce,
Glore, Forgan & Co., Chicago
Jr., John J. O'Kane, Jr. &
Baltimore;
objective factual study of t/e un¬
83
Thursday, October
FINANCIAL CHRONICLE
THE COMMERCIAL and
84
GREGORY, WILLIAM H., Ill
Gregory & Sons
New York City
HAACK, ROBERT W*
Robert W. Baird 8c Co.
Milwaukee, Wise.
Wm. A. Fuller & Co.
HAGENS1EKER, EARL L.
Chicago, 111.
Reinholdt &
St.
♦Denotes Mr. and Mrs.
curative
Gardner
Louis, Mo.
legislation to close the
existing gap between the type of
protection that the Securities Ex¬
change
Act
holders in
OF
MEMPHIS
MEMPHIS 1,
TELEPHONES 8-5193
LD-311
•
•
curities,
is
collection
TENNESSEE
LD-312
TELETYPES ME-283
•
ME-284
—
THE
BANK
market
trading activity is
of
stock¬
new
of
Municipal Bonds
Underwriters
this
when
Corporation
high and the
financings
is
&
Distributors
this
In
period,
so
se¬
the
upon
evaluation
WIRE
volume
the
unlisted
information.
strenuous
SYSTEM
WIRE
and
predicated
and
of
type
affords
listed
Securities
so
large, the utmost vigilance of the
Commission to protect the
investors
and
by
requiring
fair
STERNE, AGEE & LEACH
MEMBER
adequate
pected
disclosure
the
by
Commission is
ACTIVE TRADING MARKETS
public,
is
and
determined
to
MIDWEST
STOCK
EXCHANGE
ex¬
BIRMINGHAM
the
3, ALA.
Teletype BH 97
Long Distance 9983
en¬
Branch—Montgomery 2, Alabama
force
RETAIL OUTLETS
WITH
public
full,
strictly and aggressively, all
of the laws under its jurisdiction.
★
Insurance and
Bank Stocks
Utilities—Industrials
Public
Municipal Bonds
★
Members
NASHVILLE
Stock
Midwest
Exchange
DALLAS
★
HOUSTON
WIRE SYSTEMS—
BIRMINGHAM
Scherck, Richter Co., St. Louis, Mo.
Goldman, Sachs & Co., N. Y.
NEW
ORLEANS
MEMPHIS
lark, Landstreet
H.
NEW
EQUITABLE
Securities Corporation
315
Kirkpatrick, Inc.
4TH
AVE.,
TELETYPE NY 353
"
N.
★
NASHVILLE
3,
TENN.
TELEPHONE 4-3311 and 5-9911 (Trading Dept.)
322
UNION
HARTFORD
GREENSBORO
PHILADELPHIA
JACKSON,
MISS.
Frank Burkholder, Vice President and Manager Municipal Department
Herbert Pettey, Vice President and Manager
and
YORK
ATLANTA
STREET, NASHVILLE 3, TENN.
Municipal Trading Department
TWO WALL STREET,
NEW YORK 5, N. Y.
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
Andrew D. Orrick, Jr., Securities & Exchange
Commission, Washington, D. C.; John W. Bunn, Stifel,
Nicolaus & Company, Incorporated, St. Louis; Harold E.
Wood, Harold E. Wood & Co., St. Paul, Minn.
HAGGERTY, JOHN P.*
IBERS, MAX
Carroll, Kirchner & Jaquith
KNOB, J. EDWARD
Cayias, Larson, Glaser & Em¬
ery, Inc., Salt Lake City, Utah
Denver, Colo.
HAMMELL, ELMER W*
JACKSON, WINTON A*
HARDONY, MICHAEL C*
Dallas, Texas
JANSEN, PONDA
Ball, Burge & Kraus
Southwestern Securities Com¬
Cleveland, Ohio
pany,
HARDY, RUBIN
First Boston
A. Harmet &
Chicago, 111.
Baxter, Williams & Co.
KEEN AN,
Calif.
St.
S.
San
Strauss
&
Francisco,
Co.
Birmingham, Ala.
Buerger, Ladet &
LEE, GARNETT O., Jr.*
&
Company
Iowa
Scott, Horner & Mason, Inc.
LANN, JOSEPH J.*
Joseph L. Lann Securities,
Inc., New York City
Lynchburg, Va.
Continued
on
page
KRASOWICH, JOSEPH D.
Gregory & Sons
New York City
KRENSKY, ARTHUR
Arthur
M.
Krensky
Inc., Chicago, 111.
Co.
M*
&
Co.,
Specialists in
City
louisiana municipals
ARTHUR J*
Orleans, La.
Dealers in
Municipal and Corporation Securities
Bosworth, Sullivan & Co.
HORN, CLARENCE A.
First of Michigan Corporation
Denver, Colo.
Yarnall, Biddle & Co.
Philadelphia,
SHREVEPORT
Pa.
P.
Kibbe
&
Salt Lake City,
The Bankers
Utah
Bond
on
Co. Inc.
all issues of
Louisiana &
KING, THOMAS E.
Dempsey-Tegeler & Co.
Chicago, 111.
HUDSON, JOHN M*
Thayer, Baker & Co.
Bell Teletype SH 82 & 83
Immediate Firm Bids
Louisville, Ky.
Cincinnati, Ohio
LOUISIANA
Co.
KING, CHARLES C*
HUDEPOHL, HARRY J.*
Westheimer and Company
80,
Telephone 3-2573
KIBBE, A. P.*
A.
HORNING, BERT H.
Stifel, Nicolaus & Co., Inc.
St. Louis, Mo.
Barrow, Leary & Co.
KENNEDY, SAMUEL M.
Detroit, Mich.
Mississippi
Harold
Municipal Bonds
H.
Dane
Abner K.
John Dane, Jr.
Northrop
Louisiana and
Everett F. Dane
Mississippi Municipals
KIPP, JOHN
Philadelphia, Pa.
A. G. Becker &
HUNTER, WELLINGTON*
Wellington Hunter Associates
Jersey City, N. J.
Southern Corporate Issues
Co.
Chicago, 111.
Active Trading Markets
KLEMOND, EMIL J.
Merrill Lynch, Pierce, Fenner
& Beane,
Mr. and Mrs.
Minneapolis, Minn.
FIRM
New Orleans Bank Stocks
in
LOUISIANA
BANK
STOCKS
•
MARKETS
American
JOHN
LOCAL CORPORATE ISSUES
Tidelands
Canal Assets, Inc.
Member
★
Canal Trust
UNDERWRITERS
—
DEALERS
Fifteen
Higgins,
Oil
Company
DANE
Orleans
Stock
Exchange
HIBERNIA NATIONAL
BANK
Teletype
—
NO
12, LA.
Telephone
465
—
Canal
9321
LA. POWER & LT. PFD.
Industries
LA. BANK & TR. CO.
Ray McDermott
Mississippi
Shipping
Co.
MID-WINTER SPT. ASSN. DEBS.
New Orleans Public Service
Southdown
Southshore
CORPORATE SECURITIES
Oil
New
★
NEW ORLEANS
Inc.
Kerr-McGee
J.
MUNICIPALS
★
Central Louisiana Electric
Glasscock Tidelands
DISTRIBUTORS
LOUISIANA
Radinsky,
KENNEDY, BERNARD F *
Calif.
HOMSEY, ANTON E.
duPont, Homsey & Company
Boston, Mass.
""Denotes
City
Sterne, Agee & Leach
City
Campbell, McCarty & Co.
Detroit, Mich.
HILL, HOUSTON, Jr.*
J.
New York
KEMP, FRANK H.
Angeles, Calif.
York
Denis J. Villere & Co.
New
HECHT, JOHN C., Jr.
Dempsey-Tegeler & Co.
New
LEE, ALONZO H*
Siegel & Co.
Inc., Denver, Colo.
Rapids,
New York
CRANDON
National Quotation Bureau
LADET, L. M*
Cedar
Courts &
HECHT, JOHN C., Sr.
Dempsey-Tegeler & Co.
Los
KONZELMAN, KAYE
Pleasant Ridge, Mich.
Louis;
KRUMHOLZ, NATHAN A.
Kosek
JONES, JAMES E.
Detroit, Mich.
Los Angeles,
Philadelphia, Pa.
Ernest
JOLLEY, MALINDA
Robinson-Humphrey Co., Inc.
Atlanta, Ga.
HASTINGS, H. RUSSELL
Legg & Company
New York City
KOSEK, ERNEST
JOLLEY, LEX*
Company
LEAHY,
John C.
pany, Dallas, Texas
HARMET, ALFRED A*
Mrs. Firmin D. Fusz, Jr., Fusz-Sclxmelzle & Co., Inc., St.
Earl Hagensieker, Reinholdt <6 Gardner, St. Louis, Mo.
KRISAM, WILBUR*
Drexel & Co.
Southwestern Securities Com¬
Philadelphia, Pa.
A.
Dallas, Texas
JOHNSON, SAMUEL P.
Corporation
&
KOERNER, STAR C*
F. S. Moseley & Co.
Chicago, 111.
First Southwest Company
Straus, Blosser & McDowell
Chicago, 111.
Mr.
'
86
Sugars,
Oil
Development
MISS. POWER $4.60 PFD.
Inc.
Morris W.
Newman
Wm.
Perry Brown
John E. Kerrigan
MISS. PWR. & LT. PFD.
and
<
NATIONAL AMERICAN
BANK
Dealers in
NATIONAL BANK OF COMMERCE
LOUISIANA, MISSISSIPPI,
N. 0. PUB. SVC. INC.
NEW ORLEANS
BANK
PROGRESSIVE BANK
&
WHITNEY NATIONAL
STOCKS
ALABAMA, GEORGIA and
TR. CO.
BANK
OTHER SOUTHERN MUNICIPALS
Schurff L Jones
•»CO«»o**r«0
Howard, Weil, Labouisse, Friedric
219 CARONDELET STREET,
NEW ORLEANS
AND COMPANY
TELEPHONE
TU
»
2711
NotOTJ
222
CARONDELET
Teletype
ST.
NO
NEW ORLEANS
180
&
181
12, LA.
newman, brown & co.
INC.
321 Hibernia Bank Building
Telephone
NEW ORLEANS
Tulane 0161
Long Distance 345 & 389
SHREVEPORT, LA. JACKSON, MISS.
12, LA.
Teletypes NO 189 & NO 190
86
Mr.
&
Mrs. J. Earle May, J.
Alonzo
Earle May & Co., Palo Alto, Calif.; Max Ibers, Cayias, Larson, Glaser &
City; Star C. Koerner, F. S. Moseley & Co., Chicago
H.
&
Allie
Lee,
85
MacDONALD, WILLIAM G
I
McCoy & Willard
Boston, Mass.
In Attendance at NSTA Convention
UNDER, EVAR L.
McDonald, Moore & Co.
Paine, Webber, Jackson &
Curtiss, Chicago, 111.
Detroit, Mich.
LLOYD, DR. LOUIS E*
Dow
McELYEA, ANNIE
Chemical Co.
First
Midland, Mich.
Hecker
Cleveland, Ohio
City
Wertheim and Company
New
Chicago, 111.
R.
McLaughlin, Cryan & Co.
New York City
Phliadelphia, Pa.
McCULLEY, C. RADER*
York
City
First Southwest Co.
McPOLIN, BEN J*
Dallas, Texas
•
Cleveland, Ohio
New York
Boston, Mass.
PULVER, HENRI P.
McMaster, Hutchinson & Co.
States
Stern
Securities
City
Robinson-Humphrey Co.,
Inc., Atlanta, Ga.
W.
New York
Co.
Mo.
Chicago, 111.
Quigley & Co., Inc.
Cleveland, Ohio
QUINN, JOHN J.
""Stone
& Youngberg
Francisco, Calif.
San
Pizzini &
City,
QUIGLEY, JAY L.
QUINN, ROBERT J.
PIZZINI, ROBERT M.
B.
&
Bros.
Kansas
Seattle, Wash.
The
Salomon
Co., Inc.
&
Bros.
Hutzler
New York City
City
MASEK, JOSEPH E*
M. H. Bishop & Co.
Minneapolis, Minn.
MASON, WALTER G.
WagensellerC DurstJttc.
Scott, Horner & Mason
Lynchburg, Va.
626 S. SPRING
ST., LOS ANGELES 14
•
TELETYPE: LA 68—LA 35
Palo
MEMBERS:
LOS
ANGELES
AMERICAN
STOCK
STOCK
-
PASADENA
-
-
DISTRIBUTORS
•
PLACEMENTS
Alto, Calif.
650 S. SPRING ST.
Michigan Corporation
Detroit, Mich.
& CO,, NEW YORK
REDLANDS
PRIVATE
LOS ANGELES 14
•
•
TRinity 0281
•
Laguna Beach
First of
(ASSOCIATE)
DIRECT PRIVATE WIRE—KIDDER, PEABODY
CLAREMONT
UNDERWRITERS
& Co.
MEYER, FRANK P.
EXCHANGE
EXCHANGE
Co.
Members Los Angeles Stock Exchange
MAY, J. EARLE*
J. Earle May
TRinity 5761
Croweff.Weecfon
MATTHEWS, PAUL W *
Matthews & Company
Toronto, Ontario, Can.
Investment Securities
SAN DIEGO
Gordon
Graves
New York
&
Co.,
TELETYPE LA
Pasadena
MEYERS, JOHN J., Jr.*
SANTA MONICA
Long Beach
•
•
38
San Diego
Inc.
City
MILLER, DON W*
Don W. Miller & Co.
Detroit, Mich.
MILLSPAUGH, W. E.
Pennsylvania
Call\us for
trading
1
V
J
Railroad
Chicago, 111.
markets
MORELAND, PAUL I*
Moreland
and information on
TRADING
& Co.
E.
Hutton
&
MOYNIHAN, JAMES E*
J. B. Mcguire & Co., Inc.
Boston, Mass.
Drexel
Chicago, 111.
MORQAN & CO.
NELSON, WILLIAM, II
Clark, Landstreet & Kirk-
Kraft
T
LOS ANGELES 14, CALIFORNIA
SIXTH STREET •
LA
675
N1EMAN, BARNEY
634 SO. SPRING ST.
•
Carl Marks & Co., Inc.
MA. 5-1611
New York City
146
OULANDT. JOHN*
beverly hills • long beach *
SPECIAL
SITUATIONS
Oicar 3.
TELETYPE
LA
YOUR
FOR RETAIL
SECURITIES
patrick, Inc., Nashville, Tenn.
Members: Los Angeles Stock Exchange
LOS ANGELES 14
►
Hill, Pa.
NELSON, HARRY L.
Blyth & Co., Inc.
0
OVER-THE-COUNTER
MULLER, Mrs. George J.
SECURITIES
TELETYPE
IN
IN
Co.
Cincinnati, Ohio
PACIFIC COAST
ARE
INTERESTED
MORIARTY, JAMES F*
1
WE
MARKETS
Dptroit, Mich.
W.
corona
del
m?r
New York Hanseatie Corpora¬
tion, New York City
&
PRICE, EARL W.
Pacific Northwest Company
MARTIN, JUSTUS C., Jr.*
Serving Southern California since 1927
Crouse
PAULEY, MILTON
Troster, Singer & Co.
New York City
PHILLIPS, JOSEF C*
L.
Pennsylvania Railroad
McDonald & Company
Mr. and Mrs.
Co.
Detroit, Mich.
MARTIN JOHN
Livingstone,
Arthur W. Wood Co.
Chronicle, Chicago, 111.
&
R.
POTTER, J. RUSSELL
E., Jr.*
Commercial & Financial
O'Donnell
C.
S.
Co., Detroit, Mich.
PETERSON, C. T.
MARTIN, JIM
Mclaughlin, john f.
E.
Securities, Inc.
PORTER, STUART P.
Corp., Denver, Colo.
MARKHAM, EDWIN J*
Taylor & Co.
PARSONS, EDWARD
Parsons & Co., Inc.
Cleveland 14, Ohio
Mountain
Minneapolis, Minn.
mcgregor, william j.
McCULLEN, WILLIAM J.
Hendricks & Eastwood, Inc.
♦Denotes
MAHONEY, C. D*
C. D. Mahoney & Co.
Philadelphia, Pa.
LUND, ANTON H.
Carl M. Loeb, Rhoades & Co.
New York
ated, Philadelphia, Pa.
& Co.
Lund,
PEARSON, G. HAROLD*
Stroud & Company, Incorpor¬
McFARLAND, JAMES B.
The First Cleveland Corpora¬
H.
New York City
City
mission, Washington, D. C.
MAGUIRE, F. E.
Co.
York
Eastern
ORRICK, ANDREW D., Jr.
Securities & Exchange Com¬
MAGID, SAMUEL E*
Hill, Thompson & Co., Inc.
New York City
Dallas, Texas
LONG, MARTIN J.
tion,
Southwest
Anthon
PLUMRIDGE, THEODORE
O'KANE, JOHN J., Jr.
John J. O'Kane, Jr. & Co.
New
MacKENZlE, DON*
Baker, Simonds & Co.
Detroit, Mich.
Mcdonald, harry a., Jr.
Ar.ee & Leach, Birmingham, Ala.;
Rhoades & Cc., New York City
Sterne,
Carl M. Loeb,
Emery, Inc., Salt Lake
Continued from page
1955
Thursday, October 6,
FINANCIAL CHRONICLE
THE COMMERCIAL and
86
PHONE
TRINITY 2529
&
Co.
Convention Number
Morton
&
Sally Weiss, Singer, Bean & Mackie, Inc., New York; George H. Earnest, Fewel
Angeles; Joanne & Arthur Krensky, Arthur M. Krensky & Co., Inc., Chicago
Thomas
Co.,
&
E.
King, Dempsey-Tegeler &
Los
RGGGENBURG, STANLEY*
Roggenburg & Co.
New York City
RON AN, FRANK*
,
New York Hanseatic Corpora¬
tion, New York City
,
RAFFEL, WILLIAM*
Raffel &
Co.
New
Philadelphia, Pa.
Salomon
Co.
REES, ARTHUR F., Ill
Michigan
Hancock, Blackstone & Co.
Atlanta, Ga.
Dominion Securities Corpora¬
Ohio
WEIGNER, ARTHUR
G. A. Saxton & Co., Inc.
New York
City
Lehman Brothers
New York
City
Continued
Incorporated
Houston, Texas
on
page
SCHEUER, CHARLES GA
Wm. H. Tegtmeyer & Co.
& Hutzler
Chicago, 111.
SCHLICTING, HUGH RA
Corporation
&
Wm. P. Harper & Son &
Se¬
M.
Co.
Underwriters and Distributors
Seattle, Wash.
SCHUBERT, DONALD D.
Bacon, Whipple & Co.
Chicago, 111.
SCHULDER, R. G.*
Co.,
•
COMPREHENSIVE
Whitney, Cranmer & Schulder, Inc., Denver, Colo.
SMITH, HAROLD BA
Pershing & Co.
New York City
SMITH, JOSEPH EA
Let Our Trading
Cincinnati,
Chicago, 111.
Krensky &
Inc., Chicago, 111.
Cincinnati, Ohio
Co.,
WARNER, FRANK WA
pany,
John Nuveen & Co.
Detroit, Mich.
SACHNOFF, MOREY DA
Arthur
&
J. R. Phillips Investment Com¬
SAYRE, BYRON J A
curities Commission
REIS, ROBERT W.
Seasongood & Mayer
Eustis
WEATHERSTON, JOHN SA
Chi¬
tion, New York City
Chicago, 111.
RUEN, RUTH
Chicago, 111.
of
Chicago, 111.
SAUNDERS, WALTER FA
City
Bros.
Bank
Geo.
WALSH, RICHARD HA
Newhard, Cook & Co.
St. Louis, Mo.
SAMUEL*
National
cago,
ROOB, EDWARD
RAHN, FRED T.
The Illinois
York
First
Co., Chicago; Donald and Mary Fisher, D. B. Fisher Company,
Arnold,
Henry J.
Detroit;
SACHNOFF,
REMINGTON, CLIFFORD G.
Woodcock, Hess & Co., Inc.
Philadelphia, Pa.
RICE, WILLIAM F.
Eastman, Dillon & Co.
Philadelphia, Pa.
IIOBSON, HENRY EA
Eastman, Dillon & Co.
8?
CHRONfCU
THE COMMERCIAL and FINANCIAL
SOUTHERN
CALIFORNIA MARKET
Members New York Stock Exchange
Philadelphia, Pa.
SNYDER, EVERETT W.
E. W. Snyder & Co.
Southern California Inquiries
OF THE
Lester, Ryons & Go.
Newburger & Co.
Department Service Your
COVERAGE
Los
Angeles Stock Exchange
623 S. HOPE ST.
Syracuse, N. Y.
American Stock Exchange (Assoc.)
•
LOS ANGELES 17
•
CORNER WILSHIRE AND
•
MADISON 5-7111
HOPE
STAIB, LEE RA
Geo.
Eustis &
BELL SYSTEM TELETYPE LA
Co.
Cincinnati, Ohio
STEPHENS, DONALD B.
Cruttenden
FEWEL
Member Los
Direct and
6-
Claremont
Co.
CO.
Angeles Stock Exchange
Connecting Wires To
Chas.
Reynolds & Co., Philadelphia
W.
Scranton &
Co.
Riverside
Pomona
Santa Ana
Santa Monica
,
Peters, Writer & Christensen
Los Angeles, Calif.
TRinity 4191
Glendale
Pasadena
New Haven, Conn.
Krensky & Co. Inc., Chicago
Spring St.
1566
Encino
Long Beach
Redlands
SWEET, WILLIAM E., Jr.
453 South
Corona del Mar
Hollywood
Chicago, 111.
STEWART, JAMES MA
Wilson, Johnson & Higgins
San Francisco, Calif.
SUMMERELL, DONALD EA
Wagenseller & Durst, Inc.
Los Angeles, Calif.
SWAN, LESLIE BA
Singer, Bean & Mackie, Inc., New York
Arthur M.
&
1565 and
NEW YORK CORRESPONDENT: PERSHING & CO.
Denver, Colo.
Teletype LA 456
We have been
prominently identified with the
financing of the following Western Corporations:
TAYLOR, MEL
Semple* Jacobs & Co.
St. Loulis, Mo.
TEGELER. JEROME F.
HOFFMAN ELECTRONICS CORPORATION
THE STUART COMPANY
•
NORRIS-THERMADOR CORPORATION
Dempsey-Tegeler & Co.
St.
PRIVATE WIRES
Louis, Mo.
THORSEN, LESTER J.
Glore, Forgan & Co.
Chicago, 111.
TIETJEN, HERBERT C.
First Boston Corporation
TO:
Asiel & Co.
New York
City
MEMBEPs
TISCH, ALFRED FA
LOS ANGELES STOCK EXCHANGE
McAndrews & Co., Inc.
Established
1921
Greene
INVESTMENT TRUST SHARES
PACIFIC
INDUSTRIALS
CALIFORNIA
EASTERN
&
OIL
GAS
INC.
COMPANY, INC.
NEVADA
TELEPHONE
COMPANY
POWER COMPANY
4
'
ENGINEERING
'
'
'
CORPORATION
Co.
William R. Staats & Co.
City
MA
WALKER, GRAHAM*
SECURITIES
established 1887
INVESTMENT SECURITIES
Los Angeles
Santa Ana
•
•
San Francisco
San Jose
•
•
Pasadena
Van Nuys
•
•
San Diego
Glendale
•
•
Beverly Hills
Salinas •
Sacramento
Joseph McManus & Co.
New
York
Detroit, Mich.
Spring Street, Los Angeles 14, California
WALLINGFORD, CHARLES LAPI.
Mb
MEMBERS:
City
Wm. C. Roney Co.
FOOD
VALLEY NATIONAL BANK OF PHOENIX
SPRAGUE
WALLACE, ROBERT C.
639 South
SEA
SOLAR AIRCRAFT CO.
•
NORTHROP AIRCRAFT,
_
WALDRON, TAN LEY M.
Merrill, Lynch, Pierce, Fenner
& Beane, New York City
j
STOCKS
MIDWESTERN
UTILITY, WATER AND NATURAL
LA 23
&
York
WAKELEY, THOMPSON
A. C. Allyn & Co.
Chicago, 111.
COAST UTILITIES
AND
TELETYPE
CAMP
•
TOPOL, ROBERT MA
New
BELL SYSTEM
VAN
LTD.
Fitzgerald & Co., Inc.
Trading Markets in
Phone Vandike 1071
CO.
DRUG
SOUTHERN
New York City
San Francisco
LOS ANGELES
BRUNSWIG
If
SAN FRANCISCO STOCK EXCHANGE
Henry F. Swift & Co.,
FLUOR CORP.,
CALIFORNIA INTERSTATE
New York City
INC.
THE
M. Byllesby & Company,
Incporated, Philadelphia, Pa.
New York Stock Exchange,
Los
American'Stock Exchange (Assoc.)
Angeles Stock Exchange, San Francisco Stock Exchange
88
THE COMMERCIAL and FINANCIAL
Monica
Summerell;
Bill Burke, Jr., May & Gsnnon, Inc., Boston;
Wagenselter & Durst, Inc., Los Angeles
Helen &
Continued, from page
In Attendance
WEISS, MORTON*
Singer, Bean & Mackie,
New York City
WILLIS, EUGENE F *
J. W. Tindall & Company
WELCH, EDWARD H*
Sincere & Company
Harold E. Wood &
WRIGHT, JOHN C.
Kenower, McArthur Co.
living
WILLIAM
J *
Bingham, Walter & Hurry,
Inc., Los Angeles, Calif.
WHITNEY, FRANK M*
Whitney & Company
Salt Lake City, Utah
ZINZER, HERMAN
Dempsey-Tegeler & Co.
W1ELAR, JACK B.*
St. Louis, Mo.
Co.
ZOLLINGER, JOHN J., Jr.*
New York City
Scharff
WILLIAMS,
CARROLL
New
Laird, Bissell & Meeds
New York City
& Jones, Inc.
Orleans, La.
Mr. and Mrs.
^Denotes
is,
tax collections taking
are
"the
for
Mich.
Detroit,
ZIMMERMAN,
City
Starkweather &
Co.
St. Paul, Minn.
WHITING, EDMUND A.
Carl M. Loeb, Rhoades & Co.
with one breath will
mand state support for their
groups
17
page
by grants from the Federal
Government,
and
these
grants
product?
The answer must be quite properly carry some regulafound in the roles which we the tion over the ways Federal funds
the people wish our Federal, state (our
taxes)
are
spent by the
and
local
governments to play, states.
Taxation could be 100%
of the
The relative importance of the
GNP and we would continue to different tax bases is shown by
live, but we would be producing the percentage distribution in the
WOOD, HAROLD E.
Athens, Ga.
from
state"
and
doled
this
to
out
Cer-
us.
obvious:
the
from
with
side
economic
perhaps, not
disruptive. Taxes simply transfer buying power from the pnvate
economy
(individuals and
corporations)
to
governments
too
^inject
GNP remains
in
°doU°a°rsS
such
the
There
run.
lightly taxed in the pri¬
vate
economy there would be a
greater proportion of production
and
consumption of civilian goods
and I would buy a tele¬
vision, a new car, or take a more
Broadway, New York
extended
210 W. 7th ST.
LOS
Mu 5231
LA 382
ANGELES, CALIF.
Teletype
summer
when
'
are
we
dollars
vacation.
But
heavily taxed such
will
go for radar, army
trucks, and the travel of military
other
and
governmental
person¬
nel.
Sources of State Tax Revenue
The
major
collections
which is based
REVEL MILLER & CO,
FOUNDED
1926
Los Angeles Stock
Exchange
In
this
I
reports
course,
table
a
15-
period is sampled in order to
give the last of the pre-World
War II fiscal years, a depth-of-
(1944), and
year
to offer
can
is
then
1954
idea of changes which
within 12 months.
an
occur
It
SPECIALISTS IN
Table
annual
on
year
war
Members
given in
containing of
detail.
more
of state tax
sources
are
from Census
even
apparent
that
the
unad¬
justed dollar amount of state taxes
in
INSURANCE STOCKS
1955
larger
is
than
about
for
larger
than
for
seem
that
tax
for
OVER-THE-COUNTER SECURITIES
revenue
the
such
would
needs
$500
million
1954, and much
prior years.
It
would
DEALERS IN
of
be
growth in
adequate
state
govern¬
ments, yet no state in 1954 (the
with full financial fig¬
ures) covered its total general ex¬
penditures with its own taxes, and
latest year
650
S.
SPRING
ST., LOS ANGELES 14
five states did not
rent
Bell
System Teletype LA 155
SANTA
Direct Wire to John C.
ested
MONICA
Legg & Co. of Baltimore
operations.
in
the
even
If
meet
is
one
maintenance
fairly high degree of state
—
New York
local) autonomy, this is
a
cur¬
inter¬
of
a
(and
disturb¬
ing reality, because in part such
operating
crosscurrents
within
Position to raising
be
deficiencies
are
made
state
aid
without
that
way
(tax)
The safest
the
of
is
money
to
be
spent,
seek
QriH
sum' s^tes will continue to
and
more
tax
more
;n
revenue
.
_
j+L
inprpa<-jn,, Pnnfiir+
.
°
g°iT
result
i
will
tahTikf
hp
ia:* b?lls-
.
0
•
f,
1ihprfip_
Jlnrp cPrvjPPF
mpri+<,
wp
Snnllhiml
p
y
mnqf
;J
* ® _? ^mand
fr
nfl„pnf
P y
&
S^ernrG"
ore taxes,
Interstate Comparisons
without interstate financial data
11to
The
will
for
those of other
The leSislators may
—you
120
difficult to foretell.
ask
however, state supervision
taxpayers
and
public
offkia]s
prediction is that there will be
,
handicapDed in evalnatcontinued pressure on state ofing the operations of government,
facials to spend and raise more Yet if
compare
money
Moreover there will be his state taxes with
unchanged, at least approving bond
short
mained
is
into
Sfr^u-S^^ub°Vif+Velr'i.^ *be k*ncis
of things bought.
If income re¬
Direct Wire to N. Y. Hanseatic Corp.
were
de¬
own
E3"
The per-
almost the same in
1954. But 15 years ago motor fuels
centages
our
the consequences are,
(Trading Since 1917)
PLEDGER & COMPANY
last column of Table I.
led the list as a tax source with
current tax "burden" we have un- general sales second, motor vehiprecedented prosperity.
cle and operator licenses third,
It is this political-social aspect and net income taxes fourth.
of really heavy
taxation which
What changes in sources of state
should be of most concern to us taxes the next 15 years will bring
because
is
the national income stream.
ROBERT M. GREEN
be
would
we
the amounts the public
officials
tainly
up
of this country's annual
on
services
SAM GREEN
Topol, Greene and Company, New York; Wilbur and Alice Krisam, John C. Legg
Company, New York City; James E- Jones, Courts & Co., New York City
Stales Collect More Taxes in 1955
too much
Chicago, 111.
WHITAKER, JAMES L.
Tillman-Whitaker Co.
New York
Continued
that
WILSON, HARRY J*
Harry J. Wilson & Co.
Chicago, 111.
&
will
Atlanta, Ga.
Inc.
Robert M. and D'Vera
Donald E. Summsrell,
V/ILLIAMS, GEORGE R.
Livingston, Williams & Co.
Cleveland, Ohio
87
Thursday, October 6, 1955
CHRONICLE
appropriations
governor's
the
in
states
he
must
be
careful
froclaim °P" thf,usereason forfl^sof suc>? this care
tax rates or
The
issues,
budget.
states:
yet
excess
of
vote
the
the
probability that
in
about
lies
no
in
two
states is the distribution of func-
Self-interest tions between state and local
gov-
Convention Number
Edwin & Faith
state
Markham, Wertheim & Co., New York City; Catherine & John J. Meyers, Jr.,
Gordon Graves
& Co., Inc., New York
identical.
ernments
in
the
A
THE COMMERCIAL and FINANCIAL CHRONICLE
For
counties
instance
may
be
—it would be too costly. In spite
of these limitations state tax col¬
mainly responsible for roads and
lections
education.
offer contrasts which certainly can
direct attention to fundamentals
outlays
In
and,
such
state
case
a
therefore,
taxes for
these services will be negligible
and total state taxes probably con¬
siderably less than in B where the
state
itself
tions
and
such
governmental operations to
finances.
capita basis do
And
taxpayers
individually
sociations
a
min¬
about
tax
if
per
or through their as¬
then can combine such
income of
all taxpayers, individ¬
corporate, but corporate
income on a state-by-state basis
ual
and
would
be
difficult
good job on inter¬
state comparison of tax bills is to
a
be
done, one should combine state
and local data.
Census, however,
(calendar 1953) Com¬
merce
data on income payments
to individuals (including
proprie¬
tors are used in the following tab¬
values /received
from
their
dollal-Sw/
ures
total income
on
1955 per capita tax collections
listed together with (1953) per
are
Along with state tax collections
on a per capita basis can go fig¬
individuals
est
in
capita
incomes
those
collect
annual
finances for all local
figures
on
governments
states.
It
make
the
in
by
respective
Taxes and Individual Income
preferable to
comparison
with
Five
tices
a
Taxes
Income
cooperative government is such services by government cost
Similar
actions
are money which should come from
with labor
organizations. taxes immediately or in the longer
found
Retailers
will
lobby
for "fair trade"
day will
Monday
on
103
$54
But
Billions
tied up
are
ert
why do we as taxpayers
group
pressures
for
ernments
on
In
our
services
more
expenditures?
part,
Continued
price maintenance for agricul¬
on
ex¬
gov¬
and
perhaps
90
page
Alabama
52
New
52
<SS><SS><£S><£^><£SE><3SS96SSS><aSS2><£^><SSSS><SS><S3><S®<£3><S3<KS5>f
1,167
1,043
1,620
1,533
2,095
111
California
106
Louisiana
104
New Mexico
_
Since 1858
SUTRO er CO.
Five lowest states—
Kentucky
Hampshire—
Nebraska
50
New
BANK STOCKS
run.
laws, and on Tues¬
resolutions for less
pass
$1,882
2,304
2,039
1,249
1,347
Delaware
Wholesale and Retail Distributor
ac¬
necessary.
in
Washington ______$116
.
dentists,
highest states—
the
lllllll
INSURANCE STOCKS
type or another.
one
lawyers,
Doctors,
cf Federal tax dollars
Capita
tural
products, yet farmers tradi¬
tionally have been rugged indi¬
Bigger and better
countants form
their respective vidualists.
professional
associations
which highways, public parks, libraries,
limit entry "to the trade" and es¬ schools, ad infinitum are sought
tablish or permit a fairly uniform by citizens who at the same time
Yet all
price (fee) system—for such prac¬ protest their tax bills.
tervention of
government in business.
received
the
would be
individuals
of
states.
Per
cannot
determine,
to
the latest
so
Canada; Belle Staib, Cincinnati, Ohio;
Gregory & Sons, New York City
D. Krasowich,
Joseph
func¬
imum.
Also
state
of
a
Matthews, Matthews & Company, Toronto,
figures with other information in ulation. The five states with the
holds other local ordei\to get A pretty good idea highest and the five with the low¬
assumes
also
on
Paul W.
45
Jersey
Investment Dealers and Brokers
Distributors
j
of Primary and Secondary Offerings
Underwriters
—
Industrial Brokers
Keeping in mind the qualifica¬
tions of the preceding paragraph,
interesting observations
some
WEST COAST SECURITIES
possible.
ton
is
State
of
individual
average
WALTER C. GOREY CO.
Russ
•
SAN
contrast
Angeles
FRANCISCO
NEW
40
YORK
WALL
1Y
income
basis
revenue,
is
of
New
pretty
general
Jersey it
tain
that
its
per capita
but individual
high.
On the
knowledge of
rather
seems
citizens
are
LOS
4
ANGELES
NUYS
VAN
SAN
5
14
BUILDING
JOSE
13
NORTH FIRST STREET
55
STREET
g
tax
Exchange
^tock Exchange
New
state
Teletype SF 573
Francisco Stock
Los
407 MONTGOMERY STREET
Jersey is the lowest for
Building, San Francisco 4
YUkon 6-2332
In
San
Exchange
Stock
income
fairly extensive state services to¬
gether with an ability of the resi¬
dents to pay the bill.
The same
Delaware.
Exchange
Stock
(Associate)
carrying the implications of
for
York
American
Washing¬
highest for taxes and has
above
thus
The
MEMBERS
New
are
cer¬
BEVERLY HILLS
275
CANON
Direct Private
■>
j
v
DRIVE
j
HONOLULU, T.
H.
:
Wires
6)
MANILA,
$
P. I.
^
ing
neglected by their govern¬
ments, functions are concerned.
The
inference, therefore, seems
justified that the local govern¬
ments in New
the state
the
trading markets
are
services
Jersey rather than
paying for
many
demanded
by
of
their
residents.
DEALERS IN
The Outlook
underwriters
On
the
state
level
of
OVER THE COUNTER
govern¬
ment I see no possibility for a de¬
clining trend in current dollar tax
distributors
collections
a
administrative power in Washing¬
ton at the expense
eignty.
For just
normal
times
a
of state
pair of
the
SECURITIES
catastrophic
which would centralize fiscal
war
brokers
barring
UNDERWRITERS and DISTRIBUTORS
sover¬
years
absolute
in
dollar
increase may
BRUSH, SLOCUMB & CO. INC.
1 MONTGOMERY STREET
•
SAN FRANCISCO
be small and when
adjusted for population and prices
changes may be negligible. But
get
a
odds
even
member
San Francisco
Stock
Exchange
BELL
SYSTEM
TELETYPE
SF70
wire systems
GOLDMAN, SACHS & CO.
DEMPSEY-TEGELER & CO.
number
of
years and the
prohibitive that
adjusted state tax revenues
are
almost
J. S. Strauss & Co.
155
jor
me
mention
consideration
just
which
one
lies
laws
and
customs
seem
(4)
be¬
point of view. It is the
normal, unremitting pressure of
self-interest groups for personal
advantages which under our pres¬
ent
STREET
ma¬
hind this
assured
MONTGOMERY
SAN FRANCISCO
will continue to show increases.
Let
best
through governmental in¬
X
W
CORRESPONDENT OFFICES
be¬
not
NORTH
Telephone
Bell
Teletypes
—
—
EXbrook 2-8515
SF 61, SF 62 & SF 621
James
Continued from, page
Tegeler, Dempsey-Tegeler & Co., St. Louis; Mrs. Graham Walker, New York City;
John C. Hecht, Sr., Dempsey-Tegeler & Co,> Los Angeles
Jerome F.
Inc., Boston; James R. Duffy, Paine, Webber, Jackson &
Burke, Jr., May & Gannon, Inc., Boston
J. B. Maguire & Co.,
Curtis, Boston; William J.
E. Moynihan,
must be
States Collect More Taxes in 1955
who
those
For
mize
toward
desire
mental
one
part, because it is less a guaranteed annual wage, old age simple device is to personalize the
In the short run you and I may
possible than in former decades benefits, medical care, a 40-hour word "government." It is so easy
Many of to say "Let the government do it," receive more from governmental
for an individual himself to pro¬ week minimum wages.
these are basic necessities which and with this phrase both shed aid in some form than we pay
vide all his needs.
As a result
in our increasingly interdependent
responsibility and ignore the costs, immediately in taxes. But in the
you and I look increasingly to the
community
(government)
for community can no longer be ade¬ If "government" is impersonal, so long run the costs of government
seem to be the sources of money
must be borne by us and by our
forms of protection asnd advan¬ quately supplied to the average
which it spends. Yet if one stops children.
tages which our forefathers pro¬ person through just his own ef¬
in
large
We demand not
out.
protection
ditional
but also the
new
as
In
only the tra¬
protection of
a
not
logical
demands
rather
list of "human rights,"
changes it is
local
such
believe
to
upon
that
our
COLLECTIONS
unemployment compensation or security will lessen.
for
more
difficult?
It would ap-
PACIFIC COAST
to what extent have they been the
result
blind
of
forces?
of
hasten
%
to
add here
firmly in
of
22.8
20.3
471
459
1,184
1,821
412
249
303
463
464
1,098
1,776
391
247
312
ity of historical development has
never made any sense to me.
Still
economic institutions change and
with it changes the nature of com¬
petition. Without competition the
price mechanism as allocator of
1,695
1,580
646
501
7.3
14.5
Alcoholic
Tobacco
(48)
sales
(41)
beverage
products
and
(48)
(31, 33)
net income
corp.
gift
tax
(47)
sources__
4.1
4.0
10.2
15.7
3.6
2.2
2.6
our
resources
state
tax
in
each
1955;
Social
tax
indicate
source
states
31
Collections in
Washington,
Census,
cannot function.
incomes,
included
not
are
in
The
1955.
states
number of
the
individual
taxed
taxes
Security
26,
using
taxed
table.
33
this
figures
in
tion do
parentheses
this particular tax base
corporate incomes.
The
given in
Thinking
from
14
page
The Economic Goals We Seek
N. Y. C.
C. J. Herrick's
Machine" which
his
man
a
CO.,
Y.
CHICAGO
S.
is being used for long-term
projects that will eventually raise
the standard of living.
There is
E.
With use of their wire facilities
other trading
centers
the
danger, however, that people
lose sight of the
ultimate
advantages, they are impatient to
see
results."
Everybody
wants
chops now and not next week!
So far in this country the de¬
will
Our 26
mands for "more" have been
less
or
more
anonymous
ket.
There
processes of the mar¬
is strong reason for
an
inroads
The
the
of herrings, in
competes with
available food
competition
with
of
the
are
made
on
the
institutional changes
huge mergers or the develop¬
ment of the institutional investor?
as
Berle's illustration of
question is not quite as
as it would seem at first
among
herrings
or
competition
whales
adjusted to the possible.
well, however, wonder
One might
Offices
to what extent the demands
"reasonable"
at
the
were
time
they
being made and to what
extent they became reasonable in
retrospect, in view of the wonder¬
ful performance of U. S. industry.
were
provide
complete
The
United
duce
coverage
States
Keyserlings in
case the mutual compatibil¬
ity of our economic
goals of
growth, employment, and mone¬
tary stability may become decid¬
edly less compatible.
which
of America's
fastest
growing
is
Who
economic
area
ployed?
going
fected
nism
of
resources
Deuters in
is it to
be
J. Bartii & Co.
ef¬
about
come
as
Established IHU.'l
the
Membert:
First California Company
of
government
fiat?
It
is
always good to see fundamentals
restated as, for example, by Pro¬
Incorporated
fessor Arthur Smithies of Harvard
Members
,
Los Angeles Stock Exchange
Stock Exchange
San Francisco Stock Exchange
Midwest
300
Montgomery Street
Prloato IFir# to
•
given last
Welfare
year
to
ity
then:
"The
between
and
choice
seems
to
allocation
according
the arbitrary whims of author¬
or
Los
New York
Angeles
Slock
allocation according to the
Exchange
Slock
•
San Francisco Slock Exchange
Exchange • American
SAX FRANCISCO
PRIVATE HI RE
•
Stock Exchange (A»>ocinte)
LOS ANGELES • NEW YORK
CONNECTIONS BETW EEN ALL OFFICES
Direct Leated H'ircf to:
on
Policy"
before the Brookings group, who
lie
clttoe
lecture
"Economic
said
San Francisco
Not* York, Chicago and othor leading Eattern
in his
Securities
em¬
human
to
Corporate9 31 unieipuI
and Unlisted
through the price mecha¬
or
result
and
how
to be
are
allocation
Is
material
and
decide
to
resources
Underwriters* Distributors
yet pro¬
may
Leon
more
SHEARSON, HAMMILL & CO.,
NEW YORK
of
What
ability
price mechanism to func¬
tion by such
tance."
simple
for
whales between themselves.
impor¬
objective of major
other
supply,
preferring the latter method both
because it is anonymous and be¬
cause it works smoothly.
Simply
to avoid the irritations of controls
is
says:
biped
a
Century Capi¬
contrasts com¬
20th
Revolution"
a school
which each herring
the
as
"The
man." Adolf A. Berle
a
"The
petition in
C.
money
Members N.
competi¬
feathers, than a plucked
chicken is
in
to
Competition
apply under what cir¬
There is the example
define
I
talist
to
we
without
Continued
of
cumstances?
"If
FRANCISCO 4
Nature
But what definition of
(similar sources for prior years),
1955"
Aug.
100.0
4.5
$11,584 $11,089 $4,065 $3,606
■___
"State Tax
the
of
collections
COOKE FAULKNER
&
Inevitabil¬
economic soul.
1955
3.8
6.1
1.9
—1.1
7.9
2.5
5.6
0.8
—3.0
LIVINGSTON
BECKER
that I believe
being the captains
our
1955
2,218
1931
E. HUTTON & CO.,
we
dealing with a steady process
gnawing erosion?
Let me
$575
913
216
106
424
422
268
118
53
after
G.
are
here
1941
Total
wulff, hansen & co.
W.
evolutionary
extent
$721
685
267
160
394
762
247
112
71
receipts (32)
(48)
REFERENCE:
A.
what
To
1944
Bureau
JOSEPH McMANUS & CO., N. Y.
as
1954
MARKETS
Private Wires
and
extent
the result of deliberate action and
Changing
PAUL
what
To
$2,540
Indiv.
V.-P.
system
more
have these inroads been made
Distrib.
1954 to
price
the
upon
1955
fuels
Property (45)
RUSS BUILDING, SAN
the
$2,637
2,353
(And No. of States Using Tax in 1955)
General sales and gross
Motor
Death and
COLLINS MACRAE,
and
board
Other
personal
Motor vehicle and oper. licenses
EST.
the
govern¬
a
Severance (25)
Federal, state and
governments
% Change
—(Amounts in Millions)—
SOURCE
TAX
between
of
which renders its work
1954, 1944, and 1941
State Tax Collections, by Major Sources: 1955,
TAX
property,
of
light of these
choice
dictates
planning
made,
TABLE I
did with¬ forts.
vided for themselves or
It is not merely a matter
deliberate
this urge toward a reliance upon impersonal dictates of the price
mechanism.
What inroads have
government on whatever level been
made, are being continuously
may slacken,
change
government,
more
of
personal
of governmental regulation,
gree
mini-
to
this
down
slow
and
glance.
to say "I am the government," and
also stops to realize that public
expenditures must carry some de-
therefore, that our concern
primarily with the speed,
degree and methods of change.
pear,
89
1955
Thursday, October 6,
FINANCIAL CHRONICLE
THE COMMERCIAL and
.
SCHERCK, RICHTER CO., ST. LOLIS
or
be-
Convention Number
Bertha
tween
not
THE COMMERCIAL and FINANCIAL CHRONICLE
Lann, New York; Barney Nieman, Carl Marks & Co. Inc., New
York; Joseph J. Lann,
Joseph J. Lann Securities, Inc., New York
herrings and whales
ing it off with
Enough" was
does
be chosen very well.
and other smaller
to
seem
Whales
die
bigger whales take their places
a
list of the 100 largest com¬
panies would show when com¬
as
In
the last 30
over
the
or
"Not Good
mere
not
fair
to
the
author's recognized
scholarship. In
the absence of a referee who
could
blow his whistle in case of a
or
pared
a
foul,
might suggest that those who
discuss economic
questions in the
becoming
whales, competition functions
market
rather well.
try would help.
ment
of
Peter Hurst's
quip, recently listed
York
Stock
on
Aero-
the
We
New
want
we
of
yet
sure
pushing
a
We want
the
code
Even
a
of
good
high em¬
apparently
price that
are
the
running man will exact.
to accomplish our aims
Corpora¬
tion and many, many others which
puts the herring-whale compari¬
son into the man-plucked-chicken
category.
But the fact remains
impersonal
forces of the market is painful at
minor
economic
that
ments
in
we
glibly
too
use
the
often
word
through the forces of the market.
But
times.
too
and
"competition"
the function
on
allocators of
There
tered
is
a
prices
lot
of
as
nomic
nonsense
ut¬
of
academic
try
they point to the changing
nature of competition.
Academi¬
too
often
which if
some
the
air
make
The
truth
is
the
market
somewhere
in
How
ought to be wrapped
Says he: ".
a coun¬
rich as the United States
.
.
far
shall
we,
can
protected?
The
says
Monday,
the
at
Club
the
study of the finance
efficiency
arguments
with
bailiwick.
which
allocator
an
come as
of resources
lifeless
as
will feed the boom.
be
less
saving-devices
ditions
lower
mand.
and
Labor unions
adverse
under
selling
because
of
labor-
to
such
semi-processed goods and raw ma¬
terials may slow down production.
Labor
con¬
Workers feel that there is
labor
accentuate
little risk of
unemployment. As a
result, political pressure for fur¬
ther expansionary moves
might
decrease.
These items might be
conditions
enumerated
afraid
as
coin?
on
shoot
f
o
turnover
The Importance
Fiscal
will
advantages of
be
hang
to their employees,
on
that
such
found
labor
again
That
needed.
the other side of the
might not
when
was
the
Continued
Waiting lists for equipment,
later
case
on
page
of Monetary and
Control
credit
to
fiscal
and
Devices
for
they
help reach
There is
our
reason
a
INVESTMENT SERVICE
UNDERWRITERS
economic goals.
for it. Anyone
BROKERS
who will take the time to sit down
with
the technicians
Reserve
of
the
which
the
Fed¬
DEALERS
of New York,
Bank
example, will go
with the high
skill
has
im¬
away
been
DISTRIBUTORS
•
degree of
acquired
Dean Witter
handling the
there
are
still headaches, but, from a
more or less mechanical point of
over
in
years
available tools.
To be sure,
view, that
well
is
There
how
on
-MembersNew York Stock
tos Anqeles Stock
increasing
to
&Co.
to be rather
area seems
under control.
moved in 20 years from
orthodoxy.
Exchange
•
•
San Francisco Stock Exchange
Midwest Stock Exchange • American Stork Exchange
Honolulu Stock Exchange • Chicago Board
agreement
cyclical
That doctrine has
heresay to
The explanation for
gyrations.
Exchange
of Trade
and other leading commodity exchanges
counteract
-—'
Private leased
SAN FRANCISCO
•
LOS
PORTLAND
radiotelegraph circuit
ANGELES
•
HONOLULU
•
NEW
YORK
AND
•
•
OTHER
to
Honolulu
CHICAGO
PACIFIC
•
BOSTON
•
SEATTLE
CITIES
COAST
the transformation is not difficult
to
see.
To quote "Business Week"
April 23, 1955: "The swift flight
the presence of powerful
journals
political
Complete
devices
control
notions
these
ministrative
learned
from
classrooms
and
reports
and
to ad¬
legisla¬
Can you use our
tive offices results in part from a
of
economists
from
surroundings
to
the
White House and
Congressional
committee rooms."
migration
academic
Incorporated
UNDERWRITERS
DISTRIBUTORS
8c
But
would
it
be
pure
and material resources.
SAN FRANCISCO
1900 RUSS BUILDING
Telephone EXbrook 2-7900
i
4, CAL.
Bell Teletype SF 370
folly to
adopt policies beamed at high em¬
ployment without an examination
of the underlying causes for any
existing unemployment of human
Such
un¬
employment may be due to mo¬
nopolistic practices, in which case
should
recourse
be
taken
to
CALIFORNIA RETAIL FACILITIES
Over 35 years
experience in the California
us to
place large or small
blocks of Western companies' stocks
through our own retail organization.
market enables
For fast efficient service call
time you
have
a
the next
us
California offering.
a
rigorous enforcement of the anti¬
trust
TRADING MARKETS
out
of
removed,
rises
SECURITIES
than
to
a
use
will
the
market, has been
than
galloping
price
be
very
far off.
not
Very full employment has its
dangers. It also has its ad¬
vantages. As production expands,
too much of it may be flowing
own
Direct Private Wires
to:
G. A. Saxton & Co., Inc.—New York
Akin-Lambert & Co., Inc.—Los Angeles
Schwabacher# Co.
Established 1919
overpricing, for pricing one¬
self
OVER-THE-COUNTER
rather
monetary, credit, or fiscal con¬
trols. Once the economic penalty
for
in
laws
of
into inventories
or
be financed through credit.
But scarcity of (skilled) labor acts
as
a stimulus to
new capital in¬
This
York
Stock
Exchange
And
San
100
Francisco
4,
San
other
leading
Calif.
Stock
New York
Montgomery St.
SUtter
Francisco
Exchange
Exchanges
14 Wall
1-5600
5, New York
Street
COrtlandt 7-4150
Teletype SF-349
Teletype NY-1-928
too much of it
may
vestment.
Members
New
new
investment
OAKLAND
MONTEREY
SANTA
BARBARA
SANTA
ROSA
SACRAMENTO
FRESNO
on
at the
tele¬
Interestingly enough, there
seems today to be relatively little
discussion on the use of monetary,
of
McAndrew & Co.
under
overemployment.
will be¬
last year's
up.
Firms with temporarily idle labor
overemployment.
What is
will
turnover
Fully vested and freely transfer¬
able pension rights will certainly
will be
ready de¬
costs
the
phone book.
of
Any occupation
this
If
trend keeps on
going as it has been in the recent
past, the time will not be too far
off when the price mechanism as
be regarded as a way of life and
brush¬
holds
Rotary
private
or
compete with him in sell¬
ing the same make of car in "his"
other
Chamberlain's
Jones
cannot
should
John
Mr.
Kiwanis
protected territory for his
auto agency so that other dealers
perform.
hand,
de¬
will
the merits of the
on
industry and its operation. On the
review of Mr. Berle's book,
to
enterprise system. The next morn¬
ing he dictates a letter to his
Congressman insisting on retail
price
maintenance
or
insisting
for
go
application of capital has little
application in the greatest and
most dynamic areas of American
smaller
retailer's
or
manufacindustry," then one can suggest to urer's establishement regardless of
a
used
pressed
we
maintaining "our established way
of life," just another nice word
for keeping on doing what people
have always done, are emotionally
supercharged. There is the silly
talk of farming being a way of
life and of the sanctity
of the
that
"For
practical purposes, the judgment
of the market place in relation to
the author
On
forth
eral
in keeping the inefficient
pro¬
ducer, farmer, retailer or region
the
of semantics.
Berle
race
Meaning of
"Our Way of Life"
of them
of
be
made
are
The
middle, beclouded by heavy layers
When
as
statements
permitted
place
to waft under their nostrils, they
would most certainly not make.
raw
economy
can
and should abate the
rigor
of the ruthless application of eco¬
nomic law."
economists
when
cians
to
undergo
surgery, adjust¬
in cotton.
Businessmen
rarely properly evaluate the state¬
ments
the
than
Smithies feels that regional econ¬
omies which lose out in the eco¬
resources.
both sides.
on
of
Rather
the
by upward direct or indirect price
adjustments. Even Professor
without the slightest regard as to
its changing nature and its ef¬
fects
to
exposure
not
Morey D. Sachnoff, Arthur M. Krensky & Co., Inc., Chicago; Mr. and Mrs. Arthur M.
Krensky, Arthur M. Krensky & Co., Inc., Chicago
upon a
continued
not
the Lithium
or
adopt
ployment, but
Exchange,
from a
minnow to a pretty good size fish.
There is the
story of Sylvania
Electric
place
ethics of Wall Street.
There is the develop¬
Mr.
should
Mrs.
fend economic sloppiness.
one
40 years.
of
process
forces
Mr. and
§1
92
Belle & Lee Staib, Geo.
Continued
91
page
end of World War II. Location of
industries might be
determined in
the light of available housing or
labor rather than in the light of
the more ordinary considerations
of
(transport) costs.
When the
time
in
comes
nomic
which
location
the
uneco¬
the
affects
com¬
petitive standing of the firm, then
new
demands will almost surely
made 'to
be
such
insulate
firms
against market forces.
Is
there
a
tendency for higher
the result of badly con¬
ceived or badly timed policies, to
force higher tariff protection?
In
this connection,
a
statement of
Professor Bertil Ohlin, contained
in his "The Problem of Employ¬
ment Stabilization'' may be of in¬
prices,
economic
expansion, high,
stable
stable dollar
and method
underlying labor's bid for a big¬
ger share of the national income.
employment, and
a
lies in the procedure
How
the
will
fruits
of
progress
That technological im¬
be shared?
provements will no longer lead to
lower prices in the future seems
to be fairly certain. Labor insists
on taking an increasing share
of
such gains primarily in the form
of higher money wages and very
secondarily in the form of in¬
creased leisure.
Labor
is
an
parallel to the
interesting
well-known
pressions
practices,
that
observation
foster
de¬
restrictive trade
usually
although
quite different reasons
.
for
.
The Obstacle of Labor's
Increasing
Share
simultaneous
tributed
unions
increasingly bar¬
achievement
of
an
within
there would
the
seem
ineluctable
economy,
an
almost
of
to be
tendency
labor
either to anticipate
improvements
or
to ask for wage increases in
excess
of realized or reasonably
anticipated productivity increases
The result will obviously be a new
upward
Probably the biggest obstacle to
the
on
wonders
on
pressure
what will
larger numbers
prices.
One
happen when
of
our
presently
social and
the
of
ranks
sion
payments
to
seems
me
cided
on
conclusion.
of the principle of abil¬
ity-to-pay by labor as a factor in
wage determination would present
at times accounting complications
The
which
For
border
will
FIFO
than the
profits
larger
show
of LIFO in inventory
use
apparently
Labor
accounting.
that a change in inventory
depreciation accounting affects
firm's ability to pay
higher
argues
a
wages.
economic per¬
much to
report of the
Tools to measure
As
desired.
a
Advisory Couqcil on Federal Re¬
in¬
census
data are quite
They, for instance, fail
ports earlier this year clearly
dicated,
deficient.
toward di¬
versification of products and for
the amount of output for in-plant
to allow for the trend
only. Productivity improve¬
ments, from a strictly quantitative
noint of view, are still rather ne¬
bulous occurrences and extremely
short of accurate measurableness.
But that does not seem to deter
use
extensive
from making
us
it
as
Berle,
perform
could
he
use
of
tangible factor.
a
were
or
a
Revolution"
of
im¬
portant 20th century labor revo¬
lution.
Mr. Berle, and
quite right¬
ly, wants the rules which apply
today to power in a political state
extended
Cascade Natural Gas
Corporation
"when
corporation
the
to
centralizes
itself
around
a
politico-economic in¬
stead of a governmental institu¬
tion." But why confine such de¬
mands to the modern corporation?
Proof
of
their
such
communities in
Oregon, Washington and Idaho.
end
of
been returned to us,
imum
proving
fall.
The
unit.
dictate
American
per
a
have
to
economy
must
Bldg.
Seattle
the
1, Wash.
economic
the domestic copper
supply, since
be
established
frame
or
of
in
reference
wrongness of
—in both
a
As
the strike which started on July 1.
the
Thus
that
result
can
only
determined
be
can
as
In
mendous.
inevitable.
and
far
the response to these ex¬
perimental outlets has been tre¬
now,
mean
higher copper prices are or
Trend
of other department
appliance dealers are
and
now
reported seriously consider¬
ing the idea.
130,000,000 pounds, or one-third of
store
one
alone,
Dayton's of Minneapolis—the most
to Sales of Entire Kitchens recent one to set up several col¬
Television Receivers in
ored kitchens—an estimated 5,000
the
Kitchens
mean
people trooped through the special
area
one
day after a two-page
nothing in light of new merchan¬
Sunday advertisement announced
dising potentialities. For example,
the
But
increased
let's look at the
seen
to
prices
in the sales of entire
consumers.
department's opening.
which
present-day trend
have
kitchens
set
include
Stores
departments
up
several
featuring
kitchens
The selling of en¬
demonstrator
Rich's,
Atlanta,
UNDERWRITERS
BROKERS
DISTRIBUTORS
an
pragmatic
CORPORATE
and
MUNICIPAL
FOSTER 8c MARSHALL
Investment
MEMBERS:
New
regard to
which
is
Tight¬
such policies
ideological
SECURITIES
even
clarity
policies,
to be used to determine the
ness
stores
off
in
dozens
possesses
of
such
407 Securities
cut
Two,
wisdom
thorough under¬
proper
and Information Available
terested
alone
strike
Corporation's
estimated
to help prospects in¬
rebuilding.
But, best
partments,
yet,
even
the necessity to make a
compromise among these
objectives.
Three,
in
adopting
and
Annual Report
companying kitchen planning de¬
Kennecott Cop¬
was
as
well
Stock Exchange
820
Ecpnomic policies cannot be de¬
York
Securities
Stock Exchange, American
(Associate), Chicago Board of Trade
SECOND
AVENUE
Portland
•
Spokane
SEATTLE 4
Telephone MU. 1900
Teletype SE. 482-673
as
sense.
for
Many stores have set up these
kitchens
plus ac¬
quality performance
to possible higher prices
the
receivers
demonstrator
max¬
Back
in
television
in the kitchens.
cursory
standing of the limits which
the
dozens of
cluding
use
demonstrator kitchens,
with
appliances
and
matching accessories in¬
up
complete
sets which failed to per¬
form at maximum peak, not one
television or radio receiver has
examination as this
one:
One, modern man wants his
three goals of employment, eco¬
nomic expansion, and stability in
the
purchasing
power
of
his
a
would
July of 1956.
the
at
monetary
Natural Gas is due in
obtrude
observations
Three
serving 24 growing Northwest
setting
turn any
appliance
dealers,
increasing numbers are
in
which
distributors to re¬
our
the nation's de¬
not
themselves
now
ernization
field.
the
are
power
for that matter?
CASCADE is
sales hardest
quality perform¬
that although we
is the fact
requested
in
out
the
partment stores and kitchen-mod¬
more
apply them equally to
the
modern
b i g
whale
labor
union? or any other institution
Why
kitchens, especially in color,
fastest growing trend in
major appliance merchandising.
Credited with pushing kitchen
is
now,
have
receivers
ance
would
deal with the at least equally
tire
"WE" at Westingthan 100,000
selenium rectifiers being used in
As
house,
companion
Cap¬
which
answers.
from page 12
and radio receivers.
volume to the "20th Century
italist
tions that demand
thereon,
they
are
good
enough for Westinghouse to build
better and service-free television
seem
else,
great service if
a
desired, society might
suit,
purchased at an excessive price.
There are some very basic ques¬
well wind up with the wrong
Looking Forward in Television
someone
write
to
nomic goals
men
our
formance also still leave
be
Continued
ludicrous.
the
on
Under rising prices
example:
If
clarity does not prevail as to the
social
implications of the eco¬
a means
use
Mr.
Natural Gas is Coming!
is to be bought at what price?
They
economic grounds.
merely
are
a
foregone
or
industry-wide basis.
An agreement obtained between
one
key employer and the union
becomes then the pattern for other
terest. Said he in 1949: "The fact
employers both within that indus¬
that overemployment is, as a mat¬ try as well as outside of it. Since
ter
of
fact, incompatible with it w}ll be impossible for produc¬
relatively free international trade tivity changes to be evenly dis¬
gain
Phillips Investment Company, Incorporated, Houston
S. Weatherston, J. R.
to an end and
vate pension recipients and then that end can only be the type of
society in which we wish to live.
presently discover that they have
by their policies excluded them¬ Stability in an unstable world can
selves from a share in society's only be gained at the expense of
advance.
That there will be in¬ restriction on freedom of action.
creased demands for higher pen¬ What institutional suit of clothes
the
The Economic Goals We Seek
John
joined
pri¬
active labor froce will have
from
&
Beatrice
Eustis & Co., Cincinnati
6, 1955
Thursday, October
FINANCIAL CHRONICLE
THE COMMERCIAL and
62
•
Eugene
•
Olympia
Convention Number
Walter
and
THE COMMERCIAL and FINANCIAL CHRONICLE
Helen
Saunders, Dominion Securities Corporation, New York
the
first to do so;
Hudson's, De¬
troit; F. & R. Lazarus, Columbus;
and Jordon Marsh, Boston.
this
talk
point
about
color
I
like
to
television rather
two weeks from now, sooner than
most people realize, and virtually
is
willing
predicting
happen to demand.
everyone
to
at
RETMA
take
what
President,
extent—is
Mr.
would
briefly. The big color program¬
ming push begins in just about
crack
there
H.
600,000 and
000
a
we
can
publicity
should
a
will
Leslie
be
He
minimum
a
of
maximum of 1,000,-
arrives
on
handle
properly
color sets sold next
based
that
at
year."
conclusion
the following reasoning:
national network basis."
He
points out that receivers are
still complicated to build but once
they are properly checked out
they are simple to operate and re¬
quire no abnormal service. Fur¬
thermore, sponsors have indicated
a willingness to support color pro¬
gramming.
"As a matter of fact, they are
far ahead of manufacturers' deal¬
and
ers,
the
public,"
he
points
out.
posure"
if
and dealer hesitant to push
color,
and the consumer hesitant to buy
ask
that
drop
has
and
it?"
he
is worried
he
tential
for
in
been
asks.
about
"Is
the
it
Or, he points out, is it that if
distributor and dealer push
color will it hurt their present
healthy black-and-white sales.
the
our
a
fact that
a
percentage of
industry is of the opinion that
is the main obstacle to the
success of color.
But, I mdst point
price
out,
that
the
in
to
getting
the
and
that
masses
the
color
"ex¬
are
"excitement"
—
and
two are
properly handled
price will fall in line. I am
inclined to agree with him.
Burden
of pushing color is
up
retailers, says Harry Mar¬
tin, the "Retailing Daily" column¬
ist, in the Aug. 3 issue.
only
way
we
the
are
future
purchased
Motors
us
get into creative selling, we'll
the
moment.
Let's
Progress
40.
If
the
automobile
in¬
share
one
of
General
then—by
July
of
1955, that one share would have
been
split into 58 shares now
worth
approximately
$7,250
gain.
reinvested
400 times.
price, if this isn't the time for
of
stock
about
comparative
The hottest
dustry in 1916, for example, and
43-fold
have
Warner, G. A.
in
VHF-UHF
and I, and our other fellow
Americans had looked ahead to
stop
apologizing
about
the
price," he states, "if this isn't the
moment for us
to
stop talking
the
Frances
Revolution
then,
you,
us
to
exaggerated
only
automobile has in the last
to the
show
and
Television has made more
prog¬
ress in less than 10
years than the
all
our
Had
we
—a
dividends, this original in¬
vestment
the
Saxton
&
Ether—
Co., Inc., New York City
liability
"Scatter"
close
so
make
radio
more
to
dependable
100%
as
communication
would
have
multiplied
Supposing at this stage
thing in radio
com¬
munications—and
"forward
you'll be hear¬
ing plenty about it in the near
future—goes under the name of
scatter
transmission,"
now in practical use by the mili¬
tary to transmit vhf signals for
distances up to 1,000 miles, and
uhf
as
far
miles
400
or
more,
intermediate
as
without
both
relay
hops.
span
truly sensational aspect of
type of transmission is
being
built
which
de¬
are
with
TELEVISION
and continents.
oceans
visualize
tialities?
your
They
new
this; for the first time long-dis¬
tance point-to-point radio systems
are
periments
SIGNALS and engineers envision
the new method as the vehicle by
which television will some day
you
The
the
military—but AT & T is
conducting uhf scatter ex¬
and upward.
can
sales
only
how
many
or
selling."
on
page
now?
said
I
Mr.
say
the
big¬
Martin
has
Let's
mouthful!
a
Finally, let's take our own Mort
Farr,
National
Appliance
and
Radio-Television
ciation
Dealers
chairman.
He
Asso¬
predicts
a
minimum of 30,000 color set sales
this fall, and .calls this more
prof¬
itable
than
the
sale
black-and-white
models.
He
of
180,000
17-inch
table
as
technically
sound,
claiming that today's color chassis
will
be
ever
built.
I'd
recognized
like
Color
to
add
is here.
is here.
tion?
my
own
Demand
What then is
sales?
Price?
finest
views.
for
color
holding
No!
I What
No.
the
as
up
Produc¬
then?
I'd
a
the
It is only
SECURITIES
companies in nearly
field have plans for ex¬
pansion into electronics, either to
supplement their principal prod¬
uct, or in search of a new prin¬
cipal product to replace one which
every
is
Private wire to
Dempsey-Tegeler & Co., Los Angeles
with connections to other
becoming outdated.
If
further
proof
Teletype—SE 234
dustry is tied up with the everexpanding applications of elec¬
tronics, it's contained in the grow¬
ing list of old-line companies ex¬
panding
into
the
tronics—through
fields
of
elec¬
founded 1892
mergers
or
es¬
tablishment of electronic divisions.
say
While considered
an
industry in
psychology! What's that?
The dealer-pioneer, hardy breed
of merchandiser, astute
a
Gffi.R Harper &Son&Co.
itself, electronics actually is also
wise
salesman, just doesn't real¬
part of every other
either
tion techniques or the integration
outstretched
of
If he
garner.
about
before
to
get enthusiastic
can
color—then
Never
him
for
will
color
has
price,
sell.
lack
of
electronics
uct.
The
most
and
industrial
fore
us
are
atom
and
fazed
is
space
—
waiting for what? It's
made
fellows
application of
waiting
up
to
.
.
you
.
It's
just
that
—
he
and
your
associates to talk color, push color,
the
end
the
of
possible
now
which
be¬
outer
will
PRIMARY MARKETS IN
be
through extensive
new
advanced elec¬
tronic techniques and systems.
PACIFIC NORTHWEST SECURITIES
Growing with
J&rXr!
•
serve
eleven
State and Municipal
Seattle
-
Yakima
prod¬
we
Bonds
Seattle 1 Wash,
Wenatchee
harnessing of the
conquest of
both
Tacoma
exciting scientific
frontiers
the
programming, customer-resistance
him.
into
Investment Securities
1504 Third Ave*
industry—
through electronic produc¬
ize the tremendous profits that lie
waiting
trading centers
needed
were
that the future of virtually all in¬
dealer
consumer-
DEALERS
—
MUNICIPAL & CORPORATE
electronics
moment.
natural that
describes the current
product
examine
industry for
DISTRIBUTORS
UNDERWRITERS
First
National Bank
U. S. Government
the
the
Pacific
entire
Northwest
region
since
through
1913,
offices
in
principal cities of Oregon and Washington.
UNDERWRITERS
•
DISTRIBUTORS
Heme Northwest
•
DEALERS
Company
BOND DEPARTMENT
Bonds
Seattle 4,
Telephone Main 3131
Member
Federal
Washington
Teletype SE 489
Deposit Insurance
Corporation
SEATTLE
PORTLAND
YAKIMA
•
•
SPOKANE
ABERDEEN
•
•
14,
WASHINGTON
TACOMA
WENATCHEE
•
•
BELLINGHAM
MEDFORD
on
No mat¬
television sets
Continued
signed not to fail at all—with re¬
go
Progress is the key¬
note of tomorrow's sales.
ter
Can
poten¬
industry's future. Can you
I, or anyone else, predict what
one
share of stock in television
will be worth 30 or 40
years from
that
or
Its practical uses today are en¬
tirely
our
gest show is going to be in retail
networks
to
even
wire
cable!
now
than
of television
progress we invested
in
po¬
the price of sets
exposed
to
the
propaganda that the present price
structure is too high?"
It is
believes
the
never
Then,
and
mass
the
the
"What is making the distributor
and
color.
will color sets sell!
Television
words
launched
to
"Technically
the
National
Broadcasting Company, and the
Columbia Broadcasting Company
are now properly equipped facil¬
ity-wise,
manpower-wise,
and
know-how-wise, to do a good job
of color broadcasting and do it on
a
effect
we
"If this isn't the moment for
"I believe that if
industry
when
Hoffman
key
Hoffman states:
the
sell
is
production.
Color Receivers
At
going to get the price down—if it
going down to any appreciable
Frank
•
•
EUGENE
WALLA WALLA
are
94
October 6,
Thursday,
and FINANCIAL CHRONICLE
THE COMMERCIAL
§4
1
'
.
John
Wright, Kenower,
93
to use the
Looking Forward in Television
sold, there will always
ceiver that you and I, and
be added
Hotel and Motel Television
signals
Television
are
Once
being
that
-
Cuba.
to
-
and that home
won't
not
pick
up
as
parcel of the home
and
soap
becoming almost
is
necessary a
part of our service
towels,"
one
says
and
in their battle to
the one weapon
halt
predict that
declining room sales and to
high.
out,
and
keep
television re¬
guests
motels.
offering "commercial" rates
ranging from 10 to 20% below
regular rentals in an effort to
win the traveling salesman trade.
in
near
or
their
everything
handles
who
dealer
the motel 10 to 25%
of the gross income.
Newer mo¬
tels, however, are getting away
from coin sets and becoming more
and more like hotels. Master an¬
gives
tised
as
are adver¬
of the main features
and usually
one
of
each
To
dealers
you
and
servicemen—the hotel and motel
offers
market
growing
a
tiality to increase
on a repeat basis.
there
that
It's estimated
2,750,000
in
the
rooms
and that not more
15%
have
been
to
10
poten¬
business
your
some
are
hotel-and-motel
United States,
jobs
tenna
equipped with television sets.
Accentuating the role of tele¬
vision in recent years is the fact
that the struggle between hotels
its
the traveler —and
appeal to
television is
a
valuable and won¬
stances, potential
the
Consolettes are pre¬
17-inch.
ferred,
consoles going into
with
Here
is
a
second-set
market
new
wide
in your own area. Try so¬
liciting hotels and motels for out¬
right purchases of television re¬
ceivers. You'll be amazed at the
sales
and
—
dealer—and you, as a
—can
you,
as
offered.
an
additional receiver.
a
a dealer fran¬
highly coveted. While no¬
body suggests a television manu¬
industry has made
serviceman
chise
facturer could exercise such rigid
Replacement
controls
Sales
Set
hotels
estimated
It's
the
have
1,-
"to give
Best
are
non-exclusive
meaning to a franchise."
ways
to
be
to do it, it's suggested,
more
discriminating in
the selection of dealers,
back every
choosing
adequately fi¬
sell aggressively,
only those who are
nanced, who can
automobile mer¬
Here are some
his
facturer in NARDA'S own words,
to stimulate
customers coming
over
dealers, there's room for a manu¬
industry, seeking
The television
Thus
(2) Increase value of the fran¬
chise:
With lessons gained from
40 years of experience, the auto
make direct.
Second Sets and
ways
rational
customers
surprising
1,250,000. The last Census Bureau
figures of 1948, show 8,664 hotels
500,000 rooms; motels a
SUITE 710-12-14
SECOND AVENUE
1000
with
SEATTLE 4
TWX
SE
50
There
rooms.
more
or
only 25,919 motels then, but
there are believed to be between
were
Phone
105
Eliot
3040
48,000 to 50,000 now, and growing
at the rate of 3,000 a year—with
most new ones having 50 or more
rooms.
of hotel installa¬
on a lease basis
the hotel not buying the sets
The majority
tions
with
but
laying out
a
flat sum per unit
.m
of
The daily fee
ranges from 20 to 50 cents, de¬
pending on the size and construc¬
tion of the hotel, kind of set, etc.
occupancy.
room
PUGET SOUND PULP
made
are
—by the year, or bv the day
W
AND TIMBER CO.
BELLINGHAM, WASHINGTON
major Statler-Hilton hotels have bought their own
Some of the
SpetMmng lh' %
television receivers on an
outright
ownership basis. Statler-Hilton's
bought sets in New York,
—
•
have
Boston,
Hartford, Los Angeles,
and Washington.
"WE" at West-
titMMWAl
mdHp /
eOHPORATiCIJV^piS,
&•
WpSTMEfST STOCKS
inghouse, have just sold over 1,000
television receivers' to the new
Statler-Hilton Hotel which opens
this fall in this very state — at
Dallas.
There will be a special
television receiver
Westinghouse
GRANDE
I
NCOAPO
X
PiATED
CO.
in each of the 1.001 rooms
newest Statler-Hilton
Cost
2nd &
CHERRY
•
MAin
6830
SEATTLE 4, WASH.
•
Teletype:
the
television
receiver
almost always
vision
Few
Telephone:
of
of this
SE
362
others didn't.
coin-operated sets.
added,
was
use
Older
motels,
rely heavily
somewhat
on
less
the other hand,
coin sets.
With
solid
financing,
on
High Grade
Sulphite
unit.
included in the
hotel room regular charges. Some
hotels
raised
rates
when tele¬
is
HOGE BUILDING
in¬
and
explanations to
why more cannot
they would be
encouraged to turn in sets or buy
the
be
open
response
and/or
two or three years.
"weapon."
derful
SECURITIES
cars
too often hit-or-miss. In many
second-set and
sales might profit¬
and motels has become extremely replacement
intense, each seizing upon every ably look to the automobile in¬
feature that promises to enhance
dustry for lessons in how to keep
INVESTMENT
making used
available at just about any price
the customer wants to pay. Tele¬
vision trade-ins, by contrast, are
for
fancier suites.
of motel service.
than
JOHN R. LEWIS, INC.
sales and for
car
motels are often replacement set customers have
simple installations handled by turned away from stores after
local men, whereas hotel systems dealers may have offered as low
frequently pose major construc¬ as $10 for a working television
Motels, on the other hand, are
set which cost the customer $300
tion and engineering problems.
alert to their advantages in hav¬
Most common hotel set is the or more. Great need in television
ing television receivers in each
for
more
realistic
trade-ins
21-inch job; motels lean toward is
room—for the sets bring in entire
families,
motel
operators do
not view the provision of tele¬
vision receivers for their guests
as
the least bit altruistic.
It is
Hotel
future these keep food and beverage sales
Television sets, they point
applications will become part
and
hotel
every
hotel executive.
such long-distance
in the too soon
in
"Television
viewers' receivers
signals.) But we can
a
bath
it's a tele¬
room.
as
communications
point
set
motel
(It should be borne in mind
"scatter" is useful only in
point
vision
worrisome
fierce competition
Some of the latter
the
is
are
advertised
they
with every room; now
horizon by the
Bell Laboratories and AT & T for
distances as great as 200 miles in
experiments
described at this
year's IRE convention. AT & T
is now operating an experimental
uhf
television from Florida to
the
over
J. Villere & Co., New Orleans
they were or are
or
unwilling to
and
another
hotels,
from
Receiver Markets
hotel cause sor¬
a
management.
to
row
factor
television sets of tomorrow.
beamed
less money in
To
service.
make, sell, and
improvements, tempting and forc¬
ing the public to keep on buying
newer and newer features in the
"WE"
Arthur Keenan, St. Denis
generally unable chandising features that might
well be copied:
undertake out¬
(1) More liberal trade-ins: The
right purchase or fixed rental
its dining and bar facilities for
fees.
They're usually served and auto industry uses high trade-ins
the purchase of food and drinks.
serviced by a local distributor or as an entering wedge for both new
Guests who spend little time and
thus virtually forcing them
hotel's room service or
rooms,
Continued from page
Margaret and
Detroit
Jim Martin, R. C. O'Donnell & Company,
MacArthur & Co., Detroit;
1955
Bleached
Pulp—Paperboard
Industrial Alcohol
'
I
Lignosite
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
Miriam
who
and
and
render
can
Robert L. Erb,
which takes into account only the
lowest price, the problem of ade¬
necessary
servicing to satisfy customers.
(3)
Greater
The auto
mote
use
adding
pro-,
obsolescence
something
quate
of accessories:
industry is quick to
product
to
new
servicing,
the
and
profit
Price
or
discounting,
only weakens the distribution set¬
models; for example, new up since it does not provide room
designs, new color motifs, for trade-ins, promotions, adver¬
turn
signals,
power
steering, tising, an adequate profit.
Stress should be on quality and
power brakes, electric gadgets, etc.
Television is making first moves servicing rather than on cut prices.
body
this
direction.
inghouse,
offer
"WE'
at
West¬
latest
our
re¬
You
as
a
dealer
and
serviceman
should sell national-branded
lines,
tip-top front-tuning, backed by a quality-named manu¬
chassis
having the Silver Safe facturer. Sell the prestige of the
Guard deep etched printed circuit, maker not only as a manufacturer
ceivers
with
combinations
fication
Dallas
by
with
stations
of
of
the
but
radio
dial
letters
call
on
the
television
identi¬
station
combinations,
swivel bases, etc.
new
and
allied
in
radio
receivers
appliance
products
well.
as
for the Dallas Statler-Hilton Hotel
television
and
less
your
product,
people, should
and put more
into
your
dealer training
Aggressive, knowledgeselilng is back in the saddle
again.
Emphasize
the
specific
courses.
ful
Dealers
The
major problems
television dealers
er's
attitude
are
towards
now
the
facing
consum¬
purchasing,
selilng features, "WE" at
Westinghouse, are drilling dealers
in the basics of merchandising.
than
rather
of
the
general.
Instead
confining ourselves strictly to
the
example,
to find
ers
pect's
Westinghouse
products
and
the pros¬
How
needs.
Ralph C. Deppe, Edward D. Jones & Co., St. Louis
petitor's products. Now,
ever,
flip,
can
we
more
flutter,
"U.
than
say,
'"No
proudly
can
no
The
days when customers could
kept waiting indefinitely for
delivery and for answers to their
be
points
while
General Economic and Business
Outlook
being
Report"
economic
"privately
out
spending
business
vidual
Business outlook is still upward,
that
is
are
the
on
The Future
What about the next
The United Business Serv¬
Consulting
interprets opinion of leading
the
best
10
years?
fa¬
ords,
and adducing from current
vorable. Retail sales will continue
facts
and
with
to hold above
frankly
this fact is
our
of
one
vital
the
current training.
all
business
over
outlook
high
know, drawing upon
"Over¬
remains
levels
year-ago
and
avoiding
logic,
radio
business
will
be
the
the
on
page
Specialists in Securities
of the
Pacific Northwest
year
giving the
by
facts
for
cus¬
the
on
UNDERWRITERS
Westing¬
DEALERS
DISTRIBUTORS
quality television and radio
by showing the features of
Westinghouse, and explaining the
silver
BANK
"WE"
at
dealers
and
AT
&
ly \S/<i\nais/
in
the
as
working
be
INVESTMENT
T
TELETYPE
PD
\s»v5/o
wa
INVESTMENT
TRUSTS
distributors
our
establishing
SECURITIES
CORPORATE
•
MUNICIPAL
and
U. S.
National
Bank
1927
Building
line—
the
across
BONOS
and
sales
stimulate
to
right
&
STOCKS
BONDS
pro¬
SINCE
interest
CApitol 8-4389
will
motions, product knowledge,
activities
TELEPHONE
Westinghouse,
closely with
more
PORTLAND 5, OREGON
i»
chassis.
manufacturer,
BUILDING
circuit
printed
safeguard
CA
Portland
4,
Oregon
8-1318
229
distribution,
manufacturing,
re¬
tail, and consumer.
For
example, at
cost of over
a
$5,000,000, "WE" at Westinghouse,
will sponsor the
tions
ATKINSON
AND
COMPANY
always.
UNDERWRITERS
last
DEALERS
there
DISTRIBUTORS
from
NORTHWEST SECURITIES
over
was
successful
so
important
ATKINSON
a»d
a
PACIFIC NORTHWEST SECURITIES
vice-presidency
in
item
To
us.
standard
COMPANY
that
as
of the two-party slates.
one
house
that
considered
Westinghouse quality is
Inquiries Invited
ACTIVE TRADING MARKETS
demand
televiewers
numerous
of
WE MAINTAIN
at the
convention
concerted
a
seriously be
30 years
all
Betty
luminaries, will
was
candidate for the
on
for
Betty
Presidential
she
conven¬
1956.
television personality
a
as
•
PACIFIC
in
the commercial aspects as
handle
•
in
political
held
Furness and other
•
Active
be
to
of
mention
quality
Television
Metuchen
factory
in
and
at
very
a
minds
the
the
UNDERWRITERS—DISTRIBUTORS—DEALERS
of
Nation-wide
PORTLAND
4,
*
CApitol 6-2458
OREGON
thus
of
our
the
INVESTMENT
Members
receivers,
CA
8-8261
number
one
position
in
for
relation
quality
to
SALEM
•
San
wire
SECURITIES
Francisco
Stock
Exchange
813 S. W. ALDER
TELEPHONE
keeping them always in the
performance
McManus
Zilka, Smither & Co., Inc.
New Jersey
television
Jos.
Westing¬
Radio,
termine the quality and perform¬
ance
408 U. S. National Bank Building
on
high
conducts periodic field tests to de¬
tfnvebtrnent SPecWiiHeb
coverage
PORTLAND 5,
EUGENE
com¬
i
•
TELETYPE
OREGON
MEDFORD
•
and
prognosis
Continued,
the remainder of 1955."
Again, steady sales require a
merchandising, sales, and
advertising program. When you
support the selling of hard-hitting
sales staffs with newspaper, radio,
television,
or
point-of-purchase
advertising and promotion, you
can be sure your program is ade¬
quate and aggressive.
The method that Westinghouse
dealers will use in getting an in¬
creased percentage of television
trends,
our own rec¬
steady
lines
AMERICAN
we
sources
economic authorities thus:
house
SECURITIES
in¬
crease.
queries for followups are happily
gone.
Now we are ready to give
an answer to any question that is
asked.
Impressing
our
dealers
tomer
George Patten Investment Co.
gov¬
declining
outlays and indi¬
spending
judging by all the economic indi¬
ice
World
is
ernment
cators.
&
current
generated";
Westinghouse."
no
that
prosperity
flop-over. You
be SURE if it's
News
S.
stresses
can
and salesmen to ask—and answer.
1956
pacific northwest issues
deal¬
our
are
Westinghouse products best sat¬
isfy those needs? These are the
questions we teach our dealers
and
retailing & trading
train
we
what
our
special
phases of
You,
sell
"sell"
Problems Facing Television
their
IFor
cutting,
year's
in
Frances and
involved.
by
each
Green, Erb & Co., Inc., Cleveland
PD
155
VANCOUVER, WN
on
96
Mr. and Mrs. Gambol J. Dunn,
Continued
Dunn & Rollins, New
Mr. and
York City
Truly the
ing.
from page 95
In
sub¬
and fully
such incalculables as uhf and
aware
television
—
will be $6,785.
$357 billion. Consumers will spend
foresee:
we
$50
The future of tomorrow
is rosy
reports the Committee Staff
the Joint Committee on the
—so
dealing with the
potential economic growth of the
United
States
during the next
Economic Report
In
1965, we will have a popula¬
190
of
137
people.
million
will be 14
million of these people
total
civilian
will be 76 million.
ment
of
durable
labor
force
today. The estimated
of
little
a
$535
$357
and
demand;
will
who
people
an
than
more
About 50%
1,000,000
60%
to
73
sets-in-use will be color. All pro¬
economy
such
as
networks
current
(excepting
live
whether
color,
Black-and-white
will
there
benefit
for
is pre¬
ment
of
our
news
etc.)
events,
events,
be
will
on
oh
tape.
con¬
quantities
mass
always be
The
and business dollars
merchandising
with
and
afford
to
The television
cre¬
adver¬
unable
will
the
be
with
the
higher
That is true of 1955, 1956,
it will be in
as
The
1965.
opportunities
potentials
are
1957,
are
in
a
and
chasis
1965
which
there. The
continually
grow¬
mounted
only
size
The
by
of
flat,
and
phosphorous
is
be
tubeless
using
printed
of
electronic
more
well be
may
servicing
receiver,
will
changing
a
be
as
receivers
limited
prefer¬
About
tions,
inch
color
receivers
will
light
as
an
executive
case.
of black and
be
some
the public.
every
Truly, "Looking Forward," one
visualize
can
told
in
be
"WE"
and
each
receive
depends
selves
sold
tomorrow of
—
un¬
particularly
industry. Whether you, and
our
television
8,000,000
will
a
potentialities
row
than
receivers
wired home in
the land.
I,
Television Volume in 1965
sta¬
of them satellites and
boosters, will provide a signal to
as
Prices
white and color sets
dealers and $300 to
telecasting
1,000
will
batteries and 21-
powered by
Structure
Telecasting
is lo¬
practically
.be
bright
internationally.
light bulb today. Port¬
monochrome
able
other
a
world
the
future is inevitable for television
even
simple
as
in
in-use
sets
of
television
a
the trouble
once
calized,
of
estimated total
reaching $20
Also, with over
an
countries
efficiently produced.
The
of
8,000,000
gener¬
ally transistorized, certainly min¬
iaturized, and
or
economy
billion each year.
advanced
circuits,
$7,500,000
of
Thus the over-all consumer
nually out
Television circuits may certain¬
types
Servicing income will
peak
a
expenditure in the next 10 years
will average about $3 billion an¬
develop¬
ment.
ly
of $2.25 billion at the re¬
level.
more.
as
—
Westinghouse,
at
our
share of tomor¬
primarily
on
individuals
our¬
and
teammates.
mainly replacement
third, fourth,
ous
rooms
these
or
the second,
Conclusion
fifth sets for vari¬
or
in the house including
the kitchen.
The factory value of
units will
reach
about $1.5
billion which alone will represent
for
I,
one,
talk
this
by
be
Forward,
morrow
can
only wind
reiterating:
confident,
and
will be ours."
GROWTH
Texas
Municipal and
Corporate Securities
STILL GOES ON
ACTIVE
We
gained 7988
new customers in our 1955
TRADING MARKETS
fiscal year, as com¬
Central Power & Light Co.
Longhorn Portland Cement Co.
year.
Houston
J. Ray McDermott Co.
West Texas Utilities
Kirby Lumber Co.
Southwestern Financial
What
s
more,
they're good customers, too, for retail sales
per
family in
our
service
area are
Southwestern Life Insurance Co.
Brewing Co.
Industries, Inc.
Pacific Power &
Duncan Coffee Co.,
Southern Union Gas Co.
Light Co.
Fritz W. Glitz & Sons
Texcrete Structural Products Co.
Gulf Life Insurance Co.
Arizona Public Service Co.
If
you're looking for growth, look to
service
area
in
Southwestern
Kansas,
our
the
45,000
Oklahoma
square
and
mile
Garrett Oil
Pfd.
Class A
Central Louisiana Electric 4V£%
San Antonio Transit Co.
31% above the national average.
4.40% Pfd.
Southland Life Insurance Co.
Corp.
Lone Star
Texas
& Pfd.
4% Pfd.
Lighting & Power $4 Pfd.
Houston Natural Gas, Com.
Welex Jet Services, Inc.
pared with 4776 customers gained in the previous
Dealers
Distributors
Underwriters
TheFrito Company
Tools, Inc.
SPECIALISTS IN SAN ANTONIO AND
Texas
HOUSTON BANK STOCKS
and
Panhandles, the South Plains of Texas, and Eastern New Mexico.
TEXAS
Russ
/
INSURANCE
STOCKS
& Company
imcohponatbo
SOUTHWESTERN
Members Midwest
Stock Exchange
Alamo National Building
SAN ANTONIO
PUBLIC SERVICE
COMPANY
Bell
Trading
Direct
5
Teletypes
Municipal Department—SA 53
Department—SA 23
Private
Carl M. Loeb, Rhoades & Co.,
and Connecting
Wires
up
"Look
A "REDDY" REMINDER
THAT OUR
as
annually,
wall-
be
will
sum
ing done by Westinghouse in rela¬
tion to its light amplifying sys¬
research
placed
televiewer's
screen
the
the
the
reach
tems
intense
tail
be¬
on
set,
relatively small box, chair-
side.
Duffy, Paine, Webber, Jackson <£ Curtis, Boston
will average at about $200 to the
receiver of
picture-on-wall
controls
R.
and the picture may well be
produced by electro-luminescence
More
plant
disposable
seg¬
a
population who will
price irrespective of its cost.
Disposable personal income will
million.
in
will
or
sets
tinue to be sold in
tising.
expenditures
a
all
of
aggressively go after the consum¬
ative
reach
new
increasing at the rate
are
Mrs. James
ence,
the
on
that
Bureau formula
Census
homes
year.
based
be
er
equipment will be $60 billion.
$380
and
billion, consumer demand.
from
homes
gramming in the major cities and
business
be
will
civilians
Business
be
-
billion, of which $81 billion will
Total employ¬
million.
and
non
in
use
dicted for 1965 will be those who
households.
The
for
The total demand for goods
The
1965, there will be 56 million
In
per
goods.
and older.
years
$893
Consumers will spend
billion
$185
of
average
an
household.
services at 1953 prices will be
decade.
tion
billion for consumer durable
goods;
ican
number of homes is
expenditures will be
Consumer
we're going out on quite a
in
sets
50,000,000 homes, as against
38,000,000 among 43,000,000 Amer¬
household
per
television
over
proverbial limbs—this is what
few
of
income
personal
1965, there will be 85,000,000
more
or
Looking Forward in Television
scription
will reward
years
fighters.
6, 1955
Thursday, October
FINANCIAL CHRONICLE
THE COMMERCIAL and
96
Wires to
New York, First Southwest Co., Dallas,
to Principal Financial Centers
to¬
•
97
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
and
Mr.
Continued
from
page
has
been
i p a
11
marketable
short-term
y
Treasury securities as liquid assets
and
against their Federal income
and other needs for
tax liabilities
that
funds
they
the future.
latter,
expect
may
acquire
the
issue,
ahead of the expenditure for
and
in
tions
are
securities.
of
half
bilities increase
their
they
are
rapidly than
payments, and
during
sellers
not
calendar
more
tax
actual
the
inbome tax lia¬
when their
year,
Corpora¬
large purchasers during
second
the
plant,
the funds temporarily
invest
Treasury
the
first half of the calendar year.
far
individuals
as
their
the
holdings
form
bonds,
principally
familiar
also
they
As
concerned,
are
are
the
of
but
in
savings
hold
term marketable issues.
long-
Individual
holdings of savings bonds have
been remarkably stable during the
past few years, while their hold¬
ings of marketable securities have
declined. The big increase in total
holdings by individuals came dur¬
ing
the
the
Treasury
sold
securities
to
deficit
war.
Treasury Securities and the
Banks
Commercial
have
I
until
banks
commercial
of
consideration
left
the
last,
because I want to discuss them in
connection
Federal
with
Commercial
policy.
short-term securities
Reserve
banks hold
primarily for
liquidity purposes. A commercial
bank, when its liquidity drops be¬
the
low
sirable,
level
may
that
raise
de¬
thinks
it
that
liquidity
by calling loans or, more likely,
Harry and
Betty Lou Hudepohl,
If
short-term Governments.
mercial banks
as
a
com¬
whole have a
small amount of short-term secu¬
rities, they may become more re¬
strictive in their lending policies
invest¬
long-term securities,
their policies as to
and in
in
ment
which is what is happening
rather com¬ posits is apt to find that it has market to buy them. The reverse
It may then is true when the Treasury pays
shift among deficient reserves.
bank to an¬ sell short-term Government se¬ out funds by reducing its deposits
part of the curities, and the bank that has at the Reserve Banks.
The second factor that affects
deposits
may
purchase
country to another. Second, banks gained
In commercial banks aS a whole is
need liquidity in order to meet these Government securities.
to
their customer demands for loans. addition
buying and selling the change of the amount of cur¬
If there were only one com¬ short-term securities, banks adjust rency
in
circulation.
When
a
their reserve
mercial bank in the country, it
positions by pur¬ commercial bank pays out cur¬
would have no particular need for chasing and selling Federal funds rency to a depositor, it reduces its
by
repurchase agreements vault cash. It will then generally
liquidity, because payments by and
with
dealers
that
I
mentioned replenish its vault cash by ob¬
one depositor to another wouldn't
affect the total funds of that bank, earlier.
taining currency from its Federal
but with 14,000 banks some bank
In
addition
to
the continual Reserve Bank, which it pays for
is always losing deposits or mak¬ flow of funds among individual by reducing its reserve balance.
ing loans, with the proceeds paid banks, there are various other fac¬ Similarly, when there is a de¬
out to another bank.
The indi¬ tors that result in gains and losses crease in money in circulation,
vidual banker, consequently, must of funds to all banks as a whole. banks will generally deposit the
keep
large amount of short-term
can sell quickly
minimum loss. The amount
a
We
particularly interested in
general factors in trying to
are
securities that he
these
at
forecast what is likely to happen
a
that
particular bank keeps to the money market in the fu¬
depends upon the bank's type of ture. The most important of these
deposits and the amount of loans factors are Treasury deposits at
that
any
the bank expects to make.
A drain of funds is
usually
re¬
the Federal Reserve Banks, money
in
gold
circulation,
stock,
and
Commercial
now.
first,
shifts
deposit
to
from
banks
flected in the bank's reserve
balances
deposits.
to
a
bank
When
a
vault
excess
their
reserve
The
the
cash
third
balances.
important
increases add to
of
importance
money
market is float,
lected
items.
0 Finance Company
that
gains
bank
loses
funds
more
banks
as
a
from
commercial
whole than it has paid
deposits, its reserves requirements out to them.! We then may find
decline by only a fraction of the
that many banks are in the mar¬
deposit loss; since most banks
ket to sell short-term securities,
carry negligible amounts of ex¬
cess
reserves, a bank losing de¬ and only a few banks are in the
sent
for
to
a
When
Federal
a
Reserve
care
collection, the bank that de¬
posits the check receives credit
according to a time schedule, but
the
bank
drawn
is
on
not
which
the
charged
Continued
on
check
until
page
of
one
bank
to
INVESTMENT
Distributors
SECURITIES
of the
of
Corporate Securities
0 industrial Securities
■'"■■rVy
0 insurance Stocks
UNDERWRITER
•
DISTRIBUTOR
•
DEALER
.
0 Underwriters of
0 Municipal Bonds
Corporate Securities
Gas Stocks
0 Oil and
0 U. S. Government
0 Public Revenue
Issues
|
Bonds
FIRST
0 Wholesale
0 Public Utility
^OUthlOeAt COMPANY
Investment
Distributors
Securities
Bankers
MERCANTILE BANK BUILDING
RAUSCHER, PIERCE i CO., INC.
DALLAS, TEXAS
Member
Stock
Exchange
American Stock
Bank
Mercantile
Bid;.
*
Wires
Harlingen
San Antonio
•
Dallas
1,
Tex
Abilene
as
Bell Teletype DL 196 and DL 197
Telephone Riverside 9033
Direct
Midwest Stock Exchange
Exchange (Associate)
to
Markets
Principal
Houston
Tyler
•
*
Waco
Lubbock
Plainview
is
Bank
need
take
the
uncol¬
check
0 Secondary Market
Securities
Austin
or
in
Warrants
Company Stocks
•
The
reserves.
0 Rights, Scrip and
□ Bank and Trust
York
where
and de¬
reserves
reduce
item
final
is
factor
change in gold stock,
creases
Re¬
increasing
,
If It's in the Southwest
New
the
with
thereby
Bank,
serve
right
Check with Us
1
Westheimer and Company, Cincinnati, Ohio
bal¬ float. An increase in Treasury de¬
by selling longer-term securities
ances, since a bank that loses de¬ posits at the Reserve Banks means
and
investing the
proceeds in posits has to transfer reserve that the Treasury has withdrawn
extent that liquidity,
the
to
war;
during the
a
funds
deficit, but, of course,
these purchases were only
so
fraction of the Treasury
a
in
sell
may
to
the
wartime
even
xJ!«"A
another, since in our
plex economy funds
depositors, from one
other, and from one
able to reduce
was
commercial banks in financing
example of the
an
corporation
a
bond
As
individuals, it
.....
York
New
the amount that it had to sell
Business corporations hold princ
<
Securities Market
purchases by State
retirement funds.
and local
Co.,
f
13
The Treasury
side
Roggenburg, Roggenburg &
Mrs. Stanley
-**
-H;
I
ft »i
i
J
•
San Antonio
Dallas
is
the
98
John
W.
& Company, Incorporated, St. Louis, President of N. S.
first copy of Traders Bulletin by Edgar A. Christian,
Bunn, Stifel, Nicolaus
presented with framed
Stroud
Securities Market
The Treasury
collected by the
When there is a
check is actually
Bank.
delay in the collection of checks,
which often occurs, for example,
grounded by fog,
or
float, will
and reserve balances will
when planes are
uncollected
increase,
items,
securities;
All
low, they may sell other securities
or
occasionally reduce loans.
In
periods of
factors
these
of
are
con¬
banks need to
provide for changes in their re¬
serve
requirements
that result
from
changes in their deposits.
member
dition,
find
banks
When
balances
to
nonbank
to the Reserve
borrow
from
banks
they
they
are
or
re¬
may
se¬
investors
or
for
likely
a
or
they may
the Reserve
are
reduced this
securities
Banks,
borrow
they
their
that
less than their
Government
short-term
curities
riod,
are
requirements,
reserve
If
good
kind of pressure
business, if this
stops the expan¬
sion in total bank credit, any fur¬
ther rise in business or
prices will
existing
Banks.
long
to
pe¬
try
to
borrowing by selling
curtailing loans. First,
likely to sell short-term
will
banks
ulti¬
mately obtain reserves either
the
by
securities to
Government
Federal
Reserve
or
by
bor¬
rowing from the Federal Reserve,
but the condition of the short-term
Government security market
will
reflect which method is used. Fed¬
eral Reserve
policy
as
a
practical
matter is reflected in whether the
Reserve
Federal
purchases Gov¬
freely
and
borrowings at a low level
keeps
or
securities
purchases Government securi¬
ties in
banks
small
to
amounts
and forces
rather
borrow
heavily.
Early in November 1954 free re¬
serves
were
temporarily as high
that
serves,
that
we can
lowing
generally conclude
a
fol¬
is
Reserve
Federal
the
neutral policy with
re¬
as
$1 billion, and the bill rate was
under 1%.
Shortly afterwards the
Company of Texas, is
of this
policy. By now free reserves have
been completely
eliminated, de¬
bank
If
the
Federal
Reserve
more
ficient
have
reserves
lished, bill rates
the
The
will be true if the Federal
securities
reverse
also
will
decline.
is
lower.
as
estab¬
investors;
Under
such
In
program
conditions
nonbank
boom
say
by
them
erally expect Government securi¬
and
ties to be in supply
ury
and
selling
who will hold
investors
made
is
Treasury's
securities to
periods the
of
both
more
with rates
on
short-term Govern¬
pected position of the money mar¬
other
factors
such
as
pur¬
we
draw from
business
in the market,
expect the Federal
can
the market.
recession,
During
the
on
a
other
of
or
the
sales
best
has
least
few
temporarily, a
dollars
from
liabilities, but
by
measures
corporations might not hold all of
this
amount
beyond
the dates
when their taxes are due to be
ceremony,
principle,
The Treasury has re¬
obtained some funds
through long-term bonds. When
cently
and
sources
debt-manage¬
matter of gen¬
during a business
a
should sell
securities
banks.
banks and life insurance
companies.
This
to
can
com¬
be
ac¬
from
individuals are
will appear that the
Treasury will need
commercial
banks for part of the financing,
as has been the case in the past.
The refunding policies of the
it
totaled,
recession the Treasury
mercial
paid. The Treasury also tries to
sell long-term securities to mutual
savings
possible purchases from these
subject that I want to
policies. As
accruing tax
Treasury are
as
those
nancing.
essentially the same
for
mentioned
During
Dealers
of the strongest
New Mexico
oil companies in America.
Municipals
Corporate Securities
01)INN & GO.
201
Second Street,
N. W.
Albuquerque, N. Mex.
Bell
Teletype AQ 98
Telephone 7-1571
Joseph McManus & Co., Private
Wire
cash
deflation
proud symbol of the growth
one
billion
corporations against
their
corporations. hand, Government securities usu¬
of the ally will be in demand in the
state of the money market is the market,
because
investors
will
ha^ve a reduced private demand
level of free reserves of the mem¬
for their funds; at that time the
ber banks.
This is the difference
Federal Reserve may be a willing
purchaser of Governments, which
puts reserves in the hands of com¬
mercial
banks,
and
the
whole
chases
One
thinking and planning that have made this
young
urgent
difficult when the Treas¬
get.
more
aggressive young company. Owned by the company
fastest-growing
non-
"should"
plus.
2%, and
security market
the present, we can gen¬
I
because it seldom does have a sur¬
are over
Government
such
been
increase holdings
should
a deficit in its cash bud¬
Curing boom periods the
ment securities rising. In order to Reserve to purchase only part of Treasury tries to sell short-term
get
the
entire
background of the offerings, with the result that securities to corporations, who are
changes in rates on short-term yields will rise and that some po¬ generally attracted by the higher
Government securities, you also tential sellers who are unable to rate on such securities that de¬
have to add to the actual position find a buyer except at a consider¬ velops
during the boom period.
Treasury
could
obtain, at
of the money market and the ex¬ able price decline may then with¬ The
in part,
Reserve offsets losses only
employees' retirement trust, it is representative of the forward
and
securities
security
market and perhaps
Building, home of the General
a
to reduce the
use
in the entire
Government security market.
Government
short-term
Government
American Oil
which it should
commercial banks, and it
eral
Meadows
Treasury
held by
money
ment
new
During a boom period the
should have a surplus,
prefer.
policy and gradually
shifted to a moderately restrictive
you
The next
the beautiful
types
generally
of Government
take up is Treasury
public
the
are
banks
amount
general
in the
to bank credit. In
will find
stability
Policies
formal
commercial
Federal Reserve modified its easy-
spect
Treasury Debt Management
a
which
securities,
ternately supply or withdraw re¬
market will tend to lift.
Soon to be dedicated at
ing short-term and medium-term
reserves.
ket
ernment
complished during 1954, by offer¬
tors, borrowings will decline, and
rates on short-term Government
Federal Reserve Policies
Commercial
selling
less offset the various
complished, and was actually ac¬
rowings.
than offsets losses from these fac¬
deposits.
tinually interacting to increase or
decrease reserve balances. In ad¬
sell
already
are
more or
bor¬
Right now thy have no
free reserves; they have deficient
between excess reserves and
money-market factors as they al¬
have to be financed from
rise.
serve
these
if
Government securi¬
sales of
and
ties
Reserve
Bridge Authority, St. Ignace, Mich.; H. Russell
Detroit, Mich.
If the Federal Reserve's purchases
97
Continued from page
Lynchburg, Va.; Prentiss M. Brown, Chairman of the
Hastings, Baxter, Williams & Co.,
Mason, Scott, Horner & Mason, Inc.,
Mackinac
Philadelphia
Company, Incorporated,
&
Walter G.
T. A.
6, 1955
Thursday, October
FINANCIAL CHRONICLE
THE COMMERCIAL and
fi¬
the
Convention Number
THE COMMERCIAL and FINANCIAL
CHRONICLE
\
■
■
V
jP
0$
,
*
v'V'
.£/
,
v
'
Mii
■
••V
*:'Mf
%
W
1r
M
vvit if*
M
-J? life
V
....
" "
,
r"
teys®'?-
:
..
'
-%MX-
plfe.
Lee R. Staib, Geo. Eustis &
Co., Cincinnati; Alonzo H. Lee, Sterne, A gee <6
Leach, Birmingham
Treasury should try to refund its
maturities into types that will be
purchased
by commercial
During
boom
need
sold
a
to
be
far
as
other
these
banks.
issues
that
should
be
possible to investors
as
than
When
the
refunded
commercial
conditions
banks.
between
are
two
extremes, the situation
difficult, and a combina¬
tion is required, with its nature
depending upon both the level
is
more
and the trend of business.
Next,
security market during 1954 and
1955 to date. My purpose in
doing
this is to try to give you some
practical
illustrations
of
recent
developments in
the
factors
that
already mentioned. Another
factor that enters the picture when
you
are
actually dealing with the
market is the
psychology of inves¬
tors, which sometimes goes at
riance
with
factors.
the
half, Federal Reserve policy has
exhibited wide shifts. The Treas¬
a
ury
has pursued
va¬
During the last
year
and
repurchase agreements with deal¬
during
bination
At the
no
was
beginning of 1954, busi¬
declining.
There was
clear-cut
time
to
as
minor
whether
recession
pression.
had
indication
market
or
Federal
been
we
were
a
major
Reserve
reversed.
had
at
gotten
The
that
in
which
had
been
too
a
de¬
the
borrowings had
only moderately and had dropped
Federal
least
a'
loans
seasonal
to
show
contraction
in
than two
more
discount
rate
was
The
rate
reduced
Sanders
on
of length-
page
Newsom
&
INVESTMENT SECURITIES
1309
main
at
STREET
Dallas
viewing all aspects of the
in
about
the
1%.
to
mar¬
most
in
May,
market
1954,
lost
part
UNDERWRITERS
—
DISTRIBUTORS
DEALERS
—
however,
of
its
T E
en¬
The
Treasury continued
debt-lengthening program by
offering four-year notes both in
refunding and for cash at a time
its
were
filled
request
Continued
by
The
seemed
with
medium-term
ties.
on
been caused
During this period the Treasury
continued its program
twice.
below
that time investors
when banks
gladly furnished
on
and
years.
dropped
bill
thusiasm.
Quotations
con-
drag
on
optimistic
light possible, and prices climbed
rapidly.
SOUTHWESTERN CORPORATE ISSUES
Statistical information
business that had
orders
the
banks, who expected
business
Early
—
rise,
Treasury, involving an 8-year,
bond, which was enthusias¬
tically received, particularly by
the
Offerings
and
to
inventory liquidation w is replaced
by stability in inventories.
Early in 1954 the Treasury an¬
a
$20 billion refunding
offering, a big amount even for
ket
AND
new
tinued
automobiles,
how it would react to that.
seen
bought Government
6
resulting largely
new
probably more. At about the same
time, member bank borrowings
dropped to levels that hadn't been
the year-end approached. Busi¬
ness loans had shown less than a
securities both outright and under
of
Manufacturers'
the
Member
increased
The
increase,
sales
2%%
money
as
increase.
E. Blum, Brush, Slocumb & Co.,
Inc., San Francisco
May.
rapid refunding program
their
Reserve had
in
strong
from
Ernest
the part of the Treasury, and the
market had an early
test as to
commercial
bank
3V4S,
new
issued
in
Mrs.
The only factor that might damp¬
en enthusiasm in the market was
with
great difficulty.
Govern¬
advanced
particularly the
December period of seasonal strain
no
had
&
nounced
a
policy
through
securities
price,
of factors, as you
might
expect, Treasury securities have
undergone wide fluctuations.
TEXAS MUNICIPALS
Firm
risen, but
of the first half of 1953.
1954.
Business has gone through a minor
recession and is now in a boom
phase. As a result of this com¬
Dealers and Originators
——
had
rate
ment
somewhat
At
Bids
bill
rupted
a
be
Firm
The
ers.
had remained well under the level
seasonal
underlying basic
Mr.
policy of length¬
ening the debt, which was inter¬
ness
I
would like to discuss
fluctuations
in
the
Government
I have
'
h
X A
MUNICIPAL
S
BONDS
CORPORATE
STOCKS
UNLISTED
LOCAL
&
BONDS
Medium-term
beginning to get
securi¬
issues, as a
fact, reached a peak at
about the end of April 1954. The
&
SECURITIES
matter of
WILLIAM N. EDWARDS & CO.
reduction
FIRST NATIONAL BANK BUILDING
FORT
WORTH
amount
in
the
Teletype—FT 8032
in
partly responsible for
yield
long-term
peak
in
until
bonds
prices
move
June,
didn't
until
Incorporated
securities
Treasury bills continuing to
down
R. A. UNDERWOOD & CO.
outstanding
short-term
at least
was
2, TEXAS
Telephone—FAnnin 2211
of
hit
MERCANTILE BANK
Bell
but
1, TEXAS
—
Belton
—
Edinburg
and
By August 1954 residential
DALLAS
Riverside
Representatives
their
July
BLDG.,
Teletype DL 492
con¬
August.
struction
Southwestern
The
Securities
also
had
increased
sharply.
creation
of new
mortgages
sharply, and the liberali¬
rose
zation of FHA promised a further
stimulation
to building.
Business
generally had leveled off. Retail
sales had
turers'
increased, and manufac¬
orders also
new
had
risen.
Manufacturing inventories were
being worked off and appeared
to
be less of
had
SOUTHWESTERN
Investment
Odessa
stable
'
ealus, texas
Branches:
Midland
Securities Company
Phone
Riverside
Lufkin
RETAIL
-
was
grow¬
TRADING
show
a
moderate
re¬
CCRPCRATEJ, MUNICIPAL RCNPJ
5471
from
private
investors
the
some
Connecting Wires to All Principal Financial Centers
be obtained from
your
or
BRADSCHAMP & COMPANY
General Distributors
Texas
remainder of 1954,
business showed a rapid
recovery.
building continued to
sharply, and the creation of
mortgages reached a new peak.
rise
a
may
local investment dealer
point
future.
Retail sales showed
FUND INVESTING IN
that
policy certainly
not become any easier and
might be reversed at
in
and
Reserve
Residential
Direct and
Prospectus
stage Government securities
might b° in supply in the market
During the
UNLIJTED
A MUTUAL
SECURITIES OF THE SOUTHWEST
some
would
~
Confidence
covery, and the chances at that
time seemed to be growing that at
Federal
Monahans
UNDERWRITING
or
TEXAS^CFUND
problem than they
ing that business would either be
Bankers
MERCANTILE COMMERCE el'ILLINO
been.
a
particularly
National
Bank
p.
o.
Bldg., Houston
box
Telephone: CApitol 7-0211
1,
Texas
871
Teletype: HO-566
9295
100
THE COMMERCIAL and FINANCIAL
100
the
At
Mr.
Continued
and
Phillip
Mrs.
Clark, Amos
J.
C. Sudler
&
in 40-year,
materialized
actually
3%
the possibility
the Treasury again would sell
some
that
.
about
talk
long-term bonds in December, but,
even though the longest issue in a
large refunding consisted
of nine-
bonds, the long-term market
continued to sag.
Early in De¬
year
cember the Federal Reserve
fied
its
reserves
to
From
see
ing
The results in the Gov¬
market were what
Treasury bills
One-year cer¬
advanced in yield,
might expect.
moved up in rate.
you
tificates
and
also
market
that
time
medium-term and
the market.
The
long-term
market
had
a
fac¬
sharp decline during January and
February 1955. The principal fac¬
operat¬
tor here involved rumors that the
were
to lower Gov¬
ernment security prices.
Business
sue
of
long-term
party
another is¬
bonds.
This
down to new
and the mar¬
ket has declined as a result also
of the further stiffening of Fed¬
eral Reserve
policy around the
first of August, and the continua¬
Retail
continued.
has
business
Now, in bringing all of this to¬
gether, I would say that with re¬
spect to the long-term Govern¬
ment security market perhaps the
most important point is to com¬
the supply of private loans
securities
with
the
funds
and
to non-bank institutions,
order to
determine whether
flowing
sales have risen further, and man¬
in
they
Inven¬
tories have increased only slightly
and now look small in comparison
increase to new peaks.
building
Residential
sales.
dropped off a little, but is
at
a
high level; expendi¬
has
still
for
have
turned
plant and equipment
upward.
Business
actually showed an increase
loans
during the first half of the year,
seasonally they usually
have turned
although
decline. Recently they
rather substantially.
Reserve policy has be¬
more restrictive.
You will
up
Federal
or
are
sellers
likely to be net buyers
of long-term Treasury
Another
bonds.
and local retirement
funds. Their
taken
purchases also have to be
In addition, Federal
into account.
Reserve
is
policy
factor
a
in
changing the relationship between
short-term
market, and the Federal Reserve
be
may
at
purchaser
willing
a
declining yields.
Treasury debt management
dur¬
recession should be adjusted
to selling the types of Govern¬
ment securities that commercial
a
situation
banks want and during a
high business activity to retir¬
ing securities held by commercial
banks. In short I believe that the
of
principal factors to watch with re¬
spect to the Government security
market are the flow of funds, Fed¬
eral Reserve policy,
and Treasury
management policy.
also tried to give you a
debt
have
I
inter¬
the
of
example
practical
action of these forces in the mar¬
ket
have
You
1954.
fluctuations
beginning of
the
since
seen
how
this period have
in business during
You have
influenced the market.
how Federal Reserve policy
seen
has been tied to business
activity
Govern¬
and has had an influence
particu¬
short-term
ties.
In
ment
market, the most important
larly
operations of non-
have
factors are the
the
in
demand
in
are
long-term securi¬
and
the
Government
recession
a
securities
this
in
factor
pension funds and State
market is
During
ing
the boom.
tion of
ufacturers' orders have continued
to
bonds
long-term
loans, for this move,
pare
Since that time the recovery in
tures
Treasury would offer
3s held very
but the new
lows,
a
strongly.
with
the Government
that all of the important
at
less easy.
ernment security
this brief sketch you can
tors that influence
security
bonds. Federal Reserve policy was
on
December.
in
brought
also
It
category.
supply of various outstanding is¬
sues on swaps for the new 3s; the
market in general moved to new
price. Psychology then was grad¬
ually shifting to more bearishness
for
but
ury
million for Novem¬
of about $500
policy.
average
an
million
continued to lengthen the debt,
had a depressing effect on
medium-term
and
Ion g-term
was a very success¬
refunding,
which
dropped from an average
of about $700
ber
modi¬
Free
advancing rapidly. The Treas¬
This
outstanding for
it eliminated
some of the demand for Govern¬
ment securities in the long-term
ful
long-term
bonds continued to drift lower in
money
easy
that had been
20 years.
Securities Market
was
bonds in exchange for an is¬
sue
ening the debt. In August it had
issued six-year bonds. There was
cocktail
Co., Denver
from page 99
The Treasury
6, 1955
Thursday, October
CHRONICLE
short-term securities. You
on
also
how
seen
changes
in
come
that
recall
free
for
reserves
De¬
financial
cember 1954 averaged about $500
Federal
million.
how
They averaged about $400
million
for January
and about
$300 million for February. In other
words[ the Federal Reserve was
going about its tightening policy
in a rather gradual manner. Then
free reserves
dropped to about
$100 million for March and April;
for May they rose to about $200
million, which was a result of
Federal Reserve aid to
market.
and actually
serves
little sticky in
been
eliminated,
during the month of
had a deficiency in re¬
that ranged between $100
we
million and $200 million.
tion
the
discount
from 1 Vz%
Great Basins Petroleum
Company
rate
to 1%%
have
We
reserve.
various factors
are
seen
ket
increase
to
decrease bank
or
condition
The
reserves.
of
the
market reflects essentially
money
influenced the market.
At
has
it
then
is
trying
the banks to borrow.
conditions
ment
in
the
serve
the
we
can
securities
market,
to
forcing
Under boom
be
the
purchase
in
supply
Federal Re¬
only
part
of
yields to rise.
more
to
strength
rather
easy
when
I
sure
am
that
a
study
their relative
they
have
been
different directions.
that
you
will
find
of the Government
security market will be of help to
you
as
analyzing
in
other markets
well.
In addi¬
was
raised
during April
and to 2% during August. The bill
rate increased to a peak of 1.70%
during April.
over
Last week it went
2%.
the
After
offering
the
of
Specializing in
3s,
Empire Petroleum Company
Treasury financing was of a short-
of Colorado
term character for several months.
I
April
During
Kinney-Coastal Oil Company
ing
consisted of
subject
—
Low in Price
15-month
some
cross
and
further
the
recovery
more
thus
currents
in business
restrictive
the
policy tended to depress
market, while the shift in
Treasury
financing
to
relief to the long-term market. As
435
U.
S. National Bank
DENVER,
Bldg.,
COLORADO
Telephone KEystone 4-4870
a
result, while short-term securi¬
ties increased
bonds
showed
A
new
for
a
some
in
yield, long-term
number
of
element of
THE
STOCKS
ROCKY
and Municipal Bonds
MOUNTAIN
REGION
shorter-
term securities at least gave some
Securities
£1 ri-fi
URANIUM
SECURITIES
OF
AND
LOCAL
Federal
Reserve
TREVOR CURRIE
ALL
notes.
were
during that period. In other words,
the
♦
to
OIL
raised
was
securities
Government
Attractive Traders
cash
through tax certificates that ma¬
tured during June.
During May
both a refunding and a cash offer¬
months
stability.
offering of 3s in July put
CaVtoU, KiAcluteA &
Denver
MAin 3-6156
Club
to
difficult problem of
evaluate
operating in
expect Govern¬
to
offerings, and
by
been
going; at other times we have
plies reserves by purchasing Gov¬
or
have
figure out which way the market
had the
securities
influences
these
times
worked in the same direction, and
whether the Federal Reserve sup¬
ernment
management have
Treasury debt
continu¬
ally operating in the money mar¬
that time free
have
reserves
August
was a
Since
offering that
the
Treasury
a
corporations and of the
Building
Denver
Colorado
Teletype DN 27
%
Convention Number
H.
Russell
Hastings, Baxter, Williams & Co., Detroit; Walter G. Mason, Scott, Horner & Mason, Inc.,
Lynchburg, Va.; Joseph E. Smith, Newburger & Co., Philadelphia; John M. Hudson,
Thayer, Baker & Co., Philadelphia
Continued
from
The Need ioi
loans
at
made
faster
a
committed
rate
and
themselves
have
addi¬
for
tional loans at the highest rate in
history.
on
This is true
overall
an
savings
basis
hasn't
even
of
to
meet the increased opportunity for
capital investment.
enough
In order to meet the current sit¬
uation where loans
being made
in an amount greater than the in¬
crease in savings, insurance com¬
panies and savings banks have
made
are
arrangements
with
com¬
mercial banks under which mort¬
gages
the
are
temporarily carried by
commercial
banks
until
the
obligations in the market—
part
commercial banks—to
to
mem¬
bers.
vigorous,
permit
free
that the
means
normal sources of
provided
capital have not
sufficient
savings
to
the
capital requirements of
meet
this part of our economy, and that
the commercial banking system,
temporarily at least, is financing
the building of homes with de¬
mand
deposits.
Such
arrange¬
ments, unquestionably, can be use¬
ful at times in meeting unusual
situations, although in the long
our various savings agencies
run,
cannot
expect
to
make
loans
or
flow of funds permits the savings
investments in
institutions
cumulation of savings. This year,
these arrangements are creating
to
take
them
down.
Savings and loan associations also
have acquired mortgages at a fas¬
ter pace than their increase
in
unusual
savings
ments of
would
permit
and
have
borrowed from the Federal Home
Loan
Banks
funds.
to
The
Banks,
get the
Federal
in turn,
necessary
Home
have sold
Loan
short-
at
a
excess
of their
demands for bank
ac¬
credit
time when virtually all seg¬
our
additional
Coming at
unusual
economy are
bank
seeking
accommodation.
time like this, these
a
demands for bank
complicate
the
job
of
credit
monetary
deal
to
effectively with
the overall problem of bank credit
expansion.
The problem that we have
today
achieving a proper bal¬
ance
between saving and spend¬
ing. Expressed in one way, we
are
at
a
point in our economy
one
of
where it is possible that too many
activities
are
being undertaken
with borrowed money. Expressed
in another way, we do not have
quite enough savings to meet the
capital demands of the country.
These
statements, of course, over¬
simplify the situation because the
reduction in the rate of savings
this
scious
an
Anniversary
a
con¬
with
spend
problem
problem
where
to
because
indebted¬
welcome
it
is
this
continued,
wisdom
and
courage
in both private and pub¬
lic
vigorous
restraint
well
as
as
affairs.
"High
productivity, more and
Humphrey recently better
jobs,
and
increasingly
following
statement higher standards of
living for the
which I think is worth repeating
great mass of all our people can
again and again:
continue
if we
face the future
Secretary
".
of
the
.
We
.
believe
this
at
time
with
great prosperity that all of us
—Government, business,
dividuals
alike
—
arid
should
self-restraint in the
private credit and the
or
in¬
Recently,
in
budget outlook
exercise
of
use
public
"Today, Americans
enjoying
are
peaks of prosperity—of
new
the
Only
line.
reduced
was
prophets
were
were
heading
records
a
all
false
predicting that
into
a
our
there
and
activity,
discussing
of
the
the
Govern¬
highest employment and the
jobs ever in the history of
most
along
ago
year
with
"In times like the present, with
the
em¬
ployment, production, and income
—setting
tempered
ment, Secretary Humphrey and
Budget Director Hughes joined to¬
gether in this statement.'
accumu¬
lation of debt.
new
confidence
prudence."
country, the highest personal
disposable income, and records in
profits, wages, earnings and
pro¬
duction,
we
time
if
there
is
Continued
depression.
ever
on
a
page
102
T
problem
a
confident people in
a
It
a
economy.
of
willingness
incur
should
created by a
dynamic
greater
a
and
We
ness.
its
decision, but reflects largely
increased confidence in the fu¬
ture,
to
probably is not
year
These swings in economic activity
should remind us of the need for
growth.
made
is
stagnant
a
not
economy
STONE, MOORE & COMPANY
'
savings did not contribute
to progress because
Our 25th
a
in
savings today
a great deal to bring our
into balance and help
economy
is
This, in effect,
increase
Nevertheless, the central bank is
provide funds to advance to
though
their flow
grown
in
slight
sustained growth in our economy.
Saving
mortgage term
new
need additional savings, and a
we
would do
now
have
Roob, Salomon Bros. & Hutzler, Chicago; Robert J. Quinn, Salomon Bros. & Hutzler,
New York City
authorities in their efforts to keep
the growth of money supply in
16
page
Edward
line with the needs for
alike,
101
THE COMMERCIAL and FINANCIAL CHRONICLE
they
were
being used constructively.
not
'
=INCORPORATED
INVESTMENT
=
BANKERS
Today
U. S. NATIONAL BANK BUILDING
We
are
interested in
baying
Apache Uranium
Big Horn Powder River
Cheyenne Oil Ventures
Mid
Supply Co.
Colorado Milling & Elevator Co.
Mountain States
Consolidated Uranium
Potash
Denver-Chicago Trucking
Sioux
Tel. &
ERNEST E. STONE
Denver National Bank
United
States
United
States Potash
Uranium
Tel. Co.
Company of America
Oil Co.
Denver
Tramway Corporation
Teletype DN 580
Active Retail Outlets
Continent Uranium
Mountain Fuel
COLORADO
Telephone KEystone 4-2395
Cement Company
Kinney Coastal Oil Co.
Kutz Canon
Lisbon Uranium
Central Power Co.
Colorado Interstate Gas
Federal
DENVER 2,
selling the securities cf:
Ideal
Central Bank & Trust Co.
Colorado
or
National
WM. H. PELTIER
Bank
K.
Company
F.
MAY
HOWARD J. HANNON
Utco Uranium
Fremont Uranium
Western
Frontier Refining Co.
Golden Cycle Corp.
White Canyon Mining
Empire Oil
Corp.
Amos C. Sudler & Co.
First National Bank Bldg., Denver 2 DN 490
Underwriters & Distributors
fund,
ince
AMherst 6-2416
SYSTEMATIC INVESTMENT
.
Specialists Rocky Mountain Region Securities
PLAN
CAPITAL ACCUMULATION
INVESTMENTS
PLAN
SERVING
in the
INVESTORS
Rocky Mountain Empire Since 1916
INCOME PLAN
Prospectus
may
be obtained
upon
request from your investment
dealer
Members: NEW YORK STOCK EXCHANGE
MIDWEST STOCK EXCHANGE
Local
from
fif
Associate Members:
a
Specialty
Principal Underwriter
444 Sherman
Wires to Principal Markets.
Denver 3,
Street
Colorado
Phone MA
JBoswoatk
SZJMjMjIV/W A
460 Seventeenth Street
Municipal & Corporation
Securities
management corporation
AMERICAN STOCK EXCHANGE
Direct Private
or
Phone
DENVER/ COLORADO
CO
KEystone 4-6241
3-6281
PdmWrihrMrishmijttc
,
^"^724
INVESTMENT BANKERS
SEVENTEENTH STREET
DENVER (2) COLO.
THE COMMERCIAL and
102
Thursday, October 6,
FINANCIAL CHRONICLE
Currie, Denver, Colo.
and Frankie
Trevor
Parsons, Parsons & Co.,
and Ed
Myrt
Inc., Cleveland
jrom page 101
viduals.
This, in turn, would mod¬
erate the pressures on
UTAH
when
anced, it is now.
$
i
42 West
Broadway
our
resources,
as
for
people
help
if
making
to
into
Leading Cities
save
exercise
ditional
BUUHV)
?
money
Secretary
suggested that this is
one—business¬
individuals alike—should
restraint in the creation
time when every
men
and
exercise
of
of
deterioration
a
The
has been
dollar.
policy that is directe'
ends
of
supplying
the
that would result in
an
unbridled
expansion and inflation.
If all lenders of money will ex¬
ercise common sense in the grant¬
credit
and
Humphrey
Director
Hughes,
you
grant¬
supplying
of
A little more saving
would
debt.
less
little
a
private credit and the accumu¬
lation
the
Reserve System
pursuing
toward
and
of
continue your ing of credit in the months that
the capital for lie ahead, and if individuals and
the building
and acquisition of businessmen as well will examine
their undertakings so
homes. To get the capital that is carefully
needed, you should do everything that the debts they incur are rea¬
sonable and within their ability
in your power to re-emphasize the
importance of habits of thrift and to discharge, we have all of the
necessary ingredients present to¬
saving.
corollary
indebtedness.
value
healthy. enough credit to permit consistent
growth but resisting the pressures
economy
Secretary
job
Humphrey
a
supply that
ing of loans as you
and as a
is trying to
prudence in incurring ad¬
to
necessary
our
inflation
the
Federal
want to do your part, and
believe in the statements
Budget
balance.
trying
Exchange
in
of these monetary
should exercise care in the
bring the national budget
The Government is
fort
Members
keep
you
of
strenuous ef¬
a
bank
court
and if we
learn to recognize the meaning
If you
money
with expanding
capacity.
To permit
credit to rise unduly is to
productive
developments, we can do much to
only
not
in
expansion
policy,
monetary
and significance
is
ernment is
COOMBS AND COMPANY
all
something in these
statements for all of us. The Gov¬
Private Wire System to
EAST 2nd SO.
ble
well."
There
JOSEPH McMAN.US & CO.
Stock
disaster
and
the Government but for its
Correspondent
URANIUMS
day to
would mean
result in a
permit the continued de¬
velopment of our dynamic
current spending—it
little less bor¬
omy.
SALT LAKE CITY
•
Teletype SU 388 & SU 399
Telephone 3-2775
DISTRIBUTORS
AND
UNDERWRITERS
SECURITIES
OF
A
FIRM TRADING MARKETS IN
INTERMOUNTAIN URANIUM
Report of Progress
ISSUES
SPECIAL SITUATIONS
DISTRIBUTORS
Mountain
LARGE
OF
OF
BLOCKS
natural
STOCK
area
gas
Fuel Supply Company,
service to the Salt Lake City
in its 26th year of
—
Ogden
of Utah and southwestern Wyoming, is
—
Provo
continuing its
accelerated program.
Last year
FRANK
M.
RICHARD
WHITNEY
E.
WHITNEY
1 1
per
records.
WHITNEY
10
EXCHANGE
SALT
LAKE
CO.
&
increased nearly
breaking all previous
increased nearly 20 per cent over 1953.
the number of customers
cent over
Gas sales
the previous
Development of
gas
year,
pace
with the
and operates 85 miles of
gathering
reserves
has kept
expansion of operations.
PLACE
The Company
CITY, UTAH
SU
-
380
owns
lines, 457 miles of transmission lines, 1,857
miles of distribu¬
tion mains and 598 miles of service lines.
TWX
4-6506
Daily capacity is
235 million cubic feet, of which 1 77
Underwriting, Retailing
Trading
and
Direct
WHITNEY
WHITNEY,
this
is not in harmony
values
TWX SU 56(1
I'hoiie 44511
i
and
of
have produced a
somewhat higher level of interest
rates and a decline in bond prices.
This is a necessary part of flexi¬
limits,
sensible
and
cheapening of the money, finally
resulting in the destruction of all
DILS
J
I
of high
relatively full
period
present
utilization
country cannot run the risk of an
rapidly rising costs of living
SALT LAKE CITY 1
MUNICIPALS
I
this
employment
ily can continually live largely
beyond its means. It is worse for
a
Government to do so. History
shows how continued heavy def¬
icits contribute to inflation, with
A.P.KIBBEsCO.
INDUSTRIALS
^
overall
"Everybody knows that no fam¬
MARKETS
23
exist,
#
supply
better
bring
policy that is designed to keep the
increase
in
bank credit within
UNLISTED
Lake
In
present conditions, the
demands for capital that
coupled with a monetory
strong
would
and
the banking
money
balance in our economy.
Under
be bal¬
budget should
our
expand
to
system
Saving
The Need lot
by indi¬
by business and
rowing
Continued
Salt
1955
Wire
&
Connecting
&
CO.,
CRANMER
CROCKETT
&
&
INC.,
Wires
in
To
from its
own
ma
Serves Salt Lake City, Ogden,
Wyoming and contiguous rural
MOUNTAIN
FUEL
areas
SUPPLY
in both states.
COMPANY
INC., DENVER
Growing
with
the Intermountain
West
HOUSTON
General Office
system.
Provo; 59 other communities in Utah; 6 communities
ALBUQUERQUE
SCHULDER,
CO.,
are
million cubic feet
—
36 South State Street
Salt Lake City 10, Utah
econ¬
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
Page
ALBUQUERQUE, N. MEX.
toi—
Quinn &
DENVER,
98
—'-L-1L—i—.
AMARILLO, TEX.
DETROIT,
79
79
—
Hancock, Blackstock & Co..____—___—;—.
Johnson, Lane, Space & Co., Inc.—
Robinson-Humphrey (The) Co— —1——;
Tindall (J. W.) & Company---—;
Trust Company pf Georgia
78
78
78
78
76
21
Ames (A. E.) & Co., Inc...——
Amott, Baker & Co., Incorporated——__
MD.
Brown
81
St Sons--—.—-—*—■—.
Garrett (Robert) & Sons_-_.——
81
Legg (John C.) & Company——•—c—
81
Mead, Miller & Co
81
Stein Bros. & Boyce_.
—::—81
Williams (C. T.) St Company, Inc..—80
-
36
35
40
32
MICH.
& \'Co._-:_-—-w-———t,--'—
18
68
Boland, Saffin 4 Co.__i___—-——
Buhl
66
Burnham .&"Cqi-___—■— --—-i—-—--Burns Bros. & Denton, Inc.———-
32
Building
Carr & Company
First of Michigan Corporation
Kenower, MacArthur & Co—
Livingstone, (S. R.) Crouse & Co;
Manley, Bennett & Co—:
—
68
& Phelps—-.———_
67
•
17
Eastman, Dillon & Co.——
Co.——.——C.-r
35
66
Estabrook
68
First (The) Boston
First National City
4
Co._—
Corp,—---—-—
Bank----*.—
11
20
Fox
68
Frankel (William V.) & Co
Freeman & Company—
(P. F.) .& Co
37
HILLS,
CALIF.
ALA.
Sterne, Agee & Leach—
—-—''84'
Company
BOSTON,
—-——-
Inc.—
Clayton Securities Corp.—--—
Coffin & Burr, Incorporated
. —
.
Day (Chas. A.) & Co., Inc.Draper, Sear? & Co———--——'*—-—
du Pont, Homsey St Company.;—-.—..i—
Haigney (Dayton) St Co..—
—
Hotchkin Co.
59
59
St Co.—
99
Company—_____—.
JACKSONVILLE,
59
60
FLA.
58
,
57
JERSEY CITY, N. J.
60
—
59
Maguire (J. B.) & Co., Inc.——
May & Gannon, Inc.-——,——
Moseley (F. S.) & Co.—
—
56
Sheeline
Tellier
& ■■Co.-t-i.-.
60
41
LOS
ANGELES, CALIF.
56
Akin-Lambert
Co., Inc.—\—____„
Crowell, Weedort & Co—————
;
86
Fewel'■.& -Co.
60
87
Kraft
CONN.
(Oscar F.)
&
Co._———
87
86
—
Lester, Ryons & Co.—_—
& Co.————.
Morgan- & Co.—
Pledger & Company, Inc.-—.
Staats (William R.) & Co.—
Wagenseller & Durst, Inc.
87
Miller (Revel)
88
.
Hincks Bros. &
61
Co., Inc.-——-—:
———
86
—
88
...
BUFFALO,
N.
Y.
LOUISVILLE,
CEDAR
Electric
&
IOWA
RAPIDS,
KY.
Bankers
74
Power Co———
—
CHICAGO,
86
47
Doolittle & Co——.—;————--
Iowa
87
„
(The) Bond Co., Inc.-—Kentucky Company 1
Wagner, Reid & Ebinger, Inc—t--—
ILL.
LYNCHBURG,
Allyn (A. C.) St Co
Becker (A. G.) & Co., Incorporated.—.Byllesby (H. M.) and Company,
Incorporated -—-
82
82
VA.
65
63
Scott, Horner & Mason, Inc.——
Strader, Taylor & Co., Inc.—-—
80
-
80
64
—.—....
Doyle,, O'Connor & Co.—
Fairman, Harris St Company, Inc.———
Fuller (William A.) St Co.—
——
Illinois Company, Inc.--—
———##..
Krensky (Arthur M.) & Co., Inc.____.—
Nuveen
(John) St Co.,————————
and Company
—Stifel, Nicolaus & Co., Inc.;
Straus, Blosser St McDowell-
Swift,. Henke & Co—
64
65.
65
62
MIAMI,
Ludman
FLA.
Corporation
Van Ingen (B. J.)
i——_
& Co., Inc.————
83
83
-
65
CINCINNATI,
Eustis (Geo.) & Co.
Marshall (The) Company-
OHIO
Milwaukee
—
71
1—.——.—
MINNEAPOLIS,
75
Allison-Williams
MINN.
Company
Kalman &
CLEVELAND,
Ball, Burge & Kraus
Baxter, Williams & Co.Cleveland
(The)
Company, Inc.Piper, Jaffray & Hopwood——
OHIO
70
—.—
71
72
72
73,
71
72
Company—————
Eaton Manufacturing Company
—
Fanner Manufacturing Co,
—:
First (The) Cleveland Corp.-.
Gottron, Russell & Co
Green, Erb & Co.
.....
Mericka (Wm. J.) & Co^ Inc.
]'l————
Merrill, Turben & Co—
Parsons & Co., Inc.—.,
:
1
—
...
Prescott &
Co—
,
71
73
73
—-
_
.
73
;
Saunders, Stiver St Co.
.
73
Savard
&
Hart, Inc.-—
97
97
Sanders
99
St
Newsom_.
—
„
-
Southwestern Securities Company—]
-Underwood (R. A.) St Co., Inc.—
-
NEW
98
99
99
39
SAN
ANTONIO, TEXAS
28
Russ &
39
Company, Inc.—iiu-.-u—96
35
19
26
SAN
FRANCISCO, CALIF.
36
24
Barth
38
89
90'
Gorey (Walter C.) Co—89
2
Schwabacher
2
39
Strauss
.
(J. S.) & Cq—
Sutro ' St
Co.'
■----4—
———
—_
Co.^u—91
Wulff, Hansen & Co—v—-i—90
45
31
SAVANNAH, GA.
9
82
7
Johnson, Lane, Space St Co., Inc——. ——78
34
40
23
SEATTLE,
37
40
104
37
46
— —
22
WASH.
Cascade Natural Gas Corp—4-——
Foster &
92
Marshall—
92
GrandeCo., Inc.Harper (Wm. P.) St Son St Co.-—-.
Lewis (John R.), Inc—
Pacific Northwest Company—--—
94
Seattle First National Bank------
93
93
94
29
db
Watson
Co——.—
&
(S.)
4
LA.
SHREVEPDRT)
14
Barrow, Leary & Co—
—
30
—
SYRACUSE,
N.
Y.
23
——
46
—-
Snyder (E, W.) & Co—.#.
———
8
45
TOLEDO,
OHIO
Collin, Norton & Co—-———
__]
ORLEANS,
83
PA.
—
53
Co.
—
49
49
—
TORONTO,
ONT.,
CANADA
—-
McLeod, Young, Weir St Company Ltd.
Corpn. Ltd.—;—,—_:
Streit (J. Bradley) & Co——
—
Wisener and Company Ltd..
——
——
(E. W.) & Co
—
—
—
-
—
51
52
52
51
85
Hopper, Soliday & Co—
Janney & Co.
85
85
85
Johnson & Prince
54
Morrissey (F. J.) & Co.
Newburger & Company.
54
52
and
—
Co.
WASHINGTON,
D.
C.
80
Johnston, Lemon & Co.
52
Townsend, Crjauter & Bodine
First Securities Corporation-.
Gerstley, Sunstein & Co.
&
48
49
53
DeHaven &
Hecker
43
45
42
42
44
53
—
Butcher & Sherrerd-
Clark
61
LA.
Dane, John
;——
Howard, 'Weil, Labouisse, Friedrichs
Company
Newman, Brown & Co., Inc.
,_I
Scharff & Jones, Inc.—
&
,75
FLA.
PHILADELPHIA,
Brooke
47
9
—.—
——
Co.——
ORLANDO,
85
u-.,—-—___:
12
& Co.
(J. R.)
93
3
25
——
——
(T. L.) & Co—
Weinberg
17
———
——.—
,—
Hickey
22
Byllesby (H. M.) and Company,
Incorporated
Caughlin (Edward J.) & Co.
r
89
89
Witter (Dean) St
47
-
Aspden Robinson & Co—
Bioren & Co.—
& Co—.—
HAVEN, CONN.
90
McAndrew & Company, Incorporated—91
& Co—
———
91
42
46
—-u
-—
First California Company Incorporated—
26
27
(J.) St Co—
Brush, Slocumb St Co., JnC;—_
38
—-
Boenning
Clark, Landstreet & Kirkpatrick, Inc.—.—
84
Equitable Securities Corporation-—84
102
102
33
33
42
NASHVILLE, TENN.
NEW
Company of Texas
Company.
1
Rauscher, Pierce St Co
Southwest
—
Matthews St Company—
DALLAS, TEXAS
First
Mountain Fuel Supply Company-—
Whitney & Company---..
Midland Securities
Scrantqn (Chas. W.) 4 Co.a———&
General American Oil
UTAH
—
11
CANADA
...
CITY,
24
Leedy, Wheeler & Alleman, Inc.—
MONTREAL, QUEBEC,
LAKE
21
74
74
74
73
——
Trust
18
Wood, Gundy & Co., Inc.————
—
74.
Coombs and Company-—'—u—_."-102
Kibbe (A; P.) & Co-*———
102
30
Tripp & Co., Inc—
Troster, Singer & Co.——
——Trust Company of North America
Union Securities Corporation
Van Alstyne, Noel & Co.
———u
Williston
75
—-
SALT
12
-—————
Wertheim & Co.—-:
75
Field, Richards St Co—J——
—Walter, Woody St HeimerdingerWestheimer and Company——————
PAUL, MINN.
40
13
—
ST.
(Irving J.) St Co.i^-u-t——i—
38
38
Walston
65
64
-————
(The) Company
.
104
Tatro (Edwin L.) Company
——
Thomson & McKinnon
uj
Trask (Spencer) & Co.————._
Vilas
MILWAUKEE, WIS.
Rice
17
Securities
Sutro Bros. & Co——
84
—__
;
■
]TT—
(A. L.) & Co—
77
10
Vickers Brothers
62
—.
—
First (The) National Bank
62
—
Co.——
Strauss, Ginberg 4 Co., Inc.
MEMPHIS, TENN.
64
Sincere
63
Stifel, Nicolaus St Company, Incorporated—
38
Saxton (G. A.) & Co., Inc.-—
Searight, George A.
Shearson, Hammill & Co.—
_________
Shields & Company——
—
——
Siegel & Co—
------------Singer, Bean & Mackie, Inc.-.—
Stamm
64
Peltason,. Tenenbaum Co——--i._-77
Reinholdt & Gardner--—; 76
Scherck. Richter Company
77
46
Bros. & Hutzler—
Salomon
63
Cruttenden & Co—
82
——
&
America''-—]'. 6
22
Corporation-—
McLaughlin, Cryan & Co.#]——-———
McManus (Joseph) & Co—
Merrill Lynch, Pierce, Fenner & Beane—.
Merritt-Chapman & Scott-———
Mitchell & Company—_u———^._1—Model, Roland & Stone—.—_:—-—*——Moore (Frank C.) & Co—
Morgan (Peter) & Co——
Moseley (F. S.) & Co.—
National Quotation Bureau———_u
Nesbitt, Tftomson & Co., Inc——_—
New York Hanseatic Corporation————
O'Kane, Jr. (John J.) & Co.#———.
Pershing & Co.-.——
Pflugfelder & Rust--——:■
—uPitfield (W. C.) & Co., Inc.————
Registrar & Transfer Company
—,_
Reilly (J. F.) & Co.—
Reynolds & Co.
—v———
Roggenburg & Co.—
56
(Paul D.) & Co.
Townsend, Dabney & Tyson.—
Wood (Arthur W.) Company---—
BRIDGEPORT,
McGrath
57'
..
15
Higginson Corp.
(Carl M.) Rhodes & Co.—-,--——,
Lord, Abbett & Co—,
———
Marks (Carl) & Co., Inc—-;—
Marks (Laurence M.) & Co,-—r——.
Masterson (Frank C.) & Co,_i__.—.
McDonnell
LOUIS, MO.
32
Lee
83
—
ST.
Jones (Edward D.) St Co—---—76
25
Loeb
Pierce, Carrison, Wulbern, Inc.__
::
Building & Equipment Corp. of
Dempsey-Tegeler & Co—u_-—__u——77
36
Lebenthal & Co——
59
Co—
&
&
57
Company.——
Keystone Company of Boston
Kidder, Peabody & Co—
Lerner
Bradschamp
58
Keller Brothers Securities
Knox (H. D.)
61
HOUSTON, TEX.
58
•-
—
Middlebrook, Incorporated--
61
30
Co._u-_-u.-__:—
Co.--_-u___-——-—--
Hogle (J. A.) & Co.————
Hutton (W. E.) & Co
Ingalls & Snyder----——-—
Josephthal & Co._"__————
Kane (Gerald F. X.) & Co
Kidder (A. M.) & CoKidder, Peabody & Co.——_7—-—
King (Charles) &, Co—
Kugel, Stone & Co..—
Laird, Bissell & Meeds——-—_
Lann (Joseph J.) Securities, Inc.—
58
Carr & Thompson,
&
■
15
30
&
;H.),;&^Cb^u;--^^^-^;
16
Hirsch
x
Coburn &
MASS.
(H.)
Bank
43
Hill, Thompson 4 Co., Inc.---—*———
69
HARTFORD, CONN.
,,,
34
Hentz
RAPlDS, MICH.
White (Hudson) &
95
-
31
—
GRAND
BIRMINGHAM,
29
Gregory 4 Sons
Hardy & Co.-——]_r-—
.
95
13
and Company-—^-—-]—.—
Greenshields & Co. (N. Y.) Inc.------—
99
—
95
46
Greene
88
95
—
PROVIDENCE, R. I.
(G.
Walker
29
'
•
WORTH, TEX.
Edwards (William N.) & Co.-
Taylor and Company—j--——-
34
Grace National Bank of New York—r_,_—
Graves (Gordon) & Co._—-—--i-—---
;;;
28
Investing Corp.————
Gibraltar Financial Corporation--—--.——
Goldman, Sachs & Co.
—
41
—
U:
20
General
94
FORT
BEVERLY
]
ORE
,
37
—
Golkin & Co.-——------—
& Co., Inc.
and
Company—
i_——
Jones (June S.) St Co—
Patten (George) Investment Co.
Zilka, Smither & Co.,. Inc.—'1—.
19
Garvin, Bantel & Co,__—
(King)
Atkinson
14
—-—
69
J.
PORTLAND,
8
Ernst &
67
Company..;
27
69
67
&
44
(Francis I.) & Co.——..———
du Pont
69
Thomas
33
Dickson (R. S.) 4 Co., Inc.-—----—-Dominion (The) Securities Corporation—
]—
Johnson.—
&
Moore, Leonard & Lynch
Reed, Lear & Co.
———iuSimpson, Emery & Co., Inc.'—-
47
—-
N.
Johnson
39
67,
-.1
Byrne
Conklin (Dewitt) Organization—------Devine (C. J.) & Co.—^
:—--—-—
——
Merritt
—],—i
PA
Chaplin and Company
43
66
Nauman^ McFawn &'Co,*——J-.".
O'Donnell (R. C.) & Company-—-—^.-.
Parcells (Charles A.) & Co.
Reid (Andrew C.) & Company-Roney (Wm. C.) & Co._——„—'
Smith, Hague, Noble & Co.
Vogel (A: H.) & Company
i.
Watling, Lerchen & Co.———
ENGLEWOOD,
Puget Sound Pulp' & Timber Co.
PITTSBURGH,
7
Baker, Simonds. & Co.—
39
Gearhart & Otis, Inc.l——
BELLINGHAM, WASH.
Taggart (Charles A,); & Co., Inc.—
Wright' (Arthur L.)1 Sc Cq.%--r-7'*-r-^-»
Yarnall,■ Biddle '&•-Cb—
16
Incorporated----——
Blyth & Co., Inc.——-----
—
81
80
44
Blair & Co.,
67
McDonald-Moore &' Co.-._——66
Miller (Don W.) & Co.___,
—68
Baker, Watts St Co.————
Baumgartner, Downing & Co.__—-r(Alex.)
36
Batkin
&
BALTIMORE,
Corp.——-cr-~_
Securities
Arnhold & S. Bleichroeder, Inc._——.
Asiel & :Cd.--u-——■——u—
•
St Southern National Bank,.
Citizens
Courts
ATLANTA, GAi
,
10
Adler, Coleman & Co.——
Allen & Company—-
.Aetna
,—-u
Rambo,. Close St ] Kerp«,i;T«ws.j*u^--_-_'-i
Riecke (H. A.) St
Schaffer, Necker & 1
Schmidt, Poole, Roberts ,& Parke..
Sparks' (J. W.) & Co—_r—
Stroud & Company, Incorporated---—.
33
Adams. & Peck'--J;^-—i,—
Bacon, Stevens & Cq._-u.___---.,—
Southwestern Public Service, Company- —96
..
Phillips' (Samuel K.) St :C6.—_
COLO.
Bosworth, Sullivan & Co.—.--——101
Buerger, Ladet & Radinsky,; Incorporated-- 100
Carroll, Kirchner St Jaquith—100
Currie, Trevor
--i' 100
FIF Management Corporation-_—
101
Peters, Writer St Christensen, Inc.
___"
101
Stone, Moore & ,Co.._—— 101
Sudler (Amos C.) & Co.——
101
——
WESTFIELD,
N.
J.
Cunningham (George W.) & Co.-
41
51
51
YOUNGSTOWN, OHIO
Butler, Wick & Co.—_—
75
■
THE COMMERCIAL and
104
Thursday,
FINANCIAL CHRONICLE
October 6, 1955
STOCKS and
We
trade actively in
Abitibi Power & Paper
Co., Ltd.
Canadian Pacific Railway Co.
New Pref.
Algom Uranium Mines Ltd.
Algom3 Steel Corporation Ltd.,
Consolidated Paper Corp. Ltd.
Crown Zellerbach
Anglo-Canadian Oil Co. Ltd.
Anglo-Newfoundland Development
Co., Ltd.
•
^
,
.
Dominion
)
Magnesium Ltd. \
/"
Prod. Ltd.
Gold Dredging l,td.
Great
Royal Bank of Canada, The
MacMillan & Bloedel Ltd. Class "B*
Silver-Miller Mines Ltd.
Steep Rock Iron Mines Ltd,
Strategic Materials Corp.
McColl-Frontenac Oil Co. Ltd.
Sullivan Cons. Mines Ltd.
Mexican
General Dynamics
Great Lakes Paper
Campbell Chibougamau Mines Ltd.
Campbell Red Lake Mines, Ltd.
Canada Oil Lands Ltd.
,j
-
Mclntyre Porcupine Mines, Ltd.
Light & Power Com.
Mexican Light & Power Pref.
Minn. & Ont. Paper Co.
Moore Corporation Ltd., The
Frobisher Ltd.
I
•
Geco Mines Ltd.
British Columbia Forest
'•
•
Massey-Harris-Ferguson Conv. Pfd.
Falconbridge Nickel Mines Ltd.
Britalta Petroleums Ltd.
Quebec Lithium Corp.
Quebec Metallurgical Ind. Ltd.
Quemont Mining Corporation, Ltd.
Exploration Co.
Ltd.
Lorado Uranium Mines Ltd.
Dominion Stores Ltd.
Bank of Nova Scotia, The
-
Liberal Petroleums Ltd.
Ltd.
Du Pont of Canada Securities Ltd.
Bank of Montreal
Canadian Bank of Commerce,
Labrador Mining &
Corporation
Distillers Corp. — Seagrams,
Dome Mines Ltd.
Argus Corporation Ltd.
Asbestos Corporation Ltd.
Atlas Steels Ltd.
Bulolo
Kerr-Addison Gold Mines Ltd.
Consolidated Fenimore Iron Mines Ltd.
Petroleums Ltd.
Pronto Uranium Mines Ltd.
Prospectors Airways Co., Ltd.
Chemical Research Corporation
Aluminium Ltd.
American Leduc
Corp.
Co. Ltd. ;
Plains Development Co. of
Tech-Hughes Gold Mines Ltd., The
The Toronto-Dominion Bank
Traders Finance Corporation Ltd.,
Trans-Mountain Oil Pipe Line Co.
New Dickenson Mines Ltd.
Canada Ltd.
Noranda Mines Ltd.
North Star Oil, Ltd.
Ventures Ltd.
Home Oil
Ontario
Violamac Mines Ltd.
Company Ltd.
Hoyle Mining Co. Ltd.
" '
Hudson Bay Mining & S. Co. Ltd.
Husky Oil & Refining Ltd.
Canadian Breweries Ltd.
Canadian Chemical & Cellulose
Company Ltd.
Hydrocarbons Inc.
Canadian Industries (1954) Ltd.
"A*
Triad Oil Co. Ltd.
Gunnar Mines Ltd.
The
"
Royalties Company Ltd.
Price Brothers & Co. Ltd.
Interprovincial Pipe Line Co.
Canadian West. Lumber Co. Ltd.
Com.
Prairie Oil
International Paper Co.
International Utilities Corp.
Ltd.
Development Ltd.
Powell River Co. Ltd.
The
r
Canadian Pipelines & Petroleum
Canadian Vickers Ltd.
Co., Ltd.
Placer
International Nickle Co. of Can. Ltd.,
Canadian Javelin Ltd.
New
Com.
Abitibi Power & Paper
FUNDS:
the following Securities in NET U.S.
Opemiska Copper Mines (Quebec) Ltd.
Orders executed
on
Walker-Gooderham Worts, Ltd., H.
Pato Consolidated Gold
Peace
Canadian
Industrial Acceptance
Jockey Club Ltd., The
Dredging Ltd.
River Natural Gas Company Ltd.
Winnipeg and Central Gas Co.
Yellowknife Bear Mines Ltd.
Pend Oreille Mines & Metals Co.
Corp. Ltd.
all Canadian Exchanges at
regular commission rates.
r
Teletype N.Y. 1-142
CHARLES KING & CO.
61
MEMBERS
Broadway
NEW YORK
„TTT>1
■
Canadian Stock
Direct Wire Connections
■■
-•
•
'::':
At Tour Service.
:
TORONTO
Montreal Stock Exchange
WHitehall 4-8974
i
Royal Bank Bldg.
American Stock Exchange
,
.
•
Toronto Stock Exchange
„T1TTT
.
-
; ■
_
.
.
EMpire 4-6407
Exchange
TORONTO, NEW YORK, MONTREAL
"'Ji::
;
SI-: ■;
.
Singer, Bean & Magkie, inc.
40
New York 5
Exchange Place
HAnover 2-0270
NY 1-1825 &
'
1-1826
i
FIRM TRADING MARKETS
IN OVER 300 STOCKS
Direct Wires to
:
l y
;
\
,
Reynolds & Co., Philadelphia
,
Fewel &
Co., Los Angeles
Arthur M. Krensky & Co., Inc., Chicago
•
'
f'
*v*
'
>
*
.
-
'
@FedFRASER