The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The Commercial and Financial Chronicle
,
.
Thursday, October 6, 1960
.
2
FOR
BANKS, BROKERS, DEALERS
ONLY
Over-the-Counter
40
Coverage from Coast to Coast
YEARS OF
EXPERIENCE
Direct
Batik and Insurance Stocks
and
Private
Wires
to
our
Offices
Correspondents listed below:
Electronics
Johnson, Lane, Space & Co., Inc.
Atlanta
Industrials
Cleveland
Gas and
Pipe Lines
—
Ball, Burge & Kraus
J. R. Phillips Investment
Houston
Co., Inc.
Public Utilities
Los
Foreign Securities
Pledger & Company, Inc.
Angeles
J. J. B. Hilliard & Son
Louisville
U. S. Government
and
Bonds
Pittsburgh
Agency
Municipal
C. S. McKee & Company
—
Portland, Ore.
Corporate
i
—
Black & Co., Inc.
Dewar, Robertson & Pancoast
Sari Antonio
New York Hanseatic Corporation
ESTABLISHED 1920
Associate Member American
Stock Exchange
NEW YORK 5, N
120 BROADWAY
Telephone: WOrth 4-2300
BOSTON
•
SAN
PHILADELPHIA
CHICAGO
FRANCISCO
Over-the-Counter
Quotation Services
for 47 Years
National Quotation Bureau
Incorporated
V
46 Front Street
CHICAGO
Y.
Teletype: NY 1-40-1-2
Established 1913
New York 4, N. Y.
SAN FRANCISCO
Volume
192
Number 5992
.
.
.
The Commercial and Financial Chronicle
3
FIRST
PRESIDENT
Joseph E. Smith
Newburger & Co.,
Philadelphia
FIRST
VICE-PRESIDENT
Charles A. Bodie, Jr.
Stein Bros. &
Boyce,
Baltimore
SECRETARY
Allen L.
PRESIDENT
Edward J.
Oliver, Jr.
VICE-PRESIDENT
Kelly
Joseph E. Smith
Carl M. Loeb,
Sanders <6 Company,
Dallas
Rhoades & Co.,
New York City
'
SECOND
VICE-PRESIDENT
Newburger & Co.,
Philadelphia
SECRETARY
Earl
Hagensieker
Reinholdt & Gardner,
St. Louis
SECOND
TREASURER
VICE-PRESIDENT
TREASURER
N. S. T. A.
Officers
and
Executive
Homer J. Bateman
Charles A. Bodie, Jr.
Homer J. Bateman
Reinholdt & Gardner,
Pacific Northwest
Pacific Northwest
St. Louis
Company, Seattle
Stein Bros. £ Boyce,
Baltimore
Earl
Hagensieker
Joe E. Hutton
Equitable Securities
Corporation,
Nashville
Edward J.
Kelly
Carl M. Loeb,
Rhoades & Co.,
New York
City
Council
Parks B.Pedrick, Jr.
Howard, Weil,
Labouisse, Friedrichs
& Company,
Robert 0. Diehl
John N. Fuerbacher
Paine, Webber,
Walter, Woody &
Heimerdinger,
Cincinnati, Ohio
Jackson & Curtis,
Los
Angeles, Calif,
Company, Seattle
Don W. Miller
Don W. Miller & Co.,
Detroit
New Orleans
Russell K.
Sparks
Barret, Fitch, North
& Co., Incorporated,
Kansas City, Mo.
Alfred F. Tisch
Lester J. Thorsen
Fitzgerald &
Glare, Forgan & Co.,
Chicago
Company,
New York City
Allen L. Oliver, Jr.
Sanders & Company,
Dallas
Ludwell A. Sirader
Lester J. Thorsen
Strader & Company,
Glore, Forgan & Co.,
Chicago
Inc., Lynchburg, Va.
Commercial and Financial Chronicle
The
4
Past Presidents of the N.
■>
•' aV y
■■■
.
.
.
Thursday, October 6,
1960
S. T. A.
■y ■1 ^
-
1955-1956
1954-1955
John W.Bunn
Phillip J. Clark
Stifel, Nicolaus &
Deceased
1956-1957
1957-1958
1960-1961
1959-1960
1958-1959
Edward J. Kelly
Lester J. Thorsen
Robert D. Diehl
William J. Burke,
Paine, Webber,
May & Gannon, Inc.
The Robinson-
Jackson & Curtis,
Boston, Mass.
Humphrey Company,
Company, Incorpo-
Inc., Atlanta, Ga.
1953-1954
1952-1953
rated, St. Louis
Carl M. Loeb,
Rhoades & Co.,
New York
Glore, Forgan & Co.,
Chicago
f
City
Los Angeles,
Jr.
Lex
Calif.
Jolley
Harry L. Arnold
Goldman, Sachs &
Co., New York
H. Russell
Hastings
Shearson, Hammill
& Co.,
Detroit
<
1945-1946
1942-1944
1949-1950
1951-1952
Contents of This Issue
Index to Affiliates
Articles and News
-"Ijj'.y.
Page
Officers
NSTA
and
Executive Council
3
Baltimore
Past
of
Presidents
Presidential
:
NSTA—
E.
Greetings—Joseph
People at Work—Alfred F. Tisch
of
NSTA
4
Smith___
5
(On behalf
Committee)
Advertising
6
—.
Boston Securities
Edward H. Welch
John F. Egan
*
Cleveland
Backman
Security
Incorporated,
Chicago
Outlook—David
Economic
The
M.
Security
Detroit
7
.
Sincere & Com¬
pany,
Kennedy
8
Troubles Over?-—Melchior Palyi
and
1946-1948
1950-1951
Deficits
10
Measures for
State
in
Finances,
1960
Wyckoff
Judson
—V.
49
Assn.
45
50
Florida
Thomas Graham
Security Dealers Association
Kansas
60
Dealers Association
Traders Association
City Security
Security Traders Assn. of
Angeles,
14
♦
11
of Publicity Committee
11
Report of "Traders Bulletin" Editor
16
Report of Municipal Committee
17
65
York, Security Traders
Association
54
Association of
Legislative
Report
of Membership
Attended
the
_
Committee
13
9
16
Convention
29
(Oregon),
Association
Affiliates
NSTA
1961
H. Frank Burkholder
Equitable Securities
Mosley
Palm
Members
and
Convention
to
be
Springs, Calif
Held
19
——
19
of
97
Louis, Security Traders
St.
Petersburg Stock &
Francisco
Club of
66
Bond Club
78
Security Traders Association. 31
Security
Traders
Association
Club
Syracuse, N. Y., Bond
70
of
50
Twin
City Security Traders Association
Utah
Securities Dealers
Traders
Members
at
Security Traders
St.
Washington,
R. Victor
Local
D.
C.,
the
and
_<
Unaffiliated
NSTA
30
Dealers
Inc.
Association,
of
35
Association
Security
34
with
Organizations
78
Suplee, Yeatman,
Corporation,
rated, Philadelphia
1938-1939
1936-1938
Thomas A. Akin
Edward D. Jones
Willis M. Summers
Arthur E. Farrell
Deceased
Edward D. Jones &
Deceased
1940-1941
Herbert H. Blizzard
Col. U.S.A.F.R.(Ret.)
Philadelphia
Parsons, Jr.
Cleveland
1939-1940
1941-1942
E2w. E.
Parsons & Co., Inc.,
Mosley Co., Incorpo¬
Nashville
Co., St. Louis
1941-1942
41
Seattle
_J
Committee
1944-1945
19
Pittsburgh Securities Traders Association
San
Report of Corporate and
Orleans
68
Traders Association
Orleans Security
Portland
Report
Co., Inc., New
79,
New
»
Nominating Committee for 1961_—__
NSTA
Co., Louisville
Perry Brown
67
Philadelphia, Investment Traders Assn. of
*
*
Newman, Brown &
73
Traders
Security
36
X
Memphis Security Dealers Association
Nashville
Wm.
Graham-Conway
62
of
New
Youngdahl
Richard
67
of
Traders
Louisville, Bond Club of
12
Improving Bank Pcrtfclio Man¬
agement—C.
71
Association
Michigan, Securities Traders
and
Association
Los
Taxes
44
55
of
Dealers Association.
Georgia Security
San Francisco
Inflation
32
Denver, Bond Club of
the
in
Traders
Security
76
A 74
Traders Association
Chicago, Security Traders Association
Cincinnati Stock and Bond Club—.—i
Dallas
Level
Price
the
Affecting
1960's—Jules
First California Com¬
pany,
Factors
*
*
—_
Carolinas, The Security Dealers of the.
Connecticut,
♦
Page
Associaticn
Security Traders Association
Alabama Security Dealers
J°TcoZlny!ty
1936-1937
j.
'
Gentry Daggy
1935-1936
Henry J, Arnold
Ceo.Eustis & Co.,
Joseph W. Sener
John C. Legg
&
Company, Baltimore
1934-1935
W. W.
Cruttenden
Cruttenden, Podesta
& Co.,
Chicago
I
Chicago
Volume
192
Number 5992
.
.
.
The Commercial and Financial Chronicle
5
for the interests of the
Presidential
firm; to
that the many,
see
laws under which every brokerage house
must operate were not violated and the firm become
subject to fine or disrepute or loss of good will. Over
a
period of time it has been largely my function to
many
reconcile
the
understandable
enthusiasm
the
of
salesmen to the conservatism of the firm.
Everyone
is in this business to make money but not at the
expense of reputation or by doing a disservice to
clients. I put it to you, fellow traders, that in this
complex time in which we live one of the most
valuable functions of the trader is the protection of
FELLOW MEMBERS:
This is about the tenth time that I have sat
or rather I have sat where
you are now
here,
seated, and
customer, salesman and the house.
heard the
in-coming President extend his greetings.
these men have said
everything
I could
say and perhaps much
more
gracefully. Despite this, I
want to thank
you, not only for
electing me to this office but for
something equally important,
helping me to advance my per¬
I
am
certain that
Let
market
sonal
career.
A good
many of
already know that about a
week ago I became a
partner of
my firm. I assure you that with¬
out the friendship and
coopera¬
tion of the trading
fraternity
would
more
have
been
there
than
any¬
can
further this.
from
a
the Philadelphia affiliate namely, the late
Gentry Daggy, 1936-1937; Herbert H. Blizzard,
1941-1942; and R. Victor Mosley, 1946-1948. After
a
lapse of 13 years, I am proud to have my name
placed alongside theirs.
J.
much better
was my chief contribution to
my firm? I
primarily consisted of acting as a guardian
-
traded
There have been three former NSTA Presidents
Joseph E. Smith
that I thank you for this
honor and this office, you now have
idea how grateful I am.
SPEED
the securities
I hold this office I
difficult to achieve. When
What
and
much
I say
think it
change the point of view from that of the
I think
O-T-C
thing else I know. By so doing, we have vastly en¬
larged this market. We have interested many more
people in buying unlisted securities who 10 or 15
years ago would not have touched them with the
proverbial ten-foot pole. I am absolutely convinced
that the protection of the customer, salesman and
the house in the long run has greatly increased the
prosperity of all three. I hope during the brief time
you
this
me
house to that of the association. Believe me,
the NSTA has done more to upgrade the
DEPENDABILITY
JOSEPH
-
E.
SMITH
NATIONWIDE COVERAGE
Private Wires to:
We Make Markets
Silcox and Johnson
Charleston
Charlottesville
Wyllie and Thornhill
Chicago
Wm. H. Tegtmeyer & Co.
Cleveland
J. N. Russell & Co., Inc.
Dallas
Dallas Union Securities Company
Denver
Lowell, Murphy & Co., Inc.
Detroit
Baker, Simonds & Co., Inc.
Grand Rapids
King and Company
Hartford
Coburn & Middlebrook, Inc.
Kansas City (Mo.)
Barret, Fitch, North & Co., Inc.
Kansas City (Mo.)
H. O. Peet & Co.
Los Angeles
Woolrych, Currier & Carlsen
Louisville—
Berwyn T. Moore & Co., Inc.
Lynchburg
Mason & Lee? Inc.
in
Over the Counter
Securities
to
Banks, Brokers & Dealers
or
sale of large
on
John W.
Minneapolis
Philadelphia
Inquiries Invited
Martinsville
Piper, Jaffray & Hopwood
H. A. Riecke & Co., Inc.
Arthurs, Lestrange & Co.
Zilka, Smither & Co.. Inc.
Walter C. Gorey Co.
Fusz-Schmelzle & Co., Inc.
Pittsburgh
Portland (Ore.)
the purchase
San Francisco
blocks of stocks
St. Louis—
Troster, Singer & Co.
r
Members: New York
74
Security Dealers Association
TRINITY PLACE, NEW YORK 6, N. Y.
Telephone HAnover 2-2400
Teletype NY 1-376; 377; 378
Yeaman
The Commercial and Financial
duties
People at Work
performed by our members are super-im¬
their daily labors.
duties of the members of the Advertising
posed
on
The
Committee
for the most part
are
the time the Convention
FELLOW MEMBERS:
On the front
cover
have
of this the 1960 NSTA Sup¬
plement of the Commercial and Financial Chron¬
icle is a picture of Sun Valley. The color of the
cover, quite naturally, was chosen as a tribute
to President Edward J. Kelly
for
a
on
behalf and for the benefit
of all the members.
Sun
the
a
new
were
at work
NSTA from the
derived by
past supplements an ever
the functions of traders but also to
instill in the
of the fact that the Overis the largest and oldest
public
an awareness
the-Counter Market
although
market for securities in existence and,
Alfred F.Tisch
the oldest, is also the
birthplace of the lusty new
financial babies of the American economy.
of officers.
set
hard
revenue
expanding
It is de¬
signed not merely to enlighten the public with
and
public relations program is maintained.
tional Committeemen attended business
elected
area
From the
much serious business conducted. Na¬
committees
particularly direct your attention to the list
and affiliate advertising chairmen who
in 1960 were indeed "People at Work" and to
whom I am deeply indebted for their efforts and
I
1960
comfort and every imag¬
inable sport and served as a
most beautiful background for
representatives of the Finan¬
cial Industry, and their wives,
to meet, greet and get better
acquainted. But, too, in this
glamorous setting there were
many "People at Work" 'and
and
are in transit we cannot announce
figure of gross advertising. At this writ¬
ing we are close to the 1959 figure which was an
all time high.
1
meetings
The various
planning to
ex¬
pand the association and its activities which is
annually making more contributions for the en¬
tire financial industry and for America.
Elsewhere
throughout this 1960 edition you
of these committees of NSTA.
Contemplating them, you will no doubt be im¬
pressed with the amount of work which is as¬
sumed by so many of our members who are
convinced that by helping the industry which
will find reports
employs them they can best serve themselves.
One should consider and remember that
the
thanks to all who made this issue
particularly the advertisers whose
advertising dollars assuredly are well spent. For
the measure of what makes for a successful ad
I extend my
a
and
success
is
number
the
of exposures
an
ad makes. Our
supplement is used by the entire financial in¬
dustry throughout the entire year.
The very
stant
nature of our industry is one of con¬
changing conditions, of study and
We
know
we
are
helping
our
industry and our
the
''i
•'
CHAIRMEN
Alabama
great economic growth
keep, "People at Work."
TISCH, National Chairman of
NSTA Advertising
;
OF
'
'
Committee.
1 ■'
'•'■m
.
••
ADVERTISING FOR THE VARIOUS AFFILIATES
Dealers
Security
Assn.—Thomas
Mayes, Inc., Birmingham.
Baltimore Security
A. Bodle, Jr., Stein Bros. & Boyce, Baltimore.
K.
Hendrix
Yardley,
&
Traders Assn.—Charles
Bond Club of Denver—
Gerald P.
Peters, Jr., Peters, Writer &
Chrlstensen, Inc., Denver.
Bond Club of Louisville—Robert Koehler, Walston & Company, Louis¬
ville.
Bond Club of Syracuse, N. Y.—Everett W. Snyder, E. W. Snyder
& Co., Syracuse.
Boston Securities Traders Assn.—John L. McDonough,
H. C. Wainwright & Co., Boston.
Cincinnati Stock and Bond Club—•
Richard F. Strubbe, Westheimer and Company, Cincinnati.
Cleveland
Security Traders Assn.—Russell Wardley, Fulton Reid & Co., Inc.,
Cleveland.
Dallas Security Dealers Assn.—James Walker Davis, Davis
Securities Company, Dallas.
Florida Security Dealers Assn.—Lommis
Leedy, Leedy, Wheller & Alleman,
Inc., Orlando. Georgia Security
Dealers
Assn.—John
B.
Ellis, Courts & Co., Atlanta.
Investment
Traders Assn. of Philadelphia—John C. Carothers, Jr., Janney, Dulles
&
Battles, Inc., Philadelphia.
Kansas City Security Traders Assn.—•
Keith D. Lincoln, E. F. Hutton & Company, Kansas City.
Memphis
Security Dealers Assn.—Robert M. Saunders, M. A. Saunders & Com¬
pany, Inc., Memphis.
Nashville Security Traders Assn.—Joe E. Hutton,
Equitable Securities
Corporation, Nashville.
New Orleans Security
Traders Assn.—Donald
M. Willem, E. F. Hutton & Company, New
Orleans.
Pittsburgh Securities Traders Assn.—John C. Loos, Walston
& Co.,
Pittsburgh. St. Petersburg Stock and Bond Olub—William A.
Emerson,
Merrill Lynch,»Pierce, Fenner & Smith Incorporated, St.
Petersburg. San Francisco Security Traders Assn.—Frank Notti, Schwabacher & Co., San Francisco.
Seattle Security Traders Assn.—Homer
J.
Bateman,
Pacific Northwest Company, Seattle.
Security Traders
Assn. of Chicago, Inc.—Norman Nagle, Sincere & Co., Chicago. Security
Traders Assn.
of Connecticut—A. Mauritz Johnson, G. H. Walker &
Co.,
Bridgeport.
Securities Traders Assn. of Detroit and Michigan,
Inc.—Don W. Miller, Don W. Miller & Co., Detroit.
Security Traders
Assn.
of Los Angeles—James
Beebe, William R. Staats & Co., Los
Angeles, Clemens T. Lueker, Hill Richards & Co., Los Angeles. Richard
E. Owen, Crowell, Weedon & Co., Los Angeles.
Security Traders Assn.
of New York, Inc.—Stanley E. Dawson-Smith, Cruttenden,
Podesta &
Co.,
New York.
Security Traders Assn. of Portland, Ore.—Dan V.
Bailey, Foster & Marshall, Portland.
Security Traders Club of St.
Louis—Eugene T. Burns, Fusz-Schmelzle & Co., Inc., St. Louis.
The
Securities Dealers of the Carolinas—Robert B. Dixon, United Securities
Co., Greensboro. Twin City Security Traders Assn.—Oscar M. Bergman,
Allison-Williams Company, Minneapolis.
Utah Securities Dealers Assn.
—Lincoln R. Ure, Jr., Ure, Davis & Co., Salt Lake City.
Washington,
D. C. Security Dealers Assn.—Rear Admiral George E. Peckham, H. E.
Weekley & Company, Washington, D. C.
alert to
investigation and of action. It is for this reason
our industry cannot ever become self-complacent.
We the traders, the salesmen, the partners or
officers or owners of securities firms who are
members of NSTA feel we are "People at Work."
Thursday, October 6, 1960
nation which will
ALFRED F.
many
.
.
continuation of
our
completed by
the final
conventioneers
every
was
rushed in to
be
of
.
support, then, that we receive is for
nation. The
the
begins. Last minute ads
make the deadline and
results.
Valley in 1960 offered
assembled
there
since
of
of constructive labor
year
to
Chronicle
CHAIRMEN
AREA
OF
ADVERTISING
Angelos,
Chas. W. Scranton & Co., New
Bateman, Pacific Northwest Co., Seattle.
Southeast—William Nelson, II, Clark. Landsfireet & Kirkpatrick, Inc.,
Nashville.
Southwest—Edward D. Muir, Deiipsey-Tegeler & Co., San
Antonio.
Unaffiliated
Members—Ludwell JL.
Strader, Strader and
Northeast—George
Haven.
Company,
&
H.
Northwest—Homer J.
Inc.,
Lynchburg.
Canadian—James A. Traviss, Davidson
Toronto.
Liaison-Executive Council—Allen L. Oliver, Jr.,
Dallas. Industries—John S. Barker, Lee Higginson
Company,
Sanders & Company,
Corporation,
New
York.
,
IjllllllllllllllllllMIIIIIMIIIIlllllllllllIIIIIIIIIIIIIIIIIIIIIUIllHIIIIIIIIIIIIIIIIIIIIIIMIIIIlllllimillllMIIIIIIIIIIIIIIIIIIMIIIIIIIIIIIIIIIIIillllllllllllllllllllllllllimillllllllMlllllllllllllllllllllllllllllllllllIlliimMIII^
**
ZZ
WE HAVE TRADING INTERESTS
m the following unlisted securities and invite your
Air Products, Inc.
Cook Electric Co.
D. S.
Alside, Inc.
Culligan Inc.
Lewis Bus. Forms
Anheuser-Busch, Inc.
Dashew Business Machines Inc.
Lipe Rollway Corp. "A"
Avon Products, Inc.
Dictaphone Corp.
Metropolitan Broadcasting
Baxter Laboratories Inc.
Diebold, Inc.
Kennedy & Co.
2Z
inquiries:
Pioneer Plastics
Corp.
Roadway Express Inc. "A"
Sanborn Co.
Speer Carbon Co.
V
Corp.
Miehle-Goss-Dexter Inc.
Beryllium Corp.
Brockway Glass Co. Inc.
Glasco Corp.
Bruning, Charles Co., Inc.
Growth Capital
Brush
Houdry Process Corp.
Systran Donner
Electronic Associates
Monarch
Beryllium Co.
Thermo
King
;
Morningstar-Paisley Inc.
United Ins. Co. America
J. J. Nesbitt
Virginia Dare Stores Corp.
Pioneer Finance Com.
International Recreation
Control Data
Marking
Warren Brothers Co.
Reynolds & Co.
Members New York Stock Exchange and other
principal Exchanges
Trading Departments in:
BOSTON
125
High Street
HUbbard 2-6600
§1
CHICAGO
39 S. LaSalle St.
Financial 6-7600
NEW YORK
120
Broadway
PHILADELPHIA
1526 Chestnut St.
WOrth 4-6700
37 Offices From Coast To Coast
LOcust 4-0505
SAN FRANCISCO
425
Montgomery St.
SUtter 1-5451
■
=
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Volume
192
Number 5992
.
The Commercial and Financial Chronicle
.
.
of
Factors
Affecting the
37.3%
peak.
still
were
Price Level in the 1960's
By Professor Jules Backman,* Research Professor of Economics,
New York University
from
the
early postwar
However, wholesale prices
about two-fifths above
the 1914 level.
During the 1920's
only moderate changes were rec¬
orded. In the post-1929 depression,
the price index declined sharply
in
and
level
reached
1932
moderately
lower
104.66, a
than in
1914.
Wage and price authority, reviewing pre- and postwar price trends
since the War of 1812, explores the reasons for the avoidance of a
collapse
which
After each of those three earlier
wars, the
wholesale price level
declined again to the prewar level
—within a period of 14 years. Fif¬
generally expected to follow World War II.
Among the restraining factors following World War II cited by Pro¬
are price controls and
industry's voluntary restraints;
was
fessor Backman
teen years have now elapsed since
the end of World War II. The pat¬
offset
by agriculture's "network" of supports, and the price system's
propping-up by ever-higher labor cost "stilts." Stresses the impor¬
tern
technological and intensified compe¬
new
fought
monetary and fiscal fronts with a major collapse
on
in prices
Forecasting
disease
is
improbable.
occupational
an
economists.
It is
difficult enough to project trends
for six months or a year—as the
among
margin of er¬
in the
ror
has
past
amply
so
To
for
a
analysis
astronom¬
1 percent¬
ages. Perhaps
the
a
the
one
deeming
ture
effort
various
role
any
to
into
the
future
the
virtual
the
Jules
will remember the forecast. More-
new
at
which
level
the
for
it
past
has
two
paint in broad
governmental activities have
war
the index reached 104.4
above
the
was
decline of 8.0%
a
should
be
resumed
dex
was
level
in
noted
the
War.
rean
level.
108.4%
There
from
Au¬
to December
1948
gust
prewar
or
that
rise
1949.
It
prices had
before
the
Ko¬
By June 1950, the in¬
100.2
or
2.6%
December
above the
1949
but
still
ices
a
continuing large-
and
the
by
Federal
Government
accompanying high tax rates.
and
military aid to
Economic
a
half years.
other countries have continued at
Thus, the price index did not
collapse after the end of World
a
War
Federal
II.
Instead,
it
stands
now
high
the
level.
in
Postwar
Periods:
avoided
we
in
a post¬
since the
prices
been
several
important
the
the public debt
distinc¬
year
Federal
its
aftermath
Government
resulted
in
a
renewed rise
in such spending.
Today, Federal spending is only
in
as
one-fifth
II
well
below
the
World
Higher prices
expanded scope of
peak level.
as
an
operated
deficits far
surpluses
so
earlier
1812:
war
was
$1
billion
(2)
The magnitude of deferred
of
its
longer duration and the
larger proportionate diversion of
to
production.
war
Moreover, this demand became ef¬
because
increase in
in
oped
World
War
of
the
enormous
liquidity which devel¬
the
War
started
1930's
II.
in
and
during
the
Korean
When
1950
we
still
private
housing,
and
public
demand
automobiles,
Continued
on
moderately in 1815
and
in the following five years
then
Over,
I
have
one
other
important type
of
protection in today's assign¬
ment. My task is confined to an
evaluation of the factors,
other
than monetary and fiscal, which
will affect the price level.
Thus,
I know in advance that any mis-
in my area is due to
unforeseen developments in those
judgment
other two
This
brief
areas.
the
of
a
of
trend
wholesale prices
previous
War of 1812.
directed
be
during and after
starting with the
wars
Attention will then
the
to
forces
which
prevented a postwar collapse in
prices this time.
Finally, several
factors including wage inflation,
administered
and
prices, competition,
technological
developments
will
be
to
examined
determine
their probable impact on
eral level of prices.
The
Historical
the gen¬
Civil War: The wholesale
rose
from
declined to
210.9
index
In
examination
of
wholesale
and
BROKERS
and then in the
142.5.
1871, wholesale prices had de¬
35.5%
the
from
wartime
peak but were still 43.1% above
the prewar level.
It was not until
1879, 14 years after the end of the
war,
that price declines had wiped
out the wartime
rise. Prices
con¬
tinued to decline irregularly until
1896 when the index reached
level 24.6%
a
75.1,
lower than in 1860.
NEW YORK
World War I: In 1914, the w'role-
sale price index was
59
=
110.0 (1950to 138.1 in 1916,
100). It rose
our
entry
before
into
the
Irvin Hood, Jrv
John S. Barker, Manager
war,
reached 212.0 in 1918 and then in
Harold C, Whitman, III
Salvator D'Angelo
further postwar surge advanced
to 249.3 in 1920.
price trends during the past cen¬
price
99.6
following six years fell to
a
Picture
1830
(1850-59=
100) in 1960 to 202.9 in 1864, a rise
of
121.8%.
In
1865, the index
126.6%.
This
was a
total
Prices
collapsed
from mid-1920 to early 1922. The
rise
An
irregularly until
DISTRIBUTORS
when the index reached 90.6.
clined
analysis will start with
review
decline
to
of
index
was
156.2 in 1922, a decline
James D, Browne
Frederick W. Parent, Manager
CHICAGO
Joseph T Feeney
William J. Dreyer
v
Dorothy R, Schirmer
F. S. MOSELEY & CO.
ESTABLISHED 1879
MEMBERS
New York Stock Exchange
American Stock Exchange
Boston Stock
Midwest Slock Exchange
Exchange
NSW YORK
LEE
Underwriters and Distributors
CORPORATE
and
of
CORPORATION
SECURITIES
■
BOSTON
•
NEW
PHILADELPHIA
YORK
•
•
CHICAGO
SPRINGFIELD
•
•
INDIANAPOLIS
WORCESTER
BOSTON
Banking Service Since 1348
CHICAGO
members
Pt0W York and other
MUNICIPAL
Investment
it
HIGGIWSOW
for
capital
clined
the inevitable proviso, "all fell to 116.5 or below the prewar
things remaining equal," provides level.
In
1821, the index was
the perfect escape hatch because
106.7, a decline of 42.1% from the
past experience indicates that they wartime peak and 19.6% below
will be more unequal than equal. the prewar level. Prices continued
had
failed to meet all of the deferred
UNDERWRITERS
de¬
a
demand
was
greater
here
and
abroad after World War II because
inflations.
The index
that
reduced by an
almost
The
39.0%.
of
in
ex¬
during that period.
resources
in
Federal spending by about threefifths. However, the Korean War
about
of
average
spending
below
the
war - time
fective
peak. After World War II we cut
War
net
15
the
public debt rose from $258.7
to $286.5 billion. In con¬
trast, the Federal budget was in
the black during the 1920's, and
(1) The end of World War I
witnessed large-scale disarmament
and
a
reduction of about fivesixths
net
the
1960,
the
summarized briefly as follows:
and
The
of
30,
billion
World Wars I and II
Why have
war
collapse
nine
June
Government
red.
ceeded
Differences
In
ending
years
137.5% higher than in 1939.
5.6% below the peak reached in
August 1948. After a rise to 116.5
February 1951, the index de¬
has meant
scale demand for goods and serv¬
re¬
and
con¬
tributed to this situation. The cold
factors affecting
Space limita¬
discussion of the
which played a
factors
of
rise
a
one
no
1958
mained
wholesale
price index rose from 132.7 (1850=
100) in 1811 to 184.4 in 1814,
is
certainty that
1952
advance started. This brought the
index up to about 119 early in
59
Backman
a
decade.
the
in
War
peer
years
10
of
next
tions preclude a
re¬
fea¬
of
instructive to
strokes the postwar price changes
of the past as a prelude to the
difficulty
by
ic
a half shows four major
eruptions.
The first three—dur¬
ing the War of 1812, the Civil
War, and World War I—were fol¬
lowed by sharp declines in prices.
During World War II a more
and
10-year period
c o m p ounds
the
tury and
prices was followed
by further increases in the post¬
war years instead of the collapse
experienced earlier.
It is useful
project
trends
when
tions between the post-World War
I and II periods.
They may be
continued to rise until 1948 when
modest rise in
demonstrated.
in
late
that level until
1955
end of World War II? There have
index
1939.
By 1945, the index had risen to
68.8, an increase of 37.3%. Prices
tition at home and from abroad. Concludes real anti-inflation battles
must be
110
near
of
summer
The BLS wholesale price
was
50.1
(1947-49=100) in
public's attitude toward inflationary governmental poli¬
cies. Forecasting for the 1960's, he suggests that wage inflation
will be offset by
price changes during and
the
after World War II may be sum¬
marized as follows:
tance of the
pressures
of
clined to around
and remained
Principal Stock Exchanges
page
88
proach is probably the most im¬
portant debt management innova¬
tion
of
recent
years
and may
The Economic Outlook
eventually enable
Chairman of the Board, Continental
David M. Kennedy,*
By
Illinois National Bank
in
debt
and Trust Company of Chicago
the long run
economy's current performance seems unsatisfactory,
close relationship
confidence in the pur¬
chasing power of the dollar and
confidence in the future of Ameri¬
When
between
cannot
we
our
record in
con¬
trolling infla¬
tionary
good — cert ainly far
from
perfect,
still
but
The
rea¬
M.
Kennedy
average
1952 in prices paid
consumers
a
is
This
significant improve¬
immediate post¬
a
the
from
period when heavy pent-up
growing out of World
War II pushed prices up at a time
when monetary
policy was un¬
war
demands
fortunately concerned
more
with
keeping interest rates down than
with the control of inflation.
in
rise
The
since
1952,
clearly the
confront
rise.
a
us
Even
increase
of
prices
consumer
even
though
gradual,
rather
suggests
nevertheless
subtle dangers which
if prices continue to
a
seemingly modest
1%%
year
per
means
price level in
doubling of the
The
our
We
World.
have
which
a
the
of
leader
as
nation
are
Free
in the
world hanker.
We
long - term
assets
abroad
are
matched
in part by
short-term
amount to
about
with lower interest rates.
confidence in
on
us
$17
duction
by uneasi¬
dollar is followed
by
our
billion.
As
markable.
Economy
It
of-payments situation and normal
interest rate differentials.
and
Gross
National
Product, as the
it — is likely to
call
technicians
lion
on
annual
an
rate
overall
economy
with
quarter. Even if busi¬
to move sideways
The
duction
110
even
is
output
Federal
index
at
high
a
Reserve
continues
pro¬
a
first
half
of
the
year,
strong
running at record levels
prices. The sideways
recent
of
months
may
;
consumer
demand
con¬
highs and the liquid asset position
consumers
remains
strong.
Likewise
consumer
credit,
al¬
of
production fell some 64 points in
the
a
strong.
Personal
income
continues to reach new all-time
steel
basis,
but
spots,
have
tinues
declined
index
a
high level, does not
though at a
while
recession has "of¬
'•
year
1960
has
already
that the Federal Govern¬
can
accomplish something
proven
ment
which
great
a
many
people
thought impossible two years ago.
I
am
referring to the dramatic
government's bud¬
from the largest
peacetime deficit in history of
$121/2 billion in fiscal 1959 to a(
$1 billion budget surplus in fiscal
1960. The administration deserves
a great deal of credit for this ac¬
complishment. So do those mem¬
bers of the Congress on both sides
of the aisle who helped make it
the
of
switch
position
get
possible.
than 50 years.
It
is
easy
to
abroad. We all seek
ment
and
higher
high employ¬
standards of
living for everyone. None of these
goals can be achieved, however,
if we overlook the role
of our
financial system as a major
force
ing seven to nine year
program
interest in¬
the maturity
holdings; it aids the Treas¬
of his
ury
by
improving
of
the
Without
Inflation"
to
suit every
need
the maturity
debt and reduc¬
ing the long-run cost
"Year
bonds^ This
investor an
for extending
come
structure
underlying their realization.
the
offers
immediate increase in
of handling
and it aids the
minimum
The year 1960,1 believe, affords
of long term investment funds and
a striking example of how sound
national financial policy has con¬ by reducing the market impact
tributed substantially to the basic of debt extension. This new apthe
public
economy
debt;
by absorbing a
Adams & Peck
Members Hew
Tor\ Stock Exchange
and American Stock
Securities of the United States
Exchange
Government and its
Agencies
State, Municipal, Revenue and Housing
Securities
of
INDUSTRIAL Hi RAILROAD SECURITIES
NEW YORK 3,
N. Y.
Teletype NY 1-724
wire
to
Philadelphia
.
NEW YORK 5
Pittsburgh
San Francisco
•
DIgby 4-1515
Chicago
Philadelphia
Cleveland
Acceptances
Securities of the International Bank for
Reconstruction and Development
Private
15 Broad St.
Boston
Company Stocks
Bankers'
Telephone REctor 2-4949
CORPORATION
Corporations
Casualty, Fire and Life Insurance
•
FIRST BOSTON
Industrial, Public Utility and
Railroad
Bank Stocks
120 BROADWAY
The
Bonds, Preferred and Common Stocks
Brokers and Dealers in
Underwriter
Qjidtrifiutcr
^Dealer
Canadian Securities
External Dollar Securities
ex¬
stable
Total
though steel production
comparable
soft
tistical honesty.
around
precipitously from
beginning-of-the-year levels. On
has
back¬
inadequate to those advo¬
cating more rapid economic
growth purely on a partisan basis
with apparent disregard for sta¬
of the year, we
Industrial
level.
the
appear
will end
well above last year's record.
up
are
still
we
movement
continues
ness
the rest
There
tory.
bil¬
basis in
break all records. It was $505
the .second
Strong
against
only
pectations at the beginning of the
year that the current performance
of the economy seems unsatisfac¬
1960—the
in
services
goods
is
ground of the forecasters' rosy
of
production
national
Our
index, the broad strength
economy is re¬
rest of the
in the
abroad, we may find gold
flowing out of our country for
reasons other than today's normal
movements based on our balance-
a
claims
invested
solidly
are
jjiuuucuuii
be
Treasury
debt
managers
are
understand why continuing to show both imagina¬
the purchasing power of the dol¬ tion and courage in handling the
huge
debt. They have
lar is so important to a discus¬ nation's
sion of the current economic out¬ just introduced another new tech¬
look.
We
all
seek
a
peaceful nique of debt management in of¬
world. We all seek high levels fering an advance refunding to
of economic activity at home and holders of four issues of outstand¬
less
financial
here,
If
national fiscal and monetary
claims
even
uiuusuiai
luiai
only 2 points. Offsetting strength
has appeared in many areas, es¬
pecially in some of the soft goods
lines which have been depressed
for a number of years.
In view of
the importance of steel in the pro¬
cut twice
without the
community con¬
business
cluding that
1%% per year.
ment
deal
position as
prestige of America's
a
Thursday, October 6, 1960
few months
about ficially" begun.
been
has
rate
within
entire
David
increase since
by
dollar
great
a
means
year
a
could
count
good.
sonably
as
asxearly as March.
The year 1960 has demonstrated
again that the Federal Reserve
can
operate flexibly and effec¬
tively in the monetary field. Most
important, it showed that the dis¬
nably
r e a s o
the American
all
in position of
Martin
man
pres¬
has been
sures
it
of
This
without friends abroad. These claims on
inflation, a year in which "in¬ us are either in the form of bank
flationary pressures were effec¬ deposits or holdings of short-term
tively liquidated," in the words U.
S.
Government
obligations.
of Federal Reserve Board Chair¬ These short-term claims
now
it
remember
recent
In
his¬
value
1960.
Americans, whether they
realize it yet or not.
It also means a great deal to the
to
production, income, and em¬
ployment. Probably we will also
other.
years
in
in
the
have
the
records were set
which many new
effective
of
policy action by the
Federal
Reserve, a better-thanbalanced budget, and substantial
improvements in debt manage¬
ment policy have done more than
is generally recognized to stabilize
tory, I think we will remember
as a relatively prosperous year
one,
combination
The
.
ness
monetary
business
1960 has passed into
Stabilized
.
continues
nation
our
as
.
strong and our currency is sound
—as
it is today — most of those
policies falter and
economy.
Dollar
conditions today.
business.
can
Without
of
soundness
over-all
very
a
requirements of our
long
the
according
to Mr. Kennedy, only against the background of the forecasters' rosy
expectations early in the year. The banker declares GNP will reach
a new high this year even if business continues sideways or turns
down somewhat later this year. The Federal Reserve and the Treas¬
ury are praised for giving us a year without inflation and for in¬
telligent fiscal-debt management. Looking ahead into next year, the
banker contemplates a modest downturn before any significant
pick-up occurs. There is no doubt, he concludes, that the longer-term
outlook will show a steady and healthy rate of growth.
There is
to place the
with
us
consistent
form
a
growing
The
Chronicle
The Commercial and Financial
8
^nnedtnient
SPecuritied
y
Volume
to
seem
192
Number 5992
stretched
be
breaking point.
near
any
Thus retail sales
continue to show gains.
On the other
hand, major indi¬
cators of business activity tend to
show
little
a
movement
over-all
output
Although total employment
data.
reached
has
downward
more
than
records, unem¬
ployment is higher than we would
like.
A sizable drop has occurred
in
new
orders
new
in liabilities
goods.
substantial rise
a
growing out of busi¬
There is increasing
failures.
ness
durable
for
has been
There
evidence that business capital out¬
lays;
stabilizing
are
rather
than
up to
the earlier fore¬
Furthermore, the growth
pushing
casts.
.
demand for homes. Housing starts
probably not reach earlier
expectations for 1960 as it is now
too
expectations and it is only in
the
last
months
two
that
some
late
for
upturn
in home
building this year. With
mortgage credit now more rpadily available there is a prospect for
some
may
give
it.
will
money
much
as
of
well
in
has been holding
high levels although the most
figures were not quite as
strong as those for earlier months.
automatically
and
total
that
con¬
the
well
next
basic
now
construction,
nance area,
the
fi¬
government
will
continue
months
near
favoring
of
it is apparent that the
$4 billion Federal surplus forecast
sideways
with
for
gether with the drawn out side¬
ways
movement of the overall
economy have been noted by the
estimated
revenues.
Probably
the
ahead
see
pick-up in
Federal
defense
and foreign aid expendi¬
regardless of the outcome
firm conviction that either
tures,
nounced
of the
election.
move
Reserve.
Reductions
margin requirements,
in
reserve
re¬
quirements, and the discount rate
indicate an appropriate awareness.
These
show
moves
authorities
that
the
longer
fear
near
serve
no
future and that
they are willing to
flexibly as they adjust to
move
current market conditions.
estingly
enough,
movement
the
Inter¬
downward
interest
market
of
rates has been well ahead of
nomic
developments
eco¬
in
recent
Short term interest rates
months.
shown the most marked
have
re¬
will
not
material¬
ize.
Corporate profits are not
running as high as the Treasury
and
will
that
will
some
cut
released
raise
has
been
President's veto
not
approve
Thus
the
Federal
and
higher
push
employee
passed
is
toward
about
during the next few months. State
have
somewhat
been
more
sticky and there is reason to be¬
lieve
that monetary
authorities
are
interested in obtaining more
response in this area of the mar¬
The
ket.
shadow
both
and
recent
rate
the
increase.
our
of
the
has
economy
establishing
in
handle*
of Mr.
address
since the end of
by
Controllers
Chicago,
111.,
Mr.
Kennedy
Institute
Sept.
15,
Feldman
new
under
Clinton
This will be the 32nd
the
financial affairs soundly.
*An
the
A.
a
Arkansas
In
before
America,
of
their
and
Carl M.
trends
of the economy
that add up to the apoarent sidewavs
tendency can be summar¬
ized quickly:
but
Winnipeg,
Calgary
(popula¬
250,000) and Edmonton (pop¬
should
300,000)
conclusion,
may
I hope to see you
pleasure to
a
not
First:
Inventory
I
say
serve
annual rate
about
to
in
the first
half that
42
as
all again at
zero
the
been
Virginia;
new
Grant
Lynchburg,
Indianapolis,
A.
COMMITTEE
Feldman,
Chairman
Piper, Jaffray & Hopwood
Minneapolis, Minn.
Indiana;
Tor\ Stoc\ Exchange, American Stoc\ Exchange
Commodity Exchanges
WALL STREET
NEW
YORK 5, N. Y«
in
at
factor
months.
of
presently.
This has
primary deflationary
work
The
the
other
than
PRIVATE
Providing immediate
access to
performance
spending is crucial
could
decline
cumulative
few
last
future
inventory
since
the
in
and
spread
over
10Q citie$
to
to
areas
steel
Some business
inventories still appear heavv rel¬
to
despite
orders
new
LONDON,
ST. REGIS
NEW
hand, the adjustment, although
undeniably
deflationary
in the
short run, may be healthy in es¬
tablishing a basis upon which fu¬
ture production can expand.
YORK
Middletown
STATE:
•
It is
an
has not been sufficient to halt the
rise in total Gross National Prod¬
In
terms
of
final
(production less increases in
inventories) the second quarter
increase
uct
in
Second:
Business
investment in
equipment is not
the $37 billion an¬
from
far
nual rate where
of
Prod¬
plant and
new
too
Gross National
the
year.
it has been most
Although
there has
been little expansion push in plant
equipment spending recently,
1960 is still exnected to run about
and
12%
above
much
less
than
economy
earlier
1959. It is, however, a
in
the
in the
anticipated
force
buoyant
was
The
year.
Bocttcher
8C
progresses.
Third:
market
The
is
it.
as
because
to
housing
soft, not so
currently
of
a
lack of cred¬
slackening in
Geneva
•
Hornell
•
Watertown
Ithaca
•
Stroudsburg, Pa.
•
Nashville, Knoxville, Jackson,
Memphis, Clarksville, Tenn.;
Atlanta, Ga.; Jackson, Miss.
J. C. Bradford & Co.
Chaplin, McGuiness 8C Co..
.
Pittsburgh,
.
Johnston,
W. Clark
Co..
ft
..
...
&
Hartford,
Lemon
•
Lyons ft Co.
Mead,
Miller
ft
Co....
8C
f^u'svijle, St. Matthews, Danville,
(Lexington, Bowling Green,
Ky.
Baltimore,
Conn.
Md.
Company, Inc....5<m Antonio, Dallas, Tex.
&2BSSL
(MinneapolisjfefST
, St. Paul,
St. Louis,
Crestwood, Clayton, Mo.;
Tuscaloosa, Ala.; Phoenix, Ariz..;
Ark.; Naples,
A. G. Edwards
St. Petersburg. Fla.; Belleville,
& Sons
Jacksonville
Springfield, III.; Ames,
Keokuk, Iowa: Lake Charles, Shreveport,
La.; Laurel, Miss.; Houston, Tex.
ft
^AUxanSlia'^
Co......
No. Dakota
Jonesboro, Little Rock,
Elder
Chicago, IU«
Milwaukee, Appleton, Beaver Dam,
Big Bend, Chippewa Falls, Green Bay,
Janesville, Madison, Mosinee, Racine,
Waukesha, Wausau, Wduwatosa,
Wisconsin Rapids, Wise.
Pa.
{lancasfe^Yor^Pa0"^"'
Cooley & Company.
Dittmar
■
.Cincinnati, Ohio
Loewi 8C Co., Inc.
W. L.
E.
Co..
ft
Co
ft
Co.
.Chattanooga,
Prescott
Sanders
Sutro
ft
Co
ft
ft
[Cleveland, Shaker Square, Canton,
IColumbus, Toledo, Ohio
Company
Co.
Dallas,
Tex.
\SAn Fra"ci"°> L°s An&e}"> Beverly Hills,
[Hayward, San Jose,
Calif.
Tenn.
current
residential
much because of any
•
Chicago, III.
Denver, Colorado Springs,
Grand Junction, Pueblo, Colo.;
Chicago, III.
Company
in
This tends
dampen capital outlav plans.
year
Elmira
Hill
profit margins is re¬
ducing corporate earnings as the
squeeze
t
Utica
•
Farwell, Chapman
Betts, Borland 8C Co
impressive indeed.
was
Syracuee
Aad«Moii & Strudwlck
consump¬
tion
HOTEL, NEW YORK CITY
Auburn
CORRESPONDENTS
$11 billion drop
in the rate of inventory spending
uct.
ENGLAND
ef¬
forts to reduce them. On the other
significant that
SYSTEM
throughout the United State$ and Canada
and durable goods.
ative
WIRE
primary markets through Branch Offices and Correspondents and their connection#
become
related
those
in
FOREIGN
Ian Potter ft Co
Paulo A.
Melbourne,
Bromberg
Greenshields ft Co. Limited
_
an¬
Respectfully submitted,
MEMBERSHIP
the second quarter and perahps to
nearly
and
other Convention time.
Quar¬
amount
it has
you
spending
dropped from about $11 billion
be
for long.
the
affiliate in
have added
we
individual members in
1960.
and principal
the
surpassing
Loeb, Rhoades & Co.
Members "Hew
is
course,
for
areas
so
business
even
Montreal,
been
Jones, Se¬
people
country
our
of
af¬
organization. In addition, dur¬
ing the year
provided the bulwark
Grant
dealers
more
personal and friendly
Toronto,
ulation
en¬
se¬
States and,
Canadian
know
in
in¬
see
curities Commissioner of the State.
during the decade
And, Fifth: Consumer spending,
which
tion
economy
we
more
older
present,
in
to
transact
overlooked
are
gaged
the
like
can
a
seems
Canadian
the United
to
banner
'60s, providing
in
fore¬
rates
divergent
the
of
particular
ter
the
will
two
or
interest
Business Trends
Divergent
an
of
year
creased
Vancouver
Asso¬
our
we
next
excellent place
growing feeling that the
a
principal market,
we
close
At
expansion.
be
basis.
steady and healthy
rate of growth
con¬
of
First, there
to
on
re¬
filiate
a
confirm
can
an
they
ciation.
a
question
ability of the
recently and
around
in the business
4,800 members
not, how¬
no
Toronto
that Canada is
would
and
now
port
bank
may
market
lower
the
have
in
was
visiting
secondly,
to
present
can
sideways
does
I
in
curities in
those
affiliates,
the longer-term
to
tario.
harder
usual
our
the whole.
possibility of
Houston, Texas, and Toronto, On¬
private security placements
mortgages.
Some
in
in
cut
lending
prime
tinue to
downturn
maintain
to
prospect
future, even
to both the dura¬
as
We
pro¬
in
present
extend
a
a
quarters,
nevertheless,
through the
expansion of
downward
year on
the
outlook.
greatly
expenditures should
than
conclude that 1960
can
good
of
modest
probably not of sufficient magni¬
and local
rates
a
higher
pected.
immediate
we
tion
although
tude to affect the economy
is
movement and the
rates.
duction this year, as
would be ex¬
Intermediate and longer
the
or
business
of
ever,
expenditures,
little
without
one
upward
Uncertainty
the
Congress did
postal
to leave
seems
will be
pay
over
scratching
eco¬
this
active
eighths
though
through the highway construction
program. A Federal
has not
year, prob¬
ably due to the erratic markets
we have had and the necessity of
harvest
This
committee
your
too
been
stantial readjustment.
period
new
for
While
nomic excesses and eventual sub¬
tax
Additional funds
already? been
which might lead to
pressure
for
have
Re¬
the threat of inflation in the
1961
odds
modest downturn
a
growth has occurred to offset the
significant decline in the Spring.
These specific developments to¬
fiscal
the
before
year
prospective
Security Traders Association.
In his capacity as Chairman
of the NSTA Membership
Committee, Grant A. Feld¬
man
informed the Contention
as follows:
any significant
pick-up occurs.
It is a healthy
sign, however, that the economic
developments of recent months,
and especially the
inventory ad¬
justment since the first quarter,
already have acted to alleviate
continues at high levels.
In
movement
to
opportunities in Canada for further broadening
some
pick-up in business gen¬
this Fall, but it appears
erally
economy
for the
Fourth:
have
seasonal
expenditures
are
ex¬
pected to rise in the months ahead.
State and local
construction, as
commercial
Feldman also calls attention
of the National
In summary, we may
struction
as
Chairman Grant A.
Arkansas affiliate and
Conclusion
spurt to hous¬
a
1960
trade
at
ing as it did in past years. Non¬
residential construction has moved
up
Retail
recent
pickup in 1961, although it
be too much to assume that
easier
Membership Committee
Cites Expanding Affiliates
cial positions remain good despite
heavy increases in consumer cred¬
substantial
a
9
World War II, continues strong in
1960.
Consumers' over-all finan¬
will
in the money supply has been be¬
low
The Commercial and Financial Chronicle
.
.
CORRESPONDENT S
{A^ustralia^
Sao Paulo, Brazil
.Montreal, Canada
Mcrcantll Dc Iuversiones S. A.
A.
E. Osier
Company Limited
Yainaichi Securities Co., Ltd
Roldos S. A.
....
.Toronto, Canada
Tokyo, Japan
Montevideo, Uruguay
.Caracas, Venezuela
2Z2&ZZmm222^ZZ2Z2ZZZZZZ&&&2Z22ZZZZZZZEZ^ZZZZ2ZZZ2ZZZZ22Z2ZZ&2Z^EZZ^ZZZ2^ZZZZZZZmZZZZZZZZZ22ZBZZ^ZZ22ZZ8
The Commercial and Financial Chronicle
10
Inflation Troubles Over?
J
.
'
■
By Dr. Melohior Palyi
Dr,
Palyi
questions Per Jacobsson's
has
come
to
an
end.
Before
doing
forecast that
price
inflation
Dr. Palyi vigorously takes
so,
apart the meaning of the words "money" and "money supply," and
invites
then
attention to
money
The
the vast
What
propensity to in¬
vent fresh arguments in order to
justify
ever-mere
inflation
is
something
to
behold.
A latest
sample is the
complaint
and
the
in
12-month
period
the
to
of
end
to
know
claims
of
the
is
of exchange,
the
that
are or
may become effective de¬
mand for goods and services. Ac¬
cordingly, we have to include not
only the "active" money in proc¬
ess
of being turned over during
a chosen period, but all other in¬
struments as well which might be
used for payment, even if they are
suffering from
Deflation:
want
we
volume of all media
are
we
potential
supply still threateningly present.
collectivist
that
of monetizable,
amount
"idle"
May,
at
on
same,
time.
the
All
supply —
meaning the
ey
of
sum
rency
cur¬
outside
net
demand
the time and
in
the
banks
—
has
declined
S3
Pr. Melchior Palyi
by
billion,
let's
So,
2V2%.
or
print more
money.
The facts are, however, that dur¬
ing the current (alleged) decline
of the money supply the net vol¬
ume of outstanding debts rose by
hurry
and
is the money supply
built on arbi¬
trary
definitions, ranging from
the 18th century doctrine (David
Hume) that all credit instruments
are money, even bonds and shares
were
to the
underlying the Peel's Bank Charter
Act of 1844 that only gold and
tual
has
agreement
to
be
to be
der
narrower
Of course,
it
the choice of a defi-
is
60%
what
is
what
matters:
consider
people
money
as
pur¬
available at once
or
shortly. People's
"liquidity"
status
and
financial dispositions
are
not affected by juristic sub¬
chasing
power,
of deposit is as good as another,
provided they are promptly re¬
deemable into legal tender at vir¬
tual face value and accepted in
The volume of to¬
for goods and serv¬
settling debts.
demand
tal
ices
is
not differ in function or value.
can
or
adjusted
and
un¬
cur-
but
statistically
deposits is
Currency, too, is
being "hoarded" in substantial volume.
Yet,
the
"idle purchasing
media"
are
generally ccunted as part of the active
money
supply. Cf. the June, 1957, Spe¬
cial
for
supposed to serve.
a
portion
permanently
depends on the functional
purpose
"deposits
unknewn
than the
former, still leaving a wide range
of "freedom" for arbitrary choice.
nation
around;
to
Conditions includes
♦Actually,
broader than the latter
definition and
amount
concept
that the
Which
is
Savings
of
solidated
Presently, there is vir¬
counted.
drawn?
and
For the decision to buy a home
it is irrelevant whether the money
needed
in
a
or
in
for down
payment is held
a savings institution
safe box. The "money sup¬
bank, in
a
confusion
of
source
identification
of
is
the
deposits
The former are no
savings
with savings.
more and no less "saved" than are
the
funds
Bulletin
of
Economic
ton,
large
of
demand
inactive.
the
American
Research,
Great
put
difference
no
on
a
in this context how
the
purchasing power is generated
originally: dug out of a gold mine,
"printed"
by
a
governmental
agency, or "created" by a bank
loan.
As a matter of fact, savings
banks and associations do exactly
what commercial banks do—build
a
credit
structure
on
fractional
Institute
Barring-
reserves.
They do
so
even
credit
for
bank
balances,
cash
into
turned
be
like
they can
just
because
short
on
posited funds, be it on demand or
on savings accounts, should dispel
the semantic confusion caused jby
the ambivalent use of the term
terest rate has risen after the pur¬
"savings."
turity
Liquidation
but the owners either do
contemplate such premature
liquidation or expect to be com¬
pensated by the return they had
earned
But
then,
stated
sidered
parts of the money sup¬
where is the line to be
in
As
cut-and-dried
no
There
demarcation.
of
shades
numerous
hu¬
matters
most
is
there
man,
line
on
as
Or
ply?
claims
all
are
are
transition
of
It all
circumstances
which determine the judgment of
the market place.
Everything is
money, to repeat, that is usable
as such or is readily monetizable.
That brings us to the "potential"
from
Money to Non-Money.
depends
the
on
supply.
money
actual
The
supply,
idle, consists of
and its substitutes.
money
whether active
tender
legal
But
there
or
which, though not directly bsable
to make payments, can be turned
times
all
at
without
and
deposits into short Treasury's, and
vice versa; in the process
ume
of demand deposits
loss
of
"street
purchasing
active
Bankers'
power.
acceptances,
m e r c
loans," etc.
this function at
i
a
1
paper,
used for
were
time
one
or
undergo
1934, Treasury secu¬
rities of not
more
have
than
one
year
the function
over
to
buy
maturities,
order
the
in
short
Federal
"money supply" in terms of cur¬
rency-plus - demand - deposit has
contracted for the simple reason
that the banks used the proceeds
curities
the
Federal
of course,
Treasury
Banks.
Reserve
the total money volume
potential combined
and
not affected.
—was
"Liquidity"
find
vs.
a
on
question is: to de¬
"dimension" relevant
termine the
for
Money Supply
question at stake is not to
definition suitable for the
The
As
policy.
monetary
the
(British) Radcliffe Report put it
cogently:
"The
immediate
action
monetary
level
of
action
demand
works upon
altering
by
stitutions and of firms and, people
market
near-
desiring
deposits which cannot go
sources;
as
demand
default
in
They
interest-yielding
if
—
to
only because the
self
is
(Committee
central
bank
monetize
them, in ultimate resort.
to
expected
is
spend
real
on
critical
the
not
on
factor."
Working
the
(This is implicit in its policy of
maintaining
ours.)
for
"orderly market"
an
government
the
./*/; y,.:'V
The conventional
obligations.)
money-supply
Thereby, they become equivalents
notion
of money and a temporary reposi¬
even
tory of major funds in1 the hands
base for the understanding
of the
casting?) of price level trends and
public.
the
At
end
of
last
May
$45.4 billion of short
about
(up to
one
is
misleading,
the
for
policy.
unsatisfactory,
totally
of
guidance
In
quantitative
as a
this
(fore¬
monetary
country,
year)
Treasury's,
than
five
$21
billion
years
earlier,
held by non-bank investors.
are
prime
liquid
assets,
in
Britain,
as
bank's
central
the
to
a
large
extent,
if
not
distributing
/
since 1886
BOSTON
CHICAGO
Commodity Exchanges
PHILADELPHIA
LOS
Complete Investment
ANGELES
SAN FRANCISCO
W. E. HUTTON & CO.
NEW HAVEN
Banking Facilities
Members New York Stock Exchange
MINNEAPOLIS
and other
leading exchanges
HAGERSTOWN
NEW YORK
HARTFORD
'
FOREIGN OFFICES
WINCHESTER
LONDON
•
ZURICH
•
CARACAS
•
HONG
KONG
Dayton
Hartford
Boston
Columbus
Portland
alto¬
gether, frustrated by the unwieldy
Corporate and Municipal Securities
and
in
at¬
tempts to check the inflation are
UNDERWRITERS, BROKERS and DEALERS
Exchange
of
Monetary
System,
Report,
London, Aug. 1959, P. 135. Italics
5, N. Y.
principal Stock
re¬
the supply of money it¬
White, Weld & Co.
and other
the
alternatives to cash, having ready
They
Members New York Stock
of
to affect the
total demand.
"Monetary
total
object
=
is
liquidity position of financial in¬
were
NEW YORK
at
But,
are
unprecedented scale.
an
more
20 BROAD STREET
se¬
debts
their
reduce
to
—actual
of
sale
the
from
(bills, notes, certificates)
taken
appears
a
accounts
their
an¬
other. Since
lifetime
the vol¬
deflation, or the
opposite. Which is what happened
recently. As customers depleted
to
textbooks. The
into
capital
from
shifted
being
are
instruments
credit
are
meantime.
the
in
Funds
of currency to be con¬
sums
a
chase;
not
Potential Money
„
cause
may
before ma¬
loss if the in¬
more
"effectively7' than the commercial
Mass.
that
opinion,
market's
the
notice.
ply" is available in either case.
A
alone
fact
The
Thursday, October 6, 1960
expansion the commercial banks
indiscriminately
utilize
all
de¬
high-class com
Semantics
checking ac¬
count or is the currency held in
stockings. In either case, someone
is
refraining from consumption
The Federal Reserve Bulletin's
(for the time being); in either
monthly tabulation of the mone¬ case, the funds constitute actual
tary and banking system's Con¬ purchasing power. And it makes
dogma
Bank of England notes were
turn
mandatory minimum li¬
quidity reserves for all kinds of
bank deposits, excepting those of
the Government, considering them
as "idle" purchasing power.
(The
banks hold an equal amount of
Government
securities
against
Government deposits.)
At stake is the
definition
of
money,
a
bitterly
fought issue for centuries. Mone¬
stocks,
being paid out and the owners
regard them as equivalent to cash.
are
scribes
—supply of what?
common
do
incoming payments. Sav¬
ings accounts are subject to a
mere
30
days' notice provision
which is not being enforced; they
serve also as a base for "pyramid¬
ing" deposits.
This is implicitly
recognized by the law that pre¬
more
price index went up by 2%.
of
sfavi»gsj^epositfc^ras
latter
withdrawals
billion or more, bank loans
increased by
$12 billion, or al¬
most
10%,
and
the consumer
tary policies
the
But
$50
Just what
Money
.
banks, due to the higher reserve
requirements for demand deposits.
not* affected by the disof
it is customary in Europe?
purchasing
power
None" TriBution
whatsoever, unless sheer conven¬ among the diverse reservoirs into
ience.
As long as
True,
checking accounts which it is placed.
have a higher "velocity of circu¬ free transferability obtains from
one
reservoir to the other, they
lation"
than
savings accounts.*
de¬
posits
Are
What, then, is the justification
for using the figure of cash-plusdemand deposits as the measure
of the money supply, excluding
the banks and
adjusted
Deposits
.
rency" all so-called time deposits
(an improper designation). But
savings and loan associations are
omitted on the grounds, presum¬
ably, that they are not banks in
the legal terminology.
Yet, their
"savings capital"—that grows at
an annual rate of $6 to $7 billion
(!)—is no different in monetary
character from savings deposits in
banks, though not subject to stat¬
utory ca h reserve requirement.
Nor are
they turned over at a
very
much
lower
rate. > True,
there is no legal obligation to re¬
deem them on demand.
But they
tleties and technicalities. One kind
1960, the mon¬
.
CINCINNATI
Philadelphia
Lexington
Lewiston
Baltimore
Easton
Biddeford
Hackensack
Burlington
S
Volume
192
Number 5992
volume of overhanging
.
.
The Commercial and Financial Chronicle
.
"liquidity."
1961
A classic case of the
application of a
has been
thoughtless
conventional con¬
provided by the
economists
the
cept
of
11
Nominating Group
Publicity Committee Report
The report of D. Raymond
Kenney, Chairman of the
NSTA Publicity Committee,
follows:
International
Monetary Fund. In the mid-1950's,
argued
they
that
the
inflation
world's
Western
troubles
were
over—prices have caught up with
the inflated "money supply." They
forgot all about the vast volume
of
monetizable
savings deposits
and public debt certificates prac¬
tically everywhere.
The
dismal
that
record
of
inhibit
Per
forecast
managing director,
with
the
to
lately
statement:
tion"
that
has
did
Jacobsson, the
to
of
not
The
end
and
J. Ries Bambenek
Morton A.
first
the
not
time
dis¬
Sun
been
na¬
that
of
optimism.
for
Bank
the
head
As
to
International
velopment
end." A
the
of
August
"Has
appears
to
the
(without
is:
Jacobsson)
environment
no
longer excessive
as
was
^in most of the post-war
period? He jWho would give a
firm
this
answer
point
to
this
question at
be foolhardy,
would
indeed."
the
ported that
ib
John P. O'Rourke, Jr.
Edgar Christian
have
to
made
sections
Donald E. Summerell
of
the
popular Forbes
very
we
re¬
from
copies
the
country,
many
and an¬
ticipated additional requests. Since
George H. Angelos, Chas. W. Scranton & Co., New Haven, Conn.
J. Ries
Morton A. Cayne,
then, and
item in
Bambenek, Dallas Union Securities Co., Inc., Dallas
as
Edgar Christian, Suplee, Yeatman, MosleyCo.* Inc.,
John P. O'Rourke,
Philadelphia.
Jr., J. P. O'Rourke & Co., Chicago.
Donald E. Summerell, Wagenseller & Durst, Inc., Los
as a
Forbes,
We
direct result of the
we
have distributed
fessors of Economics
classes
at
holding Sum¬
of
some
the
Association
ers
year
as
D.
Raymond
located in principal
financial and business
centers.
Your
is
Trading Problem 's
experienced Trading Departments
be helpful to you. Why not let us know your
trading requirements?
•
We make primary
markets in
an
extended list of all
types of corporate securities.
•
Through
a
With
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Municipals
*
nation-wide wire system, we provide
broad institutional and dealer
coverage—and cost
you
•
Industrials
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less.
We
provide facilities for skillful handling of large
existing street markets.
blocks without disturbing
Address: Mr. David D. Lynch,
Bonds
Preferred Stocks
•
•
Common Stocks
Manager,
Dealer Relations Department.
New York
Kidder, Peabody & Co.
Boston
•
<
San Francisco
Philadelphia
•
•
Chicago
Pittsburgh
•
•
Los Angeles
Cleveland
founded 1865
Detroit
^Members New York, c_American, "Boston, "?hiladelphia-"Baltimore,
^Midwest and "Pacific Coast Stock £xchanges
17 Wall Street
BOSTON
LOS ANGELES
•
New York 5, N. Y.
PHILADELPHIA
CHICAGO
SAN FRANCISCO
Pasadena
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Jose
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Seattle
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second
Eureka
COMMITTEE
Chairman
Raymond Kenney & Co.,
New York City
D.
through 24 offices
may
the
Kenney,
distributing facilities
Our large and
for
Chairman of the
Respectfully submitted,
PUBLICITY
Coast to coast retail
IVhat
to
Publicity Committee.
Blyth & Co.. Inc.
Distribution
opportunity
the National Security Trad¬
straight
out¬
our
truly grateful for having
given
serve
standing universities.
Angeles.
the receipt of the
greetings from the
was
of
are
been
additional copies to Pro¬
many
mer
of
source.
2,587 copies to individuals, as well
J. N. Russell & Co., Inc., Cleveland.
vote
of the United States,
Dwight D. Eisenhower, a first in
the
annals
of
the organization,
but, we hope, not the the last
greeting from such an important
had received 515
we
for
requests
of
Raymond Kenney
Magazine, at which time
of
much that the money
so
supply is
in
Bank
comment
Mr.
economic
the
\
D.
fortu¬
enough
pages of
an
Review
Reserve
The
Atlanta.
to
come
Monthly
1960
reference
changed
now
unanimous
President
we
as
were
nate
realistic application
concept
Federal
the
it
has
more
^fms
telegram
year
written
just
your
Chairman
report
last
was
m
"It seems, indeed, very
likely that, provided the world
remains at peace, the inflationary
phase of post-war economic de¬
cover¬
our
Our
80):
(p.
that this Conven¬
Needless to say the highlight of
brief
career
as
Publicity
foreign
of
for
thanks.
shores.
Settlements, he made the follow¬
ing statement in the 1954-55 An¬
nual
Report of that
institution
and
Valley News Bureau who has
most cooperative and who
merits
tionally, and,
in many cases,
unwarranted
us
most grateful.
age of any held, through the me¬
dium of Mrs. Dorice Taylor of the
was
tributed
items to
We anticipate
Mr. Jacobsson has expressed such
is
such
we are
tion will receive the widest
which
Cayne
announce¬
given exceptionally wide
this year, and while we
would
hope that we made the
press in many of your local areas,
we have no way
of knowing for
certain except through the kind¬
ness
of those
of you who for¬
Mar¬
widely
George H. Angelos
free world.
of
coverage
warded
Over-
—
run
were
which
the-Counter
price stability has returned to the
This
the
ket
infla¬
general
Trader
and
wishful
an
inter¬
our
esting booklet,
out
come
same
Publicity Com¬
mittee for
the
year
1960 were
largely confined to promoting our
organization through the medium
IMF's
"wartime
come
The efforts of the
The
ments "and especially the nomina¬
tion of officers for the year 1961
Portland
•
•
Indianapolis
•
Sacramento
Palo Alto
•
Oxnard
Financial Chronicle
The Commercial and
12
.
.
Thursday, October 6, 1960
.
Table
to local govern¬
easiest and most
profitable is to apply to the state
capital for help. Such aid usually
is granted—at least in part. But
there almost always is attached
some
degree of control by the
state. A similar pattern of aid and
control
is found
in the state-
tives
Taxes and Deficits
In State Finances, 1960
Wyckoff, Department of Economics,
University, G/eencastle, Indiana.
Jtidson
V.
By
/
■
t
..
inexorable
The
growth
DePauw
of governmental' expenditures and
taxes,
Why do governments and in
deficits?
the 50 stated of
Union for the current fiscal
the
into
a
new
dollar
figures
uninterrupted
the
since
%J
of the
trough
The
1930s.
recently
reported
by
sum
the Govern-
ment
Division
of the Bureau
of the
Census
bil-
$18
was
«
jMi'
£§§§3
SBBHMBjBK&I ;
although this is
a
preliminary
and
lion,
the
figure,
final
be
sum
about
/
v. J.'Wyckoff
will
the
same.
This total of
$18 billion was 13% ahead of the
taxes for fiscal 1959, both
state
years including the new states of
Alaska and Hawaii^ Each of the
collections
50 states showed larger
1960,over 1959 with five reporting at least a 20% gain.
Included in this rise in dollar
for
tax revenues are the
influences of
population
growth • and
price
changes. Removing these two infhietices by using per capita figures
and a constant dollar, the
growth in state tax collections from
1959 to 1960 was 9% rather than
13% for the unadjusted sums.
the
This 9%
comes
actual
the
and
close to indicating
in
increases
quality
state
of
quantity
services,
(There were negligible changes in
state tax laws during 1960.)
A decade rather than two years
gives
is
a
better idea of direction. It
hard
to
believe
but
between
.
x
1951
and
1960 state
(unadjusted)
tax revenues
doubled
(102%).
Hawaii in 1960 has
these percentages.)
This continued rise in tax col-lections year by year and decade
by decade well shows the con-1
stantly growing claims made by
us "the people" on our state governments.: In spite of such pressure, taxes have continued to cover
by small-margins the state operational and capital^outlaws, taking,
the .states as a group. But the
other items of state budgets such
as assistance, subsidies,, direct aid
to local governments, interest on
state debts, and requirements of
trust funds have pushed and kept
total state' expenditures ahead
of total revenues (taxes, Scharges,
trust receipts, and Federal aid)
for somewhat over a decade. In
other words the 50 states as a
group are spending more than
they take in. As a result the total
debt of the states has climbed
year - after
year since World
War II.
Although these revenueexpenditure comparisons can be
made only through 1959, the latest
year for which Census has been
able to get full financial reports
from the states, it is probable that
the 1960 figures will show the
same deficits,
It is just as well to make an
additional comment on the grantsin-aid by states mentioned in a
prior paragraph. These grants are
coming more and more into a
position of importance because
local units of government find
their
at
a
expenditures increasing
faster rate than their tax
own
and borrowings both
collections
0f which
are
limited by state
laws,
To be sure a number of alterna-
If
IN 1960
lncre»se
Percent
1951
(millions)
Amount
to
I960
1960
$2,001
115
3,332
1,710
649
469
38
919
430
114
1,295
660
96
$10,498
and
1951
$4,303
$5,270
99
$2,214
$850
175
1,180
687
$3,394
receipts:
sales
(50)
Motor fuels
(50) Alcoholic beverages
(46) Tobacco
products
Sales
$1,492
gross
General
(34)
—
95
A
course
(37)
and
Total
Licenses:
$1,359
83
$607
the
long-run
and
taxes
in
Property
Death and
(29)
$346
75
419
196
114
421
222
90
50
286
$18,017
$8,934
102
Severance
Total
more
is
,
193
(49)
(45)
gift
taxes
the
true. The basic
is
this
in
higher
$2,485
a—
V'ft
81
sources:
costs them
probably
and
short-run
result
84
566
1,024
Total
Minor
127
$793
$1,461
vehicle
Motor
(50)
expect to get more
in values than the aid
taxes,
Individual
Corporate
(33)
run
those who ask for govern¬
mental funds
in
(net):
Income
this
this:
govern¬
mental control.
State
References:
collections
tax
figures,
Compendium of State Government
C.). Note: Although total
are included in the 1960
new states for 1951 has negligible effect on the per¬
preceding tax sources show the number of states
Tax Collections
in i960, and
(Bureau of the Census, Washington, D.
for Alaska and Hawaii of $151 million
1951
in
Finances
the omission of
these two
centages;
Figures In parentheses
this tax base in 1960.
using
Sources
Tax
State
in
1960
State
Some
principal
state tax sources remained in the
same
order of importance as in
1959: the broad category of sales
and
1960
fiscal
For
gross
receipts came first, net
(individual and cor¬
income taxes
porate) second by an appreciable
margin over the total for licenses
vehicles
con¬
tributed the bulk. Property,
death
which
to
motor
remembered that high or low per
Comparisons
capita state tax collections per se
not indicate a feast or famine
the
always
There
of tax loads.
take
contrasts in
capita
put ©jfea per
cara^f the great
statei)6Pylations, e.g.,
misunderstanding can arise be¬
cause of sharp differences among
states in the assumption of func¬
gift, and severance taxes "also
ran," though for Louisiana and
tions by the state governments vs.
Texas, the severance taxes on oil
local units. In one state the grade
and
and
gas
extraction accounted for
23% of the respective
30%
and
state
total tax
revenues.
and high
a
local
other
of the $10.5 billion
received from "sales and gross re¬
Almost 41%
schools may be entirely
expense,
the
state
whereas in an¬
government
Census State
the
in 1960 will
capita
per
Vermont. Even then a lot of
may
cover
the bulk of educational costs
in its
own
illustrations taken from
Tax Collections
few
A
California and Nevada, New York
and
governmental services.
in total
Suchmgures first of
all have to be
to
do
interstatecomparisons
interest in
basis
considerable
is
were
point this up: Highest
tax
state
collections
in Hawaii with $200,
Wash¬
ington State ($163), and Delaware
($160). For the lows: New Jersey
($60), Nebraska ($65), and New
Hampshire ($70). It is pretty ob¬
vious that the contrast between
adjoining states of Delaware
New
Jersey reflects
local
the
and
government emphasis in the latter
state.
But
budget. So it has to be
also
Census
gives another
from just the general
sales tax (usually imposed at the
retail
level)
although only 34
states currently use this compre¬
hensive levy. The largest of the
specific or selective excises con¬
ceipts"
came
tinued to be motor fuel which ran
$3.3
on
billion
in
Undertvriters, Brokers and Dealers
collections. Taxes
alcoholic beverages and tobac¬
in
products though widely used
brought in less than one billion
co
INDUSTRIAL, RAILROAD
dollars each.
Table
tax collec¬
sources ufor
1960 and 10 years ago, 1951. The
dollar figures are unadjusted for
population and price changes.
1
gives state
tions from the major
PUBLIC
UTILITY
FOREIGN
AND
SECURITIES
Burnham and Company
interested in
you are
1
TAX COLLECTIONS
Sources
Even when corrected for the fac- by taxes or debt both of which
tors of population and price rises, have to be paid either currently
the gain, was 51%. (The presenc^ or in time by the people. Of
which ended June 30 zoomed
high ground continuing' of Alaska and
climb in
,
*
,
*
little effect on
year
STATE
possibly the basic reason is this:
people think that when they say
"let the government do it" their
demands cost nothing. But gov¬
ernment funds have to be raised
local-state and in state-federal
Tax collections by
governments
most important
state
case
relations,. The author be¬
lieves the trend of higher taxes and more governmental control stems
from people's' belief, that demands on the government cost nothing.
in
open
but the
federal relation.
particularly at the state level, is surveyed by Prof, Wyckoff. Noted
is the relentless toss of control that follows the growing patterns
of aid
are
ments,
MEMBERS
15 BROAD
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AND AMERICAN
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yourself of
our
advantage
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UNDERWRITERS AND DISTRIBUTORS
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ft':'1
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Volume
192
Number 5992
set of figures which offers addi¬
tional light on state-local func¬
tions and taxes. The column is
.
The Commercial and Financial
Chronicle
.
.
handling the problem
basis
such
price
headed "State government portion
combat
(for
this
Report, of Corporate and
Legislative Committee
subsidies,
supports, nonhospitalization
veteran
(in
private
on a
maritime
as
agricultural
and
percent)
of
tax
The
of
state-local totals
in
revenue
of
use
1958
fiscal
family), the annual
pork-barrel bill, power
projects,
1958."
rather than
1960
recreational and cultural outlays.
This list just makes a start on
the almost limitless wants of man¬
kind especially if such wants can
is necessary because it takes time
to collect data from local govern¬
ments, but the time lag for
comparison is not vital.
this
be
There
by
is<£ rough correlation but
means an identity between
no
these
two
The
ures.
sets
of
three
interstate
states
worth
The
this
connection
it
noting that insatiable
and
wasteful
local tax
branches
Delaware
were
78%, New Mexico 77%, and
the three
27%, South
Dakota 37%, and New
Hampshire
38%. (Data for Alaska and Ha¬
have
waii
veteran
South
Carolina
lowest:
New
not
were
available.)
details for the
lections
from
1960
be
can
the
74%;
of
Jersey
state tax
military
government, it has
of
boomed
in
col¬
the
directly
war
debt
short-
for
looks
not
are
out¬
finances
reassuring.
levels
country are
for the taxpayers' dol¬
This struggle will intensify
The
this
unrelenting growth
of governmental functions.
Part
this
of
growth
is
increases
with
of
in
More
sequence:
more
Prior to
but
contacted
re-
mean
ex¬
be
governments (Federal
Traders Bulletin.
have
prepared
closely tied to such national
periences
as
internal
disasters
sions,
droughts),
in
pressures
allies
and
against
and
population expansion,
(e.g.
the
world
the
wide
-
planned
aid
to
debt
be
can
But another part and very sub¬
if
sions by us the people "to let the
runaway
do
it"
in
of
and
more
increase
hardly
can
gainsaid: old age pensions,
this
printing
final
Shall
be
local
unem¬
Federal,
our
their
marginal
are
however,
which
de¬
tapping public funds rather
incomes,
for
NSTA
state,
ultimate
answer
this
to
.
-r
.
__
dealing
If
the
of the proposed
qualifies with the Act
it.
alternative
no
These qualifi¬
his
at
in
its
article,
'
in
the
Bui-
discussed the
Dossi-
Convention
last
year.
no
approved.
committee
feels
out
to local companies
spective
of
the
areas
listing
their
that
our
strive to point
in
our
re-
disadvantagas
securities
on
Ludwell A. Strader
a
Philip M. Young
National Stock Exchange.
mu
,
The
„
two
of
ui
pieces
pieces
twu
,
Ludwell a. Strader, Strader and
tiuuweii A. oiiduei, ouuaer aiiu
proposed
jjiupuseu
legislation which we have fol- Company,
lowed for the Past couple of years: burg, Va.
Fe s B
,
t^de^Ued
we e s e tracked
Incorporated,
Lynch-
re'&if' Trt^ ^ ^
&
& Co., Phoenix, Ariz.
FOUNDED
1885
A
At
formal
application presented to the SEC.
visit
Our
and
we
cordial
most
was
and
BROKERS
informative.
New
say
On
have
we
United
the
i
DelegRteS Rl Large
°
within
shall
as
of
discussed
that time there had been
Exchange
Aug.
Exchange,
States,
which
the people, have to give the
we,
than
or
As long
in
democracy
express
preferences
group
with
country
a
live
governments
"Charge it?"
There
overtime—
will inflate
further
fair
investors.
Association should
biMesof the Mercantile Exchange
applying for stock trading privileges with respect to the objec¬
tions
which
we
expressed and
registered in our report to the
of
debt—the resulting flood
money
the
appeared in tne mu
We
happens
of
draft
we
annparfd
letin
presses
edition
which
and
article
an
Mr. Loomis had
rough
a
fnrm
than
taxation.
on
Spring
which
length
6
write
to
him
our
article
out
way
costly
operate
sations.
pressure
capacities
easy
more
usually
ployment and workmen's compen¬
mands,
for
into revolution and probably ruin.
spheres of daily living. Some
this
the
consistently
and
of
questing
To
the central government's treasury
stantial results from definite deci¬
government
an
as
much
Indeed
of
Comnpunism.
more
great
predominant reliance
defenses
pressures
State)
create
external
of
our
taxes.
more
and powers for borrowing, but to
depres¬
and
forms
sure
almost
revenues
was
Your
necessarily
more
insure
approve
Edgar A. Christian
nues,
and
to
tion
Mr.
are
services
t\
cations, in the opinion of the Com¬
mission, were met, so the applica¬
tion
some
to
protect
Exchange
to
Loomis
Lewis, Inc.
Seattle
(1) The
organized astob2
so
the Commission has
independent of legislative discre¬
because
to
and
Washington,
reve¬
John R.
satisfied:
are
adequate
Joe Smith had
more
„
mechanical setup
our
going
r
thereunder, and (2) the
the Exchange are just and
rules of
of
"
-
JaP}es G. eraser
re-
comply with the provisions
lations
Trading and
Exchanges.
of
—
Shearson, Hammill & Co.
Chicago
of the Act and the rules and
regu-
tie
Division
problem is
more
Adolph C. Egner, Jr.
mission shall cause the applying
Exchange to be registered if two
able to
discussed
COMMITTEE
ceived Promptly a very detailed
Stewart Frank. Meyer & Fox
letter from Mr- Loomis citing the
Los
g
Act> whi<*
that fe Con- John I. Rohde
Exchange is
SEC
of
National Stock Exchange. We
standards
members
rector
government
mean
met
we
Philip
Loomis, Di¬
govern¬
expenditure,
Kellv
several items
entirely civilian.
tax
Ed
with
local
been,
accomDanied
the
and
Federal
and
have
the
of
core
expenditures
but
the
state
outlays
means
all
of
the
course, almost
fighting
because of the
the
mental
Governments
at every level in this
lars.
On
on
increase of 24%
an
St r»!°
ind
I
Washington.
There
14%
balance
budget.
long-term
governmental
the
+uQ
oc
JorSmUh'and 'chari.e Bodif fo
much
increased
incurred)
for
Outlook
and
mittee
1956
(pretty
Tannarv
s
Suplee, Yeatman, Mosley Co.,
Incorporated, Philadelphia
•
report of
Coroorate
number
from
benefits, and interest
Federal
compared with
The
last
fiscal 1960 military ap¬
propriations
plus
foreign
aid,
Census report.
The
the
For instance
years.
Tn
through
Other
obtained
the
are
will
question.
Inc.,
the
the
Organized
National
the
name
in
Stock
filed
SEC
for
listed, unlisted securities
under
and commodities in the
Mercantile
operate,
with
the
2
Exchange
application
permission to
an
United States and Canada f
THOMSON & MCKINNON
Adice
Trading Markets in
2
Broadway, New York 4
CHICAGO
INDIANAPOLIS
TORONTO
Nevada Natural Gas
Alside, Inc.
Bank of America
North Penn Gas Co.
California-Pacific Utilities Co.
Northwest
Nitro-Chemicals, Ltd. Common
Coastal
Oklahoma
Mississippi River Products Line, Inc.
Ship Corp. Common
43
Colorado Interstate Gas Co.
Portland General Electric Co.
Fed Mart
Southern Nevada
Fed Mart
Corp.
Corp. 6s
-
offices in the United States and Canada
MEMBERS NEW YORK STOCK EXCHANGE AND OTHER PRINCIPAL
SECURITY AND COMMODITY EXCHANGES
.
Pioneer Natural Gas Co.
Drackett Co.
2
£
Telephone Co.
Standard Motor Products, Inc.
79
Food Fair
Properties Inc. Common
Standard Pressed Steel Co.
Food Fair
Properties Inc. 5%s -75
Suburban
Food Fair
Properties Development Inc. 6s
Leeds &
New
Propane Gas Corp.
Ak/meAoc/c
Texas Eastern Transmission Corp.
84
Walker-Scott Corp. Common
Northrup Co.
Mountain Fuel
National
•
Supply Co.
Westcoast Transmission Co. Ltd. Common
Western
England Gas & Electric Assn.
T' ^00.
(oiOa/t/ti/iet/ '/XX-/
Washington Natural Gas Co.
Key Co.
eAtem/sews A/eu*
5Aoc/t
Publishing Co.
Stocks
Eastman Dillon, Union Securities & Co.
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Edgar A. Christian, Chairman
.
been the general run of civilian
items of the Federal budget which
revenues
as
that
CORPORATE AND
the Corporate operate a third Stock Exchange.
and Legislative Committee as 1 fcnmediatelycontacted the SEC
»
pointing out the objections which
submitted by Chairman Edgar
we had previously filed with them
A. Christian,
to the establishment of a third
follows:
is
feel
We
LEGISLATIVE
of listing their securities.
V
due to activity of Con¬
the election year po¬
business.
Respectfully submitted,
companies to the disadvantages
i.
in
spective 1960 total taxes were the
largest percentage of state - pluswith
to educate "counter"
means
and
~
,
And
re¬
available
by letting some other
(the taxpayer) foot the
bills.
year
gress
litical
Chairman Edgar A. Christian, taking cognizanca of the
organization
of the new National Stock Exchange, Inc., calls on NSTA to use all
gained
person
fig¬
whose
man
13
•
ITHACA
FRANCE:
FORT WORTH
•
'
.
Danbury,
Chicago. Dixon
•
Hartford,
•
WISCONSIN: Madison
Paris
•
HONG
Merlden,
New Haven,
Torrlngton,
Waterbury
MICHIGAN: Battle Creek, Bay City, Flint, Orand Rapids,
PENNSYLVANIA:
Bethlehem,
•
KONG
Philadelphia
ARGENTINA:
•
LEBANON:
VENEZUELA:
•
TENNESSEE:
Buenos Aires
Beirut
Caracas
.
•
Memphis
ENGLAND: London
MONACO:
Monte Carlo
Measures for
rate
Improving
Bank Portfolio Management
G. Lanston & Co., New
York City.
the past 10 years
"basically banks
face an investment problem that is loaded against them." He paints
the ideal picture of investing largely in short terms when interest
rates are low and security prices are high, and vice-versa, and
sees an
improvement in this direction in banks' portfolio posture
thus far in 1960 which he hopes they will maintain. Found to be
whipsawing banks is the condition of surplus funds when interest
rates are low and lack of funds when they are high in conjunction
with Federal Reserve stablizing policies and investment behavior of
depositors. Banks are blamed for: falling for the siren song trap
of shifting yield structure instead of keeping adequately supplied
with short terms; being unduly influenced by tax and depression
considerations; and lacking competent personnel.
The Treasury,
too, is blamed for shrinking supply of short terms when pushing
debt-lengthening during declining yield periods.
have had
experience
securities
tary policy
clical
designed to combat cy¬
d ep r
credit
mands
security
and
sharply
risen
have
peaks
have declined. Very few
banks, however, can boast of an
investment record of this kind.
prices
during this 10-
year-period—
1953,1957, and
Richard Youngdahl
C.
perform¬
ance would require that a bank's
short-term
security position be
kept adequate to meet the full
amount of any drain on the port¬
folio during periods of strong de¬
mand for bank credit. That part
of the portfolio which is invested
in intermediate - term securities
would be maintained in size and
maturity distribution throughout
followed by three pe¬
declining interest rates
been
riods
of
higher bond prices, bringing
interest rates and higher se¬
curity
prices
in
1958, and so far
1954,
the years
in 1960.
neutral investment
A
These
1959.
low
port¬
interest
three
rate
intention to review the
portfolio experience of banks dur¬
ing the past decade, to appraise
It is my
is
banks
have
How
a
as
face
S.
U.
an
problem that
them. Banks
investment
against
loaded
banks
Basically
years.
to
funds
surplus
have
typically
group
But
Treasury
the
sharpest
in
that
maturity
high. These swings
both in the demand for bank
supply of bank
and in the
loans
cut
When business activity is
slack¬
Swings
and
perverse
amount
of
their
declining
positions are very easy. At
as banks have used
surplus funds to invest in securi¬
ties,
new
reserves
have
been
pumped into the banking system
to restore the supply of surplus
serve
govern¬
such
times,
reserve
security
prices they added over
$11 billion to this sector of their
portfolios, much of it again at the
price peak. Finally dur¬
ing the period of falling bond
prices from June 1958 to January
1960, banks again reduced their
positions in the over three-year
maturity area by about $15 bil¬
funds in order to maintain
availability of bank
credit. Conversely, in periods of
booming business,
Federal Re¬
serve policy works to restrain and
sometimes to prevent
monetary
expansion. Thus banks have found
the
months of rising
lion.
weakness, and of
interest rates.
In the
periods of lowest rates, bank re¬
holdings
seven
Reserve
riods of business
maturing
in over three years by over $15
billion.
In the succeeding year of
rising bond prices they increased
these holdings by over $15 billion.
Then in the next phase of declin¬
ing security prices banks reduced
such holdings by $4 billion. Again
in the next
Federal
way.
policy is, of course, geared
to promoting monetary expansion
and credit availability during pe¬
credit
sectors—
say,
security
total supply of
the
in
bank funds also work in the same
years
the
ment
the behavior of
depositors has also tended to
complicate bank portfolio admin¬
istration. When market yields are
In recent years
bank
ready
themselves without surplus funds
for
investment
when the
rities
the
at
very
time
yields available on secu¬
most
were
with
attractive.
their
looser
a
deposit
balances
rein, leaving funds
with their banks rather than tak¬
ing pains
"fully invested"
to be
As interest rates rise
at all times.
these depositors
however,
again,
deposits and reserves.
in securities of over
in maturity.
During
the period of rising interest rates
and declining security prices from
March 1951 to June 1953, banks
is,
three
depressed.
are
manage
come
swings
intermediate
the
longer-term
government secu¬
in
rities—supplying funds for invest¬
ment when
yields are low and
security prices are high, and pull¬
ing such funds back when market
yields are high and security prices
low, some bank customers seem to
terest rates are
occurred in bank holding of secu¬
rities
to
tended
they ordinarily need to raise
funds for other purposes when in¬
and
ening, bank loan demand drops
off, thus supplying banks with
At
prices trying to live with this mis¬ buying power for securities.
such a time, of course, market
take and ultimately being obliged
to sell on a depressed market at yields on securities tend to be low
and prices high.
a substantial loss.
On the other
demand for bank loans
It happens that both in March hand,
strengthens when business is pick¬
1951, the time of the TreasuryTo meet this demand
Federal
Reserve
accord, and in ing up.
banks typically are obliged to sell
January 1960, the peak of the last
or to run off some of their hold¬
interest rate cycle, bank portfolios
of government securities totaled ings of U. S. Treasury securities.
Such a development tends to coin¬
$58 billion.
Between these dates
cide with rising interest rates and
there were, of course, some sharp
declining security prices.
swings in bank government port¬
folios.
stability,
price
invest when interest rates are low
portfolio
during the past decade? Regret¬
tably, the aggregate of bank ex¬
perience is clearly in the third
category — that is, banks have
their
extreme
Underwriters and
deposit
or
of security prices,
and
have spent the subsequent
months of declining security
largely
in very short-term securities dur¬
ing the periods of low interest
rates
and
high security prices.
Extension of maturity would be
made
only after interest
rates
have
10
demands
overinvested and overextended at
influenced
bank's
portfolio management in the
loan
the high range
business cycles
1950s, superb
a
rather
bank
of
put the bank
would
folio
produced
and
the
of
management
during
and credit re¬
have
of
those
like
de¬
periods of
surging business activity
straint
recurring
Over
Pressures of
factors, of course, have
to
bring
about
the
unsatisfactory
record of
combined
actually fared in the management
Management Record
Portfolio
ession.
by
past
1
gram.
and
Many
Whipsaw
prices.
portfolio management dur¬
ing that period, and to make some
suggestions for a portfolio pro¬
swings
boom
of
during periods of
interest rates and high bond
meet
business and
have thereby
whipsaw the banking
system in the administration of its
general
of
terest
investments
Demand
and Supply of Bank Funds
Portfolio
longer-
or
drains
^
Thursday, October 6, 1960
side.
heavily
bank
during periods of rising in¬
terest rates and depressed security
to
bank
flexible mone¬
movements under a
factors that have
some
a decade of
interest
rate
nearly
with
a
per¬
prices, and thus subsequently re¬
quires the sale of these securities
>
.
portfolio man¬
agement has been on the negative
investment
an
into intermediate-term
low
Judging bank portfolio management performance in
to have been unsatisfactory, Mr. Youngdahl states
We
puts
the
of
end
is
scale
that
result
term
Executive Vice-President, Aubrey
C. Richard Youngdahl,*
other
the
At
.
gate score of bank
cycle.
formance
.
Thus we can see that the aggre¬
downs of the interest
the ups and
By
and Financial Chronicle
The Commercial
14
tend
to
all
keep
their
surplus
directly in the
market. Unless banks have
corresponding volume of
market paper that they can
working
funds
money
kept
a
money
readily sell, their portfolios are
again whipsawed by the invest¬
ment behavior of their depositors
just
it
be by the move¬
may
of
loan
as
ments
demand
Song of the Shifting
The Siren
Yield Structure
As though the perverse cyclical
swings in the demand and supply of
bank funds
was
not enough to com¬
pletely complicate bank portfolio
operations,
there
are
in
addition
several other traps that face banks
in their investment management.
Not the
in the
least of these is,the shift
shape of the so-called yield
the cycle from "easy
money" to "tight money."
When money is easy — that is,
curve
over
when
banks
funds
to
have
invest
a
and
for loans tends to be
side—the yield
curve
surplus
the
on
on
market¬
able securities tends to rise sharp¬
ly
as
ties
the maturity of the securi¬
lengthens.
That is to say,
yields
term
low,
on
bills
securities
and
tend
other
to
rities tend to be relatively favor¬
able
(although, of course, only in
comparison
with
short - term
yields).
The
Into
this
trap
banks
■
and
New York and Out
of Town
MUNICIPAL SECURITIES
OVER-THE-COUNTER
brokers and dealers
Inquiries
use
n.
are
of
invited regarding
our
facilities.
^
Exchange
end other Principal Security Exchangee
Member* New York Stock
20 Broad
Street, New York 5, N. Y.
Teletype NY 1-1109
Telephone DIgby4-4000
Direct Wire System to
Officer in Principal Cihe*
Commercial Bank of North America
Securities
Other
Albany
Chicago
Atlanta
•
Columbus
•
Manchester
Pittsburgh
Tyrone
•
•
Detroit
•
Marshfield
•
Rochester
Washington
Offices
Aurora
•
•
New
Scranton
•
•
]
115
Boston
•
•
Eau Claire
•
Haven
•
•
•
Clearance
Division
Broadway, New York 15
BArclay 7-1300
Buffalo
•
Flint
Complete Domestic and Foreign Banking Facilities
Philadelphia
Springfield
Williamsport
\
•
Tulsa
Wilmington
have
of a flexible monetary stepped with great dependability
and credit policy, being applied in each of the recent cycles.
The
by the Federal Reserve in the in¬ temptation to invest at 1 %% for
f°r
I
very
the yields on interme¬
diate-term and longer-term secu¬
and
pressures
CORPORATE
INCORPORATED
short-
be
Distributors
&> Co.
of
demand
the slack
Clearance Facilities
Blair
by
and
Federal Reserve credit policy.
12 Offices in
Member
Federal
Metropolitan New York
Deposit Insurance Corporation
Volume
192
Number 5992
five years and 2J/2% for nine years
instead of at 1% or less in the
money
market proved too strong
most
for
banks
1958 the result
in
1954.
short-term
the
from
sure
banks
top
in
2%% for
% or less
market.
Pres¬
management
of
for
satisfactory
current
earnings deserves much of the
responsibility, at such times, for
breaking down or overruling the
resolves
best
the
of
investment
officers not to extend
The Commercial and Financial Chronicle
.
.
new
at
for
money
longer
term
-
intermediate-
Treasury
It
in
or
securities
the
peaks of the business
interest cycle.
the same, ex¬
was
cept that then it was
eight years as against 1
in
And
.
and
times larger than the losse
might be incurred if prompt
selling action could be taken.
are
that
this is
All of
make real progress in
length¬
ening that part of the debt held
riods
its
the
debt
tively.
By
has
shrinking
ence
the
that
we
have
have
folio management over the last 10
pressed
programs
far
so
ac¬
But there is
years.
tion
supply
that,
considera¬
one
in my judgment,
importance.
of short-term securities with each
fundamental
maturity to
capture yield, particularly using
funds that might be highly vola¬
successful
ury
cal
tile and temporary.
short-term
is of
That
factor is
The
this
of
yield sit¬
uation
tends
to
prevail during
periods of high market yields and
low bond prices.
Then yields on
reverse
securities
short-term
are
com¬
paratively satisfactory. They may,
in fact, equal or exceed the re¬
available
turn
intermediate-
on
longer-term issues.
or
It takes
a
determined and persuasive invest¬
sell a program of
ment officer to
maturity
extension, or even the
of portfolio maturi¬
ties, when the yield curve offers
a
highly sasisfactory return at
maintenance
short-term
the
when
and
sector
bank
of
the
list
management
is
highly apprehensive about meet¬
ing a huge loan demand optimisti¬
cally (and frequently inaccurate¬
ly) predicted by the loan officers.
lower
Temptations of
a
Market
During
the
past decade
the
Treasury has been engaged in an
almost
continuous
struggle
to
push out the maturity of the Fed¬
eral debt.
Throughout all phases
of
the business
cycle the debt
have made numerous
offerings
of
intermediate-term
and long-term issues in a deter¬
managers
mined
of
effort
the
to
offset
the
effect
of time on the
debt's maturity structure. During
periods of rising interest rates,
however, these offerings have or¬
dinarily not been enthusiastically
received
and
relatively modest
passage
amounts of the
issues offered
conditions
under these
The
new
Treasury has had
better results when
were
sold.
somewhat
we were
about
levels of rates in each
cycle—but at such times the nonat the peak
bank
er.
investor
Banks
was
tended
the
to
be^t buy¬
have
returns
others
little
Such
naturally
difficult
more
available
investors.
velopment
to
for
resist
to
makes
bankers
it
and
extension
an
Each
prepared
for an
stagnation.
The
economic
has been
investment
sold
for
decisions
amounts
of funds
vestment
yields
outlet
approaching
cash,
adding
quarter of a point
probably
Nothing
have congratulated themselves
the paper profits and begun to
offering to
repeat the process. Of course, this
process cannot
continue forever,
but it always seems to stop before
people generally expect it will,
and naturally only a comparative
few can get out in time to realize
new
It
any
chase
six
of
their
tax
and
seems
that
ease
even
also
were
try
for
to
me,
Needless to
Bank
ual
tirely
rela¬
resisted,
a further
price decline seems almost in¬
evitable
(as in mid-1958)
and
subsequent market losses could be
judg¬
of
a
But
if
every
a
at each
further
talent—that
is, the ability to judge
when
other
portfolio
men
about to move, and then to
beat them to it.
This is true be¬
were
great luck
judgment.
basis
The
ment
bank had such
person, the portfolio job
bank would then require a
the
without
market
the bid¬
say,
ding is spirited for such talent.
for
be
times of
the
superhuman
such
it
program,
should
or
an
seems
political
at
will
be
sometimes even though
small
or
if
the
on
a
the
into
near
an
portfolio
highly
maintenance
bank
a
securities
vision
for
future
additional
for intermediate-term U. S. Treas¬
during periods of
that have pro¬
supply of them in the
market
during
the
periods
of
tightness. Since 1953, about threequarters of the swings in the total
should, of course, come to its own
appraisal of what may constitute
an
"adequate position" in its in¬
dividual case, on the basis of a
continuing study of seasonal and
cyclical swings in the bank's loan
and depbsits and after making al¬
volume
lowance
ury
securities
credit
ease,
duced
the
ties
is
of
and
U.
S.
maturing in
attributable
Treasury securi¬
three
over
shifts
to
years
in
words,
banks
have bought
securities from the Treasury dur¬
ing periods of credit
balance
they
have
to
them
and
hold
short
with
the
ease,
been
let
but on
obliged
them
shift
of time
during periods of credit restraint.
passage
Other buyers are not available to
take the banks out of these se¬
curities at the top of the market,
even if banks are disposed to sell
at that time.
a
For banks as a group, therefore,
sensible portfolio program must
recognize that only
a
few
if
area,
the
holdings of commercial banks. In
other
drains.
for probable
Each
individual
and
for
short-term
the trough
Funds available for
investment,
after
provision for this liquidity,
then be distributed in a pro¬
gram of investments in, say, the
may
to
one
haps
five-year range—or per¬
a little longer period.
over
These
basic
investment
would be maintained in
constant
out
the
a
rates and low
interest rates. New
might be purchased in
or obtained in Treas¬
ury financings to offset the pas¬
sage of time on the maturity of
the rqarket
the portfolio. Since the provisions
Continued
can pass
be
DISTRIBUTORS
en¬
DEALERS
portion of its portfolio at
or near the peak of the subsequent
period of strong business.
There
major
J
qAllen
&
Company
ESTABLISHED
SERVICING
1922
NEW YORK 4, NEW YORK
BROKERS AND DEALERS
SINCE 1878
VENTURE
PRIVATE
and
CAPITAL
INTERIM
FINANCING
ASIEL & CO.
MUNICIPALITIES
Members New York
Members
20
BROAD
STREET
Telephone HAnover 2-5000
American
Stock Exchange
Stock
Exchange
NEW YORK
PUBLIC
5, N* Y.
Teletype NY 1-1110 & NY 1-1111
funds
roughly
securities
UNDERWRITERS
reces¬
a
maturity pattern through¬
cycle of high interest
securities
of
bank
growth trends in its
individ¬
sion and extend the maturity of a
deposit
any.
forces
shift
loan
demand
it is
profitable
can
me,
at all
fully adequate position
maturing
in, say,
less than
one
year
and in call
loans
of
an
impersonal nature.
Such holdings should make pro¬
in
came
may
invest¬
to
largely the banks that
have generated the strong demand
cause
Investment Program
bank,
basis
are
the
kind
stagnation
then unless
It is obvious that for
com¬
a "loss year"
profits; those
will resist taking
Even losses that
that
of banks must rely on an invest¬
ment
program
that
will
work
haven for refugee funds.
a
A
in
tively
It
worldwide
operated
losses.
indeed
make
for
the needle's-eye at the
right time and that the majority
that would again make this coun¬
do not want to take
year
rash
monetary
maybe not
there
mitted themselves to
profit
be
record.
considera¬
tion is that banks that have
a
or uncon¬
occur.
sustained
pur¬
they wish to take
long-term capital gains, not shortterm profits.
This is one side of
a tax box that keeps banks from
operating flexibly with their bond
Another
conscious
to
needed
through
with the depression could only be
maintained
under
conditions
of
since
account.
maturity,
however, that in the operation of
a
bank's
Government
security
portfolio one has to make that
assumption. The Great Depression
developed out of the coincidence
of many factors that do not seem
likely to repeat themselves, at
least not simultaneously. The ex¬
treme
month
securities
in
to promise that another
of
economic
stagnation
could not
Banks, for example, will not
usually sell new issues at a profit
within
in
years
as a
would
one
period
profits.
paper
have
zero
scious hedge against a recurrence
of another such period.
succeeds like
success, and
as
each new issue
has moved to a premium in a ris¬
ing market, banks and other hold¬
their
five
over
—
of further incentive for bank sub¬
ers
in¬
an
interest
of
overshadowed portfolio judgments
—banks have been willing to risk
of
scriptions.
every
without
over-commitments
or a
in
and
and loan account credit
eighth
black
phase of slackening business ac¬
tivity.
Recollections
of
huge
payment has been allowed by tax
an
of
era
pit of the 1930s still haunts bank
new
issue
be
to
as
of
Treasury issue of in¬
termediate or longer term, more¬
over, has been attractively priced
at the
time, with the indicated
value of the issue in subsequent
market trading obviously higher
than
the
offering price. Where
the
the fear that each cycli¬
downturn in business is the
beginning of a major depression
period. Banks as group have been
running their bond accounts so
de¬
a
maturities.
on
Rising
the
wait for the next
Debt Management Moves and
the
refinancing, the Treas¬
helped to drive lower- and
qualified
ments
played a
in the poor cyclical experi¬
that banks have had in port¬
role
In such pe¬
Treasury
extension
the factors
examined
average bank. One of these has to
are
Depression
to
of course, why
impractical goal for the
an
do with the supply of people who
Specter of Prolonged
has, therefore, been largely
of
declining yields
the Treasury has been able
by commercial banks.
several reasons,
many
periods
that
15
REVENUE
AUTHORITIES
T
on
page
86
i
The Commercial and
16
Why the "Traders Bulletin"
Merits Support of Everyone
Happened" items to the Bulletin.
We think the publications of these
incidents may do some good.
&
Co., Philadelphia, in his re¬
port to the Convention as
Editor
of NSTA's "Traders
Bulletin," stated as follows:
Although the Traders
Bulletin is
through its sixth
this year we can
the Bulletin has come
midway
I think
only
year
safely say
the
which
trader's
business resulting from the proc¬
ess of registration.
of Registration" in
Also included in the March edi¬
was a
from President
message
an article on Advertising
A1 Tisch entitled "You Here
Again!" along with the listing of
the Affiliate
Advertising Chair¬
Kelly;
by
men;
Municipal Committee re¬
a
he told of the impact on a
included
edition
This
a
report
by President Kelly describing his
among the various affili¬
travels
mystery guest
Popcornball told of his
adventures at a STANY party; and
ates of NSTA; our
writer Joe
coming just before convention this
issue
carried a
full convention
port by Chairman Parks Pedrick;
some
early convention informa¬
report.
in-
tion; an article concerning Phila¬
delphia's Public Relations program
and contributions by STANY, Syr¬
nati, Washington and some more
"It
Really
Happened" items
some
new
novations
insti¬
were
tuted
a
acuse
which
feel
we
in¬
questionnaire
dispatched to all NSTA affiliates
by our mystery guest writer, Joe
Popcornball. The answers to this
questionnaire resulted in the arti¬
cle "What's Going On?" which told
publication.
The
March
edition
a
saw
initiation
the
a
Newsy bits of chat¬
ter from around the country. In¬
cidentally, if your affiliate was not
mentioned it simply means that
whoever received
the question¬
naire did not bother to answer it.
exactly that:
guest col¬
umn.
the results of
was
We were
extremely for¬
tunate in get¬
ting Mr. Philip
Rubin
A.
Hardy
Jr.,
Loomis,
Director of the Division
of Trad¬
started
innovation
Another
edition
March
in
"It
the
ing and Exchanges, Securities and
the
write a
special article entitled "Registra¬
tion Under the
The
Trader."
with
a
very
Securities Act and
This
subject to all traders.
of fact, its
article
dealt
timely and important
As a matter
importance was empha-
favorable
much
ceived
comment
these little squibs and many
on
of
readers sent in their own little
our
tinue
your
We would like to con¬
these
items,
but
need
we
help. Send in your "It Really
Cincin¬
point I would like to say
started this
innovations
the
year
in the Bulletin were by no
the sole idea of your editor
combination of ideas put to¬
means
but
a
gether by President Kelly, Joe
Smith, Mort Cayne, Ed Christian
and myself.
We hope that the Bulletin has
been of interest and informative
to the
membership. Continued co¬
operation of affiliates is greatly
appreciated and we earnestly urge
those who have not participated
to
join
in
presenting their news
views.
and
Again
tors
nancial
we say
thanks to the Edi¬
Commercial
the
of
and
Fi¬
Chronicle, and Investment
and all who con¬
Dealers' Digest
tributed
incidents.
STANY,
that
Really Happened" articles. We re¬
Exchange Commission, to
was
from
rounded out this edition.
At this
Another innovation in this issue
more
Articles
and Boston.
made
teresting and
important
of
the fact that we had re¬
quests for over 1,000 reprints from
all over the country which we, of
course, supplied.
"The
During
past year
of age.
for
sized by
tion
by a dis¬
sion, write an article entitled
membership.
Process
Hardy, of Newburger
article
an
tinguished guest writer. We were
most
fortunate
in
having Mr.
James C. Sargent, Commissioner,
Securities and Exchange Commis¬
Hardy, Editor of the "Traders Bulletin," cites several innova¬
tions which have enhanced the value and stature of the publication
Rubin
of
inclusion
Rubin
to the entire NSTA
July edition again saw the
The
for
our
their
for
assistance,
and
a
interest
special
and
thanks
two guest writers from
the
SEC, Mr. Loomis and Mr. Sargent.
Financial Chronicle
.
.
.
Thursday, October 6, 1960
Attended the Convention
BREEN, FRANK S.
ANGELOS, GEORGE H*
Chas. W. Scranton Co.
Schirmer, Atherton & Co.
Boston, Mass.
New Haven, Conn.
BREEN, CAROL L.
ARCHARD, HOWELL O.
Howell O. Archard & Co.
New
Boston, Mass.
BRONEMEIER, JOSEPH*
Scherck Richter Company
City
York
ARNOLD, RAY B., Jr.*
St.
Daly & Co., Inc.
New York
Pacific Coast Securities
Dallas, Texas
BARKER, JOHN S*
Company, San Francisco, Calif.
BURNS, EUGENE*
Fusz-Schmelzle & Co., Inc.
Corporation
Lee Higginson
New York City
St. Louis, Mo.
BURNS, WALTER L*
Baumgartner, Downing & Co.
Baltimore, Md.
CARLSEN, TED D*
Woolrych, Currier & Carlsen, <
Inc., Los Angeles, Calif.
CAYNE, MORTON A*
J. N. Russell & Co., Inc. y;
BATEMAN, HOMER*
Pacific Northwest Company
Seattle, Wash.
BAYNE, JOHN M.
Rotan, Mosle Co.
Houston, Texas
BEAL, VERNE C.
Quinn & Company
N. M.
Albuquerque,
<,
Cleveland, Ohio
BEATT1E, HERBERT R*
H. A. Riecke & Co., Inc.
CHAPMAN, EDWARD L.
Spencer Trask & Co.
New York City
Philadelphia, Pa.
BECK, EDWIN L*
Commercial &
Financial
CHRISTIAN, EDGAR A*
Suplee, Yeatman, Mosley Co.,
Inc., Philadelphia, Pa.
Chronicle, New York City
BECK, CAROLYN
New York City
CLEAVER, JAMES P.
Goodbody & Co.
New York City
BECK, RICHARD F*
J. A. Hogle & Co.
Salt Lake City, Utah
COLEMAN, MERRITT C.
Allen &
W.
Calif.
BODIE, CHAS, A., Jr.*
Stein Bros. & Boyce
Atlanta, Ga.
BOURBEAU, EDWARD J*
Mr. and
i
,
Cruttenden, Podesta & Co.
Chicago, 111.
4
CRUTTENDEN, WALTER W., Jr.*
Wheeler
Los
& Cruttenden, Inc.
Angeles, Calif.
Continued
Mrs.
an
,
k
Public Utilities
★
★
m
★
★
★
★
Industrials
SERVING THE HEARTLAND OF A GREAT STATE
Railroads
i
"A
Equipment Trusts
Bankers
Finance
VOTE
A
Acceptances
Paper
"The
CAN
BE
BOOST"
relations of any utility company is a
philosophy and accomplishment." (From
Report by Sutherland Dows, President and Chairman
of the
Board
of
our
Company before New York
Security Analysts.")
public
combination of
"A
Canadian Issues
!
•
t
»
.J'.'*.
.
*
C
•
We are proud of our record of franchise elections.
During the past 12 months, 30 towns and cities have
approved franchises for this Company. The favorable
vote exceeded 98% of the total ... a result which, we
think, reflects public satisfaction with our policies
and performance.
Preferred Stocks
\
Salomon Bros.
&
Members New York Stock
60 WALL
Boston
IOWA ELECTRIC
An Iowa
Dallas
Cleveland
'
Chicago
West Palm Beach
Corporation
LIGHTS POWER
STREET, NEW YORK 5
Philadelphia
San Francisco
Hutzler
Exchange
CoJyMjny
'
,
CRUTTENDEN, JAMES R*
f
BREARLEY, ROBERT D*
Wood, Gundy & Co., Inc.
New York City
♦Denotes
City
CRAWFORD, ALLEN, Jr.*
French & Crawford, Inc.
Baltimore, Md.
Beverly Hills, Calif.
Co.
E. Hutton &
New York
COUPEZ, LOUIS G*
Hughbanks Incorporated
Seattle, Wash.
Daniel Reeves & Co.
Municipals
COLWELL, SAMUEL F.
California Bank
Los Angeles,
Company
New York City
BETZ, HERMAN C*
Agency Issues
^
,,
New York Citv
Marshall
Angeles, Calif.
BERTSCH, ARTHUR W*
G. A. Saxton & Co., Inc.
New York City
Federal
y
BULLEN, ROBERT B.
Portland, Ore.
Schwabacher & Co.
BALLISCH, JOSEPH G*
Salt Lake City, Utah
A. C. Allyn & Company,
BUNN, JOHN W*
Incorporated
Stifel, Nicolaus & Co., Inc.
Chicago, 111.
St. Louis, Mo.
BAMBENEK, J. RIES
Dallas Union Securities Co., Inc. BUNTING, EDWARD R*
Los
U. S. Governments
,
San Francisco, Calif.
BRUNJES, GEORGE
First Boston Corporation
Wm. R. Staats & Co.
INSTITUTIONAL SECURITIES
City
BROWN, RALPH E.*
Stone & Youngberg
BEEBE, JAMES L*
PRIMARY MARKETS
y
Asiel & Co.
Piper, Jaffray & Hop wood
Minneapolis, Minn.
BADER, JACK*
Zilka, Smither & Co., Inc. A
Portland, Ore.
BAILEY, DAN V*
Foster &
Louis, Mo.
BROWN, LEO E*
Boise, Idaho
BABCOCK, CARROLL H*
page
18
t92
Volume
Number 5992
...
The Commercial and Financial Chronicle
Municipal Committee Report
Chairman Parks B. Pedrick, Jr. documents activities of his Committee
which included continued opposition to
proposed Federal
;
municipal financing were urged to
speak to their Congressmen and
local officials to voice opposition
to any such bills on Federal Pub¬
lic
legislation
deemed
inimical to the municipal
the
tax-exempt financing expected to be close to last year's record high
aggregate. Printing of legal opinions on municipal bonds urged as
standard
Warns
Proposed
Loan
In
Against
Federal
report of the Municipal
Committee of 1959, its able Chair¬
following report to the Con¬
man,
vention:
William
Perry Brown,
rec¬
of
issues
new
of
ord
keep abreast of two proposed
legislative acts, both of
a very adverse
effect upon the future of munic¬
ipal bond dealers.
The first of
of municipal
$7,681,053,000.
a
new
for
of 1960 totaled
these
was
$5,189,090,000.
nity
Facilities
this
is
volume
below
the
same
thorize
of
to
pe¬
has
improved, and
ably
come
close to
year's rec¬
very
last
total
ord
Bond
would
au¬
$1,000,000,000
to
similar
a
by
(S 1955).
the end of this
year.
bill
1959
of
rates, provided the loans could not
be made from private sources on
equally favorable terms. Hearings
were held in May of this year on
will prob-
we
This
Act
hospitals and nursing homes, water
and sewerage
systems, with 40year
maturities at low interest
municipal
market
Commu¬
proposed
of Federal
municipalities in order
finance improvements to public
loans
riod last year,
the
the
(HR5944).
8%
that
bill
The
B.
Pedrick,
Jr.
same as
the
Senate
eral loans,
the House bill
it would allow
except that
Buyer's
in
The Senate bill is pri¬
marily the
P.
is
its importance in maintaining the
will
undoubtedly
Fed¬
not to exceed $1,000,-
at the beginning 000,000, with maturities up to 50
3.78%. Prices of years, to states and municipalities
municipal
bonds
have
shown in order to finance construction
steady gains during the year, with of any public facility at the same
only minor setbacks, and the Bond low interest rates and conditions
20 Bond Average,
I particularly would like to
year.
express
tion
and apprecia¬
tnanks
my
the
to
Committee's
Council, for his splendid help and
I feel that in the future, it
advice.
would be
Under
in future years, I suggest that
the
Legislative
and
Municipal
up
Still
The
Fire
to
legislative action,
have
been
watching
the attacks that have
we
closely,
are
been made
work
closely and bring to the
attention
of
richs
E.
W.
the
municipal bond
fraternity pertinent details affect¬
ing the municipal bond business.
the tax-exempt fea¬
This committee would also like
ture of municipal bonds. As stated
in the
1959
report, hearings were
to be held shortly after our Con¬
vention
in
hearings
were
Boca
Raton.
held before Chair¬
Ways and Means
concerned
items
eral tax revisions.
We
on
these
hearings
which
as
con¬
help
immunity
interest.
have
As
been
on
to
introduced
as
a
in
more
making
local
our
they
municipal bond
Winton
Jackson
of these
popular and
Elmer
election year,
such
Company,
G.
Longwell
Boettcher and Company,
we,
and
traders,
can
this
become
the
have
bond
this
Underwood, Neuhaus & Co., Inc.
Houston, Texas
Harry
New York
attorneys that
done,
whenever
bers. of
Edward
V.
City
:
Vallely
John Nuveen & Co.
Chicago, 111.
mem¬
the
Committee
for
their
M.
Wood,
Jr.
George M. Wood & Company,
Montgomery, Ala.
help and cooperation during this
con¬
Peiser
J.
Ira Haupt & Co.
by suggesting
I would like to thank the
result
hearings, but again, since
an
•
Dallas, Texas
George
this is
Co., New Orleans, La.
First Southwest
possible.
this date, no bills
of
and
underwriters
standard procedure
threat¬
ened to eliminate Federal income
tax
&
Darmstatter
municipal bonds. Legal opin¬
printed on bonds is becoming Thomas W. Masterson
more
cerned primarily with the section
of
was
3.33%,
a
1, 1960
in the House bill.
as
decrease in yield of
Members of the
mittee
nearly Vz of 1%.
NATIONAL
and
Municipal Com¬
others
interested
in
CIT
iii BW
Dominick
ii i;ii
Pji|j
t"*--*=.4».
f
Dominick
&
Members New York, American and Toronto Stock
Exchanges
i
i==fclaSLi=
14
II
150 East 42nd
JO 0 |p>-Lj§;^U f\
Hill'sh! — n
WALL STREET, NEW YORK
1122 Marine Trust
AND DISTRIBUTORS
i
OF
STATE AND MUNICIIAL BONDS
Head Office: 55 Wall
St., N.Y. 15, N.Y.
•
Federal
INVESTMENT
Direct private
87 Branches in Greater New York
in
Municipal Bond Department * Teletype NY 1-708
Member
5
Street, New York 17
UNDERWRITERS
i|
^::U i|p|
Building, Buffalo 3
SECURITIES
wires to correspondents
principal cities through the United States and Canada.
Deposit Insurance Corporation
Baltimore
•
Robert Garrett & Sons
•
Townsend, Dabney and Tyson
Boston
DEALERS IN
•
•
J. M. Dain & Co., Inc.
Minneapolis
Butcher & Sherrerd
Philadelphia
Municipal Bonds
•
Company
Chicago
McCormick & Co.
Moore, Leonard & Lynch
Davis & Davis
George D. B. Bonbright & Co.
Pittsburgh
Chicago
AND
•
Ball, Burge & Kraus
•
Quail & Co., Inc.
•
Corporate Bonds and Stocks
Refsnes, Ely, Beck & Co. Phoenix
•
•
William Blair &
•
•
•
Baker, Simonds & Co., Inc.
Providence
Cleveland
Davenport
Rochester
St. Louis
•
Smith, Moore & Co.
•
Norman C. Roberts &
Detroit
■
/
Estabrook & Co.
•
'
.
,;
■
40 Wall
Corporation
State Street
15
Street
•
Poughkeepsie
•
Providence
•
Springfield
-
Jacksonville
Los
•
Hartford
.
The Milwaukee
Schwabacher & Co.
Canadian
•
San Francisco
Seattle
Correspondent
James Richardson & Sons
Winnipeg
Exchanges
Canadian A {filiate—Dominick
Company
San Diego
Foster & Marshall
Angeles
Company
Milwaukee
Members New York and Boston Stock
•
•
Stern, Frank, Meyer & Fox
Boston 9
New York 5
^
The Pierce, Carrison, Wulbern
Founded 1851
•
'
Chairman
Denver, Colo.
gen¬
were
the legal opinion be
the back of new issues
Jr.,
ions
Committee and
various
of
on
of
Wilbur D. Mills of the House
man
copy
printed
a
These
COMMITTEE
Pedrick,
Stifel, Nicolaus & Company, Inc.
St. Louis, Mo.
to endorse the suggestion made by
the IBA that, whenever practical,
on
B.
Howard, Weil, Labouisse, Fried-
Committees of the NSTA continue
second
which
MUNICIPAL
Parks
of the year, was
Buyer's Average on Sept.
liaison,
John Fuerbacher of the Executive
versial legislation which may come
rear
national
volume for the first eight months
While
they
Tax-Exempt Principle
which would have
rec¬
issue
New
bills
these
year.
We urge all of you, and the 1931
Municipal Committee particularly,
We to discuss and explain to their
had various Congressmen the Consti¬
this tutional basis of this immunity,
their ugly heads again.
ommended that the 1960 Commit¬
bonds in 1959 reached
of
poned until next
a wise practice to con¬
independence of the State and
local governments, and the tre¬ tinue having some member of the
on
them, this election year. We mendous savings in interest costs Executive Council serve as liaison
recommend
that
the
Municipal to municipalities as borrowers be¬ to this Committee.
Committee for 1961 follow these cause of this tax immunity.
On
Respectfully submitted,
Community Facilities bills closely this as well as on other contro¬
tee
Sales
Neither
troversial legislation will be post¬
reported out of Committee, and it
appears no action will be taken
Legislation
the
programs.
happy to report that we
utmost
cooperation in
matter.
procedure.
As Chairman of the NSTA
Municipal Committee, Parks
B. Pedrick, Jr., presented the
Facilities Loan
are
Volume of 1960
bond fraternity.
17
Corporation of Canada
The
18
Mr.
&
Mrs.
John
R.
Nevins,
Lester,
J.
B.
Ryons
Co.,
&
Maguire
&
Los
Angeles;
Co., Inc.,
& Mrs. Edward
Mr.
CUMMINGS, FRANK X.
Los
DEMPSEY, TERRANCE M.
Dempsey & Co.
Jones
&
Co.
Dallas, Texas
YOUNG, NEIL*
Company
De Young &
Grand
GALDUN, GARY A*
Wm. J. Mericka & Co., Inc.
Taylor
Rapids, Mich.
♦Denotes
Mr. and
Mrs.
New York
City
corporate and
Milwaukee, Wis.
Charles A. Parcells & Co.
★
GOREY, WALTER C *
Walter C. Gorey Co.
San
financial advice
* private placements
complete investment banking
**A
service"
& COMPANY
R. S. DICKSON
INCORPORATED
Members Midwest Stock Exchange
FRANK*
Blanchett, Hinton & Jones
Seattle, Wash.
City
corporate
.
Francisco, Calif.
GRAN AT,
Pitfield & Co., Inc.
municipal bonds
1
Fenner
GOODFELLOW, RICHARD F*
J. A. Hogle & Co.
Los Angeles, Calif.
EXLEY, CHARLES E*
stocks
★mutual funds
•
Lynch, Pierre,
& Smith Incorporated
Salt Lake City, Utah
Merrill
Angeles, Calif.
New York
*
GOATES, CLOYD
ELWELL, WILLIAM C*
Loewi & Co. Incorporated
W. C.
on
CHICAGO
GREENVILLE
COLUMBIA
RICHMOND
GREENSBORO
JACKSONVILLE
MIAMI
■
ATLANTA
NEW YORK
CHARLOTTE
RALEIGH
INDUSTRIAL, RAILROAD, PUBLIC UTILITY
MUNICIPAL AND FOREIGN SECURITIES
UNDERWRITERS—DISTRIBUTORS
DEALERS
Industrial, Public Utility
Railroad
UNLISTED TRADING DEPARTMENT
Wertheim
&
Co.
and
Municipal
v
Securities
Hemphill, Noyes
Members New York Stock
t%Cembers
[ew York Stock Exchange
YORK
5
Co.
Exchange
15 BROAD STREET, NEW YORK 5, N. Y.
Allentown
Albany
Chicago
Lowell
y
it
*•
NEW
page
DISTRIBUTOR
DEALER
over-the-counter and listed
George, O'Neill & Co. |
FITZGERALD, JOHN M*
Willoughby, Ohio
*
GEORGE, GEORGE E*
DIEHL, ROBERT D*
Detroit, Mich.
Paine, Webber, Jackson & Curtis FILK1NS, WALTER*
Los Angeles, Calif.
Troster, Singer & Co.
New York City
DISBRO, R. M*
Disbro & Co.
Continued
UNDERWRITER
Cleveland, Ohio
New York City
Los
Gregory & Sons
City
New York
Russell Investment Company
New York City
New York City
J. Barth & Co.
DeSHONG, HAROLD E*
Dallas Rupe & Co.i Inc.
GREGORY, III, WILLIAM H*
GREENBERG, GERALD M*
City
ELLIOTT, WILLIAM H*
St. Louis, Mo.
De
New York
GAHAN, JAMES T.
E. F. Hutton & Company
ELGES, WARREN H.
A. M. Kidder & Co., Inc.
Modesto, Calif.
DEPPE, RALPH C*
GREENBERG, THOMAS*
C. E. Unterberg, Towbin & Co.
New York City
Laurence Frazier & Co.
New York City
Dunn &
New York
Denver, Colo.
;
DUNN, GAMBOL J*
DAINES, FRANCIS M*
Hayden, Stone & Co.
New York City
D.
Angeles, Calif.
FRAZIER, LAURENCE
DOYLE, ROBERT J*
Doyle, O'Connor & Co., Inc.
Chicago, 111.
Angeles, Calif.
Edward
,
Joseph R. Dorsey, Bache & Co.,
Nelson <ft Co., Seattle; Mr. & Mrs.
Chicago, 111.
Stern, Frank, Meyer & Fox
Los
Bache & Co.
Co.
Evans MacCormack &
Thursday, October 6, 1960
Westheimer & Company
Seattle, Wash.
DORSEY, JOSEPH R*
DAHL, RALPH M*
.
.
GRATZA, WILLIAM J *
FRASER, JAMES G*
Greensboro, N. C.
Bear, Stearns & Co.
Chicago, 111.
Mrs. Martin Nelson, Martin
':
FOSTER, ALBERT O *
Foster & Marshall
DIXON, ROBERT B*
United Securities Company
16
Mr. &
.
Boston
Attended the Convention
Continued from page
J. Opper,
Commercial and Financial Chronicle
Harrisburg
Newark
Syracuse
'
■
Trenton
'
Beverly
Indianapolis
Philadelphia
Taunton
'
■
Altoona
Ithaca
Los
Providence
Washington
V"
X
Boston
Lancaster
Pittsburgh
Tucson
t
Hills.
Brockton
Angeles
Reading
Worcester
York
80
Volume
Number
192
5992
.
.
The Commercial and Financial Chronicle
.
19
NSTA Affiliates and Members
Alternates:
Joseph R. Dorsey, Bache & Co.; Thomas Greenberg,
Unterberg, Towbin Co.; Walter F. Saunders, The Dominion
Corporation; Robert M. Topol, Greene and Company;
James V. Torpie, Torpie & Saltzman.
Security Traders Association of
BESWICK, SAMUEL F.
Laird, Bissell & Meeds
C. E.
BEZER, CHARLES A.
Securities
New
York, Inc.
Sutro
Edward
Elected:
December 4, 1959; Took Office: January
1, 1960; Term
Expires: December 31, 1960.
y, § t-
ROSTER
OF
Bache
<te
ABBE, RICHARD F.
BASEL,
Shearson, Hammill & Co.
ABF.LE,
Gersten
ABELOW,
ABELOW,
&
&
John S. Barker
Elbridge H. Smith
Blair
PHILIP
II.
&
ALBERTS,
C.
A.
Co.,
(Associate)
Inc.
&
Blair
Alberts
A.
&
&
Co.,
&
Co.,
H. C.
Hentz
H.
&
S.
K.
Co.
United
ARNOLD,
&
L.
HARRY
Bernard
D.
Lasser
L.
BERNIIEIMER,
Aronson
&
Carolina
First Vice-President:
John S. Barker, Lee Higginson Corporation
Second Vice-President:
Elbridge H. Smith, Stryker & Brown.
Ernst
Treasurer:
C.
A.
Saffin,
Gordon
Samuel F. Colwell, W. E. Hutton & Co.;
Michael J. Heaney & Co.; Stanley L. Rog-
A.
B. Boucher
E.
& Co.
GREGORY W.
Judson
H. Ellis
&
&
Inc. (Associate)
Co.
W. Plzzini Sc Co.,
BRADY, EUGENE J.
Inc.
Corporation
BERWALD, OTTO A.
Grady, Berwald & Co., Inc.
C.
Francis
I.
JOHN
du
Kaufman & Co.
C.
Pont &
Co.
Continued
(Associate)
(Associate)
&
Higginson Corporation
Barmonde,
Gllliland
Co.
&
BARNES, RICHARD M.
A.
Kidder
M.
&
Co.,
Inc.
Ready.
BARRETT, FRANK D.
H.
C.
Wain wright
BARRY,
H.
EUGENE
Hentz
&
& Co.
.
•
with
a
nation-wide network of
F.
Co.
123 offices in
108
cities
BARTH, PETER L.
J.
C.
Bradford
&
Co.
BARTOLD, HENRY S.
Eastman Dillon, Union
BARYSH,
instantly linked by
.
over
Securities
&
Co.
100,000 miles of private wire.
BURTON A.
&
Co.
,d-'V;d'Mf;d'
•
to help any dealer who asks. To
1,800 account executives to work
over
...
to start them
through thousands of contacts for the buyers
you
WHITEHALL 42300
BROAD STREET
Able
.
that
want.
.
•
can
we
think,
find
to
self? Just call
STREET
PHILADELPHIA
NATL.
LOCUST
6-3800
DETROIT
BUFFALO
RAND
1420
BUILDING
FORD
BUILDING
WOODWARD 2-6175
4514
4-3151
Lynch, Pierce, Fenner & Smith Inc.
Underwriters and Distributors of Investment Securities
Brokers in Securities and Commodities
70 PINE STREET
1510
COMMERCIAL
NEW YORK 5, N. Y.
CREDIT BUILDING
VERNON
office.
Marketing Department
BALTIMORE
4*
your¬
STATE STREET
HEMLOCK
1-9070
MADISON
nearest
for
BANK BUILDING
Merrill
1134
our
see
7-2062
ALBANY
100
NORTH BROADWAY
CHESTNUT
market
PHILADELPHIA
CHICAGO
ST. LOUIS
314
any
be found. Able anyway, to give it a
better-than-average try. Like to
FINANCIAL
looking
YORK
NEW
SOUTH LA SALLE
page
Co., Inc.
ESTABLISHED 1869
135
on
S.
Goldman. Sachs & Co.
STREET
(Associate)
BRADY, FRANK J.
from coast-to-coast
2-5430
Inc.
W.
& Co.,
put
FEDERAL
(Associate)
BRADLEY, WALTER V.
Willing..
LIBERTY
(Associate)
Co.
BOYCE, FRANK
Carl M. Loeb, Rhoades & Co.
McLaughlin,
Saxton
Ernst
genburg, Roggenburg & Co.
75
Sautter
BARMONDE, PHILIP T.
Bernard J. Conlon, P. F. Fox & Co., Inc.; S. Edward
Dawson-Smith, Cruttenden, Podesta & Co.; Joseph C. Eagan,
Frank C. Masterson & Co.; Joseph D. Krasowich, Gregory &
Sons; Edwin J. Markham, Wertheim & Co.; William J. McGovern, Blyth & Co., Inc.; John F. McLaughlin, McLaughlin, Kauf¬
man & Co.; Frank J. Orlando, Goodbody & Co.; Alfred F. Tisch,
Fitzgerald & Company; Bernard Weissman, Gold, Weissman Co.
BOSTON
&
Bros.
L.
& Co.,
ARTHUR
Saxton
BERWIND,
Lee
Directors:
20
(Associate)
BOUTON, HOWARD R.
(Associate)
Co.
BARKER, JOHN
Wilbur Krisam, John C. Legg & Company.
Michael J. Heaney,
Corp.
Co., Inc.
BARBIER, LESLIE
Salvatore J. Rappa, Mergott, Rappa & Co., Inc.
National Committeemen:
&
Gordon Graves & Co.
BARBASSO, JACK J.
Goldman, Sachs & Co.
G.
Secretary:
&
Continental
BOUTELLE,
B.
G.
LIONEL
(Associate)
Co.
Candee & Co.
Securities Corporation
BERTSCH,
Securities
BANDLER,
&
BOUCHER, JOHN B.
(Associate)
KERMIT
(Associate)
Hutzler
BOND, JOSEPH V.
J.
Co.
&
BERNSTEIN, JACK J.
Co.
Bache & Co
Barney Nieman, Carl Marks & Co. Inc.
&
D. F. Bernheimer
BAIR, JOHN W.
President:
Incorporated
GERALD R.
AVERELL, ALFRED B.
Wilbur Krisam
Company,
BENJAMIN
Sherman
Inc.
BOLOGNINI, RINALDO A.
D.
Aetna
Rappa
and
Co.,
Bros.
Marks
Boland,
BERNEBURG, RANSOM A.
Wood, Gundy & Co., Inc.
Son
Goldman, Sachs & Co.
ARONSON,
Allyn
&
BOI.AND, WILLIAM H.
Keister & Company
BERGER,
(Associate)
AMENDOLA, EDWARD A.
Godnick
C.
Fox
Barth
Carl
BENTLEY, HAROLD W.
Abbott, Proctor & Paine
A.
F.
BOAS, ROBERT
New York Hanseatic Corporation
Company
H.
BLOOM, SOL M.
BENNETT, PATRICK J.
ALTMAN, MOSES
Salvatore J.
J.
Incorporated
ALLEN, HERBERT
&
Co.
BLOCKLEY, JOHN C.
Inc.
ALEXANDER, DOUGLAS C.
Joseph J. Lann Securities, Inc. (Associate)
Allen
&
Company
Salomon
BEN, HANS E.
Co.
Co.
BLOCH, LEO
Inc.
BEERMAN, PAUL H.
Co.
ALBERTS, GERARD H.
C.
Co.,
&
BECKER, EDWARD I.
CHESTER A.
Alberts
D.
BEAN, JULES
Singer, Bean & Mackie, Inc.
Co.
ALBERTI, JOSEPH S.
Walston
Siegel
&
BLAUNER, SEYMOUR
Seymour Blauner Co.
BEAHAN, WILLIAM J.
AIELLO, MARK T.
&
HERMAN
Lebenthal
Corporation
BLANK, ANDREW
& Co.
P.
Sidney A.
Company
Spencer Trask
Birnbaum
Co.,
BAUMER,
Winmill
BLAIR, FRANK
(Associate)
WILLARD
Incorporated
&
Hanseatic
BIRNBAUM, NAHUM
& Co.
Allen &
Stearns
BASTIAN,
Company
Freeman &
Barney Nieman
B.
Company
(Associate)
FRANK
York
Gude,
J.
SOL
Bear,
IRVING
Mitchell
ACKERT,
BASS,
HERBERT
Mitchell
ROBERT
Mergott, Rappa & Co., Inc.
Frenkel
&
Co.
BIRD, JAMES F.
Co
BASELICE, PERRY M.
Trading Corp.
NATHAN
Ladin
(Associate)
Myron A. Lomasney
EDWIN A.
Securities
ABELL,
&
S.
BINGHAM,
MEMBERS
Ernst
Co.
Cowen & Co.
BARYSH, MURRAY L.
Co
&
BILLINGS, JOSEPH H.
New
AAL, C. JEROME
Bros.
BIES, SYLVESTER J.
7-4630
131
offices here and abroad
20
1
Financial Chronicle
The Commercial and
20
.
.
.
Thursday, October 6, 1960
L
Mr.
&
Mrs.
Mrs.
&
Tweedy,
(Associate)
Browne & Reilly
ROSTER
Continued from page
19
John
BRILL,
and Company
C.
Arnold Malkan
(Associate)
Co.
Reynolds & Co.
(Associate)
&
W.
Co., Inc.
E. Hutton &
McLaughlin, Kaufman & Co.
BREARLEY.
Wood,
R.
Co.
Gundy & Co..
Allen
Inc.
(Associate)
&
Company
Paine, Webber, Jackson &
Libatre, Stout & Co.
BRUGGEMAN,
Witter
Dean
BRUNJES,
."I-;:
' ;
T.
Watson
L.
BRYAN,
Ira Haupt &
Vilas
Hayden, Stone
GRACE NATIONAL BANK
OF
BURIAN,
BURKE,
NEW YORK
Stone
F.
Dominion Securities Corporation
Newborg & Co
BUTLER,
The
Rice,
Boston
COLEMAN, C. MERRITT
Allen
& Co.
Jr.
(Associate)
Company
GEORGE L.
Securities
American
Freeman
SALVATORE R.
Co., Inc.
CHAMBERLAIN,
COLWELL,
W.
(Associate)
Corporation
JAMES F.
&
Company
EDWARD
FOR
Hutton
Nesbitt,
WILLIAM HALE
Ellis & Anderson
E.
SAMUEL F.
&
Co.
CONCAGH, JAMES C.
(Associate)
Thomson
and
Company, inc.
CONLON, BERNARD J.
P.
F. Fox & Co., Inc.
CONLON, JOHN A.
Merrill Lynch, Pierce,
L.
Fenner
Incorporateo
Spencer Trask & Co.
Corporation
&
COLLINS,
COLTHUP,
CERU, CARLO
Vanderhoef & Robinson
Green,
.A
7
OUT-OF-TOWN
LOCAL AND
Brokers
and Dealers
Clearance
HANOVER
unlisted department
Department
SQUARE, NEW YORK 15, N. Y.
Y
Member
Federal Deposit Insurance
Corporation
Specializes in Bank-Insurance
Industrial Stocks
and selected
;
■
I
.
DIRECT PRIVATE WIRES TO
MONTREAL
STOCK
&
BOND
AND
TORONTO
DIRECT PRIVATE WIRES TO
CORRESPONDENTS IN FOLLOWING CITIES
BROKERAGE
SERVICE
Providence
for Banks, Brokers and Dealers
Philadelphia
Hartford
Boston
Hardy & Co.
OFFICES IN
'
Members American Stock Exchange
Broad Street
New York 4
Teletype NY 1-733
ST.
&
543
MEETINGHOUSE
MADISON
LANE,
SOUTHAMPTON, L.
AVENUE, NEW YORK 22, N. Y.
Los Angeles
New Haven
32 OTHER CITIES
i
doc.
-
BUSINESS ESTABLISHED 1869
Telephone DIgby 4-7800
MAIN
New Britain
acluqjetl)^),
Members New York Stock Exchange
30
Chicago
Meriden
Worcester
BRANCH
I.,
N.
Y.
N. Y.
&
CHAPMAN,
JOHN
First
K.
CHANNELL, CLIFFORD K.
The
First
Eoston
Corporation
BUSCHMAN, HERBERT
FACILITIES
J.
Walston
Co.
BUFKE, HAROLD J.
Auchincloss, Parker & Redpath
COMPLETE CLEARANCE
Hickey
CERRUTO,
J.
&
EDWARD
Schweickart & Co., Hempstead,
CASPER, HARRY D.
Sidney Jacobs Co.
L.
King & Co.
ARTHUR
Hayden,
(Associate)
& Co.
BURCHARD, GERARD
Charles
&
:
COLANDRO, JOSEPH N.
White, Weld & Co.
CARUCCI, JOSEPH P.
BRYSON, JAMES F.
Rose & Co.
COHEN, EUGENE M.
Co.
CARRINGTON, III, WILLIAM G.
F.
Spencer Trask & Co.
& Smith
CLEMENCE, EDWIN G.
Eastern Securities, Inc.
CARRINGTON, Jr., WILLIAM G.
Co.
CHARLES
MILTON
CAREY, WILLIAM G.
W. L. Canady & Co., Inc.
J.
Corporation
G.
&
Hoit,
J.
Fenner
CLEAVER, JAMES P.
Goodbody & Co.
Capper & Co., Jersey City, N. J.
GEORGE
HENRY
BRUNS,
Curtis
CAPPER,
.
Inc.
CHARLES R.
CLAUSEN,
(Associate)
Co.
Co.,
&
BERNARD
Lynch, Pierce,
Incorporated
Henry Krieger & Co.
Co.
&
ANTHONY
Merrill
CANTOR, MARVIN N.
S.
CHARLES
The First Boston
BROOKS, Jr., GEORGE F.
BRENNAN, JAMES I.
1
•
Sartorius &
Inc.
Dickson & Co.,
CLANCY, Jr.,
JOEL
A.
MICHAEL J.
S.
vWalston
WILLIAM J.
(Associate)
CANTER,
J.
Tweedy, Browne & Reilly
BROCHU, PETER W.
D.
Eisele & King.
Hammill & Co.
R.
CIULLA,
Co.
Co.
Gregory & Sons
Candee & Co.
BROWNE, HOWARD
Shearson,
&
CANDEE,
'
,
BROWN, THOMAS
BRITTAIN, MILTON C.
BREAKSTONE, JACK
Burke
(Associate)
in, THOMAS C.
&
CIRENZA, JOHN J.
CITO,
Jr., DAVID H.
Michigan Corporation
of
CANAVAN, JOHN J.
E.
& Co.
BROWN,
E.
MICHAEL J.
BRILLSON,
BRAND, HARRY
Asiel
Legg & Company
DAVID
David Morris &
L.
Zuckerman, Smith & Co.
BROWN, LEO
First
Co.
Bomback
Golkin,
(Associate)
CALLAWAY,
D.
Oppenheimer &
BREWER, III, JAMES R.
BRADY, JOHN A.
Greene
BROWN, JULIUS
CHODES, MALCOLM H.
CALEF, JOHN C.
The Dominion Securities Corporation
HAROLD L.
Winslow, Cohu & Stetson, Inc.
OF MEMBERS
Casper Rogers Co.
Denton, Inc.
&
THOMAS J.
Chase Manhattan Bank
Ingalls & Snyder
BROWN,
CHAPMAN, HAROLD S.
JOSEPH C.
Bros.
Burns
Mr. & Mrs. Earl
Pa.;
& Company, Inc., Pittsburgh,
Hagensieker, Reinholdt & Gardner, St. Louis
Simpson, Emery
Reed,
CAHILL,
BROWN, D. HOWARD
New York, Inc.
Paul
CABBLE,
ALVIN C.
BROWN,
Security Traders Association of
Mr.
of
J. Kelly, Carl M. Lceb, Rhoades & Co., New York
(Retiring President
Mr. & Mrs. Joseph E. Smith, Newburger & Co., Philadelphia (President-Elect)
Edward
N. S. T. A.);
Member New York Stock
Exchange and other
leading Domestic and Canadian Exchanges
1 Wall Street
New York 5
DIgby 4-2525
&
Smith
Volume
Number 5992
192
...
The Commercial and Financial
Chronicle
21
(Newly elected officers of N. S. T. A.) Mr. & Mrs. Joseph E. Smith, Newburger & Co., Philadelphia,
(President); Mr. & Mrs. Charles Bodie, Jr., Stein Bros. & Boyce, Baltimore (First Vice-President);
& Mrs. Earl Hagensieker, Reinholdt & Gardner, St. Louis (Second
Vice-President); Mr. & Mrs.
Allen Oliver, Jr., Sanders & Company, Dallas (Secretary); Mr. & Mrs. Homer J.
Bateman, Pacific
Northwest Company, Seattle
(Treasurer)
Charles
A. Bodie, Jr., Stein Bros. <& Boyce, Baltimore, Md.; R. V.
Hensberger, Boise Cascade Corp.,
Boise, Idaho; Joseph E. Smith, Newburger & Co., Philadelphia; George Romney, President, American
Motors Corporation; Edward J. Kelly, Carl M. Loeb, Rhoades &
Co., New York;
T. E. Roach, President, Idaho Power Company, Boise, Idaho
Mr.
CONLON, Jr., JOSEPH F.
DAVIS, THOMAS JOSEPH
A. C. Allyn & Co., Inc.
DOHERTY, WILLIAM M.
CORBY, JOSEPH J.
Allen & Company
DAVIS, WILLIAM J.
DOLAN, LAWRENCE P.
CORKEY, DONALD B.
E. F. Hutton & Company
DAWSON-SMITH, STANLEY E.
Cruttendeu, Podesta & Co.
DONADIO, JOSEPH F.
CORLEY, EDWARD M.
DEDRICK, GEORGE E.
Gregory & Sons
DONNELLY, Jr., JAMES
Reynolds & Co.
COSENTINO, JOSEPH H.
John J. O'Kane, Jr. & Co.
DeFINE, ROBERT E.
DORFMAN, LEON B.
Goldman, Sachs & Co.
CRAIG, JOSEPH J.
DE
J.
II.
New
Company
Crang &
Lasser Bros.
York Kanseatic
Corporation
Hirscb
Goodbody & Co.
Edwin
CRANE, JAMES M.
Greenshields
&
DE
Co.
(N.
Inc.
Y.)
L.
(Associate*
J.
JOHN
Tatro
R.
Sutro Bros.
Company
& Co.
DEMPSEY,
Bruns,
Reed, Lear & Co.
Nordeman
(Associate)
C.
Harris, Upham & Co.
CROWLEY, Jr., JOHN P.
Cowen
&
Co.
(Associate)
CURRIE, Jr., JAMES
(Honorary)
De
CURRY, THOMAS L.
&
Webster
Dunne
CURTI, CHARLES
Corporation
P.
&
Co.,
Inc.
FITZPATRICK, FRANCIS J.
Gregory & Sons (Associate)
Arnold Feldman
Company
FELTMAN, IRVING LOUIS
Hay, Fales & Co.
(Honorary)
FELTMAN, ROY
.
(Associate)
FITZPATRICK, DOMINICK A.
Van Alstyne, Noel & Co.
FLECKNER, WILLIAM L.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
S.
Hay, Fales & Co.
FOOTE, GORDON R.
Francis I. du Pont & Co.
FENNEKOHL, OLAF B.
Fennekohl & Company, Incorporated
Continued
on
page
Co.
B.
SPECIALIZING
IN
—
C.
Masterson
& Co.
RIGHTS-WHEN ISSUED
AND;'■*
PETER duBOIS
McLaughlin, Kaufman & Co.
J. FRANCIS
Interstate Securities Corporation
Lubetkin, Regan & Kennedy
DANEMEYER, JOHN J.
Blair & Co., Incorporated
Inc.
ECKSTEIN,
Peck
DIMPEL,
Co.,
FARRELL, MICHAEL J.
John C. Legg & Company
ECKLER,
DIMPEL, RALPH T.
DALE, CALVIN D.
&
Frank
(Associate)
DAINES, FRANCIS M.
Hayden, Stone & Co. (Associate)
&
Laver
&
W. C. Pitfield &s Co., Inc.
EBBITT, KENNETH COOPER
Shelby Cullom Davis & Co.
DIMPEL, ALBERT H.
J.
Sloss
FltzGERALD, JOHN M.
EAGAN, JOSEPH C.
FONZO, Jr., JOSEPH P.
David & Co.,
Inc.
John
V.
FELDMAN, ARNOLD
(Associate)
Ogden, Wechsler & Krumholz
William
CUSACK, JOHN T.
Amott, Baker & Co. Incorporated
JOSEPH
JAMES
Marron,
Gregory & Sons
Co.
DURNIN, JAMES
J. R. Williston & Beane
DI
Hayden, Stone & Co. (Associate)
Adams
SOCIO, SAMUEL F.
H. Ingraham & Co.
L.
Securities
FARRELL,
R.
Taylor
FISHER,
DUNNE, FRANK
DEVINE, JOSEPH P.
Stone
&
FILKINS, WALTER L.
Troster, Singer & Co.
...
Farrell Securities Co.
A.
GAMBOL J.
Dunn
FEUER, ABRAM J.
J Gartman, Rose & Feuer
(Associate)
Domlnlck & Dominlck (Associate)
DUGA, J. S.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
DUNN,
DENOBLE, THEODORE
Sutro Bros. & Co.
&
M.
Inc.
FARRELL, JOHN J.
LESTER T.
Hardy
& Co.
PHILIP
Co.
Bache & Co.
DOYLE,
DEMET, LOUIS R.
CROWLEY, JOHN B.
&
DORSEY, JOSEPH
MAVE, JOHN E.
CRONE, EDWARD A.
Wells & Christensen, Inc..
B. Boucher
ALFRED
Watt & Watt,
EWEN, RAYMOND J.
Wm. V. Frankel & Co., Incorporated
Co.
&
MARCO,
ERLICH,
Fahnestock & Co.
BERGER
Pierce, Fenner & Smith
EGENES,
Jr., RALPH T.
Eastman Dillon, Union Securities & Co.
REORGANIZATION SECURITIES
Merrill Lynch,
Inc.
DISS, Jr., WILLIAM B.
Abbott, Proctor & Paine
EIGER,
DANIELSON, MARVIN P.
Gude, Winmill & Co.
DITTELL, LEONARD
Dreyfus & Co.
EISELE,
DAVIS, JOHN HENRY
DIXON, WILLIAM
ELKAN,
D'ANGELO, SALVATORE I.
Lee
Higginson Corporation
Laurence
Frazier
Co.,
WILLIAM
Goodbody & Co.
FREDERICK
Freeman
&
Josephthal&Co.
R.
Company
FOUNDED
G.
Cutter & Dixon
Inc.
EDWARD
(Associate)
members
Cqwen & Co.
new
american
DAVIS, MARTIN
'.'v;>V'V
1
WILLIAM T.
Shields & Company
A.
C.
1910
stock
stock
exchange
exchange
ERICKSON,
DOHERTY, JOHN J.
S. D. Fuller & Co.
york
Allyn and Company, Inc.
120 BROADWAY, MEW YORK 5, N. Y.
WOrth
4-5000
Bell. System Teletype
direct telephone to
19
CONGRESS ST.,
WIRE
brooklyn,
PRIME MARKETS MAINTAINED
n. y.
CORRESPONDENTS
lock
haven,
PRINCIPAL
IN
CITIES
pa.
hanover,
&
Weeks
pa.
Tax Exempt
SECURITIES
TO
;
SECONDARY MARKET SPECIALISTS
Unlisted
SYSTEM
1-319
BOSTON 9, MASS.
LAFAYETTE 3-462Q
PRIVATE
NY
boston
MUNICIPAL and REVENUE BONDS
SINCE
Ira Haupt & Co.
Members New York Stock Exchange
111
1888...
and other principal exchanges
Broadway, New York 6, N. Y.
WOrth 4-6000
Hornblower
40 Wall
Street, New York 5, N. Y.
Members New York Stock
SAN
CHICAGO
141 West Jackson
Blvd.
HArrison 7-2942
315
FRANCISCO
Montgomery Street
YUkon 1-0333
„
DALLAS
OFFICES
COAST
TO
COAST
2605 Southland Center
The Hornblower
Riverside 7-7708
is
DI 4-6600
Exchange and other Principal Stock Exchanges
Representative
ready to help
you
22
&
Mr.
Mrs.
Earle
C.
May,
Co., Inc., Portland,
May &
Oreg.;
E. Smith,
Joseph
Ludwell A. Strader, Strader and
Company, Incorporated, Lynchburg,
office
Va.
from
Security Traders Association of
from
page
21
FOX,
P.
P.
FOX,
FOX,
S. B.
Wm.
Burke
&
Incorporated
Abraham
Barr
Grimm
&
Fahnestock
Edwin
O.
PAUL
GILL,
Inc.
JOHN S.
LESTER A.
GISH,
Gersten & Frenkel
Our Dealers' Service Plan is
ness
for dealers
developing important busi¬
throughout the country. For
details write to Mr. William
complete
P. Green.
Henry Fricke
FRINGS, J.
GOLD,
Co.
Gold,
GEORGE
GOLD,
Sterling, Grace & Co.
Oscar
JOHN
Gruss
"
New
&
Son
GOLD.
John
E.
JOSEPH
IRVING
and
Greene
ALLEN
Company
NATHANIEL S.
Andrews, Posner & Rothschild
(Associate)
GREENFIELD,
Greenfield
(Associate)
HARRY
&
GREENWALD,
Co., Inc.
K.
(Associate)
LESTER
S.
Levien, Greenwald & Co.
Corporation
Hanseatic
(Associate)
WM. H.
:>■ Gregory & Sons
GREGORY, Jr.,
SAMUEL L
GREGORY, III,
i
'
WILLIAM H.
& Sons
JULIUS
and
Company
GRIMSHAW, FREDERICK M.
J. R. Willlston & Beane
(Associate)
GOLDEN, MARTIN
P.
Dean Witter & Co. (Associate)
(Associate)
(Associate)
GRONICK,
SAMUEL
Gerstley, Sunsteln & Co.
GOLDMAN,
Alfred
H.
Samuel & Co.
THOMAS
Unterberg, Towbin Co.
GREENE,
SAMUEL
York
E.
GREENE,
DAVID
Greene
Michigan Corporation
GASSOUN,
(Associate)
Company
BENJAMIN
Weissman Co.
GOLDEN,
GANSER, EDWARD N.
H. HBNTZ & CO.
Inc.
Gregory
Stanley R. Ketcham & Co., Inc.
GAREISS, HERBERT
Carl Marks & Co., Inc.
C.
& Co.,
Lapham & Co.
LESTER F.
GANNON,
First of
Members New York Stock
GOLD,
P.
ALAN C.
Bear, Stearns & Co.
K.
and
C.
Co.
GREENBERG,
P.
Lapham & Co.
GAHAN, JAMES T.
E. F. Hutton & Company
GAHAN,
CARL
Boettcher
1
&
(Associate)
Company
FRANK
Purcell
GREENBERG,
Frank Ginberg
FRICKE, A. HENRY
on Special Over-the-Counter
Studies Prepared for Dealers
GRAHAM,
FRANK
GINBERG,
and
Greene
Company
Gill & Co.
Allyn and Company, Inc.
FRENKEL,
Capitalize
Grace Canadian
GRAFF, JOSEPH
KINGSTON
THOMAS
S.
IRVING P.
Securities, Inc.
GRACE,
Corporation
Securities
LOUIS A.
Laird, Bissell & Meeds
C.
PAUL
Warren W. York & Co..
DEPARTMENT
Co.
Tatro
L.
W1LLARD
Benjamin, Hill & Co.
GIBBS,
& Co.
FREDERICKS, Jr.,
FRENCH,
A.
GHEGAN,
Co.
&
GOWAN, VINCENT M.
Goldman, Sachs & Co.
H.
CHARLES J.
FREDA,
FREDERICK,
H.
Company
DONALD
Webster
(Associate)
W.
RICHARD
Shields
HERBERT R.
&
CHARLES
GOODMAN,
Co.
&
Bros.
GESELL,
Frazier & Co.
Stone
A. C.
&
JOHN
GERTLER,
Co.
B. Ashplant & Co.
GOURSE,
GERSTENZANG,
ROBERT
Company
Laurence
SERVICE
Co.
LAURENCE S.
FRAZIER,
DEALERS'
&
Dreyfus & Co.
V.
WILLIAM
FRANKLIN,
F.
Rhoades
Loeb,
&
SAUL
Bomback & Co.
GOODEVE,
P.
GERSTEN, HENRY B.
Frankel & Co..
V.
M.
GOLKIN, GEORGE
Golkin, Bomback
GOLKIN,
Golkin,
ALTER
JOHN
HERMAN
Weissman Co.
FRANKEL,
VERNON
Garvin, Bantel & Co.
Co.
Otis, Inc.
Allen & Company
GERMAIN,
Carl
Gold.
&
Incorporated
Company,
FREDERICK D.
AARON
GELLER,
Inc.
BARTON
and
Jr.,
Co.
MORRIS E.
Kerngood & Co. (Associate)
GOLDSTEIN,
ROBERT J.
Allyn
Gearhart
Company
&
FRANKEL,
FORBES, RAYMOND CLEMENT
Shearson, Hammill & Co.
FORMAN, MURRAY
Golkin, Bomback &
Frank
& Co.,
C.
GEARHART,
ISADORE
FRANK, ROBERT R.
Reinholdt & Gardner
FRED
P. Fox
GAVLIN,
(Associate)
Investors Corp.
FRANK,
OF MEMBERS
ROSTER
Continued
Frank
DAVID
Newburger, Loeb &
GOLDSTEIN,
C.
Lynch, Pierce, Fenner & Smith
Incorporated
f
HARRY
FRANK,
Thursday, October 6, 1960
Merrill
A.
New York, Inc.
.
FRANK, HAROLD W.
American Securities Corporation
.
Kelly,
JAMES E.
GAVIN.
(Associate)
Thalmann & Co.
Ladenburg,
J.
.
& Co., Philadelphia, Incoming President, receiving the gold button
Carl M. Loeb, Rhoades & Co., New York, Retiring President
Newburger
Edward
FRANK, ALBERT F.
.
Chronicle
The Commercial and Financial
22
L.
EDWARD
Vanden
(Associate)
PRINCE
GROSSMAN,
Broeck & Co.
JEROME
Grossman & Co.
S. Weinberg,
y.;.;;;,
Exchange and Other Leading Stock and Commodity Exchanges
72 WALL STREET, NEW YORK CITY, BO 9-8420
Offices in
OVER
IOO
Principal Cities
YEARS
OF
SERVICE
YORK
NEW
CHICAGO
MONTREAL
ANGELES
LOS
A Network
of Service
by private wire
WESTWOOD
HILLS
BEVERLY
PASADENA
underwriters and distributors
BARBARA
SANTA
LA JOLLA
NEWPORT
SAN
BEACH
FRANCISCO
RANCHO
of investment securities
SPRINGS
PALM
SANTA
FE
PHOENIX
TUCSON
BOSTON
HARTFORD
MANCHESTER
WATERBURY
research and
advisory service
MIDDLETOWN
BRITAIN
NEW
SPRINGFIELD
PITTSFIELD
BUFFALO
ROCHESTER
GENEVA
JERSEY
CITY
DALLAS
HOUSTON
SAN
ANTONIO
DETROIT
MINNEAPOLIS
LA
^^bbott, JP
ROCTOR
&
p
Investment Securities
•
Municipal Bonds
911 E. Main Street, Richmond
2
14, Ya.
Mutual Funds
•
•
Broadway, New York 4, N. Y. •
je Commodities
Phone Milton 4-5411
•
•
Underwriters
Phone WHitehall 3-8300
firm that research built"
Founded in 1902
DUNEDIN
BASLE
Teletype RH-851
uthe
TAMPA
rAINE
Members, New York Stock Exchange and Other Leading Exchanges
CROSSE
SHEARSON, HAMMILL £ CO.
(Switzerland)
Members New York Stock Exchange and
other
leading Stock and Commodity Exchanges
of
Volume
Mr.
Mrs. Milton J.
&
grossman,
S.
Lynch,
Pierce,
Fenner
Incorporated
&
Smith
,'
GUITON, JOSEPH
G.
gunkel,
GUTBERLET,
Inc.
m.
S.
EDWIN
HELBIG,
W.
Harris,
ARTHUR
T.
F.
HARDY,
HART,
New
W.
Co.,
&
Hettleman
Sire
MAURICE
HINCHMAN,
RAYMOND
Ira
A.
Co.
Halle
B.
&
CHARLES M.
Stieglitz
CHARLES A.
KAHL,
Mcrgott, Rappa 8c Co., Inc.
Company, Inc.
HENRY
HENRY
Co. (Associate)
KAHN,
Ernst 8c
JOHNSON, FRITZ K.
Golkin, Bomback 8c Co.
KAIDY,
KALES,
G
ALBERT
Winslow, Cohu & Stetson, Inc.
Plan,
A.
WALTER
R.
Saxton 8c Co.,
JOSSEM, JACK
Mitchell
JOYCE,
8c
KAMINSKY, LEO S.
Maltz, Greenwald &
A.
Co.
DAVIS
Wood, Gundy 8c Co., Inc.
Inc.
E.
JAMES
Gregory 8c Sons
(Associate)
KANE, GERALD F.
(Associate)
C.
D.
(Associate)
Kane 8c Co.
Gerald F. X.
KANE, THOMAS FRANCIS
Ernst & Co.
Joyce Co.
JUDGE, WILLIAM E.
Inc.
Co.
X.
WILLIAM H.
William H.
Inc.
HUNT, JOHN K.
Laird, Bissell &
Pulls
8c
Co.
Continued
(Associate)
on
page
Meeds
HUNTER, WELLINGTON
Wellington Hunter Associates
Jersey City, N. J.
IRVING
IRIARTE,
(Associate)
ISAAC,
RALPH
King 8c Co.
IRVING
H.
Stryker & Brown
PHILLIP
Co. (Associate)
ITTLEMAN,
Frank
ROBERT M.
Pershing
IRVING
Ginberg
&
Co.,
Inc.
Go.
&
MEMBERS
Haupt & Co.
JACOBS, EDWIN A.
HINES, JOHN D.
E. Burnet 8c Co.
ALLAN
Allan Kadell 8c Co.
KAEPPEL,
STANLEY
Gairdner 8c
JONES,
HUNT, GEORGE V.
D.
Co.
&
A.
HUNT, E. JANSEN
White, Weld & Co.
Upham 8c Co.
&
EDWARD
HUFF, Jr., ASA C.
Georgeson & Co.
Co.
ROBERT
Jr.,
Saxton
Herzog
&
Allen L. Oliver, Jr.,
Chicago
Co.
Kuhn, Loeb 8c Co.
(Associate)
BARON G.
Helbig &
HETTLEMAN,
York Hanseatic Corporation
HARTIGAN,
HORN,
&
Charles
HARRY J.
KADELL,
FRANK
Hirsch & Co.
BERNARD
HERZOG, ROBERT I.
Hardy & Hardy
H.
Langley 8c Co.
Bache
JERET,
Hlgginson Corporation
HORN,
J.
JESSE
Schrijver & Co.
WILLIAM
CHARLES
C.
JEFFREY,
IRVTN
Jr.,
Jaffee
HERZENBERG,
Allen & Company
(Associate)
W.
JOHNSON,
THOMAS
HENRY, GEORGE J.
Carl Marks & Co., Inc.
Co.
WILLIAM B.
Peter Morgan & Company
HANSON,
HARDER,
A.
Co.
(Associate)
HOOD,
HENDRICKS, ROBERT J.
G.
&
D.
New York Hanseatic Corporation
Kuhn, Loeb & Co. (Associate)
(Associate)
Co.
E. Hutton 8c
Co.
HAROLD
Cowen
Lee
HENDERSON,
FRANK L.
HAMILL,
Heaney &
HELFGOTT, LAWRENCE
JOHN L.
Tucker, Anthony & r. L. Day
&
J.
G.
Baron
IRWIN
Bros.
Michael
HECHT, JOSEPH T.
Ira Haupt & Co.
Kaufmann, Alsberg & Co.
Sutro
HONIG, JACK
HEIDINGSFELD,
Inc.
HALK,
HALL,
JANNETTE,
Hardy & Co.
Paine, Webber, Jackson & Curtis
GUTTAG,
Mrs. Homer J. Bateman, Pacific Northwest Company, Seattle; Mr. & Mrs.
Sanders & Company, Dallas; Lester J. Thorsen, Glore, Forgan <ft Co.,
JANN,
HEFFERNAN,
martin
P. F. Fox & Co.,
Mr. &
HONIG,
HECK, JOHN
HARRY R.
Saxton 8c Co.,
A.
23
HOLTZMAN, SYDNEY
Singer, Bean & Mackle, Inc.
Mabon 8c Co.
F.
Craigmyle, Pinney & Co.
GUMM,
The Commercial and Financial Chronicle
HAYES, JAMES J.
Murphy 8c Durieu (Associate)
Inc.
STEPHEN M.
Merrill
.
HAYES, JOSEPH J.
Eastman Dillon, Union Securities 8c Co.
& Co.,
MICHAEL
Gregory 8c Sons
GUCWA,
.
HEANEY, MICHAEL J.
Grossman
E.
.
Isaacs, Straus, Blosser & McDowell, Chicago; Mr. & Mrs. Jerry F. Marquardt.
William A. Fuller & Co., Chicago
martin
Weinberg,
GROWNEY,
Number 5992
192
Greene
and
Company
NEW
YORK
STOCK
EXCHANGE
Dean Witter & Co.
HARVEY, EDWARD A.
L. A. Mathey & Co.
HOBLITZELL,
BRUCE
SIDNEY
HOLIAN, JOHN F.
Lee Higglnson Corporation
EXCHANGE
STOCK
JACOBSON, HANS J.
A
G. Becker 8c Co., Inc. (Associate)
HOLLAN, JOHN V.
Barr Brothers & Co.
Inc.
HAWKEY, ROBERT D.
E. F. Hutton & Company
AMERICAN
Sidney Jacobs Co.
Hollister
Pyne, Kendall &
HATZ, ARTHUR
Arnhold & S. Blelchroeder,
JACOBS,
C.
JACOBY,
(Associate)
Aslel
&
D.
Co.
PAUL
(Associate)
BROADWAY, NEW YORK 5, N. Y.
120
WOrth 4-4300
Teletype NY 1-749-51
Brokers and Dealers in
Private Wires
Atlanta
Lima
Listed and Unlisted Securities
Buffalo
Boston
Los Angeles
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Detroit
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We maintain markets in
Convertible Preferreds
Convertible Bonds
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in
Reorganization and "When Issued" Securities
Inquiries from Banks, Brokers
Corporate and Municipal Securities
and Dealers are invited
Members
LEVIEN, GREENWALD & CO.
Members New York Stock Exchange
American
Stock Exchange
New
25 BROAD
Broadway
WHitehall 3-4924
,
Stock Exchange
and Other Exchanges
STREET, NEW YORK 4, N. Y.
Teletype: N.Y. 1-210
Telephone: HAnover 2-0600
(Assoc.)
New York 4
FORT PIERCE
Direct
New
LONDON
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Teletype NY 1-3733
York
Palm
Wire
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Beach
PALM BEACH
MIAMI BEACH
NEWARK
WASHINGTON
50
York
CO.
6t
HIRSCH
Fort
GENEVA
AMSTERDAM
Service:
,
Miami
Newark
Pierce
Lake
Worth
Beach
24
i
24
J. Vicino, Kidder, Peabody & Co., San Francisco; Mrs. & Mr. Ralph E. Brown, Stone
Youngberg, San Francisco; Mrs. & Mr. George M. Tapp, Doherty, Road house <fi Co.,
Vancouver, B. C., Canada; Mrs. & Mr. Leslie J. Howard, Jr.,
J. S. Strauss <fi Co., San Francisco
Walter
KELLY,
Security Traders Association of
ROSTER
Continued from
KELLY,
WALTER
Shearson,
KASSEL,
Herzog
Hammlll
KERR,
J.
BOYD
&
EDWARD
KELLY,
J.
LAURENCE C.
Eastman Dillon, Union Securities
KELLY,
KEATING,
JOSEPH
Greene
Co.
8c
M. J.
RAYMOND
D.
(Associate*
W.
Sutro Bros.
&
Air Products
American
I.
Alfred
Co.,
Inc.
ERNST
Members
New
and
York
other
120
Stock
&
Exchange
leading Security
CO.
American
and
Exchange
Commodity Exchanges
KOCH,
Wires
Los
to
Angeles
and
Shearson,
Kesselman
W.
&
Co.,
Lee
Co.
LEWIS, MILTON F.
Vanden
Broeck
&
A.
Co.
G.
Becker &
Co., Incorporated
LICHTENSTEIN, BENJAMIN S.
B. S. Lichtenstein 8c Co.
& Co., Inc.
S.
Ladin
Company
LIPSKY, CORNELIUS
Burnham
GEORGE
Hayden, Stone & Co.
and
LANE,
Co.
(Associate)
PAUL J.
LANG, JAMES
J.
B.
Lang
Co., Inc.
LOEWER, BURTON
Ncuberger & Berman
V.
8c
Co.,
Bayonne,
N.
J.
(Associate)
Allen &
>
Company
ffiTSljsa-gj.25
Bac
hi;
&
1960
TRADING
Co.
MARKETS
in
OVER-THE-COUNTER
TRADERS TALK
a
continuous interest in
good grade unlisted securities for
force
of
over
900
Registered
block
our
SECURITIES
offerings of
retail. Our sales
iGompi
Representatives in 74
branch offices located throughout the United States and
Europe
All
or
assures
wide
coverage
Joseph R.
Members New York
and proper distribution.
inquiries will be held strictly confidential. Write
call
Dorsey in
our
Unlisted
37 Wall
Trading
Department.
Security Dealers Association
Street, New York 5, N. Y.
Teletype
BACHE & CO.
Founded 1879
OTHER
LEADING
NEW
YORK
STOCK
AND
STOCK
EXCHANGE
COMMODITY
EXCHANGES
36 WALL STREET, NEW YORK
5, N.Y.
DIOBY 4-3600
Telephone
NY 1-1126 & 1127
MEMBERS
(Associate)
LOPATO, ALLAN
1930
have
(
LOELIGER, FRED V.
Kidder, Peabody 3c Co.
Chicago
Company
LITZEL, CHARLES M.
White, Weld & Co.
Carl Marks &
.Associate)
Allen & Company
We
Inc.
LEVY, MARTIN L.
LALLY, ELMER
KOERNER, IRVING
M
LEVY, GUSTAVE L.
Goldman, Sachs & Co.
LEVY, JOHN M.
Ungerleider, Goetz & Co. (Associate)
8c
(Associate)
MURRAY
Singer, Bean & Mackie, Inc.
LIEBENFROST, CONRAD H.
Stern, Lauer & Co. (Associate)
Fdward
Co., Inc.
Hammill
LEVIN,
LIENHARD, ERNEST
Troster, Singer & Co.
LAINE,
KOELLE, ROBERT
So. LaSalle St., Chicago 4, 111.
Private
8c
FREDERICK
V.
Pollack
&
LADIN, EDWIN S.
& Co.
GEORGE J.
Lasser Bros.
Broadway, New York 5, N. Y.
231
H. D. Knox
N.
H.
The First Boston Corporation
KNOX, HERBERT D.
Stock
GEORGE
Leone
LE11NER, MURRAY
Adler, Coleman & Co.
LADD, 3rd, EDWARD
(Associate)
KNAPP, REGINALD J.
Haas
Co.
William H. Joyce Company
LACY, HERBERT J.
Walston
Dean Witter & Co.
G. C.
L.
Ristine &
LEONE,
KUX, LACY
KLING, HOWARD M.
Mohawk Rubber Co.
ROBERT
P.
LEIBERT, KENNETH V.
Harris, Upham & Co.
KLEIN, LEROY
&
F.
O'Kane, Jr. 8c Co.
KUNZINGER,
Granbery, Marache & Co.
Lebenthal
J.
y/;.-Cyy-
LARSON, ROY R.
'
Lord, Abbett 8c Co.
John
KLEIN, CHARLES E.
Corp.
LARKIN, THOMAS A.
Gcodbody 8c Co.
Kruge & Co. Inc.
KUMM, J. WILLIAM
Hill, Darlington & Co.
Filor, Bullard & Smyth
Interstate Bakeries
Legg & Company
C.
KULLMAN,
KIRTLAND, GEORGE W.
Dictaphone Corporation
LARKIN, EDWARD J.
White, Weld & Co.
KULAKOWSKI, STANLEY CASIMER
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
(Associate)
KIBK, JOSEPH J.
Delafield & Delafleld
Beryllium Co.
John C.
KUIPERS, HENRY G.
c~"
H.
King & King Securities Corp.
Greetings Corporation "A"
Brush
D.
Laird, Bissell & Meeds
KING, SAMUEL
Inc.
(Associate)
KUEHNER, HANNS E.
Charles King 8c Co.
identity with the following stocks for
qualifies us as specialists in:,
many years
JOSEPH
PAUL
New York Hanseatic Corporation
Corporation
Ogden, Wechsler & Krumholz
KING, ROBERT H.
Our
LANZA, P.
KRUMHOLZ, NATHAN A.
s
Co.
LANN, JOSEPH J.
Joseph J. Lann Securities, Inc.
.
WILBUR
Walter
CHARLES
KING, MARTIN
'
,
KRUGE, WALTER C.
(Associate)
Charles King 8c Co.
and Company
H.
Gregory & Sons
KKISAM,
HUGH
Hardy & Co.
KING,
M.
FRANK
KRASOWICH,
Kenney & Co.
IRVIN
Jr.,
Relter Co.
Dominion Securities
KIMBERLY, OLIVER A.
Laird & Company, Corporation
Peabody & Co.
Thursday, October 6, 1960
.
KORN, WILLIAM J.
KILMER,
FRANCIS
JAMES
Kidder,
Co.
KOLLER,
J.
Vanderhoef & Robinson
Carl M. Loeb, Rhoades 8c Co.
& Co.
ROBERT J.
Gregory & Sons
D. Raymond
Shelby Cullom Davis 8c Co.
.
,
KENNEY, JAMES F.
Straus, Blosser 8c McDowell
KELLEY, EUGENE F.
23
page
&
KENNEDY, WALTER V.
KENNEY,
MEMBERS
OF
.
At the Past Officers' Breakfast (front row): Paul I. Moreland, Moreland & Co., Detroit; Lester J.
Thorsen, Glore, Forgan & Co., Chicago; Robert D. Diehl, Paine, Webber, Jackson & Curtis, Los
Angeles; Earl L. Hagensieker, Reinholdt & Gardner, St. Louis; Edward J. Kelly, Carl M. Loeb, Rhoades
& Co., New York;
Homer J. Bateman, Pacific Northwest Company, Seattle; Hugh R. Schlicting,
Wm. P. Harper & Son & Co., Seattle; Joseph E. Smith, Newburger & Co., Philadelphia (President
elect); (back row): Harry J. Hudepohl, Westheimer and Company, Cincinnati; Ludwell A. Strader,
Strader & Company, Inc., Lynchburg, Va.; Richard H. Walsh, Newhard, Cook & Co., St. Louis; Ed¬
ward E. Parsons, Parsons & Co., Inc., Cleveland; Charles A. Bodie, Jr., Stein Bros. & Boyce,
Baltimore;
Allen L. Oliver, Jr., Sanders & Company, Dallas;
William T. Patten, Blyth & Co., Inc., Seattle;
Edward H. Welch, Sincere and Company, Chicago; Paul Yarrow, Walston
& Co., Inc., San Mateo,
Calif.; John W. Bunn, Stifel, Nicolaus & Company, Incorporated, St. Louis; Sidney J. Sanders, Foster
& Marshall, Seattle
; ;
H. Hentz & Co.
New York, Inc.
KANE,
■
The Commercial and Financial Chronicle
HAnover 24850
PRIVATE WIRE SYSTEM
CHICAGO—First Securities Company of
Chicago
DALLAS—Parker, Ford and Company, Inc.
DENVER—Russell Investment
LOS
Company
ANGELES—Marache, Dofflemyre & Co.
SAN
FRANCISCO—Dempsey-Tegeler & Co.
Direct private
telephone Philadelphia—WAlnut 2-1514
Volume
Number 5992
192
Breakfast
LOPEZ, FELIX M.
LOUGHLIN, JOHN P.
Goetz
Ungerleider,
for
&
Co.
(Associate)
(Associate)
MALONE,
-7:*: •"./•■7:7
D.
LYE, CHARLES J.
Merrill
MARKHAM,
J.
Masterson & Co.
'
Company
MacCULLEY,
IRA
B.
MADDOX,
E. F.
Weld
Nye
J.
&
&
Securities
8c
Co.
Fenner & Smith
McDermott 8c
P.
MERCOVICH,
Laldlaw
8c
METZGER,
ANTHONY
T.
Allen
8c
Company
MIGLIORISI,
First
Co.
of
VINCENT
J.
Michigan Corporation
MILLER, Jr., CHARLES H.
S.
Eastman
Dillon,
(Associate)
Co.
Union
Securities 8c
harold
Hirsch
H.
#
MILLER,
HARRY D.
WALTER
Continued
D'Assern & Co.
on
page
r.
m.
(Associate)
b.
Peck
Thomson
MASCERA,
LAWRENCE
McGOVERN,
I.
COMPLIMENTS
McKinnon
JAMES
T.
N.
WILLIAM
J.
Blyth & Co., Inc.
McGOWAN,
Ira Haupt 8c Co.
MAXFIELD,
»
G.
Hornblower & Weeks
MATHES, JOSEPH
HENRY J.
Weld 8c Co.
8c
McGIVNEY,
Kuhn, Loeb & Co.
T.
WILLIAM
FRANK
McGIVNEY,
(Associate)
Co.
a.
Co.
&
George
A.
ALFRED
Rogers
J.
8c
Co.,
Inc.
McKEEVER, WILLIAM DONALD
IRVING
Reynolds & Co.
Winslow, Cohu 8c Stetson, Inc.
(Associate)
john f. Mclaughlin
52 WALL
oils-
STREET, NEW YORK 5, N. Y.
Telephone HAnover 2-3500
mining
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Active Markets Maintained
in
AS TRADERS WE MAINTAIN
IN
MARKETS
39
Broadway
New York 4,
N. Y.
FOREIGN
SECURITIES
SUCH ISSUES
J. F. Reilly & Co., Inc.
1
Alfred L. Vanden Broeck & Co,
Members: New York Stock
American Stock
Exchange Place
Jersey City 2, N. J.
Co.
RICHARD J.
Nugent & Igoe, East Orange, N. J.
MEWING,
(Associate)
robert
&
J.
Gordon Graves 8c Co.
T.
F.
Co.
JOHN
WILLIAM
Co.
& Whitehead
Adams
Martinelli, Hindley & Co., Inc.
WILLIAM
Union
Stephen
Jr.,
MICHELS, HARRY A.
WILLIAM
Courts & Co.
Burnet
Mcdowell,
'
MARTINELLI, VINCENT
Inc.
Hutton 8c Company
MADER,
White,
E.
MEYERS,
d.
Mcdonald,
White,
Jackson & Curtis
MEYERS,
Peter
Incorporated
W.
RANDOLPH
M.
MENDEL, EDWIN JEFFERSON
JAMES
Rose & Co.
PHILIP
Paine, Webber,
(Associate)
(Associate)
H. C. Wainwright 8c Co.
Inc.
j.
Merrill Lynch, Pierce,
Josephthal & Co.
WILLIAM W.
Jr.,
Dillon,
McGIVNEY,
MACKIE, ROBERT A.
8c
Bean & Mackie,
Eastman
MARTINELLI, ANGELO
Singer, Bean & Mackie,
MEYER,
S.
MELLIN,
Denton, Inc.
FRANK
D.
MILTON
Shufro,
Kaufman 8c Co.
GEORGE
HERMAN
Schweickart & Co.
MEYER,
Hayden, Stone & Co.
MACKESSY, T. FRANK
Abbott, Proctor & Paine
Freeman
&
McCarthy, daniel
Co.
WILLIAM
MEYER,
f.
Gordon Graves 8c Co.
Hayden, Stone & Co.
EDWIN J.
III,
V.
(Associate)
MEISENBERG, SHELDON
Ira Haupt & Co.
McCORMACK, EDWARD j.
MARTIN,
Corporation
MacKAIN, FRANK J.
Ingalls & Snyder
MADDEN,
Singer,
Mcdowell,
The Dominion Securities
Affiliates
(Associate)
R.
MATTHEW J.
McCALL,
(Associate)
Bear, Stearns & Co.
JOHN M.
MACDONALD,
McCABE,
MARTIN, RALPH
Equitable Securities Corporation
of
Lehman Brothers
THOMAS
Burns Bros.
(Associate)
R.
Dominick
&
McCLUSKEY,
&
Presidents
THOMAS
8c Co.
McVEY,
MARTENS, GEORGE
Winslow, Cohu & Stetson, Inc.
JOHN VINCENT
&
Co.
Drexel
MARSLAND, ALLISON W.
Wood, Gundy & Co., Inc.
Allen & Company
Shields
Wertheim
McLaughlin,
McPHEE,
GEORGE
Dominick
THOMAS MICHAEL
Blair &
H.
b.
for
Joseph Mayr & Co. (Associate)
Hardy & Co.
LYONS, LAURENCE H.
LYTLE,
JAMES
Josephthal & Co.
R.
Maher Association
FRANK
Grimm & Co.
Mclaughlin, john
MAYR, JOSEPH
MANSON, JOHN N.
Lynch, Pierce, Fenner & Smith
Incorporated
Frank C.
MAYNES,
MALAVET, JOSEPH MICHAEL
J. F. Reilly & Co., Inc.
LUTTERMAN, MORRIS J.
THOMAS
Lynch, Pierce, Fenner 8c Smith
Incorporated
McALEER,
John R.
McKENNA,
JOHN M.
Merrill
J.
McAULIFFE,
Amott, Baker 8c Co., Incorporated
Jr.,
MAYER,
N.
SAM
MAHER, JOHN
LUND, ANTHON
Birnbaum & Co.
Breakfast
MAGID, SAMUEL E.
Hill, Thompson & Co., Inc.
(Associate)
25
Affiliates
MAGID, DAVID H.
Hill, Thompson & Co., Inc.
LUKOW, NAT
LYNCH,
of
(Honorary)
FREDERICK W.
Roggenburg 8c Co.
Co.
Presidents
Investment Dealers Digest
LUDWIG, Jr.,
&
Commercial and Financial Chronicle
MAGAZINE,
LUBETKIN, LLOYD E.
Lvbetkin, Regan 8c Kennedy
Birnbaum
The
MADER, MAXIMILIAN A.
Spear, Leeds & Kellogg, Tenafly,
(Associate)
& McKinnon
Thomson
...
55
Tel.:
Exchange
Exchange
Liberty St., New York 5
BE 3-8880
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26
The Commercial and Financial
26
GEORGE
NELSON,
Security Traders Association of
A.
ROSTER
Wood,
Goodbody St Co.
SAMUEL
MULLIN,
Merrill Lynch,
A.
MURPHY,
MOESCHEN, ROY ERNEST
White,
Weld
MONAHAN,
Purcell
GERALD
F.
John
RICHARD
MONTANYE,
Witter &
C.
Hutzler
O'CONNELL,
Blair
O'BRIEN
CHARLES
MONTE, EDWARD
Newborg & Co.
Norfolk
I.
St
MURPHY,
Co.
Richard
Merrill
Buck St Co.
J.
Lynch,
MUSSON,
MYERS,
ELMER
Sandkuhl St
MORTON, ROALD A.
The Blue List Publishing
S.
&
Smith
New
Co.
Hanseatic
THOMAS
RASMUSSEN,
Wertheim
NADDEO,
Company
VINCENT
Barth Thomas
Smith,
&
F.
Reich
JOHN
HERCULES
W.
Upham & Co.
C.
Pitfield
&
H.
Co.,
,
.
,
LOUIS W.
Voorhis & Co.
Kalb,
(Associate)
Inc.
G.
Reynolds &
B.
Troster, Singer St Co.
M.
Osborne St
St
PALERMO,
F.
Pflugfelder & Rust
Members
of the
New
York
Stock
L.
Winslow, Cohu St Stetson
American
Hickey
Russell
St
Merrill
BROADWAY, NEW YORK 6, N. Y.
Lynch,
Securities Corporation
ROBB,
C.
Pierce,
Incorporated
Fenner
&
Smith
.
.
PAULEY, MILTON
'
RICHARD C.
John R. Boland & Co., Inc.
SANDBACH, JAMES A.
Eastman Dillon, Union Securities
Bache St Co.
ROBINSON, S. CHARLES
Blair St Co., Incorporated
SAN FILIPPO,
Gersten
(Associate)
&
FRANK
Frenkel
PEENE, EDWARD HOWARD
Telephone BOwling Green 9-4900
Dean
Witter
St
Co.
(Associate)
PEET, EDWIN F.
Burns
PEISER,
Ira
Brcs.
St
Denton, Inc.
HARRY J.
Haupt St Co.
PETKE, RUDOLPH J.
Garvin, Bantel St Co.
PFLUGFELDER, WILLIAM H.
Pflugfelder & Rust
BROKERS & DEALERS
Shields & Company
PHELPS, ROGER S.
1
Phelps, Fenn & Co.
,N
PICON, ANTHONY J.
John C. Legg St Company
UNLISTED SECURITIES
PIKE, BERTRAND
F.
Troster, Singer St Co.
m
i
PIZZ1NI, B.
B.
t.
l. watson & co.
Established
Underwriters
PISTELL, JOHN C.
Pistell, Crow, Inc.
—
W.
PIZZINI,
B.
1832
W.
St
Co.,
Inc.
of
ROBERT M.
Pizzini
St
Co.,
Inc.
PLOTKIN, EDWARD A.
MEMBERS
Stern, Lauer St Co.
New York Stock
Exchange * American Slock Exchange
Industrial and
PLUMRIDGE, THEODORE E.
Eastern Securities,
25 BROAD
Distributors
WINTHROP
Pizzlni
Municipal
Inc.
ST., NEW YORK 4, N. Y.
POLITIS, CHARLES P.
Teletype NY 1-1843
Telephone WHitehall 4-6500
Kuhn, Loeb St Co. (Associate)
POLLACK,
Leone
St
HAROLD
Securities
J.
Pollack
POOLE, HORACE I.
Eisele &
King, Libaire, Stout St Co.
WILLIAM K.
Hemphill, Noyes St Co.
PORTER,
For
Banks, Brokers and Dealers
FOREIGN
SECURITIES
Christiana Securities Co.
COMMON
.
model,
Bought
PREFERRED
Sold
Quoted
roland & stone
Members
New York Stock Exchange
120
Broadway
New York 5, N.
American Stock Exchange
WOrth 4-5300
Y.
London: Northgate House,
^
20-24 Mooregate, London, E. C. 2
Paris: 370 Rue St. Honore
Private
'
Teletype NY 1-2525
Teletype to London, England
Francis I. duPont & Co.
Members New York Stock
commodity exchanges
&
Co.
St
Co.
SAMMON, JOHN F.
John J. O'Kane, Jr., St Co.
Webber, Jackson & Curtis
ROBERTS,
Troster, Singer & Co.
PAYNE, ROBERT W.
Inc. V
SALTZMAN, DAVID I.
Torpie St Saltzman
ERNEST N.
Paine,
Saxe,
SALMAN, BERNARD
Singer, Bean St Mackie, Inc.
RIGGIO, ANDREW F.
Walston St Co., Inc.
G.
Company
&
SALISBURY, WILLIAM H.
Eastman Dillon, Union Securities
GEORGE A.
*
Carl Mark3 St Co., Inc. (Associate)
C.
PATTERSON, JAMES
61
SACHTLEBEN, ARTHUR B.
RICHARDSON,
PATTERSON, HOWARD
Freeman
Co.
Rutberg St Co., Inc. (Associate)
White, Weld St Co.
Exchange
St
SAM j.
SABAII, WILLIAM j.
REUTER, WILLIAM C.
Mabon St Co. (Associate)
Company
PARSONS, HOWARD
Eberstadt
RUTBERG,
SAFFERSON. RUSSELL
Co.
LIBORIO
and
Greene
EDWARD WILLIAM
Inc.
Newborg & Co.
Vilas
C.
Inc.
RUSSO, FRANK A.
RETALLICK, ARTHUR B.
OSBORNE, C. MILTON
Co.,
Henry Edelmann St Co.
(Associate)
Co.
&
O'ROURKE, Jr., EDWARD JOSEPH
Blyth & Co., Inc.
St
Singer, Beane & Mackie, Inc.
RUSSELL,
REISMAN, IRVING
Singer, Bean St Mackie, Inc.
Rubin
RUSKIN, EDWARD
REILLY, THOMAS J.
Eastern Securities, Inc.
ORNSTIL, SIDNEY
N.
Company
J. F. Reilly St Co.,
HARRY
Co.
RUBIN, BURT N.
REILLY, JOHN F.
Goodbody & Co.
ORLOFF,
American
'y
Walker
H.
FREDERICK B.
Securities Corporation
RUBIEN, EVERETT R.
Cruttenden, Podesta St Co.
(Associate)
A.
Kaufman, Alsberg St Co.
REILLY, JOHN C.
FRANK J.
ORLANDO,
St
(Associate)
G.
Co.
ROUGHAN,
REILLY, JOHN A.
Ci'dy, Roberts & Co.
Co., Inc.
WILLIAM
L.
EDWARD A.
ALBERT
St
St Co.
Barney
reich, jay
ORCHIN,
NAYLOR,
ROBERT
ROTH, JAMES
J.
Co.
REDMOND, HERBERT T.
Frederick S. Robinson St Co., Inc.
Goodbody & Co.
Co., Inc.
WILLIAM
&
Weeden
REARDON, WARREN V.
Corporation
N.,
O'MARA, JOHN J.
E.
J.
Thalmann & Co.
Ladenburg,
ROSSNER,
SOLOMON
Goldman, Sachs & Co.
Singer St Co.
Troster,
Co.
Lehman Brothers
Mergott, Rappa St Co., Inc.
McKinnon
&
York
St
Englander St Co., Inc.
Co., Inc.
St
RASCHKIND,
OHLANDT, Jr., JOHN D.
O'KEEFE,
Quinn
RAPPA, SALVATORE J.
OPITZ, FRED W.
(Honorary)
Harris,
Fenner
F.
Newburger, Loeb &
MORTON, PAUL S.
Peter P. McDermott & Co.
MOTTINO,
Pierce,
JAMES
Stamm
ROSENZWEIG,
J.
Incorporated
MORRISSEY, JOSEPH P.
L.
Quinn, Neu St Co. (Associate)
WALTER T.
Thomson
A.
ROSENBAUM, NORRIS
EUGENE J.
QUINN, KEVIN
CHARLES D.
O'HARA,
WALTER
Company,
St
ROSENBAUM, HARRY
ROSENBAUM,
Railway Co.
Ogden, Wechsler & Krumholz
Murphy & Durieu
Bantel
Garvin,
J.
Gardner
A.
Newark, N. J.
(Associate)
Whipple St Co.
Bacon,
Troster, Singer & Co.
OGDEN,
ROOS, J. WILLIAM
(Associate)
Pulis & Co.
QUINN,
E.
CHARLES
OFFERMAN,
P.
(Associate)
PYLE, RAYMOND WILLIAM
St Co.
Southern
St
(Associate)
Corporation
Hardy & Co.
W.
J.
(Honorary)
Sons
Hanseatic
York
ROOME, KENNETH A.
CHARLES D.
D.
PUPDY, EARL
Hardy St Co.
HENRY
OETJEN,
MURPHY, WALTER A.
MORAN, FRANCIS X.
C.
Incorporated
Co.,
New
WILLIAM D.
Stieglitz (Associate)
St
PULIS,
Shelby Cullom Davis
RICHARD J.
MURPHY,
Halle
HOMER
O'Neill St Co. Inc.
George,
RONAN, FRANK J.
Stanley Heller & Co. (Associate)
O'CONNOR, WILLIAM D.
Blyth & Co., Inc.
Co.
St
rohdin, milton r.
PROSNITZ,
Whitehead
St
Roggenburg St Co.
St Co.
PRINCE, MILTON A.
O'CONNELL, EDWARD J.
Bartow, Leeds & Co.
E.
KENNETH
MURPHY,
B.
St
HAROLD
&
Eastman
STANLEY L.
ROGGENBURG,
FRED W.
Dillon, Union Securities
PRELLER,
Co.
Pont St
JOSEPH S.
Nye
J.
Legg St Company
Gregory
Inc.
Co.
HAROLD
Casper Rogers Co.
(Associate)
St Co.
Dillon,
Securities & Co.
CASPER A.
ROGERS,
Union Securities
Eastman
Denton, Inc.
ROBSON, HENRY E.¬
Eastman Dillon, Union
CHARLES F.
PRELLER,
EDMOND J.
Alstyne, Noel & Co. (Associate)
Van
NYE,
Day
CYRIL M.
MURPHY,
Rhoades & Co.
L.
Company
St
MURPHY,
GILES
Loeb,
Carl M.
III,
Mackay
(Associate)
Co.
Co.
St
MONTANYE,
Dean
St
R.
Co.
&
Bros.
MURPHY,
MOLLOY, PETER E.
St
CHARLES
Salomon
Gregory & Sons (Associate)
St
St
FREMONT W.
McLeod, Young, Weir, Incorporated
Inc.
Montgomery, Scott St Co.
(Associate)
Co.
NORRIS,
GORDON
THOMAS
Witter
Dean
G.
Francis I. du
Co.
Anthony
MULL INS,
Fenner & Smith
Pierce,
Incorporated
&
DANIEL
Tucker,
Marks
NOKE,
FRANK E.
Goodbody
B.
York Hanseatic Corporation
MITCHELL, JOSEPH
Carl
McLaughlin, Kaufman St Co.
MULLIGAN
Securities
DONALD
P.
Bros.
Burns
RALMI
POWER,
NIEMAN, BARNEY
MULHOLLAND, WILLIAM R.
BaEfer & Co. Incorporated
Amott,
MILLER, RICHARD V.
New
Co.
JOHN
MILLER,
MILT,
Struthers St
Securities,
Eastern
Corporation
LAWRENCE
Seminole
MUELLER, Jr., WILLIAM C.
25
ROBITAILLE,
VINCENT A.
POWELL,
Hanseatic
York
NEWMAN,
Continued from page
Inc.
(Associate)
MEMBERS
OF
Schapiro St Co.,
NETBURN, AARON
New
Thursday, October 6, 1960
ROBSON,
POWELL, ALFRED L.
Alfred L. Powell Company
NESTER, WALTER C.
M.
.
Schwabacher St Co.
Gregory St Sons
New York, Inc.
.
.
RICHARD E.
(Associate)
PORTMORE,
E.
Chronicle
Exchange and principal security and
•
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Volume
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192
5992
...
The Commercial and Financial Chronicle
27
i'f
K
<
Mrs.
Joseph Smith, Philadelphia, First Lady of N. S. T. A. for
Mrs.
1961
Richard
H.
Jr.,
York
New
ANTHONY
Hanseatlc
Frank
Sassa
SAUNDERS.
Dominion
T.
SCHLOSS, IRWIN
Irv/in
Corporation
V
SASSA, FRANK II.
Co.
Securities
SCHNEIDER,
Co.,
J.
Inc.
T.
(Associate)
F.
K.
Securities,
Inc.
Dominion
The
Securities
Burnham
Corporation
Rice,
&
Co.
and
Burnham
SAXE, SIGMUND
Russell &
and
Saxe,
Inc.
Coffin &
(Associate)
&
Townsend,
&
JOSEPH
CLAUDE
Merrill
Burr, Incorporated
Knox
SCIIANKE,
W.
C.
&
SCHWADRON, J. JAY
Burke & Co.
Co., Inc.
Lynch,
JENS
KROGER
Pitficld &
Co.,
Inc.
i
SCIASCIA,
(Associate)
Hayden,
CHARLES
Stone
&
L.
Pierce,
Fenner
&
Smith
'
SERLEN,
W.
Co.
Foster
SLEDGE,
<ft
LEWIS
Joseph thai
Marshall,
Carl Marks &
s
Seattle,
CHARLES
Francis
&
SMITH,
Inc.
E.
Co.
IRVING
I.
du
Smith
E.
Pont
Co.
&
(Associate)
Co.
ERNEST
Smith &
Ernest
Co., Inc.
(Associate)
SMITH, HAROLD B.
P. F. Fox & Co., Inc.
J,
(Associate)
Hogle
&
del
Mar,
Corona
Cot
i
"
Calif.
(Honorary)
SHELDON
SMITH.
Stone & Co.
Simmons
S.
A.
&
SIDNEY H.
^ Spingarn, Heine & Co. (Associate)
Co.,
SMITH, WILLIAM HART
Inc.
Hart
Co., Inc. (Associate)
\
EDWARD E.
SMITH,
J.
SIMMONS. HARRY
V".
ROBERT
SMITH, ELBRIDGE H.
Stryker & Brown
SILVERMAN, WALTER
H.
SINGER, HERBERT
Singer, Bean & Mackie.
Smith
& Co.
Continued
Inc.
on
page
SHANLEY, RICHARD T.
"The
Corporation
Securities
Equitable
'V'1'
SHARP, ELIOT H. /
Investment
(Honorary)
Dealers'
r
Digest"
•
STANLEY R.
Josephthal & Co.
SHAW,
Adler, Coleman & Co
,
SHEA, VINCENT P.
Glore, Forgan & Co.
Stock
Exchange
SHERGER,
American
HALLE
Wood, Gundy & Co., Inc.
Exchange
Members
yyrr. yy
SHEA, JAMES F.
Members New York Stock
Francis
JOHN
I.
du
STIEGLITZ
&
(Associate)
ESTABLISHED
1889
W.
Pont & Co.
'
SHERIDAN, CORNELIUS B.
Mitchell &
i \
"
'
;•/
'
v'.-
•
\
Company
MEMBERS
SHERMAN, LEE D.
L.
15 Broad Street,
HAnover
New York 5
D.
Sherman
SHERWOOD,
Reynolds
2-9780
&
Co.
DONALD
&
Co.
K.
Shields
SHIPMAN,
C.
& Co.
New York Stock Exchange
B.
cAmerican Stock
-
SHIELDS, GARVIN K.
G.
(Associate)
Exchange
New York Cotton Exchange
Commodity Exchange, Inc.
Chicago Hoard of Trade
E.
Halsey, Sluart & Co.
Inc.
52 WALL STREET
48 COMMERCE STREET
New York 5
Newark 2
HAnover 2-9050
Mitchell 2-5690
Hill, Darlington & Grimm
Members
York
New
'■
v
Stock Exchange
•'1
i •
1910
TRADING DEPARTMENT
,
Co-Managers
01III
50 TH
Anniversary
Charles Freda
J. William Kumm
2
Broadway
*
I960
New York 4, N. Y.
Telephone: HA 5-6200
HAY, Falis & CD.
Members
150 Fifth Avenue, New York City • 7321 Fifth Avenue, Brooklyn
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Branch Offices:
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Connecticut • Orlando, Florida • Rochester, New York •
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SMITH, CLIFTON B.
(Associate)
';
SHANKMAN, BENJAMIN
'im
%'
.
Fales & Co.
Hayden,
H.
Co.
&
s
\
.
Gregory & Sons
C.
Shore & Co.
SILVERSTEIN,
SELIGMAN, BERTRAM
Straus, Blosser & McDowell
"::v
Foster,
Co.
SILVERHERZ,
Hay,
HERBERT
SEIJAS,
F.
O.
SILLS, LOUIS
Gartman, Rose & Feuer
Financial Chronicle
(Honorary)
Incorporated
II. D.
C.
Shaskan
Crouter
D.
The Commercial &
(Associate)
Albert
RICHARD
&
HAROLD
Harold
Co.
(Associate)
Company
SCHNEIDECKER,
SCHAEFER, EDWARD WILLIAM
SHORE,
& Bodine
Company
SCHNEIDER, THEODORE M.
(Associate) i
Richter
Inc.
JOHN
Jr.
Mrs.
&
"
SIEPSER, JAMES
Haven
SEIBERT,
Asiel
SHIPMAN,
Co.,
&
Mr.
convention
SIEGEL, SIDNEY A.
Sidney A. Siegel & Co.,
De
SCHNEIDER, MICHAEL
SAUTER, MORTON G.
the
\s
songs
SEARIGHT, GEORGE A.
Searight, Ahalt & O'Connor
F.
(Associate)
SAUNDERS, WALTER F.
entertaining
RICHARD
Reilly
SCRIMGEOUR,
J.
Louis,
beautiful
SEAVER, CHARLES H.
CHESTER
Canadian
Grace
Corporation
her
SCOTT,
&
WILLIAM
Laird, Bissell & Meeds
GAGE
D.
Schloss
SCHMIDT,
St.
with
SANSVERIE,
Walsh,
\
New York Stock
Exchange
American Stock Exchange
71
(Assoc.)
Broadwuy, New York 8, N. Y.
Tel: BO 9-7030
•
-
S.
28
TETMEYER,
JOSEPH
E.
Salomon Bros. A Hutzler
WILLIAM P.
Lynch, Pierce, Penner
Incorporated
Merrill
Smith,
MILTON
Barney
A
A
G.
Carl
Co.
A
Lynch,
(Associate)
Moore,
RICHARD
A
Son,
Inc.
Torpie
STEIN, IRVING
SWORDS, WILLIAM J.
Zuckerman, Smith A Co.
M.
8.
S. Wien A Co..
Jersey City, N. J.
Co.
E.
Wm.
Towbin
TARPEY,
STERN, FREDERICK M.
Allyn
A
Company,
Edwin
James
DONALD V.
Incorporated
L.
D.
L.
Tatro Company
TENENBAUM, L. JAY
Goldman,
(Associate)
WELCH,
R. S.
D.
Anthony & Co., Inc.
Blair
H.
'
J.
Schweickart
Digest"
WENDLER,
Mitchell
(Honorary)
S.
Singer A Co.
ZACK, ALBERT
Carl Marks A Co., Inc.
(Associate)
Co.
A Company
Frank A
(Associate)
ZEBERTOVICH, ALEXANDER C.
New York Hanseatic Corporation
EVERETT F.
ZEEMAN, JR., HARRY L.
Carl Marks A Co., Inc. (Associate)
V
M.
ZINGRAF, CHARLES
Dean Witter A Co.
RALPH II.
WESEMAN,
ALBERT
Spencer Trask A Co.
Company
Jr.,
E.
WHITAKER,
Unterberg,
C.
I.
THOMAS
UNTERBERG,
Ingalls &. Snyder
&
WERKMEISTER, JR., JOHN O.
Vilas & Hickey
Moseley & Co.
TYSON,
C.
YUNKER, ROSWELL J.
A. M. Kidder & Co., Inc.
(Associate)
A Co.
LAMAR K.
TUZO,
F.
Company
W. Seligman
Inc.
YOUNG, THEODORE R.
New York Hanseatic Corporation
WELTMAN, NORMAN
TROSTER, OLIVER J.
Troster,
A
A. Siegel & Co.,
Sidney
H.
Co., Inc.
FRANK
Dickson &
John C. Legg &
Dixon
A
(Associate)
Stern, Lauer & Co.
YEDNAK, PAUL R.
WELSH, JOHN JOSEPH
TRIGGER, RAYMOND
"The Investment Dealers'
Sachs A Co.
Company
YAEGER, LEON M.
Inc.
WELLS, HORACE W.
A Company
GEORGE D.
TREFCER,
(Associate)
Gold, Weissman Co.
TRAPANI, RALPH J.
Cutter
STEVENSON, JOHN H.
Singer, Bean A Mackie, Inc.
THOMAS
TRAMAZZO,
EDWIN
TATRO,
STEVEN, Jr., ANDREW R.
C.
V
Goodbody & Co.
Gruntal A Co.
A.
•
,
A
WREN, LAWRENCE
Allen A Company
WEISSMAN, BERNARD
Lynch, Pierce, Fenner A Smith
Incorporated
,
Inc.
Co.,
Bean & Mackie,
Singer,
Co.
TRAGER, THOMAS J.
Abraham & Co.
Incorporated
Berk
H.
WEISS, MORTON N.
TOWBIN, BELMONT
C.
E.
Unterberg,
TAFT, WILLIAM J.
V. Frankel A Co.,
WORTHINGTON, THOMAS F.
A
Benkert
W.
Co.
Schrijver A Co.
V
Casper Rogers A Co. (Associate)
A.
A
WITTMAN, DAVID
-
WEISS, MALCOLM
A.
Merrill
STEIN, JOHN R.
Inc.
Grossman A Co.,
Weinberg,
Dorp, S. I., N. Y.
Grimm
WEINSTEIN, ALEX
ROBERT
Unterberg, Towbin Co.
TOWBIN,
New
WITTICH, WILBUR R.
Herzog A Co.
Saltzmann
A
WILLIAM ANTHONY
Wainv/rlght A Co. (Associate)
C.
WEINGARTEN, LOUIS
TORPIE, ROBERT A.
J. C. Bradford & Co.
r
C.
SWENSON, CARL
G. H. Walker A
8.
Company
Co.
WITKOWSKI, JOHN
John Witkowski A Co.
WEINBERG, SAMUEL
JAMES V.
TORPIE,
EDWARD V.
Leonard A Lynch
STEIN, H. RICHARD
Aslel A Co. (Associate)
and
Greene
Inc.
H.
A
M.
WEILAND,
(Honorary)
ROBERT M.
TOPOL,
SULLIVAN, WALTER E.
Hayden, Stone A Co.
(Associate)
Co.
A
Tompkins A Lauren
STRYKER,
Mabon A Co.
Co.
Strauss
Mabon
CHARLES
Joseph Walker A Sons (Associate)
TOMPKINS, BERNARD
ABRAHAM
Kidder A Co.,
M.
A.
8TATTER, EUGENE G.
H.
Wertheim
WIRTH, HOMER
Lehman Brothers
WEIL,
A.
(Associate)
Company, Inc.
&
WINSTON, LOUIS
Frank A Company
ARTHUR
WEIGNER,
WILLIAM
Jr.,
f White, Weld A Co. (Associate)
WINF1ELD, IVALTER R.
Eaton
Harris, Upham A Co.
TITUS,
STROTHMANN, NELSON A.
Bruns, Nordeman A Co.
A
Smith
E.
Company
HENRY
WILLS,
WEIGEL, CHARLES A.
W. E. Hutton A Co. (Associate)
TITOLO, JOAQUIN
A
Penner
Co.
A
Cowen
STRAUSS,
Co.
STARK, EUGENE
Aslel
Pierce,
(Associate)
DONALD
and
Burnham
Weld & Co.
White,
Wien A Company
S.
WILLIAMS,
Krumholz
WEHMANN, GILBERT H.
TISCH, ALFRED F.
Fitzgerald & Company
STRATTON, GEORGE W.
Abraham
STEIN,
Inc.
Co.,
Co.
Incorporated
Inc.
Co.,
Smlthers A
A
WECHSLER, THEODORE
G. C. Haas A Co.
(Honorary)
^
Laird, Bissell (te Meeds
ARNOLD J.
Ogden, Wechsler &
HENRY
.
WILLIAMS, CARROLL W.
I
WECHSLER,
R.
Tucker, Anthony A R. L. Day
CHARLES E.
Merrill
WILLIAM P.
Marks
S.
Saxton
Stoltz
M.
Jersey City, N. J.
Hardy A Co.
F.
.
,
WIEN, PERCY J.
DANIEL
(Associate)
Co.
WEBSTER, W. FOSTER
Foundation Company
The
STONEBRIDGE, CHARLES L.
STANFORD, KENNETH C.
P.
A.
E.
C.
SOZEK, GEORGE E.
George E. Sozek Co.
SPRINGER,
TINI,
Gregory A Sons
(Associate)
Co.
Witter A
WILLIAM
THOMPSON,
STOLTZ,
EMIL
(Associate)
&
Wertheim
STOLLE, CARL
Smith
A
Dean
A Co.
WIELAR, JACK B.
JOHN T.
Co. (Associate)
THOMPSON,
MURRAY W.
Abraham A Co. (Associate)
WHITING, EDMUND A.
Carl M. Loeb, Rhoades
& Company
Asiel
(Associate)
THOMPSON, EDWARD L
Smith, Barney A Co.
STILLMAN,
SOKENSON,
SOUKUP,
White,
STILLMAN, HARRY A.
Greene and Company
Continued from page 27
Reich
WASSERVOGEL, F.
FRANK J.
Weld A Co.
Thursday, October 6, 1960
WASSERMAN, JOHN
Loeb & Co.
Newburger,
THOMAS,
.
.
.
WASSERMAN, IRVING
J.
Domlnlck
A
THISTLETON, JOHN F.
OF MEMBERS
ROSTER
WILLIAM
Dominick
Security Traders Association of
New York, Inc.
SMYTH,
Financial Chronicle
The Commercial and
28
Towbin
B.
ZINNA, EDWARD
Smith, Barney A Co.
CLARENCE B.
Whitaker & Co.
(Associate)
Co.
UNTERBERG, CLARENCE E.v
York Stock Exchange
Members New
Members
American
Stock
C.
Exchange
E.
Podesta A Co.
Cruttenden,
VALENTINO,
Over-the-Counter
Trading Dept.
G
VAN
D.
Howard
Frank
Brown
A.
Pell
Co.,
We invite N S T A Members to visit
F.
Inc.
HERBERT
our new
System Teletype NY 1-1459
MILTON
New York
Lomasney A Co.
VAN TUYL,
Tuyl
&
George
Voorhis A
VERIAN,
Co.
j4.C.j4ffyn d6o.
FRANK R.
Lynch, Pierce, Fenner A Smith
Merrill
Incorporated
VERMILYE, G. LATHROP
Vermilye Brothers
Roggenburg
&
of Securities
Members
New York Stock Exchange
VISCOUNT, ROBERT D.
Co.
Dealers, Inc.
VOLK,
Midwest Stock Exchange
•
American Stock Exchange
Spear, Leeds A Kellogg, Red Bank, N. J.
VOGRIN, JOHN J.
Benjamin, Hill A Co.
Security Dealers Association
York
Association
City
E. EVERETT
VARE, ARTHUR
Kalb,
National
enlarged offices at
WALL STREET
45
Co.
RIPER,
Van
Members New
and
E.
NOOT, HARRY
&
Myron A.
NEW YORK 5, N. Y.
COrtlandt 7-6800—-Bell
A
BLARCUM,
VANDER
MacKain
BROADWAY
MICHAEL
Saxton
Equitable Securities Corporation
VAN
100
Towbin Co.
Unterberg,
VACCARO, FRANK
CHICAGO
•
NEW YORK
•
(Associate)
BOSTON
•
MIAMI BEACH
WILLIAM
Hemphill,
Noyes
Co.
&
VOLKOMER, LOUIS
Brokers and Dealers
Robert
Martin
A.
Associates,
Inc.
(Associate)
CORPORATE SECURITIES
VON
SCHAUMBERG,
GERALD
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
WAHL, LAWRENCE F.
Hill, Darlington & Co.
SPECIALIZING IN
WALDRON,
Merrill
BROADWAY
-
NEW YORK
6
Bell
for
WALSH,
NEW
A
150
A.
Company
(Associate)
A
Stock
Exchange
I
i
Co.
&
W.
Co.,
HERBERT
Witter
A
Inc.
EXCHANGE
NEW YORK 38, N. Y.
Teletype NY 1-588
1064
Philadelphia:
Altoona:
Penobscot
Building
1420 Walnut Street
Central
Trust
Bldg.
OFFICES
Naugatuck:
19
Church Street
Waterbury: 186 Grand Street
Rome, N. Y.: 108 East Dominick
R.
Co.
PRIVATE WIRES TO
Glore, Forgan & Co.
Chicago
Schneider, Bernet & Hickman, Inc.
UNDERWRITERS—DEALERS—DISTRIBUTORS
•
BRANCH
FRANK
Saxton
WASHER,
Dean
BROADWAY
EXCHANGE
STOCK
STOCK
Telephone BArclay 7-4880
Detroit:
Golkio, Bomback & Co.
YORK
JOHN F.
Courts
A.
Retail Distribution
AMERICAN
MEMBER
Quotation Bureau
EDWARD
WARNER,
G.
Offer Us
Incorporated
LOUIS
(Honorary)
Elliott
to
Quality Securities
Amott,Baker & Co.
GRAHAM
MEMBER
WALSH,
York
Investment
Dempsey-Tegeler A Co.
Teletype: NY 1-1928
National
New
Dealers Are Invited
STANLEY M.
Lynch, Pierce, Fenner A Smith
WALKER,
Members
of
Suitable
Incorporated
WALKER.
,Telephone: WHitehall 3-3840
and
Blocks
WALDRON, D. KINGSLEY
DeHaven A Townsend, Crouter A Bodine
Foreign Dollar Bonds & Scrip
29
Brokers
Dallas
Underwood, Neuhaus $ Co.
G. A. Saxton
&
Co., Inc.
Houston
Crowell, Weedon & Co.
i
Los
67 Broad
Street, New York 4, N. Y.
Telephone: WHitehall 44567
Teletype: NY 1-1658
Teletype NY 1-1605-1606-1607
Angeles
I
Hess, Grant & Remington, Inc.
II
Reinholdt & Gardner
52 Wall St., New York 5, N.
Philadelphia
WHitehall 4-4970
St. Louis
Trading Dept.: WHitehall 4-4871
Stawart, Eubanks, Meyerson & Co.
San Francisco
i
1
$L
I
I
Trading Markets in Public Utility, Natural Gas and Industrial Securities
Y.
Volume
Number 5992
192
.
.
.
The Commercial and Financial Chronicle
Pittsburgh Securities Traders
CRAIG, JAMES W.
ROSENBERG,
C. S. McKee & Company
H.
CREHAN, JAMES E.
Moore,
Association
29
*
Leonard
Lynch
A.
ROBERT
J.
Moore,
&
Humphrey,
Inc.
John W. Hoy, Jr.
H.
Treasurer:
S.
ROBERT
McKee
&
R.
W.
Yr
■»
V' Y:;
VyyY
John W. Hoy, Jr., Parrish & Co.i
FOLEY,
Directors:
Arthur F. Humphrey, Jr., Hulme, Applegate & Hum¬
GENKINGER, JACK M.
J. M. Genkinger & Co., New Castle,
&
Thomas
;
Reed, Lear & Co.
&
APPLEGATE,
A.
&
Co.,
;V,
Co.
DUANE G.
Merrill Lynch, Pierce,
Incorporated
BURGWIN,
Howard
Fenner
&
Smith
,
BARR, THOMAS L.
HOWARD
J.
Burgwin
&
J.
VV
V
Deane & Scribner
Pennington
&
Co.,
Inc.
ARTHUR R.
E.
WARD,
Masten
NORMAN
Ward
Norman
<
& Company
f
B.
&
Co.
SOLTIS,
STEELE,
H.
J.
E.
PAUL
Thomas
&
ROBERT C.
McJunkin, Patton & Co.
Company
HARRY
Steele
STUBNER,
&
,
FRED
WILLEY,
Stroud
J.
&
W.
Incorporated
Company,
Co.
Walston
PHILIP
&
Inc.
Co.,
WOODS, JOHN P.
CHRISTIAN J.
&
Co.
Ward &
Norman
■
National
Mellon
•>
Bank
&
Trust
Co.
Co.
WOOLFOLK, THOMAS
Mellon
National
E.
A.
STUREK, FRANK T.
Bank
&
Masten
&
Company
Trust Co.
Merrill
Lynch,
Incorporated
SULLIVAN, JOSEPH H.
Cunnnigham, Schmertz & Co., Inc.
SWEITZER, EARL E.
ZUNIC,
,E. E. Sweitzer Co., Inc.
L.
Fenner
.
■
&
Smith
*
JOSEPH F.
Thomas
■ >,.
Pierce,
&
Company
JOHN
Parrish
& Co.
Underwriters and Distributors
McKelvy & Company
Inc.
INGRAM, PAUL H.
Chaplin McGuiness & Co.
JACOBS,
Preston, Watt & Schoyer
COHEN,
Corporation
Francis
ROBERT
I.
du
J.
Pont
Corporate and Municipal Securities
HUNTER, FRANK H.
CHARLES
Singer,
First
Inc.
STEIGERWALD, WILLIAM R.
Langley-Howard, Inc.
Pa.
McKelvey & Company
Co.
CARROLL, WALTER J.
Janney, Dulles & Battles,
CARTER, ALBERT R.
BATZ, EDWARD L.
s
A.
HUNTER, DAVID
BARBOUR,
Singer,
Incorporated
UMSTEAD, AUSTIN S.
:
Hulme, Applegate & Humphrey, Inc. :yi-~
Arthurs, Lestrange & Co.
Babbitt & Co., Incorporated
H.
Company
Tague Co.
HUMPHREY, Jr., ARTHUR F.
Hulme, Applegate & Humphrey, Inc.
III
BUFFINGTON, JOSEPH,
WALTER H.
BABBITT,
W.
SHIRLEY
&
HULME, MILTON G.
BUFFINGTON, Jr., JOSEPH
Arthurs, Lestrange & Co.
(
Arthurs, Lestrange & Co.
&
Inc.
Masten
ZINGERMAN, ROGER J.
Schmertz
WALTER
Inc.
Chaplin, McGuiness & Co.
HOY, Jr.,
BROWER, A. BRUCE
Wellington Distributors,
LOWRIE
ARTHURS, ADDISON W.
Parrish
HOWLEY,
Cunningham, Schmertz & Co., Inc.
Inc.
Hulme, Applegate & Humphrey, Inc.
AUSTIN, JAMES
HEFREN,
BODELL, G. CLIFFORD
'
;
Company
Cunningham,
BEAR, S. LEE
Kay, Richards & Co.
Y;
•
ANFANG, JAMES J.
Cunningham, Schmertz
i
E.
TRUMAN, PAUL
Stroud & Company,
,/
HAMSHER, ROY M.
,
Edward
Stubner
Co.
GURCAK, FRANK J.
OF MEMBERS
WM. J.
A.
WOLFERS,
GEORGE H.
Jr.,
Bernstein
Co.,
&
ARTHUR
TRESCH,
Co.
WILLIAM R.
Reed, Lear & Co.
GLEESON,
Schmertz
Cunningham,
WETMORE,
Secretary:
ACKERMAN,
&
Co.
&
TOMASIC, ANTHONY E.
Thomas & Company
P.
Company
SMITH, JOHN P.
Company
Roy M. Hamsher, Cunningham, Schmertz & Co., Inc.
ROSTER
Steele
J.
Hefren
R.
WARD, Jr., NORMAN B.
FITZGERALD, JOHN L.
Singer, Deane & Scribner
Inc.; David W. Hunter, McKelvy & Company.
&
SINGER, G. HARTON, III.
Singer, Deane & Scribner
Simpson, Emery & Co., Inc.
Robert C. Wetmore, McJunkin, Patton & Co.
phrey, Inc.; Robert G. Deakins, Reed, Lear & Co.; Samuel H.
Teresi, Thompson and Taylor Co.; John C. Loos, Walston & Co.,
ROBERT
McKee
SIMPSON, WILLIAM G.
Simpson, Emery & Co.,
FISHER, CHARLES N.
Singer, Deane & Scribner
Vice-President:
S.
SHUTTLEWORTH, WILLIAM S.
Stroud & Company, Incorporated
EMERY, JOHN L.
C.
Norman B. Ward, Jr., Norman Ward & Co.
Arthur
F. Childs and Company
FERRERO,
President:
WILLARD J.
TILL1TSON, Jr.,
SHEPPARD, JOHN S.
EISENSTAT, NORMAN C.
Bruno-Lenchner, Inc.
Roy M. Hamsher
Preston, Watt & Schoyer
TIERNAN, WILSON B.
Preston, Watt & Schoyer
TITUS, SILAS J.
C.
DOYLE, ROBERT C.
Robert C. Wetmore
TIERNAN, Jr., FRANK M.
M.
Singer, Deane & Scribner
DORBRITZ, ERNEST O.
Moore, Leonard & Lynch
Jr.
FRANCIS L.
SCHUGAR, MAX N. ,■
Walston & Co., Inc.
SHAFFER,
DONALDSON, JOHN P.
Kay, Richards & Co.
Norman B. Ward,
TIERNAN, FRANK M.
Preston, Watt & Schoyer
SCRIBNER, JOSEPH M.
\
•,
DODWORTH, W. STANLEY
Hare's, Ltd.
C.
Company
ROBERT C.
Cunningham, Schmertz & Co., Inc.
&
Co.
Reed, Lear & Co.
SCHMERTZ,
DEAKINS, ROBERT G.
Lear
&
M.
TERESI, SAMUEL H.
Leonard & Lynch
SCHMERTZ,
PAUL A.
Reed,
Masten
Co.
RAYMOND
TAYLOR,
SATLER, Jr., FRANK L.
McKelvy & Company
Applegate
E.
EDWARD
W.
Edward Tague
W.
RYAN, THOMAS C.
DAVIES, Jr., THOMAS J.
Hulme,
TAGUE,
M.
Co.
Bruno-Lenchner, Inc.
Singer, Deane & Scribner
DAY,
JOCK
&
RUMPF, JAMES B.
&
CRIST, JAMES D.
Kay, Richards & Co.
CUNNINGHAM,
Hentz
&
Co.
V
Specialists in Rights and "When Issued" Securities
E.
Deane & Scribner
JAMISON,
Jr.,
THOMAS
S.
Institutional Research
Moore, Leonard & Lynch
for
HERBERT G.
Hemphill, Noyes & Co.
JOHNS,
JOHNSON,
WILBUR
Johnson
Banks and Institutional Investors
E.
& Johnson
JOHNSON, Jr., WILBUR E.
Y
Johnson
Bacon, Stevenson & Co.
Members New York Stock Exchange
Members
Stock
American
Johnson
JOHN R.
\'X-y'
KOST,
A.
Established 1905
E.
Masten
Company,
&
EDWARD
KROW,
BONDS
^
INCORPORATED
.
Lear & Co.
Reed,
KNOCH, CYRIL
Simpson, Emery
MUNICIPAL
McDonnell & To.
Francis I. du Pont & Co.
KLIMA,
Exchange
&
KEIR, HAROLD M.
Inc.
■
'
Members New York Stock
Exchange—American Stock Exchange
C.
&
V
Company
120 Broadway
Chicago
Denver
HARVEY
Walston
&
New York 5
Co., Inc.
Detroit
LAMBING, Jr., MALCOMB
Thomas
&
San Francisco
Uptown:
Company
EUGENE H.
LEAR,
250 Park
Newark
Los Angeles
Avenue
Reed, Lear & Co.
39
Broadway, New York 6, N. Y.
LEAR, JAMES C.
Reed, Lear & Co.
LEATHERBURY,
Telephone DIgby 4-4100
Reed,
Lear
&
Y
,
C
,
GEORGE P.
Co.
LEECH, FREDERICK C.
Arthurs, Lestrange & Co.
LESTRANGE, GEORGE
Arthurs,
E.
Lestrange & Co.
ANTHONY A.
LOESCH,
Francis
I.
du
Pont
&
ALL
Co.
MARKETS
ON
ONE
CALL
LONSINGER, EUGENE W.
SPECIALISTS
IN
Reed, Lear & Co.
LOOS, JOHN C.
Walston
&
Co.,
MacDONALD,
Complete Brokerage Service
S.
Kay, Richards & Co.
States
United
Inc.
LINFORD
MARISCO,
Francis
Municipal, State and Revenue Bonds
FRANCIS A.
Sr.,
du
I.
Pont
&
Co.
MARONEY, FRANKLIN
Government
Securities
Blair
&
Co.,
All Corporate &
Incorporated
Foreign Bonds
McCONNELL, Jr., W. BRUCE
Singer, Deane & Scribner
McKEE,
CARL
State
and
Preferred and Common Stocks
S.
McKee & Company
C. S.
METZMAIER, Jr., ALBERT J.
Mellon
National
Bank
Trust
&
Co.
★
MOIR,
Bonds
Municipal
★
-*
.
Arthurs, Lestrange & Co.
PALMER,
W.
EDWARD D.
Tague Co.
Edward
PARKER.
Kay, Richards & Co.
Kay,
MABON
R. BURTON
H.
PARKER,
•
SHELDON
Richards
&
Co.
Members
HERBERT B.
Moore, Leonard & Lynch,
Washington, Pa.
PEELOR,
& CO.
Established 1892
PARRY,
C. J. DEVINE & CO.
★
KENNETH
New York Stock
Exchange
American Stock
CHARLES
Exchange
Arthurs, Lestrange & Co.
HAnover 2-2727
New York 5
48 Wall Street,
PONICALL,
H.
Chicago
•
Boston
Cleveland
•
•
Philadelphia
Cincinnati
•
•
Washington
St. Louis
•
•
Pittsburgh
San Francisco
S.
POWELL,
Elmer
Jr.,
FRANK
M.
115
Wires to all Offices
|
NEW YORK 6, N. Y.
RE
ELMER E.
E.
Powell
&
Simpson,
Bell
RICHARDS,
Richards
Emery
Jr.,
&
&
2-2820
Co.
REED, PAUL
Direct
BROADWAY
Steele & Co.
Company,
RALPH
Company
S.
Inc.
System Teletype 1-2152
Financial Chronicle
The Commercial and
30
R. Ure, Jr.,
.
Thursday, October 6, 1960
.
SMOOT, Jr., WENDELL M.
J. A. Hogle A; Co.
Lincoln
Richard E. Whitney, Whitney and Company;
Alternates:
Utah Securities Dealers Association
.
Ure, Davis & Co.
SONDRUP, WALTER
Walter Sondrup Ac Company
Office: May, 1960; Term Expires: May,
Elected: May, 1960; Took
1961.
SPAULDING, S. ALBERT
Walker Bank & Trust Co.
ROSTER OF MEMBERS
Guss
(Members located in Salt Lake City unless
PECKHAM.
otherwise indicated)
Merrill
Merrill
Lynch,
Incorporated
Pierce,
Schwabacher
V.
J. A.
Fenner
Smith
As
Robert P. Woolley
Merrill
Lynch,
Incorporated
A.
BAGLEY, EDWARD
J. A.
Incorporated.
M
;
Potter
7
Robert B. Bullen, Schwabacher & Co.
Treasurer:
Robert P. Woolley, Robert P. Woolley Company.
Directors:
Edward Mawod, Dempsey-Tegeler & Co.;
^
J. A.
J. A.
Pierce,
Fenner
Si
Brothers
.
v
WARD, PARKER L.
Merrill Lynch, Pierce,
Incorporated
"JOHN"
GEORGE
Investment
Fenner
Ac
Smith
Co.
J.
A.
KATHRYN
Hogle Si Co.
Whitney As Company
WHITNEY, RICHARD E.
Whitney As Company
ROCHE, WALTER L.
A.
PHIL S.
Hogle Ac Co.
URE, Jr., LINCOLN R.
Ure, Davis Ac Co.
Co.
Ac
;
J.
Hogle Si Co.
Smith
RALEIGH,
;
Harrison S.
Merrill
BROWN, EDWARD E.
Secretary:
Smith
(Associate)
, ..
Phillip S. Tunks, J. A. Hogle & Co.
&
WHITNEY, FRANK M.
BROTHERS. HARRISON S.
Vice-President:
Fenner
Potter Investment Co.
POTTER,
Salt Lake Tribune
Pierce,
Company
ARLYN
POTTER, DAVID B.
N.
Hogle Ac Co.
BERNICK, ROBERT
Smith
Cloyd Goates, Merrill Lynch, Pierce, Fenner &
President:
Investment
Strand
STYLER,
PIKE, MALCOLM R.
Ralph A. Badger Ac Co.
Robert B. Bullen
Phillip S. Tunks
CloydGoates
J. A. Hogle As Co.
STRAND, ELMER
TUNKS,
Hogle Ac Co.
RALPH
Co.
J. A. Hogle Ac Co.
B.
Merrill Lynch,
Incorporated
Co.
Ac
STUART
Stead
STEVENS, HOWARD
PETERSON, DARWIN L.
PETT
E.
As
STEAD, ROBERT T.
Smith
&
Dempsey-Tegeler & Co,
Co.
As
VERNON
WILLIAM H.
BADGER,
Fenner
PETT, J. ARTHUR
RICHARD C.
E. Anderson
ASPDEN,
Pierce,
Dempsey-Tegeler & Co.
ALBRIGHT, Jr.,
ANDERSON,
VANCE
Lynch,
Incorporated
AITKEN, KENNETH M.
(Associate)
STEAD, H. WAYNE
Hogle Ac Co.
Lynch,
Pierce,
Fenner
Smith
Si
WILSON, SAMUEL H.
Incorporated
Schwabacher As Co.
WILFORD
ROMNEY,
BULLEN, ROBERT B.
Schwabacher As Co.
The Continental
W.
WOOLLEY, EASTON C.
Bank Ac Trust Co.
J. A.
(Associate)
Richard E.
Whitney, Whitney and Company; Calvin P. Gaddis, Edward L.
Burton
& Co.;
S. Aspden, J.
Lincoln R. Ure, Jr., Ure, Davis & Co.; William
SCHETTLER, HAYDN
J. A. Hogle Si Co.
CARLSON, OSCAR K.
Walker
Bank
Trust
&
Co.
(Associate)
Sheldon B. Chrlstenson Associates
National Committeemen:
SHIPIONE,
W.
YORK,
MICHAEL
LEE
Harrison S.
Lynch, Pierce, Fenner & Smith
Incorporated
CHRISTENSON, SHELDON B.
,'
Hogle As Co.
WOOLLEY, ROBERT P.
Robert P. Woolley As Company
A.
Merrill
" V,
A. Hogle & Co.
BURBRIDGE, Jr., KENNETH P.
Schwabacher & Co.
Brothers As Co.
Calvin P. Gaddis, Edward L. Burton &
CLARK,
Co.; Phillip S. Tunks, J. A. Hogle & Co.
JOHN
Merrill
Smith
Lynch,
Pierce,
Fenner
&
Incorporated
CONDIE, G. RICHARD
J. A. Hogle &
Co.
COOMBS, Jr., E. WILLIAM
Market Securities, Inc.
WELLINGTON HUNTER ASSOCIATES
COON, MARILYN
Schwabacher
James Anthony & Co
I
.
cor
n
rat
po
ed
CRANDALL,
J.
A.
Si
Co.
EST.
ELWOOD
1940
Hogle Ac Co.
MEMBER NEW YORK SECURITY DEALERS ASSOCIATION
LYMAN L.
CROMER,
Cromer Brokerage
Co.
DAVIS, GLEN L.
EXCHANGE
15
PLACE,
JERSEY CITY 2, N. J.
Ure, Davis At Co.
37 WALL STREET
DENTON, Jr., GEORGE
First
BOwling Green 9-4290
L.
Telephone
HEnderson 5-6005
Teletype
JCY 698
Security Bank of Utah, N. A.
(Associate)
DEWITZ, HERBERT
NEW YORK 5,
J. A.
N. Y.
Hogle Ac Co.
EARL, GEORGE
Schwabacher
Teletype NY 1-4541
Open End Phone to New York City, WOrth 2-4578
H.
Ac
Co.
FENTON, JAMES E.
Edward
L.
Burton
&
Co.
FINLINSON, JOSEPH L.
Harrison S. Brothers Ac Co.
FLANAGAN, JOHN
F.
Dempsey-Tegeler
1960
1922
&
Co.
FORSTER, JOHN J.
J. A. Hogle Ac Co.
GADDIS, CALVIN P.
UNLISTED SECURITIES
SPECIALISTS SINCE
1922
Edward L.
GAMBLE,
Burton
JAMES
Schwabacher
Ac
Members
Guss As Stead
JOHN J. O'KANE, JR. & CO.
—
MANAGING PARTNER
Members New York Security Dealers Association
:
Fenner
Smith
As
York
Stock
Exchange
(Associate) Members American Stock Exchange
Co.
HALL, Jr., NELS
Schwabacher
As
Broadway, New York 4, N. Y.
Co.
v
BERNARD
J. A. Hogle As Co.
HEALY,
I.
50
STREET
BROAD
NEW YORK 4,
N. Y.
HIGGINS, Jr., A. LAWRENCE
The Continental
42
'I'
■
New
GUSS, MAX L.
INQUIRIES INVITED
N. KULLMAN
''
...■
Co.
GOATES, CLOYD
Merrill Lynch,
Pierce,
Incorporated
ROBERT
STERLING, GRACE & CO.
Co.
&
A.
k
Bank
As
Trust
Co.
Telephone HAnover 2-2800
Teletype NY 1-2216
Associate;
HOGLE, Jr., JAMES E.
Teletype—NY 1-1525
Phone—DIgby 4-6320
J.
A.
Hogle As Co.
HORRELL, KENNETH
J. A.
Hogle As Co.
1
HOWELL, FLOYD K.
Schwabacher
As
Co.
HOYT, GERALD M.
Merrill Lynch, Pierce,
Incorporated
Specialists in
Over
Fenner
As
a
Smith
Half Century of Efficient and
Economical Service
IVER8, THOMAS H.
J. A. Hogle As Co.
AS TRANSFER AGENT
LARSEN, ARLAND L.
Merrill
Smith
UNLISTED SECURITIES
Lynch, Pierce,
Incorporated
Fenner
As
LATHAM, LOUIS
Beehive
Bank
State
(Associate)
LEONARD, MATTHEW C.
New York, N. Y. and
Jersey City, N. J.
Dempsey-Tegeler As Co.
We afford economies and other
LIGHT, GIVEN A.
Dempsey-Tegeler As
Co.
MATHESON,
ABRAHAM
STRAUSS & SON
Inc.
Jr.,
JOHN
and their stockholders.
B.
Edward L. Burton As Co.
MAWOOD, EDWARD J.
Dempsey-Tegeler As Co.
Write
and
for
State
our
free booklet setting forth the Current Federal
Stock
MICHELS, J.
First
Member* New York Security Dealers Association
RICHARD
Security Bank of Utah, N. A.
T ele phone
T eletype
BArclay 7-0130
NY 1-2278
RICHARD
D.
D. Richard
New York 6, N. Y.
Original Issue and Transfer
Tax Rates.
(Associate)
MOENCH,
115 Broadway
advantages to
underwriters, distributors, corporations
LINDQUIST, G. C.
Lindqulst Securities
Moench As Co.
MOXSEN, SMITH W.
Edward
L.
Burton
As
Co.
Registrar
and
MUIR, RICHARD W.
Schwabacher
As
Co.
MUTH, ERNEST H.
J. A. Hogle As Co.
NIKCEVICH, BARBARA
Schwabacher As Co.
Transfer Company
50 CHURCH STREET
New York 7,
BEekman
N. Y. I.
3-2170
15 EXCHANGE PLACE
Established
1899
Jersey City 2, N. J.
HEnderson 4-8525
Volume
Number 5992
192
San Francisco
.
The Commercial and Financial Chronicle
.
.
31
GAMBARASI, ARTHUR
Shaw, Hooker & Co.
EMIL
J.
Pacific
Coast
Securities
PRICE, THOMAS W.
Cruttenden, Podesta & Co.
THOMAS, EARL
GOREY,
Association
PIKICH,
GAYNOR, WILLIAM
Smith, Barney & Co.
Security Traders
QUINN, JOHN J.
Stone & Youngberg
VICKNAIR, JAMES
REINER, MILTON
Blyth & Co., Inc.
VICINO,
ROBERTS, WAYNE
WATKINS, NORMAN
WALTER
Walter
C.
C.
Gorey
Co.
GUMBEL, GEORGE G.
J.
Barth
& Co.
HARTSOCK, WILLIAM
Schwabacher &
HECHT,
Co.
J.
Jr., JOHN C.
J. S.
Company
Incorporated
Strauss
S.
J.
&
Jr.,
&
Sutro
&
WEIR,
Company
J.
Francis W. Muetzel
JANK,
CHARLES
Frank
President: Leslie J.
&
Co., Inc.
Walter
C.
ELMER L.
Barth & Co.
Stone &
Youngberg
SULLIVAN, JOHN F.
First California Company Incorporated
WOSSER, FRANK
TARANTO,
E.
Knowlton
&
Co., Oakland
KANE, CHARLES B.
Howard, Jr., J. S. Strauss
F.
WOOD, LEWIS J.
First Boston Corporation
ZINK,
Sutro & Co.
Ralph E. Brown
Co,
WILLIAM
STONE, BARRY
Blyth & Co., Inc.
ISAACS, PAUL E.
Leslie J. Howard, Jr.
&
WILLIAMS, EVERETT D.
Elworthy & Co.
Co.
-
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
3,
SPULLER, Jr., LOUIS J.
IMHOF, JAMES R.
Merrick
&
Bank
WALTER
WATSON, ROBERT
RYCIvMAN, JOHN K.
Kidder, Peabody & Co.
Sanford
J
Co.
National
Company
Co.
SANFORD, LAURENCE
Co.
LESLIE
Strauss
S.
Co.
&
Well Fargo Bank American Trust
&
IIILL, Jr., HOUSTON
J.
Co.
Kidder, Peabody & Co.
WATTS,
IIEWITT, ALBERT A.
HOWARD,
Witter
Crocker-Anglo
RUSLENDER, RICHARD
Walston & Co., Inc.
Inc.
Strauss &
Dean
Co.
Schwabacher
IIENNIG, RICHARD A.
Brush, Slocumb & Co.,
Colifornia
&
THAYNE, RICHARD
Co.
ROBERTSON, Jr., BRYANT
Dempsey-Tegeler & Co.
First
Barth
1
Gorey
A.
Co.
Vice-President: Ralph E. Brown, Stone & Youngberg.
Lawson,
ANTHONY
Taranto
&
Co.,
Carmichael,
Calif.
Levy,
Williams
&
Stern
JAMES W.
Mitchum, Jones & Templeton
KEIINE, Jr., RICHARD L.
Secretary-Treasurer: Francis W. Muetzler, Walston & Co., Inc.
J.
KESSLER, MAURY J.
Directors:
Albert
Birr
Inc.
Co.,
Waldron & Co.
A.
Hewitt, The First California Company,
Incorporated; Joseph P. Ferriter, Jr., Hooker & Fay, Inc.; Leon
M. Blum, Brush. Slocumb & Co. Inc.; Kenneth B.
Fazackerly,
Irving Lundborg & Co.
&
KIRKLAND, FRANK
Hooker
&
SERVICING
Fay
LAMPERTI, ANGELO
Lawson, Levy, Williams & Stern
<
BROKERS AND DEALERS IN
LARKIN, EMMETT A.
National
Committeemen: Leslie J. Howard, Jr., J.
Co., Inc.; Ralph E. Brown, Stone
Muetzel, Walston & Co., Inc.
&
Emmett
S. Strauss &
Youngberg; Francis
First
Boston
LIVINGSTON,
LOBERG,
OF MEMBERS
&
J.
Co.
ROBERT
Barth &
J.
ROSTER
Corporation
PAUL
Schwabacher
Expires: December 1, 1960.
SINCE 1918
ANDREW
The
Walter Vicino,
Kidder, Peabody & Co.
Term
LISTED AND UNLISTED SECURITIES
Co., Inc.
LAVERTY, HENRY
Davis, Skaggs & Co.
W.
LEH,
Alternates: Richard J. Payne, Walter C. Gorey Co.;
Larkin
A.
COWEN fit COMPANY
Co.
MACRAE, Jr., COLLINS L.
Members
(Members
located
unless
in
San
otherwise
Francisco
BUICK, JOHN E.
indicated)
Wells
California
Fargo Bank
Company
Incorporated
ABRAHAMSON, RICHARD S.
Weeden & Co.
ABRAHAMSON, RICHARD
CAMPBELL, ROBERT D.
Wells Fargo Bank American Trust
Company
CASABONNE,
W.
General
Weeden
&
Co.
COLLINS,
Dempsey-Tegeler & Co.
Holt
AGNEW, DONALD
Stone & Youngberg
&
G.
Strauss
Incorporated
De
JOHN
A.
&
Frank
&
REGINALD
Coast
New
&
J.
G.
J.
S.
S.
Strauss
&
Staats
E.
Co.
BLUM, ERNEST E.
Brush, Slocumb & Co. Inc.
BLUM,
F.
Hutton
Co.
Inc.
S.
Corporation
CLIFTON
Co.,
W.
Inc.
(Associate)
&
&
G.
A.
Co.
WILLIAM
Becker & Co.
Incorporated
Inc.
NICKELSON,
Dean
JAMES
Witter
&
Co.
Company
NOTTI,
FRANK
Schwabacher
Irving Lundborg & Co.
FAULKNER, WILLIAM C.
Wulff,
Slocumb &
Securities
Underwriters and
Hanseatic
&
MURPHY,
FARRELL, WILLIAM
LEE
Brush,
Investment
WARNER
York
J. Barth
DOUGLASS, DONN C.
Brush, Slocumb & Co.,
&
5, N. Y.
Teletype NY 1-2863
MURDOCK, JAMES
'
•
BELKNAP, WILLIAM
R.
York
,
Co.
Jr., VIRGIL D.
ENGLISH, GIFFORD M.
William
New
MUETZEL, FRANCIS W.
Walston & Co., Inc.
& Co.
Elworthy & Co.
Strauss & Co.
•
Inc.
FOREST
Walston
Co.
BEEBE, H. E.
Mohr
J.
MORRILL,
Youngberg
(Associate)
Securities
St.
Distributors
Co.,, Incorporated
DONDERO, WILLIAM
Pacific
Wall
MARTINI, LEONARD
DOSS,
BECKER,
45
Telephone: WHitehall 3-9151
Dempsey-Tegeler & Co.
Co.
Youngberg
,
MOHR, FRANK J.
Bank American Trust
Becker
Sutro
BAUM, BENJAMIN J.
&
.
:
Stone
Company
.
Lynch, Pierce, Fenner & Smith
Incorporated
MORGAN,
A.
-
■.
Meyerson & Co.
McQUADE, DONALD
Brush, Slocumb & Co.,
COTTRELL, RICHARD I.
Co.
BATES, WILLIAM
S.
Exchange
Merrill
CUNNIE, JOHN
Stone
Exchange
J.
MORAN,
BATES, ROBERT F.
J.
Stock
Stock
McMAHON, J. B.
x*
Company
FRED A.
California
York
Corporation
.
Stewart, Eubanks,
COTTER, MELVIN
Blyth & Co., Inc.
Dean Witter & Co.
First
Hanseatic
McLOUGHLIN, WILLIAM L.
Blyth & Co., Inc.
Collins
&
Wells Fargo
BACIGALUPI, VICTOR
Jr.,
York
j ' MAURICE, RENE
Canadian
...._^
DANIEL
COSTELLO,
ARTHUR, PAUL LESLIE
Harris, Upham & Co.
Schwabacher
New
ROBERT
FERNAND
American
Securities, Inc.
ACKRIDGE, WILLIAM H.
BAKER,
American Trust
American
\
Company
ABEITA, ARTHUR
First
MATHEWS.
New
Members
Wulff, Hansen & Co.
&
Co.
O'NEILL, EDWARD J.
Hansen & Co.
First Western
Bank
&
FAZACKERLEY, KENNETH
Irving Lundborg & Co.
FEE, THOMAS F.
Trust
Company
O'REILLY, JOHN J.
PALMER, JACKSON H.
Denault
&
Co.
BOURNE, ROBERT K.
General American & Canadian
Securities,
Schwabacher
&
FERRITER,
Hooker
Co.
Hannaford
Brooks
Securities
BROWN, RALPH E.
Stone
&
Inc.
JOHN
&
&
Co.
du
Pont
EDWARD
&
Co.
H.
Brush, Slocumb & Co. Inc.
FRANCIS
y\-
.
PAYNE, RICHARD J.
Talbot
Walter
N; PAYNE,
Walter
FRLAM, ERNEST
Sutro
I.
PARKER,
Henry F. Swift & Co.
Co.
Youngberg
Fay,
P.
FRASER, HUGH
BROOKS, IRVING L.
L.
Jr., JOSEPH
&
FINNEGAN,
BRADFORD, SIDNEY
Irving Lundborg & Co.
I.
Francis
Shuman, Agnew & Co.
Inc.
BOWYER, FRANK
C.
Gorey Co.
-TV''',
ROBERT L.
C. Gorey Co.
PERENON, HENRY
Henry F. swift & Co.
,
Research and
.
;
f
'
'
'
/"
•
Trading Specialists In
•
UNLISTED SECURITIES
SPECIAL
%Jvt$gerald <$L Company*
.........
'
SITUATIONS
•
•
Frank Ginberg
j
.....
'
■
:
;' •'
&
.
Co., Inc.
25 Broad Street
■
New York
4, N. Y.
Telephone
Teletype
DIgby 4-2980
N. Y. 1-5333
1
Financial Chronicle
The Commercial and
32
Townsend, Dabney & Tyson; Clive B. Fazioli, White, Weld
Co.; Frederick S. Moore, New York Hanseatic Corporation.
Boston Securities Traders Association
National Committeemen: William J.
.
.
.
Thursday, October 6, 1960
Harris,
Richard J. Buck
S.
ROSTER
Emery & Co., Inc.
ENGDAHL, ARTHUR E.
Goldman, Sachs & Co,
William
Weld &
White,
HERBERT L.
FERRARI,
Adams
C.
&
V.
(special)
Co.
Goldman, Sachs &
Co.
Edward J.
Opper
W.
ALTMEYER, JOHN
J. H.
J.
W.
WALTER
BAILEY,
F.
B.
E.
J.
Jr.,
JOSEPH M.
Batchelder & Co., Inc.
BATCHELDER,
Joseph M.
A.
Stone
Street Sales
Arthur W. Wood Company.
Recording Secretary: Alfred Zuccaro, First Boston Corporation.
Corresponding Secretary: Warren A. Lewis, Weeden & Co.
Wilfred
Richard
Joseph A. Buonomo, F. L. Putnam & Company, Inc.;
Conary, G. H. Walker & Co., Providence, R. I.;
J. Corbin, Blyth & Co., Inc.; Clement G. Diamond,
G.
Salomon
F.
L.
DUFFY,
WILLIAM J.
May & Gannon, Inc.
ROSS, LYON & CO., INC.
Jr.,
Exchange
Stock
American
IIALLIWILL, BIRNEY S.
F. S. Moseley 8c Co.
HANRAHAN, PAUL B.
Co.,
Hanrahan
Inc.
Bros.
&
Co., Worcester
&
HARKNESS, ROBERT
Harkness & Hill, Incorporated
LESTER
JAMES
DURDLE,
Hutzler
H.
&
Knox
&
Co., Inc.
HARSON, FREDERICK L.
F. L. Harson & Co., Providence,
R.
HASTINGS, FRANCIS
HAVEY,
Harriman
JOSEPH
Herald
Boston
& Co.
4
Traveler
(Honorary)
HILTON, KENNETH C.
WARREN E.
G.
H.
Walker
8c
Co.,
Providence, R. I.
HINES, EDWARD F.
Chace, Whiteside & Winslow, Inc.
duPont, Homsey 8c Company
CANNELL, JOHN
41
E.
Street
42nd
Cannell 8c
John
YORK
17, N. Y.
Cantella
8c
Hanrahan
8c
Hornblower
Underwriters
E.
A. L. STAMM & CO.
Co., Worcester
MARTIN
CAREW,
M.
Co.
JOSEPH
CAREW,
^
Co.
VINCENT
CANTELLA,
NEW
J.
120
Weeks
&
Tucker, Anthony
8c R. L. Day
MEMBERS
CARR, JOHN F.
New York Stock
CARR, RALPH F.
Carr &
W.
E.
Hutton &
Commodity Exchange, Inc.
New York Produce
E.
Hutchins, Mixter & Parkinson
New York Coffee &
(special)
F.
6-6700
S.
RICHARD
F.
Nesbitt, Thomson & Co., Inc.
,
Tel.:
CHAPMAN, JOHN V.
Chapman & Co., Inc.
Portland, Me. (special)
CLARK, ASA
REctor
2-6800
Cables
"STAMAL"
F.
Hobbs
Wise,
Exchange, Inc.
Chicago Mercantile Exchange
Emery & Co., Inc.
CHAMBERLAIN,
Exchange
Sugar Exchange, Inc.
New York Cocoa
E.
CHAMBERLAIN, RAYMOND
YUkon
Exchange
New York Mercantile
CASEY, WALTER J.
Laidlaw 8c Co.
Exchange
Chicago Board of Trade
Co.
CASEY, FRANCIS
Mgr. Trading Dept.
Exchange
New York Cotton
Thompson, Inc.
CARTER, HERBERT F.
LYON
Exchange
American Stock
Hayden, Stone 8c Co.
MARTIN R.
Broadway, New York 5, N. Y.
FREDERICK R.
CARR,
Inc.
Seaver,
8c
CLAYTON, CALVIN W.
Clayton Securities Corp.
ORIGINATORS
•
UNDERWRITERS
LLOYD
CLEARIHUE,
A.
DISTRIBUTORS
COE,
/
'
,<<■?
••
E. Ames
Lerner
&
FRANCIS
Weld
White,
May
.andtsf
H.
Inc.
8c
Co.,
(special)
E.
Hutton
&
CONWAY, JAMES
OBLIGATIONS
R.
I.
Seitrel
IRVING D.
CONNELLY,
W.
Providence,
LAWRENCE
CONNELL,
Wellington Fund
AUTHORITY REVENUE
G.
WILFRED
Walker
Grumet
A.
& Gannon,
CONARY,
Brand,
R.
Co.
&
CONARY, DAVID
G.
Inc.
Co.
COGGHILL,
NEW JERSEY MUNICIPAL
8c Co.,
JEROME
Co.
Est.
COPELAND, RICHARD
Chas.
inc.
J.
Cabot
Mcors &
A.
Day
8c
Co., Inc.
1927
(special)
CORBIN, RICHARD J.
Blyth & Co., Inc.
CRAMPTON,
Weeden
Schirmer,
Gordon & Sautter
New York
Stock
Exchange
CROCKETT, HARRY W.
Draper, Sears 8c
F.
WHITEHALL 3-3414
S.
Co.
49 West 33rd
Moseley 8c Co.
CROSS, EVERETT
Kimball
Be// System
Members
Atherton 8c Co.
CROSBY, ALBERT
1920
35 WALL STREET, NEW YORK 5, N. Y.
ALFRED R.
Co.
WILLIAM E.
CREAMER,
Boland, Saffiti,
Established
&
8c
Cross
C.
(Special)
CROWELL, STEWART P.
(Special)
Street, New York I, New York
LOngacre 5-0500
Teletype—NY 1-535
:
.
R. I.
HART, HENRY G.
Schirmer, Atherton 8c Co.
.
DYKES, ALVIN A.
England Trust Co.
D.
Curtis
Goodbody & Co.
Co., Portland, Me.
CANFIELD, LLOYD
New
&
,,
HALLETT, LEAMAN F.
Goldman, Sachs & Co.
Hutzler
WARREN
Brown Brothers
State Street Bank and Trust Company
Exchange
I.
R.
DUNCKLEE, WILLIAM S.
BURNETT, PETER
Burns, Barron &
New York Stock
DAVID A.
Harkness 8c Hill, Incorporated
Reynolds & Co.
BURNS, WALTER T.
Members
Providence,
Co.,
,
Company, Inc.
8c
&
DAYTON P.
Dayton Haigney & Co., Inc.
HALEY,
DUDLEY, Jr., EARL S.
1
E. S. Dudley Co., Inc., Manchester, N. H.
(special)
i
JOSEPH A.
Putnam
HAIGNEY,
& Tyson
HARRINGTON, FRANK T.
& Co.
Higginson Corporation
BURKE,
Corp.
G.
DRISCOLL, CHARLES D.
Paine, Webster, Jackson
BROWNE, JAMES D.
Lee
&
Dayton Haigney
S.
Schirmer, Atherton & Co.
BUONOMO,
Bros.
DOUCET, T.
BROWN, HAROLD P.
Struthers
Dabney
Walker
DONOVAN,
BRAGDON, J. ROGER
Goldman, Sachs & Co.
Wood,
Securities
Donohue & Sullivan
Funds
BREEN, FRANK
Governors:
H.
GUTHRIE, ELWIN A.
Hcrnblower & Weeks, Worcester
WALLACE D.
CLEMENT
DONOIIUE, JOHN J.
C.
Keystone Custodian
GUNK, IRVING E.
Townsend, Dabney 8c Tyson
RICHARD
Salomon
(special)
Corp.
BRADLEY, WILLIAM
GRIFFIN, HENRY F.
A. C. Allyn and Company, Incorporated
DONNELLY, JOHN P.
BOSS, CHARLES A. B.
Broad
Treasurer; J. Russell Potter,
G.
Harris, Upham 8c Co.
Maguire & Co., Inc.
Vice-President: Edward J. Opper, J. B.
DOLIBER,
ROBERT
BLAIR,
GOWELL, DAVID C.
Nelson S. Burbank Company
(special)
Webster
&
Townsend,
Schirmer, Atherton & Co.
President: John A. McCue, May & Gannon, Inc.
Co.
Day & Co., Inc.
DIAMOND,
H.
Goddard 8c Co., Inc.
GODDARD, JAMES H., Jr.
J. H. Goddard & Co., Inc.
DAY, WILFRED N.
Co.
H.
J.
Day & Co., Inc.
A.
8c Co., Inc.
GODDARD, JAMES
& Co.,
I.
&
SHERMAN
Sherman Gleason
LEON E.
A.
DEXTER, Jr.,
HUBERT N.
BERNARD, Jr.,
Chas.
Denton 8c
Allyn and Company, Incorporated
C.
GLEASON,
PAUL S.
Davis
DAY, Jr.,
Chas.
BENNETT, DONALDSON K.
Warren A. Lewis
GANNON, JOSEPH
May & Gannon, Inc.
Co., Inc.
DENTON, GEORGE R. S.
BATES, CURTIS S.
Draper, Sears & Co.
Alfred Zuccaro
&
R.
^
^
Salomon Bros.
Davenport
Donald
I.
R.
Company,
LEON J.
Clayton Flax & Co., Springfield, Mass.
BASTIEN,
R.
Inc.
KENNETH G. T
& Hutzler
FRENCH,
DAVIS, DONALD
CLIFFORD B.
Providence,
&
J.
JOHN J.
Putnam
HATHERLY
Vince, Sanders 8c Company,
FRANK, WALTER
C. J. De/ine & Co.
Atherton & Co.
Providence,
Long & Nash
Jr.,
L.
GERALD
Higginson
FOSTER, Jr.,
L.
Maguire & Co., Inc.
DAVENPORT,
BARRETT, JOSEPH
Barrett
JOHN
FREDERICK H.
Corporation
FOSTER,
Lee
(special)
N. H.
Nashua,
Incorporated
(special)
DARLING, RODNEY M.
du Pont, Homsey & Company
Josephthal & Co.
BARRUS,
I.
EDWARD P.
FITCH,
Goddard 8c Co., Inc.
D'ARCY,
(special)
(special)
& Co.
Devine
B.
Schirmer,
ATKINSON, Sr., JAMES V.
J.
Co.,
R.
D'AMBROSIO,
ATHERTON, H. HALE
Schirmer, Atherton 8c Co.
C.
Curran
DALEY,
Stone 8c Co.
Hayden,
Me.
CURRIER, RICHARD D.
(special) |
ARTHUR C.
E. Hutton & Co.
ALEXANDER,
John A. McCue
T.
Providence,
ADAMS, ROBERT H.
J. Russell Potter
Hornblower & Weeks
& Co., Portland,
Payson
CURRAN, VINCENT T.
ADAMS, FREDERICK C.
Frederick
M.
Co.
FERGUSON, WILLIAM
Moors & Cabot
(special)
CROWLEY, MARK J.
H.
B.
FAZIOLI, CLIVE
OF MEMBERS
unless
(All members are located in Boston
otherwise indicated)
Co.
B.
8c Co.
FORREST S.
EMERY,
Co., Providence,
Anton E. Homsey, du Pont, Homsey & Company;
Thompson, Carr & Thompson, Inc.
R. I.;
&
REGINALD
ELWELL,
J. Opper,
Atherton
F. S.
Gerard A. McCue, G. H. Walker &
Alternates
Pressprich
W.
R.
Co.; John A. McCue, May & Gannon, Inc.
&
..
ELDRACHER, THEODORE F.
Burke, Jr., May & Gannon,
Inc.; Gilbert M. Lothrop, W. E. Hutton & Co.; Edward
J. B. Maguire & Co., Inc.; Frank S. Breen, Schirmer,
F.
Upham 8c Co.
WALTER
EAGAN,
&
Volume
Mrs.
&
192
Number 5992
Mr. Wellington
Mrs. Jacquelyn
Hutchinson
JESSE H.
du
&
Company
INGALLS, ROBERT U.
Tucker, Anthony & R. L. Day
Co. (special)
ANTON E.
Pont, Homsey & Company
HOMSEY,
INGHAM, Jr.,
JOHN
L.
STANLEY L.
JACKSON,
Estabrook
Pont, Homsey & Company
&
Brothers
Keller
Co.
JACOBS,
Clayton Securities Corp.
HUNT, WILLIAM P.
E.
BERT
Chestnut
JONES, WILLIAM
Sibley & Co.
Boston
(special)
Globe
E.
(Honorary)
HURLEY, EDMUND J.
Wise, Hobbs & Seaver, Inc.
JORDON, Jr., GEORGE C.
R. W. Pressprich & Co.
HURLEY, HERBERT E.
Hornblower & Weeks
JULIAN, JAMES
HUSSEY, EUGENE
KEANE,
The
First
Boston
Corp.
J. FRANK
Tucker, Anthony & R. L. Day
Securities
Brothers
Keller
Chestnut
Specializing in "inactive" Bank Stocks
Co.,
Hill, Mass.
KELLER, JOSEPH
&
Co.
P.
for
(special)
KELLER, NORTON N.
Keller Brothers Securities
Co.,
our own account.
among a
.
for distribution
.
select Clientele
.
.
.
located in
Hill, Mass.
KENNEDY, F. BRITTAIN
F. Brittain Kennedy & Co.
every
section of the United States.
KENNEY, DONALD J.
Spencer Trask & Co.
PHILIP F.
KENNEY,
RAYMOND KENNEY & CO.
D.
Stone & Co.
Hayden,
National Shawmut Bank (special)
R.
Co.,
Hill, Mass.
KELLER, HERMAN J.
L.
Halsey, Stuart & Co. Inc.
& Mrs. Frank Ronan, New York Hanseatic Corporation, New York; Mr. & Mrs. John D.
Ohlandt, Jr., New York Hanseatic Corporation, New York; Mr. & Mrs. Peter E. Molloy,
White, Weld & Co., New York
Mr.
Chestnut
HUGHES, FRANCIS J.
W.
33
HARVEY L.
Securities
KELLER,
Keller
Blyth & Co., Inc.
HOMSEY, Jr., ANTON E.
du
The Commercial and Financial Chronicle
INGALLS, JEROME M.
Coffin & Burr, Incorporated
Goodbody & Co.
E. Sibley &
.
HUTCHINSON, Jr., JAMES A.
Hooper-Kimball, Inc.
HOHMANN, LAWRENCE F.
W.
.
"Duke" Hunter, Wellington Hunter Associates, Jersey City, N. J.
Hunter Snyder, Minburn, Iowa; Mr. & Mrs. Frank Daines,
Hayden, Stone & Co., New York
HIXON, REGINALD T.
HOLT,
.
(Established
RODNEY P.
W. Pressprich & Co.
KENT,
R.
PHILIP
KIIOURI,
(special)
Philip Khouri & Co.
One East 42nd Street,
KILNER, GEORGE M.
Lisle & Marshall, Providence, R. I
Brown,
New York 17, N. Y.
Telephone MUrray Hill 2-4093
(ALBERT H.)
KING
F.
1947)
Specializing in Inactive Bank & Insurance Stocks
(special)
Moseley & Co.
S.
THOMAS A.
KIRWAN,
Kirwan
Thomas A.
&
Co.
KUMIN, EMIL
Estabrook
BANK
STOCKS
Co.
&
LAHTI, W. HENRY
Matthew Lahti & Co., Inc.
LANG, HAROLD F.
Lang & Dadmun,
Inc.
LARSON, N. HENRY
The
Boston
First
Peterson Electronic Die Co., Inc.
Corporation
RAYMOND J.
Goodbody & Co. (special)
LAUDE,
LAWRENCE, CHARLES P.
Investment
Eastern
Company's report to stockholders
Corp.
upon request
Manchester, N. H. (special)
LAWRENCE, EDWARD W.
Hemphill, Noyes & Co.
BOUGHT
CRANDON
LEAHY,
M. A. SCHAPIRO &
CO., INC.
LeBEAU, IRVING
&
Lerner
Telephone:
N. Y.
Weeden
Teletype:
t-,
N. Y. 1-2788
WHITEHALL 3-1900
QUOTED
C.
G. K. SHIELDS & CO.
Co.
Members National
LEWIS, WARREN A.
NEW YORK 5,
-
May & Gannon, Inc.
LERNER, LOUIS C.
ONE WALL STREET
SOLD
-
(Honorary)
National Quotation Bureau
&
15 WILLIAM STREET
Telephone: DIgby 4-9755
W.
E.
N. Y.
Teletype: NY 1-1632
JOSEPH p.
LOMBARD,
Salomon
NEW YORK 5,
& Trust Co.
(special)
Bros.
LOTHROP,
Security Traders Association
Co.
LOCKE, WILLARD R.
Boston Safe Deposit
Hutzler
&
GILBERT M.
Hutton
&
Co.
LUBIN, BERNARD W.
H. L. Robbins & Co.,
Worcester
Inc.,
(Special)
LYNCH, james e.
Ceburn
&
Incorporated
MiddlebrooK,
LYNCH, JAMES J.
Paul
UNLISTED
SECURITIES
D.
Sheeline
&
Co.
MacDONALD, J. RENWICK
Jackson & Curtis
Paine, Webber,
'
■
MacDONALD, VERNON S.
F.
for
Putnam
L.
&
Inc.
Company,
Milwaukee,
—
BROKERS
—
DEALERS
&
(Honorary)
Wis.
Co.
Incorporated,
Robert W. Baird
BANKS
SPECIAL SITUATIONS
MADARY, HAROLD
•
MAGUIRE, JAMES B.
J.
Maguire & Co., Inc.
B.
MAGUIRE, JOHN E.
-
May & Gannon, Inc.
JOHN C.
MARSH,
Weedon
&
Co.
MARTENS, GERALD D.
SPECIALISTS IN RIGHTS
A.
C.
Allyn & Company,
Incorporated
MARTIN, WAYNE D.
W. E. Hutton & Co.
MAX, RICHARD L.
H. C. Wainwright & Co.
CANDEE
&.
CO.
MAY, DAVID H.
GERSTEN 6- FRENKEL
Members N. Y. Security Dealers
150 BROADWAY
Telephone: DIgby 9-1550
|
Association
NEW YORK 38, N. Y.
Teletype: NY 1-1932
May
&
Gannon,
Inc.
Members National Association of Security
Dealers, Inc.
McAllister, Jr.,
henry p.
J. Clayton Flax & Co.,
44
Springfield, Mass.
WALL
STREET
NEW YORK
5, N. Y.
McCORMICK, Jr., JAMES F.
A.
C.
Allyn & Company,
Incorporated
McCUE, GERARD A.
G. H. Walker & Co., Providence, R.
Continued
on
page
I.
34
BOwling Green 9-0040
Tele: NY 1-1862
34
The Commercial and Financial Chronicle
Boston Securities Traders Association
ROSTER
Continued from
Wainwright & Co.
Putnam
L.
&
Childs,
Jeffries
B.
Company, Inc.
&
PARDEE,
Thorndike,
Inc.
H.
Goddard &
Goodbody
&
W.
FREDERICK
York
New
MOORE,
East
S.
WILFRED
B.
SORTERUP,
Buck
J.
POITER,
&
Inc.
(special)
Co.,
Inc..
(special)
B.
FREDERICK
Dabney
& Tyson
Burgess & Leith
Co.
STAAF,
Prescott
&
H.
WERNER
George E. Peckham
W.
Goddard
&
Co.,
President:
H. F.
W.
Townsend,
W.
E.
Hutton
&
E.
Hutton
&
Co.
W.
QUINN, DANIEL L.
&
Barrett
MOYNIHAN,
J.
B.
FRANCIS
MULLIN,
White,
B.
Weld
R.
I
REED,
E.
Maguire
&
Co.,
Inc.
C.
H.
F.
S.
Anthony & R. L. Day
GEORGE
&
E.
Lynch,
S.
Co.,
Co.,
Mass.
EUGENE
York
Inc.
Smith
&
!>.
Putnam
&
New
York
Hutton
Donohue
Co.
&
Elected: January, 1960; Took Office:
(special)
(Ret.),
March, 1960; Term Expires:
</■
March, 1961.
(special)
■'
ROSTER
OF
ALLEN, LANDRUM S.
Sullivan
&
MEMBERS
Hanseatic
BALOGH,
Providence, R. I.
Corporation
LESSER,
Landrum Allen & Co..
Cummings & Co.,
Balogh
SWIFT, WALTER T.
STEPHEN
&
BATTEN,
Kidder, Peabody & Co.
A.
Inc.
Company,
FRANKLIN
Corporation
Smith, Barney & Co.
T.
G.
Inc.
J.
JACOBS,
L.
RUDD,
Kalb,
TABB, Jr., HENRY E.
Townsend, Dabney & Tyson
JOY,
RAYMOND
Federated
TABER, ELLIOT C.
Tripp & Taber, New Bedford,
Mass.
H.
The
E.
Investors
Co.
GEORGE
IRVING
Bros.
STANFORD,
Voorhis & Co.
DONALD
&
J.
Mitchell, Jr. Co.
PECKHAM, GEORGE E.
H. F. Weekley & Co.
Sutro
SWITT, WILLIAM F.
Draper, Sears & Co.
MARTIN
Brod
MITCHELL, Jr.,
E.
Batten & Co.
Company
SCHUERHOFF, ROLAND H.
Corporation
E.
J.
Hanseatic
USN
Governors: George J. Mitchell, Jr., G. J. Mitchell, Jr. Company;
Stephen E. Balogh, Balogh & Company, Inc.; Irving G. Rudd,
Sutro Bros. & Co.
Co., Inc.
SWENSON, CARL J.
Inc.,
(special)
RYAN, VINCENT P.
Incorporated
Peckham,
E.
SULLIVAN, ROBERT W.
State Street Bank and Trust
Fenner
George
Treasurer: Martin Lesser, A. T. Brod & Co.
Wainwright & Co.
Smith, Barney & Co.
(special)
Pierce,
Securities
Co.
SULLIVAN, JOHN E.
W.
Moseley & Co.
Romanoff
New
NEWMAN, LEO F.
American
&
SULLIVAN, JOHN P.
M.
RYAN, FREDERICK J.
(special;
NEEDHAM, CARLETON
Merrill
Knox &
RYALL,
M.
Co.
D.
JOSEPH
Admiral
SULLIVAN, JOHN J.
Moseley & Co.
Worcester.
May & Gannon, Inc.
Josephthal
Hutton
C.
F.
ROMANOFF, SAUL I.
MURRAY, RAYMOND M.
MYERS,
y
ROBBINS, JOSEPH F.
TIMOTHY D.
MURRAY, RICHARD
S.
RINALDI,
Chace, Whiteside & Winslow, Inc.
Tucker,
E.
Josephthal & Co.
F.
Allyn and Company, Incorporated
MURPHY,
H.
RICHARDSON, JOSEPH A.
P.
Rear
Weekley & Co.
Secretary: Donald E. Joy, Federated Investors, Inc.
SULLIVAN, JAMES E.
F.
Moss & Co.
Preston,
J.
ARTHUR
LESTER
REILLY, ARTHUR H.
& Co.
EDWARD
MURPHY,
A. C.
JAMES
Providence,
Maguire & Co., Inc.
MULLIN,
J.
Schirmer, Atherton & Co
Company,
E.Joy
Vice-President: Landrum S. Allen, Landrum Allen & Co., Inc.
(special)
STUMPP, DAVID W.
Co.
Dabney & Tyson
MOSSOP, WALLACE L.
Donald
STEMBRIDGE, ALFRED R.
Co.
PUTNAM, JOHN A.
MORRISON, JAMES A.
Landrum S. Allen
(special)
Inc.
STANLEY, Jr., GEORGE A.
Schirmer, Atherton & Co.
Company
PRESCOTT, WILLIAM S.
William S.
W.
Townsend,
J.
Wood
I.
SPORRONG,STANLEY
J. RUSSELL
Arthur W.
R.
ROBERT
(special)
Josephthal & Co.
(Special)
Company,
Investment
Tyson
POLLEYS, ROBERT L.
Corporation
GEORGE E.
Wood
Corporation
PIERCE, RALPH W.
Corporation
Hanseatic
Orleans, Mass.
P.
Michael
Townsend, Dabney & Tyson
MORRISON, CARLISLE F.
H.
HERBERT C.
Blyth & Co., Inc.
SPENCE,
Hanseatic
II.
Brown, Lisle & Marshall.
Providence, R. L.
PATNODE, WESLEY P.
Townsend, Dabney &
PERHAM,
*
Corporation
S.
Securities
Webster
&
Richard
MOORE,
'
W.
SOFORENKO, MYER M.
EMLYN V.
Co.
Pressprich # Co.
York
And Traders Association, Inc.
F.
Cabot
&
SMITH,
Mass.
Corporation
PARSLOE, GEORGE
MOORE, ALEXANDER W.
New
Inc.
Co.
CHARLES
Mcors
I.
Thursday, October 6, 1960
.
Washington, D. C. Security Dealers
Co.
Securities
Providence,
Co., Inc.
MONROE, PAUL B.
R.
MILTON
Higginson
G
Stone
MITCHELL, Jr.,
&
ERNEST
SMITH,
Inc.
PARENT, FREDERICK W.
Lee
J.
GILMAN
American
(special)
Tripp & Taber, New Bedford,
V.
GEORGE
EDWARD J.
Co.,
Maguire &
d.
FREDERICK
MIRAGEAS,
&
RANDOLPH
Hentz
SLIFER,
Pressprich & Co.
OPPER,
J.
Mcdowell, xewis
F.
H.
O'LEARY, PAUL J.
McLONOUGII, JOHN L.
McVEY,
W.
<
Inc.
R. W.
C.
Sheeline
D.
SILVA,
Harvard Trust Co.
May & Gannon,
H.
Paul
Sides, Morse & Co.,
NEWTON, DEXTER
33
page
McCUE. JOHN A.
.
SHEELINE, PAUL D.
SIDES,
OF MEMBERS
.
G.
&
Co.
GEORGE
Stanford
Corporation
WIIITTEN, L. P.
Washington Planning
Inc.
Arlington, Va.
Corporation
Maryland
\
TABFR, RICHARD D.
Tripp 6c Taber, New Bedford, Mass.
TARANTINO, JAMES W.
New York Hanseatic Corporation
TAYLOR, Jr., JOHN R.
Taylor & Co., Inc.
/
UNDERWRITERS
THOMPSON,
DISTRIBUTORS
TIRRELL, JOHN II.
Carr
INVESTMENT
DEALERS
SECURITIES
BROKERS
Star
&
WILLIAM
S.
CONVERTIBLE BONDS
Thompson, Inc.
Printing Co.
(special)
TOOHEY, CARROLL W.
Coburn
&
Middlebrook, Inc.
INDUSTRIAL STOCKS
(special)
TOWNSEND, CURTICE N.
Weeden &
Co.
C.
J.
Devine
&
REAL ESTATE SECURITIES
V
TUCKER, LESLIE A.
Co.
-
-
VAUGHAN, HAROLD F.
Doremus &
UNLISTED TRADING DEPARTMENT
Co.
(special)
WALKER, HARRY R.
White, Weld & Co.
WALSH, FRANCIS
A.
★
★
G.
H.
H.
LEE &
&
^
Son
WARD, FRANCIS V.
★
C.
WARD,
M. L.
Walsh
'
P.
CO., INC.
C.
Wainwright & Co.
GEOFFREY
Wainwright & Co.
WARREN, Jr., LOWELL
Dominion Securities
(Formerly Lee Co.)
0GDEN, WECHSLER & KRUMH0LZ
WARING, LLOYD B.
Kidder, Peabody & Co.
A.
39
Corporation
135
BROADWAY, NEW YORK 6, N. Y.
F.
S.
Moseley &
Co.
1
WELLS, CARL V.
Telephone COrtlandt 7-3708
Teletype NY 1-62
BROADWAY
NEW YORK 6, NEW YORK
WEEKS, Jr., ROBERT S.
Telephone
Paine, Webber, Jackson & Curtis
HAnover
WELLS, RAYMOND E.
Bishop-Wells Co.
Teletype
2-5865
NY
■
1-1085
WERTZ, F. DENTON
Waddell
& Reed,
Inc.
(special)
WESSLING, EDWARD A.
State Street Bank and Trust
Company
(special)
WHITCOMB, BURTON F.
Harriman
S.WEINBERG,
^
GROSSMAN
& CO.
INC.
a
brokerage service
all Unlisted
in
Trask
6c
Recent Under writings:
Co.
WHITE, EDWIN B.
Smith, Barney & Co.
d.
h. Wittemore &
H.
Data-Control Systems, Inc.
Co.
WILLIAMS, T. EDMUND
Security Dealert Ase'n
Render
Spencer
WHITTEMORE, DONALD
Membert
N. Y.
Ripley & Co., Incorporated
WHITCOMB, REGINALD M.
Securities
for Banks and Dealers
Hooper-KJmhalJ, Jno,
FXR, Inc.
WINN, PHIUP D.
Salomon Bros. & Hutzler
WINELOW, Jr., A. N.
Chace, Whiteside St Winslow, Ino,
Hermes Electronics Co.
W0LF80N, RICHARD
Wolfson, Zalklnd & Co.,
Fall River, Mass.
Lewis Business Forms, Inc.
WOLL, ALBERT J. T.
Hayden, Stone & Co.
40
Exchange Place, New York 5
Phone: WHitehall 3-7830
Teletype No. NY 1-2762
WORRALL, JOHN
F. S. Moseley & Co.
Basic
YOUNG,
ODD
Contact
LOTS —ROUND LOTS
for bide
on
$1,000 to $100,000
Key Company
Brown
CYRIL
Corporation
Industries
HERBERT
Brothers
ZAWACKI,
W.
Harriman
WALTER
&
J.
Reading Securities Company,
North
C. E.
Unterberg, Towbin Co.
NEW YORK
Corporation
ZUCCHELLI, LOUIS V.
B.
Co.
Reading, Mass.
First Boston
J.
Corporation
(special)
ZUCCARO, ALFRED G.
ue
Mill Factors
Chas. A. Day & Co., Inc.
WYCHE, Jr.,
CORPORATE BONDS
The National
WOLLEY, SUMNER R.
Maguire
&
Co.,
Inc.
of
1
Number 5992
192
Volume
.
The Commercial and Financial Chronicle
.
.
35
FELDMAN, GRANT A.
Piper, Jaffray & Hopwood
ROWND, CHESTER M.
FERGUSON,
Twin City Security Traders Association
SANDAIIL, RICHARD
Paine,
HUGH
Juran &
Elyth & Co., Inc.
J.
Juran
&
A.
J.
J.
M.
RAY
First
B.
Dain & Co.,
Inc.
National
Dain
National
SIIUTE,
Northwestern
Jamieson
&
Kalman &
I.
du
Pont
Co.,
Eau
GRANT, RICHARD M.
Kermit B. Sorum
E.
Frederick E. Haw
J.
GRUN,
ALPHONSE
First National
President: Raymond B. Garcia, J. M. Dain &
Co., Inc., Minneapolis.
B.
Sorum,
Allison-Williams
Company,
Minneapolis.
Robert
McCraney,
A.
Piper,
Jaffray
Hopwood,
&
Minneapolis.
Bank
Haw, First National Bank of Minneapolis.
October
22, 1959;
Expires: October, 1960.
—
Dean
OF
First
BUTLER,
indicated)
Bank
KENNETH
of
IIAZEN,
COLLINS,
Bardon
CARROLL H.
fv'f W'ii
of
Kalman &
Minneapolis
Smith,
.
.
Research
&
Securities
Corp.
&
John
Wood & Co..
Harold E. Wood & Co.. St.
Paul
of
Pierce,
Fenner
&
Smith
municipal
LEBEINTHALfe CO.,INC.
.
135
Webber,
Jackson
&
National
G.
Kinnard
BROADWAY, NEWY0RK 6, N.Y.
Oldest House in America
&
•
REctor 2-1737
Curtis
Company
Specializing in
ODD LOT MUNICIPAL BONDS
bonds
lA/oooiors
Fenner
&
bonds
IN-ODD-LOTS
UnCNTHAltCO.,
Pierce,
lCBENTHALi,CO.,
Smith
KOOP, Jr., WILLIAM W.
Piper, Jaffray & Hopwcod
KROGNESS, CHARLES V.
Midland
National
LEWIS, WILLIAM
Reynolds & Co.
St.
Paul
Eank
of
Bank
of
Minneapolis
WARDWELL
MacDONALD, GEORGE A.
First
National
MacDONALD,
First
Bank
of
Minneapolis
WILLIAM
National
Bank
of
Minneapolis
PISTELL, CROW INC.
MACH. ROBERT F.
Reynolds & Co.
MAHONEY,
C.
Tele. NY-1-2
Tel. HAnover 2-2084
WOOD, THURSTON
Co., Inc.
MUNICIPAL BONDS
Eank
Minneapolis
St. Paul
National Bank of
Minneapolis
SPECIALIZING IN ODD LOTS
Lynch,
Incorporated
& Co.
Moody Inc.,
Northwestern
National
Merrill
EGGEN, GEORGE T.
busher, herbert w.
Northwestern
Co., Inc.
Paul
L.
KLEMOND, EMIL J.
DONNDELINGER, JERRY
Juran
Haisey, Stuart & Co., Inc.
E.
ROGER
Lynch,
Minneapolis
Company, Inc.
Barney
&
KINNARD, JOHN G.
of
Dempsey-Tegeler & Co.
brown, richard l.
Harold
Bank
Paine,
Co.
DEVJNE, OWEN C.
LEIGHTON
National
&
Piper, Jaffray & Hopwood
BISHOP, MORLAN H.
BORIN,
i
DAYTON, LEONARD V.
,
Steichen
KELLER, HENRY
DAVIS, ROBERT G.
Company
1
J.
&
Minneapolis
KENNETH C.
Smith, Barney & Co.
THOMAS M., Jr.
DALE,
Bishop & Co.
of
JOAS,
HOMER
National
First
Bergman, Oscar m.
Allison-Williams
R.
Co.
Steichen
Incorporated
COULTER, JOHN T.
BERGLUND, ALBERT J.
National Bank
J.
JACKISH, GEORGE V.
Inc.
A.
Dempsey-Tegeler & Co.
M. H.
Inc.
Co.,
Peabody
Inc., St. Paul
Harris, Upham & Co.
Higgins & Co., Duluth
Kidder.
Piper, Jaffray & Hopwood
First
&
1
WITTENBERG, WILBUR W.
Blyth & Co., Inc.
Company,
Minneapolis
COTTER, JAMES
Dempsey-Tegeler & Co.
Jr.,
Co.
HERBERT, PETER
Merrill
AWS, ROBERT
CHARLES
R.
& Co.. St.
1IEIRONIMUS,
JAMES
Dain
M.
WIKMAN, DALE R.
Kidder, Peabody & Co.
&
DANIEL
Northwestern
D.
Paine, Webber, Jackson & Curtis
Paul
BABCOCK,
Company
P.
IIAW, FRED
COHEN, MERRILL M.
Paul
St.
W.
WICHMAN, E. W.
M. H. Bishop & Co.
STEICHEN, ROMAN J.
CLAREY, JOHN M.
St.
BECKER,
&
Winona
WOLF, PAUL
N.
J.
AWS,
Kalman
Minneapolis
Co.,
L.
Inc.
IIENNINGS, HENRY B.
/■"
Keenan & Clarey,
DONALD
Term
1959;
Paine, Webber, Jackson & Curtis
MALCOLM M.
National
October,
MEMBERS
Witter & Co.
ANDERSON,
WALTER
Marquette National Bank
ROSTER
(Members located in Minneapolis unless
otherwise
Office:
Took
Minneapolis
STEICHEN, JOHN D.
John Nuveen
ALDRICH,
of
IIAMMEROT, HOWARD
Reynolds & Co.
First National Bank
Treasurer: Frederick E.
Elected:
of
Co.,
Paine, Webber, Jackson & Curtis
STARN, HARRY W.
Bank
Minne¬
Kalmun & Company, Inc., St. Paul
Wis.
KERMIT B.
Woodard-Elwood
J.
&
WEBSTER, HARRY
HARVEY, ROBERT
Kidder, Peabody &
Kermit
Vice-President:
Secretary:
SPACE,
Prescott & Co.
of
WEHNES, KELLY
Paine, Webber, Jackson & Curtis
Allison-Williams
Raymond B. Garcia
Claire,
Company, Inc., St. Paul
National
SORUM,
Bank
WEBER, ROBERT J.
8.
Dempsey-Tegeler & Co.
Incor¬
WARNER, FRANK A.
Lee Higginson Corporation
B.
SMITH, JACK P.
Co.
&
&
IRVING
Naftalin
Paul
F.
First
FRED
St.
SIVERSON, LLOYD
GOODMAN, DONALD
Francis
TURNER,
of
SIRIANNI, BEN
Bank
National
Dempsey-Tegeler
Inc.
Bank
PRESTON
Company,
apolis
V.
Co.,
II.
and
TARRAS, ARTHUR 0.
Shearson, Hammill & Co.
GIESEN, WILLIS
M. H. Bishop & Co.
GOTH.
&
GEORGE
Byllesby
TALBOT, O. JACK
SEMPF, WALTER J.
GEARINO, ERNEST R.
Marquette
M.
M.
porated
Moody, Inc., St. Paul
SCRAPS, NICHOLAS
JOHN
Piper, Jaffray & Hopwood
GARCIA,
II.
Curtis
Moody. Inc., St. Paul
Prescott & Co.
GALLAGHER,
&
D.
SANDER, ROBERT
FULLER, ANDREW
E.
STILLMAN,
Jackson
Webber.
D.
BRIAN
Mahoney & Co.
MAHONEY,
C.
JAMES
D.
CORNELIUS
D.
Mahoney & Co.
MAHONEY, JOSEPH C.
Russell
C.
Saxe
&
D.
Mahoney & Co.
MASEK,
M.
ESTABLISHED 1936
JOSEPH
H.
McCRANEY, ROBERT A.
Piper,
Member
N. Y.
E.
Bishop & Co.
of
Jaffray
McKENDRICK,
&
Hopwood
EDWARD
Dempsey-Tegeler & Co.
Security Dealers Association
McNAGIITEN,
ROBERT
Williams-McNaghten
Investment Securities
*
*
*
MEEKS,
J.
GEORGE
Dain
M.
&
Kalman
&
Company,
50 BROAD STREET
NEW YORK 4 N. Y.
Dain
M.
Inc.
&
5, N. Y.
R.
Telephone WH 4-4000
Inc.
W.
MOBERG, KEITH
J.
BROADWAY
NEW YORK
N.
Co.,
MILLER, JOSEPH
¥
50
S.
Co.
Co.,
Inc.
MYERS, THEODORE A.
Mannheimer-Egan, Inc., St. Paul
OBERG, DALE
H.
M.
Bishop &
Co.
O'CONNOR, WILLIAM
Witter &
Dean
O'DONOGHUE,
Paine,
CASPER ROGERS CO.
DEALERS
<
OSTROM, GEORGE
Dean
★★★★★
★
JAMES
Webber, Jackson & Curtis
Paul
St.
G.
Co.
Witter
JOHN
PAIN,
Co.
&
T., Jr.
Marquette National Bank
Wholesale and Retail Dealers
UNLISTED SECURITIES
PAPPAS, GEORGE
In Unlisted Securities
PECK, ROBERT P.
Blyth & Co., Inc.
Piper, Jaffray & Hopwood
PENN.
Active Markets In New Issues
JAMES
Naftalin & Co.,
PHILLIPS,
★
We
Caldwell,
★★★★★
can
M.
Phillips Co., St.
Paul
J. K. Rice, Jr. & Co.
PREESHL, F. WARREN
Juran & Moody, Inc., St. Paul
distribute Blocks of
PRESCOTT,
E.
Electronic, Missile and Nuclear Stocks
Inc.
GUYBERT
V;
J
and New York Securities Dealers Association
W.
Co.
ESTABLISHED 1908
PRICE, WILLIAM T.
American
Members National Association of Securities Dealers, Inc.
E.
Prescott &
National
Bank, St.
Paul
DIRECT WIRE TO
RAARUP, JERALD
C.
D. Mahoney
Los
& Co., Inc.
Angeles, California
REINHARDT, DONALD
Harris, Upham &
40 Exchange
Place, New York 5, N. Y.
RICE,
Members National Association
Co.
Members New York
ALAN H.
Irving J. Rice & Company,
Wire connections to Pacific Coast
St.
RICE,
Telephone: BO 9-6244
Teletype: NY 1-4949
Incorporated,
Telephones:
Paul
KENNETH L.
Irving J. Rice &
REctor 24500
Company,
Incorporated
REctor 24506
RIEGER, CHARLES
Merrill
Lynch,
Incorporated
Pierce,
of Securities Dealers, Inc.
Security Dealers Association
Fenner
&
Smith
.
120 BROADWAY
Mcu#
vnD|f
c
u
v
(Cashiers)N11W YUKIV 5, N« *•
Teletype:
N Y 1-714
N Y 1-2810
The Commercial and Financial Chronicle
36
ADAMS, EDWARD R.
Georgia Security Dealers Association
The
Robinson-Humphrey Co.,
ADLER,
II, LEOPOLD
Varnedoe, Chlsholm & Co.,
ANDERSON,
COLE,
(Associate)
Corporation
E.
Hutton
F.
ATKINSON,
John B. Ellis
Harrison Clarke
Townshend Budd
AUSTIN,
J.
President: Townshend
Budd, McNeel, Rankin and Budd, Inc.
Vice-President: Harrison Clarke, Johnson, Lane, Space & Co.,
Inc.
Company
EARL
A.
Broyles, Jr., E. F. Hutton & Company;
Lex Jolley, The Robinson-Humphrey Company, Inc.; Robert
C. Mathews, Jr., Trust Company of Georgia; John H. Swift,
First Southeastern Corporation.
C.
Courts
&
Budd,
OF MEMBERS
(Members located in Atlanta
otherwise indicated)
ABERNATHY,
<
Courts
&
unless
Trust Company
ADAMS,
RAYMOND
Co.,
Trust
Thomson
(Associate)
of Georgia
(Associate)
\
&
The
,
*
,
McKinnon
(Associate)
WILL
Norris
&
BEESON,
Clement
and
Co.,
Inc.
(Associate)
&
Company,
are
Trading and Research facilities
devoted to helping other
and
&
M.
Evans
A.
&
Company,
Securities
Bradford &
Inc.
Inc.
McNeel,
Rankin
and
Inc.
Co.,
&
Co.,
Inc..
G.
MILTON
Evans
A.
Savannah
and
&
Inc.
(Associate)
F.
Company,
Inc.
(Associate)
ELLIS, JOHN B.
&
Co.
S.
Company,
Inc.
ELLIS, THOMAS
Courts & Co.
(Associate)
ERWIN, DONALD L.
EVANS,
(Associate)
CLEMENT A.
Clement
Corporation
>
W. Tindall & Company
J.
A.
Evans & Company,
Inc.
EVINS, SAMUEL N.
First Southeastern Corporation
Co.
(Associate)
Inc.
FELKER, RICHARD R.
Mutual Funds of America, Inc.
Lane,
Space
and
Co.,
Inc.,
FENNER, DARWIN C.
Merrill Lynch,
Incorporated
&
Co.
Courts
E.
(Associate)
Crawford.
Fenner
&
Smith
&
&
Smith
Co.
FIRESTONE, STANFORD B.
F. Hutton & Company
FERRIS, DAKIN B.
Merrill Lynch, Pierce,
DEMPSEY, HOWARD G.
&
Pierce,
FERGUSON, Jr., JOSEPH M.
DeJARNETTE, C. M.
French
BERNARD
Inc.
DAVIS, DAVID H.
Courts
Company,
(Associate)
BLACKWELL,
1
Clement
J. W. Tindall & Company
Robinson-Humphrey
Company,
C.
Hirshberg,
&
EISENBERG,
DEAN, JAMES B.
Co.
Clement
professionals
C.
Inc.
Harris, Upham & Co.
BLACKSTONE, LESTER J.
dealers
ALLEN
DAVIS, LLOYD
BLACK, Jr., H. GRADY
The
Jr.,
Savannah
Inc.
&
FRAZER
J.
Hilsman
Norris
Lynch, Pierce, Fenner & Smith !
Johnson,
T.
Evans
LANDON
EAGER. Jr., W.
DAUGHERTY, BENJAMIN T.
The Robinson-Humphrey Company,
R.
Evans
H.
J.
(Associate)
BEUTELL, Jr., JOS.
Courts
C.
A.
Robinson-Humphrey Company, Inc.
DURRETT,
J.
CROWLEY, CARL A.
J.
Augusta
Our unique
Inc.
CRUMPTON, III, THOMAS U.
Inc.
(Associate)
Hirshberg,
A.
Co.,
DALEY, DOROTHY A.
Bank
JAMES
Clement
Incorporated
E.
y.:,y
OLIN
J.
Co.
Interstate
National
BECK,
&
(Associate)
Columbus
Inc.
DUPREE, JAMES H.
Courts & Co.
(Associate)
&
Robinson-Humphrey
Merrill
Corporation
Company of Georgia
First
Company,
Courts
Co.
ALFRED
First Southeastern Corporation,
DREW,
,
CROFT, Jr., EDWARD
CLIFFORD B.
BAUM,
ALLISON
DOWNING, HUDSON U.
Inc.
Savannah
Co.
Savannah
ABLE, STEPHEN
DORNBUSH, KIRK T.
Courts & Co. (Associate)
The
CRAWFORD, ALLEN
Johnson, Lane, Space
B. DONALD
Southeastern
BASTIN,
Inc.
Co.
French & Crawford,
Inc.
E.
BARROW, Jr., CRAIG
.Johnson, Lane, Space
ROSTER
Company,
(Associate)
Inc.
BARNETT, JOHN H.
First
&
Athens
Georgia
of
Company
DULANEY.
A. CARY
Dickson
CRAWFORD,
Bradford &
Jr.,
&
'•
S.
Courts
and
CARROLL
BANKS,
Evans
CRAIGEN, JOHN ST.
W.
(Associate)
BANKS,
J.
Norris
COX,
R.
Dickson & Co.,
S.
Inc.
HOLLIS
J.
Tindall &
W.
Courts
Co.,
Company
DONNELLY, C. ROBERT
Harris, Upham & Co. (Associate)
COURTS, RICHARD W.
and
Space
BANE, ALLAN
McNeel, Rankin
Secretary-Treasurer: John B. Ellis, Courts & Co.
Governors:
Company
Lane,
BAGGERLY,
R.
&
CHARLES
Johnson.
Trust
R.
(Associate)
APPLEBY, WM. C.
&
ROBERT R.
DODD, Jr., JERE
DARGAN
A.
Hutton
F.
Tillman-Whitaker Co.,
COLLINS, CHARLES T.
The Robinson-Humphrey
Co.
A.
Co.
&
DINCE, Jr.,
(Associate)
ANDREWS, THOMAS C.
&
Inc.
COLEMAN, Jr., JOHN H.
Howard C. Traywick & Company,
(Associate)
Courts
Co.,
(Associate)
K.
Southeastern
E.
Clement
McKinnon
&
ANDERSON, LEWIS
E.
&
Clisby & Co., Macon
A.
CLIFFORD
Thomson
Courts
& Co.
CLISBY, JOSEPH
Jr., EDWARD
Wyatt, Neal & Waggoner
First
Courts
RICHARD
DENNY,
CLARKSON, MASSEY
Inc.
(Associate)
ALBRIGHT,
Thursday, October 6, 1960
DICK, Jr., JACKSON P.
CLARKE, HARRISON
Johnson, Lane, Space
(Associate)
Savannah
.
Savannah
Southeastern Corporation,
Columbus
.
CIIISHOLM, FRANK A.
Varnedoe, Chisholm & Co., Inc.
Inc.
ADAMS, PHILIP M.
First
.
Inc.
Fenner
Incorporated
(Associate)
L.
Budd,
Inc.
(Associate)
BLACKWOOD, Jr., W, HUGH
The Citizens and Southern National Bank
BLALOCK.
R. S.
Jr., F.
Miller
JOHN R. MAKER ASSOCIATES
WELLBORN
Dickson & Co., Inc.
BLANCHARD,
CLAYTON
Securities
C. E. JUDSON & CO.
E.
Corp.
(Associate)
120
BLOCK, FRANK E.
New York
32 Broadway
4, N. Y.
Citizens &
Southern
National
BROADWAY
Bank
NEW
BOGGS, Jr., RICHARD L.
Goodbody & Co.
YORK
5, N. Y.t';:
?vy..
BOUNDS, JAMES W.
Courts
BRAY,
Co.
&
ROBERT
Trust
M.
Company
Georgia
of
BRAYSIIAW, DONALD B.
Lord,
Abbett
&
Co.
BREWER, J. ROBERT
French
TORPIE & SALTZMAN
&
Members
Crawford,
Inc.
American
BROCK, HENRY F.
Goodbody & Co.
Stock
Exchange
yy
BROOKE,
BYRON
Byron Brooke & Company
FIRM
BROWN, CLARENCE M.
McNeel, Rankin and Budd, Inc.
(Associate)
TRADING MARKETS
brown, in, g. m.
J. H.
IN
Hilsman
BROWN,
Brown
UNLISTED SECURITIES
Jr.,
&
BROWN,
&
Co., Inc.
JAMES
JOSEPH
Courts
(Associate)
F.
Groover, Macon
&
GOLD, WEISSMAN CO.
E.
Co.
BROYLES, NORRIS ARNOLD
E
39
BROADWAY
E.
New York 6, N. Y.
Tel. WH 4-6784
F.
Hutton
&
Company
BROKERAGE SERVICE FOR
BROYLES, Jr., NORRIS ARNOLD
F.
Hutton
&
Company
BRUMBACK, ALFRED
Brown &
B.
BROKERS
—
BANKS
—
DEALERS
Groover, Macon (Associate)
BRYANT, EVERETT C.
Courts
&
BRYANT,
The
IN ALL
Co.
FRED
M,
Robinson-Humphrey
Company,
Inc.
UNLISTED SECURITIES
BUCHANAN, C. SHELTON
Thomson
&
McKinnon
(Associate)
BUDD, JAMES COLEMAN
The
Robinson-Humphrey
Company,
Inc.
(Associate)
GENERAL INVESTING CORP.
BUDD,
R. S.
Our proven
ability, seasoned
,
contacts are at your
and
Distributors
Our
specialty is the devel¬
opment
tor
service.
of dealer and inves¬
interest in sound stocks
suffering from thin markets
and lack of
sponsorship.
Brooke
CAGLE,
NEW YORK 6, N. Y.
Telephone: BOwling Green 9-1600
Teletype: NY 1-3390
BROADEN
&
CANDLER,
&
(Associate)
Company
Crawford,
J.
CAREY,
LOUIS
Courts
&
Inc.
(Associate)
C.
Johnson, Lane,
(Associate)
Space
and
Co.,
Inc.
H.
Co.
CARSON, ROBERT HOWARD
Tlllman-Whitaker Co., Athens (Associate)
SECURITIES
OF
MERIT
&
STRYKER & BROWN
Co.
CARVER, JOHN F.
The
MARKETS OF
Robinson-Humphrey
Company,
(Associate)
Inc.
50
y
CHAMBLESS, HENRY H.
Johnson, Lane, Space and
Co.,
J.
C.
Bradford
& Co.
D.
J. W. Tindall & Company
First
WADE
T.
Southeastern Corporation
(Associate)
STREET
WARREN
CHESTNUT, JAMES
CHILDRESS,
BROAD
NEW YORK 4, N. Y.
Inc.
(Associate)
CHEATHAM, R.
YOUR INQUIRY IS INVITED
TELETYPE NY 1-3751
WILLIAM
French
Courts
WE CAN
NEW YORK 6, N. Y.
FRANK
Byron
CARTER, Jr., HUGn D.
55 BROADWAY
•
S. M.
Dickson & Co., Inc.
BURT,
experience and national
BROADWAY
McNeel, Rankin and Budd, Inc.
BURNS, Jr.,
Underwriters
39
WHITEHALL 4-1800
TOWNSHEND
HA 2-3970
NY 1-1582
Volume
James
T.
192
Number 5992
Gahan, E. F. Hutton
Nashville, Tenn.;
...
The Commercial and Financial Chronicle
&
Company, New York City; Louis Todd, Jr., Jack M. Bass
Derry M. Hilger, Rauscher, Pierce & Co., Inc., Dallas
FERRY, Jr., WM. H.
L J. w. Tindail & Company (Associate)
GERNAZIAN,
FLEMING, Jr.,
GILBERT, GEORGE W.
E.
STROTHER C.
Hutton
F.
&
&
Ga.
Upham
FRENCH,
French
FROST,
J.
&
J.
Co.
JAY
Inc.
R.
H. Hilsman & Co.,
Inc. (Associate)
GORDON,
(Associate)
ALBERT
Co.,
GORDON, Jr.,
Inc.
Courts
<fc
Inc.
E.
Southern
National
Bank
GORDY, Jr.,
Courts
(Associate)
&
W.
Co.
French
(Associate)
H. R.
Upham & Co.
GOW,
Co.
Johnson,
Lynch,
Incorporated
The
E.
JOHNSON,
F.
Johnson,
Pierce,
Fenner
Smith
&
HENRY W.
The
&
(Associate)
Company
GREENOE, ARTHUR
McNeel,
JONES,
GUY
Harris,
Space
and
THOMAS
Lane,
Space
Rankin
&
Co.
Co.,
Inc.,
Clement
v
A.
Evans
JOHN
Funds
of
and
Co.,
KELLEY,
Company,
Inc
GRIGGS,
McKinnon
(Associate)
KELLY, JAMES L.
First
National
Bank
(Associate)
Courts
&
Co.
Continued
(Associate)
on
page
P.
Budd,
and
JAMES
Johnson,
Lane,
Inc.
R.
Space
&
Co.,
Inc.
GRIGGS, R. BROOKS
Johnson, Lane, Space
&
Co.,
Inc.
GROOVER, T. DENMARK
Brown
&
HAINES,
Macon
Groover,
C.
WALDO
&
French
Crawford, Inc.
IIANNER,
RICHARD
Interstate
Wyatt,
Corporation
RICHARD P.
Neal
HARRIS,
E.
Securities
HARBOUR, Jr.,
& Waggoner
BYRON D.
Norris
C.Shore & Co*
&
Hirshberg, Inc.; Dalton, Ga.
HARRIS
Harold
J.
RALPH
S.
Courts
&
HARRIS,
50
BROAD
STREET
THE TRADER
Goodbody & Co.
HARRIS,
RICHARD
Co.
LARRY
W.
Clement
A.
Evans
&
Inc.
Company,
(Associate)
NEW YORK 4,
HAWKINS,
N. Y.
Courts
HAY,
COMER
&
Co.
;
(Associate)
WALTER
Jr.,
Goodbody
&
THE MARKET
S.
Co.
FRANK J.
HENRY,
Courts & Co.
HERNDON,
Clement
THOMAS
A.
Evans
H.
&
Company,
Inc.
(Associate)
HILL, F. JOSEPH
Telephone:
Teletype: NY 1-5126
WHitehall 3-8357
Merrill
Lynch,
Pierce,
Fenner
&
Smith
Incorporated
HILL,
TRACY
Citizens
Southern
&
O VER-THE-CO UNTER
W.
National Bank
(Associate)
WILLIAM
Lane, Space & Co., Inc.
HINDSMAN,
Johnson,
D.
This
HIRSH, ELLIS B.
& McKinnon
Thomson
HIRSHBERG,
Norris
&
Hirshberg,
educational
The
and
Inc.
Robinson-Humphrey Company,
Columbus
Brokers
Dealers
—
First
compiled by the National Security Traders
E.
—
LEWIS
Dis t ributo rs
Hutton
F.
IIOOK,
&
JOHN
Citizens
long felt need.
RATES
Company
(Associate)
Southern National
W.
Bank
CABELL
Corporation, Columbus
First Southeastern
WM.
IIUGER,
Courts
invite
a
Corporation
G.
A.
and
HOPKINS,
We
Association, fills
Inc.,
(Associate)
HOLLAND,
Unde rwrite rs
conceived, sponsored
;
.
JAMES H.
Southeastern
Booklet
(Associate)
JULIAN R.
HOFFMAN, CULLEN J.
HOGG,
correspondence from established
HULL,
1
to
24
25* each
25
to
199
20* each
200
15* each
E.
Co.
&
J. GIBSON
Lynch, Pierce, Fenner & Smith
Over
Merrill
Incorporated
dealers
interested
in
details
on
some
of
HUNERKOPF,
CLOV1S L.
Georgia (Associate)
Trust Company of
our
D.
HUNTER, Jr., H. F.
previous issues.
Courts
&
JACOBS,
FREEMAN
Johnson,
Lane,
National
J. A. WINSTON & CO., INC.
Space
&
Co.,
Inc.
One
11 BROADWAY
WHitehall 4-6600
NEW YORK 4, N. Y.
Jr.,
Johnson,
Norris
&
Lane,
Space
ARNOLD
&
Co.,
Inc.
C.
Hirshberg,
Inc.
(Associate)
JOHNSON,
DAVID T.
Johnson, Lane, Space & Co.,
Savannah
East
42nd
St.
FREEMAN N.
Savannah
JOHNSON,
Security Traders Association
N.
Savannah
JELKS,
RAYMOND KENNEY
(Associate)
Co., Rome
ROGER M.
Wyatt, Neal & Waggoner
JELKS,
Inc.
Inc.
CARL L.
LEX
Robinson-Humphrey
Company,
America,
(Associate)
Inc.,
(Associate)
&
B.
Mutual
M.
GRIFFIN,
RANDOLPH PAGE
Wyatt, Neal & Waggoner
FRANK
(Associate)
Co.,
R.
Upham
(Associate)
(Associate)
&
KABLE, JOHN R.
KEEBLE,
Jr.,
Moreland
JONES, BRYANT
EDWIN F.
Hutton
Lane,
I. Moreland,
York
Paul
New
Thomson &
Robinson-Humphrey Company, Inc.
F.
A.
Mr.
Crawford, Inc.
Savannah, Ga.
JOLLEY,
GRAHAM,
GARNER
Savannah
(Associate)
WILLIAM
Jr.,
&
JOHNSON, THOMAS M.
GOULDMAN, R. E.
GRADY,
LEONARD
Co.
Harris,
JOHNSON,
Co.
Merrill
DONALD
GEORGE, EDWARD A.
and
Co.
ELLIS
Evans & Company,
Wellington Distributors, Inc.,
Ft. Lauderdale, Fla.
&
Inc
Lynch, Pierce, Fenner & Smith
Incorporated
& Co.
FUNSTEN, JAMES C.
Johnson, Lane, Space
Citizens
&
&
WM.
Courts &
Merrill
D.
Upham
Company,
Barney Nieman, Carl Marks & Co., Inc., New York; Mrs. &
Detroit; Mrs. Arthur Bertsch,
Co.
STEVE
Courts
GOULD,
;'>;f.\": -'v,;;,'
Bradford
GOLDMAN,
FULWILER, WM. H.
Harris,
C.
Clement A.
Crawford,
GORLIN,
(Associate)
Robinson-Humphrey
GODSHALL,
McCREA
J.
&
L.
McKtnnon
GLAZER, MORRIS M.
FONVILLE, PERCY G.
Harris,
HARRY
&
(Associate)
S.
Albany,
Co.,
The
Company
FLEMING, WILLIAM
Courts
Thomson
&
37
Inc..
New York 17, N. Y.
38
The Commercial and Financial Chronicle
38
.
.
.
Thursday, October 6, 1960
V/1
1 lltll
■
Mr.
&
Mrs.
Ted
D.
Carlsen, Woolrych, Currier & Carlsen, Inc., Los Angeles;
Webster, Bate man, Eichler & Co., Los Angeles
Mr.
&
Mrs. W.
Mr. & Mrs. Ed. E. Parsons, Parsons <ft
W.
&
Co.,
Chicago;
Henry
P.
Co., Inc., Cleveland; Mr. & Mrs. Joseph G. Ballisch, A. C. Allyn
Matthews 3rd, First Southwest Company, Dallas
McALISTER, KENNETH C.
Georgia Security Dealers Association
Over
v;
A
Quarter-of-a-Century Experience
ROSTER
in
-
Thomson & McKinnon
OF MEMBERS
Continued from page 37
MADDOX,
Markets
E.
P.
Hutton
KERN, JOHN
&
J.
Incorporated
Courts & Co.
MALLORY, WALDO
(Associate)
Company
E.
F.
Hutton
Trust Company of Georgia
La
MALOOF,
(Associate)
French
McDANIEL, WM. B.
The
Robinson-Humphrey
(Associate)
Grange,
Ga.
Members
First
Philadelphia-Baltimore Stock
KILPATRICK, Jr.,
ANDREW
J.
KISH, R.
BROADWAY
NEW YORK CITY
•
Bell Teletype NY 1-1227
•
Lynch, Pierce, Fenner & Smith
Incorporated
Johnson,
Lane,
The
Inc.
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
—
1960
Robinson-Humphrey
C.
Bradford
First
(Associate)
HOWARD
McNAIR,
Courts
National
Bank
of
6c
S.
Co.
Inc.
Jr.,
EUGENE
E.
V;
McRAE,
MAY, Jr., PHILIP S.
Johnson, Lane, Space and Co., Inc.
D.
&
FINLAY
Co.,
Incorporated
MoWHORTER, FONVILLE
Courts
&
Co.
Savannah
6c
MEADOWS,
Co.
McADEN,
E.
F.
H. WESLEY
Hutton
&
Varnedoe,
CARL L.
Chisholm
&
Co.,
Savannah
Company
Merrill
and
Lynch, Pierce, Fenner & Smith
Incorporated
Specialists
LANDER, COY R.
First
on
the
Southeastern
LANGAN,
E. F.
AMERICAN
STOCK
JOHN
Hutton
Corporation
F.
&
UNLISTED SECURITIES
(Associate)
Company
LATTIMORE, HARRY H.
Varnedoe, Chisholm & Co., Inc., Savannah
EXCHANGE
.
LATTY,
Jr., HOWARD
Merrill
Lynch,
The
Fenner
&
Smith
Norris
Frank ۥ Masterson & Co.
Established
1923
A
;
6c
Wyatt,
Company,
NEW YORK 6, N.Y.
74 TRINITY PLACE
Teletype NY 1-1140
Telephone HAnover 2-9470
Neal
&
(Associate)
(Associate)
M. S. Wien & Co.
EST. 1919
Courts & Co.
Members New York Security Dealers Association
LINDSEY, EDWARD H.
Evans
John
Nuveen
&
Company, Inc.
&
French
LYMAN,
First
&
W.
R.
Crawford, Inc.
Southeastern
Columbus
JERSEY CITY 2, N. J.
(Associate)
N. Y. Phones BA 7-0044-0050
Corporatioh,
(Associate)
W.
PLACE
Company
STEWART F.
LUTTRELL,
EXCHANGE
1
SWIFT
LOGAN, E. TOWNSEND
Jersey City Phones HE 5-9400-9402
R.
Teletype JCY 783
I.uttrell & Co., Columbus
LUTTRELL, Jr., W. R.
W. R. Luttrell & Co., Columbus
For Banks, Brokers and
Foreign Investments
Dealers
CANADIAN SECURITIES
Bought — Sold
<and
Tel.
tfnc.
INVESTMENT
DEALERS
Waggoner
LEVINS, WILLIAM A.
LIPSCOMB, H.
Foreign Securities
-
Specialists in
E.
&
Co.,
Clement A.
Specialists in
BROKERS
NORMAN
LEVIN, JACK
Courts
•
PHILIPPINE SECURITIES
Trust Company of Georgia
Members American Stock Exchange
Inc.
Jr., CHARLES W.
Hirshberg, Inc. (Associate)
LEE, ROBERT
LESSER,
BANKS
E.
Robinson-Humphrey
LEACHMAN,
for
O.
Pierce,
Incorporated
LAY, JOSEPH
SECURITIES
WHitehall 4-8980
-
Quoted
TWX N. Y. 1-142
CHARLES KING & CO.
Members
Associate Members American Stock Exchange
American Stock Exchange
30 Broad
Street, New York 4, N Y.
Telephone,
Teletype
WHitehall 3-9200
NY 1-515
Inc.
McNeel, Rankin and Budd, Inc.
Atlanta
Blair
Company,
Co.
(Associate)
Inc.
Co.,
(Associate)
RICHARD M.
LAMB,
MARTIN,
MATTHEWS, WILLIAM M.
—
LAHMAN, HARRY
J.
ROBERT I.
Johnson, Lane, Space and
&
McMANUS, JOSEPHINE
McNeel, Rankin and Budd,
Inc
McNEEL,
;y;:.
KUHLMAN, ALFRED D.
Floor Lookers
Courts
Robinson-Humphrey Company,
'
KRENSON, WILLIAM D.
Johnson, Lane, Space and Co.. Inc.
The
Equitable Securities Corporation
McLENNAN, LOUIS W.
MATHEWS, Jr., ROBERT C.
Trust Company of Georgia
KONTZ, JOHN T.
Corporation,
McGAUGHY, PAUL W.
Inc.
Company,
MARTIN, Jr., JUSTUS C.
Space & Co.,
Southeastern
First
Columbus
McDUFFIE, Jr., PHIL C.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
(Associate)
KNELLER, GEORGE C.
Johnson, Lane, Space & Co., Savannah
1923
McDOUGAL, PAUL A.
Inc.
Company,
MARTIN, Jr., GEORGE W.
The Robinson-Humphrey
CARL
KLINE, Jr., A. CUYLER
Tel. WOrth 4-3113
Bank
B.
Harris, Upham & Co. (Associate)
(Associate)
Inc.
Merrill
120
Jr., JOHN J.
Lynch, Pierce, Fenner & Smith
Incorporated
MARKELES, CHARLES B.
& Crawford,
Toronto Stock Exchange
Montreal Stock Exchange
Canadian Stock Exchange
61 BROADWAY
Inc.
Merrill
Inc.
E.
Robinson-Humphrey
(Associate)
Augusta
Exchange
National
Company,
McDONOUGGH,
Crawford,
The
KING, CLIFF W.
French
Company
PAUL
MANOS, CHRIS
(Associate)
W.
FRANK
&
MANNERS,
KILLEN, EUGENE H.
Clisby & Co., Macon
Mitchell & Company
&
W.
KEY, R. C.
Inc.
McCORD, Jr., JOSEPH A.
Merrill Lynch, Pierce, Fenner & Smith
JOSEPH
KENNEDY, JOHN LELAND
Over-the-Counter
(Associate)
McClelland, john e.
J. H. Hilsman & Co.,
NEW YORK 6, N. Y.
Inc.
Volume
Mr.
& Mrs.
Number 5992
W.
Nattional
Bank
Lane,
(Associate)
and
MONK,
Inc.
Co.,
JAMES
First National
F.
GEORGE
Citizens
Robinson-Humphrey
MORRIS,
Company,
Inc.
MORRIS,
PHILIP L.
Miller Securities Corp.
The
Southern
JACK
Hilsman
Neal
SANFORD,
&
&
Co., Inc.
Inc.
Bank
NICHOLSON,
F.
Waggoner
Jr.,
J.
E.
DENNIS
Company
of
i
Georgia
•
J.
H.
Hilsman
&
Co.,
Inc.
SETTLE, ROYSTON R.
J.
Inc.
H.
Hilsman &
SEWARD,
SCHAEFER, Jr., W. BRUCE
McNeel, Rankin
and
Budd,
(Associate)
A.
Company
SETTLE, J. FLEMING
(Associate)
Savannah
GEORGE
Hutton &
NORVELL,
Trust
SAUNDERS, JACK H.
Varnedoe, Chisholm & Co.,
Co.,
CHARLES
Inc.
H.
Johnson, Lane, Space and Co., Inc.,
Savannah, Ga. (Associate)
Inc.
Continued
on
page
FLEMING
Clement A. Evans & Company, Inc.
Augusta
(Associate)
NUNNALLY,
L.
Courts &
McKEE
Co.
Robinson-Humphrey Company, Inc.
MOSELEY,
E.
F.
Jr.,
Hutton
Corporation
(Associate)
MULLIKIN,
MILLIKAN, TROY W.
Johnson, Lane, Space
H.
Wyatt,
E.
National
C.
JOSEPH
J.
OBERRY, GEORGE G.
MILLER, WALTER G.
Southeastern
&
Johnson, Lane, Space and Co., Inc.
(Associate)
MILLER,
First
Mr. & Mrs. Walter Filkins, Troster, Singer & Co., New
York; Mr. & Mrs. George M. McVey,
•.>Lehman Brothers, New York
W
NEWTON, IH, CHARLES
Clisby & Co., Macon
W.
MONROE, THOMAS J.
Bank
MILHOUS, Jr., JAMES F.
The
Christian,
NEAL, J. ROBERT
Incorporated
Space
A.
MYERS, FRANK J.
Clement A. Evans & Company,
MILHOUS,
Edgar
MILSTEAD, ANDREW J.
Merrill Lynch, Pierce, Fenner & Smith
Corporation
MEYER, CHARLES
Johnson,
The Commercial and Financial Chronicle
.
.
MILNER, JAMES B.
Byron Brooke & Company (Associate)
v
Southeastern
MENDE, GEORGE R.
First
.
Joseph E. Smith, Newburger & Co., Philadelphia; Mr. & Mrs.
Suplee, Yeatman, Mosley Co., Inc., Philadelphia
MEANS, JAMES
First
192
LASSEY
&
O.
Company
FRED L.
First Southeastern Corporation
and
Co.,
Inc.
Savannah
Jr.,
MURPHY, Jr., N. BARNARD
Goodbody & Co.
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
OGLESBY, M. LAMAR
The Robinson-Humphrey
Specialists in
Inc.
Company,
O'NEIL, JACK T.
French
&
Crawford,
Inc.
BANK and INSURANCE
OWENS, J. ROBERT
Wyatt,
Neal
&
(Associate)
Waggoner
OWNE, ROBERT E.
The
Robinson-Humphrey
(Associate)
Company,
Inc.
STOCKS
PARKER, JOHN I.
First Southeastern
Corporation
(Associate)
PATY, III, ARTHUR A.
Clement
Evans
A.
&
Company,
Inc.
(Associate)
PEEPLES, FRANK
Clement A. Evans & Co.,
PENDERGRAST,
Aetna Securities Corporation
Courts
&
Inc., Macon
THOMAS
EDWIN L. TATRO COMPANY
J.
Co.
PERKINSON, TOM G.
French
&
Crawford.
PHILHOWER, LOUIS
50
Inc.
Telephone: DIgby 4-2420
Clisby & Co., Macon (Associate)
PIKE, HUGH
E.
Underwriters and Distributors
Industrial Securities
F.
BROADWAY, NEW YORK 4, N. Y.
S.
GENE
Hutton &
Company (Associate)
PORTER, GEORGE
Trust Company of Georgia
Direct
Teletype: NY 1-3430
Telephone
BALTIMORE —BOSTON —HARTFORD:
-7.
Enterprise
784<i
(Associate)
POUND, JERE M.
Spencer, Zimmerman, Pound & Co., Inc.,
Columbus
PRAGER,
First
BEIRNE
M.
Southeastern
Columbus
PRIMARY
Corporation,
MARKETS
(Associate)
PRESTON, Jr., SAMUEL W.
Wyatt, Neal & Waggoner
111
Broadway
PRITCHETT,
Courts
New York 6,
N. Y.
KEN
Co.
&
Jr., ROLAND
RADFORD,
A.
J. W. Tindall & Company
RAGSDALE,
IRVIN T.
The Robinson-Humphrey Company, Inc.
Complete Trading Facilities and Experience
RANKIN, III, JOHN R.
McNeel, Rankin and Budd, Inc.
RANKIN, Sr., JOHN R.
McNeel, Rankin and Budd,
&
Brown
First
Distributors
Southeastern
(Associate)
(Associate)
Corporation
,'p';
.•••....
REES, IH, ARTHUR F.
Clement A.
REEVES,
Courts
Dealers
Macon
Groover,
COURTS
REDFORD,
•
Brokerage Service in all
DONALD K.
REAM,
Underwriters
For
Inc.
Company,
UNLISTED SECURITIES
Inc.
GRADY
H.
&
Evans &
Co.
for BANKS —BROKERS and DEALERS
RENSHAW, JOHN N.
McNeel, Rankin and Budd, Inc.
REVSON, Jr., ALFRED F.
Courts
CORPORATE SECURITIES
Co.
&
REYNOLDS, A. ZAHNER
Courts &
Co.
REYNOLDS, JOHN C.
First Southeastern Corporation
ROBERTS,
BEN
Courts
Co.
&
E.
ROBERTS, W. R.
J.
H.
Hilsman
&
Co.,
Inc.
ROBERTSON, Jr., A. WILLIS
The Robinson-Humphrey Company, Inc.
Hill, Thompson & Co., Inc
70 Wall Street, New
York 5f N. Y.
The
Company,
Inc
Company,
Robinson-Humphrey
Columbus
(Associate)
ROSENBERG,
Clement
A.
39
RALPH
Evans
S.
& Company,
(Associate)
RUSSELL, ROBERT L.
J. C. Bradford' & Co.
SIDNEY A. SIEGEL & CO.. INC.
Inc.,
ROSENBERG, MARK F.
The
Telephone WHitehall 4-4540
ROBY
Robinson-Humphrey
ROBINSON,
(Associate)
Inc.
BROADWAY
DIgby 4-2370
NEW YORK 6. N. Y.
Teletype NY 1-5237-5238
40
The Commercial and Financial
40
Graham
Dempsey-Tegeler & Co., New
Morris, Atlanta, Ga.
Walker,
Georgia Security Dealers Association
SMITH, JOSEPH
Tindall
W.
MURRAY C.
Merrill Lynch,
Pierce.
CHARLES
Upham & Co.
Harris,
SHARPLEY,
DON
Clement
&
Co.,
McNeel,
Goodbody
SHORE,
Inc.,
HARRY
& Co.
Courts
SITES,
S.
&
Evans &
Company,
Varnedoe,
Inc.
Savannah
8c
and
Space
Inc.
Co.,
Courts
Co.
8c
B.
WELLBORN,
Co.
Courts
Lane,
Space & Co.,
Inc.
Chisholm
&
Co., Inc.,
(Associate)
WILLIAM
Johnson,
and
and
Savannah,
SPEAS,
Norris
&
and
Inc.
Spencer, Zimmerman, Pound
J.
THOMAS
Bradford
C.
&
Athens
&
Co.
(Associate)
WOOLFOLK, JOHN C.
First Southeastern Corporation
Co.
GEORGE
Johnson,
S.
Lane,
and
Space
Co.,
Inc.
(Associate)
8c
Co.,
& Co., Inc.
The
YOW, LAWSON S.
The Robinson-Humphrey
Albany
Company,
Spencer, Zimmerman,
Columbus
Tlllman-Whitaker
The
Co.,
Athens
JOHN M.
Robinson-Humphrey
Company,
Inc.
(Associate)
Heaney & Co.
Michael J.
Members American Stock Exchange
STEADMAN,
Johnson.
120
BROADWAY
NEW YORK 5, N. Y.
•
8c
R.
&
Co.,
Inc.
SPECIAL SITUATIONS
EUGENE
Hirshberg, Inc.
STEVENSON,
First
ELLIOTT
Space
Lane,
STEINHAUER,
Norris
C.
Jr.,
FRANK
Southeastern
Corporation
(Associate)
Telephone WOrth 4-4176
STEWART,
J.
TOOMAS
Hilsman
H.
STOCKS,
Trust
8c
W.
Co., Inc.
FRANK
(Associate)
Company of Georgia
SWAFFORD, Jr., THOMAS A.
Courts & Co. (Associate)
Southeastern
First
Corporation
TANTE, BARDY L.
French 8c Crawford, Inc.
Courts
OF
SIMMONS,
RUBIN
ft
CO.,
Norris
INC.
E.
Hirshberg, Inc.
THOMPSON, JANE C.
Merrill Lynch,
Pierce,
Fenner
&
Smith
Patrons
Incorporated
TAKES
PLEASURE
IN
ANNOUNCING
THOMAS
TILLMAN,
TUlman-Whitaker
THE
FORMATION
OF
M.
Co.,
Tindall
W.
8c
THE "NEW" ANTLERS
(Associate)
Company
CO., INC
The
2,000,000 Shares
(of well proportioned, superbly prepared food)
HENRY B.
TOMPKINS,
Robinson-Humphrey
Company,
Inc.
THE
TPAYWICK, HOWARD C.
UNDERWRITERS
Howard
C.
Traywick 8c Company, Inc.
JOSEPH H.
Howard C. Traywick & Company, Inc.
TRENT,
TWO
B
R
O ADWAY
(Associate)
TROUSDAL, REIDAR A.
NEW YORK 4, N. Y.
Johnson, Lane, Space and
Savannah, Ga. (Associate)
UNDERWOOD,
Norris
Complete Trading Facilities
&
TELETYPES
DEPT.
NY
HA
1-3487
ANNE
TRENT
—
ELLIOTT
GLASSER
—
JERRY
KASS
A.
brokers, traders, dealers, salesmen,
bar)
at our
customers.
restaurant on
Price per
Inc.
",
Wall Street.
share: Weil below intrinsic value I
.vi
Serving
WAGGONER, T. REUBEN
Wyatt, Neal 8c Waggoner
The
FOR
(and ONLY Preferred Stock used
BUSINESS: Serving the finest food, wines and liquors to bankers,
LOCATION: The ONLY
L.
Varnedoe, Chisholm & Co.,
WALKER,
ASK
Inc.
SAMUEL
AN TLERS
PREFERRED STOCK
FACILITIES: Recently expanded and redecorated; subdivided to
permit serving (with privacy) large or small parties.
C.
OWEN
1-3486
NY
5-6511
s
DEAN
Savannah
HA 5-6500
Co., Inc.,
Neal & Waggoner
VARNEDOE,
TELEPHONE
L.
Hirshberg,
VARDAMAN,
Wyntt,
TRADING
worry
"Market Fluctuation"
TINDALL, Jr. FRANK C.,
J
BROKER-DEALERS,
of The Antlers are exempt from mental taxes caused by
"Interpretation," "Regulation" "Customer Whim,"
over
Athens
TINDALL, JULIAN W.
J. W. Tindall 8c Company
H. S. SIMMONS &
Y.
Telephone: WHitehall 3-5770
RICHARD
&
NEW YORK 5, N.
(Associate)
Co.
&
THOMAS,
FORMERLY
ONE WALL STREET
(Associate)
THOMAS, B. B.
SIMMONS
HARRY
Hettleman & Co.
JOHN H.
SWIFT,
.•
•
members
•
of
leading
Inc.,
67 Wall Street
HAnover 2-4393
WALKER, HAROLD L.
J.
J.
H.
H.
ex¬
New York 5, N. Y.
Columbus
Hilsman
WALKER,
stock
changes and associations of Securities Men.
CURTIS
Robinson-Humphrey Company,
&
SAMUEL
Hilsman
8c
Co.,
Inc.
G.
Co., Inc.
Inc.
Pound 8c Co., Inc.
Co.
STAFFORD, W. A.
STAGG,
Inc.
ZIMMERMAN, WILLIAM H.
WILLIAMS, Jr., RALPH W.
First Southeastern
Corp.
H.
IV, ALEXANDER
Robinson-Humphrey Company,
YEARLEY,
Athens
WIGHT, WENDELL B.
The Robinson-Humphrey Company, Inc.,
Columbus
STAFFORD,
LEE
Co.,
WIEGAND, Jr., A. FRANK
KYLE
J.
(Associate)
Inc.
Co.,
Courts
Hirshberg,
SPENCER,
Securities
Company
WORLEY, W. L.
(Associate)
Ga.
F. Hutton 8c
Courts
Courts & Co.
W.
J.
*E.
WOODS, KENNETH R.
First Southeastern Corporation
JAMES
WHITTLESEY,
SPACE, JULIAN B.
Johnson, Lane, Space
Unlisted
(Associate)
WOOD, ALLEN WEST
J. J.
Courts &
Inc.
Co.,
Savannah
&
Inc.
Company,
MARSHALL J.
Tillman-Whitaker
WHITE,
Space
Lane,
Lynch, Pierce, Fenner & Smith
WITHERSPOON, G. HARRINGTON
Equitable Securities Corporation
Co.
WHITAKER,
Inc.
Co.,
SPACE, JULIAN A.
Listed
Merrill
Inc.
WOODWARD, A. J.
A.
Space
Lane,
&
(Associate)
Johnson,
J. W. Tindall 8c Company
WISE, Jr., LAMAR M.
WHELCHEL, Jr., WILLIAM PINCKNEY
Courts & Co., Albany
Augusta
SMITH,
WILLIS, EUGENE F.
WATT, ROBERT G.
Courts & Co. (Associate)
WILEY J.
Johnson,
Co.
WILLIAMSON, n, JAMES J.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Incorporated
WATSON, III, JOHN L.
The Robinson-Humphrey
H.
Lane,
Thursday, October 6, 1960
(Associate)
Inc.
Company,
SMITH, WALTER
SKINNER, HERBERT C.
(Associate)
GENE A.
McNeel, Rankin and Budd,
WATERS,
(Associate)
FRANK
Courts
Evans
TONY
Johnson,
SMITH,
CULVER C.
Clement A.
&
A.
Pierce, Fenner & Smith
WANSKER, ROBERT L.
First Fidelity Securities Corporation
(Associate)
H.
SIDNEY M.
SMITH,
SMITH,
B.
& Company,
Evans
SITES, CRAWFORD M.
C. RALSTON
Rankin and Budd, Inc.
SHELDON,
A.
Savannah
Inc.,
Savannah
SHAVER,
Smith
Clement
ARTHUR
SIMKINS,
F.
Chisholm
Vsrnedoe,
&
Fenner
Incorporated
J.
G.
Company
Clisby & Co., Macon
SHOUN,
Continued from page 39
SHAINKER,
Merrill Lynch,
Inc.
Incorporated
&
RAYMOND
SMITH,
.
WALLACE, Jr., ROY W,
SMITH, Jr., HERSHEL F.
Johnson, Lane, Space & Co.,
J.
OF MEMBERS
ROSTER
.
.
Lindy Fleenor of Sun Valley; A1 Tisch, Fitzgerald A Company,
New York
Philip M. Young, Refsnes, Ely, Beck A Co., Phoenix, Ariz.;
Terrence M. Dempsey, Dempsey A Co., Modesto, Calif.
York;
Jack
Mrs.
Chronicle
All statements above guaranteed
by The Antlers
Volume
Number 5992
192
.
.
.
The Commercial and Financial Chronicle
Governors:
Investment Traders Association
Of
41
Edgar A. Christian, Suplee, Yeatman, Mosley Co.
Incorporated; Spencer L. Corson, Elkins, Morris, Stokes & Co.;
Joseph J. Cummings, Brooke & Co.; Robert F. Donovan, Blyth
& Co., Inc.; Harry F. Green, Jr., Merrill
Lynch, Pierce, Fenner
& Smith Incorporated; Robert N.
Greene, Stroud & Company
Incorporated; Rubin Hardy, The First Boston Corporation;
John M. Hudson, Thayer, Baker &
Co.; Stanley W. Jeffries,
Philadelphia
DAVIS, EDMUND
DEMPSEY,
DEVOLL,
Lewis C.
DOERR,
DONOVAN,
Close
&
DUBLE,
ANDERSON,
Bioren
Hutzler
TOWNSEND
Company,
&
H.
ARNOLD,
EUGENE
Harrlman
AYRES,
Merrill Lynch,
& Co.,
EMERY, JOHN B.
Incorporated
Lynch,
Pierce,
Fenner
&
Smith
Inc.
Beattie, Jr.
DAFFRON,
Harrison
BAILEY, Jr., GEORGE A.
George A. Bailey & Co.
William R. Radetzky
&
Jr.,
&
F.
Rice,
Eastman
Dillon,
Union
G.
Securities
& Co.
H.
Walker
BARBER,
W.
First Vice-President: John E. Knob, Drexel & Co.
Second Vice-President: Jack
H.
B.
HAROLD
B.
Euler
Co.
ROBERT
Co.
Jr.,
&
RUSSELL
J.
Hart
&
Jr.,
HARRY
FANT,
JOHN
FITZSIMONS
FEATHER,
Gerstley,
WILLIAM
M.
F.
Sunstein & Co.
FENSTERMACHER,
Co.,
'
Penington, Colket & Co.
E.
Freeman
&
DAVIS, ALBERT J.
Riecke &
H.
Reynolds & Co.
M.
A.
M.
Company, Incorporated
EULER, CHARLES
DARBY, DONALD W.
White, Weld & Co.
H.
Willard
Stroud
Co.
BAILEY, LEONARD
President:
ERGOOD,
FAHRIG,
PERCY
Merrill
H. E.
Nash
Pierce, Fenner & Smith
Incorporated
DACKERMAN, HARRY C.
Harry C. Dackerman & Co.
T.
Ripley
N.
H.
Co.
&
DURANG, GEORGE R.
MEMBERS
CUNNINGHAM,
Co.
ARMSTRONG, J. LEWIS
J. Lewis Armstrong & Co.
Inc.
Inc.
DUDICHUM, CHARLES H.
Plymouth Bond & Share Corporation
Brooke & Co.
C.
M.
Kerner,
FORREST
Parrish
CUMMINGS, JOSEPH
&
&
DOWNS, CHARLES E.
Drexel &
Bros.
F.
A.
RUSSELL
Rambo,
Co.; Clifford
Remington, Inc.; James B. Mc¬
Farland, Stroud & Company, Incorporated; Norman T. Wilde,
Janney, Dulles & Battles, Inc.; William J. McCullen, Hess,
Grant & Remington, Inc.
Salomon
ROBERT
White, Weld & Co.
DOTTS,
Alternates: Samuel M. Kennedy, Yarnall, Biddle &
G. Remington, Hess, Grant &
OF
'
Corp.
M.
Blyth & Co., Inc.
DORSEY, C.
Swain
J.
Securities
LEO
Dolphin & Co.
Co., Inc.
ROSTER
Dick Co.
DOLPHIN,
,
LEE
ALBERT
Inc.
H.
Co., Inc.
Continued
on
page
Co.
&
NEWTON
Newbold's
Son
BARNES, JOSEPH
&
Co.
O.
Janney, Dulles & Battles, Inc.
Christian, Janney, Dulles & Battles,
BARTON,
Inc.
F.
JOHN
P. Ristine
BEATTIE,
Treasurer: Herbert E. Beattie, Jr., H. A. Riecke & Co., Inc.
H. A.
G.
&
Jr.,
G. H. WALKER 8c CO.
Co.
HERBERT E.
Riecke &
Established 1900
Co., Inc.
MEMBERS
BELL,
Secretary: William R. Radetzky, New? York Hanseatic Corporation.
WILLIAM
Montgomery,
NEW
Scott & Co.
YORK
STOCK
Eastman
EXCHANGE
AMERICAN
BLAIR, JOHN T.
Dillon,
BLIZZARD,
Union Securities
HERBERT
MIDWEST
STOCK
EXCHANGE
STOCK
EXCHANGE
(ASSOC.)
& Co.
H.
(Honorary)
BODINE, PAUL
Drexel
&
W.
UNDERWRITERS
Co.
BORTNER,
SAMUEL
Hornblower
H.
-
BROKERS
INDUSTRIALS
-
DEALERS
MUNICIPALS
Weeks
&
PUBLIC
UTILITIES
ST.
BOWERS, THOMAS A.
CLAYTON,
FINANCE
COMPANIES
Yarnall, Biddle & Co.
BRACHER, Jr., ALFRED F.
Jones, Miller & Company
UNDERWRITERS
JOHN
BRADBURY,
of
L.
DIRECT
Dolphin & Co.
BRA.DLY,
Natural Resource
E.
and
CHARLES
C.
LOUIS,
W. Clark & Co.
BRENNAN,
PRIVATE
PROVIDENCE,
CHARLES
J.
AND
WIRES
HARTFORD,
PAWTUCKET,
WHITE
TO
OUR
WATERBURY,
BRIDGEPORT,
PHILADELPHIA
PLAINS
OFFICES
Blyth & Co., Inc.
Industrial Securities
BROCK,
DISTRIBUTORS
ALEXANDER B.
Stroud
&
Company,
45 WALL STREET
Secondary Distribution
NEW YORK 5, N. Y.
Incorporated
BROOKS, G. ROBERT
Schmidt, Roberts & Parke.
TELEPHONE-HAnover 2-4000
BELL
CABLE ADDRESS
BROWN,
LLOYD
B.
TELETYPE-NY
1-2852
"WALKERIAN"
Bioren & Co.
of
BRYSON, NORTON M.
Paine, Webber, Jackson & Curtis
Unlisted Securities
CALL, THOMAS D.
Woodcock,
Fricke & French, Inc.
Moyer,
CAMPBELL,
GRANT
A.
We maintain markets in
Butcher & Sherrerd
Peter Morgan
149 BROADWAY,
&
Company
NEW YORK 6, N. Y. • DIgby 9-3430
Bell Teletype N. Y. 1-2078
CAMPBELL,
Janney,
CHARLES
Dulles
CAMPBELL,
Stroud
CAMPION,
&
Jr.,
&
J.
Battles,
ROBERT
Inc.
SENSIBLE
J.
Incorporated
Company,
RICHARD
R.
OVER-THE-COUNTER
Thayer, Baker & Company
CANTWELL,
Walston
JOHN
&
Co., Inc.
CANTWELL, Jr.,
E.
W.
Clark
STOCKS
JOHN L.
Co.
&
CAPLAN,
ALBERT J.
Charles A. Taggart & Co., Inc.
CARDAMONE,
Albert
PETER
Teller
CAROTHERS,
Winslow/ Cohu & Stetson
Corporation
United Discount Corp.
Lancer Industries, Inc.
Pantasote Co., Inc.
C.
Janney, Dulles & Battles,
Inc.
WILLIAM J.
CARROLL,
Kidder, Peabody & Co.
Incorporated
CARSON,
Members: New York Stock
Sonar Radio
\
JOHN
Jr.,
including:
L.
Co.
&
Exchange • American Stock Exchange
JOSEPH
Nuclear Research
For
FREDERIC P.
Jr.,
Crouter &
Bodine
Edward J.
Municipal Issues
Chemicals, Inc.
CAULFIELD,
Les Rosen
Oscar Alexander
Milt Rohdin
Caughlin & Co.
ROBERT
full trading facilities phone:
Jim Macartney
CAUGHLIN, EDWARD J.
in General Market and
Systems, Incorporated
Professional Golf Co.
R.
DeHaven & Townsend,
Underwriters, Participating Distributors and Dealers
Missile Systems Corporation
Vocaline Co. of America, Inc.
Hemphill, Noyes & Co.
CARTER,
Dan Hodes
C. L. Macurda
J.
(Miami)
Equitable Securities Corporation
CHRISTIAN,
EDGAR
1
A.
Underwriters
Suplee, Yeatman, Mosley Co.,
Incorporated
P
•
Brokers
•
Dealers
CHRISTIAN, JACK
°
BROADWAY, NEW YORK, N. Y.
26
Telephone: BOwling Green 9-4800
Janney, Dulles & Battles,
COLFER,
LAWRENCE
Rufus Waples
COLLINS,
&
Inc.
J.
George, O'Neill & Co*
& Co.
JOHN
Walston
Co.,
PATRICK
liKoqtorated
Inc.
30 BROAD
CHAUNCEY P.
Merrill Lynch, Pierce, Fenner & Smith
COLWELL,
STREET, NEW YORK 4, N. Yj
Incorporated
HEW YORK
BOSTON
ELMIRA
•
•
•
PHILADELPHIA
HARRISBURG
•
JOHNSTOWN
•
•
NEWARK
TROY
•
•
ROCHESTER
PUNXSUTAWNEY
HAGERSTOWN
•
MIAMI
COMPTON, GEORGE S.
Winslow, Cohu & Stetson,
CORSON,
921
Inc.
Dupont Plaza Center Bldg.
MIAMI
32, FLORIDA
2831
FORT
"J"
Oakland
Park
LAUDERDALE,
Blvd.
FLORIDA
SPENCER L.
Elkins, Morris, Stokes & Co.
CRAM,
JAMES
Janney, Dulles
& Battles,
Inc.
Inc.
CRAIG
WILLIAM
American
Hardy, The First Boston Corpo¬
ration; John E. Knox, Drexel & Co
Willard F. Rice, Eastman
Dillon, Union Securities & Co.; Edgar A. Christian, Suplee,
Yeatman, Mosley Co. Incorporated; Herbert E. Beattie, Jr., H. A.
ALFGREN,
FREDERICK V.
Moyer, Fricke & French,
DICK, Jr., L.
National Committeemen; Rubin
Jack Christian
Jr.,
Woodcock,
Sherrerd; James B. McFarland, Stroud & Company,
Incorporated; James G. Mundy, Suplee, Yeatman, Mosley Co.
Incorporated; Wallace H. Runyen, Hemphill, Noyes & Co.;
Joseph E. Smith, Newburger & Co.; Charles L. Wallingford,
Janney, Dulles & Battles, Inc.; John D. Wallingford, Hecker
& Co.; E. Coit Williamson,
Schmidt, Roberts & Parke.
John E. Knob
P.
DERICKSON, Jr., JOHN H.
Blair & Co., Incorporated
Butcher &
Willard F. Rice
JOHN
Kidder, Peabody & Co.
Newburger & Co.; Samuel M. Kennedy, Yarnall, Biddle & Co.;
Thomas J. Love, Geo. E. Snyder &
Co.; James J. McAtee,
Riecke &
J.
Rambo, Close & Kerner, Inc.
"Specialists in Sensible Over-the-Counter Stocks"
42
The Commercial and Financial Chronicle
Mr.
&
Edwin
Mrs.
L.
Tatro,
Edwin
J.
N.
Tatro
L.
Russell
& Co., New York; Mr.
Co., Inc., Cleveland
&
&
Mrs.
James
Mr.
Russell,
N.
&
Mrs.
Charles
,
.
Thursday, October 6, 1960
L.
ROBERT G.
Dulles & Battles, Inc.
KENNEY,
Investment Traders Association
Janney,
THOMAS F.
KENNEY,
CENTRAL
Bache
Of Philadelphia
OVER 30 YEARS OF SERVICE TO SYRACUSE AND
NEW YORK INVESTORS
ROSTER
Mr. & Mrs.
Bodie, Jr., Stein Bros. & Boyce, Baltimore, Md.;
Hagensieker, Reinholdt & Gardner, St. Louis
A.
Earl
.
& Co.
KETCHAM,
Wright,
WILLIAM
8.
Wood & Co.
KIELY, Jr., JERRY J.
OF MEMBERS
Baker, Weeks & Co.
★
★
★
Continued from page
FREDERICK
FISCHER.
INSURANCE
LIFE
STOCKS
N. Nash &
H.
HUTCHINSON,
41
PRODUCING
INCOME
GRADE
MUTUAL
FUNDS—PUBLIC
INDUSTRIALS
J.
W.
E.
JENNINGS, JOHN E.
Warner, Jennings, Mandel & Longstreth
JOHNSON,
F.
E. W. SNYDER & CO.
120 E.
Stroud
&
Company,
Frank J.
HArrison 2-0401
Teletype SS-198
C.
Incorporated
Butcher
JAMES
White, Weld & Co.
KNOB, JOHN E.
Dana
Blair
&
&
Inc.
KRAEMER, Jr.,
Delaware
F. RAYMOND
Distributors, Inc.
Wilmington, Del.
THOMAS B.
KANE, ROBERT F.
Reynolds & Co.
KRUG,
LACHMAN, Jr., CARL
National
F.
Bioren
Quotation Bureau (Honorary)
KENNEDY,
GARRETT, JOHN T.
Robinson
& French,
KEARTON, JOHN G.
G.
Co.
Incorporated
Co.,
Si Co.
J.
Moyer, Fricke
JUSTICE, FLOYD E.
Kidder, Peabody & Co.
&
JOSEPH
GALLAGHER,
FXJNDS
THOMAS
C.
ALBERT
Burton,
Inc.
WILLIAM C.
Winslow, Cohu & Stetson
KNOB, FRED R.
Sherrerd
&
Woodcock,
Wellington Fund, Inc., Claymont, Del.
GABLE,
S.
Dulles & Battles,
KNAUPP,
Drexel
JOYCE,
DeHAVEN
Wood, Jr. & Co.
FRENCH
D.
Inc.
JORDAN, Jr., ALVIN W.
Fogarty & Co.
HOLSTEIN
FOX,
A.
TWO
WILLIAM R.
Ristine & Co.
P.
B.
FOGARTY, FRANK J.
Washington St.
SYRACUSE, N. Y.
Tel.:
ALLAN
ALFRED
Janney,
JOHN M.
2nd,
Co.,
Goldman, Sachs Si Co.
KNAPP,
STANLEY W.
Newburger Si Co.
JEFFRIES,
W. Clark & Co.
FOARD,
MICHAEL
&
KLINGLER, JOHN F.
JACOBY, Jr., LEWIS P.
Thayer, Baker & Co.
Co.
Sparks & Co.
FLYNN,
Robinson
Kidder, Peabody & Co.
FLANIGAN, JAMES BARRY
Warner, Jennings, Mandel & Longstreth
UTILITIES
KINSELLA,
L
S.
FIXTER, WALTER D.
HIGH
ALMON
SAMUEL
& Meeds
FRANK
Stroud
Yarnall, Biddle & Co.
Co.
Bissell
Laird,
LAIRD,
M.
&
&
J.
Company,
Incorporated
Company, Inc.
PHILIP P.
DeHaven & Townsend,
GAUGHAN,
Crouter &
Bodine
—a
Balanced Fund
conservation
WELLINGTON
FUND
WELLINGTON
seeking
EQUITY
FUND
Butcher
of capital,
reasonable current income,
of
and
Sherrerd
&
CHARLES
GESSING,
Established 1938
Reynolds & Co.
income.
profit possibilities.
FOUNDERS MUTUAL FUND
E.
WALTER
GEMENDEN,
Equity Fund seeking
possible long-term growth
—an
capital and future
GILLERAN, EDWARD
P.
systematic payment plan
of Securities
Association
National
Dealers, Inc. (Honorary)
(A Contractual Plan)
S.
JOSEPH
GIRARD,
Metropolitan Securities, Inc.
GOODMAN,
Wellington Company, Inc.
H.
Ask your investment
Philadelphia 3, Pa.
dealer for prospectuses
or
accumulative plan
WM.
M.
•
income
Harper & Turner, Inc.
FRANK
GORMAN,
Kuch
G.
and
Prospectus
may
be obtained
Company
from authorized dealers
HARRY F.
GREEN, Jr.,
Merrill
J.
or
from
Lynch, Pierce, Fenner & Smith
Incorporated
write
GREENE, ROBERT N.
Stroud
&
Company,
De
Crouter
Townsend,
&
Haven
founders mutual
Incorporated
depositor corporation
LAWRENCE
W.
GRIFFITHS,
&
1st National
Bodine
HAGER,
MALVIN
W.
Colorado
Scott & Co.
Montgomery,
J.
FRANCIS
HAINES,
Bank Bldg., Denver 2,
Teletype DN 249
R.
H. Newbold's Son & Co.
IIAMMETT,
WILLIAM H.
Jr.,
Boennlng & Co.
NICHOLAS G.
Co.
1IANO,
Newburger &
RUBIN
IIAKDY,
The
First Boston
Bissell
Laird,
HART,
Euler
L.
'Delaware
R.
Meeds
&
ROBERT
INCOME
Hart
Si
IIARRY
L.
HelfeUinger & Co.
HENSHAW,
Sheridan
WILLIAM
Bogan Paul & Co., Inc.
Phlla.-Baltimore
Stock
An open-end management investment company
which endeavors to achieve possible growth of
capital through selective participation in the
HEWASD,
Exchange
Butcher
long-term progress of American business and
industry and to provide
current return on
a
Grant
fair and reasonable
capital invested.
INCOME and
possibilities
Investing
for
as
high
CURRENT INCOME
as
possible,
commensurate with
the risk involved
JAMES
Sherrerd
Si
Protpoctus
on
RICHARD W.
HEWARD,
Wright,
Remington Inc.
&
selected for their
APPRECIATION
HESS, WILLIAM M.
Hess,
Investing in
diversified securities
HEPPE, JOHN E.
T7
J
HllTl/l
E U N D
F.
HEFFELFINGER,
H.
Corp.
GEORGE
HARRISON,
Wood
Roquott
Protpoctus
on
Request
& Co.
ARTHUR G.
Boennlng Si Co.
HISCOX,
For prospectus see your investment dealer
send this coupon to
'•
or
-
UOERGER,
j~
WILLIAM street!AlIs^NC, One w'lHamStree"N.y"4, NX
I
Send
{
Name
me a prospectus
and literature
on
Thb One William Street Fund, Inc.
j
A ddress
City
J
I
I
I
~!
a
State
f.C
CHARLES E.
Pierce, Fenner Si Smith
Merrill Lynch,
Incorporated
HOLDSWORTH,
Homblower
&
ROBERT
Weeks
O.
Smith, Barney <te Co.
HOLMAN,
ROBERT
HUDSON, JOHN M.
Thayer, Baker Si Co.
M.
Nationally distributed through investment dealers by
Deia^are Management Co.. Inc.
901
Market Street
Wilmington 1, Delaware
Volume 192
LAMB,
JOHN
Penington,
LAND,
F.
LA
C.
M.
RASII,
.
Co.
&
R.
WILLIAM
Bogan
W.
LOVE,
Geo.
THOMAS
E.
Drexel
PFAU,
PHILLIPS,
J.
Bache
JOSEPH
&
S.
F.
Halsey, Stuart & Co., Inc.
RICHARD
A.
F.
Mulhern, Inc.,
J.
Sherrerd
&
McBRIDE,
ALFRED
THOMAS
R.
Suplee,
Yeatman,
J.
ARMOUR W.
Hallowell, Sulzberger, Jenks, Kirkland
Co.
MURPHY,
McCULLEN,
'
RADETZKY,
Co.,
New
RAFFEL,
Raffel
W.
J.
Stroud
&
N.
C.
&
N.
Co.
ROBERT
Nash &
NECKER,
william m.
TERRELL,
r.
WISTER
THOMAS,
F.
&
WILLIAM
R.
A.
Miller
Co.
Hess,
Grant
&
P.
LEWIS
E.
WILLIAM
Brooke &
Butcher
&
TOBIAS,
Co., Inc.
Inc.
Co.
EDWARD
&
Co.
BERNARD
:
Company,
B.
HAROLD
Brothers Harriman
&
Co.
C.
TORRENS, ROBERT A.
Harriman Ripley & Co., Incorporated
T.
Sherrerd
TREVINE,
ROY
Harriman Ripley & Co., Incorporated
Continued
Newburger & Co.
on
page
CARL
CARL
NELSON,
T.
WALTER
Fahnestock &
Incorporated
JOHN
N.
NOWLAN,
C.
Company, Incorporated
L.
C.
Collings
O'BRIEN,
Dackerman & Co.
G.
Co.
LAWRENCE
&
JOSEPH
Harry C.
Co.,
J.
Inc.
F.
Dackerman
& Co.
A non'dividend paying
ment
company,
diversified open-end invest'
redeemable
at net asset
value, seeking
long-term appreciation through investments outside
Own
a
share
the United States,
in American industry thru
assets
FINANCIAL INDUSTRIAL FUND
of
not
less than 50% of its total
companies and
up to
50% in
sc
companies outside of Canada and the
United States.
Through Financial Industrial Fund Shares, you
too can share in the ownership of more than 100
companies in approximately 20 different indus¬
r
with
in Canadian
curities
Traded Over'the'Counter
tries, selected both for income and long-term
through Investment Dealers
growth possibilities.
Financial Industrial Fund is a fully-managed in¬
operation.
financial
For free
industrial
booklet-prospectus,
write
call
or
Carl M.
fund, now in its twenty-fifth year of
vestment
fund
42
G9-16B
Wall Street
Private
Financial Industrial Fund
Wire
System
to
New York
Co.
5, N. Y.
Branch Offices, Correspondents and
their connections in 100 Cities
Shares and Investment Plans
950
&
Stock Exchange and other
Leading Stoc\ and Commodity Exchanges
FIF Associates, Inc.
Distributors of
Loeb, Rhoades
Members J^ew Tor\
m
throughout the U.S. and Canada.
Denver 3, Colorado
Broadway
22Z^&22ZZ2ZE22Z^^2ZZZZ&2&ZEZZZZZZ2Z2Z2Z^ZZZ2Z2ZZ&Z22ZZZZ&ZE2Z2ZZ2222ZZZ2Zm$
AFFILIATED
AMERICAN
FUND
BUSINESS SHARES
A Common Stock Investment Fund
A Balanced Investment Fund
Investment
Company invests in
Fund
are
balanced
its shareholders.
preferred stocks selected for
stability, and common stocks
selected for growth possibilities.
objectives of this
possible long-term
capital and income growth for
Prospectuses
on
between
a
portfolio
bonds
request
63 Wall Street, New York
CHICAGO
ATLANTA
and
For
Lord, Abbett & Co.
prospectus
investment dealer
or
write to
TEXAS FUND MANAGEMENT CO.
423
LOS ANGELES
see your
Texas
:
H.
Gerstley, Sunstein & Co.
TODD,
Co.
&
C.
H.
Hutton
Brown
SCOTT,
Parke
Remington,
ROY
Ristine &
McE.
RUSSELL C.
The First Boston Corp.
A.
H.
Hemphill, Noyes & Co.
SCHULER,
Company, Incorporated
Roberts &
CLAYTON
Warner, Jennings, Mandel & Longstreth
F.
W.
P.
!
TELLER, ALBERT
Albert Teller & Co.
'7:,
J.
Inc.
L.
Co.
TITTERMARY,
R.
WALLACE
Schmidt,
RAYMOND
&
Goldman, Sachs & Co.
JAMES
McKAY, HENRY
Inc.
GERALD
A.
Taggart & Co.,
Schaffer, Necker & Co.
Harrison & Co.
&
Drexel
SMITH, JOSEPH E.
H.
Mcdonald,
Stroud
TALCOTT,
L.
Securities,
SCHREINER,
Z.
CHARLES
A.
TILGE,
Co.
L.
Charles
SCHAUFLER, CHARLES A.
Schaffer, Necker & Co.
R.
Kirkland
Co.
&
SCHAFFER, RUSSELL W.
Schaffer, Necker & Co.
Corporation
W.
Jenks,
THOMAS
Bache
SCATTERGOOD, HAROLD
Eoennlng & Co.
Co.,
WILLIAM
TAGGART,
New York Hanseatic Corporation
G.
Corporation
GEORGE
Co.
SUSKI,
Sherrerd
ROBERT
SANTUCCI,
Co.
Boston
Yeatman, Mosley Co.,
Incorporated
Incorporated
REMINGTON, CLIFFORD G.
NAYLOR,
NECKER.
&
Eastern
CHARLES
WILLIAM
&
&
PHILLIPS B.
SUPLEE.
RUDOLPH
SANFORD,
G.
Hanseatic
RANDOLPH,
Weeks
Inc.
II.
SEVING, FREDERICK
McCULLOUGH, JOHN J.
Wellington Fund, Inc., Claymont, Del.
Stroud
F.
Corporation
WILLIAM
&
Company,
WALLACE
Butcher
Moseley
First
Suplee,
REILLEY, JOSEPH S.
Jones, Miller & Co.
H. N. Nash
WILLIAM
McGARVEY, Jr.,
SANDER.
<•; \.\ -
Co.
&
York
Co.,
J.
REBAR,
Grant & Remington, Inc.
McFARLAND,
Co.
Co.
SUNSTEIN, Jr., LEON
Gerstley, Sunstein & Co.
J.
NASH, HAROLD
Co.
McCOY, JOHN P.
Thayer, Baker & Co.
Harry
Mosley
Incorporated
MICHAEL
&
B.
&
GEORGE
Hallowell, Sulzberger,
&
MURRAY, Jr., FRANK J.
Woodcock, Moyer, Fricke & French, Inc.
McCOOK, ROBERT
&
Stroud
RUNYAN,
Rambo, Close & Kerner, Inc.
G.
LEWIS
Biddle
SULZBERGER,
LESLIE
Co.,
RUDOLPH,
J.
QUINTARD, ROMEYN B.
Suplee, Yeatman, Mosley
Co.,
The
Hemphill, Noyes & Co.
ANDREW
i
Hecker
Inc.
C.
JAMES
&
S.
STREET,
,
Delaware Management
Incorporated
JOHN
Hornblower
&
F.
Union Securities & Co.
B.
Sherrerd
J.
HARRY
Yarnall,
Wilmington, Del.
EDWARD
PRIGGEMEIER,
MURPHY, JOHN A.
&
ROSS,
W.
Warner, Jennings, Mandel & Longstreth
Mosley
Yeatman,
Reynolds
Blair
)3cott & Co.
Boston
PORTER,
E.
VICTOR
R.
Incorporated
McCAULLY,
Hess,
First
& Company
MUNDY, JAMES
Gerstley, Sunstein & Co.
&
PIMLEY,
Incorporated
Wright, Wood & Co.
McCANN,
J.
Morrissey & Co.
Suplee,
JAMES
Butcher
J.
MOSLEY,
Pa.
Inc.
Co.,
FRED
Fahnestock
MORRUtSEY, ROBERT P.
Jone^xj^liller
RODGERS,
Morris, Stokes & Co.
PHILLIS,
Morrissey & Co.
MORRISSEY, THOMAS
Martin, Monaghan,
Ardmore,
J.
&
GORDON
Elkins,
A.
MORRISSEY, FRANK
MARKMAN, JOSEPH
Newburger & Co.
McATFE,
E.
Co.
RAYMOND
FULLER
Bros.
SNYDER,
STADTLER,
ROBINSON, ELLWOOD S.
Penington, Colket & Co.
Woodcock, Moyer, Fricke & French,
Stroud & Company, Incorporated
NEVIN
L.
Parsly
NEWTON
Sunstein & Co.
Montgomery,
Co.
Co.
Butcher &
H.
Co.
F. !
R1CIITER, JOHN
Inc.
Co.,
PESZKA, STANLEY A.
Jr., WILLIAM M.
Hemphill, Noyes & Co.
Co.
Jr.,
Gerstley,
&
WILLARD
Eastman Dillon,
E.
&
MERRIGAN, Jr., JOHN J.
Elkins, Morris, Stokes & Co.
Co., Inc.
&
Montgomery, Scott &
MARTIN,
JOHN
Riecke
A.
PARSLY,
MORRIS,
MANN,
H.
MORLEY,
Sons
MANEELY, HARRY
Schmidt, Roberts & Parke
IRWIN
Smith
W.
RICE,
MELLET,
N.
E.
Corporation
T.
PARKES,
ALFRED A.
&
DONALD
RENNEISEN,
Hanseatic
JOHN
McNAMEE, JOSEPH A.
Hopper, Soliday & Co.
Snyder & Co.
MacCART,
York
PARKER,
H.
Newbold's
H.
New
PAIRMAN,
MEANEY, THOMAS J.
Wellington Fund, Inc., Claymont, Del.
Paul &
LESCURE, JAMES
43
OWENS, RICHARD H.
Corporation
Reynolds & Co.
Co.
Sheridan
M.
Boston
McMULLIN,
Co.
ALLYN
First
McLEAR, WALTER B.
Woodcock, Moyer, Fricke & French, Inc.
LAUT, JOSEPH ST. C.
Hallowell, Sulzberger, Jenks, Kirkland
LAWRIE,
The Commercial and Financial Chronicle
.
The
Paine, Webber, Jackson & Curtis
&
.
McLEAN, DONALD
Colket &
EDWARD
Ristine
P.
Number 5992
National
Houston
Bank
2, Texas
Bldg.
44
The Commercial and Financial Chronicle
44
.
.
.
♦PEARCE, PHIL E.
R. S. Dickson 6s Co.,
Secretary: Robert F. Walser, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Greensboro, N. C.
Investment Traders Association
Phil E. Pearce, R. S. Dickson & Co., Inc.,
Treasurer:
Of Philadelphia'
Columbia,
R.
WHITCRAFT,
—
UNDERWOOD,
Boenning
Bioren
FREDERICK
J.
&
United
NORMAN T.
Dulles & Battles,
WILDE,
8s Co.
UNDY,
HARRY
L.
WILLIAMSON,
Suplee, Yeatman. Mosley Co.
E.
W.
C.
Branch
Collings & Co., Inc.
Smith,
RICHARD
WRIGHT.
WARNER, ALFRED S.
Swain & Company, Inc.
J.
WELLER, JOHN F.
Goldman. Sachs & Co.
Jr.,
,
J
,
ZELLER,
Woodcock, Moyer, Fricke & French,
Inc.
Lilley & Co.
&
Company
G.
H.
Security Dealers of the Carolinas
Jr.,
♦LUCAS,
.
Sanford, N. C.
RAVENEL
Columbia, S. C.
B.
Interstate
V.
PARKS
H.
Securities
Charlotte,
N.
♦DARGAN,
Corporation
♦MAY,
Dargan & Co., Spartanburg, S. C.
♦SMITH,
MALCOLM
M.
Company,
Inc.
A.
Frank
♦McALISTER,
Vice-President:
Securities Company,
R.
Greenville, S. C.
t
S.
Dickson
Charlotte,
Alester G. Furman Co., Inc.,
'J
ERWIN
&
&
N.
Greensboro,
N.
C.
JOSEPH
CHARLES
♦VANCE,
Vance
SMITH
&
Co., Inc.
Morrison
LAWRENCE
♦NISBET,
S.
Wilmington,
N.
C.
♦EWING, F. E.
Southern
&
FIRST
Exciting Things
Co.,
Inc.
♦VAUGHAN, M.
SECURITIES
♦HARDIN,
L.
Inc.,
&
L.
Co., Inc., Salisbury, N. C.
TRUST
COMPANY
C.
Birmingham, Ala.
Charlotte, N.
C.
Greensboro.
WILLIAM
Corporation
C.
♦WILLIS,
M.
Alex.
Co.
BEN
Brown
&
R. S. Dickson &
B.
McCarley & Company,
Asheville, N. C.
C.
SALES, INC.
Ala.
S.
Sons
Winston-Salem, N. C.
♦WITHERS, Jr., P. T.
C.
MARGARET
N.
STREET
Birmingham,
J. Sturgis May & Co., High Point, N.
♦PAGE, RICHARD L.
ERNEST
Hardin
&
N.
Jr., JOSEPH P.
William Street Sales, Inc.,
♦WARMATH, JOHN T.
Equitable Securities Corporation
j
OLIN
N.
OSTEEN,
CORPORATION
H.
W.
S.
H.
WACHOVIA BANK
Research Corporation
Co.,
EDGAR
R.
Vaughan and Company
Wilmington, N. C.
FENNER
C.
Securities
Greenville.
R.
Corporation
CHARLES
Winston-Salem,
Edgar M. Norris &
C.
Durham, N. C.
E.
Happening
N.
Co^, Wilmington, N. C.
♦WALKER.
ROBERT
Jr.,
6s
CHARLES
Securities
Greensboro, N. C.
H.
Interstate
♦NORRIS,
Investment
Charlotte,
Inc.
H.
Vance Securities Corporation
INCORPORATED
Rutherfordton. D.
♦MORRISON,
Jr.,
G.
Investment Co.,
♦VANCE, Jr.,
S. C.
GEORGE
National Securities
C.
Investments,
C.
Inc.
Greensboro, N. C.
E.
LYNCH, PIERCE,
Charlotte.
Are
Vaughan
F.
Greenville, S. C.
Robinson-Humphrey Co., Inc.
Charleston, S. C.
♦MILLS,
Durham, N. C.
Selected
N.
Company,
C.
♦THORNTON, W.
The
MERRILL
CO.
♦EVERETT,
S.
&
GRADY
Southern
♦DULIN, WALTER L.
,
Arthur C. McCall,
Columbia,
Smith
Charlotte, N. C,
McAlister Co.,
Columbia,
Greensboro, N. C.
S.
♦THOMAS,
♦MENEFEE,
♦DOHERTY, Jr., JOHN S.
McAlister, Smith & Pate, Inc.
Greenville, S. C.
Phil E. Pearce
Robert F. Walser
Arthur C. McCall
W.
Smith, Gastonia,
6s
♦SMITH, JOHN CLAYTON
Smith, Clanton & Co., Greensboro, N. C.
STURGIS
♦DIXON, ROBERT B.
Robert B. Dixon, Uiiited
Bank
DAVID
Jackson
♦McCARLEY, Jr., J. NATHAN
McCarley & Company, Inc.
Asheville, N. C.
STUART
R. S. Dickson & Co., Inc.
Charlotte, N. C.
President:
National
C.
♦SMITH, FRANK S.
Sturgis May & Company
High Point, N. C.
Joe
Co.,
N.
ALLEN H.
Jackson 8s Smith, Gastonia, N. C.
Inc.
C.
Inc.
C.
J.
C.
Securities
S.
North Carolina
♦DICKSON, R.
United
Johnson,
SMITH,
♦MAY, LOIS T.
♦deTREVILLE, PAUL C.
Robinson-Humphrey
S.
K. M.
Charlotte,
i
Manning & Co., Inc.
J.
and
♦SKELTON,
Inc., Columbia, S. C.
DAVID
Bank
C.
N.
WILLIAM
♦SILCOX, J. HEYWARD
Silcox
J. Sturgis May & Company
High Point, N. C.
Darst and Company
Southern Pines, N. C.
Robert B. Dixon
Inc.
Charlotte, N. C.
L.
Thomas
S.
M.
National
North Carolina
♦SHRAGO,
Southern Investment Co., Inc.
C.
ROBERT
Columbia,
N.
C.
S.
Charleston,
Company,
&
♦MATTHEWS,
♦DARST, Jr., THOMAS
The
McCarley
Asheville,
C.
United Securities Co., Rocky Mount, N. C.
Company,
GEORGE L.
♦MANNING,
Greenwood, S. C.
Jr.,
Greensboro, N. C.
JENNINGS
D.
C.
N.
♦SHERIDAN, J. R.
C.
G. H. Crawford Co.,
♦LYON, Jr.,
Citizens Trust Company
DALTON,
C.
N.
•LOWRY, EDWARD R.
Jr., GEDDINGS H.
Crawford Co., Inc.,
CURRY,
Columbia,
Greensboro,
McDaniel Lewis & Co., Greensboro, N. C.
United Securities Co.,
•
Co.
Jr.,
Charlotte,
RICHARDS
&
JOSEPH H.
The Robinson-Humphrey Company, Inc.
♦SANDERS,
CLAYTON
Robinson-Humphrey
Charleston, s. C.
COLEMAN
S.
S.
Co.
Incorporated
♦ROBBINS, Jr., J. Floyd
Allied Securities Corp.,
Greensboro, N.
SIMON
The
Inc.
CO.
&
C.
Lewis
Greensboro,
M.
McDANIEL
♦LEWIS,
'
Charleston, S. C.
♦CRAWFORD.
C.
McDaniel Lewis & Co.,
JAMES
♦CRABTREE,
McDaniel
ARTHUR
Securities
♦LEWIS,
James Conner and Company,
ETHAN G.
Suplee. Yeatman, Mosley CoIncorporated
ZUBER,
WELSH, Jr., HENRY C.
Clanton
♦CONNER,
N.
United
H.)
S.
♦REECE, E. KEMP
Corp.,
Banking 6s Trust Co.
Wilson, N. C.
♦LEE,
(E.
Frost, Read & Simons,
Charleston, S. C.
Branch
COMPANY
Inc.
♦READ, I. MAYO
/
Anderson, S. C.
Greensboro. N. C.
A.
Securities Corp.
N.
Jr.,
♦LAWRENCE,
Sturgis May & Company
Smith.
JOSEPH
Bankers
D.
Sons
PRINGLE
Charleston,
Corp.
Klugh & Company, Inc.
♦CLANTON, MELVIN
Wellington Company, Inc.
Boenning & Co.
&
♦KLUGH,
HENRY J.
Spartanburg. S. C.
YOUNG, C. HOWLE
WELLER, BARRY L.
C.
Jr.,
J.
Charlotte, N. C.
C.
C.
N.
Greensboro,
N.
&
♦PRATT, LOGAN V.
R. S. Dickson & Co.,
H.
GEORGE G.
Securities
Greensboro,
FR \NCIS P.
CALHOUN
Inc.
♦JOYNER, ARCHIE B.
High Point, N. C.
ALBERT R.
Amott, Baker & Co., Incorporate
YEATTS,
Co.,
MARSHALL
Allied Securities
Brown
♦BROWN,
WURTS, JOHN W.
White, Weld 6s Co.
Laird, Bissell 6s Meeds
Allied
Spartanburg, s. C.
Kidder, Peabody & Co.
WARNER, Jr., HENRY B.
WELLS, ALFRED
Alex.
M.
WILLARD
Jr.,
♦JONES,
C.
Banking 6s Trust Co.
♦BLACKFORD,
Wright, Wood & Co.
Co.
S.
Laurinburg,
D-
Furman
McDaniel Lewis & Co., Greensboro, N.
♦BEMAN, C. E.
& Co.
Barney
2nd.
WOOD,
WALLINGFORD, JOHN D.
Alester G.
♦JOHNSON,
Wilson. N. C.
WITTENWILER, JOHN J.
CHARLES L.
Janney, Dulles 6s Battles, Inc.
&
C.
ROY F.
Jr.,
Company, Inc.
N. C.
♦POWELL, Jr., ROBERT
Powell, Kistler & Co.
Fayetteville, N. C.
N. c.
Greenville, S. C.
♦BATTS, WALTER E.
GEORGE C.
WILLIS.
Smith Co.
WALLINGFORD,
Hecker
Charleston,
Thayer. Baker 6s Co.
C. J. Devine 6s Co.
WALLACE, DAVID W.
C.
Corporation
♦BARNWELL, Jr., WILLIAM H.
Huger, Barnwell & Company
ALFRED J.
WILLIS,
N.
G.
Securities
Raleigh, N. C.
& Parke
Schmidt, Roberts
Incorporated
VEITH, FRANK H.
Eurlington,
Co.,
JAMES
Carolina
COIT
E.
Securities
♦BARNES,
Inc.
Janney,
♦HUNT,
Lee Peeler &
Durham,
National Bank
North Carolina
Charlotte,
♦BAIN, WALTER B.
Co.
J.
LEE
J.
♦PEELER,
P.
Interstate Securities Corporation
L.
FRANK
WHITLEY,
Lewis C. Dick Co.
J.
Charlotte, N. C.
Kidder, Peabody & Co.
FRANCIS
TRIMBLE, Jr.,
FRANK
♦HOBSON,
S.
R.
S.
Charlotte, N. C.
ROSTER OF MEMBERS
—
Jr.,
P. P.
Dickson & Company, Inc.
♦PEARSON,
South Carolina.
♦ABERNETHY,
Inc.
Columbia, S. C.
ROSTER OF MEMBERS
Continued from page 43
Thursday, October 6, 1960
Co. Inc.
Charlotte, N. C.
C.
♦Also
Inc.
Traders
members
of
the
National
Association.
ji
In Canada
Since 1945 U.S. business and individ¬
uals have increased their,investment in
Canada
by
over
$8 billion to
a
total of
BONDS
$13 billion. Over $4 billion of this in¬
crease
STOCKS
represents holdings of Canadian
bonds and securities and the
is in direct investments in
balance
plant and
equipment
To
service this
growing interest in
Canadian investment, our
Company offers
our
Markets
maintained in all classes of Canadian external
New York
and internal bond issues.
long established
connections in Canada to U. S. institu-
Stock orders executed
j
the Montreal and Toronto Stock
on
i*
tions and dealers.
Write
or
Exchanges,
J
telephone today for
our
J|
analy-
sis of Dominion Stores Limited.
'
DIRECT
III
net New York markets quoted
or
PRIVATE
,
W. C. Pitfield &
Co., Itlc.
30 Broad Street, New York 4, New York
HA 2-9251
NY
15 offices
wire
across
TORONTO, MONTREAL,
VICTORIA
a
direct private
OTTAWA, WINNIPEG,
AND
HALIFAX
BELL SYSTEM TELETYPE NY 1-702-3
Associate Member American
Boston
Company Limited
Canada and
TO
VANCOUVER,
request.
Dominion Securities Corporation
London, Eng.
system covering all Canadian Markets
I
1-1979
An affiliate of
W. C. Pitfield &
WIRES
CALGARY,
on
Ottawa
Calgary
Halifax
Stock Exchange
Toronto
40
EXCHANGE
PLACE,
NEW YORK
5
Telephone WHitehall 4-8161
Canadian Affiliate
and
—
Member
Toronto, Montreal
Canadian Stock Exchanges
Montreal
Winnipeg
Vancouver
Victoria
Security
Volume
Number 5992
192
.
The Commercial and Financial Chronicle
.
.
BRANYON,
Dallas Security Dealers Association
ALLAN
Mercantile
BROWN,
E.
45
DAVIS,
D.
National
E.
Bank
Kelly Brown Investment Co.
&
Company,
Union
BROWN,
Inc.
DoWitt
DAVIS,
Securities
Co.,
Inc.
Conklin
Walker,
Organization
Austin
DAVIS,
First
Austin
Waggener
BUCKNER,
U.
&
Waggener
DENNING,
T.
DeSHONG,
Dallas
Shearson, Hammill & Co.
James C. McCormick
BURT,
Herbert M. Jones
C.
Burt &
First
Company
Harold E.
Harris, Upham & Co.
DeShong, Dallas Rupe & Son, Inc.
CARLSON,
Vice-President:
Allen L.
Oliver, Jr., Sanders & Company.
R.
Secretary:
Herbert M. Jones, Dallas Union Securities
CAROTHERS,
James C. McCormick, Eppler, Guerin & Turner, Inc.
Treasurer:
Directors:
Stewart
Carothers &
Merrill
STEPHEN
CLARK,
Dallas
CLAYTON,
1960; Term
Salomon
EDWARD
&
Bros.
ORVILLE
ALLEN,
Almon
Inc.
BEST,
McKinney,
ANDERHUB, SAM L.
Rauscher, Pierce &
WILLIAM
Inc.
A
P.
EOBO,
BOONE,
First
Company
BOOTHMAN,
Dallas
Union
BOSTON,
Boston
RIES
Securities
Co.,
Merrill
HUGH
Metropolitan Dallas Corporation
BASS,
page
Inc.
iiilir
.
v,„
-
...
■
Canadian
Investment Securities
J.
A. E.
H.
Ames & Co.
Lynch, Pierce, Fenner & Smith
Salomon
Company
CARL
Limited
F.
M.
UNDERWRITERS
...
AND
DISTRIBUTORS
A. E. Ames & Co.
E.
Bros.
&
O.
Members Toronto and Montreal Stock
Hutzler
CROWE, CLARENCE
McCall, Farkhurst,
E.
Crowe,
Exchanges
OFFICES IN 14 CITIES IN CANADA AND ENGLAND
McCall
&
Horton
CUTTER,
William
Securities Company
FRED
N.
C.
v,
Edwards & Co.
A. E.
Worth, Texas
Ames & Co.
BRUCE
Lynch, Pierce, Fenner & Smith
Incorporated
DAVIS,
JACK
Mercantile National
Incorporated
Bank
;?
>
New York
Boston
BUSINESS
Burns Bros. Sl
Two Broadway,
Denton, Inc.
Over Ilall
ESTABLISHED
a
New York 4, N. Y.
over
ments,
Experience
50 years of experience in Canadian invest¬
our
'x.
1889
Century
of Investment
With
organization is well prepared to
investors interested in Canadian
securities. Our
ices
Underwriters
on
W. R.
CROSSLEY,
TOM B.
BOWMAN,
Hutzler
&
Continued
Goodbody & Co.
Ft.
Inc.
Bros.
CROSSLEY, E. LYNN
P.
CLAUD
GRAFF, JOSEPH C.
Incorporated
Dumas, Huguenin & Boothman
BALDWIN, W. CONNALLY
Perkins & Co., Inc.
Co.
& Co.
H.
JOHN
Company
GOODLOE, Jr., THOMAS W.
Equitable Securities Corporation
Corporation
R. Cotter & Company
CROFFORD,
Securities Company
Southwest
R.
Jr., JOHN B.
COWDREY,
Inc.
B.
JAMES
Boston
SAUL P.
BAMBENEK, J.
Bank
City Auditor, Dallas
BOND,
Rotan, Mosle & Company
First Southwest
COTTER,
Metropolitan Dallas Corporation
O.
ROBERT
Company
William Street Sales, Inc.
W.
Co.,
Co.
GOODFELLOW, ROBERT W.
Peat, Marwick, Mitchell &
Salomon
Lynch, Pierce, Fenner & Smith
Incorporated
C.
&
O.
GILSTRAP, JAMES C.
ROBERT L.
Merrill
Pierce
Sanders &
Organization
Merrill
Co.
&
GILBERT, Jr.,
OWEN
Poors
Inc.
JOHN
COOK,
Inc.
JOHN
Investment
First Southwest
Conklin
Co.,
GILBERT, MITCH GRAY
■
Mutual Funds & Securities Co.
BADGETT, CHARLES S.
BAKER,
Pont
Funds
-
National
&
Securities
Goodbody & Co.
CONGDON, KEITH
Dallas Rupe & Son, Inc.
JULIAN
BOHNY,
Company
DeWitt
EDMONDS,
Union
Witts, Geary, Hamilton, Bruce & Lewis
ECK, Jr., JOHN W.
in Dallas
Dallas Rupe & Son,
BOGLE, THOMAS J.
WALTER M.
Southwest
JOHN
Rauscher,
Walker, Austin & Waggener
du
I.
Inc.
GIESEKE,
Bank
Goodbody
AUSTIN, Jr., FRANK E.
First
COLE,
M.
National
BINFORD,
Hauser, Murdoch, Rippey & Co.
BADER,
D.
J.
BILHEIMER, Jr., WILLIAM E.
Shearson, Hammill & Co.
Eppler, Guerin & Turner, Inc.
B.
National Bank
CORNELL,
ANDERSON, Jr., ALFRED W.
APPEL,
CHARLES
First
Inc.
Co.,
SAMUEL
BERNET, Jr., ALBERT E.
Schneider, Bernet & Hickman,
TAYLOR B.
&
Jr.,
JOHN
Company,
EARP, M. HARVEY
Mercantile
A.
GEARY, Jr., JOSEPH W.
HUGH
Standard
Equitable Securities Corporation
G.
Carothers & Company,
ALMON,
BEARD,
^.
Company, Inc.
LANDON
GAITHER, JACK C.
COBB, ALLEN B.
BAUMBARTNER, FLOYD
Goodbody & Co.
Hutzler
ALEXANDER, T. R.
Texas Bank & Trust, Co. of Dallas
V'
CLOYD, MARSHALL S.
OF MEMBERS
M.
III,
K.
Goodbody & Co.
Co., Inc.
First National Bank in Dallas
"•<
Francis
ACKERMAN,
Securities
Union
CLARK, JOHN R.
Goodbody & Co.
First
ROSTER
DUNLAP,
DICK
Jr.,
Smith
W.
William N. Edwards & Co.
Ft. Worth, Texas
DUDLEY, MORRIS A.
Rauscher, Pierce & Co., Inc.
E.
Shearson, Hammill & Co.
Inc.; Allen L. Oliver, Jr., Sanders & Company; J. Ries Bam¬
benek, Dallas Union Securities Co., Inc.; Derry M. Hilger,
Rauscher, Pierce & Co., Inc.; Henry P. Matthews, First SouthWest Company.
FREEAR,
Mercantile National Bank at Dallas
Lynch, Pierce, Fenner & Smith
Incorporated
K.
EDGAR
Dittmar &
Dallas
Inc.
DREBING, ARTHUR H.
Merrill
CASE,
in
E.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
E.
ROBERT
FRANKLIN
DOUGLAS, JOE M.
O.
L.
Securities Corp. of Texas
Incorporated
Co.
&
RALPH
Merrill Lynch, Pierce, Fenner &
ROBERT
Carothers
Pierce, Fenrier & Smith
W.
FOSTER,
Inc.
Dallas
B.
Inc.
FICKES, Jr.,
The Columbian
Bank
JAMES
&
DORSEY,
Incorporated
Harold E. DeShong, Dallas Rupe & Son,
Expires: December 31, 1960.
Bache
Co., Inc.
EDWIN
Inc.
Company,
Company, Inc,
Lynch,
CART WRIGHT,
Dallas Union Securities Co., Inc.
Elected: December 15, 1959; Took Office: January 1,
DODSON,
E.
&
CHARLES
CART WRIGHT,
Co., Inc.
Edgar W. Franklin, Dittmar & Company, Inc.; Wm.
Storie, First Southwest Company; J. Ries Bambenek,
National Committeemen:
ROBERT
A. Underwood
B.
PAUL
Dealers,
E.
JOSEPH
&
WILLIAM
National Association of Securities
& Co.
National
Dittmar
CALDWELL, R. B.
President:
FAGAN,
Co.
Rupe & Son,
DITTMAR,
Company
Eppler. Guerin & Turner, Inc.
R.
DICKSON, JOHN H.
NESOM
C.
N.
Inc.
FRED.
HAROLD
Inc.
Son,
&
Eppler, Guerin & Turner Inc.
STEPHEN
Goodbody
Rupe
ESTES, B. H.
Dallas Rupe & Son,
Rauscher, Pierce & Co., Inc.
Allen L. Oliver, Jr.
Jr.,
& Co.
S.
JOE W.
Southwest
EPPLER,
DENNARD, ROBERT E.
BUJALSKI, ALEXANDER
Harold E. DeShong
ELLIS,
McREE
R.
Wood, Struthers &
Euchholz
&
Smith
National Bank. Garland. Tex.
DEATON,
BUCHHOLZ, DON A.
Cheshier
Fenner &
First
Dallas Rupe & Son,
&
BUCHANAN, Jr., J. D.
Walker,
Pierce,
Edwards
ARTHUR
Dallas
R.
Corporation
N.
Worth, Texas
ELLIS,
DAVISON, OLIVER E.
F.
B.
Inc.
E.
Dallas
WILLIAM
William N.
Incorporated
BROWNING, JEFF
Goodbody & Co.
BUCHANAN,
N.
Merrill Lynch,
SHERRILL
Metropolitan
EDWARDS,
Ft.
KENNETH A.
Dittmar & Company,
R.
JIM
EDWARDS,
Company
DAVIS,
BROWN, JACK P.
Dallas
WALKER
Securities
DAVIS, JOHN S.
Republic National Bank of Dallas
BROWN, EDMOND L.
Carothers
JAMES
Davis
KELLY
—
Distributors
readily available
serv¬
investing institutions,
to
banks and dealers.
Dealers
—
are
serve
Direct private wire connections with affiliated offices
in
fourteen principal
and
Investment Securities
accurate
able
us
stock
Industrial
40
Foreign
m
Burns Bros. & Company, Ltd.
Toronto, Canada
Toronto
Wall
en¬
all Canadian
prices in United States
Street, New York 5, N. Y.
E
Affiliated with
Canadian Stock Exchange
=■
Wood,
The
Toronto
Montreal
Ottawa
Winnipec
Stock
Gundy & Company
Exchange
Canadian
Stock
of
Montreal
Stock
Exchange
Exchange
jjj
and
Wood, Gundy & Company
E
.
Limited
Head
E
net
on
E
Toronto Stock Exchange
h
Cm erS
E
at
Members
Denton, Ltd.
Toronto, Canada
E
or
securities, and
promptly
Telephone Dlgby 4-0633
E
Affiliated with:
~
E
exchanges,
orders
Wood, Gundy & Co., Inc.
Canadian
Burns Bros. &
execute
funds if desired.
Public Utility
=
to
Canadian cities provide fast
service in Canadian
Hamilton
Vancouver
Office—36 King St., West, Toronto 1, Canada
E
Branches in the principal cities of Canada and in London, England
FtiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiBiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiHiiiiiiiiiiiiiiiiiiiiiiiiiSr
45
The Commercial and Financial Chronicle
46
Mr. & Mrs. Pete Steven,
& Mrs. R. M. Disbro, Disbro & Co., Willcughby, Ohio; Mr. & Mrs. Jim Morford, Hughbanks
Incorporated, Seattle, Wash.; Mr. & Mrs. Gary Galdun, Wm. J. Mericka <6 Co., Inc., Cleveland
Mr.
Association
Incorporated
OF MEMBERS
LATHIM,
National Bank of Dallas
Mercantile
GROSECLOSE,
E.
F.
Hutton
GUERIN,
&
H.
First
Southwest
HALL, WALLACE
Goodbody
Walker, Austin & Waggencr
JOHN
HAMILTON,
Hamilton
HALL, J. C.
National
Fort Worth
Bank
Dittmar
Company,
Dallas
in
&
Mercantile
GEORGE
&
Rauscher,
Company
HARLAND
Rauscher, Pierce & Co., Inc.
National
Bank
Dallas
of
McCall, Parkhurst, Crowe, McCall &
Horton
E'.
THOMAS
Pierce &
VINCENT
Co.,
McCALL, JOHN D.
Inc.
McCall, Parkhurst, Crowe, McCall &
Horton
J.
Republic National Bank of Dallas
MANNEY,
McCLANE,
Barron
IRVING
S.
JOHN
McCulloch & Company
Ft. Worth, Texas
Manney & Co.
& Son, Inc.
DERRY
HILGER,
HENRY P.
Southwest
MAYES,
;
SCANLAND
Dallas Rupe
DOHERTY ROADHOUSE & CO.
Republic National Bank of Dallas
MATTHEWS,
First
National Bank, Ft. Worth
Company
A.
MASON, A. J.
McCALL, HOBBY H.
MANLEY,
GEORGE W.
Sanders
HILGER,
' '
*'
'
T.
Mercantile National Bank
MAHAFFEY, LANDIS
MALONEY,
Dallas Union Securities Co., Inc.
HERRING,
Inc.
Sanders & Company
T.
Company, Inc.
PHILIP L.
HENDRIX,
K.
JAKE
MARTIN,
Hickman,
LYNE, LEWIS F.
Murdoch, Rippey & Co.
Hauser,
A.
&
LUCAS, B. W.
MYRON
HAVSER,
IIEMMINGSON,
M.
Securities
Incorporated
First Southwest Company
& Co.
HATCHER, M. M.
HAMILTON, FORREST L.
First National Bank in Dallas
A.
Bernet
LEVY, JACK
Locke, Purnell, Boren, Laney & Neely
L.
First
& Turner Inc.
JAMES
Jr.,
W.
Wood, Struthers & Co.
LOCKE, EUGENE M.
HARTMAN, MERRILL F.
Francis I. du Pont & Co.
MANLEY
Company
Pierce, Fenner & Smith
Incorporated
Company
P.
Eppler, Guerin
ROBERT
Merrill Lynch,
FRANK
DEAN
HAGBERG,
HALL,
45
Thursday, October 6, 1960
MANNING,
H.
Bache & Co.
HARRIS, in, MACK C.
Continued from page
JERRY
Schneider,
ROBERT
HARDER,
ROSTER
.
Eppler, Guerin & Turner, Inc.
Securities
Hamilton
.
A. C. Allyn & Co., New York; Mr. & Mrs. Alonzo Lee, Sterne, Agee & Leach,
Birmingham, Ala.
LASSITER,
WILLIAM S.
Company,
HAMILTON,
Dallas Security Dealers
.
M.
Rauscher, Pierce & Co., Inc.
HORTON, PAUL B.
McCall, Parkhurst, Crowe, McCall &
Specializing in Canadian Securities
Horton
HOUSTON.
Private wires to all
Dallas
FRANKLIN
B.
Securities
Union
Co.,
Inc.
Midland
Canadian and U. S. Markets
Dealers in
R. S. Hudson & Co., Inc.
HUDSON, ROBERT S.
R.
OFFICE:
HEAD
Canadian Corporation
HUDSON, JOHN K.
TORONTO, ONTARIO
S.
Hudson
HUGUENIN,
&
A.
Canadian Securities
Co., Inc.
BRYCE
2 WALL
Dumas, Huguenin & Boothman
STREET, NEW YORK 5
HUMPHREYS, PAT O.
HUNDLEY,
Dittmar
Vancouver
Kirlcland Lake
Port
Calgary
Haileybury
Elliot
Arthur
Timmins
Winnipeg
North Bay
Midland
Lake
FRANK
Inc.
T.
& Company,
Inc.
HUNTER,
HAROLD
Goodbody & Co.
Sudbury
Toronto
WOrth 4-5280
Securities Co.,
Central
BRANCHES
JACKSON,
(2)
Francis
Affiliated withs
Midland
NED
I.
JACKSON,
du
Pont
&
Securities
Co.
Corpn. Limited
Member:
Jr., WILLIAM C.
First Southwest Company
The Investment Dealers* Association of Canada
JACKSON, WINTON A.
First Southwest Company
JACQUES,
The Midland
JAMES F.
Company
First Southwest Company
JAMES,
JUDSON
Jr.,
Judson
S.
JAMISON,
James & Co.
HAL
Perkins
&
The Toronto Stock
W.
Exchange
Bank
in
Dallas
MONTREAL
TORONTO
Ira
EDWARD
Haupt
Exchange
ROGER
National
JILEK,
Montreal Stock Exchange
Canadian Stock
Inc.
Co.,
JENSWOLD,
First
Member:
S.
LONDON
J.
& Co.
REX D.
JOHNSON,
Republic National Bank of Dallas
JOHNSON,
SAMUEL P.
Parker, Ford and Company, Inc.
JONES, HERBERT M.
■ ■■■
CANADIAN
Dallas Union Securities Co., Inc.
rm
I..IM
UP avidson
KEENAN,
& company
KEIL,
THAD
National
First
MORRIS
M.
Bank
Our trading
J.
Schneider, Bernet & Hickman, Inc.
KEITH,
TORONTO
on
NORVAL A.
Bernet & Hickman,
Schneider,
KAY, Jr.,
C.
SECURITIES
in Dallas
Department maintains firm markets
listed and unlisted issues in U. S. funds and is avail¬
able for all
Inc.
types of dealer transactions.
THOMAS
Parker, Ford & Company, Inc.
KENT, GEORGE
Hauser, Murdock, Rippey & Co.
KERLEY,
First
Jr..
JAMES
Southwest
KERR, Jr.,
TRADINQ DEPARTMENT
EMpire
H.
Company
BEN J.
Mercantile
National Bank
KIMMEL/JOE
at Dallas
HARRIS
Direct wire systems to:
Rauscher, Pierce & Co., Inc.
KIRK,
6-5831
TELEX 02-2461
PAUL
New York and principal cities in the United States
H.
First National Bank
in Dallas
Correspondents in:
KLECKA, JOE E.
London, Paris, Brussels, Amsterdam, Zurich
Rauscher, Pierce & Co., Inc.
JAMES A. TRAVISS
MGR
U.
S. DEPT.
KLINE,
WALTER
S.
Goodbody & Co.
KUPFER,
Sanders
WISENER, MACKELLAR AND
HAROLD
&
L.
MEMBERS
LAGONI,
KENNETH A.
Parker, Ford & Company, Inc.
THE
INVESTMENT
ASSOCIATION
LAGONI,
LESLIE
OF
MEMBERS
DEALERS
THE TORONTO STOCK
CANADA
P.
Parker, Ford and Company, Inc.
LANDSMAN,
COMPANY
LIMITED
Company
LEONARD
Republic National Bank of Dallas
73
King Street West, Toronto I, Canada
EXCHANGE
Volume
Mr.
&
192
Mrs.
Number 5992
Jack
.
The Commercial and Financial Chronicle
.
.
47
Rohde, John R. Lewis, Inc., Seattle; Mr. & Mrs. Derele Swails,
Patten Investment Co., Portland, Oreg.
Al
George
McCLURE,
R.
S.
Jr.,
FRED
L.
Hudson & Co.,
McGUGAN, CARL e.
Shearson, Hammill & Co.
Inc.
McCLURE, Sr., FRED L.
R.
S.
Hudson
&
McKINNEY,
Co., Inc.
Almon &
McCORMICK, JAMES C.
Eppler, Guerin & Turner,
Mcpherson,
McCORMICK,
Dallas
Frank
&
Inc.
First
CLAYTON R.
McCULLOCH,
Barron
Ft.
Worth,
julian
Co.,
MOORE,
Inc.
Fenner
&
Smith
^
j.
Company
Company
Atwood,
McLane
&
R.
A.
Texas Bank & Trust Company
McGINNIS, J. H.
Republic National
MILLER,
&
LAUREL
Inc.
Merrill
Goodbody
National
Co.,
RICHARD
Bank
in
Dallas
Inc.
SCOTT, CHARLES
Parker, Ford and Company, Inc.
W.
SCOTT, RALPH E.
First
A.
National Bank
Sanders & Company
Inc.
Hickman,
B.
Metropolitan Dallas Corporation
Co.
JESSE
Pierce, Fenner & Smith
SCHNEIDER, JULES E.
Schneider, Bernet &
SCHULTS,
GEORGE
&
Lynch,
Incorporated
GORDON
In
Dallas
Continued
on
page
M.
Huguenin
Boothman
&
MOSLE, Jr., JON L.
Rotan, Mosle & Co.
Co.
MOSS, JACK G.
The
Dallas
Mercantile
SANDBERG,
Krumholz,
SAUNDER, CLYDE
Son,
Company
C.
&
ELBERT
D.
&
Rupe & Son, Inc.
SANDERS,
Underwood
Dumas,
MILLER, FRANK
of
MERRILL
GORDON
SAMPLE, CLARENCE E.
&
MORRIS. JACK
WALLACE P.
Frank Miller
Moore
Municipal Securities Company
m.
McCULLOUGH, LARRY E.
McCullough-Eberhart Investment Corp.
.
W.
New York; Nathan A. Krumholz, Ogden, Wechsler &
Tony Kraft, Stern, Frank, Meyer & Fox, Lcs Angeles
SALE, JIM S.
Goodbody & Co.
Co.
MURRAY W.
MORROW.
METCALFE,
Texas
MOORE,
Mr.
Rupe
III,
Dallas
P.
Brokerage
MORONG,
Francis
Bank
ADDISON
Murray
White,
Turner,
BARRON
&
&
&
D.
Dallas
RODGER J.
perry
Company,
Mrs.
RUPE,
B.
Pierce,
Southwest
meer,
Company
McCulloch
w.
medanicii, frank
Son, Inc.
Southwest
FRANK
McMahon
Merrill Lynch,
Incorporated
First
McCULLEY,
B.
York;
RUFE
Republic National Bank of Dallas
Southern
LYNN
Rupe
MITCHELL,
McKinney, Inc.
McMAHON,
New
MIRSKY, GEORGE
Shearson, Hammill & Co.
MUNSON
McCONNELL, HARRY
Eppler, Guerin & Turner, Inc.
Tisch, Fitzgerald &
Columbian Securities Corp. of Texas
L.
Hauser, Murdoch, Rippey
&
MOUNTS,
Co.
Dallas
JACK
E.
Rupe & Son,
MURDOCK,
B.
Inc.
RICHARD
Hauser. Murdoch, Rippey & Co.
MURPHY.
R.
NAZRO.
The
.
P.
^irst National Bank
ARTHUR
Parker
In
Specialists in Canadian Securities
Dallas
P.
Corporation
as
NEWSOM, III, WILLIAM R.
Francis
I.
du
Pont
&
Principal for
Co.
NICOUD, ROBERT M.
Dallas
CANADIAN SECURITIES
To
Institutions
offer
fices
can
a
and
Dealers
interested
in
Canadian
Securities
we
comprehensive knowledge of Canadian investments. With of¬
throughout Canada connected by
provide
you
private wire system
our
Union
Securities
Co.,
Inc.
Brokers, Dealers and Financial Institutions
NUNGESSER, RALPH A.
Dallas Rupe & Son, Inc.
OBENCHAIN,
Dallas
THOMAS
Union
H.
Securities
Co.,
Inc.
OLDSMITH,
we
with prompt and reliable service.
EDWIN S. (DUTCH)
Dallas Rupe & Son, Inc.
OLIVER, Jr.,
ALLEN L.
Sanders & Company
OWENS, JAMES
Dallas
McLeod,You kg, We i r, I hcorporate d
15 Broad Street
Telephon^:
•
New York 5, N. Y.
WHitehaH 4-1770
Teletype: N.Y. 1-4808
Montreal
Hamilton
London
Kitchener
Ottawa
C.
Securities
Co.,
Inc.
Grace Canadian
R. A.
Securities, Inc.
Underwood & Co., Inc.
PAFKHURST, MILLARD
McCall, Parkhurst, Cro\ve, MpCall &
Members: New York Security Peqlcrs Association
Horton
JACK C.
Dallas Union Securities Co., Inc.
STREET WEST, TORONTO,
V Sherbrooke
Quebec City
Union
RUSSELL
PAYNE,
An Affiliate Of
McLEOD, YOUNG, WEIR & COMPANY LIMITED
50 KING
PALM,
Windsor
CANADA
Edmonton
Winnipeg
Calgary
Vancouver
Correspondents in London, England
PEAK, PRESTON A.
Metropolitan Dallas
Corporation
PEARSON, G. HAROLD
Parker, Ford and Company,
25
Broadway, New York 4, N. Y.
Inc.
PERKINS, Jr.. JACK F.
Perkins & Co., Inc.
HAnover 2-0433
NY 1-4722
PEYTON, JOnN T.
Metropolitan Dallas Corporation
PHILLIPS, DAVID M.
First National Bank
in
TELEX 0X5-220
Dallas
PIERCE. Jr., CHARLES C.
Rauscher, Pierce & Co., Inc.
PIERCE, CHARLES C.
Rauscher, Pierce & Co., Inc.
PROCTOR, PHILIP M.
First Southwest Company
RAIN,
TALBOT
Thompson, Knight, Wright & Simmons
Gairdner $
Gompanq Inc.
Underwriters and Distributors of Canadian Securities
RAMBIN, JAMES C.
Rauscher, Pierce &
RANKIN,
David
DAVID
H.
RAUSCHER,
Rauscher,
60 Wall
Street, New York 5, N. Y.
Rauscher.
WHitehall 4-7380
RAY,
are
invited from Dealers and Institutions
READ.
Dallas
REED,
REED,
Gairdner &
Members
&
Company Limited
HARRY
&
F.
Orders Executed
Calgary
Kingston
Kitchener
Ottawa
Edmonton
London
Quebec
E.
Securities
Co.,
Inc.
Halifax
Hamilton
New York
Winnipeg
P.
T.
Company,
Inc.
'
.
Co.
F.
AMES
Murdoch, Rippey & Co.
Goodbody
ROBERTS,
i
Private wire system
&
Co.
NICHOLAS
F.
Republic National Bank of Dallas
ROGERS.
.
Allen
through and confirmed by
F.
Securities
Hauser,
Montreal
Vancouver
regular commission rates
•„
ROBERTS, JOHN H. B.
Toronto
at
Inc.
Relyea & Co.
RIPPEY,
Business Established 1921
Inc.
Co.,
Co.,
KEITII B.
RELYEA.
P.
&
Company
Union
Central
of Leading Canadian Stock Exchanges
&
JOHN H.
WILLIAM
Dittmar
Affiliate:
Jr.,
Pierce
GERALD
Sanders
Inquiries regarding Canadian Securities
Co., Ft. Worth
JOHN H.
Pierce
RAUSCHER,
Inc.
Co.,
H.
Rankin &
ALLEN
B.
Rogers & Co., Inc.
ROOKER, GEORGE S.
Metropolitan Dallas Corporation
Members: Principal Stock Exchangee
of Canada
National Association of
The
25
Security
Dealers
Broadway, New York 4, N. Y.
48
The Commercial and Financial Chronicle
Mrs.
&
Mr.
Brown, Asiel
York; Harry J.
Leo
E.
New
Continued from
SCOTT,
R.
S.
Garrett
Co.,
&
&
CHARLES
E.
Charles
Shumate
SEITZ, Jr., WILLIAM
Goodbody & Co.
F.
R.
A.
W
LUTHER
Underwood
&
Charles
E.
SLUDER,
Seay Investment Securities
First
SIIEA, JOSEPH
E.
F.
Hutton
SHELTON,
Republic
FRANK
SMALLWOOD,
&
Company
First
Bank
of
LOUIS
Jr.,
Inc.
Securities
WILLIAM
RODERICK
Parker,
W.
Company
Ford
THORNTON,
Thornton
TINSLEY,
O. ROY
Fort Worth National Bank,
TUCKER,
STEVENSON,
Inc.
Guerin
Texas
LEON
Co.
&
WATTS, O'HARA
Goodbody & Co.
Company
JOHN
Eppler,
H.
Co.
WESTBURY,
Merrill
R.
A.
Lynch, Pierce, Fenner & Smith
Incorporated
Pierce,
WIGLEY, Jr., WILLARD ROBERT
E. F. Hutton & Company
Smith
Fenner &
& Turner,
E.
Inc.
Hutton
F.
E.
GENE
WILLIAMS,
W.
&
Company
&
JOSEPH
STOTLER,
O.
D.
Goodbody
Dallas
Parker,
Co.
and
Ford
L.
Company,
Inc.
UNDERWOOD, Jr., ROBERT A.
R. A. Underwood & Co., Inc.
WILSHUSEN, H. EIBAND
WINDHAM,
Eppler,
VON
Guerin
GLAHN,
&
Walker,
WISE,
D.
Bache
&
Co.
& Company,
Inc.
GORDON T.
<te
Dittmar
Turner, Inc.
&
Jr., ROY L.
Ford
Parker,
WORTH,
Company,
Inc.
CHARLES A.
Goodbody & Co.
Co.
WRIGHT, JOHN H.
Brothers
&
JACKSON
WYATT,
HERMAN
Hutzler
R.
Salomon
Austin & Waggener
WALDMAN,
Mosle
Rctan,
Co.
WAGGENER, NELSON
Benefits
Planned
&
&
WALTER
Upham
Harris,
Y
Hammill
EUGENE
VINYARD,
can a
Company,
GILDEROY
TURNER,
&
Worth,
Goodbody
WILLIAM H.
Shearson,
What
Ft.
WASSALL,
JEROME
I.
&
Haupt
WARD, ROBERT L.
Dallas Union Securities Co., Inc.
B.
Incorporated
STORIE, WILLIAM STEWART
First Southwest Company
P.
&
Merrill Lynch,
•
Dallas
Company
Ira
Waggener
&
Rupe & Son, Inc.
Empire State Bank
Fort Worth
in
Dallas
JOHN D.
STEPHENS.
J.
B.
Bank
Southwest
Company,
ROBERT
WALTERS,
Austin
Walker,
VAUGHN, JACK
SMITH,
LOCKETT
National
Company
NORMAN
Walker,
Company
THORNTON, JACK
Municipal
J.
Securities
National
&
B.
WILLARD E.
Austin & Waggener
WALKER,
ALLEN
THOMAS,
STAYART,
MetropoUtan Dallas Corporation
SHARPE, EDWIN L.
W.
Hutton
THOMAS
Securities Corporation
Equitable
THOMAS, Jr., R. BRUCE
Dallas Rupe & Son, Inc.
&
Mrs. James F. Moriarty,
Barney & Co., Chicago
Jr.,
WALKER,
Jr., WILLIAM B.
Incorporated
A.
Company
-SITZENSTATTER,
Inc.
Co.
Municipal
*
.
F.
Thursday, October 6, 1960
Co.
&
GENE
S \
Hamilton Securities Company
HAROLD
SILVER,
^
.
SHARP,
&
Bache
E.
.
Vallely, John Nuveen & Co., Chicago; Mr. &
Cincinnati; Mr. & Mrs. Herman G. Mell, Smith,
TAYLOR,
B.
& Co.
.
TEMPLE, T. D.
Shumate
GASTON
SHUMATE,
of Dallas
SPIVEY,
Co.
E.
Seay Investment Securities
V.
Co.,
SPEER, HOWARD J.
Company
JACK B.
SHOOK,
Inc.
&
SOSSMAN, ALBERT P.
First National Bank in Dallas
WALTER R.
Hudson
Edward
Hutton
STRANGE,
Co.
& Trust
LUTHER
IV,
Goodbody
and
Goodbody
SEAY,
SMITH,
SHILG, J. ERVIN
47
page
Association
Bank
Mrs.
E.
B.
KENNETH
Texas
OF MEMBERS
ROSTER
&
W.
SMITH,
Dallas Security Dealers
Mr.
Corporation,
& Co., New York; George Brunjes, First Boston
Niemeyer, Robert Garrett & Sons, Baltimore, Mi.
.
Metropolitan Dallas Corporation
Co.
Corporate Public Relations Program
GAIN For Your
SPECIALISTS in
Company?
FINANCIAL MAILINGS to
Sound
public relations techniques, developed and
proved through the years, can gain for many com¬
panies extra benefits that are unobtainable through
formal "corporate notices". What used to be con¬
"news"
sidered
longer creates enough of a
corporate impact for the veteran Wall Streeter or
the newcomer to the growing ranks of investors. To
impress these "publics" and to build tomorrow's
good-will for your corporate balance sheet, a com¬
pany's story must be told with impact . . . through
every appropriate channel of communication. It must
be told in simple, direct, dramatic terms as part of
the company's overall sales program.
.
In the hands
specialists,
1
a
of
Serving Wall Street since 1927
no
AF-GL's
staff of
FOR FREE BOOKLET
SEND
SHOWING LISTS and RATES.
THE
83
E-Z
Washington St.
ADDRESSING
Dept.F
HAnover
SERVICE
New York 6, N. Y.
2-9492
Public Relations
properly planned program can:
build public confidence in your management
the way for more favorable arrangements in new capital financing
2
pave
3
win investors' favor for your securities
4
broaden ownership of your company's stock
5
"sell" your company as a good place to work
6
'
Brokers, Banks, Analysts,
Advisers, Funds, etc.
gain acceptance from special interest groups
7
help sell your company's products
DYNACOLOR CORPORATION
Modern corporate public relations, tailored to your
can
accomplish all these things and more.
Answers
tails
AF-GL
—
on
readily available
are
what
write
or
we
—
without
have done for others
phone
Quentin
Smith
—
for
a
specific needs,
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obligation. For de¬
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we
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of AF-GL's new
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PHILADELPHIA
BOSTON
CHICAGO
ALBERT FRANK-GUENTHER LAW, INC.
SAN FRANCISCO
LOS ANGELES
Value Leader of the
booklet "The Total Corporate Impact."
Advertising
131 Cedar
•
Public Relations
Street, New York 6, N. Y.
•
COrtlandt 7-5060
Industry
>
Volume
192
Number
5992
.
.
.
The Commercial and Financial Chronicle
JACOBS, DONALD B.
Conning & Co.
Security Traders Associatio"
JOHNSON,
g.
Of Connecticut
h.
A.
MURRAY,
Laird,
New
MAURITS
Walker & Co., Bridgeport
NOY,
Tucker, Anthony & R. L. Day
KRAIGER,
The
R.
libby,
ALBERT
F.
gordon
Coburn
&
H.
&
Hincks
EDWARD
McCarthy,
&
&
Chas.
dennis
"''..
American
T.
L.
Watson
MORRIS.
Robt.
George H. Angelos
Kenneth F. Shieber
President:
George H.
Haven, Conn.
Angelos,
Chas.
First Vice-President: Kenneth F.
Securities
DANIEL
S.
&
Morris
Corporation
Amott,
Bridgeport
Co.,
Inc.,
Bridgeport
H.
Scranton
JOHN
Baker
SHIEBER,
Putnam
f
Chas.
W.
Inc.
Scranton & Co.,
New Haven
WILLIAM J.
Sweeney & Company, New Britain
THENEBE, CHARLES
Meriden
D.
&
Co.,
New
Haven
E.
E.
Thenebe
American
Securities
&
Associates
W.
Corporation
Hartford
L.
Inc., New Haven
&
Charles
THOMPSON, HOWARD
WEISKE,
Co.,
A.
Incorporated
Waterbury
S.
Co.
Inc.,
Rybeck & Company,
Funds,
Co.,
SWAN, LESLIE B.
SELIGSON, MILTON M.
Co., Bridgeport
&
&
&
FREDERICK T.
Weld & Co., New Haven
SWEENEY,
HARRY
W.
Income
J.
ROBERT
H.
SCHMITT,
White,
Inc.
Co.,
WILLIAM
William
SUTTON,
A.
CORTWRIGHT
&
Steiner
Inc., Bridgeport
PETER
SAMPSON,
McCAUGHEY, W. CRAIG
MORGAN,
E.
Bros.
RYBECK,
H.
Co.
Co.
Jackson
Co.,
JOHN
Jr.
S. JACKSON
STEINER,
&
Bros.
ROYSTON,
Middlebrook, Incorporated
Walker
Putnam
n.
NORMAN
MATTHEWS,
G.
PHILLIPS,
Hincks
Middlebrook, Incorporated
MAIGRET,
Coburn
Waterbury
SHURE, JOSEPH
Bache & Co., New Haven
Meeds
Kennedy-Peterson,
Company,
H.
Bros.
PETERSON,
P.
Griggs
&
HENRY B.
Hincks
keefe, harry v.
FRANK J.
Bissell
Haven
M'.
RICHARD
F.
Kidder
WHEELER,
&
Co., Inc.,
FRANK
Bridgeport
R.
Charles E. Thenebe & Associates
KENNETH p.
&
WILDE, RICHARD
Conning & Co.
Co.
W.
Lawrence F. Hine
Scranton
W.
Co., New
&
Shieber, Putnam & Co., Hart¬
ford, Conn.
Second
Vice-President:
Edward
H.
Matthews, G. H.
Walker &
Co., Hartford, Conn.
Secretary-Treasurer: Lawrence F. Hine, Smith, Ramsey
Bridgeport, Conn.
Governors:
&
Co.,
Guy
R. Hogarth, Fahnestock & Co., New Haven;
Sweeney, Sweeney & Company, New Britain;
E. Norton Decker,
The R. F. Griggs Company, Waterbury;
Frederic T. Sutton, White, Weld & Co., New Haven; Richard
W. Wilde, Conning & Co., Hartford
William
J.
National
Committeemen: Frank J. Murray, Laird,
Bissell &
Meeds, New Haven; George H. Angelos, Chas. W. Scranton &
Co., New Haven.
Elected:
October, 1959; Took
Expires: December 31, 1960.
ROSTER
(Members
located
otherwise
in
Hartford
Office:
OF
unless
indicated)
DECKER,
GEORGE
R.
H.
F.
E.
Chas. W. Scranton & Co., New Haven
South Norwalk
NORTON
Griggs
DOCKHAM,
.
Company,
GEORGE
Waterbury
A.
Hincks Bros. & Co., Inc.,
AVIGNONE, JOHN J.
Term
MEMBERS
Kennedy-Peterson, Inc.
ANGELOS,
1960;
CONNER, EARL W.
Maples & Goldschmidt,
ROBERT
ALVORD,
1,
January
Bridgeport
EDDY, HOWARD H.
Eddy & Co., New Britain
Cooley & Company
BAILEY, THOMAS C.
White, Weld & Co., New Haven
ENGLISH, JAMES P.
BEAKEY, EDWARD J.
ERMER,
E.
W.
West
Eddy & Co.
BLIGH, ROBERT A.
Fahnestock &
G.
H.
CALVERT.
Cooley
GIANTONIO,
Company
ROBERT
Brainard, Judd
& Co.
Co.
GRAHAM,
Co.
Struthers
Wood,
New
New
HINE,
&
&
FRANCIS
HARRY
&
Inc.,
Bridgeport
REGINALD
E.
Haven
LAWRENCE
Fahnestock
ROBERT J.
Struthers & Co.,
Denton
E.
F.
HOGARTH, GUY R.
CLEMENCE,
COHAN,
E.
Co.
Smith, Ramsay & Co., Inc., Bridgeport
Co.
Haven
Wood,
Haven
Tucker, Anthony & R. L. Day
ROBERT H.
CLEMENCE,
Co., New
GRAHAM, JOHN E.
&
CLARK, MYRON H.
&
NICHOLAS
GORDON, MYRON L.
Hincks Bros. & Co.,
CILENTO,
Estabrook
&
Eddy & Co., New Britain
S.
FRANK E.
Shearson, Hammill
EISEN,
Fahnestock
ROBERT B.
&
CARTER,
FON
Co., Bridgeport
&
Scranton
W.
Equitable Securites Corporation
WALTER
Walker
DAVID H.
FAUST, HAROLD E.
Co., Torrington
BRESLAV, JR.,
Hartford, Conn.
Charles
Co.,
New
&
Co.,
New
Haven
HOLMAN, WILLIAM D.
Haven
Putnam &
D.
HURLBERT,
Inc.
Co.
GORDON
E. T. Andrews
& Co.,
C.
West Hartford
Winter rendezvous for "Who's Who"
CONSTRUCTION
-an
ageless industry
18-hole
championship golf
course
Sam Snead, tennis, two pools,
Methods
of
rendering engineering and
with mile-long ocean beach,
con¬
sea
struction
ical
services
advances.
may
change with technolog¬
Demand
for
construction services will
such services
ment
of any
our
an
intervening
your
CLUB
For brochure and reservations write
Leggett, Manager,
travel
Warner,
agent.
Inc.,
Nat'l.
New York,
Dept. 10 B,
Reps:
or
Robert
Chicago,
see
F.
Boston,
BOCA
Washington, Toronto.
consistent earning power are
unbroken
RATON,
record
numerous
of
dividend
AN
ARVIDA
HOTEL,
A
SUBSIDIARY
OF
ARVIDA
FLORIDA
CORPORATION
i
cash extras
years.
Morrison-Knudsen
and
engineering and construction
payments since 1939 and
in
R. J.
always exist because
HOTEL
bands, complete air-conditioning, superb
cuisine.
country's economic potential.
operations and
in
and
hi-goal polo, deep
fishing, dancing and entertainment nightly,
two
indispensable in the develop¬
are
Our worldwide
reflected
engineering
with Pro
Cabana Club
Contractors and
Established
Company, Inc.
Engineers
1912
The world's most
fabulous resort estate
50
The Commercial and Financial Chronicle
Bond Club of
ROSTER
Syracuse
OF MEMBERS
.
.
Thursday, October 6, 1960
.
The Bond Club of Denver
BICKELHAUP, Jr., ALBERT C.
Hemphill, Noyes & Co.
BILLINGS, PEARNE W.
Hugh Johnson & Company, Inc.
BISHOP, WESLEY M.
Smith, Bishop ft Co.
BULLOCK, Sr., EDWARD J.
Reid-Bullock Co.
CANDEE, HORACE F.
Carl M. Loeb,
Rhoades & Co.
CARLSON, RUSSELL C.
Onondaga County Savings Bank
CARY, DANIEL W.
Reynolds ft Co.
CLOSE, DR. JAMES A.
Merchants National
COATES,
ALAN
First Albany
Bank & Trust
Co.
F.
Corporation
COPELAND, HARRY C.
Donald A. Gray
Francis Coulter
Marshall W. Day
Reynolds 6c Co.
Russell Carlson
Midland
Marine
Central New
President: Donald A. Gray, Hayden, Stone & Co.
Gerald P. Peters, Jr. Richard H. Burkhardt
COULTER, FRANCIS Q.
Trust
President:
of Central New York.
DANNER, EDGAR L.
Albert
C.
Bickelhaup, Jr., Hemphill, Noyes
John R. Glushko, Reynolds & Co.; Leo V.
&
&
George D. B. Bonbright & Co.
Treasurer: Charles L.
Foster 6c Adams
Co.;
Smith, Leo V. Smith
Co.; William J. Thorne, Marine Midland Trust Company of
Central New
York; Richard Feldman, Granbery, Marache & Co.
ROSTER
—
Johnson
Hugh
&
(Members
Inc.
Company,
First Trust &
First
ALFF,
unless
J.
of
Denver
Stone, Altman & Company
AYERS, ROSCOE
Cruttenden, Podesta & Co.
GEORGE H.
S. National Bank
BACHAR, GARALD D.
J. A.
Stone, Altman 6c Company, Incorporated
Garrett-Bromfield
Bosworth, Sullivan 6c Company, inc.
ft
Co.
BAKER,
Co.
AL1MAN, EDWARD F.
Stone, Altman & Company, Incorporated
Don
GRIMES, WILLIAM H. C.
Boettcher and Company
Higginson Corporation
NEW BRITAIN
MIDDLETOWN
Boettcher
Albany Corporation
WATERBURY
MANCHESTER
Depositors
Corp.
and
BARTELS, R.
Company
Denver
National
S.
U.
E.
F.
Bank
ASHCRAFT, CLARENCE
George D. B. Bonbright 6c Co.
TORRINGTON
NEW L0N00N
BARNES, DONALD
ASHBY, ALLEN
UIMBERG, HOWARD F.
HARTFORD
Mutual
Founders
BARKER, FREDERICK F.
J. A. Hogle & Co.
I
ARGALL, WILLIAM W.
UEATON, CHARLES T.
First
ROBERT R.
Chapin Co., Fort Collins
Peters, Writer & Christensen, Inc.
Hayden, Stone 6c Co.
TEL JA 5-1421
A.
BARGER, FRANKLIN E.
ARCHIBOLD, III, ROBERT F.
GRAY, DONALD A.
6 CENTRAL ROW
Hogle 6c Co.
BAKER, DUDLEY F.
ALLEN, C. WALTER
GRABAU, ALVIN J.
Grabau-Buchman, Inc.
Lee
A.
ATWOOD, FRANK S.
ALFF, JOHN H.
"•
WALTER
Hogle & Co.
ASMUS,
indicated)
National Bank
Denver U.
of
GOODELLE, CLARENCE A.
Goodelle
Denver
ADAMS, FREDERIC A.
Deposit Co.
GLUSHKO, JOHN R.
Reynolds & Co.
A.
in
ADAMS, EUGENE
Central New York
Clarence
located
otherwise
FELDMAN, RICHARD
Granbery, Marache & Co.
Marine Midland Trust Company
PUTNAM & CO.
MEMBERS
OF
EASTMAN. DREW G.
GLEAZEN, WILLIAM H.
Stock Exchange
Warren, Merrill Lynch, Pierce, Fenner &
Smith, Incorporated.
DIETZER, DONALD D.
W. C. Langley & Co.
GEHM, GEORGE W.
Elected: January 18, 1960; Took Office: January 18, 1960.
Members New York
Christensen,
Peters, Jr., Peters, Writer &
Secretary: Russell Chatlain, Bosworth, Sullivan & Company, Inc.
DEAN, VICTOR
Secretary: Russell Carlson, Onondaga County Savings Bank.
Governors:
P.
Vice-President: Richard H. Burkhardt, Boettcher and Company.
Bache ft Co.
Bonbright & Co.
Gerald
Inc.
George D. B. Bonbright & Co.
DAY, MARSHALL W.
Treasurer: Marshall W. Day, George D. B.
Charles L. Warren
York
CUMMINGS, ERNEST M.
Vice-President: Francis Coulter, Marine Midland Trust Company
Russell Chatlain
of
Company
Merrill
Lynch,
Incorporated
JOHNSON, ORLIE D.
Pierce,
Fenner
BEASLEY, ANDREW C.
J. A
Hogle 6c Co.
Smith
&
George D. B. Bonbright 6c Co.
JOOR, Jr.. SAMUEL F.
From New
York, call CAnal 6-1255
Hayden, Stone 6c Co.
KLIMCZAK, STANLEY F.
AT&T
Teletype 564
Bache 6c Co.
KULLE, WILLIAM G.
Reynolds 6c Co.
PRIMARY MARKETS IN
CONNECTICUT STOCKS & BONDS
Underwriters
Distributors of
and
Corporate and Municipal Securities
Firm
Markets In
LAPHAM, BEVERLEY H.
B. H. Lapham 6c Company
LeVEILLIE, G. NORBERT
Hugh Johnson 6c Company,
WASHINGTON
Inc.
MARSH, WILLIAM L.
Carl M. Loeb, Rhoades 6c Co.
Direct Private Wire to
MILES, JOHN P.
W. C.
SECURITIES
.
V ::■■■■
•:
• ■■
i
Carl M.
Langley ft Co.
MORE, DON S.
Hayden, Stone & Co.
our
■
•'
_
•'
V
.
New York Correspondent
•
\
• ■
:
•
■
Loeb, Rhoades & Co.,
.
■
■
■
.
\
MULCOCK, ERNEST, R.
We invite your inquiries.
E. R.
Mulcock 6c Co.
ESTABLISHED
1920
NEWER, BERNARD
Post-Standard
(Honorary)
Johnston, Lemon & Co.
PELLENZ, MARVIN C.
First Albany Corporation
MEMBER
PETERMAN, HARVEY P.
Merchants National Bank
PHILADELPHIA-BALTIMORE STOCK EXCHANGE
6c Trust
Co,
BOSTON STOCK EXCHANGE
PIRAINO, JOHN P.
Hugh Johnson 6c Company, Inc.
UNDERWRITERS
-
(Associate)
DISTRIBUTORS
DEALERS
-
PLUME, WALTER L.
Lincoln National Bank 6c Trust Co.
Connecticut Securities...
First
are
the basis of
our
long and pleasant relationship with broken
throughout the country. We solicit
your
inquiries
our
specialised experience will be helpful.
Bell Teletype: Trading Dept. WA 28, 95 ft 509
Municipal Dept. WA 25
Branch Office; Alexandria, Va.
RAMAGE, WILLIAM T.
Syracuse 8avlngs Bank
ROBERTS, JAMES
ROLLINS, KARL B.
with confidence that
Building, Washington 5, D. C.
Telephones STerling 3-3130
Albany Corporation
POZZI, FRANK
Smith, Bishop 6c Co.
and dealers
Southern
POPE, ALBERT E.
,
K. B. Rollins ft Co.
51
8ARVAT, MERTON E.
Merohanti National Bank ft Trust Co,
TRADING AND SALES
SHOVE, Jr., JOHN D.
Investment Counsel
Investment Service for Seventy
George A. Dockham,
Leavitt
President and Treasurer
Myron L. Gordon
Peter Royston
Vice President
Manager
6c
Co.
Arrow-Hart ft
SMITH, EDWARD J.
Smith, Bishop 6c Co.
Hegeman
American Screw
SMITH, LEO V.
SNYDER, EVERETT W.
E. W.
Hincks Bros. & Co., Inc.
Hartford
Snyder and Co.
1907
Electric
STONE, JUNIUS B.
Stanley Works
Torrington Co.
Hugh Johnson 6c Co.
United Aircraft
Lincoln National Bank 6c Trust Co.
Marine Midland
Midwest Stock Exchange
Trust Company
Central New York
TICKNER, RULAND L.
Foster 6c Adams
872 MAIN STREET
•
BRIDGEPORT 3, CONN.
Telephone: BRIDGEPORT EDison 5-5141
TIFFANY, DONALD L.
Donald L. Tiffany, Inc.
COOLEY
Veeder-Root
THORNE, WILLIAM J.
Exchange • American Stock Exchange (Assoc.)
SECURITIES
Marlin Rockwell
Aetna
Aetna Fire
of
Conn. Bank ft Trust
Conn. General
Hartford Fire
Hartford Nat'l Bank
Phoenix Ins.
Travelers Ins.
&
ESTABLISHED
CO.
1889
Members New York Stock Exchange
Casualty
Aetna Life
New York Stock
in
CORPORATE and MUNICIPAL
So; New Eng. Tel.
Standard Screw
STONE, WILLIAM V.
Members
Underwriters, Distributors and Dealers
Conn. Lt. ft Power
Emhart Mfg. Co.
Fafnir Bearing
Leo V. Smith 6c Co.
SPARROW, KENNETH
The Syracuse Herald Journal (Honorary)
ESTABLISHED
Years
SIMON, LEE K.
American Stock Exchange
100 Pearl
Tel.
(Associate)
Street, Hartford 4, Conn.
Hartford
JAckson
New York
Tel. CAnal 6-1232
7-5171
Teletype Hartford 91
Phone Enterprise
Meriden
Willimantic
Torrington
•
•
Norwich
•
1910 to
•
Waterbury
Winsted
•
Essex
TORMEY, Jr., JAMES C.
New Haven
FROM NEW'
•
Waterbury
YORK, CALL DIgby 4-2873
Bell Teletype BPT 489
Hugh Johnson 6c Company, Inc.
WILLOUGHBY, DON S.
Bache & Co.
WILSON, J. HOLDEN
Hemphill, Noyes & Co.
Connecticut
Securities
Jl
Volume
192
Number
5992
.
.
.
The Commercial and Financial Chronicle
51
Mr.
Barney Nieman, Carl Marks & Co., Inc., New York; Mrs. Allen Crawford, Jr., Atlanta; John S. Barker,
Lee Higginson Corporation, New York; Allen Crawford, Jr., French & Crawford, Inc., Altanta;
S. Richard Harris, Courts & Co., Atlanta
BE ATT Y,
JAMES
Poudre Valley
Collins
CLARKE, GEORGE p.
Merrill Lynch,
Pierce,
National Eank, Fort
BELL, DONALD
BERGER,
Walston
National
BERMINGHAM,
Co.,
G.
COLE,
BLICKENSDERFER,
Boettcher
and
BOEDEKER,
EUGENE
W.
Peters, Writer & Christensen, Inc.
Loveland, Colo.
Boettcher
BREEDEN,
Peters,
and
Jr.,
G.
ERNEST S.
Standard & Poor's Corp.
Boettcher
and
Inc.
Our
DOOLITTLE, CHARLES
Merrill
Connell, Inc.
/
Lynch,
Pierce,
Fenner
&
Denver
U.
S.
National
&
Howard
Open-end Phone to Boston
Bank
FLOOD, JAMES J.
Lowell, Murphy & Company. Inc.
COWSERT,
FLOYD,
F.
BROWN, Jr., ROBERT
Boettcher
and
BURKHARDT,
BUXTON,
Company
Bosworth, Sullivan & Company, Inc.
Fort
The
A.
Chapin Co.
Collins, Colorado
CIIATLAIN,
Bosworth,
&
Merrill
Company, Inc.
V
K.
J.
Mullen
Investment
Co.
A.
Company,
Hogle
GERALI,
1891
&
Co.,
&
midwest
stock
stock
exchanges
exchange
(assoc.)
Smith
PROVIDENCE
union
3.
ST.
R.
&
34
I.
1-4000
tel.
Bell
Teletype
PR
Co.
National
direct
new
Bank
york,
st. louis,
and
ROBERT
AVENUE
private
wires
bridgeport,
white plains
pawtucket
I.
R.
6-2350
43
to
.
hartford,
waterbury
offices
Inc.
F.
•
1960
Primary
CONNECTICUT
MARKETS for Dealers everywhere
DISTRIBUTORS
We
Insurance
-
particularly invite
inpuirlet
your
Industrial- U tility
PRIMARY MARKETS
State &
in:
ARROW HART A HEGEMAN
ASSOCIATED SPRING
Bank
CONN.
BANK
CONN. LT.
IN CONNECTICUT SECURITIES
r
EAST
PAWTUCKET,
Coughlin & Company, Inc.
Inc.
DEALERS
•
&
Tel.
Peters, Writer & Christensen,
Our Sixty-Ninth Year
UNDERWRITERS
Fenner
VICTOR H.
GERWIN,
Walston
Pierce,
WESTMINSTER
CARL
Denver U. S.
DAVIS, GEORGE
Harris, Upham & Co.
Inc.
15
GARRISON, WILLIAM J.
DAVIS, NORMAN
&
B.
J. A. Hogle & Co.
CLARK, WAYNE
york
american
Company
Lynch,
FREEMAN,
CURRIE, TREVOR
RUSSELL
Sullivan
J.
>
and
Incorporated
^
CRIST, B. p.
CHAPIN, DON A.
Don
Sullivan
CRILEY, LAURENCE
Quinn & Co.
CASTERLINE, PAUL
new
FRALEY, ROGER G.
Boettcher
1900
members
JOHN F.
FOX,
Bosworth.
Co.
Established
Calvin Bullock, Ltd.
Inc.
CRAWFORD, JOHN C.
Engineering
G. H. Walker & Co.
CLAYTON O.
National Bank
COXHEAD, Jr., J. WALLACE
Bosworth, Sullivan & Company, Inc.
II.
Company
Inc.
FORSYTH, ALEXANDER
Bosworth, Sullivan & Company,
WILFORD L.
McWilliams
First
Company
COXHEAD, J. WALLACE
T.
RICHARD
Boettcher and
and
Bosworth, Sullivan & Company,
C.
BERNARD
Boettcher
LAfayette 3-0610-0611
—
GEORGE B.
COUGHLIN, WALTER J.
Coughlin & Company, Inc.
Company
Trading Department Invites Your Inquiries
FERRELL, DONALD R.
BROWN,
and
page
On All Rhode Island Securities
FAXON, THOMAS B.
Dawson, Nagel, Sherman
FISHER,
DONALD
on
Smith
Incorporated
COUGHLIN, JAMES
Coughlin and Company, Inc.
Boettcher
Co.
RHODE ISLAND SECURITIES
Central Bank & Trust Co.
BRERETON, WILLIAM H.
Brereton, Rice & Co., Inc.
BROWN,
&
Continued
Company
Inc.
Boettcher and Company
Coughlin and Company, Inc.
A. W.
GORHAM, PAUL
and Company
DIEDRICH, JOHN
Inc.
Peters, Writer & Christensen, Inc.
American National Bank
Cruttenden, Podesta & Co.
GODFREY,
DALE
Boettcher
COUGHLIN, EDWARD B.
K.
& Christensen, Inc.
GOODE, J. H.
Company
GOOD, LELAND
National Bank
VALOIS, JR., JOHN J.
Peters, Writer & Christensen,
COUGHENOUR, JR., JOHN F.
Company
EARNIE
Writer
Inc.
and
DOERING, ROBERT L.
Robert J.
GEORGE
Boettcher
DE
CONNELL, ROBERT J.
Bosworth, Sullivan & Company,
Jr.,
Inc.
DE VRIES,
CONKLIN, W. A.
Bosworth, Sullivan & Company,
BOS WORTH, ARTHUR F.
BRECKENRIDGE,
S.
COLLINS, LOWELL O.
Founders Mutual Depositor Corp.
Christensen, Inc.
&
GILL, CHARLES D.
COLLINS, TIMOTHY
Peters, Writer & Christensen,
Company
Pedrick, Jr., Howard,
Weil, Labouisse, Friedrichs & Co., New Orleans;
The Marshall Company, Milwaukee; Mr. & Mrs. Walter L. Filkins,
Troster, Singer & Co., New York
Dempsey-Tegeler & Co.
C.
H.
D.
Peters, Writer
BORLAND,
J.
B.
DENNISON, FRANK
Co.
&
MARTIN
U.
Denver
CYRIL
Garrett-Bromfield
E.
Peters, Writer & Christensen, Inc.
DECKER,
COHIG, JAMES C.
Bosworth, Sullivan & Company,
Company
Parks
Mrs. Otto J. Koch, Jr.,
Garrett-Bromfield
Inc.
B.
Bank
GEORGE
and
&
Mrs.
DAWSON, Jr., CLYDE C.
Dawson, Nagel, Sherman & Howard
Colorado National Bank
WILLIAM M.
Boettcher
Smith
CODY, RAYMOND p.
OSWALD F.
Colorado
&
CLAYTON, ROBERT F.
M.
Quinn & Co.
BENWELL,
DAVIS, RONALD
Fenner
Incorporated
&
Mr. &
EMHART
Municipal
A
A
TRUST
POWER
MFG. CO.
HARTFORD ELECT. LIGHT
HARTFORD NATL. BANK
LANDERS
Securities
F.
&
C.
NEW BRITAIN MACHINE
SOUTH'N
NEW
ENG.
TEL.
STANLEY WORKS
VEEDER-ROOT
Chas. W. Scranton
Members New York Stock
&
Co.
COBURN &
MlDDLEBROOK,
100 Trumbull
Exchange
Hartford Tel. JAckson
NEW HAVEN
Bell
7-3261
Teletype HF 464
N. Y. Tel. DIgby 4-6713*
Boston Tel. HUbbard 2-3780*
Telephone: MAin 4-0171
*Direct
New York REctor 2-9377
Danbury
Bridgeport
•
Bell Teletype
New London
NH 194
,
Waterbury
NEW
YORK
Direct
Hartford-New
NEW HAVEN
Wire
to
INC.
Street, Hartford 1, Conn.
York-Boston 'Phones
PROVIDENCE
Troster, Singer & Co., New
BOSTON
York
52
The Commercial and Financial
52
Mr.
&
Mrs.
Frank
J.
Ronan,
New
Mr.
Mr. & Mrs. Charles E.
White, Weld & Co., New York
York Hanseatic Corporation, New York;
Exley, Charles A. Parcells & Co., Detroit; Mr. & Mrs. Peter E. Molloy,
Mrs.
&
Gilbert
LOWELL, JOHN
HYLAND
Lowell, Murphy & Company.
MEMBERS
HAROLD
GERALD M.
Russell Investment Company
J.
A.
Boettcher
Hogle & Co.
HEMENWAY, CHARLES E.
Bcettcher and Company
J.
Lowell, Murphy & Company, Incorporated
MALESOVICH,
Ladet
Co.,
Pueblo,
&
J.
and Company
JOSEPH
Co., Inc.
Col.
RANALD
Earl
H„ III
Management & Research
WILLARD
Denver
Corp.
Scanlan
M.
MARSH,
,
U.
S.
&
Co.
H.
National Bank
Henri Co.
Writer
Peters,
EDWARD
GttNDERSEN, WILLIAM
Merrill Lynch, Pierce,
A.
Incorporated
JAMES
HARRIS,
•
Boettcher
and
Inc.
Christensen.
&
niLL, DALE R.
Hanifen, Imhoff & Samford, Inc.
Boettcher
Smith
&
Fenner
Dealers in
HICKERSON, JR., ALLAN R.
Lowell, Murphy & Company, Inc.
HANIFEN,
National Bank
S.
U.
Denver
LLOYD W.
HAMMER,
B
HERSIINER, JOHN D.
Writer & Cbristensen. Inc.
R.
Company,
&
Corporate Stocks and Bonds
Poeblo, Colo.
HILL, JAMES
Boettcher and Company
Company
Municipal Bonds
GUSTAFSON, CARL
Lynch,
Boettcher
Company,
Company
HAGGERTY, JOHN P.
GRIFFIN, LYNNE
J. A. Hogle & Co.
Merrill
&
,
HENRI, JAMES BOYD
GREENLEE, LARRY
Peters,
and
DAVID
MacKAY,
II.
&
James B. McFarland,
& Co., Boston; Mr. & Mrs.
Incorporated, Philadelphia
Company,
LEON
Macart-Jones
Centennial
IIACKSTAFF, RICHARD H.
RICHARD
Thursday, October 6, 1960
MANNIX, ROBERT D.
Inc.
GREENBERG,
GREENE,
MACART,
MacDONALD,
Company
and
Boettcher
Writer & Christensen,
Peters,
Incorporated
CALVIN G.
HEISLER,
HA AG,
Continued from page 51
.
Incorporated
HECOX,
ROSTER OF
.
.
E. Hutton
W.
&
Murphy
Lowell,
National Bank
S.
U.
Denver
Lothrop,
Stroud
HAZELRIGG, CHARLES R.
The Bond Club of Denver
M.
Chronicle
Pierce,
FRANK W.
IIIRTH,
IIASSELGREN, OSCAR G.
Walston & Co., Inc.
Smith
&
Fenner
Incorporated
HAROLD
HUBER,
Management Corporation
Hamilton
EUGENE S.
HUFFORD,
J. A.
We maintain
an
Company
and
Boettcher
1
Hogle & Co. |
TRADING DEPARTMENT
HULLINGER, ROBERT
active position in
Merrill
Smith
Lynch, Pierce, Fenner &
Incorporated
CHARLES H.
Murphy & Company,
HUNLEY,
EDGCOMB STEEL CO. (PA.)
i
Lowell.
Klngsley 5-3115
Inc.
HUNT, HARRY E.
Depositor Corp.
Founders Mutual
HOUDRY PROCESS CORP.
Hess, Grant
IMHOFF, JOSEPH
Incorporated
McDonnell & Co.,
MILES LABORATORIES, INC.
&
Remington
Incorporated
WALTER
IMHOFF.
Coughlin and Company, Inc.
Top of Fidelity-Philadelphia Trust Building
INMAN, LARRY C.
PHILADELPHIA LIFE INSURANCE
J.
A.
Hogle & Co.
First
PHILADELPHIA SUBURBAN WATER
123 South Broad
WILDER H.
National Bank obCenver
IRION,
JEWELL, WAYNE
HAnover 2-4120
Wayne Jewell Company
QUAKER CITY LIFE INSURANCE
HERBERT E.
Colo.
Arvada,
t
"
.
M.
JOHNSON, ROBERT
;
Philadelphia-Baltimore Stock Exchange, American Stock Exchange (Assoc.)
Management Corporation
JOHNSON, Jr.,
WILLIAM H. RORER INC.
Teletype PH-829
(New York)
Members New York Stock Exchange,
JACKSON, Jr., WILLIAM S.
Hamilton
Street, Philadelphia 9. Pa.
Klngsley 5-7474
Nagel, Sherman & Howard
Dawson,
WALTER K.
JOHNSON,
Lowell, Murphy & Company, Incorporated
SCHMIDT, ROBERTS & PARKE
JOHNSON, WILLARD A.
Lynch, Pierce, Fenner & Smith
Incorporated
Merrill
123
SOUTH
BROAD
STREET,
PHILADELPHIA
9, PA.
JOHNSTON, FLOY F.
Philadelphia Phone: Klngsley 5-0650 • New
Peters,
York Phone: REctor 2-1695
Writer & Christensen,
Inc.
JONES, JAMES
Peters,
JOSEPH,
Peters,
D.
Writer & Christensen, Inc.
Jr., GEORGE
Writer & Christensen,
Bosworth,
KENZIK,
Russell
UTILITY
AND
INDUSTRIAL
and
preferred shares
Company
National Bank
ROBERT
KIRCHNER,
M.
Municipal Bonds
Christensen, Inc.
Peters, Writer &
L.
Cruttenden, Podesta & Co.
KOERFER, RONALD
•
BRUNO
KONOPKA,
PENNSYLVANIA
Dealers in
JAMES F.
Investment
KING, NEIL
First
common
Inc
BERNARD F.
Sullivan & Company. Inc.
KENNEDY,
AND
GENERAL
Peters,
Writer &
Christensen, Inc.
KREIDLE, JAMES D.
market
Peters,
municipal bonds
Writer & Christensen, Inc.
LANGLEY, DONALD
Merrill
Lynch,
Incorporated
WOODCOCK, MOYER, FRICKE & FRENCH, INC.
*
LARKIN,
Fidelity Philadelphia Trust Building
||p
LASCOR,
123 South Broad
Street, Philadelphia 9, Pa.
fltf
The
J.
PHila.: Klngsley 5-7200
Teletype PH-160
and
Smith
Company
Mullen
and
LEFFERDINK,
J.
LEONARD.
NATIONAL BANK
Investment Co.
Company
Philadelphia 1, Pa.
ALLEN J.
B.
Sanders
&
Co.,
Inc.
KENNETH E.
Incorporated
LINSCOTT,
McDonnell & Co.,
Members New
Phila.-Balto.
American
York Stock
Stock
Stock
Exchange
Exchange
Exchange
(Associate)
LIPSEY,
LLOYD,
O.
E.
KENNETH,
Walston
& Co.,
LONGWELL,
Boettcher
JR.
Inc.
ELMER G.
Company
and
LOKENZ, THOMAS
Peters,
THE PHILADELPHIA
DAVID
LAWRENCE,
Vance,
&
LEON A.
K.
Boettcher
New York; WAIker 5-0312
Telephones
Fenner
C.
FRED
Boettcher
E.
Pierce,
Writer
&
B.
Christensen,
Incv
-
MEMBER
FDIC
Volume
Mr.
&
John
Mrs.
MATTHEWS,
Number 5992
192
W.
WILLIAM B.
Merrill
Earl
Peters, Writer & Christensen,
Management
NEWMAN,
Corp.
Newman
Sullivan
MICKELBERRY,
Lowell,
&
Company,
WILLIAM
Murphy
Incorporated
Earl
L.
Pierce,
OWEN,
Robert L. Mitton
Bosworth,
PAGE,
HUDSON
Sullivan
and
J.
Inc.
Company
Purvis
WAYNE
Garrett-Bromfield
and
RICHARD
M.
F.
SEEBASS, A. R.
SCANLAN, EARL M.
SEEMAN, GEORGE
Peters,
M.
Scanlan
SCIIAEFER,
Denver
American
&
Company,
Inc.
Peters, Writer & Christeii„en,
Co.
Merrill
National
Lynch,
JOSEPH M.
Writer & Christensen,. Inc.
Pierce,
Fenner
Smith
&
SIMPSON, BRYAN E.
Dempsey-Tegeler & Co.
w
-"i
Incorporated
Continued
on
Drexel & Co.
RICE, CHARLES J.
Brereton, Rice
ROBB,
Company
JAMES
&
Established 1838
Co., Inc.
S.
Merrill Lynoh, Pierce. Fenner & Smith
Incorporated
V
PAYNE.
Writer
&
Peters,
THOMAS
ROBERTS,
Christensen, Inc.
MALCOLM F.
&
Cc.
W.
ROBERTS, MELVIN
Writer & Christensen, Inc.
We Maintain Markets in the Following Stocks:
Colorado National Bank
PAYNTER,
RICHARD B.
Paynter and Company, Ft. Morgan, Colo.
Podesta & Co.
ROBINSON, RAYMOND L.
Gurrett-Biomfield & Co.
PEPPER,
MURPHY, THOMAS H.
Lowell,
Merrill
Murphy & Companj.
IRWIN
Lynch,
Pierce,
Fenner
&
Smith
Peters,
Incorporated
Incorporated
HENRY A.
Bosworth, Sullivan & Company, Inc.
PERRY,
NAYLOR, JACK
Garrett-Bromfield &
Co.
Delaware
ROSEWARNE, PAUL D.
Writer & Christensen,
Inc.
ROTH, CHARLES A.
McDonnell
&
Co.,
Incorporated
First
County National Bank
Pennsylvania Banking & Trust Co.
Girard Trust Corn
Exchange Bank
Philadelphia National Bank
Provident Tradesmens Bank & Trust Co.
American
Dredging Company
Chesapeake Instrument Corporation
WARNER, JENNINGS, MANDEL & LONGSTRETH
General Devices, Inc.
The Hanover Shoe, Inc.
MEMBERS NEW YORK
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OTHER LEADING EXCHANGES
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Teleflex Limited
121
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BROAD STREET, PHILADELPHIA 7,
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•
PA.
Teletype PH 305
Members
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American Stock
NEW
YORK,
N.
REctor 2-5477
Y.
NEWARK, N. J.
HONOLULU
MArket 3-6480
Inc.
Cruttenden, Podesta & Co.
Bank
L.
Company
Jr.,
Peters,
Inc.
and
Inc.
SHIRLEY, Jr., HENRY JACKSON
F. W.
SCHLENZIG, E. G.
I
Writer & Christenser
Company
JOSEPH
Boettcher
Hogle & Co.
Peters.
Inc.
Co.
MOZER, SAM
Cruttenden,
WILLIAM
PAUL, ROBERT J.
F.
&
JR.,
SCOTT.
M.
Garrett-Bromfield
MORRISON,
SCOTT,
& Company
RAICHLE.
Co.
RAPP,
and
Colwell,
QUINN, ARTHUR
Quinn & Co., Albuquerque, N. Mex.
Inc.
Writer & Christensen,
Boettcher
and Company
MOORE, RONALD L.
Peters, Writer & Christensen,
F.
PURVIS, VIRGIL J.
ARTHUR
A.
Samuel
JAME3
Boettcher
PATTERSON, DONALD L.
OWEN T.
Boettcher
Co.
TOM
Peters,
Investments
of
Louis;
SANDBERG, ROY
Boettcher and Company
Earl
Bank
DAVID
Richter Company, St.
& Co., New York
Hutton
Cruttenden, Podesta & Co.
POWELL, DANIEL
Peters, Writer & Christensen Inc.
POWELL,
Peters, Writer & Christensen,
MITTON, ROBERT L.
MOORE,
Colo.
RODERICK L.
OSBOURN, JAMES
Central Bank & Trust
Smitli
&
Fenner
National
Bosworth, Sullivan &
ROBERT
& Co., Colorado Springs,
&
E.
Hanifen, Imhoff & Samford, Inc.
Inc.
Writer & Christensen, Inc.
POLLOCK.
Company
ORMSBEE, JACK
i:
Inc.
Incorporated
MOORE, III,
First
Andersen, Randolph & Co., Inc.
MILLER, VANCE PAUL
Peters, Writer & Christensen,
MILLIKEN, SAM
Merrill Lynch,
and
Scherck,
Bronemeier,
SAMFORD, NORBERT J.
& Christensen,
Writer
PLEASANTS, AARON W.
O'NEIL, DONALD
& Company,
Peters,
Peters,
L.
Co.
Scanlan
M.
Joseph
PETERSON, ALBERT
O'HARA, JR.
Inc.
Mrs.
PETERS, HARRY W.
Peters, Writer & Christensen, Inc.
Boettcher
H.
&
PETERS, JR., GERALD P.
NEWMAN, BRUCE
Inc.
C. FREDERIC
Bosworth
Smith
Cruttenden, Podesta & Co.
MELTON, DON
J.
&
Fenner
NEWMAN, ALAN S.
Quinn & Co.
Mr.
Mrs. John
Company
Purvis &
T.
&
&
STEVE
NEMRAVA,
Schmidt, Sharp & Co., Inc.
PIF
Scanlan
Mr.
XV.
<
EUGENE
NEIDIGER,
FRANK
Louis;
PETERS, GERALD P.
Pierce,
Lynch,
Incorporated
McCABE, WILLIAM E.
MEIERS.
The Commercial and Financial Chronicle
.
NEELY, ORVILLE C.
MATER, KARL L.
J. A. Hogle & Co.
MEYER,
.
Bunn, Stifel, Nicolaus & Company, Incorporated, St.
A. McCue, May & Gannon, Inc., Boston
The J. K. Mullen Investment Co.
McCONNELL,
.
Exchange
Exchange (Assoc.)
Philadelphia-Baltimore Stock Exchange
6-6191
Philadelphia
Klngsley 5-4100
New York
DIgby 4-6100
page
54
54
Mr.
&
The-Commercial and Financial Chronicle
Mrs.
Richard
Pacific
H.
Coast
Walsh, Newhard, Cook
& Co., St. Louis; Mr. & Mrs. Edward
Bunting,
Company, San Francisco; Mr. & Mrs. George E. George
George, O'Neill & Co., New York
Securities
Garrett-Bromfield &
SWAN,
SORENSEN,
STANLEY,
Harris, Upham & Co.
FIF
SI.ADE, RUSSELL
J.
R.
Holt
&
Calvin Bullock,
J.
SMITH, CHARLES F.
FIF
Management
SNODGRASS,
Russell
K.
STITT,
Peters, Writer & Christensen, Inc.
SODEN, B.
The
J.
J.
J.
K.
Investment
Co.
Inc.
Inc.
TALBOTT, JOHN L.
and
Company
TALLMADGE, MYI.ES
Investment
P.
Tallmadge & Tallmadge
Company
TALLMADGE,
E.
ROBERT
C.
Tallmadge & Tallmadge
Hogle & Co.
ERNEST
Stone,
Christensen.
Boettcher
& Co.
CARL
A.
STONE,
Mullen
Inc.
Jr., ED.
Hogle
Writer &
SWEET, WILLIAM
STEPHENS, KENNETH E.
Corporation
CHARLES
A.
Association
National Bank
Peter3, Writer & Christensen.
Writer & Christensen,
STEINAUER,
Ltd.
U. S.
Peters,
WILLIAM
Management Corporation
Peters,
SMITH, C. EATON
Nashville Securities Traders
SWEET, CHANNING F.
STEELE, E. E.
Co.
&
Company, Inc.
HENRY
Denver
J. W.
Boettcher and Company
W.
Mrs. Rubin Hardy, First Boston
Corporation, Philadelphia; Philip Loomis, Securities
Exchange Commission, Washington, D. C.; William E. Maguire, Stroud & Company,
Incorporated, Philadelphia; William H. Steen, First Boston Corporation, New York
Co.
SULLIVAN, JOHN J.
Bosworth, Sullivan
OF MEMBERS
Continued from page 53
SIPLE, H.
&
Thursday, October 6, 1960
.
.
STRUTHERS, JAMES R.
The Bond Club of Denver
ROSTER
Mr.
,
Altman
TETTEMER, FRANK L.
The
E.
&
Company Incorporated
J.
K.
TIIARP,
Mullen
Investment
Co.
HARRY
King Merrit: &
Co..
Inc.
THOMPSON, JOHN A.
Peters,
Writer
&
Christensen,
Inc.
TICE, JOHN F.
Quinn & Co.
CORPORATE
TRADING
TONER, JOHN F.
DEPARTMENT
Bosworth,
Sullivan & Company,
TOSSBERG.
JAMES
WALTER
FRED
E.
T.
J.
McATEE,
manager
GEMENDEN
SEVING,
ALVIN
JR.
Colorado
W.
CHRIS
G.
FREDERICK
National Bank
KELLER
Merrill
Lynch,
Incorporated
Central
Bank
President:
Pierce,
JOHN
B.
JOSEPH
W.
DEPARTMENT
HEWARD,
RICHTER
Fenner
&
Smith
E.
LABRUM
WM.
D.
TURLEY,
P.
GLEN DINNING,
JR.
Trust
and
•
KERMIT
SHERRERD, III
Coughlin
1 BOO
WALNUT
Sherrerd
ST., PHILADELPHIA
8, PA.
PEnnypacker 5-2700 •Te/efype. PH-4 .-New Vorl BArclay 7-4641
M.mb.fi'
New York Slock E.cHang.
American Slock
•
E.chonge (Ahoc.)
Philadelphia-Baltimore Stock E.change
•
Boston Stock Exchange
(Assoc.)
Pettey, Equitable Securities Corporation.
Edward
G.
OF
CHARLES ».
Nelson,
Company.
Clark,
Landstreet
C.
Jack
M.
BARNES,
GEORGE C.
Pierce, Fenner & Smith
Merrill
Bass
J.
C.
ISAAC
Lynch,
D.
Pierce,
Fenner
&
&
Bradford
BASS,
Company
MELVILLE
Company,
&
Jack
M.
BELL,
Co.
Jr.,
M.
JACK
Bass
WALTER
M.
&
Company
E.
Equitable Securities Corporation
Inc.
VERNER, OGDEN C.
Merrill
Lynch,
Incorporated
Pierce,
Fenner
&
Smith
VINEY, F. H.
HarrlB, Upham & Co.
UNDERWRITERS
WALSH, JOSEPH M.
Harris, Upham ii Co.
•
DISTRIBUTORS
•
BROKERS
WALTER, FREDERICK D.
Walter & Company
WARDMAN, WM. E.
Bosworth, Sullivan & Company, Inc.
Fenner
&
Effective Distribution in the Nation's
Smith
Third Largest Trading Area
WEED, ROGER II.
Colorado National
&
Townsend, Crouter
Established
&
Bodine
New
York
&
HIRAM D.
Peters, Writer & Christensen, Inc.
Stock
Exchange
v
Amos
C.
Sudler &
—
Co.
Manager Trading Department
WHITE, DONALD E.
Peters, Writer & Christensen, Inc.
LAND TITLE BUILDING, PHILADELPHIA 10
WHITE,
DOUGLAS
Founders
Telephone L0 4-2900
Bell System
JOSEPH E. SMITH
WESTON, Jr., WILLIAM H.
Philadelphia-Baltimore Stock Exchanges and
American
Bank
WEIDMAN, DONALD G.
Peters, Writer 8t Christensen, Inc.
WELLER,
1874
Members
L.
Mutual Depositor Corp.
WHITE, HERBERT P.
Coughlin
Teletype—PH 518
and
Company,
•
Inc.
Newburger
WIESNER, ALFRED A.
Boettcher
Distributors, Dealers, Underwriters
and
Company
WILLARD, ALVIN
Purvis & Company
WILLARD,
Corporate and Municipal Issues
E.
Boettcher
Wlttow
&
WOULFE,
&
Company
Members:
WARREN
and
Company
New York Stock Exchange
WITTOW, HERBERT L.
Stock and Bond Brokers
Company
•
American Stock Exchange
Philadelphia-Baltimore Stock Exchance
RICHARD
McDonnell & Co., Incorporated
New York
30
Stamford, Conn.
BROAD STREET
ONE ATLANTIC STREET
Dlgby 4-0200
Fireside 8-6466
Upper Darby, Pa.
Wilkes-Barre, Pa.
FLanders 2-0838
VAIley 3-4131
WRITER,
TUrner 7-7660
GEORGE
S.
Peters, Writer & Christensen,
WRITER,
HAROLD
Inc.
1401
Walnut
Street,
Philadelphia 2, Pa.
•
LOcust
8-1500
D.
Peters, Writer & Christensen, Inc.
YOUNG,
Jenkintown, Pa.
Smith
Incorporated
CHARLES
and
WARREN, CHARLES L.
Merrill Lynch, Pierce,
Incorporated
DeHaven
&
MEMBERS
BARFIELD,
ARNING, ROBERT A.
Peters, Writer & Christensen, Inc.
VAN METER,
Jr.,
Merrill Lynch,
Incorporated
Peters, Writer & Christensen, Inc.
Established 1910
Edward G. Nelson
Robert Arning, Jack M. Bass &
ROSTER
ANDERSON,
Lynch, Pierce, Fenner & Smith
Incorporated
VEER, Jr.,
Arning
Kirkpatrick, Inc.
Company
ULRICH, FRED
&
Herbert
Secretary-Treasurer:
Co.
Merrill
VANDER
■jutcher
C
Vice-President:
FRANK
Boettcher
manager
HENRY
&
Robert
TRUGLIO, NICHOLAS F.
Bosworth, Sullivan & Company, Inc.
TSCHUDI,
JAMES
Pettey
TOWER, NORMAN
JORDAN, JR.
TROUTMAN, WILLIAM E.
MUNICIPAL TRADING
0. Herbert
Inc.
B.
CHARLES
Founders
YOUNG,
Merrill
Mutual
WILLIAM
Lynch,
Incorporated
H.
New York City
Depositor Corp.
A.
Pierce,
Fenner
&
Smith
Lebanon
Atlantic City
Vineland
Volume
BENEDICT,
BERRY,
B/
EUGENE
Trask
Spencer
&
Number 5992
192
BRADFORD, EWING
Equitable Securites
Cumberland
Bradford
C.
BREAST,
Third
&
L.
First
Co.
National
Bank
J.
National
Bank
Merrill
Merrill
Clark,
E.
Lynch, Pierce, Fenner & Smith
Clark,
&
EVERETT
Kirkpatrick,
Inc.
C.
Kirkpatrick,
Inc.
Fenner
Smith
&
!
Wiley Bros., Inc.
MATTHEW
J.
First
Co.
Charles G. Scheuer
Smith
&
:y../;V.O,;
President:
Co.
&
D.
.-
George F. Hummel, Reynolds & Co.
Treasurer:
Glen J.
Directors:
C. Egner,
SIMPKINS, OTTO
Merrill Lynch, Pierce,
O'Rourke
James H.
Smith
&
Fenner
JESSE
Cumberland
Friedman, Boettcher and Company; Adolph
Shearson, Hammill & Co.; John P. O'Rourke, Jr., J. P.
& Co.; Morey D. Sachnoff, Cook Investment Co.;
Scott, Blyth & Co., Inc.
Cumberland
Corporation
SONTAG,
Inc.
Wiley
Jack
M.
Bass
&
& Co.
Merrill
Jack
gus g.
Securities Corporation
Co.
W.
hill, hoyt g.
Pierce,
&
Fenner
Smith
Incorporated
THOMAS M.
Equitable Securities Corporation
J.
Estes
Jack M.
Company,
Jack
M.
Bass &
Inc.
?
& Company
LAUPER,
Co.
J.
Inc.
Fenner
Jack M.
Jack M.
Securities
&
Smith
First of
Michigan Corporation
Dean
&
PETER J.
Hornblower & Weeks
COOK,
&
FREDERICK
COOLEY,
WM.
H.
Television Shares Management Co.
Co.
COONEY, WALTER E.
Kidder, Peabody & Co.
Continued
;
E.
Investment Securities
Corporation
Fenner
LOCAL
Smith
&
—
Co.
&
National
LISTED
—
UNLISTED
•
ROBERT
&
H. A. RIECKE & CO.
W.
Bank
INCORPORATED
C.
Hale
Members New York Stock
E.
Landstreet & Kirkpatrick, Inc.
1433
Exchange and Other Exchanges
WALNUT
STREET
PHILADELPHIA
2,
PA.
LOcust 8-2400
Bradford & Co.
C.
NEW
Mclaughlin, thos. e.
BEACH
Clark.
Landstreet
& Kirkpatrick,
Trading Department
Inc.
WILKES-BARRE
Landstreet & Kirkpatrick, Inc.
ZEIGLER,
J.
C.
TROSTER,
LOcust 3-8120
CLEARFIELD
Wire
SINGER & CO.,
_
to
NEW YORK
STEVE
Bradford &
WE'D
Co.
ZEITLER, JOHN R.
Third National Bank
"LUV"
TO
HELP
^
Public
UNLISTED
We
are
either for
our
through
own
our
account
Philadelphia-Baltimore
Stock
Exchange
1529 WALNUT STREET
Telephone
LOcust
or
for
unlisted
distribution
organization.
BOENNING
Members
SECURITIES
Utility and Industrial
interested in block offerings of listed and
securities
Teletype PH 30
—
Direct Private
ZEIGLER, GEORGE
john
Incorporated
DAYTONA
YORK
8-0900
&
American
CO.
Stock Exchange
PHILADELPHIA
J.
Investment Co.
F.
Co.
WALLACE J.
Glore, Forgan & Co.
Dempsey-Tegeler & Co.
Cumberland Securities Corporation
Lynch, Pierce, Fenner & Smith
CONLAN,
HERBERT H.
Witter
Inc.
V.
Ingen & Co., Inc.
t'
ROBERT
Witter
RAYMOND
Van
L.
BOYLE,
WOOD, Jr., LEWIS F.
Company
Wiley Bros., Inc.
J.
Co.
CHARLES
Gibson
JAMES
Clark,
Merrill
BOWKER,
Dean
O.
Taylor, Rogers & Tracy,
CONDON,
,
McDANIEL, RAY G.
Jack M. Bass & Company
Mcdonald,
JOHN
CECIL
Gorman, Peck & Co.
CONDON, JAMES G.
Inc.
WOMACK, ROY
&
Link,
HENRY T.
& Hutzler
BOEDEKER,
Co.
William A. Fuller & Co.
Bros
BARCLAY, HAROLD
Paine, Webber, Jackson & Curtis
F.
Harmet &
CONDIT,
Shearson, Hammill & Co.
WILEY, Jr., DAVID W.
Wiley Bros., Inc.
J.
Company
EVERETT P.
Bass
A.
WILLIAMS, J. L.
Co.
RAY G.
Bass &
BODEN,
A.
COMBITHS, WALLACE T.
Smith
Bank
American
Clark,
MADDEN, BERT F.
McDANIEL,
&
W.
&
WILLIAM
WARTERFIELD,
WELLS,
Inc.
MARTIN,
Fenner
WILLIAM M.
Webster,
lusky, ira l.
Pierce,
Salomon
LOREN
Blair & Company
Lynch, Pierce, Fenner & Smith
WEBSTER,
LEDYARD, QUITMAN R.
Equitable Securities Corporation
Mid-South
A.
G.
Pierce,
BLUMENTHAL, HAROLD
Swift, Henke & Co.
BARTH, EDWARD N.
JAMES
Bradford
C.
First
RUDOLPH
Lynch,
William
COLNITIS, JOHN J.
Cook
& Company
National
WARD,
First American National Bank
Merrill
COCHRAN,
BLOIIM, MILTON R.
Glore, Forgan & Co.
*
Bank
THOMAS J.
v
Co.
Farnham
&
BOBLETER,
Savings
Dempsey-Tegeler & Co.
WARD, JAMES C.
Third
FRED K.
Securities
Roe
&
Brothers
Incorporated
LANDSTREET, iii, BEVERLY W.
Clark, Landstreet & Kirkpatrick,
Co.
GEORGE E.
Lehman
BLECHSCIIMIDT, EDWARD A.
BALLISCH, JOSEPH G.
A. C. Allyn and Company, Incorporated
Inc.
Company,
Cumberland Securities
Clark, Landstreet & Kirkpatrick, Inc.
Mid-South
&
Trust
CLEAVER,
CLINE,
EDWARD
Lynch,
BARROWCLOUGH, GEORGE L.
MARION
WALSON, THOMAS
Merrill Lynch,
Pierce,
KIRKPATRICK, Jr., EDWARD L.
KIRTLAND,
Merrill
VOSS, Jr., RONALD
Company
&
Incorporated
Jr., MERVYN J.
Bass
Corporation
Borland
BILLINGS,
Baker, Walsh & Co.
F.
Company,
&
Bass
Jr.,
Merrill
&
KINGINS, MERVYN J.
KINGINS,
&
Bradford
C.
TURNER,
PORTER
N.
M.
TUCKER,
Equitable Securities Corporation
W.
Betts,
BAKER, GEORGE M.
Company
Equitable Securities Corporation
Jack
HUTTON, JOE E.
KEITH,
&
TODD, Jr., LOUIS
HUDSON,
r
Harris
Boston
B.
W.
Jr.,
Estes
N.
Stearns & Co.
Carlton
CHERRY, MICHAEL P.
BERG, RODNEY M.
Co.
BACHAR, STEPHAN A.
Betts, Borland & Co.
TIDWELL, R. A.
Lynch,
C.
Noyes &
Stein
Co.
MARION
Estes
N.
THOMAS,
&
A.
Francis I. du Pont & Co.
ALLEN
Bass
THOMAS,
W.
-
Bradford
Merrill
M.
A.
Floyd D. Cerf, Jr. Company,
Incorporated
•
„
Fahnestock & Co.
ANDERSON, ALFRED E.
GILBERT
Spencer Trask & Co.
HILL, ALBERT S.
C.
David
D.
Trask &
TEMPLETON,
Lynch, Pierce, Fenner & Smith
Incorporated
J.
Upham & Co.
BENSON, GEORGE B.
Swift, Henke «Ss Co.
Allyn and Company, Incorporated
ALM, WALTER
Bradford & Co.
C.
*
F.
CERF, Jr., FLOYD D.
,
BECKER, WILLIAM J.
,
TAYLOR, HAROLD W.
ROBERT
HAMEL,
A. C.
Co.
&
RICHARD J.
& Hutzler
Bros.
ARTHUR, JOHN
David A. Noyes & Co.
J.
halliburton,
Equitable
First
ANDERSON, JOHN A.
Harris, Upham & Co.
SULLIVAN,
CLARENCE
Bradford
C.
Trask
Spencer
Jr., R. WALTER
Webster, Gibson & Hale
J.
Salomon
STORY, JOHN
Company
ROY
CAVANAUGII, AUDRAN J.
BAX, PAUL J.
STEVENSON, ALEC B.
Vance, Sanders & Company
HALE,
HALEY,
GARY
J.
Incorporated
Inc.
HAGGARD, JOHN H.
Incorporated
CASEY, FRED J.
Doyle, O'Connor & Co., Inc.
Cruttenden, Podesta & Co.
ALLYN, JOHN W.
STERN, SOL
Spencer Trask & Co.
W.
Harris,
ADAMS, Jr., FRED E.
ALDWORTH,
Mid-South Securities Co.
BUFORD
F.
BAUM, NORMAN B.
Eastman Dillon, Union Securities & Co.
STEPHENSON, Jr., ENOCH B.
Gibson & Hale
Bros.,
Smith
Fenner
Lynch, Pierce, Fenner & Smith
Spencer
WILLIAM O.
Douglas & Fitzhugh, Inc.
GIBSON, Jr., JO
Webster,
Pierce,
STEMPFEL, ROBERT S.
FitzHUGH,
Bear,
JOHN
Merrill
Co.
&
MICHAEL
CARLTON, FRANK A.
I
3
MEMBERS
BARTHELL.
Hallgarten & Co.
Incorporated
NORMAN DILLON
GREENWALT,
Lynch,
In
ABE, WILLIAM J.
McDOWELL
A.
Incorporated
Spencer Trask & Co.
Berry,
Jr.,
Merrill
Securities
FARRAR, RUDOLPH S.
Clark, Landstreet & Kirkpatrick,
FINCH,
SMITH,
located
Chicago unless
dtherwise indicated)
i
Equitable Securities Corporation
Corporation
PEYTON
EVANS, N.
(Members
SMITH, H. LAIRD
H.
OF
&
William A. Fuller & Co.
National Bank
First American
Securities
Becker
G.
Dempsey-Tegeler & Co.
Incorporated
Boycc
A.
CARIOSCIA,
Thoma, Harris, Upham & Co.
ROSTER
Bank
Brothers
CARLSON.
Co.
National
Company
CANN, MAURICE J.
Leonard
RICHARD P.
of Chicago
CANN, JULES F.
Secretary: Theodore E. Wouk, The First National Bank of Chicago.
Sharp & Company
Securities
Jr., HENRY F.
Securities Company
BUTLER, RAYMOND
Continental Illinois
Lehman
Vice-President:
SMITH, GEORGE
EVANS,
Glen J. Thoma
Charles G. Scheuer, Wm. H. Tegtmeyer & Co.
Mid-South Securities Co.
ESKIND, RICHARD J.
&
Theodore E. Wouk
Bradford & Co.
Mid-South
Fenner
George F. Hummel
Trust
H.
CHARLES
Bradford
C.
C.
G.
Byllesby and Company, Inc.
BURKE, HERBERT J.
Cruttenden, Podesta & Co.
B.
Securities
SHILLINGLAW,
C.
Incorporated
Bros.
FRANK
M.
Corporation
SHELL, WILLIAM A.
Clark, Landstreet & Kirkpatrick, Inc.
DOUGLAS, N. JAMES
Berry, Douglas & Fitzhugh, Inc.
Stein
H.
Blunt Ellis & Simmons
Securities
ROBERT L.
Alfred
OVERTON C.
BURCH,
>
Company
SHARP, ALFRED D.
Pierce,
Ik
?
Wiley Bros., Inc.
J.
DIXON, WYNN L.
ELKINS,
C.
Hickey & Co., Inc.
Kirkpatrick, Inc.
SCHOEN, KENNETH B.
Lynch,
Hutzler
&
PHILIP
Co.
&
BULLER, FRANK H.
Securities Corporation
Equitable
ROBINSON,
Pierce,
MORRIS
HARRY M.
Jr.,
Bacho
HERBERT
REEVES,
Incorporated
Merrill
Smith
&
CARR
Mid-South
DAVIS, Jr., FRANK
Wiley Bros., Inc.
EARLY,
PAYNE,
PILCHER,
EVAN
Lynch,
Fenner
S.
Co.
&
Salomon Bros.
BUSCH,
M.
CLINE, JOSEPH M.
Clark, Landstreet &
Merrill
CARMAN
Brown
BUHLE,
Pierce,
Company
Weeks
BURKE, DAVID J.
FETTEY,
Spencer Trask & Co.
DAVENPORT,
S.
BROWN,
Co.
Landstreet &
Cumberland
W.
Landstreet
CLAYTON,
C.
B.
PARKMAN, HENRY
Vance, Sanders &
Incorporated
HAROLD
BROWN,
Kirkpatrick, Inc.
OWEN, JOHN S.
BURKHOLDER, H. FRANK
Equitable Securities Corporation
CLARK,
&
&
Incorporated
BROWN, ROBERT D.
Wiley Bros., Inc.
SAM
Lynch,
Blair
Hornblower
WILLIAM
&
FABIAN
G.
William
EINER
HOWARD
Inc.
BROKER, JAMES F.
National Bank
Bradford
C.
O'Connor & Co.,
BREWER,
L.
Landstreet &
OLSON,
CHRISTOPHER,
II,
Clark,
NIELSEN,
Doyle,
BRENNAN, Jr., EUGENE F.
Smith, Barney & Co.
'
Of Chicago, Inc.
EDMUND G.
BRADY,
Security Traders Association
Corporation
II.
Securities Corporation
FINIS
NELSON,
ED
American
T.
First American
Bank
American
BROWN,
First
NELSON,
IRBY
III,
55
NELSON, EDWARD G.
Clark, Landstreet & Kirkpatrick, Inc.
Corporation
JOHN K.
National
BRIGHT,
Securities
Sr.,
Cumberland
BRADFORD, Jr., JAMES C.
J.
The Commercial and Financial Chronicle
.
MITCHELL,
Douglas & Fitzhugh, Inc.
Berry,
.
MITCHELL, Jr., T. H.
Co.
IRVIN
W.
.
2, PA.
New York Telephone
COrtlandt 7-1200
j
on
page
56
The Commercial and Financial Chronicle
C.
Merritt
Coleman, Allen & Company, New York; Warren H. Elges,
York; Casper Rogers, Casper Rogers Co., New York;
Salomon Bros. & Hutzler, New York
New
A. M. Kidder &
Arthur Salomon,
Blunt
Of Chicago, Inc.
ROSTER
M.
Loewi
DAVY,
&
Co., Milwaukee, Wis.
The
Illinois
WALTER W.
"
Vr.'
R.
CULLEN,
Incorporated
Company
C.
J.
HARVEY
Devine
W.
CHARLES J.
CRUTTENDEN, JAMES R.
Cruttenden,
FRANK X.
Stearns & Co.
Bear,
Podesta
&
CUMMINGS,
Co.
PATRICK
Stearns &
Bear,
J.
Co.
Stein
Roe
DIXON,
&
and
BROAD
Co.
Whipple & Co.
Bacon,
WILLIAM B.
Webber-Simpson & Company
HEALY,
Milwaukee,
(Associate)
HERMAN, FRANK
The
Moseley & Co.
First
National
Bank of
Chicago
L.
HERZ,
JOHN
HICKEY, Jr., MATTHEW J.
Swift,
Henke & Co.
ELMER W.
First Securities
HARMET,
A.
A.
Hickey & Co., Inc.
Company of Chicago
ALFRED A.
Harmet
HARRELL,
&
HICKEY, III, MATTHEW J.
Co.
WILLIAM
Hickey & Co., Inc.
R.
HICKEY
Reynolds & Co.
RICHARD
First Securities
IIART, JOSEPH E.
Wm. H.
HILLSTROM, RAYMOND W.
Tegtmeyer & Co.
Company
J.
Company of Chicago
Stein Roe & Farnham Co.
Co., Inc.
J.
Doyle, O'Connor & Co., Inc.
MURPHY III
WILLIAM J.
Lee Higginson
of
Dealers and Brokers in
Corporation
DONALD
Blair &
R.
Co., Incorporated
ADOLPH
C.
Hammill
Public
Co.
&
Utility
ELWELL, WILLIAM C.
located
"
Railroad
"
Industrial
Securities
Milwaukee, Wis.
(Associate)
at
ENYART,
50
S.
Co.
O'Connor &
LEO
ST., NEW YORK 4, N. Y.
"WHitehall 4-7086
CHARLES E.
Francis
I.
du
Pont
Co.
&
New
ERZBERGER, ELMER W.
Smith, Burris & Co.
ETS
A.
Jersey and General Market Municipal Bonds
Bank and Insurance Stocks
HOKIN, JERRY
G.
Becker &
FARRELL,
Co., Incorporated
ARTHUR
J.
James
Mutual Funds Shares
E.
McNulty & Company
FEIL, PETER V.
Langill & Co.
FELLEGI, JULES
»
;
Farwell, Chapman & Co.
Charles A.
.
Member
FENTON, ARTHUR W.
g
COMPANY
Rodman
Renshaw
&
|
FITZGERALD, GERALD E.
The First National Bank of
Investment Securities
524 WASHINGTON ST., READING, PA.
FRanklin 3-5261
August 17, 1960
Boston Stock Exchange (Associate)
Chicago
Investment Securities
FLETCHER, DONALD T.
William Blair & Company
1516 Locust
FLYNN, CORNELIUS E.
KIngsley 6-0900
The Northern Trust
Company
FLYNN, ROBERT M.
Scudder, Stevens &
Taggart & Co., Inc.
Philadelphia-Baltimore Stock Exchange
FITZGERALD, J. CUSHING
Farwell, Chapman & Co.
FRAZIER,
Street, Philadelphia 2, Pa.
Teletype PH 677
New York Phone WOrth 4-7333
Clark
GARNET L.
Cruttenden, Podesta & Co.
FREEMAN, SIDNEY
Irving Weis & Co.
FRIEDMAN, LEONARD
Boettcher
'
:
*
William
,DEALERSlfAND
UNDERWRITERS
FULLER,
William
GALE,
m Obligations of tho
I!
™
'v
COMMONWEALTH
ana
|
and
-,
FULLErf,
| ||||
OF, PENNSYLVANIA.
its Political Subdivisions
| sggp;'
86
Company
Fuller
&
Co.
of
combined
^^g^^elN^SYlVANMis CHOOL
^M^#:TURNPIKE, WATER: AND
AUTHORITIES
SEWER ISSUES
^
f
t,
;
/
,
-
i
experience
Jr., WILLIAM A.
A.
securities
Fuller & Co.
FRED O.
pertinent
and the eastern
Halsey, Stuart & Co. Inc.
GLICKSON,
2
to
in
trading
Philadelphia
Pennsylvania market.
ARNOLD R.
Reynolds & Co.
GEORGE T.
American Securities Corp.
Still
1
GOLDEN,
Eager
to
Serve
You
(New York)
(Associate)
CITY OF PHILADELPHIA BONDS
YEARS...
JOSEPH T.
A.
*
*
*
GOODMAN, WILLIAM D.
CALL
*
*
*
Freehling, Meyerhoff & Co.
Vic
GOODWIN, JAMES E.
Bache & Co.
Ed
Mosley
Jim
Christian
EARLE
Mundy
Harry Undy
GORDER, HENRY A.
Stone Si Webster Securities Corporation
GOTT,
C.
Goodbody & Co.
GRAHAM, DAVID E.
SCHAFFER, NECKER & CO.
Packard
Bldg.f Philadelphia 2
LOcust 7-3646
from
NEW
from
♦
Teletype PH 864
YORK—phone Enterprise 6282
PinSBURGH—phone Zenith 0821
Continental
Trust
Illinois
National
Bank
&
Company
SUPLEE, YEATMAN, MOSLEY CO.
INCORPORATED
GRAHAM,
THOMAS
Graham-Conway Co., Louisville,
(Associate)
GRATZA,
and
Company
GREEN, ARTHUR A.
Shearson,
Hammill
Ky.
.
1500 Walnut
Street
•
Telephone: KIngsley 5-1343
WILLIAM J.
Westheimer
A.
Farnham
Loewi & Co.,
branch office
&
HAMMELL,
L.
JOHN P.
Shearson,
new
Pete
JOHN ROBERT
EGNER
manager
Baird & Co.,
Sachs & Co.
DONOVAN,
DWYER,
as
Minneapolis; Mr. & Mrs.
& Mrs. Neil De Young,
Mich.
HALLFORD, J. L.
Farwell, Chapman & Co.
WILLIAM R.
DREYER,
O'BRIEN
W.
Wisconsin
F.
Noyes &
Goldman,
DOYLE,
announcing the appointment of
CHARLES
Hop wood,
HAWXHURST, Jr., RALPH R.
F.
YOUNG, NEIL
De Young & Company
Grand Rapids (Associate)
Doyle,
in
&
HACK, Jr., JOHN J.
JOHN
Boettchex
pleasure
J affray
HARTWIG, CARL A.
Link, Gorman, Peck
Robert
M.
ANTHONY
DETMER,
DOYLE,
We take
Piper,
HAACK, ROBERT W.
DE
CUMMINGS,
Co.
&
L.
WILLIAM D.
Hemphill,
Langill & Co.
CORNELIUS,
Inc.
Doyle, O'Connor & Co., Inc.
Cruttenden, Inc.. Los Angeles,
Babcock,
GUILD, DONALD J.
A. C. Allyn and Company, Inc.
Kegley, Inc.
dePERSIO,
Calif.
CORBUS, JOSEPH
&
DENNY,
Wheeler &
H.
GREGORY, GORDON D.
Swift, Henke & Co.
Company,
HOWARD
THOMAS
CRUTTENDEN. Jr.,
(Associate)
J.
McDougal & Condon, Inc.
CRUTTENDEN, WALTER W.
Cruttenden, Podesta Sc Co.
COOPER, PETER
Carroll
GLEN A.
DAVIDSON,
OF MEMBERS
55
BERNARD
Byllesby and
Scott
Continued from page
Mrs.
Ellis & Simmons
DARFLER,
H.
&
Thursday, October 6, 1960
.
Kosterman, Black & Co., Inc., Portland, Oreg.; Mr.
De Young & Co., Grand Rapids,
CUNNINGHAM,
Security Traders Association
Mr.
Inc.,
Co.,
.
.
&
Co.
New York Telephone:
Philadelphia 2, Pa.
Teletype:
CAnal 6-7207
PH 242
©Volume
Mr.
Lewis
Mrs.
&
Number 5992
192
"Hank"
.
Josephthal & Co., New York; John S. Barker,
Mrs. & Mr. George H. Angeles, Chas W. Scranton
New Haven, Ccnn.
JOHNSON,
Antonio, Tex.
„
HUNTER, WILLIAM S.
(Associate 1
(Associate
Cruttenden, Podesta & Co.
HUTCHINSON, HERBERT A.
McMaster Hutchinson & Co.
HOFER, CHARLES
Ernst
Ernst
Co.
&
ISAACS,
.
R. DONALD
Smith, Burris & Co.
JACOBSON,
HOLMES, LOUIS A.
Eastman
JANSHOFF, ROBERT W.
Dean Witter & Co.
HORACEK, JEAN A.
First Securities Company of Chicago
HORDER,
Halsey, Stuart & Co. Inc.
S
Moseley & Co.
McGHIE, Jr., GEORGE W.
McCOTTER, DONALD C.
Lee
Mcdonough,
Yantis
£.
F.
Higginson Corporation
&
Co.,
Incorporated
McGREGOR, WILLIAM J.
Wm. H. Tegtmcyer & Co.
joseph m.
Continued
on
page
KAPPA, HARVEY H.
Allyn and Company, Incorporated
KEATING, JOHN JAY
C. F. Childs and Company
UNDERWRITERS AND DEALERS
Dempsey-Tegeler & Co.
Brothers &
Stern
Industrial, Public Utility, Railroad and Real Estate Securities
JOHN F.
KEHOE,
Co.
KEITH, CLYDE H.
JANUS, ERNEST A.
Hickey & Co.
EARL R.
F.
Podesta & Co.
KEGLEY, WILLIAM C.
William Blair & Company
Union Securities & Co.
McFARLANE, LAURENCE B.
ernest a.
Cruttenden,
Kidder, Peabody & Co.
VINCENT T.
Smith, Burris & Co.
Paine, Webber, Jackson & Curtis
JAMES, WILLIAM E.
H
Dillon,
mayer,
KEENAN, WILLIAM T.
Blosser & McDowell
LESTER
HOLT
JOHNSON, TOGE V.
The First Boston Corporation
A. C.
MILTON J.
Straus, Blosser & McDowell
RAYMOND
& Co.
Straus,
B.
•
and Company
KANE,
IIOELCK, THEODORE M.
McCormick & Co.
IIOFER,
JOHN
Childs
F.
C.
Reynolds & Co.
J~J Funk, Hobbs & Hart, Inc.
Barcus,
Greenberg,
Russell Investment Company, Denver; John C. Hecht, Jr., Dempsey-Tegeler & Co., San Francisco;
Mrs. & Mr. Frank Granat, Blanchett, Hinton & Jones, Inc., Seattle
FREDERICK F.
Kindred & Co.
JOHNSON,
HUMMEL, GEORGE F.
IIOBBS, WILLIAM G.
Mr. & Mrs. Robert M. Topol, Greene and Company, New York; Mr. & Mrs. Gerald M.
Lee Higginson
& Co.,
HORMAN, BERNARD J.
A. G. Becker & Co., Incorporated
A.
HIRSCHBERG, EDWARD
La Salle Securities Co.
57
The Commercial and Financial Chronicle
.
Serlen,
Corporation, New York;
San
.
Taylor, Rogers & Tracy, Inc.
HERBERT
KELLER,
Illinois
The
C.
Company Incorporated
Peabody
Kidder,
&
Co.
J
THOMAS E.
KING,
TRADING DEPARTMENT
UNLISTED
GEORGE F.
KING,
Dempsey-Tegeler & Co.
Janney, Dulles & Battles
inc.
1401
walnut
JOHN
KIPP,
A.
D.
Becker & Co., Incorporated
G.
Established
Jr., OTTO J.
The Marshall Company, Milwaukee, Wis.
KOCH,
street, philadelphia 2
(Associate)
BlOREN
KOENIG, PHILIP F.
C. F. Childs and Company
Co.
6-
MEMBERS
Members
KOERNER,
Phila.-Baltimore Stock Exchange
New York Stock Exchange
1865
American Stock Exchange
(Associate)
F.
S.
C.
STAR
New
Moseley & Co.
Exchange
/
Exchange
6
Whipple & Co.
Bacon,
1424 Walnut
120 Broadway
Street
Allyn and Company, Incorporated
LANE, WILLIAM H.
Harris Trust & Savings Bank
Underwriters—Distributors—Dealers
Stock
Stock
Philadelphia-Baltimore Stock Exchange
LANE, ROBERT W.
A. C.
York
American
KRELL, ROBERT B.
Philadelphia 2, Pa.
New York 5, N. Y.
PEnnvoacker 5-9400
BArclay 7-9300
BANFORD B.
Langill & Co.
LANGILL,
BANK
AND
LaPAK, RAYMOND F.
STOCKS
INSURANCE
AND
MUNICIPAL
SECURITIES
INDUSTRIAL
AND
UTILITY
Blunt Ellis
BONDS
REVENUE
LA
& Simmons
ROCCO, LAWRENCE C.
Bros.
Lamson
Co.
&
MARKET SPECIALISTS AT
LEASON, GEARY
Leason & Co., Inc.
}
Direct Trading Wire to A, M, Kidder & Co., New
York
G.
HARVEY
LEASON,
Leason
Co.,
&
STROUD'S EMPORIUM
Inc.
HARVEY
Leason & Co., Inc.
LEASON, Jr.,
Phones
—
New York, WOrth 6-5646-7
Philadelphia, LOcust 8-3400
Bell
Teletype PH 80
GLEN
LEE, JOSEPH M.
,
Hayden, Stone & Co.
LEVINE, HOWARD S.
Doyle, O'Connor & Co., Inc.
LIENING,
H.
EDWARD
Miller, Tallman & Co. Inc.
Bonds, Equipment Trust Certificates
and Railroad Securities
Allen B. Foard, Jr.
Frank J. Laird
LILLIG, EDWARD A.
Carter H. Harrison & Co.
Bank Stocks,
LINDER, EVAR L.
Paine, Webber,
J. W. SPARKS & CO.
ESTABLISHED
YORK STOCK EXCHANGE
AMERICAN
LEONARD
V.
PHILA.-BALTIMORE STOCK EXCHANGE
Utility Stocks
Lamson Bros. & Co.
LONG, WILLIAM
James B. McFarland
T.
LORING, FRANK E.
Municipal Bonds
Lanston & Co., Inc.
Aubrey G.
Raymond A. Morris, Jr.
Robert N. Greene
LONGSTAFF, RALPH S.
Taylor, Rogers & Tracy, Inc.
STOCK EXCHANGE
Industrial Stocks, and
Public
William Blair & Company
1900
MEMBERS
NEW
LOCKHART,
Jackson & Curtis
LYNCH, PHILIP A.
Francis I.
Brokers in
du Pont & Co.
JAMES
MacLEAN,
LISTED and UNLISTED SECURITIES
Russell M. Ergood,
Alexander B. Brock
MADARY, HAROLD A.
Robert
W.
Milwaukee,
MADDEN,
Dealers in
H
STATE, MUNICIPAL and REVENUE BONDS
Jr.—Vice President
H.
The Northern Trust Company
Baird
&
Wise.
J. Richard Hoffman
Edward P. Elliott
Co., Incorporated,
(Associate)
ROBERT T.
Hentz
Co.
&
MAGEE, MARTIN L.
H. M. Byllesby and Ccmpany,
Incorporated
DIRECT
WIRE
TO
NEW
YORK
MAHER, RAYMOND A.
A.
A.
T.
&
T.
TELETYPE—PH
C.
622
Allyn & Company, Incorporated
MARQUARDT, JEROME F.
William
T20
210 Western
Broadway
Savings Fund
Bldg.
MARR,
New
York
WOrth
5,
N.
4-0220
Y,
Broad 8c Chestnut Sts.
Philadelphia
klngsley
7,
Pa.
6-4040
A.
G.
A.
Fuller &
Co.
LAWRENCE N.
Becker & Co.,
Incorporated
MATHEWS, HENRY T.
David
A.
Noyes
& Co.
MATZ, CHARLES T.
R. W. Pressprich & Co.
STROUD
&
COMPANY,INCORPORATED
123 So. Broad St., Phlla. 9 •
120
Broadway, N. Y. 5
PITTSBURGH
•
LANCASTER
PE 5-7330
WO 4-8400
•
•
ALLENTOWN
58
The Commercial and Financial Chronicle
58
Mr.
&
Paul
Mrs.
Moreland,
I.
Walston
Moreland & Co.,
& Co., Inc., San
Detroit; Mr.
Mateo, Calif.
Mrs.
Paul
Mr.
Yarrow,
&
Mrs.
Morton
.
.
Thursday, October 6, 1960
Mackie, Inc., New York;
& Co., Los Angeles
Weiss, Singer, Bean &
Evans
.
Mr.
Mrs. Ralph
&
Dahl,
MacCormack
ROOB, EDWARD A.
Security Traders Association
Clearance Facilities
Local
ROSTER
Available to
our
customers
—
Continued
service to and from New York
messenger
and other financial centers
J.
James
from
Loewi
& Co.,
(Associate)
McNulty &
■
financing arrangements
efficient handling
of settlements, deliveries
Salomon
Bros.
Incorporated,
H.
M. Byllesby and Company,
Incorporated
SACCO, ARTHUR C.
Webster, Marsh & Co.
ROGERS, JOHN C.
Hickey & Co., Inc.
Hutzler
&
Co.,
RYAN, Jr., GERALD M.
Milwaukee, Wise.
ROBERTSON, CLARKE J.
Farwell, Chapman & Co.
MELL, HERMAN G.
MEYER, JULIAN L.
convenient
&
(Associate)
Company
Smith, Barney & Co.
—
Baird
Wis.
RUSSELL, MERTON A.
Halsey, Stuart & Co. Inc.
RILEY, WILLIAM T.
57
page
W.
Milwaukee,
OF MEMBERS
JOHN D.
McHUGH,
—
Robert
Of Chicago, Inc.
Nation-wide
—
Salomon Bros. & Hutzler
RUPPLE, BRENTON H.
SACHNOFF, MOREY D.
Cook Investment Co.
,
MEYERS, HENRY P.
Goldman, Sachs & Co.
MIEHLS, DON G.
and collections
William
Blair &
Company
Mullaney, Wells &
PHILADELPHIA TRUST
COMPANY
We Maintain
CHARLES M.
Mn.LER,
Company
in the
MILLER, SAUL R.
Miller, Tallman & Co., Inc.
Continuing Markets
Following Stocks
9,
PA.
MOFFAT, DONALD L.
Aubrey G. Lanston & Co., Inc.
Standard Toch Ind. Inc.
MOON, RUSSELL F.
Shearson, Hammill
PHILADELPHIA
A. J. Parker Co.
MORRIS,
Co.
&
Fidelity Electronics Corp.
ORION
First
The
Hereon Electronics
Boston
Mobilise
Corporation
Corp.
MORTON, HOWARD C.
McMaster Hutchinson
& Co.
MOSHER, THOMAS L.
The Milwaukee Company,
Hopper. Soliday & Co.
Milwaukee,
(Associate)
Wise.
Metropolitan Securities, Inc.
MULLER, DONALD R.
Upham
Harris,
Established 1872
&
JAMES
MURPHY,
Co.
Lewis Tower Building
H.
Dempsey-Tegeler Co.
Members
Philadelphia-Baltimore Stock Exchange
PHILADELPHIA 2, PA.
MURPHY, JOSEPH P.
Shearson, Hammill &
Telephone: KIngsley 5-7455
Co.
NORMAN H.
NAGEL,
Sincere
and
Company
NEWELL, EDWARD F.
Langill & Co.
Trading Department
NEWPART, CHRIS J.
Merrill
Lynch,
Incorporated
John Gibson, Jr.
Joseph A. McNamee
Pierce,
Fenner
&
Smith
N1ETZEL, DONALD F.
A.
1420 Walnut
Street, Philadelphia 2, Penna.
La
Telephone
—
PEnnypacker 5-4075
C.
Allyn and Company.
Incorporated
NORTON, LAWRENCE H.
Teletype—-PH 593
Salle Securities
Albert Teller & Co
Co.
MEMBERS
O'BRIEN, EDWIN P.
Sincere and Company
PHILADELPHIA-BALTIMORE
O'CONNOR, HUGH J.
Betts, Borland & Co.
Associ Atf
AMUUAit,
STOCK
EXCHANGE
f BOSTON STOCK EXCHANGE
|
PITTSBURGH
STOCK
EXCHANGE
EXCH
OLDERSHAW, HALLOCK B.
Blyth
&
Co.,
Inc.
O'ROURKE, Jr., JOHN P.
J.
P.
O'Rourke &
Boston
First
We Own and Offer
Broad
St.
Telephone
Phila. 9, Pa.
KIngsley 6-2551
Corporation
PAMPEL, HOWARD L.
Aubrey, G. Lanston & Co., Inc.
Philadelphia's Most Complete
S.
123
Co.
OSTRANDER, WILLIAM L.
PETER CARDAMONE
PARISE, GEORGE D.
Shearson, Hammill & Co.
—
Mgr. Trading Dept.
PEARSON, DONALD C.
Wm.
Duplicating & Mailing Service
H.
PETRIE,
Brown
Tegtmeyer & Co.
GEORGE W.
Brothers
Harrlman
&
Co.
PODESTA, ROBERT A.
Cruttenden, Podesta & Co.
Multilith Offset Printing
Addressing
POLLICK, JOHN P.
Investment Co.
Cook
Multigrapking
r
Mimeographing
Rambo, Close & Kerner
PORTER, HAROLD
Wayne Hummer & Co.
Varityping
Incorporated
PRUSIN, ROBERT S.
Mailing
Doyle,
Co., Inc.
O'Connor &
1518 LOCUST ST., PHILADELPHIA 2, PA.
PULVER, HENRI P.
McMaster Hutchinson &
Fast
Pickup and Delivery Service
JOHNSON & PRINCE
RAMING, H. PHILIP
Glore, Forgan & Co.
RANDALL, RALPH G.
Taylor. Rogers & Tracy, Inc.
INC.
Member
%
Phila.
Telephone
PEnnypacker
New York Telephone
5-2800
REctor 2-2820
Teletype
PH
63
Corporate and Municipal Securities
REED, ROY S.
The
tylail Advertising Service Association, International
214 So.
Co.
RAHN, FRED T.
The Illinois Company
Marshall
Company,
Milwaukee, Wise. (Associate)
RENIER.
12th Street
EDWARD
P.
La Salle Securities
Philadelphia 7, Pa.
Co.1
REVELL, RAYMOND F.
PEnnypacfcer 5-1717
;
<'
White, Weld & Co.
RICE, ROBERT M.
R.
M.
Rice
&
Co.
EDMUND J. DAVIS
Vice President in
CHARLES G. PRIGGEMEIER
Charge of
Corporate Department
RUSSELL
Assistant Manager
Corporate Department
M. DOTTS
Manager of Municipal Bond Department
Volume
Mr.
&
Mrs.
Thomas
Burns,
Number 5992
192
Mr.
L.
&
Mrs.
William
Brown
Reynolds & Co.
Co.
Westheimer and Company, Chicago; Mr. & Mrs. Robert
N. C.; Mr. & Mrs. Joe E. Hutton,
Equitable Securities Corporation, Nashville, Tenn.
Gratza,
Brothers
Harriman
&
EST.
Co.
STRAUSS, ROBERT
SILBERMAN, NATHAN M.
SANDBERG, LAWRENCE
Straus,
Norris & Kenly
SAWERS,
Ira
SINCLAIR, RICHARD M.
BYRON J.
;
<
SULLIVAN, WILLIAM
Merrill Lynch,
Chicago
P.
We
Pierce, Fenner & Smith
especially interested
are
in
situations for retail.
Incorporated
White, Weld & Co.
Haupt & Co.
STRONG, ORVILLE H.
The First National Bank of
& Simmons
Blunt Ellis
1916
MAINTAINED
MARKETS
Hayden, Stone & Co.
McDowell
&
SIMMONS. RICHARD W.
ARTHUR R.
Chesley & Co.
SAYRE,
Blosser
B. Dixon,
STRAUS, FREDERICK W.
Straus, Blosser & McDowell
DONALD B.
SHERWOOD,
J.
United Securities Company, Greensboro,
STRATZ, ALBERT E.
SHAW, BRADFORD W.
Swift, Henke & Co.
;:/T
FRED D.
&
The Commercial and Financial Chronicle
.
Greenberg, C. E. Unterberg, Towbin & Co., New York; Mr. & Mrs. Walter
Downing & Co., Baltimore, Md.; Mr. & Mrs. George M. McVey,
Lehman Brothers, New York
The First National Bank of Chicago
Sadler
.
Baumgartner,
SACI1NOFF, SAMUEL
SADLER,
.
SUNDELL, ROY B.
SCHEUER,
Wm. H.
SKEPNEK, Jr., PAUL J.
CHARLES G.
Tegtmeyer & Co.
Taylor, Rogers & Tracy, Inc.
SCHEUER, RONALD C.
Julien Collins & Company
SMITH, GEORGE W.
Link, Gorman, Peck & Co.
SCHLIPPER, JOHN L.
SMITH, LLOYD H.
The First National Bank of Chicago
New
York Hanseatlc
Corporation
SCHMITZ, JOHN F.
SMOLE, JOSEPH A.
Hayden, Stone & Co.
SCHOETTLER, F.
The First National Bank of Chicago
GIRARD
SORENSON, OLAF A.
Wayne Hummer & Co.
Fahnestock & Co.
SPARKS, ALLEN K.
F. A. Carlton & Co.
Dempsey-Tegeler & Co.
Taylor,
Aurora,
F. DAVID
STACK, ALBIN K.
Rogers & Tracy Inc.,
Illinois (Associate)
Hornblower & Weeks
Harrison
& Co.
HECKER & CO.
I.
Stanley Swiech and Company, Inc.
Members
TEGTMEYER, WILLIAM II.
Wm. H. Tegtmeyer & Co.
New
TERO, ROBERT J.
A.
C.
Allyn
American
and
Company,
TIIOMA, GLEN J.
Harris, Upham &
C.
Co.
RALPH
J. Devine
&
Incorporated
York
Stock
Stock
Exchange
Exchange
(Associate)
Philadelphia-Baltimore Stock Exchange
Liberty Trust Bldg., Broad and Arch Sts., Philadelphia 7, Pa.
W.
Co.
Phila. 'Phone LOcust 4-3500
N. Y.'Phone DIgby 4-6792
Teletype PH 767
THORSEN, LESTER J.
Glore, Forgan & Co.
TORGERSON,
FRANK
S.
Link, Gorman, Peck & Co.
STEAD,
SCOTT, JAMES H.
J.
JAMES
Jr.,
C. F. Childs and Company
Blyth & Co., Inc.
STEFFES, JAMES W.
MORTIMER W.
Scott & Kegley, Incorporated
SCOTT,
SEARLE,
Carter H.
SWIECH, STANLEY
THOMPSON,
SCHUBERT, DONALD D.
SCHWANZ,
Reynolds & Co.
SWANSON, KNUTE G.
Swift, Henke & Co.
TORREY, GEORGE R.
McCormick
&
TOURTELLOT,
Co.
Jr.,
GAIR
Chesley & Co.
WESTCOTT
Straus, Blosser & McDowell
TRAINOR,
STEWART,
RICHARD M.
The
Hallgarten & Co.
JOHN W.
Boston
First
Corporation
Fuller
William A.
SELLERS, PAUL A.
The Illinois Company
STRAIT,
&
Members New York Stock Exchange
Co.
American Stock Exchange
STONER, HARLEY H.
SENNOTT, WILLIAM J.
Cook Investment Co.
Gekstley, Sunstein & Co.
TRINKAUS, DONALD C.
Halsey, Stuart & Co. Inc.
UHLARIK, THOMAS
S.
Philadelphia-Baltimore Stock Exchange
,/
First Public Bond Co.
WALTER L.
Swift, Henke & Co.
VACHA, JAMES C.
Cruttenden, Podesta
211
So.
BROAD
Telephone KIngsley 6-2600
VALLEAU, HARRY O.
Cartwright,
STREET, PHILADELPHIA
& Co.
Valleau & Co.
VALLELY, EDWARD
V.
John Nuveen & Co.
TRADING
HARRY C. DACKERMAN & CO.
Ver
DEPARTMENT
MEULEN, JOHN W.
Ver Meulen
& Co.,
Newton H.
Racine, Wis.
Parkes, Jr.—William F. Feather
(Associate)
MEMBERS
WAHLQUIST, GEORGE R.
NEW YORK STOCK EXCHANGE
PHILADELPHIA-BALTIMORE STOCK EXCHANGE
STOCK EXCHANGE
(ASSOCIATE)
Direct Wire to New York City
THOMPSON M.
WAKELEY,
A.
AMERICAN
,
Wceden & Co.
C. Allyn
and Company, Inc.
WALLACE, RICHARD J.
Cruttenden, Podesta & Co.
WALSH, THOMAS D.
Swift,
Henke
&
Co.
WAUCHOP, RAYMOND
C.
Doyle, O'Connor & Co., Inc.
WALNUT
1401
STREET
PHILADELPHIA
2,
PA.
Thayer, Baker & Co., Inc.
WELCH, EDWARD H.
Sincere and Company
WERNECKE,
JOHN M. HUDSON, PRESIDENT
RICHARD A.
Burton J. Vincent & Co.
WIERENGA,
CHAIRMAN OF THE BOARD
WALLACE M. McCURDY,
members
philadelphia.baltimore
RICHARD H.
ESTABLISHED
exchange
stock
1S2Q
Burton J. Vincent & Co.
WILKIN, JOHN N.
Baker, Walsh & Co.
GEORGE P.
Langill & Co.
WILLIAMS,
TRADING
WILLIAMS, ROBERT C.
Weeden & Co.
ROBINSON & CO., INC.
of
members
american
a
new
stock
york stock
exchange
philadelphia-baltimore
exchange,
(associate)
stock
exchange
JOHN
M.
15TH
Active
WINTERHALTER, LEROY F.
The First National Bank of Chicago
WOLF, Jr.,
Try
LEONARD J.
Incorporated
& CHESTNUT STREETS
8-tloo
Philadelphia
Dean Witter
Trading Markets maintained in
our open
K1NSELLA
over
50 issues
end Telephone Wire to New York
WORTH 6-3262
& Co.
2,
Pa.
H.
M.
FRVNCIS C.
Byllesby and Company,
Incorporated
MIKE
ELLERHORST
WOLTER, ARNOLD P.
BUILDING
WOOLARD,
locust
RICHARD R. CAMPION
VIRGINIA D.
HUDSON
WILSON, HARRY J.
Harry J. Wilson & Co.
A. G. Becker & Co.
ROBINSON
DEPARTMENT
ALFRED J. WILLIS
WOUK, THEODORE E.
824
New York
Philadelphia National Bank Bldg.
LOcust 3-0254
•
Telephones:
CAnal 6-5322
Philadelphia 7, Pa.
WOrth 6-3262
Teletype PH-1026
The First National Bank of Chicago
Manager,
Trading
Dept.
WRIGHT, CHAPIN N.
Stifel, Nicolaus & Company, Incorporated
YOUNG, RAYMOND W.
La Salle
Securities Co.
DOYLESTOWN OFFICE: 40 E. Court St.
•
Fillmore 8-5464
(Trading)
The Commercial and Financial Chronicle
60
Robert
Dealers Association
EVERARD, J.
ROBERT F.
BELL,
Florida Security
Bell
F.
8c
Miami
Inc.,
Company,
Beach
John
.
.
.
Thursday, October 6, 1960
FREEMAN, ROBERT T.
A. M. JKidder 8c Co., Inc., Sarasota
DAVID
Nuveen
New York City
8c Co.,
FAULKNER, ROBERT
GANSON
BIEDER,
Bieder
and
BLACK,
JAMES
Jr..
Allen
8c
R.
Lakeland
Incorporated,
S.
Dickson
FULLER, ROBERT C.
Clearwater, Fla.
Inc.,
HENRY
A.
M.
&
Co.,
Incorporated,
THOMAS G.
Merrill Lynch, Pierce, Fenner 8c
Incorporated, Delray Beach, Fla.
West Palm Beach
& McKinnon,
BRADY, EUGENE
Thomson
&
FREEMAN, HOWARD
H.
P.
Miami
McKinnon,
W.
Freeman
8c
Inc.,
Pompano
Securities Corp., Tarrytown, N.
Axe
Y.
WILLIAM L.
Thornton, Mohr 8c Parish
Montgomery, Ala.
Smith
GIVEN8,'
BRADFISCH, THEODORE
Thomson
Co.,
GAUNTT,
FOSTER, Jr.,
A.
Petersburg
St.
Co.,
&
Kidder
GAISEI}, FREDERIC R.
Petersburg
St.
M.
Beapty Fla.
Miami
Inc.,
Jacksonville
WALLACE
Bache 8c
Hough,
FOISY, MAURICE L.
Merrill Lynch, Pierce, Fenner & Smith
L.
Lyncliu.. Pierce, Fenner 8c Smith
Merrill
8c
FISUMAN,
I.
Company,
BOWEN, BUFORD
BOYD,
Beil
L.
Company, St. Petersburg
JOSEPH
J.
Merrill Lynch, Pierce, Fenner 8c Smith
W.
Co., Ft.
Miami
Incorporated,
Myers
Shores,
Fla.
isass
BRAYSHAW,
DONALD B.
Lord, Abbett & Co., Atlanta, Ga.
BRIEL,
ERNEST M.
Gordon
8c
Graves
Co.,
Miami,
Fla.
BRINKER, ROBERT B.
Loomis C. Leedy, Jr.
William R.
Henry M. Ufford
John
Hough
Nuveen
BRUNDAGE,
A.
President: Loomis C.
Leedy, Jr., Leedy, Wheeler & Alleman, Inc.,
Chicago,
Co.,
111.
CHARLES F.
Kidder & Co., Inc., Sarasota
M.
E.
BRYANT,
Allen
Orlando.
&
C.
SIMPSON,
W.
Ewing
& Co.,
Jacksonville,
.
Fla.
FRANCIS C.
Sincere and Company, Lake Wales
BUCHANAN,
Vice-President:
Henry
M.
Bullock, Ltd., Clear¬
Calvin
Ufford,
water.
BUCHNER, BRUCE
^miCZ^0cxchan<ie(ASS°Z
S.
Merrill
Secretary-Treasurer: William R. Hough, Beil & Hough, Inc., St.
Petersburg.
■':
'
'X'/';.
Lynch, Pierce, Fenner 8c Smith
Incorporated, Orlando
D.
Distributors
BUSBEY, ROBERT E.
Goodbody & Co., Miami, Fla.
The
Officers
John
Chryst, Thomson & McKinnon, Daytona Beach; Zoltan Salkay, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Jacksonville; Alfred M. Seaber,
Goodbody & Co., Miami; Welles M. Adams, T. Nelson O'Rourke,
Governors:
and
M.
Inc., Daytona Beach; Allen C. Ewing, Allen C. Ewing & Co.,
Jacksonville.
BUSH, DAVID D.
CALDER,
HUGH
ROSTER
ACKERMAN,
October,
Office:
Term
1959;
HENRY
Grimm
&
Pierce,
ADAMS, FREDERICK E.
Clement A. Evans & Company,
Palm
Investment
Inc.,
WILLIAM
Cerf,
Inc.
E. W. CLARK & CO.
Company
Jr.
ESTABLISHED
Chicago
Incorporated,
Floyd D.
Arries & Co., Tampa
D. E.
M.
Nelson O'Rourke, Inc., Daytona Beach
IRA C.
AYERS,
L.
Cerf,
Incorporated,
Company
Jr.
Ltd., Palm Beach
Childress
PHILADELPHIA-BALTIMORE STOCK
Sincere &
E.
AMERICAN STOCK EXCHANGE
Thomson & McKinnon, Daytona Beach
Distributors Group,
A.
Leedy, Wheeler 8c Alleman, Inc.
Orlando
BATEMAN,
Leedy, Wheeler & Alleman, Inc., Orlando
Allen
8c
John
WILLIAM
M.
Beil
&
8c
Hough, Inc., St. Petersburg
Colonial Distributors,
COLEY, MARION
JOHN H.
BELL,
Beach
"
T.
v'"
Telephones:
Nelson
New
Inc., New York City
H.
York
KIngsley
5-4000
WHitehall
3-4000
Germantown
O'Rourke, Inc., Daytona Beach
Inc., Miami
\
Philadelphia
WELLS
J.
2
Miami
Co.,
Goodbody & Co., Cocoa, Fla.
COGGESHALL,
STREET
PHILADELPHIA
CLAYTON, ELIZABETH S. (MRS.)
Ltd., Palm Beach
Robert F. Bell & Company,
EVERETT
Co., Lakeland
Nuveen
16th
LOCUST AT
CLARK, FRED B.
BEIL, Jr., FREDERIC C.
ALLEN, GEORGE D.
Leedy, Wheeler & Alleman, Inc., Orlando
Inc.
Fla.
Frank B. Bateman,
ALLEMAN, F. MONROE
J.
Kidder 8c Co.,
Bradenton,
ALLEMAN, Jr., FERG. M.
ALLEN,
M.
(ASSOC.)
•
Thomson & McKinnon, St. Petersburg
BARTON, HARRY B.
Inc., New York City
EXCHANGE
EXCHANGE
Co., Fort Myers
CHURCHILL, WALTER R.
AHBE, JOHN LEAVITT
YORK STOCK
NEW
Company, Jacksonville
CHRYST, JOHN M.
THOMAS
BARRETT,
Fla.
V
MEMBERS
Miami
and
1837
•
CHILDRESS, FRANCIS B.
Frank B. Bateman,
Adams, Sloan 8c Co., Inc.
Sarasota,
Wulbern,
j
Beach
Co.,
ARRIES, DON E.
Orlando
ADAMS,
Carrison,
Floyd D.
ADAMS, WELLES
T.
mJtkm
CERF, Sr., FLOYD D.
Inc.
.
GEORGE
H.
CERF, Jr., FLOYD D.
Beach
19, PA.
GRant 1-1875
Jacksonville
Tallahassee
Co., Lakeland, Fla.
Palm
—
M.
Lynch, pierce, Fenner 8c Smith
Incorporated,
Jacksonville
ANDERSON, W. T.
Goodbody 8c Co.. St. Petersburg, Fla.
Telephone
Teletype—-PG 469
CATES, W. H.
ALLEN, Jr., GLENN T.
G.f ROBERT
Goodbody & Co., Ft. Lauderdale
ADAMS, CHARLES A.
PITTSBURGH
•
PLAZA BUILDING
Bradenton, Fla.
Goodbody 8c Co.,
Merrill
Inc., Tallahassee
GIRARD N.
CAMPBELL,
CARRISON,
OF MEMBERS
C.
A. M. Kidder 8c Co.,
CARRERE,
October 22, 1959; Took
Exchanges: October, 1960.
Elected:
Atlanta, Ga
Sanders & Co., Inc.,
Vance,
Lancaster
York
II, J. D.
COLT,
Goodbody & Co., Cocoa, Fla.
COOK, ROBERT H.
B.
J. Van
Ingen & Co., Inc., Miami
COOK, THOMAS
Thomas
M.
Cook & Company
M.
ALL TAX EXEMPT ISSUES
West Palm Beach
LESTER A.
CORYA,
Bache
THOMAS & COMPANY
PORTER
COX,
R.
19,
PA.
Beach,
Palm
Co.,
Fla.
GOVERNMENT
Jacksonville
Incorporated,
BUILDING
PITTSBURGH
&
A.
CRAIG,
GEORGE
Bache & Co.,
MUNICIPAL
-
LAND BANK
TERRITORIAL AND REVENUE BONDS
Atlanta, Ga
O.
♦
Leesburg, Fla.
JAMES A.
The Atlantic
National Bank
of
JOHNSON & JOHNSON
Jacksonville, Jacksonville
Securities
-
CARY
S. Dickson & Co., Inc.,
CRANFORD,
Municipal and Corporate
STATE
—
COURTNEY, WILLIAM M.
Merrill Lynch, Pierce, Fenner & Smith
CROOKS,
EDWIN S.
Bache & Co.,
Investment Bankers
Miami Beach, Fla.
CROUCH, LEO P.
/
Thomson &
CRUMPTON,
Interstate
PORTER
McKinnon, Jacksonville
HI,
THOMAS
Securities
BUILDING
U.
PITTSBURGH
Corporation,
19, PENNSYLVANIA
Atlanta, Ga.
CURRAN,
Teletype PG 289
RALPH A.
Salomon
Bros.
ATlantic
1-8333
Hutzler, West Palm
&
Beach
DAVIS, DEWITT
Mullaney, Wells & Co., Chicago, HI.
OSCAR
DeLANO,
DIRECT PRIVATE WIRE
•
St.
Kidder
M.
A.
&
Co., Inc.
Fla.
Petersburg,
WILLIAM
DICKSON,
"^^(BArclay 7-5969)
,
KINGSLEY E.1
ROSAY, Jr.,
A.
NEW YORK CITY
L.
Goodbody 8c Co., Sarasota
DE
Retail
R.
Kidder & Co., Inc., Clearwater
M.
Brokers
DODD, Jr., JERE
&
Courts
DUSARD,
Atlanta
Co.,
\
:
REED, LEAR &
CO.
EATON,
Eaton
Mass.
Goodbody
Merrill
Exchange (Assoc.)
&
X
YORK, N. Y.
BUTLER, PA.
CORRY, PA.
JOHNSTOWN, PA.
MEADVILLE, PA.
LISTED
PITTSBURGH
ENGLISH,
Gordon
—
2
•
UNLISTED
•
STOCKS
•
BONDS
Pittsburgh: PG 482
ERICKSEN,
T. Nelson
EVANS, J.
CENTER, PITTSBURGH 22, PA.
BRANCH
OFFICE
Bell Teletype: PG 694
—
PHILADELPHIA
L.
EDWARD
Graves 8s
GATEWAY
Telephone: Express 1-3700
Incorporated, St. Petersburg
Co., Miami
CARLTON O.
O'Rourke, Inc., Daytona Beach
Reynolds & Co. Private Wire System
Langley- Howard, Inc.
Smith
EMERSON, WILLIAM A.
Merrill Lynch, Pierce, Fenner 8c Smith
(AT. 1 -0880)
New York City: NY 1-1420
&
J.
Lynch, Pierce, Fenner 8c Smith
Incorporated, Palm Beach
•
—
Pierce, Fenner
Miami, Fla.
Lynch,
Merrill
WASHINGTON, PA.
Bell Teletypes
"
EARL R.
ELLIOTT, RAYMOND
\
WARREN. PA.
Co.
Beach, Fla.
Pompano
ELLIOTT,
Incoporated,
NEW
in
All Sponsored Securities
EGGLETON, Jr., WILLIAM J.
Pittsburgh Stock Exchange
Branches
Active Markets Maintained
Pierce, Fenner 8c Smith
Orlando
JOSEPH E.
8c Howard, Incorporated
Boston,
Exchange
Philadelphia-Baltimore Stock Exchange (Assoc.)
American Stock
Incorporated,
Underwriters
Co., Inc., Hollywood, Fla.
B.
Merrill Lynch,
Members
New York Stock
JAMES
Dealers
Distributors
JUSTIN R.
A. M. Kidder &
DYER,
Wholesale
HERBERT
J. Herbert Evans 8c
Co., St. Petersburg
Private
/
Wire
to
Philadelphia Office
\
Volume
THOMAS
GLEASON,
West
W.
Palm
Clement
Evans
ISAACSON,
Merrill
Miami
GUNBY,
West
KIRK
D.
Kidder
&
Co.,
Distributors
St.
Inc.,
Group,
Fla.
Petersburg,
GUS G.
Equitable
Tenn.
Savannah,
Securities
Interstate
Corporation,
T.
A.
Lane, Space Corporation,
Sarasota
C.
A.
T.
MATHEWS, Jr.,
Beil
Pompano Beach, Fla.
WILLIAM
&
Hough,
H.
Petersburg, Fla.
MORIARTY,
T.
Inc., Miami Beach
Grimm St
PATRICK
J.
Co., Sarasota
MORLEY, JOHN J.
MEREDITH, W. J.
W. J. Meredith St Company,
MULLETT, EDWIN S.
A. M. Kidder & Co.,
Inc.,
Goodbody St Co.,
Orlando
C.
MERRILL,
of Georgia, Atlanta
C.
CYRUS
Allyn
MULLIKIN, Jr., FRED
W.
& Co.,
Southeastern
First
Palm Beach
Atlanta,
MILLER.
J.
B.
F.
Van
MURPHEY, III, DAVID R.
Carrison,
Wulbern,
T. E.
Continued
Leedy, Wheeler & Alleman, Inc., Orlando
Parker Corporation, Boston, Mass.
L.
Corporation,
Ga.
BOICE
Ingen St Co., Inc., Miami
MISCHUCK,
J. DENNY
Inc., Jacksonville
Ft. Lauderdale
Duncdin,
& Co.,
LARKIN, JERRY W.
HARVEY I.
P.
Leedy, Wheeler & Alleman, Inc., Miami
HODGE, EDWARD C.
B. J. Van Ingen & Co. Inc., Miami
Goodbody & Co., Miami
LARKIN,
JOHN
Jr.,
F.
Goodbody St Co., Coral Gables
LARKINS, SOVERN J.
!
R. S. Dickson St Co.,
Atlanta, Ga.
Inc.,
LAW, GERALD T.
HOLLIS, C. ROY
J. Herbert Evans St Co.,
Salomon
St. Petersburg
HOLLOWELL, RALPH D..
Kidder St Co., Inc.,
Miami Beach
Hutzler,
&
Bros.
Palm
West
Beach, Fla.
A.
Fenner St Smith
Incorporated, Pensacola
LAY,
JAMES
Merrill Lynch, Pierce,
1
HARRISON
Goodbody & Co., Clearwater
HOPPER,
As
LEEDY, Jr., LOOMIS C.
Leedy, Wheeler St Alleman, Inc., Orlando
WILLIAM R.
■j Beil St Hough, Inc., St. Petersburg
LEWANDOWSKI,
A.
T.
Goodbody & Co., Tampa
HOUSTON,
Hammill
Fla.
Shearson,
''
JOHN
HOUGH,
HERBERT
Pierce. Fenner St Smith
KNOX, WILLIAM SCUDDER
STEWART
HUBERT
Kidder
M.
WALTER
St
Co.,
F.
Florida
Inc.
Fla.
Indialantic,
VTA
Grows...
perfectly suited for
convention
your
Arvida
owns
approximately 100,000
acres
of land in
Florida, America's fastest growing state.
These
vast
holdings
are
located in 4 counties, Dade,
Broward, and Palm Beach counties
coast,
and Sarasota
on
population growth
among
Broward ranked third, and
rate
of growth
In 1940,
on
fourth, and tenth
Florida's 67 counties.
Sarasota fourteenth, in the
America's 3,047 counties*.
among
Florida ranked 27th in population. Today
it ranks 10th.
Arvida
stage,
Florida's east
Florida's west coast.
These 4 counties rank first, second,
in
t
projects
now
under
way, or
in the planning
include luxurious residential communities,
medium-priced homesite developments, industrial
complexes, shopping centers, and farm and beach¬
MEETING
front property
ROOMS
Max. Capacity
OPERA
500
HOUSE
250
HOLIDAY HUT
DUCHIN
100
ROOM
20 to 50
Numerous smaller rooms
LODGE
Capacity
DINING ROOM
350
600
CONTINENTAL
Sun
AMERICAN PLAN
LODGE
INN
*18
*16 Per person, two In
*21
$10 P«rP«"on'
spring
reasons
or
you
should consider
Valley is that here
you
Through conscientious planning and development of
can't lose
its
housed at other faraway
being
hotels
...
developments.
fall convention?
delegates. No big-city problems of mem¬
taxicab delays or
to
traffic jams.
properties, Arvida
maintain its
development
Along with excellent meeting facilities
and
RATES
a
One of the
bers
BANQUET ROOMS
Max.
Planning
single room
(European Plan rates on request j
for 500 persons
variety of fun for all
—
including outdoor ice skating, golf, rid¬
ing, swimming, fishing and skeet-trap
ARVIDA
shooting.
Owned and operated by
ONION
PACIFIC
or
seasons
RAILROAD
information
and activities, let
us
on
send
rates,
you our
booklet. Address Mr.
McCrea, Mgr., Sun Valley, Idaho
fonvention
Winston
or
additional
Union
Pacific
Railroad,
Omaha 2, Nebraska.
CORPORATION
P. O. Box 1246
for reservations:
...
color
e
unparalleled opportunity
Florida's outstanding land
Lodge and Challenger Inn there's a wide
and wonderful
CAPACITY
Sleeping accommodations
as
company.
a room
17
sees
position
accommodations at Sun Valley
room
Room
2716,
*
Source: U.S. 1960 Census.
Ocala
KNEALE
Merrill Lynch,
Pierce,
St.
Inc.,
Inc., Winter Park
Incorporated, Miami
MEANS, JAMES W.
First Southeastern Corp., Atlanta, Ga.
Miami, Fla.
Orlando
MAY,
Co.,
Co., Inc., Orlando
B. J. Van Ingen St
Allyn St Co., Miami Beach
A. M.
MORGAN,
E.
Inc.,
Harrison & Company, Orlando
Leedy, Wheeler St Alleman, Inc.
Orlando, Fla.
.'3
HIGLEY,
Co.,
St
MOORE, III, M. JAMES
White, Weld & Co., New York
A.
& Company
M. Kidder St Co.,
A.
KENNEDY, RICHARD E.
A. C.
&
MATTICE, ROYAL (Dr.)
Leedy, Wheeler St Alleman, Inc.,
The
M.
R.
Trust Company
Sararota
HARTMAN,
Newman
Goodbody & Co., Sarasota
/,
•
Allyn St Co.,
JOHNSON,
Hardy, Hardy St Associates, Inc.
JOHN
D.
Harrison
McNICIIOL,
Lakeland
J.
MATHEWS, MURRAY C.
JOHNSON, ROGER G.
HARDY, ROBERT CARLISLE
IIENANN,
Frank
EDMUNDO
Lord, Abbett St Co., Atlanta, Ga.
Hardy, Hardy & Associates, Inc.
HARRISON,
Inc.,
A.
P.
Kidder
G.
JAMES
Jr.,
H.
John
M'.
A. M. Kidder & Co.,
Goodbody & Co., Tampa
McKAY,
DENVER
MARTINEZ,
A.
MOORE, LEE P.
r.
W.
PAUL
HERBERT
McKAY,
Co., Inc., Tampa
G.
M. Kidder & Co.,
Inc., Miami
Equitable Securities Corporation, Atlanta
Coral Gables, Fla.
Ga.
JOHNSON, JOHN
HARDY, HILDA H.
John H.
M. Kidder St
MANN,
GORDON A.
Roman & Johnson, Ft. Lauderdale
Ga.
Atlanta,
A.
JOHNSON,
RICHARD E.
HANNER,
Birmingham
Tampa
T.
CLINTON
Dickson & Co.,
S.
McGAUGHY,
DAVID T.
The Johnson,
Corporation,
Securities
Nashville,
EDWIN
R.
MOORE, BUDD G.
Hammill & Co.,
McCREEDY.
MANDESE, JOSEPH M.
Thomson St McKinnon,
JOHNSON,
P.
MOHR, Jr., SIDNEY J.
Thornton, Mohr St Parish
Montgomery, Ala.
McCLURE, LOUIS C.
Miami
MADSEN, KARL S.
Roman St Johnson, Ft. Lauderdale
Company
DeWITT T.
JESTER,
-:,vr
HALLIBURTON,
St
Thomson St McKinnon, Tampa
CAS
GUNTHER,
Smith
St
Beach
Palm
JESTER,
Iijic., DeLand
JOSEPH
Corporation,
Space
Lane,
Johnson,
Jacksonville
M. Kidder & Co., Inc.,
LOMBARDO,
JACKSON, EDGAR W.
Cook
The
Stubbs, Watkins St Lombardo, Inc.
Lynch,
PHILIP S.
MAY, Jr.,
L.
Jr., HARRY W.
Shearson,
OSCAR
Thomas M.
NATHANIEL
Thomson St McKinnon, Orlando
A.
B.
Pierce, Fenner
Incorporated, Miami Beach
McKinnon, Miami Beach
St
LEWIS,
LINK,
Thomson St McKinnon, Ft. Lauderdale
Inc.,
Fla.
Thomson
WILLIAM
IIULETT,
& Company,
BENJAMIN
GOULD,
Miami Beach
Incorporated,
GOGGIN, ROBERT W.
Thomson St McKinnon,
\
Pierce, Fenner St Smith
Merrill Lynch,
R. ELLIS
A.
Orlando,
M.
HUKLE, JOSEPH F.
j.
Beach
GODSHALL,
A.
■
Bros. & Hutzler
Salomon
61
The Commercial and Financial Chronicle
Number 5992
192
•
Boca Raton, Florida
Inc.,
on
Tampa
page
62
WYJ^rfpf ib*1^' 'J ^ 1 < **'■> ' w W"*W4^ W Y«,
tWfWV
!♦<*<
'
in
The Commercial and Financial Chronicle
62
ROSTER
OF
MEMBERS
WRIGHT, GARLAND P.
WULBERN, EDWARD B.
Pierce, Carrison, Wulbern, Inc.
DERWIN
Grimm
Continued
Sincere
&
Kidder
M.
South
PIERCE,
Carrison,
POWELSON,
Miami, Fla.
A.
Beach
West Palm
Prank
E.
Kidder & Co.,
M.
READ,
Inc.. Coral Gables
A.
Wulbern, Inc.
Carrison,
Jacksonville
Bell
&
D.
Inc.,
EDWIN
Sincere
&
P.
Merrill
Company, Chicago,
CHARLES
O'DONNELL,
Nolting, Nichol
Pensacola, Fla.
111.
& O'Donnell,
ROMAN,
(Mrs.)
O'Rourke, Inc., Daytona Beach
Co.,
Atlanta,
Bros.
CLYDE
Inc.
Clearwater
ALFRED
Co.,
THEODORE
Ft.
J.
Mohr
&
P.
Parish
&
Ala.
Lakeland, Fla.
Company,
Herbert
Evans & Co., St.
Petersburg
M.
CHARLES
Pierce, Carrison, Wulbern, Inc.
Jacksonville
Jr., J. MILLS
Thornton, Mohr & Farish
Montgomery, Ala.
/
TRIPP, JEROME C.
D. L. Richardson
President: Donald L.
L.
C.
SHIMMIN,
Pierce, Carrison, Wulbern, Inc.
Sincere
Jacksonville
New York
Gables
ROBERT E.
&
&
.
.
;i;;
Treasurer:
McKinnon, Palm
Beach.
Fla.
Ltd.,
M.
Clearwater
UNDERHILL, ARTHUR J.
UNDERWRITERS
DISTRIBUTORS
VAN
RYN,
otherwise
JOHN
ACKERMAN,
Pierce, Fenner & Smith
WAGNER,
ROBERT
DEALERS
JAMES
Salomon
Bros.
L.
PRIMARY
STOCK EXCHANGE
TRADING
AMERICAN STOCK
BOSTON
EXCHANGE
WHEELER,
H.
Hentz
ALLEN,
H. JAMES
A.
Evans &
WHITEHEAD,
Company,
Inc.
Blyth
CLINTON
S.
&
Wm. C.
Lynch, Pierce, Fenner & Smith
Incorporated, Miami
WILLIAMS,
FREDERICK
Carrison,
Pierce,
GEORGE
and to
WILLIAM
Simonds
BILLMEYER,
Co.,
&
A.
Co.,
Northland
Inc.,
H.
Company
DUANE
C.
BINKLEY, KENNETH D.
Paine, Webber, Jackson & Curtis
Inc.
BIRD, Jr.,
Roney & Co.
F.
THEODORE
E.
Wulbern.
Bache
BLUE,
Inc.
AUCII,
WALTER
&
E.
AXTELL,
R.
WILLIAMS,
C.
Co.
RUSSELL
&
M.
Co.
KENNETH
L.
Harris, Logan & Company
Co.
BOLTON,
Shearson, Hammill & Co., Tampa, Fla.
HARRISON
Winckler
J.
BLANDO,
WILLIAMS, JERRY
New York
Portland, Maine
C.
Watling, Lerchen & Co.
BERNARDI, RAY P.
Nauman, McFawn &
S.
Co.
ARMSTRONG,
Bache
Grace Canadian Securities Inc.
Co.
CHARLES
Center
Incorporated
Jacksonville
Tele. BS-30
Winckler
Baker,
Armstrong, Jones, Lawson & White,
HAnover 2-7538
MASS.
Tel. HUbbard 2-6065
&
ALONZO
Merrill
Telephone to New York
STREET,
9,
ALLARDYCE,
J.
BENJAMIN,
Co.
H.
ALLMAN, N. J.
Direct
MILK
Mich.
Fordon, Aldinger & Co.
Hutzler
F.
BECHTEL,
Orlando
(ASSOC.)
79
ALBERT
WALTER A.
BAYER,
M.
EDWARD
Parcells &
E.
WILLIAM
Baker, Simonds & Co., Inc.
EUGENE P.
A.
ALDINGER,
K.
Goodbody & Co.
Paine, Webber, Jackson & Curtis
Clement
MARKETS
WILLIAM
BALLENTINE, R.
BAUBIE,
C.
Bosworth & Co. Incorporated
ALBERS,
Chas.
West Palm Beach
MEMBERS
indicated)
JOHN
Smith, Hague & Co., Ann Arbor,
Inc.
OF MEMBERS
unless
Roney & Co.
ALASHAIN,
P.
&
C.
Braun,
WATKINS, Jr., MILES A.
Stubbs, Watkins & Lombardo,
WATSON,
Wm.
ADAMS,
Fla.
Birmingham, Ala.
STOCK EXCHANGE
ROSTER
(All members located in Detroit
Leedy, Wheeler & Alleman, Inc., Orlando
BOSTON
MacPherson, Manley, Bennett & Co.; John G. Martin, First
N. Y. City
VALENTINE, KIMBALL
Vance, Sanders & Co., Inc.
VONDERHAAR, HARRY C.
Bache & Co., Palm Beach,
MIDWEST
& Co.
Obuchowski, Goodbody
C.
Incorporated, Palm Beach
CORPORATION
W.
of Michigan Corporation.
Baltimore, Md.
Company, Vero Beach, Fla.
SECURITIES
Thaddeus
Directors: William B. Hibbard, Baker, Simonds & Co., Inc.; Peter
HENRY M.
Bullock,
Merrill Lynch,
CLAYTON
Charles A. Parcells & Co.
Secretary: William Rotsted, F. J. Winckler Co.
Inc.,
Arthur Wiesenberger & Co.,
Co., Coral
Richardson, Nauman, McFawn & Co.
Vice-President: Eugene P. Albers,
Tripp & Co., Inc., New York City
Calvin
WILLIAM
Goodbody &
Eugene P. Albers
Inc.,
TURNBULL, CLIFFORD O.
Pierce, Carrison, Wulbern,
Tampa, Fla.
UFFORD,
Vance, Sanders & Co., Inc.,
SHAW,
Fla.
C.
Lauderdale
LINTON H.
Sincere
Thomson
M.
SHAW, HERBERT L
& Hutzler
Miami Beach,
EVERETT
<fe
Inc.
Fla.
TUTTLE, CHARLES H.
Goodbody «Se Co., Miami
Miami
HARRY E.
Naples,
TIPPINS, ALTON V.
Pierce, Carrison, Wulbern,
Jacksonville, Fla.
Pierce, Carrison, Wulbern, Inc., Tampa
West Palm Beach
PIERCE,
U.
M.
Co.,
Sr.,
Detroit and Michigan,
■
THORNTON,
ZOLTAN
SEABER,
& McKinnon,
PETERSEN, JR.,
Salomon
Winter Haven, Fla.
GRANT
&
McKinnon,
Allyn
THOMPSON,
&
Lynch, pierce, Fenner & Smith
Jacksonville
Grimm
C.
Ft. Myers
M.
THOMAS, CLIFFORD B.
SCHNEDLER, FERRIS W.
CECIL B.
Thomson
Company,
A.
TERRY,
,cy-^
BROOK H.
LOUIS
&
Montgomery,
M.
CLIFFORD
SAXTON,
Ga.
and Company,
White, Weld & Co., New York City
Petersburg
Merrill
Miami, Fla.
TAI.LENT, JACK
Incorporated,
PENDERGRAST, THOMAS J.
PEPPER,
&
S.
STUGARD, ERWIN
A. C. Allyn & Co.,
SWICK,
HUGH B.
U.
SALKAY,
Incorporated, Palm Beach, Fla.
ERNEST
Thornton,
Davidson-Vink-Sadler,
JAMES
Merrill Lynch, Pierce, Fenner & Smith
&
ALEX
Jr.,
SADLER,
PEARSON,
Courts
Fla.
ALBERT
Roman & Johnson, Ft. Lauderdale
St.
FRANCES B.
Smith
Lynch, Pierce, Fenner & Smith
Sincere
Inc.,
Jacksonville
T. Nelson
Beach,
Palm
&
Fenner
Incorporated, Orlando
ROLLINS,
R.
OLDAG, CARL K.
Atlantic National Bank of Jacksonville
O'ROURKE,
Pierce,
Grimm & Co., Orlando
ROBINSON,
Co.,
Securities Traders Association of
Hough, Inc., Orlando, Fla.
SWANSON,
III, ALBERT
ROBINSON,
Goodbody & Co., Orlando
O'BRIEN,
Co.,\ Inc., St. Petersburg
Goodbody & Co., St. Petersburg
Pla.
ROBERT E.
NOWELL,
D.
&
Jr.,
ROBERTS,
Nichol & O'Donnell,
Noltir.g,
Pensacola,
&
L.
STROTIIER, JAMES
Goodbody & Co., St. Petersburg
CARL W.
NOLTING,
&
Sincere
A.
Lynch,
ROBERTS.
Inc., St. Petersburg
Hough,
ROBERT
STEVENS,
STORY
Incorporated,
SOREN
NIELSEN.
Kidder
Merrill
Bache
Jacksonville
Associates
STARK, ALAN J.
Beil
Co., Inc., Tampa
EDMUND
M.
Smith &
Thomson
REDFIELD,
Inc.,
Lynch, Pierce, Fenner & Smith
Incorporated, Ft. Lauderdale, Fla.
J.
Miami
PAUL T.
NIELSEN,
Pierce,
Minmi
Pierce, Carrison, Wulbern,
Jacksonville, Fla.
ZEIENTZ, MYRON S.
BURTON
Burton
SMITH,
Plymouth Bond & Share Corporation
Co..
&
ROBERT
NEWMAN.
A.
D.
Newman
D.
&
JOSEPH
RAYVIS,
FRANK
NEWMAN.
Inc.
BARNARD
Kidder
M.
Petersburg
St.
Inc.
Pompano Beach
B.
Co.,
Kidder & Co.,
M.
Thursday, October 6, 1960
Merrill
RALPH
TRESCOTT,
Nelson & Goss, Inc.
F.
&
F.
A.
.
Orlando
Wulbern,
Leedy, Wheeler & Alleman, Inc., Orlando
NELSON, CARL L.
Sullivan,
SMITH,
ROBERT J.
Pierce,
Co., Inc.
&
L.
Jacksonville
HARRY J.
NEAL, Jr.,
A.
Company,
PAUL
Leedy, Wheeler & Alleman, Inc., Orlando
V
Gainesville. Pla.
HARRY S.
MYLES,
riERCE,
from page 61
.
WULBERN, EDWARD R.
SLOAN, Jr., S. ALAN
Adams, Sloan & Co., Inc.,
New York, N. Y.
SMITH,
Florida Security Dealers Association
.
WILLIAM
J.
O'Donnell &
FREDERICK
Dempsey-Tegeler &
(Associate)
J.
Antonio
San
Co.,
Texas
Company
Jr., RALPH W.
First Southeastern Company,
Atlanta
BAIRD,
MACKENZIE
BOOS, WARREN F.
C.
Paine, Webber, Jackson & Curtis
Straus, Blosser & McDowell
WINTERS, JONATHAN H.
Gordon
Graves
&
Co., Miami
MUTUAL
Established
SECURITIES
1926
DAYTON
h.
FUND OF BOSTON
Prospectus
GENERAL
on
Member
New
d.
DAIGNEY
request
K
DISTRIBUTORS
N
&
KELLER BROTHERS
OX
co., Inc.
Boston
Stock
& CO.
England
Exchange
INCORPORATED
Markets
75 FEDERAL STREET, BOSTON
MEMBERS
c) e*>uSUtL&4
200
Boylston Street
New
Chestnut Hill 67
Telephone WOodward 9-9400
York
Security Dealers Ass'u
Teletype BS 596
CO., INC.
DEALERS
Mass.
New York Telephone—WOrth 4-2463
AND
BROKERS IN
Teletype NTN MASS 630
UNLISTED
TRAPINQ MARKETS
AMERICAN
SECURITIES
CEMENT
BOTANY INDUSTRIES
INDIAN
HEAD
Inactive
BANK and INSURANCE
MILLS
MORGAN ENGINEERING
W.
11
NATIONAL COMPANY
TEJON
RANCH
Telephone
WASTE KING
Bell
LERNER & CO.
Investment
Post Office Square
Telephone:
N.
Y. Tel.
HUbbard 2-1990
CAnal
6-3840
•
Broadway
NEW YORK 4
OFFICIAL FILMS
10
STOCKS
L. MAXSON
DIgby
4-1388
BOSTON
Securities
9
Telephone CApitol 7-8950
Bell System Teletype BS 169
Teletype:
BS
-
New Hampshire
-
Vermont
System Teletype NY 1-86
27 State Street
Boston 9, Massachusetts
Massachusetts
Maine
69
Direct
phone between offices
Pa ul D. Sheeline & Co.
31
Milk
Street, Boston 9, Mass.
Telephone HAncock 6-0170
Teletype
BS
51
Volume
Number 5992
192
BOWYER, MERLE J.
.
CROOKSTON,
Braun, Bosworth & Co., Incorporated
BOYER,
Jr.,
HAROLD
Davis,
&
Co.
Wm.
C.
Roney &
Co.
Smith,
L.
ROY
BROWN,
McFawn
&
De
WILLIAM
P.
Baker, Simonds & Co.,
Harriman
Wm.
ALANSON
C.
BRYAN,
R.
C.
R.
K.
O'Donnell
A.
&
Company
&
BUSSLER, R.
Smith,
R.
First
A.
White
&
E.
Michigan
Corporation
Co.
PATRICK
i
,
Company
DOUGLAS
' ;
ELDER,
Corporation
^
-
8s
McDowell
CANNON, HORATIO
Amott, Baker & Co., Incorporated
ELLWOOD, AARON A.
CARR,
EVERHAM, EDWIN M.
HOWARD
F.
Goodbody & Co.
CAVAN, F.
Don
W.
Smith,
L.
EXLEY,
Miller
CHADDOCK,
&
Co.
HAROLD
HAROLD
Campbell,
W.
ARTHUR
F.
GATZ,
&
&
Co.
GAWLIK, Jr.,
Co.
-.v-
Goodbody
&
Paine,
CRANE,
S.
McDonnell
&
Co.,
Jr.,
W.
Wm.
Incorporated
CREECH,
DONALD I.
Manley, Bennett & Co.
C.
GLASS,
64
BOSTON
8s
COFFIN & BURR
Co.
White
Co.,
&
NEW YORK
INCORPORATED
Kenower, MacArthur & Company
R.
C.
FRANK
O'Donnell
FRED
Andrew
C.
Grand
PORTLAND
Founded 1898
Rapids
HARTFORD
Andrew
J.
&
BANGOR
State, Municipal, Corporation, Railroad
Co.
W.
Reid
&
and Public
Company
HARR1SBURG
Utility Securities
C.
Reid
C.
Purchasing and Distributing
&
B1NGHAMTON
Company
L.
Baker, Simonds & Co., Inc.
HUGHES, VICTOR M.
Watling, Lerchen 8s Co.
National Distributor
\
NEW ENGLAND
JACK L.
Bennett
■
ALBANY
FUND
MORRISTOWN
Organized 1931
& Co.
WILLIAM
L.
Paine, Webber, Jackson & Curtis
S.
& Co.,
Bloomfield Hill*
,
NEW YORK STOCK EXCHANGE
i
MIDWEST STOCK EXCHANGE
BOSTON STOCK EXCHANGE
AMERICAN STOCK EXCHANGE
(ASSOCIATE)
Kenower, MacArthur 8s Co.
GUY
Watling,
L.
Lerchen
8s
JANZIG, R. A.
Armstrong, Jones,
Incorporated
J.
;.
PARKER
G.
IRELAND,
Roney & Co.
DAVID
Manley, Bennett
page
Inc.
JOSEPH
Lerchen
Hudson
INMAN,
S.
H.
ALFRED
on
■
<
Baker, Simonds 8s Co., Inc.
Corporation
ROBERT
GIRARDOT,
Continued
Straus, Blosser 8s McDowell
Co.,
A.
MIOTTEL, RAYMOND W.
Paine, Webber, Jackson & Curtis
INCH, KEITH
Baker, Simonds & Co., Inc.
L.
GEORGE
Ferris, Wagner 8s Miller
A.
& Co.
HITCHMAN, T. NORRIS
HURLEY,
Co.
R.
of Michigan
GILLAM,
Jackson & Curtis
Webber,
C.
First
Royal Oak
Co.,
CORDEN, PETER
&
Donovan, Gilbert & Co., Lansing
GILBREATH,
MILLER,
HARRY
Mcdowell, jr., george a.
A.
Co.
HOWARD
Goodbody 8s Co.
Manley,
STANLEY
McDonald-Moore
A.
Miller &
MILLER, EDWARD J.
Smith, Hague & Co.
G.
GORDON
HUNTER,
GILBERT, NELSON
ROBERT
Inc.
JOSEPH F.
COEN,
Bache &
J.
IIUBER,
Frumin.
CLUTE, MINTON M.
Straus, Blosser & McDowell
COLE,
Co.
McDonald-Moore & Co.
T.
Jr.,
McDonald-Moore
W.
Corporation
Winckler Co.
McDONALD,
Curtia
RUSSELL
IIIBBARD, WM. B.
Baker, Simonds &
HOULIHAN,
&
B.
MURRAY
Morrison
Don
Michigan
LAWRENCE
First of Michigan Corporation
E.
Parcells
Roney
FRUMIN,
& Curtis
of
HORN, CLARENCE A.
Co.
DONALD
C.
&
Shearson, Hammill & Co.
HUEBLER, DONALD
McCarty & Co., Inc.
JOSEPH
H.
Jackson
HUBER, JACK
Wm.
Paine, Webber, Jackson
CHURCHMAN,
Co.
FLOYD, Jr., C. A.
R.
First
MATESA,
FLEISCHMAN, WILLIAM M.
A. H. Vogel & Co.
McDonald-Moore & Co.
CHUBB, RODNEY
A.
Campbell, McCarty 8s Co., Inc.
Company
HOLLISTER, GEORGE R.
Co.
&
Davis, Rowady & Nichols, Inc.
R.
McDonald-Moore & Co.
CHAPEL, Jr.,
&
CHARLES
FISHER,
Baker, Simonds & Co., Inc.
CHAPEL,
Parcells
Hague
Charles
VOSPER
J.
A.
&
MILLER, DON W.
F. J.
HASTINGS,
Watling,
J.
Blosser
Charles
JAMES
O'Donnell
MARTIN, JOHN g.
E.
Webber,
HINSIIAW,
Co.
GEORGE
Straus,
C.
P.
Michigan Corporation
B.
IIINDES,
of Michigan
VALLETTE R.
Moreland &
:
H.
Michigan Corporation
R.
R.
Watling, Lerchen & Co.
HENRY
First
EIS,
MARTIN,
FRANK
First of
MILL,
HARTNER, JOSEPH
HILL,
Co.
&
FRANK
Paine,
EDWIN
C.
HIGBIE, PETER B.
First of Michigan Corporation
H.
Watling, Lerchen
EARLE,
MEYER,
S.
Company
Straus, Blosser & McDowell
Sr., milton a.
Manley, Bennett 8s Co.
Weeks
&
MERCIER,
manley,
Co.
Baker, Simonds & Co., Inc.
RICHARD
of
&
7..
FRANCIS
Goodbody
Winckler
J.
MANLEY, Jr., MILTON A.
Manley, Bennett & Co.
Rapids
HASTINGS, PIERCE
Co.
H.
DYKES,
&
ANTHONY
of
JOHN
First
DAN
CAMPBELL,
Jr.,
Baker, Simonds & Co., Inc.
O'Donnell &
C.
Company
DRUKER, MAURICE
Paine, Webber, Jackson & Curtis
CALICE,
8s
DOKE,
>
Co.
Hague
BYRNE, Jr.,
O'Donnell
Hudson
%
WALTER J.
Goodbody
&
F.
SAMUEL
GREENHOUSE, NATHAN
Goodbody & Co.
GRIFFO,
Ripley
DOHERTY,
BURROWS, HAROLD J.
Watling, Lerchen & Co.
BURTON,
C.
II.
McIIUGH, JOSEPH
T.
Manley, Bennett & Co.
Roney & Co.
Hornblower &
Co.
DISTLER, ARTHUR P.
Paine, Webber, Jackson & Curtis
Roney & Co.
WILLIAM
&
Co., Incorporated
DILWORTH, LAWRENCE H.
Manley, Bennett & Co.
C.
GREGORY,
DILLMAN, GEO. C.
Inc.
BRUEGGEMAN, RALPH J.
BRUSH,
Bennett
Wm.
Grand
Young & Company, Grand Rapids
Manley,
MANLEY, DAVID
II.
Co.
MacNaughton-Greenawalt
Company
YOUNG, NEIL
DIIOOGE, VICTOR P.
Co.
RUSSELL
Hague &
GREENAWALT,
F.
BROWN, TODD
Nauman,
63
GRAHAM, Jr., STERLING
Hudson White &
DE
GOODRICH,
Rowady & Nichols, Inc.
DELANEY,
BROWN, HAYDEN
A.
Weeks
&
DAVIS, FRED
JOHN
Goodbody
RALF
Hornblower
R.
Watling, Lerchen & Co.
BRABSON,
The Commercial and Financial Chronicle
.
.
JARVIS,
LEROY
Co.
Lawson
&
White,
^
O.
Paine, Webber, Jackson & Curtis
-
JOHNSON,
A.
H.
RAYMOND
A.
c/i,-
JONES,
II,
HARRY
H.
Primary Markets
Kenower, MacArthur & Co.
KAFKALIS,
„
SINCE 1929
Vogel & CO.
MILTON
,
and
Bache 8s Co.
Kidder, Peabody & Co.
Founded
in
1865
KANNEY,
Bache
CHARLES
Research
J.
Co.
&
5
v,
.
.
.
.
New England
KARRO, ROY G.
Baker, Simonds & Co., Inc.
Members
New York, Boston, Midwest,
Pacific Coast,
Philadelphia-Baltimore and American Stock Exchanges
KATZENMEYER,
WILLIAM
KAUIIL, HERMAN A.
Telepho""
Goodbody & Co.
New
JOSEPH
P.
Baker, Simonds & Co., Inc.
KEIER,
England Bank, Utility and Industrial Stocks
RUSS
new york
E.
Collin, Norton & Co., Toledo
(Associate)
boston
Hartford
KEMP, FRANK H.
Campbell, McCarty & Co. Inc.
75
Federal Street,
Telephone: Liberty 2-6200
new
KERSTEN, R. W.
Boston
Nauman, McFawn & Co.
Teletype: BS 338
KING,
LEO
CHICAGO
Goodbody & Co.
Merrill
SAN
FRANCISCO
C.
''Z-''
\
J.
ROBERT
Nephler & Co.,
New England Branches:
'! "
LOWELL
NEW
BEDFORD
SPRINGFIELD
National Bank
NEWPORT
TAUNTON
PROVIDENCE
WORCESTER
-
^Nterprise
6643
Pontiac
r--.«
,
of
Hiim^
Hubbard 2-8360
cNferpr/se 9830
ENterprise 6643
ENterprise 9830
ENterprise 6643
.
T
S.
KISCII, JOSEPH J.
;
haven
philadelphia
Lynch, Pierce, Fenner & Smith
KINGSBURY,
.
baltimore-
Incorporated
LOS ANGELES
.
.
providence
W.
KING, RICHARD B.
PHILADELPHIA
YORK
NEW
Securities
II.
Baker, Simonds & Co., Inc.
KEANE,
Trading markets in
in
Detroit
KISSEL, ROBERT G.
Goodbody 8s Co.
KREIDLER,
Carr,
<
CHARLES
A.
& Company
Logan
KRISTENSEN,
EDMUND
Moreland &
F.
Co.
KUHNLEIN, RUSSELL A.
Goodbody
Co.
&
LESTER
LANTERMAN,
TOWNSEND, DABNEY AND TYSON
ESTABLISHED
Wayne
LARSON,
1887
Merrill
Members New
Associate
York
and,
Boston
Members American
Stock
Stock
Exchanges
Exchange
"c-
C.
Management Company
et>
ELMER
Lynch, Pierce, Fenner & Smith
Incorporated
b°stohio, mass.
m
LAUDE, RAYMOND J.
Goodbody & Co., Boston, Mass.
30
STATE
STREET,
BOSTON
bp,n
(Associate)
5
LAWSON, SEWARD N.
UNLISTED SECURITIES
Armstrong, Jones, Lawson 8s White,
Incorporated
LEPPEL,
Chas.
ORDERS EXECUTED ON ANY EXCHANGE
OR MARKET
BERTRAND
A.
Parcells
Hornblower
8s
Some of the New
& Co.
LICHTENSTEIN, H.
F.
England companies in which
Grinnell
Amoskeag Co.
Weeks
Baird-Atomic Inc.
LIEBER,
Private Wire
New York
System
Harris, Logan & Company
Municipal Department
LOUIS
LUCHTMAN,
F.
J.
BERT
Straus, Blosser
MacARTHUR,
Kenower,
Fitchburg, Mass.
Portland, Me. Lewiston, Me.
Augusta, Me.
Bangor, Me.
irairj
Greenfield, Mass.
Lawrence, Mass.
Keene, N. H.
TELEPHONE
CABLE
BOSTON:
ADDRESS
LAFAYETTE 3-7010
"SENDANTHY"
JOHN
Scott & Williams Inc.
Keyes Fibre Company
Sheraton
Shops
Corp. Debentures
Laboratory for Electronics
Southern New
Ludlow Corp.
State Street Investment
Bradstreet, Inc.
Company
First National Bank
Miniature Precision
National Shawmut Bank
West Point
Corp.
Warren Bros.
New
England Tel.
Grant, Inc.
Foxboro Co.
Bearings
Hampshire Ball Bearings
Technical
Operations
Mfg.
UNLISTED
Primary Markets
—
MANAGEMENT COMPANY SHARES
O.
MacKENZIE, DONALD
E.
Baker, Simonds & Co. Inc.
MacPHERSON,
Itek inc.
Spinning
G.
Goldman, Sachs & Co.
MacFARLANE,
Berkshire Fine
Foster
REGINALD
Manley, Bennett & Co.
fclQIlliMJ
Corp.
Riley Stoker Corp.
Saco-Lowell
Dun &
MacArthur &
ROBIN
Perkin Elmer
Infrared Industries Inc.
Cons. Investment Trust
F.
& McDowell
Branches:
MACE,
High Voltage Engineering
Ionics Inc.
Manufacturing Co.
Boston Herald Traveler
J.
Winckler Co.
LUDINGTON,
maintain primary markets
Nicholson File Co.
Baystate Corp.
LOGAN, PETER S.
Teletype BS-346 for Trading Department
Branches:
Bates
Goodbody & Co.
Telephone CAnal 6-1540
BS-430 for
GEORGE H.
we
Corp.
PETER
Manley, Bennett & Co.
Distributors
Group, Class A
Hamilton Management Corp.,
,
Class A
National Securities & Research
Television Shares Management
Keystone Custodian Funds, Class A
Waddell & Reed, Inc., Class A
Hugh W. Long and Co., Class B
Wellington Management, Clasr A
SECURITIES
The Commercial and
64
Financial Chronicle
.
.
Thursday, October 6, 1960
.
1
Mr.
Cincinnati, Ohio; John C. Hecht, Sr.
J. Dunn, Dunn A Taylor, New York
& Mrs. Harry J. Hudepohl,
Westheimer and Company,
Dempsey-Tegeler A Co., Los Angeles; Mrs. & Mr. Gambol
Mr.
&
Mrs.
William
Pacific
Incorporated
Detroit and Michigan, Inc.
ROSTER
Continued from page 63
MOONS,
EOBEET J.
R.
ROSASCO, Jr.,
McDonald-Moore & Co.
THADDEUS
W.
Lerchen & Co.
PAUL I.
MORELAND,
Moreland
&
F.
J.
Parker
WILLIAM
H.
First
PARCELLS,
Chas. A.
LESLIE C.
of Michigan Corporation
C.
Chas.
Roney & Co.
Nauman, McFawn & Company
NAUMES, JOHN R.
R. C. O'Donnell & Co.
NEIL,
ROY
Andrew
C. J.
Reid &
F.
Kentucky Company
Members
Midwest
Stock
Exchange
320
SOUTH
FIFTH
STREET,
LOUISVILLE
2,
KY.
MUREL J.
Sattley & Co., Inc.
V.
SERVING
Winckler Co.
J.
ELWOOD H.
Co., Kalamazoo
UNDERWRITERS,
E. H. Schneider &
Co.
SCHOLLENBERGER,
L.
CORPORATE
HERBERT
Campbell, McCarty & Co., Inc.
HERBERT
THE
COMMONWEALTH
Don
W.
MUNICIPAL
1
Jr.,
SEELBACH,
JACK
WILLIAM
SIMMONDS,
CHARLES
A.
MOSS,
Manager,
M.
Teletype:
Manley, Bennett & Co.
ANDREW C.
AND
AND
DEALERS
IN
KENTUCKY
BONDS
ASST.
VICE
PRESIDENT
O.
Baker, Simonds & Co., Inc.
Grand Rapids
DISTRIBUTORS
SECURITIES
H.
Miller & Co.
SCHULTZ,
MONTGOMERY K.
Paine, Webber, Jackson & Curtis
C.
The
Co.
Hentz &
SCHNEIDER,
W.
ParceUs &
RAUCH,
Nephler Co., Pontiac
NEWMAN, PERCY P.
Hornblower & Weeks
CHARLES A.
Parcells & Co.
HOWARD
Andrew
Northland
RICHARD E.
Don W. Miller & Co.
CLAUDE G.
Baker, Simonds & Co.
REID,
Inc.,
SCHMANSKY,
Manley, Bennett & Co.
Company
Jr., CLARENCE J.
Jr.,
*
SCHAFER, HARRY L.
PORTER,
W.
C.
A.
PARKER,
NAUMAN, ARTHUR P.
NEPHLER,
H.
PARCELLS, EARLE
NAU, FRANKLIN H.
Wm.
H.
SANCRANT,
G.
Paine, Webber, Jackson & Curtis
Huntington Woods, Mich.
MUSCHETTE,
TERRY
Incorporated
Co.,
&
PHIL
SALVATORE,
OSBORN, MILO
Corporation
Blair
Hague & Co.
Winckler Co.
F. J.
Smith, Hague & Co.
Winckler Co.
MORRIS,
C.
R. C. O'Donnell & Company
OLSON, LOUIS
E.
SNOWDAY, H.
NICHOLAS
RUCAREAN,
O'DONNELL, Jr., RAYMOND C.
R. C. O'Donnell <te Company
Co.
MORRIS, HAROLD
Co.,
&
F. J. Winckler Co.
RAYMOND
Smith, Hague & Co.
H.
k.
WILLIAM
ROTSTED,
ODDY, R. K.
O'DONNELL,
HAL
Center
Co.
Smith, Hague & Co., Ann Arbor
MORAN, ALFRED B.
Smith,
Company
III,
VICTOR P.
Simonds
Baker,
Goodbody &
MOORE, WILLIAM
Watling,
O'Donnell &
C.
RONEY, JOHN K.
Wm. C. Roney & Co.
WALTER
OBUCHOWSKI,
SMITH,
ROBERTS, TERRY J.
Manley, Bennett & Co.
Manley, Bennett & Co.
Smith, Hague & Co.
Nauman, McFawn & Co.
OF MEMBERS
NOVIKOFF,
H.
SMITH, RICHARD D.
SMITH, Jr., HAL H.
L.
DONALD
RICHARDSON,
Larry W. Sisson,
Bennett & Co.
Manley,
Harris, Logan & Co,
Lawson & White,
Armstrong, Jones,
SMITH, PHIL
SLOANE, WADE
REUTER, GEORGE A.
Securities Traders Association of
Barth A Co., Los Angeles; Mr. & Mrs.
Northwest Company, Seattle
H. Elliott, J.
LS
Trading
578
Department
Telephone:
JUniper
5-5011
SIMMONS, ROBERT
Reid & Company
Branch
Harris, Logan & Co.
SIMONDS,
REILLY, RAYMOND W.
RALPH
Lexington, Ky.
W.
Frankfort, Ky.
Owensboro, Ky.
Paducah, Ky.
Baker, Simonds & Co., Inc.
Manley, Bennett & Co.
Direct
Direct
Wire
New York
To
CROP"
Wire
To
Midwest
stock
Paine,
"MAKING
Offices
All
Stock
Exchange
Webber,
Offices
Exchange
And
Correspondent,
Jackson
&
Curtis
KENTUCKY
IN
1960 style
(Left
and
Ronald
6:45,
Below)
then works
from 7
On
a
typical
J. Starks does farm
a.m.
his shift
summer
day, typical Russellville
chores and equipment maintenance
as
to 3:30. After hours
small-farmer
from daylight to
setup man at Rockwell Manufacturing
he cultivates, plows, or plants till dark.
For thousands of
Company
THE
D
Kentucky's small-
have shrunk the
part-time
the steady, urgent rhythm
tractors
farmers,
Member
Midwest Stock Exchange
tasks of the home place to
size. But
of
1st Floor, Kentucky Home Life Bid?.
LOUISVILLE
"making crop" is in their blood.
Central and
branch plants
With their help many
Western
Kentucky
Bell
out-produce all other units operated
Direct
2,
KENTUCKY
Teletype LS 186
Wire
to
JUniper 4-0226
Dempsey-Tegeler A Co., Chicago
by the same companies.
Other
special advantages of Cen¬
tral and Western Kentucky are our
crossroads
location,
abundance
of
sites, access to major waterways,
native raw materials, power, and an
supply. Financing has
Kentucky's
several rungs up the national
excellent gas
now
For
years
we
have
been
over-the-counter
Kentucky Municipal Bonds.
when you
been created to raise
schools
38
Kentucky
active
issues
Try
in
and
us
out
have Kentucky issues to trade.
ladder.
Experienced executive specialists
Development De¬
INVESTMENT DEPARTMENT
in the Industrial
partment of Western Kentucky Gas
Company will gladly assist you in
investigating. Handling is confiden¬
tial. Call or write us today.
TYRUS R.
MICHAEL
DAVIS
REGAN
HECTOR W.
BOHNERT
Mrs.
Mrs.
WESTERN
KENTUCKY
GENERAL OFFICES
COMPANY
OWENSBORO,
KENTUCKY
E.
ELINORE
JOSEPH
C.
LEWIS
SEDLEY
SPANINGER
CHARLES
JAMES
ARVIL
C.
M.
L.
SHORT
CLARENCE
CHARLES
KENNETH
KING
FETTER
G.
H.
TAYLOR
GARTRELL
PLATTNER
Volume
SOCALL,
Number 5992
192
E.
HERBERT
WAYNE
H.
V.
RICHARD
WHITE,
JOHN
Hudson
STEIN,
White
WHITE,
D.
Si
STOCK,
Wm.
C.
Bank
NUSLOCH, GEORGE H.
Nusloch, Baudei
Roney & Co.
WILLIAMS,
VICTOR
A.
OGDEN,
Paine, Webber, Jackson
P.
WILLMORE,
Merrill
THOMAS
Lynch,
Si
Pierce,
Fenner
&
Smith
RODDY,
Charles A. Parcells & Co.
ZERWICK,
Harris, Logan & Co.
F.
J.
HERMAN
Winckler
SANFORD,
Co.
STRINGER,
WHEELER,
J. B.
&
ROBERT
The
H.
WOOD,
A.
FRANK
JAMES
Hibernia
Friedrichs
B.
Inc.
B.
M. Smith-Wood
WOOLFOLK,
F.
Company, Inc.
ROBERT
M.
Woolfolk, Inc.
A.
National
Bank
in
ZOLLINGER, Jr.,
New
Orleans
New Orleans Security Traders
MAX J.
MELVIN
MACREERY
Wheeler Si Woolfolk,
Sanford
Wheeler &
STOUSE,
Watling, Lerchen Si Co.
STUIT,
H.
Company
ERWIN
Schweickhardt & Company
A.
Weeks
&
JOS.
WEIL, Jr., WALTER II.
Howard, Well, Labouisse,
Inc.
SMART, LAWRENCE
Jr.,
Hornblower
E.
SCHWEICKHARDT,
D.
Baker, Simonds & Co., Inc.
STOETZER,
JAMES
F.
Co.
VIRGIL
C.
Weil Investment Co.
Scharff Si Jones,
F.
ERNEST
Denis J. Villere Si Co.
WEIL,
PEDRICK, Jr., PARKS B.
Howard, Weil, Labouisse, Frledrlchs Si Co.
Hattier
Company
St.
WOOD, WARREN A.
Kenower, MacArthur & Co.
A.
VILLERE,
& Smith1
n
N.
FRED
Curtis
F.
Incorporated
KENNETH T.
WIGLE,
J.
&
MYRON
Bache
Hills
Armstrong, Jones, Lawson & White,
Incorporated
Watling, Lerchen & Co.
MARION
CHARLES
65
WILCOX, EDWARD A.
Bloomfield
Co.,
Manufacturers National
C.
Inc.
SPLANE, GEORGE W.
Paine, Webber, Jackson & Curtis
STANDISH,
Bennett Si
WHITAKER, LEWIS H.
Sattley & Co.,
STANKO,
.The Commercial and Financial Chronicle
Manley,
M.
Watling, Lerchen & Co.
SPAULDING,
.
WEGENG, Jr., PHILIP J.
Harris, Logan & Co.
SPADE,
.
JOHN J.
Scharff Si Jones,
Inc.
Association
R.
Kenower, MacArthur & Co.
SUTHERLAND,
ROSS
W.
Nauman, McFawn & Co.
TIEDECK,
GEORGE M.
Hornblower
Dealers and Brokers in
Weeks
Si
VANDERVOORT,
HENRY
Nauman, McFawn & Co.
VERNIER,
JOHN
Manley,
VERRAL,
Si
Co.
CLIFFORD
Charles
A,
VETTRAINO,
General Market Issues
E.
Bennett
E.
Parcells & Co.
JOSEPH
Specializing in
D.
Manley, Bennett Si Co.
VOGEL,
A.
ARMIN
H.
New
H.
Vogel Si Co.
England Securities
VOORHEIS, FRANK E.
Goodbody & Co.
WAKEMAN,
WYNN F.
Charles
Parcells
A.
&
Co.
WALLACE,
RICHARD J.
Bos worth & Co., Incorporated
Braun,
WALLACE,
Wm.
WASS,
T. Jeff Feibleman
C. Roney
Si Co.
Vice-President:
Joseph E.
Friedrichs & Company.
Blosser Si McDowell
WATERSTONE, BEN B.
F. J. Winokler
Co.
Bache
THOMAS
Si
WEAVER,
Charles
Elected:
Weil,
October
13, 1961.
BOSTON
HUbbard
Bell
V
ROSTER
Parcells
OF
ALEXANDER,
3-7600
System Teletype BS 328
Worcester, Massachusetts
ADAMS, LEON
Nusloch, Baudean Si Smith
ABROMS, WILLIAM
Co.
YORK
WHitehall
Branch:
MEMBERS
(Members in New Orleans unless otherwise
indicated)
WEED, WILLIAM F.
First of Michigan Corporation
NEW
2-6442
H.
STANLEY
STREET
BOSTON 9, MASS.
Labouisse,
July 13, 1960; Took Office: July 13, 1960; Term Expires:
Co.
A.
Howard,
Secretary-Treasurer: Ronald J. Levy, Abroms & Co., Inc.
~
WATLING, PALMER
Watling, Lerohen Si Co.
WATSON,
Joyner,
MILK
31
President: T. Jeff Feibleman, Dorsey & Co., Inc.
CLARENCE J.
Straus,
Carr & Thompson. Inc.
Ronald J. Levy
Joseph E. Joyner
ROBERT
Abroms
&
ROBERT
D.
Howard, Well, Labouisse, Friedrichs &
Company
■
Co., Inc.
.
ALVIS,
A.
Alvis
LESTER
and
ARNOLD,
Arnold
®®»ton
Hew
England
Telephone
'
UNLISTED
MARKETS
Teletype
H. WILSON
Derbes, Inc.
&
BROWN,
WM.
CRANE,
G.
Crane
Textiles
VERGNE,
Schirmer,
Banks
Derbes,
FEIBLEMAN,
JAC.
& Co.
50
GLAS,
T.
GREEN,
Congress Street, Boston 9
to
Portland. Me.,
G.
New York—CAnal 6-1613
SHELBY
Friedrichs
Labouisse,
and
Bell
WALTER
Weil,
R.
Labouisse,
Friedrichs
&
Private Wire To A. M. Kidder & Co., Inc., New York
For
HARDY, FORD T.
Merrill Lynch,
Manchester, N. H.
Mass.
Portland, Maine—Enterprise 2904
Hartford, Conn.—Enterprise 6800
Company
Branches
Boston—HUbbard 2-5500
System Teletype—BS-142, BS-145
Providence, R. I.—Enterprise 2904
JEREMY
Howard,
Portland, Me.
Providence, R. I.—Enterprise 4280
Connect.ons
R.
Street, Boston 9, Massachusetts
Open-end Telephone Wire to New York
JEFF
Glas Si Company
Exchanges
Milk
P.
Dorsey Si Co,, Inc.
Members New York
Stocks
J. B. MAGUIRE & CO., INC.
& Kees
Howard, Weil,
Company
and Boston Stock
Inc.
Inc.
31
Ducournau
FRIEDRICHS,
Bank & Insurance
H.
CLAUDE
Si
DUCOURNAU,
Atherton
Utilities
•
J.
Investment Co.,
Arnold
Industrials
•
Co., Inc.
BS-144
LA
NEW ENGLAND SECURITIES
PRICE
Investment
DERBES,
Electronics
UTILITY and INDUSTRIAL STOCKS
PERRY
Newman, Brown Si Co., Inc.
DE
m
PRIMARY MARKETS
BREAUD, Jr., J. CHARLES
Newman, Brown & Co., Inc.
T.|.ph0„,
Crane
Primary Markets
Mlssr
White, Hattier & Sanford
CAnaf 6-3000
/
Jackson,
BOUCHE, LOUIS J.
Liberty 2-8852
N.w York
Company,
Bank and Insurance Stocks
Pierce, Fenner & Smith
Incorporated
Lynn and Northampton
HATTIER,
Jr.,
GILBERT
Hattier & Sanford
HAWLEY,
JACKSON
A.
Equitable Securities Corp.
*
56 YEARS OF SERVICE *
HOWARD,
ROBERT
Howard,
P.
Weil, Labouisse, Friedrichs
and Company
Active Markets in Unlisted Securities
JOYNER, JOSEPH
Howard,,-Weil,
Chas. A. Day & Co.
Et>
Labouisse,
Friedrichs
Si
including
Company
KEENAN,
Incorporated
St.
ARTHUR
Denis
J.
J.
Villere &
Co.
CHRISTIANA SECURITIES
KEES, C. HOMER
Ducournau
Listed and Unlisted Bonds and Stocks
E
~
particularly of
New
England Corporations
—
•
~
—■
and Financial Institutions
^5
Maintaining
a
Retail Department
England
DELAWARE BANK STOCKS
KINGSBURY, J. W.
Jackson, Miss.
r KINGSTON,
r
Z.
Inquiries invited from Dealers
& Kees
_
WALTER D.
E. F. Hutton & Company
KINGSTON,
E. F.
Jr.,
WALTER
Hutton Si
D.
Company
LEARY, A. McINTYRE
Barrow, Leary & Co., Shreveport
laird
LEVY, RONALD J.
Abroms & Co.,
—
LOUGUE,
WM.
&
company
Inc.
CORPORATION
with Distribution in New
N.
~
National American
ZI MANION,
ZZ.
—•
of New Orleans
W.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
ZZ MINETREE,
WASHINGTON AT COURT STREET
Bank
Members
CHARLES
JOS.
P.
Exchange
Midwest
Exchange
American Stock Exchange
Stock Exchange
Chicago Board of Trade
Commodity Exchange, Inc.
—
Steiner, Rouse & Co.
Nemours Building
NEWMAN, LEON
ZZ
Kohlmeyer Si Co.
—
Member Boston Stock
New York Stock
~
NEWMAN,
MORRIS
Delaware Trust Building
WILMINGTON, DELAWARE
W.
Newman, Brown Si Co.. Inc.
and
66
The Commercial
I
ROSTER OF
Security Traders Club of St. Louis
ARNSTEIN,
Stix
&
FREDERIC
Jr.,
Co.
Edwards
G.
&
Lynch,
Sons
Pierce,
Fenner
&
Smith
Incorporated
BAKEWELL,
Stix
&
BAYER,
A.
BEATTY,
A.
G.
Yates,
FORD,
Sons
&
Woods
GLASER,
BOND,
Jack P.
W. Jack Wichmann
Matye
Bayer
Bond
Semple, Jacobs & Co.
HERBERT
G.
O'BRIEN, JAMES
Walker & Co.
H.
Mercantile
Inc.
GUION, ROBERT H.
Newhard, Cook & Co.
HAHN, CHARLES
HARTNETT, WM. H.
Morfeld, Moss 6c Hartnett
Henry,
St.
CARLTON,
Vice-President:
Jack P. Bayer, A. G. Edwards & Sons.
Harris
Trust Company
JAMES
Trust
Reinholdt 6c
Edward A. White, White & Company.
Gardner
JANSEN, KENNETH
Edward
Reinholdt & Gardner
Charles Goodwin, Goldman. Sachs & Co.
Treasurer:
Kenneth D. Kerr, Fusz-Schmelzle & Co., Inc.
Committeemen:
Joseph Bronemeier,
Richter
Scherck,
porated; Richard H. Walsh, Newhard, Cook & Co.
RAYMOND
Cook
Co.
C. Deppe,
Edward D. Jones & Co.
&
D.
D.
Jones
&
Co.
1959; Took Office: October 20, 1959; Term
Expires: October, 1960.
v
EICHHORN,
Stix
&
&
Co.
Co.
Reinholdt &
KERR,
Ltd.
KENNETH
Fusz-Schmelzle
HOWARD
6c
Co..
Inc.
Harvey,
Klein & Co.,
I.
M.
Simon
6c
Co.
RYAN, JAMES
Newhard, Cook & Co.
SANDERS, DONALD
KLEIN, ELMER B.
Co.
Gardner
ROSENTHAL, ROBERT A.
KELLY, FRED S.
Co.
DRUMMOND, KENNETH
Elected: October 20,
Walker
ROBINSON, SPENCER H.
H. Walker & Co.
Stifel, Nicolaus & Company, Incorporated
Calvin Bullock,
H.
ROACH, HERBERT M.
Yates, Heitner & Woods
Edward
JORDAN, ROY W.
Jones
Co.
RICHTER, HENRY J.
Scherck, Richter Company
J.
Ferguson, Mo.
Edward D.
&
JARRETT, ELMER E.
Newhard, Cook & Co.
G.
Eugene T. Burns, Fusz-Schmelzle & Co., Inc.; Ralph
ELVIN K.
Simon
Edward D. Jones &
G.
Co.
&
M.
REDDEN, TARLETON
Yates, Heitner & Woods
REIMER, IRVIN E.
G.
DEPPE, RALPH C.
Alternates:
Inc.
JONES, EDWARD
DEMPSEY, DUMONT G.
Newhard, Cook & Co.
DENYVEN,
Co.,
REIMAN, WM. L.
J.
&
Jones
DONALD
Newhard,
Stifel, Nicolaus 6c Company, Incorporated
Company; John W. Bunn, Stifel, Nicolaus & Company, Incor¬
D.
JARRETT,
DARMSTATTER, E. W.
National
I.
HUEBNER, CHARLES
Midwest Stock Exchange
CLOONEY, LEO R.
Secretary:
A.
&
POLETTE, JOSEPH
White & Company
POPPER,
HORNING, BERT H.
Dempsey-Tegeler & Co.
J.
CHRISTOPHEL, ARTHUR
Third Vice-President:
ROBERT
Fusz-Schmelzle
PETERSEN, Jr., JOSEPH
Joseph G. Petersen & Co., Inc.
HOLSTEIN, EDWARD J.
Stifel, Nicolaus & Company, Incorporated
i
Savings Bank
&
Inc.
PELTASON, PAUL E.
Peltason, Tenenbaum Co.
WILLIAM M.
Metropolitan St. Louis Co.
McCourtney-Breckenridge & Co.
CADLE, CHESTER J.
Cruttenden, Podesta & Co.
Company, Incorporated.
Second
Union
Co.,
HILLE,
Inc.
Franc & Co.
Louis
&
Stifel, Nicolaus & Company, Incorporated
HOCH, HAWORTH F.
Co.,
BURTON, WILLIAM
W. Jack Wichmann, Stifel, Nicolaus &
First Vice-President:
Joseph G. Petersen
PAULI,
Yates, Heitner 6c Woods
BURTCH, BURDICK V.
John F. Matye, Dempsey, Tegeler & Co.
Bank
Louis
St.
PATKE, JAMES B.
HEITNER, NORMAN E.
EUGENE T.
R.
Co.
O'NEILL, THOMAS
Scherck, Richter Company
W.
&
O'NEILL, MICHAEL F.
of
Reinholdt 6c Gardner
Stifel, Nicolaus & Company, Incorporated
EDWARD
Moore
The Boatmen's National
HAGENSIEKER, EARL
BRONEMEIER, JOSEPH
Scherck, Richter Company
President:
Smith,
Yates, Heitner & Woods
Co.
Company
Reinholdt & Gardner
OLDENDORPH,
Dempsey-Tegeler 6c Co.
BROCKSMITH, H. L.
;
Scherck, Richter Company
Trust
O'CONNELL, HARRY
GUMMERSBACH, ALBERT E.
&
LOWELL
Union Trust Co.
GRAF, RUDOLPH
HAEUSSLER, WALTER C.
Fusz-Schmelzle
Louis
St.
BROCKMEYER, E. H.
Kenneth D. Kerr
Bank
White & Company
NEWCOMB,
BRENNAN, EMMET J.
Brennan & Company
Charles Goodwin
National
St. Louis
NEUWOEHNER, HIRAM
BRECKENRIDGE, HUNTER
McCourtney-Breckenridge & Co.
Edward A. White
CLARENCE
Boatmen's
The
GOODWIN, CHARLES
Goldman, Sachs 6c Co.
BRAMMAN, EDWARD O.
BURNS,
& Co.
EDWARD H.
Morfeld, Moss & Hartnett
NELSON,
Dempsey-Tegeler & Co.
BOSCHERT, DANIEL C.
Morfeld, Moss & Hartnett
BUNN, JOHN
Simon
M.
GODBOLD, Jr., EARL W.
Stifel, Nicolaus & Company, Incorporated
Goldman, Sachs &
I.
of
BOOGHER, LELAND
Bramman-Schmidt-Busch,
G.
MOBERLY, RALPH
MORFELD,
D.
WILLIAM C.
Goldman, Sachs & Co.
Co.
R.
G. Mills & Company
R.
Morfeld, Moss & Hartnett
Securities
&
F.
McKEE, LOGAN
White & Company
MILLS,
GLASER,
RAYMOND C.
Bankers
Company
JOHN
Dempsey-Tegeler & Co.
MEYER, ROBERT
Sons
&
Semple, Jacobs & Co.
Sons
&
BLEWER, CLARENCE F.
Blewer, Glynn & Co.
John F.
Incorporated
F.
Edwards
&
White
MATYE,
FRIEDMAN, WILLIAM STIX
WILLIAM J.
Edwards
G.
JAMES
G.
J.
MATTHEW, DAVID S.
FRANC, TERRY
Henry, Franc & Co.
WALTER A.
Heitner &
BLAKE,
A.
Sons
A.
Edwards
BECKERS,
Mercantile Trust Company
FRANK E.
E. L. Zoernig & Co., Inc.
FLOYD
Company
DONALD
MAENDER, CLARENCE
G. H. Walker 6c Co.
Stifel, Nicolaus & Company,
P.
&
LARRY
&
White
FLOTRON,
JACKSON
Thursday, October 6, 1960
LUDWIG,
FISCHER, JOSEPH S.
Goldman, Sachs 6c Co.
EDWARD
Co.
.
LOFTUS,
MEMBERS
FITES, VERNON
Edwards
G.
.
FELSTEIN, SAM
A. G. Edwards & Sons
AYERS, C. T.
Merrill
.
ESSERT, EARL H.
Yates, Heitner & Woods
A.
ASHER, SIDNEY L.
A.
Chronicle
and Financial
Inc.
Edwin
C.
SANDERS,
Sanders & Co.
THOMAS
C.
Edward D. Jones & Co.
SCHERCK, Jr., GORDON
Scherck, Richter Company
SCHIRP, GREGORY J.
Taussig, Day & Co., Inc.
SCHLUETER, BERNARD L.
Newhard, Cook & Co.
SCHMELZLE, ALBERT M.
Fusz-Schmelzle
&
Co., Inc.
SEGASTURE, JAMES
Fusz-Schmelzle & Co., Inc.
Construction
SENTURIA, EDWARD
Newhard, Cook & Co.
Aggregates
SHAPIRO, SUMNER
Yates, Heitner & Woods
SIEGEL, JOHN
Reinholdt
Through its
Marietta
tractors
growing
many quarry
operations, American-
supplies aggregates to construction
and
the
areas
con¬
ready-mix concrete industry in
materials from its quarry
highway construction and
as
to
near
large projects such
airports and dams.
of the nation.
its permanent
&
Gardner
SORY, GEORGE
Moody's Investors Service
TAUSSIG,
WILLIAM H.
Merrill Lynch, Pierce,
Incorporated
Fenner
&
Smith
TAYLOR, MEL M.
Semple, Jacobs & Co., Inc.
Adequate for
In addition
locations along routes of
facilities, which
serve
many years
American-Marietta's
of high level production,
raw
material
reserves
are
TEGELER, JEROME F.
Dempsey-Tegeler & Co.
TENENBAUM, HARRY
Peltason, Tenenbaum Co.
large centers of demand, American-Marietta
strategically located to meet steadily expanding
THEIS, ALBERT, III
Stifel, Nicolaus & Company, Incorporated
operates portable stone crushing plants. With these
requirements for aggregates used in industrial,
VOGEL, LEONARD
Glaser, Vogel 6c Co.
plants, A-M is able to efficiently
commercial and
WALSH, RICHARD H.
Newhard, Cook 6c Co.
process aggregate
public construction.
WALSH, ROBERT A.
Dempsey-Tegeler & Co.
WALSH, WILLIAM
Dempsey-Tegeler & Co.
The
startling dimensions of America's economic growth and expanding
markets have been projected in a special report, "The Years Ahead: 1960To
1975." The significant conclusions of this professional study have far-reaching
implications for every thoughtful executive. You are invited to send for a copy.
Address Department YA, American-Marietta Company, Chicago 11, Illinois.
WARNICK, JOSEPH
Yates,
Heitner 6c
Woods
WEBER, VINCENT C.
Weber, Mitchell & Olson, Inc.
WHITE, EDWARD A.
White & Company
WHITE, Jr., JULIAN
White 6c Company
PAINTS
•
PRINTING
INKS
RESINS
•
DYES
•
ADHESIVES
•
METALLURGICAL
PRODUCTS
•
WHITEHEAD, KENNETn
I.
CHEMICALS
•
SEALANTS
ENVIRONMENTAL TEST
CONSTRUCTION
EQUIPMENT
MATERIALS
•
LIME
•
•
HOUSEHOLD
PRODUCTS
REFRACTORIES
•
k
,0
M. Simon
6c
Co.
WICKMANN, W. JACK
Stifel, Nicolaus 6c Company, Incorporated
WILLER, ERNEST D.
The
Boatmen's
National
Bank
of
Louis
CEMENT
WOOD, CHARLES L.
The Boatmen's National Bank of
St.
American-Marietta
Progress through Research
Company
Chicago 11, Illinois
Louis
WUEST, HARRY J.
Blewer, Glynn 6c Co.
YATES, Jr., JAMES A.
Yates, Heitner & Wood
ZEIGLER, R. PAUL
Goldman, Sachs & Co.
ZINZER, HERMAN J.
Dempsey-Tegeler 6c Co.
St.
Volume
Number 5992
192
.
.
.
The Commercial and Financial Chronicle
67
MAYFIELD, HARRY
Kansas City Security Traders
Commerce
Trust
F.
Cleveland Security Traders
Company
Mcdonald, claude m
McDonald, Evans & Company
Association
MacDONALD,
LEWIS
Dempsey-Tegeler
Association
S.
&
Co.
:v.
■
MESLER,
MYRON
George K. Baum &
Company
,
'
\
MEYER,
ROBERT
MORRISON,
United
KENNETH
Trust
C.
Abilene,
111
Kans.
W.
O'NEIL, TIMOTHY
A.
ill
S.
'
ft
Fitch, North & Co., Incorporated
Barret,
v
||j||
Company,
NORTH, FRANK
.
E.
Upham & Co.
Harris,
..
P.
Allyn and Company Incorporated
5
■
,
A
y>
#
i!
ggglpF
O'SULLIVAN, III, THOMAS P.
Harris, Upham & Co.
PAULY,
m
ELMER
Prescott,
W.
Wright,
f
*
Snider Co.
Ij
PESELL, WILLIAM B.
John F.
David Kramer
Fogarty, Jr.
Joseph M. Crowe )
T. P. O'Suliivan, III
Estes
&
Company, Inc., Topeka,
Kans.
Arthur W. De Garmo
Michael G. Hardony
f
James J. Drnek
PIEDIMONTE, DAN
A. C.
President: John F.
Fogarty, Jr., Stern Brothers & Co.
Midland
Stern
Thompson & Crowe, Inc.
Gasal, Harris, Upham & Co.; Charles J. Foley,
H. O. Peet & Co.; Keith D. Lincoln, E. F. Hutton & Company;
Dan Bracken, Waddell & Reed, Inc.; Russell K. Sparks, Barret,
Fitch, North & Co., Incorporated.
National Committeemen: Russell K. Sparks, Barret, Fitch, North
Co., Incorporated; Charles J. Foley, H. O. Peet & Co.
Alternate: Keith D.
KRAMER, DAVID
AGRON, EUGENE J.
Straus, Blosser & McDowell
E.
F. Hutton
&
E. F. Hutton &
LUCAS,
& Company
;
>
BARMBY, JOHN R.
George K. Baum & (Company
&
Kans.
E.
H.
Peet
O.
First Boston
Inc.
SPARKS, RUSSELL K.
Barret, Fitch, North & Co., Incorporated
STEPHENS, JASPER F.
Waddell & Reed, Inc.
,
MADELON L.
Securities
WESTBROOK,
Midland
Co.,
National Committeemen:
Morton A. Cayne, J. N. Russell & Co.,
Inc.; Gary A. Galdun, Wm. J. Mericka & Co., Inc.
Alternates:
John P. McGinty, McDonald &
Company; James N.
Russell, J. N. Russell & Co., Inc.
Elected:
December, 1959: Took
Expires: January 1, 1961. r
Office:
January
1,
Term
1960;
Inc.
ROSTER
located
OF
Christopher & Co.
WHITE,
MAIIR, ROBERT H.
B. C. Christopher & Co.
in
Cleveland
MEMBERS
unless
BOCK, ROY E.
otherwise indicated)
ARMBRUSTER,
Saunders,
FRANK C.
Securities
Co.,
Inc.
ASBECK,
LEONARD
Stiver
& Co.
& Co.,
Trust
Security Management, Inc.
Company
YUKON, WARREN
Mark Henry & Co., Atchison, Kans.
B. C.
Christopher & Co.
N.
Russell
&
Co., Inc.
Cleveland Plain Dealer
BUCHANAN, DONALD A.
FREDERICK M.
A.
McDonald, Evans & Company
J.
BRYAN, JOHN E.
THOMAS
Wm. J. Mericka
MARSHALL, E. D.
Co.
BRACKEN, DAN
Waddell & Reed,
BRAGG, JOHN
Co.,
Harris, Upham & Co.
MARGOTTA, ALEX
FRANCIS D.
Peet &
O.
Securities
WELSH, M. L.
Company
Jr.,
Commerce
H.
Midland
Ernest
Lazin, Blyth & Co., Inc.; Frank L. Marshall,
Corporation; Everett A. King. J. N. Russell & Co.,
Inc.; Richard A. Probst, Saunders, Stiver & Co.; Gary A.
Galdun, Wm. J. Mericka & Co., Inc.
SORMANI, ANTHONY
Inc.
CAREY, WALTER J.
Gunn, Carey & Roulston, Inc.
BAER, HOWARD M.
Curtiss, House & Co.
CAUNTER, LEE
WHITSITT, R. DALE
BELL, ELDON R.
E. R. Bell Co.
BERTRAND,
James J. Drnek, Prescott & Co.
(Members
MARK A.
F. Hutton & Company
B. C.
Inc., Topeka,
Company,
John R. Donahue, Joseph, Mellen & Miller, Inc.
Treasurer:
WAGNER, THEODORE F.
Company
MADER, EDWARD G.
ROBERT
Estes
Secretary:
Co
LINCOLN, KEITH D.
Incorporated
BEAL,
Hayden, Miller & Co.
Harris, Upham & Co.
BANTRUP, WILLIAM
Hutton
&
Governors:
Midland
LATSHAW, JOHN
C. W.
Merrill Lynch, Pierce, Fenner & Smith
BACKLUND,
F.
Brothers
THOMPSON,
Bache & Co.
otherwise indicated)
E.
Arthur W. De Garmo,
Vice-President: Michael C. Hardony, Ball, Burge & Krauss.
PURCELL, HOYT
SYLVESTER, W. CLYDE
W. C. Sylvester Investment Co.
OF MEMBERS
anless
City
Kansas
In
Inc.
STOENNER, ARTHUR W.
Prescott, Wright, Snider Co.
Lincoln, E. F. Hutton & Company.
ROSTER
located
Company,
Lucas, Eisen & Waeckerle, Inc.
Directors: James R.
(Members
Securities
PRICE, EARL W.
Secretary: Thomas P. O'Suliivan, III, Harris, Upham & Co.
&
President:
PITLUGA, EDWARD F.
Vice-President: David Kramer, Bache & Co.
Treasurer: Joseph M. Crowe, Luce,
Allyn and Company, Incorporated
L. A.
Caunter &
Co.
BAKER, DAVID
Merrill, Turben & Co.
CAYNE, MORTON A.
J. N.
Russell &
BAXTER, Jr., CHARLES McGIIEE
Baxter &
Co., Inc.
Continued
Company
on
page
Inc.
C.
&
Co.
FRANK
BRINKLEY,
A. C. Allyn and Company,
Incorporated
BURTON, JOHN T.
Bache
Co.
&
CARNES, JAMES
Merrill
E.
Lynch, Pierce, Fenner
& Smith
Incorporated
if it's
a
matter of
LAURENCE B.
CARROLL,
Dempsey-Tegeler
&
CHARMLEY, JACK
B. C. Christopher
Co.
&
Co.
CLUGSTON, DONALD L.
Pittsburgh, Kans.
When you have a question involv¬
ing tax-free Public Bonds you can
profit from Nuveen's specialized
knowledge. Over sixty years of
experience and nation-wide
contacts enable
us
to
'
COEN,
MIKE
Securities
\
Co.,
Midland
FEESE, MASON H.
Milburn, Cochran & Company,
Inc.
■
,
•
•
FOLEY, CHARLE3 J.
H. O. Peet & Co.
;
■; ."I
it pays to call
GASAL, JAMES R.
Harris, Upham & Co.
Incorporated
Inc.
Detroit
HOWK, JAMES
&
Co.
v
Los
.
GRAHAM T.
George K. Baum & Company
Tax-Free Public Bonds
Exclusively Since 1898
Omaha
Seattle
JENNINGS, JOHN P.
Distributors,
Angeles
Miami
Co.
HUNTER, HAYWARD II.
Wichita,
Your inquiries are invited.
Columbus
HILLMOND,
Brothers
Inc.,
Kansas
t
'
Up-to-the-minute researchinformation about tax-free Public
Bonds available on request.
Boston
„
Fund
'
Atlanta
IIENRY, MARK
v
Mark Henry & Co., Atchison. Kan.
&
v'
New York
HARVEY, RALPH C.
Standard <5e Poor's
Peet
'
h
Chicago
Topeka, Kans.
HARRIS, CHARLES M.
A. C. Allyn and Company
O.
;
McDowell
HANNI, ARTHUR R.
Seltiam, Hannl Se Co., Inc.
H.
provide...
'
the most difficult problems
in public finance.
FOGARTY, Jr., JOHN F.
Stern Brothers & Co
Stern
,•
frequently develop solutions to
Co.
& Surety
J.
Dempsey-Tegeler & Co.
HUNT,
■
★ Underwriting skills that
Inc.
DYER, WILLIAM
A. W.
Waddell & Reed,
■
Inc.
Company,
Luce, Thompson & Crowe,
HALPER, JACK K.
Straus, Blosser &
'.
quotations
CROWE, JOSEPH M.
DUBAC, RAY B.
Western Casualty
'
Close markets and prompt
on all tax-free
Public Bonds.
Kans.
& Co.
COMBEST, EARL L.
Midland Securities
,
★
COLE, WALTER I.
Bcccroft. Cole & Co.. Topeka.
COLEMAN, HARRY
B. C. Christopher
*.
Inc.
St, Paul
L,'
68
The Commercial and
68
Cleveland Security Traders
HANSON, DAVID G.
C. J. Devine & Co.
Financial Chronicle
Will S.
ERB, ROBERT L.
COOK, LAWRENCE
FLEEGLE, CHARLES
Salomon Bros. & Hutzler
Green, Erb & Co.,
Cook & Co.
COVINGTON, HERBERT C.
DAVIS,
The
DE
J.
& Co. Incorporated
Harriman Ripley
Cleveland
Gaither
Corporation
Wm.
Hayden, Miller & Co.
DISBRO,
Press
&
Co., Inc.
Mericka
Wm. J.
LEO
GREANY,
O.
L.
Saunders. Sliver & Co.
M.
Inc.
L.
Saunders, Stiver & Co.
y
...
Wm.
J.
E.
,
W.
Mericka
J.
N.
Co., Inc.
&
Beadling
Youngstown, Ohio
E.
Ralph M. Dahl, Evans MacCormack &
President:
Blyth & Co., Inc.
GUGGENHEIM,
HOWARD
EBLE, HOWARD J.
J. N. Russell & Co., Inc.
GUNN, CLEMENS E.
Joseph, Mellen & Miller, Inc.
Gunn, Carey & Roulston, Inc.
LAFFERTY, ALAN E.
Hornblower & Weeks
Vice-President:
LAZIN, ERNEST
DRNEK, JAMES J.
Prescott & Co.
Secretary:
MARSHALL, FRANK L.
The First Boston Corporation
ROSTER
Company
MASTERS, OLAN B.
McDONOUGH,
Principal Stock and
GERALD C.
ADKISON,
Joseph, Mellen & Miller, Inc.
Commodity Exchanges
chicago
Teletype
Telephone
CG 656 & 657
Dempsey-Tegeler & Co.
FRED
BAKER,
Dempsey-Tegeler & Co.
Paine,
ARMSTRONG, JOHN
Co.
&
&
Morrow
Arnold & Company,
Beverly Hills, Calif.
Co.
&
Co.
DEL
Webber, Jackson
& Curtis
BARSAMIAN, KENNETH O.
Lloyd
MORROW, FRANK W.
Bowles
C.
BAKERINK,
METZEL, JEROME
Bache
HENRY
Thomas
ALEXANDER, JACK H.
McDonald & Company
STate 2-2400
ASCHKAR, PAUL H.
Paine, Webber, Jackson & Curtis
JOHN P.
McGINTY,
OF MEMBERS
(Members in Los Angeles unless
otherwise Indicated)
Butler, Wick & Co., Youngstown
Exchange
Stock
York
and all
&
Expires: December 31, 1960.
Took Office: January 1, 1960; Term
MASISAK, THEODORE
Baxter
Co.; James G.
Fraser, Stern, Frank, Meyer & Fox.
Phelps, Fenn & Co.
MEMBERS OF
James L. Beebe, William R. Staats &
Alternates:
LUCAS, WILLIAM
SINCERE and COMPANY
&
William W. Webster,
Ralph M. Dahl, Evans MacCormack
Co.; William H. Elliott, J. Barth & Co.;
Bateman, Eichler & Co.
LONG, MARTIN J.
The First Cleveland Corporation
Co.
Southern Colorado Power Co.
New
National Committeemen:
Prescott & Co.
Nalco Chemical Co.
"
& Co.
LISTON, CORWIN L.
Iowa Public Service Co.
Iowa Southern Utilities
Curtis.
Company, Inc.; Jack H.
Graham T. Young, Weeden
Alexander, Dempsey-Tegeler & Co.;
Jaffe, Lewis & Co.
LINGER, MARC
Jaffe, Lewis & Co.
Central Indiana Gas Co.
Bakerink, Paine, Webber, Jackson &
Robert M. Green, Pledger &
Governors:
LEWIS, MILTON B.
Colorado Central Power Co.
William H. Elliott, J. Barth & Co.
Treasurer: Del E.
Murch & Co., Inc.
Markets
Co.
Patrick Sheedy, Fairman & Co.
Blyth & Co., Inc.
LEUSTIG, FRED F.
Trading
Del E. Bakerink
William H. Elliott
Patrick Sheedy
Ralph M. Dahl
DAVID
& Company,
ORIN
KOESER,
& Co.
Co., Inc.
Russell &
KLINGMAN,
Erb & Co., Inc.
B. Schwinn
*
KING, EVERETT A.
GRIFFITH, JAMES L.
C.
DOTTORE, RAYMOND
Inc.
Jaffe, Lewis & Co.
KILIUS, RICHARD
& Co.,
M.
Greany & Co.
Green,
Joseph, Mellen <fc Miller, Inc.
IIUBERTY, GEORGE
J. N. Russell & Co.,
Collin, Norton & Co., Toledo
GREEN, WILLIAM
DONAHUE, JOHN R.
& Co., Inc.
IIOTALING, A. STEPHEN
The First Boston Corporation
KEIER, RUSSEL
GRAY, WILLIAM S.
ROBERT M.
Co., Willoughby, Ohio
Disbro &
DOERGE, JACK
E.
STEPHEN
J. Mericka
JAFFE, GEORGE E.
Mericka
J.
Angeles
Co.
&
HUDSON, CEYLON E.
Wooster, Ohio
Inc.
Co.,
GAWNE, HARRY J.
Merrill, Turben & Co.
ROBERT
Cleveland
&
GAI.DUN, GARY
GAKMC, A. W.
DIETSCH,
Russell & Co., Inc.
N.
GAITHER, PAUL II.
CLARENCE F.
First
Wm.
Inc.
WARREN
FOSTER, L.
Thursday, October 6, 1960
Halle & Co.
IILIVAK,
CLEARY, JACK
Cleveland Plain Dealer
Lawrence
.
HAYS, GEORGE H.
OF MEMBERS
ROSTER
Los
HAWKINS, DANIEL M.
Hawkins
.
Security Traders Association of
IIARDONY, MICHAEL C.
Ball, Burge & Kraus
Association
.
Co.
Morgan &
NASH, CHARLES J.
Wooster
E. Hudson,
Ceylon
OPDYKE, GEORGE F.
Ledogar-Horner Company
PARSONS, Jr., EDWARD E.
SEVENTY YEARS
& Co., Inc.
Parsons
PATRICK, FRANCIS J.
For half
Webber, Jackson & Curtis
Paine,
century one
a
of
PLACKY, GEORGE
L.
J.
Schultz
VICTOR
POPORAD,
of the West's leading
Co.
&
Emerson &
H. L.
C.
'\ r-'td
INVESTMENT
Co., Incorporated
PORZ, Jr., WILLIAM C.
The First Cleveland Corporation
Investment Bankers
BANKING
POTOKAR, ANTON, Jr.
Suburban Securities Co.
PROBST, RICHARD A.
Saunders, Stiver & Co.
Stifel, Nicolaus & Company
RANNEY, DEANE
Ball, Burge & Kraus
Boettcher
MEMBERS NEW YORK STOCK
135
EXCHANGE
AMERICAN STOCK EXCHANGE (ASSOC.)
•
Street,
LaSalle
South
Company
and
Illinois
Chicago,
INCORPORATED
DAVID F.
RE ID,
Reid
Fulton
& Co.,
MEMBERS
Inc.
Murch
&
Co.,
^
RUFFING, JAMES R.
C. J. Devine & Co.
new
york
grand
denver
•
junction
•
colorado springs
•
pueblo
SL
GArfield
CG 697
1-1980
Private
STate 2-5770
Wire Between St. Louis, Chicago and Moline
Hayden, Stone A Co., and Singer, Bean A
Offices and to
Machie, Inc., New York City
WALTER L.
SCHLEICKER.
Mericka
J.
CHICAGO, ILLINOIS
LOUIS, MO.
392
(Assoc.)
105 W. Adams St.
314 N. Broadway
ST.
RUSSELL, JAMES N.
J. N. Russell & Co., Inc.
Wm.
EXCHANGE
Co.
C. J. Devine &
offices:
MIDWEST STOCK EXCHANGE
EXCHANGE
AMERICAN STOCK
Inc.
RUNG, EDMUND J.
other
YORK STOCK
NEW
RAYMOND W.
ROONEY,
& Co.,
Inc.'
SCHULTE, Jr., FRANK J.
Ledogar-Horner Company
SELTZER, ROBERT
Cleveland Press
SIEGLER,
Edward
SMITH,
Liated & Ufiliated Securitiea
U nderwritera—Brokera
P.
R.
LAWRENCE N.
Siegler & Co.
The Illinois Cdmpany
N.
PIERRE R.
Smith & Co., Elyria, Ohio
SPARKS,
JAMES
INCORPORATED
B.
Established
Ball, Burge & Kraus
ROBERT
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
1933
STEWART,
Straus, Blosser & McDowell
STRING, RALPH E.
MEMBERS NEW YORK
DETROIT
STOCK EXCHANGE
EXCHANGE
STOCK
•
MIDWEST STOCK EXCHANGE
•
AMERICAN
STOCK
I
39
SOUTH LA SALLE
CHICAGO
EXCHANGE
'
\
(ASSOC.)
■
Bkche
&
Members
New York Stock Exchange
Co.
SUMMERGRADE, IRVING
J. N. Russell & Co., Inc.
STREET
3, ILLINOIS
Underwriters—Dealers—Brokers
TAYLOR, JAMES N.
Ceylon E. Hudson, Wooster
NEW
TELEPHONE
YORK
ANdover 3-5700
DETROIT
KANSAS
CITY
TELETYPE
CG
Midwest Stock Exchange
SULLIVAN, WILLIAM D.
Baxter & Company
MILWAUKEE
Corporate and Municipal Securities
ULLMAN, RUFUS M.
Ullman & Co., Inc.
t
GRAND RAPIDS
MT. CLEMENS
Private
WALTON, JAMES M.
.
financing and aales negotiated
Goodbody & Co.
650
WARDLEY,
RUSSELL G.
Fulton Reid <Se Co.
Trading
Retail
WARDWELL,
Wire
Connectiona
Coast to Coast
Teletype
WEAVER, ROBERT
Hornblower &
Weeks
WOEHRMANN, HAROLD
Paine, Webber, Jackson
Curtis
231 South La Salle Street
Telephone
CG 883
McBURNEY
Ball, Burge & Kraus
Chicago 4, Illinois
Financial 6-3400
Volume
Mr.
Mrs.
&
Number 5992
192
"Hank"
Lewis
Serlen,
BEEBE, JAMES L.
William R. Staats
D.
EARL
Dillon,
Co.
California
Securities
J.
Co., Beverly Hills
EDWARD
&
BRUM, JAMES E.
Shearson, Hammill &
CALL,
J.
Co.
Los
J.
Carlsen,
&
Inc.
Co.
&
ARTHUR
GREEN,
COOK,
Ryons & Co.
Evans,
MacCormack & Co.
J.
K.
Beverly
Hills,
J
Holton,
Fairman
&
Hill
Co.
J.
Barth
&
DORROH,
Shearson,
WILLIAM
Robert
Henderson
Sutro
Co.
Co.
&
;;
RUSSELL, ROBERT M.
Woolrych, Currier & Carlsen, Inc.
E., JR.
Durst, Inc.
Continued
R.
&
Company,
Incorporated
PATRICK
Co.
&
Hammill
Huff
H.
MANWARING,
&
Co.
&
Co.
JOSEPH
R.
McEVERS, MILTON S.
Daniel
Co.
&
Reeves
McGANN,
Jones
MEMBERS
Co.
New York Stock Exchange
& Templeton
SHANE
McOMBER, A.
Co.
&
EDWARD
Mitchum,
ATSUYOSIII
Richards
JOHNSON,
A.
Hammill &
Sutro
<
R.
Dempsey-Tegeler & Co.
IMBLER, A. O.
William R. Staats
DORMAN, JOHN
E. P. Hutton & Company
Henderson
FRED
MANTER,
HUDSON, NORMAN
Ri L. Colburn & Co.
Co.
&
WESLEY
&
Hornblower
DOAN, JAMES C.
Harbison
Co.
&
JOHN
CARL
Shearson.
Co.
&
HOSOKAWA,
DIEUDONNE, JR., GOERGE L.
Co.
RALPH
Wagenseller
Co.
Co.
&
Co.
&
California
MACINTYRE,
MANN,
HENDERSON, ROBERT J.
ROBERT D.
Paine, Webber, Jackson & Curtis
Harker
LUEKER, CLEMENS T.
Hill Richards & Co.
Inc.
Company,
Dempsey-Tegeler & Co.
DIEHL,
RICHARDS, JOHN S.
ROGERS,
ROBERT
Shearson, Hammill & Co.
HECHT, JOHN C.
Calif.
Turner-Poindexter
First
Witter & Co.
Dean
Inc.,
Osborne & Sons,
&
&
(
Blyth & Co., Inc.
LOWER,
HALL, MAX
DEUTSCHMAN, HARVEY
V.
Barth
PHELAN,
Henderson
&
Weeks
Midwest Stock
METZINGER, RAY
Evans MacCormack & Co.
MILLER,
Co.
&
Exchange
American Stock Exchange
(Associate)
DEAN
D.
Morgan & Co.
MILLER,
WILLIAM A.
Crowell,
& Co.
WILLIAM A.
Weedon & Co.
Aggressive retail distribution
for your
large block of securities
Working for
organization
the local level will be
you at
of
160
registered
our
special emphasis
on
—
in
INCORPORATED
with
the Central West's great markets.
Call Joe Burke in Chicago or
in New York. You'll
retail
representatives
key cities and communities coast to coast
Investment Bankers Since 1912
Stan Dawson-Smith
get prompt courteous attention.
CHICAGO
5'
•
.
'
'
.
'
.V
NEW YORK
Cruttenden, Podesta & Co.
Members, New York Stock Exchange and
CHICAGO
209 South LaSalle Street
Chicago 4, Illinois
DE
2-0500
CG-2536
SAW FRANCISCO
DENVER
OMAHA
MIAMI
other principal exchanges
LINCOLN
ST. LOUIS
ST. PAUL
NEW
YORK
37 Wall Street
CEDAR RAPIDS
GARY
MILWAUKEE
GRAND RAPIDS
MADISON
MUSKEGON
INDIANAPOLIS
FREMONT
FT. WAYNE
CHICAGO HEIGHTS
New York 5,
BO 9-2700
New York
NY 1-4563
v
RUSSELL, KENNETH
RICHARD
Fairman
ELWOOD
LOVELADY,
H.
GRIMES, MICHAEL
.
DAY1ES, JR., WILLIAM H.
Dempsey-Tegeler & Co.
Fairman
,
Co.
Marache, Dofflemyre & Co.
GRIFFIN, KENNETH J.
Mitchum, Jones & Templeton
RALPH M.
,
&
REYNOLDS, EDWARD
Co.
Kidder, Peabody & Co.
O'NEIL,
M.
LIVINGSTONE, CHARLES
GREEN, SAM
&
REDMOND, ROY
William R. Staats
Incorporated
Incorporated
Company
NORMAN
Pledger
Incorporated
& Co.,
;
Dempsey-Tegeler & Co.
Co.
&
E.
Co.
DONN R.
Merrill Lynch, Pierce, Fenner & Smith
ROBERT M.
Pledger & Company, Inc.
Co.
Staats
&
CHARLES
LINTON,
GREEN,
WILLIAM B.
Lester,
DAHL,
&
Co.
RICHARD
Pledger & Company, Inc.
COLLINS, EUGENE
Turner-Poindexter
RAMPLEY,
O'NEIL, DONALD
GEORGE
FRANK
Harris, Upham
Co.
&
R.
CLIFFORD
POINDEXTER,
Inc.
LINK,
JOSEPH
Morgan
Co.,
MORA, ADOLPH
Lloyd Arnold & Company,
Beverly Hills, Calif.
Incorporated
Bateman, Elchler Sc Co.
Holton,
Inc.,
OWEN, RICHARD E.
Keenan
J.
Co.,
NEVINS, JOHN R.
Lester, Ryons & Co.
STEVE
LINDE,
(Honorary)
JACK
GRAY,
Crowell, Weedon & Co.
Richards
&
California
First
COCKBURN, JAMES D.
Mitchum, Jones & Templeton
Hill
John
«ft
THOMAS
MULREIN, JOSEPH
Crowell, Weedon &
PUMA, JOSEPH G.
LATINOVICH,
Hogle & Co.
GRAFF,
CASS,
CLAUDE,
Witter
A.
'"."'VV/.:
John J. Keenan & Co.,
La
Meyer & Fox
GOODFELLOW,
CARLSEN, THEODORE D.
Currier
Company
Angeles Herald Express
Dean
M.
Lester, Ryons & Co.
ROBERT G.
Evans, MacCormack
Prank,
P.
Co.
Frank, Meyer & Fox
LANZIT,
&
G.
&
William
Frank, Meyer & Fox
Stern,
Blyth
MOORE,
KRAFT, VERNER HARRIS
GINN, WILLIAM E.
CAMERON, DONALD
Woolrych,
Inc.,
GENTLE, ANTHONY
Weeks
&
Co.,
Incorporated
KRAFT, Jr., OSCAR F.
FREEMAN, ALVIN R.
Dempsey-Tegeler & Co.
RICHARD
Hornblower
JAMES
Stern,
Co.,
&
Mr. & Mrs. J. Robert Doyle,
Chicago
O'Rourke & Co., Chicago;
O'Connor
MODRELL, PAUL
Keenan
Witter &
Stern,
Franklin
B.
J.
Dean
Fitzgerald &
Hills
Samuel
Company
Mrs. John P. O'Rourke, J. P.
KRAFT, OSCAR F.
Stern, Frank, Meyer & Fox
STUART
FRASER,
WILLIAM E.
Hutton
Mr. &
Deppe,
KIRWAN, NICHOLAS
J.
Weeks
&
FRANKLIN, RICHARD
White, Weld & Co.
P.
John
THOMAS
Cantor,
Beverly
Bank
BROWN, MAXFIELD E.
E.
C.
Doyle,
FETTERS, JOHN J.
Jones, Cosgrove & Miller, Pasadena
Co.
FINE,
Daniel Reeves &
BROWN,
Mrs. Ralph
Co.
Barth &
Hornblower
BETZ, HERMAN C.
BOURBEAU,
&
KEENAN, JOHN J.
EUPER,
&
BERRY, MICHAEL
Coast
New York; Mr.
Co., St. Louis
KELLER, THOMAS
J.
Securities
Union
Eastman
Pacific
Co.,
&
EARNEST, GEORGE H.
Evans, MacCormack & Co.
Co.
Prank, Meyer & Fox
BERRY,
&
Jones
69
ELLIOTT, WILLIAM H.
&
JOSEPH
Stern,
The Commercial and Financial Chronicle
.
.
Josephthal
Edward
BENTO,
.
'
•
BOSTON
BEACH
on
page
70
VmWWWFt'V*ft?*^..^.. "M" '•
*'IWWHK
,
,1Urt
V"
' ' "*
' *
"
^ ^PV.mmtlW^iWtAWi 1
WWWUV*IM^\
I »W
Chronicle
The Commercial and Findncial
70
Seattle Security Traders
Security Traders Association of
v
.
.
.
Thursday, October 6, 1960
Association
1X7TT
vrvvfTn
CAV
KENNETH
Inc.
WILSON,
«. A
Blyth & Co.,
Los
Angeles
THOMAS K.
Woolrych, Currier & Carlstn,
TRACY,
Continued from page 69
ROBERT
SANDIFER,
Los
Angeles "Times"
(Honorary)
Turner-Poindexter
SHEEDY, CHARLES A.
Fairman & Co.
Turner-Poindexter
VALHOFF,
Co.
A
Lester.
SHERIDAN, EDWARD
VAN
Weedon & Co.
Crowell,
First
EDDIE
Osborne
K.
&
Co.,
SHIPLEY, CLIFFORD D.
E. F. Hutton A Company
WILLIAM
Company
Marache,
WEBSTER,
Bateman,
& Co.
&
Curtis
Osborne &
K.
H.
Sons,
WILLIAM
Hogle A Co.
STANLEY,
Vice-President: Paul G. Johnson, Blyth &
Secretary Larry W. Sisson, Pacific
J.
A.
SCOTT
Dempsey-Tegeler &
Lester,
Inc.
YOUNG, GRAHAM T.
Office: January
1, 1960; Term
OF MEMBERS
ROSTER
Weeden & Co.
BADGLEY, ED
ZIMMERMAN,
TORENA, JOSEPH
<fe
1960; Took
1,
January
Expires: January 1, 1961.
WRITER, JOSEPH
Walston & Co., Inc.
DONALD E.
WILLIAM
& Co., Beverly Hills, Calif.
Walston
John I. Rohde, John R. Lewis, Inc.
Alternate:
Elected:
Ryons A Co.
-
Bache
MEMBERS
WRIGHT, WILLIAM L.
Co.
Wagenseller & Durst,
TIGHE,
Northwest Company.
Jones, Inc.
EDWARD J.
Lester, Ryons & Co.
WREN,
STOUT,
SUMMERELL,
4800
Frank Granat, Jr., Blanchett, Hinton &
National Committeeman:
Hill Richards A Co.
Co., Inc.
Wight, Bank of California.
Treasurer: Robert
Hills
DEANF,
Rohde, John R. Lewis, Inc.
President: John I.
Company
Inc.
IRWIN
Co., Beverly
Hentz &
AFFILIATES
Larry W. Sisson
'
\
WHEELER, JOHN E.
SPIVEY,
Robert Wight
Paul G. Johnson
John I. Rohde
WESSENDORF, Jr., HOMER
Mitchum, Jones & Templeton
SLATTERY, JACK
V.
Fenner & Smith
WILLIAM
Eichler A Co.
The Weller
Jackson
Webber,
Co.
WELLER, JOHN S.
JACK J.
SILLICK,
Paine,
Co.
&
Dofflemeyer
Holton, Henderson
&
Incorporated
WAYNE
SIEPMAN.
31
Incorporated
SAM
WARD, FRANK J.
MerriU Lynch, Pierce,
W.
FOREST
B.
NIELAND
Inc.
Dempsey-Tegeler
SHIPLEY,
N ST A
Co.
Co.
&
California
WALLACE,
Inc.
Sons,
&
VICARY,
Inc.
Woolrych, Currier & Carlsen,
V.
Co.
&
VAL
Ryons
ARSDALE,
Blyth
SHERWOOD, ALLAN F.
SHIMOOKA,
&
TURNER, Jr., STEPHEN C.
SHEEDY, PATRICK H.
Fairman
Inc.
TURNER, STEPHEN C.
Bingham,
Co., Inc.
WILLIAM
J.
Walter A Hurry, Inc.
Hill,
Darlington & Co.
'
.
BAKER, PETER
Merrill
Pierce,
Lynch,
Fenner
&
Smith
Incorporated
BATEMAN, HOMER J.
Pacific Northwest Company
E.
DWIGHT
BEATTIE,
Beattie Co.
D. E.
COMPLETE UNLISTED
BERRYMAN,
CLYDE
H.
OVER-THE-COUNTER
Pierce, Fenner & Smith
Merrill Lynch,
Incorporated
FOR
SERVICE
SPECIALISTS
LAWRENCE
Exchange, Inc.
M.
BISSELL,
Securities
COLIN
Southwick-Campbell &
SINCE
CAMPBELL,
DEALERS
COUPEZ, LOUIS
Co.,
1926
Inc.
G.
Hughbanks, Incorporated
TERRY
CRITCHETT,
Blanchett,
Witter &
Dean
New
Chicago
York
Bache
Inc.
SWIFT, HENKE & CO.
MEMBERS
MIDWEST
STOCK EXCHANGE
Co.
&
CLINTON
FOULDS,
Wm.
Jones,
K.
Co.
KENNETH
ELLIOTT.
Doyle, O'Connor & Co., Inc.
&
Hinton
EDWARD
EASTER,
E.
Harper & Son & Co.
P.
FREEMAN, ROGER
Pacific Northwest Company
Jr., FRANK
GRANAT,
Hinton A Jones,
Blanchett,
Bank
California,
of
BROKERS and DEALERS
Harper & Son & Co.
P.
With Own Private Wires to
Cal.
St. Paul, Minn.
*
Milwaukee, Wis.
MIDWESTERN
N. A.
FERGUS
Post
Intelligencer
PAUL
JOnNSON.
(Honorary)
G.
Blyth & Co.. Inc.
Sheboygan, Wis.
V
Taylor, Rogers
Jr., HOWARD W.
Securities Corp.
JONES,
JACK
William A. Fuller & Co.
Members
ERWIN
TELETYPES:
GG 917-918
M.
ERWIN
MOREHEAD.
Bank of Seattle
The Pacific National
H.
MORFORD,
Financial 6-1030
Incorporated
ROBERT
MacRAE,
CHICAGO
TELEPHONE:
B.
EDGAR
Hughbanks,
Teletype CG 146-147
Tel. DEarborn 2-5600
S. La Salle Street
105
(Honorary)
The Seattle Times
MACLEOD.
Tracy
Member of Midwest Stock Exchange
Blanchett, Hinton & Jones, Inc.
LAURANCE.
JOHN R.
John R. Lewis, Inc.
CHICAGO 4
209 S. LA SALLE ST.
E.
LEWIS.
of Midwest Stock Exchange
&
INC.
National
JONES,
MARKET
E.
GLENN
HOFFMAN,
Seattle
*
F.
ROBERT
The Bank of California,
,
FOR THE
Northwest Compay
Pacific
HINTON.
Madison, Wis.
DISTRIBUTORS, BROKERS & DEALERS
HENDRIES, ROBERT
HENSHAW,
Los Angeles,
A.
N.
TALBOT
HARTLEY.
Wm.
Inc.
JOS.
GRUBBS.
JAMES
Hughbanks, Incorporated
ROBERT A.
NATHANE,
Merrill Lynch,
Pierce, Fenner & Smith
Incorporated
Specialists in
NELSON, MARTIN
Martin Nelson A Co.,
Inc.
JOHN
PACKO,
Hill, Darlington & Co.
OVER-THE-COUNTER
WM. H. TEGTMEYER & CO.
Investment Securities
Jr., WILLIAM T.
PATTEN.
Blyth A Co., Inc.
LEONARD
PERRY.
Grande A Co., Inc.
SECURITIES
105
South LaSalle Street
PITTi, DALE
Foster
A
Marshall
Financial C-7405—Chicago-—TWX—CO 625
JOHN I.
ROHDE.
John R. Lewis, Inc.
BANDERS. SIDNEY J.
Foster A Marshall
&
Pacific
NEW YORK and CHICAGO
Northwest Company
Jr..
ANDREW
M.
Detroit
c.
St.
T
MEMBERS MIDWEST STOCK EXCHANGE
WALDEMAR
Bramhall
TAYLOR.
ST., CHICAGO 4, ILL.
Teletype CG 2382
Grand
San
Spartanburg-IIouston
Martinsville
Los
Angeles
Lynchburg-Cleveland
L.
A Stein
,
Louis
Dallas
STEIN,
Portland
Pittsburgh
Seattle Trust and Savings Bank
INVESTMENT CO.
FRanklin 2-9700
Thru
TROSTER, SINGER A CO.
SISSON, LARRY W.
SOHA.
208 SO. LA SALLE
Coait to Coait Wire System
SCHLICTING. HUGH R.
Wm. P. Harper A Son A Co.
Charlotteville
Rapids
Francisco
Philadelphia
Louisville
Denver-Kansas City
ARNOLD
C.
Zilka, Smlther A Co., Inc.
U,
MAN
Traders
LAN
Walston A Co., Inc.
Charles
DIRECT WIRES
LOS
ANGELES
CALIF.
GRAND RAPIDS
MICHIGAN
NEW
N.
YORK
WALLER, Jr., JOHN D.
Blanchett,
Y.
WATERMAN,
Earl F.
Hinton & Jones, Inc.
JOSLYN H.
Waterman Co.
John
Keefe
Scheuer
Joe
Bill
Hart
McGregor
Bill
Kougias
Volume
Number 5992
192
The Commercial and Financial Chronicle
...
Cincinnati Stock and Bond Club
71
BERLAGE, WILLIAM T.
Westheimer
and
Company
BLANK, THOMAS
Westheimer
and
Company
BOCKENSTETTE,
W.
E. Hutton
BRINK,
trading markets in:
Cleveland Trencher Co.
ROBERT
Chas. A.
BUTZ,
We maintain active
RONALD
8c Co.
Hinsch & Co.,
Inc.
Hansen
Jack & Helntz, Inc.
Manufacturing Co.
Northern Ohio Telephone Co.
CHARLES A.
Harrison
&
Hickok Electrical Instrument Co.
Company
Towmotor Corp.
CANNING, JOSEPH E.
Bay Village, Ohio
CLANCEY,
W.
P.
W.
POWER
Clancey & Co.
CONGER, ROBERT C.
Westheimer
and
HAYDEN, MILLER & CO.
Company
CONNERS, CHARLES F.
Pohl
&
CONNERS,
Robert
CHARLES
L.
CONNERS,
Robert L.
Fogel
Robert
Charles A. Butz
Henry J. Altenau
William P. Conners
Robert L. Fogel, Charles A. Hinsch &
First Vice-President:
George Kaler, W. D. Gradison & Co.
Vice-President:
Second
Company, Inc.
Charles
A.
Henry J. Altenau, Merrill Lynch, Pierce, Fenner &
Smith Incorporated.
William P. Conners, Pohl &
Lee Hoefinghoff, L.
Hood, Seasongood & Mayer;
Company; Joseph H. Vasey,
linghoff, C. J. Devine & Co.;
Trustees:
1959;
W. Hoefinghoff & Co., Inc.; Paul
Richard Strubbe, Westheimer and
Geo. Eustis & Co.; Richard WelTaylor Alter, W. E. Mutton & Co.
Took
Office:
January
1,
1960;
Term
December 31, 1960.
Expires:
&
1840
&
UNION
Co., Inc.
Jr.,
COMMERCE
CLEVELAND
Company, Inc.
Stanley
BUILDING
OHIO
14,
CHerry 1-6220
Teletype CV-1
STANLEY
Cooper Co.,
Inc.
COULSON, CHARLES G.
L.
W.
Hoefinghoff & Co., Inc.
DAVIES, BRUCE R.
BenJ. D. Bartlett & Co.
GILBERT
Harrison
John N. Fuerbacher, Walter, Woody &
Heimerdinger; Harry J. Hudepohl, Westheimer and Company;
James F. Moriarty, W. E. Hutton & Co.
December,
Conners
Exchange
Co., Inc.
L.
WILLIAM P.
COOPER,
DAVIS,
Company, Inc.
National Committeemen:
Elected:
Conners &
1903
Member Midwest Stock
COOPER, STANLEY
Stanley Cooper Co., Inc.
Butz, Harrison & Company.
Secretary:
Treasurer:
W.
ROBERT
L.
CONNERS,
Pohl
President:
ESTABLISHED
Company, Inc.
&
We
A.
generally have buying and selling orders in the
following list of
Company
the counter securities:
over
DEHNER, WALTER J.
Merrill
Lynch, Pierce, Fenner 8c Smith
Incorporated
DITTUS, HERBERT R.
Fox, Reusch & Co.
EINHORN,
-
8c
Atlantic Register
Ohio Water Service
Valley Mould & Iron
Century Food Markets
Co.
Youngstown Foundry & Machine
Commercial Shearing & Stamping
Federal Machine & Welder
ELLIS, Jr., DAVID W.
Ellis &
Ohio Leather
Bessemer Limestone & Cement
:
WILLIAM
Elnhom
American Cement
CO.
Youngstown Research & Development
ENGLER, HERMAN J.
The
Samuel
8c
Engler Company,
Columbus, O.
EUSTIS, GEORGE
ROSTER
(Members
In Cincinnati
Indicated)
located
otherwise
Merrill
Lynch,
incorporated
W.
E.
A.
E.
ARMBRUST,
Hutton
Aub
Fenner
&
°eo- EUS"8
Smith
r
BUTLER, WICK & CO.
Co.
BARNARD, REGINALD
Co.
w
L.
E
Hutton 8c Co.
BARTH,
Co.
The
J.
Barth
Distributors, Inc.,
Telephone Riverside
Private
MAINTAIN
PRIMARY MARKETS IN
BUILDING
1, OHIO
4-4351
Bell
Pershing &
Teletype YO 112
Co., New York City
ROBERT
A.
Hinsch 8c
Co., Inc.
FRIEDLANDER, WILLIAM A.
BenJ. D. Bartlett & Co.
FROEHLICH, JOHN E.
Walter, Woody 8c Heimerdinger
WE
Wire to
FITZGERALD, LAWRENCE S.
Merrill Lynch, Pierce, Fenner 8c Smith
Incorporated
Chas.
Co.
NATIONAL BANK
YOUNGSTOWN
FINNEY, H. ROSS
FOGEL,
WILLIAM L.
L.
UNION
Provident Bank
Chicago
e¬
AUB» J'-; A- bEI>?AR
A. E. Aub & Co.
8c
Eustis &
Putnam Fund
A^0L5' hEN.R?,
Pierce,
JOHN
&
JOHN J.
Pohl 8c Company, Inc.
TAYLOR
ALTSHOOL,
Geo.
—
FILDER, Jr., HARRY A.
HENRY J.
ALTENAU,
ALTER,
OF MEMBERS
unless
Trading
FUERBACHER, JOHN
Walter.
Woody 8c Heimerdinger
markets-
GARRARD, W. PATRICK
1
All
States Freight,
Ohio Crankshaft
Inc.
Company
C.
Devine
J.
GEIGER,
American
MonoRail
Park
Company
Drop Forge Company
Waddell
8c
Penton
Erie Resistor
Rand
Corporation
Publishing Company
Development Corporation
J.
E.
Roadway Express, Inc.
Retail
Inc.
FRANK
E.
distribution-
Madlgan & Co., Inc.
GERTZMAN, SAM H.
Westheimer and Company
GLENN,
Franklin Electric Co., Inc.
Co.
Reed,
GERHARDT,
Bloch Bros. Tobacco Company
&
RUSSELL
PAUL
W. D.
Tour
W.
Gradison &
Co.
inquiry invited-
GRADISON, Jr., WILLIS D.
Halle Bros.
Steel Improvement & Forge Co.
Company
W. D.
Gardison 8c Co.
GRADY, GEORGE T.
Harris Calorific
Stouffer Corporation
Company
Richard
G.
Howes
8c
GRAHAM,
Monroe Auto
;
Tokheim Corporation
Equipment Co.
GORDON
Middendorf & Co.
Co.
M.
GRISCHY, CLIFFORD H.
Field, Richards & Co.
United Screw & Bolt Corporation
&
Inquiriei Invited
r
HARRISON, in, CHARLES L.
Harrison
—
8c Company
NEW
HARRISON, E. WEBSTER
Fulton, Reid
&
Co., Inc.
Harrison 8c
Bldg., Cleveland 14, Ohio
Teletype CV 83
Telephone CHerry 1-1920
YORK
STOCK
Company
Members
—
EXCHANGE
AMERICAN
MIDWEST
STOCK
EXCHANGE
STOCK
EXCHANGE
(Associate)
IIAYDOCK, THOMAS C.
W.
1186 Union Commerce
CO.,INC.
IIALL, Jr., CLAIR S.
Clair S. Hall & Company
E.
Hutton
&
UNION
Co.
HEAD, Jr., HUGH
COMMERCE
CLEVELAND
14,
BLDG.
TELETYPE
OHIO
—
CV
565
1-5050
CHERRY
Harrison 8c Company
HEIMERDINGER, JOHN G.
Walter, Woody 8c Heimerdinger
HEIMERDINGER, JOHN M.
Walter,
HINSCH,
Woody
CHAS.
Chas.
A.
Heimerdinger
8c
A.
Hinsch
8c
Co.,
Inc.
HIRSCHFELD, OSCAR W.
Stranahan, Harris 8c Company
,
HITZLER, JOHN G.
corb liston—specialist
Westheimer and
Merrill, Turben
Company
HOEFINGHOFF, L. W.
L. W.
JIM WALTER CORPORATION
HOEFINGHOFF, LEE
L. W. Hoefinghoff 8c Co., Inc.
HOOD,
HOWES,
WORLD'S LARGEST
BUILDER AND
SELLER
NEW
RICHARD
Richard
G.
OF SHELL HOMES
8c
J.
Common—9% Bonds
—
A and B Warrants
E.
8c
W.
E.
C.
MEMBERS
NEW YORK STOCK
EXCHANGE
H.
Hutton
8c
(AFFILIATE OF PRESCOTT &
CO.)
NATIONAL CITY
BANK BLDG.
•
PR. 1-6300
•
CLEVELAND 14, OHIO
Ohio Leather Co.
Company
Taft
Company
Higbee Company
Inland Homes Corp.
,
Co.
Broadcasting Company
Union Commerce Bank
U. S. Truck
Warner &
Statistical Information Available
JAMES A.
Lines, Inc.
Swasey Company
Upon Request
Relter 8c Co.
ISPHORDING, ROBERT B.
Doll 8c Isphording, Inc.
1612 Union Commerce Bldg., Cleveland 14, Ohio
JAMESON, ROBERT A.
Pohl
8c
Company,
Inc.
John
E.
Telephone
MA
Joseph & Co.
Trading Dept. CV 67
1-6800
Municipal
Dept.
CV
865
KALER, GEORGE
BRANCH
W. D. Gradison & Co.
Canton
900
Company
Hanna Mining
Co.
City Bank of Cleveland
Corp.
Manufacturing Co.
Northern Ohio Telephone
National Cleveland
National Screw &
Cleveland Trust Company
M. A. Hanna
JOSEPH, JOHN E.
Prescott, Shepard & Co., Inc.
National
Cook Coffee
Co.
HUTTON, HI, JAMES M.
ISOLD,
Prescott &Co.
8c
Jack & Heintz Inc.
Company
Central National Bank of Cleveland
Company
Hughes
Hutton
EXCHANGE
EXCHANGE
American Vitrified Products
HUTTON, Jr., JAMES M.
W.
STOCK
STOCK
Brush Beryllium
Co.
HUGHES, THOMAS J.
Thomas
i
G.
Howes
and
YORK
MIDWEST
'
HUDEPOHL, HARRY J.
Westheimer
Co., Inc.
MEMBERS
PAUL
Seasongood 8c Mayer
&
(Established 1924)
Hoefinghoff 8c Co., Inc.
KATZ,
ARTHUR V.
Cincinnati Municipal Bond Corporation*
Continued
on
page
72
•
Columbus
•
Dayton
OFFICES:
•
Middletown
•
Youngstown
The Commercial
Plato
Mr.
C.;
Jr., R. S. Dickson & Co., Inc., Charlotte, N.
Chapman, Spencer Trask & Co., New York
Pearson,
&
Mrs.
John
Stifel,
Bunn,
Nicolaus
St.
L.
Edward
&
and Financial Chronicle
Mr.
Company, Incorporated,
Mrs.
&
Louis
.
.
.
Thursday, October 6, 1960
Mahoney <ft Co., Inc.,
Cornelius D. Mahoney, C. D.
Minneapolis
THAYER, RICHARD
Thayer, Woodward & Co.
Cincinnati Stock and Bond Club
THORNBURGH,
Merrill
ROSTER OF MEMBERS
BALL,
Corporate
•
Municipal
Government
•
Unlisted Securities
Continued from page
71
KEYS, RICHARD H.
The
Investment
Reserve
KORROS,
Company
FRED
BIIR6E &
iUNDERWRITERS & DISTRIBUTORS
1
KRAUS
MIDWEST STOCK EXCHANGE
associate members:
OFFICES
Akron
•
Ashtabula
•
Lorain
•
•
Columbus
Mansfield
•
•
Mentor
CLEVELAND 14, OHIO
Merrill
LENHOFF, MATTHEW
W. E. Hutton & Co.
A.
LOVELAND, FRANKLIN O.
Harrison
&
Company
Ellis
MACK, Jr., J. EDGAR
MADIGAN, JAMES E.
J.
E.
Smith
W.
Hutton
E.
Co.
&
STANLEY
G.
E.
Hinsch
Fenner & Smith
Hutton
LLOYD
MILLER,
Co.
Eustis
Geo.
W.
W.
Hutton
E.
&
MUEHLENKAMP,
WOODWARD, WARREN
Thayer, Woodward & Co.
JUSTIN J.
Jr.,
Hutton
&
Co.
WORTH, WILLIAM P.
Westheimer and Company
Doll
&
TERRELL,
Bache
Isphording Inc.
CARL
MUETHING,
Walter,
&
CHESTER
ALLEN
Merrill Lynch,
T.
Co.
Incorporated
Pierce, Fenner & Smith
vf. '%'<
./■
:V; i:
-
A.
Heimerdlnger
&
Woody
ZIEGLER,
Co.
C.
P.
Co.
WILSON, JOHN D.
Vance, Sanders & Co., Cleveland
Westheimer and Company
JOHN
&
Company
RICHARD
WIDMANN, ALBERT H.
STRUBBE, RICHARD F.
F.
Co.
ROBERT
Co.
Co.
&
JAMES
MORIARTY,
Co.
RICHARD F.
&
Westheimer and Company
Eustis &
E.
Company
WHITE, J. AUSTIN
J. A. White & Company
CHAS. H.
Benj. D. Bartlett & Co.
STEVENSON,
V.
GEORGE C.
MORGAN,
&
Devine
Westheimer and
Ellis
&
STEFFENS, Jr., CHAS H.
The Cincinnati Stock Exchange
CHARLES S.
Benj. D. Bartlett & Co.
MILLARD,
Eustis
WHEELWRIGHT,
SNYDER,
Geo.
J.
WESTHEIMER,
ROBERT
STAIB, LEE R.
Inc.
Co.,
&
C.
Westheimer and
C.
Weil, Roth & Irving Co.
A.
Co.
&
LOUIS
WEIL, JOSEPH B.
Geo.
SMITH, PHILIP
W.
H.
JOSEPH
Eustis
WANNER,
WELLINGHOFF,
Incorporated
McCUNE, CHARLES C.
C. C. McCune & Company, Dayton, O-
Company
Company
WEISS, ROBERT
Merrill Lynch, Pierce,
DONALD
&
Seasongood & Mayer
Co.
&
SMALLEY,
Madigan & Co., Inc.
MANION,
Chas.
CORPORATE FINANCING
&
SIEGMAN, JACK C.
Westheimer and Company
Seasongood & Mayer
The
CO., INC
Fenner
SIIOTT, ROBERT B.
MEYER, ROBERT R.
&
Geo.
Pierce,
Lynch,
W.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
MILTON
Smith
& Co., Inc.
Incorporated
Lepper & Co.
McKIE,
PARSONS
Harrison
SHEPLER, LLOYD
LEPFER,
&
THOMAS
TRITTEN,
SHEEHAN, ROBERT
Co.
&
AMERICAN STOCK EXCHANGE
Dayton
UNION COMMERCE BUILDING
EXCHANGE
NEW YORK STOCK
Reiter
H.
C.
& Mayer
VASEY,
ARTHUR W.
KORTE,
members:
TOBIAS, JOHN E.
Westheimer and
SCHWINDT, PETER
SHAFFER, EARL R.
Charles A. Hinsch
Westheimer and Company
ROBERT W.
Pierce, Fenner
TOBIAS, CHARLES H.
Westheimer and Company
SCHWARTZ, DANIEL D.
W.
D. Gradison & Co.
Seasongood
Lynch,
Incorporated
MULLANE, ROBERT E.
SPECIAL SITUATIONS
Bache & Co.
RUFUS
MURPHY,
W.
Hinsch
A.
Chas.
Inc.
Co.,
&
MUSEKAMP, GEORGE
G. H. Musekamp & Co.
1425
SUPERIOR
BLDG.
•
CLEVELAND
14,
OHIO
J. H.
NEUMARK,
Middendorf
T eletype:
Phone:
TOwer
CV
1-6550
652
O'BRIEN,
&
Co.
Successful Convention
HARRY
Jr.,
Hutton
E.
W.
Best Wishes for Another
Co.
&
O'BRIEN, HARRY C.
Hutton
E.
W.
Co.
&
O'HARA, JOHN J,
Seasongood
& Mayer
CLETUS
OLLIER,
Harrison
&
H.
Company
CLAIR S. HALL & COMPANY
PHILLIPS, GEORGE
D.
Gradison
POGUE,
Co.
THOMAS
W.
Westheimer
&
Cincinnati
and Company
POTEN, PETER W.
Bache &
Co.
A.
Chas.
Dealers
Distributors
Inc.
ROBERT L.
REED,
Underwriters
Established 1941
NEIL
Hinsch & Co.,
RANSICK,
Hill & Co.
\
REIS, Jr., GORDON
Seasongood & Mayer
ROBERT W.
Seasongood & Mayer
REIS,
Municipal and Corporation Securities
Seasongood & Mayer
REIS, THOMAS
Seasongood
REITER,
C.
H.
& Mayer
JACK
L.
Reiter & Co.
M
Established February 1, 1887
REUSCH, CARL H.
Fox, Reusch & Co.
RICHARDS
The First Cleveland
Corporation
CLEVELAND
&
E.
John
Canton
Columbus
Sandusky
Teletype: CV 443
Toledo
-
CV 444
Youngstown
W.
E.
&
■
'■
Co.
TAX-EXEMPT MUNICIPAL BONDS
0}
m*{
m-y/i
CORPORATION BONDS
Hutton & Co.
RUXTON,
WILLIAM
Bache & Co.
SCHIRMER, CARL
Geo.
$
HAROLD
Joseph
ROTTENBERGER, JAMES
Telephone PRospect 1-1571
ill
INVESTMENT SECURITIES
Co.
ROSSBACH, KURT
J. A. White & Company
14, OHIO
Our 73rd Year
ROY E.
RIFE,
ROBERTS,
National City E. 6th Building
H.
Field, Richards & Co.
Bache
Member Midwest Stock Exchange
II, ARTHUR
-
Eustis
&
Co.
Security Savings Bldg.
Cincinnati Z,
Ohio
H
i
....
m
Volume
Number 5992
192
.
The Commercial and Financial Chronicle
.
.
'
'
I
73
'
'
Bond Club of Louisville
PEARCE, RICHARD L.
ROSTER OF MEMBERS
—
Stein Bros.
i
(Members
located
In
otherwise
Louisville
unless
indicated)
REID, JOHN
Inc.
Walston
&
The
RODES, JOSEPH M.
Lynch,
Pierce,
Fenner
Smith
&
Incorporated
J.
B.
Merrill
RUSSELL
Blyth 6c Co.,
Lexington, Ky.
SHORT,
'
&
ARVIL
A. J. Warner
L.
Bond
W.
President: Craig
Culbertson, Jr>, W. L. Lyons & Co.,:r,^.-s
Vice-President: M. George Martin,
Charles T.
Smith Incorporated.
Lang,
Secretary:
Jr., Walston & Co., Inc.
Merrill
Lynch, Pierce,
<
Fenner
&
L.
STONE, REID
Lyons & Co.
J.
J. B.
6c
Boyeo
H. ALLEN
Lyons & Co.
WEIXLER, C. KENNETH
Merrill
Lynch,
Incorporated
K.
Pierce, Fenner & Smith
Pierce,
Fenner
8c
Smith
WILSON, HOLMAN R.
The
Incorporated
Kentucky Company
WILSON.
BUCKLEY, Jr., JOHN C.
Bankers
Securities
Almstedt
Brothers
KEITH
Berwyn T.
Moore & Co., Inc.
1
Incorporated
BURGE, JOHN M.
J.
B.
Hilliard
6c Son
Ct
#0
Almstedt Brothers
National Committeemen: Charles C. King, Bankers Bond Co.,
Russell
J.
WATTS,
STUCKER, JAMES H.
J.
Stein Bros. & Boyce.
W.
Hilliard 6c Son
BURKHOLDER, Jr., JAMES R.
Treasurer: A. J. Warner,
A.
W. L.
Merrill Lynch,
BROCAR, Jr., ALBERT C.
Son
Lynch, Pierce, Fenner & Smith
WARNER,
Co., Inc.
Incorporated
GERALD B.
&
Incorporated
STITES, Jr., JOHN H.
J. J. B. Hilliard 6c Son
Lyons & Co.
BRENZEL,
Hilliard
B.
J.
Merrill
Co., Inc.
STERNBERG, BERT
Morrill Lynch, Pierce, Fenner & Smith
Boyco
BREED, HENRY A.
George Martin, Jr.
J.
ELINORE
Stein Bros.
Inc.
MOREY L.
Bros.
S.
6c Boyce
WALLINGFORD, WARD
The Bankers
L.
Company
MILTON
Bros.
SEDLEY, MRS.
The Bankers Bend
The Bankers Bond Co.,
W.
Stein
VOGT, ERNEST B.
G.
Incorporated
Inc.
Co.,
Inc.
BOHNERT, HECTOR W.
Stein
Kentucky
Moore 8c Co., Inc.
Lynch, Pierce, Fenner 6c Smith
BOOTH,
Bond
WALTER
RUTLEDGE, Jr., WESLEY J.
Stein Bros. 6c Boyce
Hilliard & Son,
BAKER, n,
The
TROST,
BARRAGE, ROBERT A.
J.
Bankers
TRINKLE,
AYDLETT, III, JAMES H.
M.
TAYLOR, CLARENCE G.
BERGES
Berwyn T.
S.
Lynch, Pierce, Fenner 6c Smith
Incorporated
L.
REIMER, J.
Jr., HORACE
Goodbody & Co.
Merrill
JOHN
Merrill
Co., Inc.
ALLEN,
Craig Culbertson, Jr.
TATE,
Boyce
W. L. Lyons 6c Co.
ALDEN, Jr., WM. O.
O'Neal-Alden 6c Co.,
&
PURYEAR, ROBERT E.
Inc.;
Ebinger, Almstedt Brothers.
BURKHOLDER, in, JAMES R.
Merrill Lynch, Pierce. Fenner 6c Smith
Incorporated
MUNICIPAL
BONDS
CANTRELL, CHARLES H.
The Bankers Bond Co., Inc.
CARR,
HARRY M.
L.
W.
CINCINNATI
Lyons & Co.
BANK
SHARES
CHRISTMAN, Jr., HENRY
O'Neal-Alden
6c Co.,
Inc.
I
"
CONLIFFE,
SECURITY
DEALERS
''
r
WILLIAM
MerrlU
Lynch,
Incorporated
CONWAY,
J.
Pierce,
Fenner
&
—
PROMPT
POHL &
GREGOR, BEN W.
Goodbody & Co.
CLEARINGS
CULBERTSON, Jr., CRAIG
New York
-
Pittsburgh
-
J.
Toledo
-
-
Lyons & Co.
Chicago
B.
J.
Hilliard &
*
CO.,
Dixie Terminal
CINCINNATI
Phone—MAin 1-6515
Bankers Bond
inc.
Bldg.
(2), OHIO
Son
DAVIS, TYRUS R.
The
Cleveland
414
DABNEY, WATSON B.
We clear for dealers in
•
L.
W.
*
POWHATAN M.
Graham-Conway Co.
SPECIALIZED
*
*
Smith
Teletype CI 381
Co., Inc.
Cincinnati
EBINGER, RUSSELL
wmimmzmBzmmzmmzmzmmmzmmmmBmzmmzmzm
Almstedt Brothers
Address Loans and Securities
uauir»io«
FARRA, JOHN B.
The
Department. Teletype: CV 240
Bank Wire: NCLV
Kentucky Company
FETTER, JAMES M.
Bankers Bond Co., Inc.
The
O h i
o
'
L
8
FRANK, ALFRED
a r
g e s
B
t
a n
k
Stein
Bros.
&
ATTENTION
Boyce
GRAHAM, THOMAS
NASD
Graham-Conway Co.
GREEN,
& Boyce
HAAS, WILLIAM O.
Stein
WE
Bros. 6c Boyce
HAGIN, HART
W. E.
Walston
FOUNDED
YOUR
Berwyn
Exchange
v
EXCHANGE—YOU RECAPTURE 40% OF COMMISSION
T.
B.
Moore
&
Co.,
LISTINGS SUPPLIED ON REQUEST
Inc.
Hilliard & Son
HOPKIN, W. HOWARD
Investment Securities
JONES, CLARENCE L.
F.
W. L.
J. J.
UNLISTED TRADING DEPARTMENT
B.
ESTABLISHED 1862
Hilliard & Son,
KILLELEA,
EDWARD
Merrill
Lynch,
Incorporated
190
KIMMEL.
J.
•
OLDEST INVESTMENT FIRM
PENNINGTON
Lyons & Co.
KESSINGER, THOMAS B.
KEIER, Manager
Teletype TO
CINCINNATI'S
'
Almstedt Brothers
KEMP,
GARDNER BLDG.
IN
STOCK
Inc.
JOHNSTON, Jr., ROBERT H.
W. L. Lyons 6c Co.
Bell
BUSINESS
CINCINNATI
HILLIARD, HENNING
J. J.
RUSS
ON
Ky.
GARRETT
& Co.,
COMMISSION
LISTED
HARMON, BERT
1913
Members New York Stock
INVITE
SECURITIES
Hutton 6c Co. Lexington,
HAMPTON,
Collin, Norton & Co.
MEMBERS
KENNETH M.
Stein Bros.
506 MADISON AVE. • TOLEDO 4 •
J.
KING,
CHerry 8-5571
The
Lexington, Ky.
J.
Pierce,
Fenner
&
Smith
geo. eustis & co.
JAMES R.
B.
Hilliard &
CkARLES
Bankers
Son
508 TRI-STATE
C.
Bond
Co.,
The
BLDG., CINCINNATI 2, OHIO
Inc.
KINSMAN, Jr., JAMES M.
CHERRY 1-4070
TELETYPE—CI 560
Kentucky Company
KOEHLER, ROBERT
Berwyn T. Moore & Co., Inc.
LANG,
CHARLES T.
Merrill
Lynch, Pierce, Fenner 6c Smith
Incorporated
LEWIS, LINCOLN
Walston
Westheimer
...
LINCH,
growing with the
&
Co., Inc.
DALE F.
Berwyn T. Moore & Co., Inc.
lyon,
w.
r.
Goodbody & Co.
Dynamic Ohio Valley...
^
WALTER, WOODY & HEIMERDINGER
MARTIN, Jr., M. GEORGE
Walston 6c Co., Inc.
O
403 Dixie Terminal
Cincinnati
MARION
CHICAGO
McCROCKLIN, JAMES A.
O
I
GREENSBURGO
|
CINCINNATI
O
O
&
Bldg.
Ohio
Co., Inc.
Mcdowell, robert b.
ATHENS
Blyth & Co., Inc.
O WASHINGTON C.H.
lCX
Walston
LANCASTER
DAYTON
I
HAMILTON
2,
°
O
McNAIR,
oCH,LL,COTHE
WILLARD
P.
Graham-Conway Co.
M. H. Woody
John N. Fuerbacher
Phone
O HILLSBORO
CHARLESTON
John M. Heimerdinger
MILLER, J. HUGH
iJ52N
J.
J.
B.
Hilliard
6c
Son
MOORE, BERWYN T.
Berwyn T. Moore & Co., Inc.
John
Bell
E. Froehlich
Main
Carl A. Muething
326 Walnut Street
Cincinnati
Telephone:
Teletype:
MOORE, Jr., BERWYN T.
Berwyn T. Moore & Co., Inc.
2, Ohio
MAin
MOSS,
1-0560
The
CI 585, CI 232
J.
UNDERWRITERS
—
DISTRIBUTORS
—
NEW
YORK
-
Exchanges
—
CINCINNATI
Direct Wire: Hayden, Stone & Co.
TELEPHONE:
WOrth
6-2115
J.
B.
Hilliard
-
Specializing in the purchase
and sale of
&
Son
PAMPLIN, GILBERT L.
]
J.
B.
Hilliard
&
Son
PARKS, JOSEPH W.
Berwyn T. Moore 6c Co., Inc.
PARTLOW,
v.
A.
and
DEALERS
J.
Members Principal
JACK
Kentucky Company
OESWEIN, HENRY
GEORGE
L.
J. J. B. Hilliard 6c Son
municipal tax
revenue
1-5071
System Teletype CI
bonds
188
ww»
BWTtr^^tWMmwwmw^ja^+HtiM" '?Ki* "/^.t i vt Cjjt «W'f v.n's'
The Commercial and
74
Financial Chronicle
.
Thursday, October 6, 1960
.
.
BURNS, WALTER L.
Baltimore Security Traders
Baumgartner, Downing & Co.
butler,
wilmer
J.
Baker, Watts & Co.
Association
ROBERT W. BAIRD & CO.
BUTT, LEONARD J.
Mead, Miller & Co.
ROBERT
CHAMBERS,
John
C.
Members Midwest Stock
JOHN G.
Watts
Co.
&
Stock Exchange
Members New York
Legg & Company
CHENOWETH,
Baker,
P.
Exchange
American Stock Exchange
Associate Members
COLEMAN, WILLIAM F.
Mead, Miller & Co.
EBEN J.
CROSS,
MILWAUKEE
D.
Downing
Eaumgartner,
&
Co.
"
7
s
;
CRUNKLETON, JOHN R.
WK'--, '
>
Green Bay
Mercantile-Safe
\''
Deposit
and
Oshkosh
•
Company
SPECIALISTS IN WISCONSIN
NEW YORK
EBERWEIN, BERNARD E.
/
CORRESPONDENT
Sons
&
Brown
Sheboygan
•
Wausa..
•
Trust
DUGENT, CHARLES A.
John C. Legg Sc Company
Alex.
Marinette
Madison >
•
SECURITIES
CLARK, DODGE & CO.
m
IrN
FRANK, J. CARL
John C. Legg & Company
W
Harry J. Niemeyer
David C. Kratzer
JohnC. Yeager
&
.
N»»i\
Joseph V. Gugliuzzo
freeman, edward b.
Lockwood, Peck & Co.
ROBERT W. BAIRD &
GRANT, GEORGE S.
President: Harry J.
Niemeyer, Robert Garrett & Sons.
GRAY, E. GUY
Mercantile-Safe Deposit
I
WHOLESALE DISTRIBUTORS
GUGLIUZZO, JOSEPH VINCENT
Merrill Lynch, Pierce, Fenner &
Merrill
Lynch, Pierce, Fenner Sc Smith
Incorporated
GUNDLACH,
Bros. & Boyce;
Bernard
E.
Mead, Miller & Co.; Robert P. Cham-
Alex.
Sons;
&
JOHNSON, BERNARD G.
Charles Gross,
Alex.
Fenner & Smith Incorporated.
Merrill Lynch, Pierce,
P.
HERR, WILLIAM J.
Alex. Brown Sc Sons
Charles A. Bodie, Jr., Stein
Brown
LOUIS
Brooke & Co.
,
Walter L. Burns, Baumgartner, Downing & Co.;
Eberwein,
Brown
KEAGLE,
Sons
&
Don W. Miller
O. JOSEPH
1959; Took Office: January
December 4,
1, 1960; Term
Alex. Brown & Sons
REAL ESTATE SECURITIES
KOLSCHER, JACK A.
Bros.
Sc
BODIE, Jr., CHARLES A.
DAVID
KRATZER.
Stein
BORIG, MILLARD
Bros.
C.
Orders
& Boyce
at
Mead, Miller & Co.
Baumgartner, Downing & Co.
KRIEGEL, LEO
ARTHUER L.
Dillon, Union Securities
Eastman
BARNICKOL, FRANK
MARKETS
PRIMARY
George G. Shriver Sc Co., Inc.
IN
ISSUES
DETROIT
Stein Bros. Sc Boyce
Beyee
BAMBERGER, E. CLINTON
BANEY,
STOCKS
BANK
KLEIN, GUSTAV
Mead, Miller & Co.
ROSTER OF MEMBERS
Stein
Co.
&
EXCHANGE
STOCK
KELLERMANN, HOWARD L.
Expires: December 31, 1960.
ARMSTRONG, EDWARD J.
DETROIT
MEMBERS
c/o Phil.-Balt. Stock Exchange
Elected:
291
Lynch, Pierce, Fenner & Smith
Incorporated
Stein Bros. & Boyce.
bers, John C. Legg & Company;
Ml
TELETYPE:
Merrill
Smith Incorporated.
Governors: Leonard J. Butt,
BRoadway 6-0525
UNDERWRITERS OF SECURITIES
and Trust
GROSS, CHARLES
Secretary: Joseph V. Gugliuzzo,
TELEPHONE
Company
Vice-President: John C. Yeager, Baker, Watts & Co.
Treasurer: David C. Kratzer,
CO..
INCORPORATED
Watts & Co.
Baker,
PREVOST
Boyce
BOYCE, Jr., C.
Stein Bros.
Sc Co.
G.
&
NASD members
to
BRADY, JOHN A.
White, Weld Sc Co.
Bros.
&
&
Trust
Co.
Boyce
■
GILBERT A.
LEWIS,
V:;:v :'v;
•
Exchange Listings
;v:
Maryland Trust Company
>
Request
■
LIPPMANN,
..v
7
j
BLDG.f DETROIT 26, MICH.
610 PENOBSCOT
Bell Teletype DE 559
Telephone WOodward 1-9804
BRUCK, H. MITCHELL
Stein Bros. Sc Boyce
7
on
V':
.
George G. Shriver & Co., Inc.
BLOCHER, THOMAS S.
Lots
Round
Detroit Stock
Stein
Robert Garrett & Sons
less 40%
rates
Lots
Jr., WALLACE W.
LANAHAN,
John C. Legg Sc Company
BERRY, ALLISON M.
the Detroit Stock Exchange
on
KRUG,
BRADLEY, R. EMMET
Equitable Trust Company
regular
Odd
Jr., HENRY J.
Mercantile Safe Deposit
executed
CONRAD A.
Securities
Investment
Co.
of
Maryland
MARTIN, CHESTER N.
Kidder, Peabody & Co.
^lllllllllllllIllllllllllllllllllllllllIIIIIIIIIIlllillllllllllllllKlllllllllllllllllllllIIIHIIU
Mccarty, robert l.
John
C.
Stein
|
E
A/7 THE
1
|
CO.
MARSHALL
UJU
=
WE MAINTAIN MARKETS IN
UNLISTED WISCONSIN SECURITIES
Trading Dept.
=
\
—
Otto J. Koch, Jr.
1
\
E
&
Legg
McCLURE, E.
Bros.
Company
ELWOOD
Markets
Sc Boyce
MORGAN, Jr., C. GERARD
Dealers
HARRY
Howard
Listed
&
John
Milwaukee 2, Wis.
E
765
NORTH WATER STREET
=
BROADWAY 1-8130
•
MI
TELETYPE
E
E
Chicago Phone
—
E
461
Dempsey-Tegeier Sc Co.
—
STate 2-7600
;
Lockwood,
Peck
&
Co.
Members Midwest Stock Exchange
American
Stock
Baker, Watts Sc Co.
GRAND
PLUMMER, DONALD B.
Stein Bros. Sc Boyce
Michigan
Phone
POE, PHILIP L.
Issues
REIN, HOWARD E.
Alex.
RING,
(Associate)
2
DETROIT
Buhl
Building
9-4336
Battle
26
Building
WOodward
2-8992
Teletype
DE
7
Creek—Michigan Natl. Bank Bldg.—Phone WOodward 3-7823
CREIGHTON
J.
RIEPE,
RAPIDS
Trust
Glendale
Detroit Stock Exchange
Exchange
Teletype GR 184
Equitable Trust Co.
THIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIlllllllMllllllllllllllllllllllllllllllllllllllfr
Unlisted
HUDSON WHITE & COMPANY
PINDELL, DAVID LEE
Philip L. Poe & Co.
I
and
Co.
PINKERTON, CHARLES H.
=
Brokers
R.
D.
and
in
O'BRIEN, RICHARD
Baker, Watts Sc Co.
Jr.,
Michigan Securities
UNDERWRITERS and DISTRIBUTORS
John C. Legg Sc Company
NIEMEYER, HARRY J.
Robert Garrett Sc Sons
PIET,
In
Brown
Sc
Sons
GEORGE W.
Mead, Miller Sc Co.
ROBERTS, Jr., WILLIAM C.
C. T. Williams Sc Company, Inc.
BUHL BUILDIN8
C. HERBERT
Miller Sc Co.
SADTLER,
Mead,
Wisconsin Market Place
DETROIT
SCHACH, WILLIAM O.
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
for
ir ■
SENER,
John
An Address of Distinction
JOSEPH W.
Legg Sc Company
C.
SNYDER, JACK
Mead, Miller Sc Co.
OVER-THE-COUNTER ISSUES
FINANCIAL TENANTS
80WERS, J. CLAIRE
IN THE BUHL BUILDING
Mead, Miller & Co.
SPENCE, ROBERT L.
Baker, Simonds & Co.
Baker, Watts & Co.
BIyth & Co., Inc.
STROHMER, JOSEPH G.
John C. Legg & Company
0L&!'wa
Campbell, McCarty & Co., Inc.
Dow-Jones &
SUNDERLAND, EDWIN P.
John C. Legg & Company
&
TAYLOR, PRESTON A.
Mead, Miller & Co.
225
EAST
MASON
SECURITIES
ST.,
MILWAUKEE 2
II
NEW YORK STOCK EXCHANGE
||
MEMBERS
OTHER PRINCIPAL. EXCHANGES
WALLACE, JOHN J.
Baker, Watts & Co.
WATTS, Jr., SEWELL S.
Baker, Watts & Co.
WILBUR, LeROY A.
Stein Bros. & Boyce
of
.
,
National
Wm.
AND
REPRESENTATIVES
THROUGHOUT
WISCONSIN
YEAGER,
Baker,
YEAGER,
mmmmmmmmmm
Baker,
G. THOMAS
Watts
Sc
Co.
JOHN C.
Watts Sc 0"
Roney
Shannon
D.
B.
&
Co.
&
Co.
Bank of Detroit
C.
Hudson
Miller
Corporation
McDonnell
Ryan,
OFFICES
Michigan
Manley, Bennett
INCORPORATED
INVESTMENT
Co., Inc.
Ferriss, Wagner &
First
&
White
Fisher
&
Co.
&
&
Sutherland
Blair
Co.
&
Company
Co.
Co.
&
Co.
Volume
Mr.
&
G.
H.
Mrs.
Robert
Walker
&
Number 5992
192
D.
Co.,
.
.
The Commercial and Financial Chronicle
.
Diehl,
Paine, Webber, Jackson & Curtis, Los Angeles; Gerard A. McCue,
Providence, R. I.; J. Ries Bambenek, Dallas Union Securities Co., Dallas
Blyth
N.S.T.A. Golf Tournament Results
N.S.T.A.
Low
Gross
&
Edward
Co., Inc., Portland;
Davis, Skaggs
Schag,
Co., San Francisco; James
Morford, Hughbanks, Inc., Se¬
attle; William Steen, First
Boston Corp., New York;
James McFarland, Stroud &
Company, Incorporated, Phila.
Prizes
Alfred O. Foster,
Marshall, Seattle
2nd
—
Low
Gross
—
Ralph
Evans MacCormack &
(80).
Angeles
Dahl,
Co., Los
(Dozen Balls).
2nd Low Net—Pete Kosterman,
Seattle
Mrs.
Security Traders—
Permanent
Trophy
Black
&
Co.,
(Umbrella).
Cup—
Inc.,
&
Disbro, Disbro
Portland
Inter-City Golf Trophy—
Philadelphia
296
New York
6-Way Tie — Low Gross Wins
(Three Balls)—Robert Pitt,
Co., Willoughby, Ohio (70).
Welch,
Sincere
Men's
and Company, Chicago; William
Remington, Inc., Philadelphia
Hess,
Mert Parsons,
Grant
(40)—
Cleveland
(Bowl and Spoon).
Women's
Low
McCullen,
Low Net—
High Gross—
George Brunjes, First Boston
Corp., New York (Cigarette
Case)..'
••
WOMEN
J.
(9 Holes)
High Gross—
Alice
McGinty, Cleveland (Ciga¬
rette Box).
Gross—
,
Jean
Ballisch, Chicago (52)— Contestants
Charity Prize—
(Tote Bag). Both Low Gross
and Net.
(Salt and Pepper Mill).
297
Portland
Low Net—Robert
H.
&
&
Walter
&
&
Cup-
Foster
Mr.
298
Seattle
301
Chicago
303
.
Philadelphia Team—
James
McFarland,
Most
&
Stroud
Company, Incorporated (73);
Edgar Christian, Suplee, Yeatman,
Mosley Co., Inc. (74);
Michigan Investors
Live Close to
Norman
Wilde, Janney, Dulles
& Battles, Inc. (74); Herbert
Beattie, H. A. Riecke & Co.,
Inc. (75) [85].
Baker, Simonds & Co., Inc.
Established 1920
Roney and Co.
Office.
Municipal Trophy—Blue List
Members New York Stock
Exchange
OFFERING
Publishing Co.—
NEW
YORK
STOCK
Harry J. Wilson, Harry J. Wil¬
son Co., Chicago, 111.
EXCHANGE
SAGINAW
SERVICE
BATTLE
DETROIT
Closest to
Pin
No.
6—
CREEK
WOodward 5-1231
•FLINT
5
BENTON
Feet—Norman Wilde, Phila¬
delphia (Carving Set).
HARBOR
WAInut 5-1116-7
GRAND
RAPIDS
GLendale
Long Drive—
Established
260
1919
Yards
DETROIT
Robert Pitt,
(Bar-B-Q Set).
land
a
Fireside 3-1236-7-8
Port¬
—
6-8691
KALAMAZOO
KALAMAZOO
SAGINAW
\
► BATTLE
SAginaw 5-3424
CREEK
FLINT
Birds—
CHARLES A. PARCELLS & CO.
Robert
Members
A..',
■
Disbro,
Willoughby,
DETROIT
STOCK
STOCK
A
EXCHANGE
MIDWEST
EXCHANGE
,
•
:
Jack
G
Rohde,
Disbro
Ohio
John
(3
R.
&
BENTON
Co.,
Birds);
Lewis,
Wm.
C.
Inc., Seattle; Herbert Beattie,
ATTENTION N.A.S.D. MEMBERS
Orders
Executed
the
on
DETROIT
N.A.S.D. Members at 60%
Detroit
Stock Exchange
H. A. Riecke &
adelphia;
STOCK EXCHANGE for
Edward
Knob,
Norman
Listings
on
Member
2
Buhl
New
Bldg.,
1925
York
.
Stock
Detroit 26
.
.
Exchange
WO 3-6700
Wilde, Janney, Dulles
Request
&
Inquiries
J.
&
RONEY & CO
Established
Co., Inc., Phil¬
Drexel
of prescribed commission
CEdar 9-5894
HARBOR
Co.,
Philadelphia;
Battles, Inc., Philadelphia;
Invited
Edgar Christian, Suplee, Yeat639 Penobscot Building
DETROIT
man,
26
Bell System Teletype DE 206
Telephone WOodward 2-5625
Mosley Co., Inc., Phila¬
delphia; Morey Sachnoff, Cook
Investment
ert
Pitt,
Active Markets Maintained in
Co., Chicago; Rob¬
Blyth
&
Co.,
Inc.,
MUNICIPAL BONDS
Portland (One Ball).
CORPORATE SECURITIES
Specialists in
WATLING, LERCHEN & CO
Michigan Bonds and Stocks
Corporate and Municipal Securities
pIRST OF^flCHIGAN {^ORPORATION
Member: New York Stock Exchange> Detroit Stock Exchange,
American Stock
Member Detroit & Midwest Stock Exchanges
Exchange (Associate), Midwest Stock Exchange.
BUHL
BUILDING, DETROIT
NEW YORK
FORD
Grand
BUILDING, DETROIT 26, MICHIGAN
Rapids
Lansing
Ann Arbor
•
Jackson
•
Pontiac
•
Kalamazoo
e
Birmingham
•
Dearborn
•
New York
CHICAGO
Battle Creek
Saginaw
Muskegon
COLUMBUS
Bay City
Flint
Grosse Pointe
and Financial Chronicle
The Commercial
76
Thursday, October 6, 1960
.
.
MOHR, Jr., SIDNEY J.
Thornton, Mohr & Farish, Inc.,
Montgomery
Mayes, Hendrix & Mayes, Inc., Birmingham; Nolan C. Darby,
Jr., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Bir¬
mingham; Arthur B. Durkee, Sterne, Agee & Leach, Birming¬
ham; John B. Cox, Jr., Birmingham Trust National Bank;
William L. Gauntt, Thornton, Mohr & Parish, Inc., Montgomery.
Association
Alabama Security Dealers
.
National Committeeman: Alonzo H. Lee,
MORIARTY, THOMAS H.
First National Bank of Birmingham
MORROW, Jr., HUGH
Watkins, Morrow & Company,
Birmingham
Leach,
Sterne, Agee &
MORROW, HUGH, III
Watkins, Morrow & Co., Birmingham
Birmingham.
ROSTER
ODESS, LEWIS J.
Odess-Martin, Inc.,
joseph p.
Stubbs, Watkins & Lombardo,
Birmingham
AGEE, RUCKER
long, kenneth
ALEXANDER,
Conville
&
GEORGE
Equitable Securities Corporation,
Birmingham
Sam Malone
JAMES
ANDRESS,
First
President:
Tunstall B. Perry,
National
ANDREWS, J. WARREN
First Vice-President:
James C. Andress, First National Bank of
Mobile.
National
First
Bank,
ANDREWS, Jr., O. L.
Second Vice-President: John M. Vincentelli, Merrill
Fenner & Smith Incorporated, Montgomery.
Treasurer:
Sam
Malone, First National Bank of Birmingham.
S.
Brooks
Co.,
Birmingham; Frank B. Frazer, Shropshire, Frazer & Co., Mo¬
bile; Arthur Stansel,
Co., Birmingham;
Courts &
Smith
&
Fenner
Incorporated, Montgomery
Holleman, Hugo Marx &
Merrill
Jr., WALLACE
Lynch. Pierce, Fenner
Incorporated,
Birmingham
SELLERS, PHILLIP A.
Sellers, Doe & Bonham, Inc.,
V1
Montgomery
MAY, LAWRENCE A.
Howard E. Pill &
BOSWELL. H. GRADY
Merrill
Lynch, Pierce, Fenner
Incorporated, Montgomery
Smith
&
May Inc., Montgomery
SHANNON, JACK H.
Berney Perry & Company, Inc.
Birmingham
SHRIVER,
g.
Merrill Lynch, Pierce, Fenner
Incorporated, Montgomery
Knight, Inc., Birmingham
JOHN
Merrill Lynch, Pierce, Fenner
Incorporated, Birmingham
Smith
&
&
Smith
OGDEN
SHROPSHIRE,
mchenry, Jr., william K.
BRODNAX, MARION J.
i
SCHULHAFER, LOUIS
Odess-Martin, Inc., Birmingham
Smith,
&
Inc.
,
PILL, HOWARD E.
Howard E. Pill & May, Inc., Montgomery
mayes, harold b.
Hendrix & Mayes, Inc., Birmingham
Montgomery
Brodnax &
Birmingham
Birmingham
Mcdonald, john
BONHAM, JOHN A.
Sellers, Doe & Bonham, Inc.,
Harold B.
Inc.
PERRY, W. BERNEY
Berney Perry & Company,
MARX, WILLIAM
Hugo Marx & Company, Birmingham
MATHES,
RAXLEY, MARION E.
Merrill Lynch, Pierce,
.
Committee:
Smith
&
ARMSTRONG, ERNEST E.
Sterne, Agee & Leach, Montgomery
Secretary: Thomas K. Yardley, Hendrix & Mayes, Inc.,
Birmingham.
:
Executive
Merrill Lynch. Pierce. Fenner
Incorporated, Birmingham
Lynch, Pierce
Birmingham
Inc.
Bank of Birmingham
& Company,
W.
Inc.,
III, TUNSTALL B.
Berney Perry & Company,
Birmingham
sam f.
Marx
Hugo
Mayes,
PERRY,
MARX, Jr., V. HUGO
Montgomery
&
PERRY, MARVIN G.
Berney Perry & Company,
Birmingham
martin, elbert h.
Odess-Martin, Inc., Birmingham
Mobile
III, Berney Perry & Company, Inc.
Birmingham
The First National
Mobile,
of
Hendrix
Birmingham
malone,
C.
Bank
Birmingham
PENNINGTON, EDWARD
Birmingham
Inc.,
& Co.,
lyons, arthur
Sterne, Agee & Leach,
Birmingham
Company,
Carlson
Birmingham
OWENS, ROBERT F.
First National Bank of Birmingham,
Inc.
lynn, henry 8.
Sterne, Agee & Leach,
B.
ALLISON, CHARLES J.
John M. Vincentelli
First National
lombardo,
Sterne, Agee & Leach, Birmingham
DRAYTON
Bank, Birmingham
NABERS,
OF MEMBERS
ADAMS, RALPH E.
Berney Perry & Company, Inc.,
Birmingham
James C. Andress
1961.
1960; Term Expires: January 29,
Took Office: January 30,
Shropshire, Frazer & Co., Mobile
Sterne, Agee & Leach, Birmingham
BROWN, C. BLYTHE
Securities
Cumberland
Corporation,
Birmingham
CALL
BRYANT,
Tuscaloosa
Incorporated,
Our
CANBY, YARDLEY P.
Grand 1-8600
or
ST.
HOMER
Odess-Martin,
KC 325-483
:
.
Courts
&
And Unlisted
Local Listed
Birmingham
Co.,
And Invites Your
CARLISLE. C. JUDSON
for Firm Trading Markets in
"If there is
MIDWESTERN SECURITIES
We Specialize In
SO
CLAYTON, ROGER
Hugo
Marx
COHEN,
MAYER
Ocless-Martin,
Brrret, Fitch, North & Co.
registered representatives give
A.
Inc.,
EDWARD D.
Birmingham
COHEN. MORTIMER A.
Sterne.
Market
we
can
find it"
Orders For Banks and Dealers
you
pin point distribution in this
area
Birmingham
Co.,
&
a
Securities
Inquiries
Sterne, Agee & Leach, Birmingham
CARLSON, Jr.. ROBERT H.
Carlson & Co., Inc., Birmingham
1
JONES & CO.
ESTABLISHED
1871
Agee & Leach, Montgomery
Members
INCORPORATED
COX,
JAMES
Brodnax &
Members New York Stock Exchange
L.
Knight, Inc., Birmingham
National
CEntral
JAMES
First
Midwest
Stock Exchange
Stock Exchange
300 North 4th
Bank,
Birmingham
CROW.
York
New
COX, Jr.. JOHN B.
Birmingham Trust
KANSAS CITY 5, M0.
1006 BALTIMORE AYE.
MARKETS
LOUIS
Trading; Department Is Active In All
St.
Bank
Birmingham,
of
Birmingham
Direct Private
Louis
St.
•
1-7600
2, Mo.
Teletype SL 593
Branch Office—Bon Durant Bldg.,
S.
National
American Stock Exchange (Assoc.)
Chicago Board of Trade
Wire Connections
Pueblo, Colo.
with Pueblo
branch
and
Josephthal & Co., New York, and Francis I. du Pont & Co., Chicago
CRUMPTON, TOM U.
T
U.
Crumpton & Co., Inc. Birmingham
DARBY.
Jr..
Merrill
NOLAN
Lynch,
DOE. Jr.,
/
NEW YORK
I
Sterne. Agee &
{4
Industrial, Bank, Insurance,
Leach, Birmingham
and Public Utilities Stocks
Selma
FAULKNER, D. L.
m
W
PRIMARY MARKETS IN
ELTASBERG, JULIEN
A>k>c iota
II
Smith
DURKEE, ARTHUR B.
AMERICAN STOCK EXCHANGE
m
&
W.
Montgomery
MIDWEST STOCK
EXCHANGE
STOCK
EXCHANGE
WELDON
Sellers, Doe & Bonham, Inc.,
MEMBERS
m
C.
Pierce, Fenner
Birmingham
Incorporated,
First National Bank
H.
O. PEET 8c C 2
of
Birmingham.
Birmingham
FLETCHER. J. G. B.
White & Company
Odess-Martin, Inc., Birmingham
1
FORE. ROBERT B.
First
National
Bank
of
Birmingham
m
23 WEST 10th STREET
KANSAS CITY 5f
I
I
TELETYPE
FRAZER,
MISSOURI
Midwest Slock
FRANK
Shropshire,
Exchange
American Stock Exchange (Associate)
B.
Frazer
&
Co.,
MISSISSIPPI VALLEY BLDG., SAINT LOUIS 1, MO.
Mobile
GAUNTT, WILLIAM L.
Telephone — CEntral 1-0282
Thornton, Mohr & Farish, Inc.,
Montgomery
KC-251
Members
Birmingham,
GENTRY, EDWIN A.
Merrill Lynch, Pierce, Fenner
Incorporated, Birmingham
&
Springfield, 111.
•
Bloomington, 111.
Wichita, Kan.
•
Teletypes —SL 25, 26, 27
•
Smith,
Alton, 111.
Perryville, Mo.
Dallas, Texas
HAYLEY, FRED A.
Merchants
HAYS,
%
§£/UM*Uf
WRITERS
Or
HIGH
AND
YEARS
AND
AS
Lynch, Pierce, Fenner
Incorporated, Montgomery
&
Smith
HENDRIX, JAMES R.
Hendrix & Mayes, Inc., Birmingham
HUBBARD. CHARLES C.
Hendrix & Mayes, Inc.,
DISTRIBUTORS
GRADE
Mobile
Montgomery
ELBRIDGE S.
Carlson 8e Co., Inc., Birmingham
CORPORATE
JOHNSON, LYNWOOD S.
Merrill Lynch, Pierce, Fenner
Incorporated, Montgomery
1
INVESTMENT
kansas
OMAHA
SI
IOUIS
Exchange
Exchange
"
r
&
(Associate)
Smith
Municipal Bonds
Midwest Stock
Merrill
Lynch,
city
,
mo.
Pierce.
Fenner
&
Smith
FOURTH AND OLIVE
Montgomery
SAINT LOUIS
LANPHIER, CHARLES
First National Bank of
Montgomery,
Montgomery
BANKERS
Baltimore
Exchange
KNOWLES, BENJAMIN B.
[ Steni Brothers & Col
1
10091oi5
American Stock
Hugo Marx & Co., Birmingham
Incorporated,
I
Members
New York Stock
Unlisted Securities
JOLLY, Jr., JOE D.
STOCK EXCHANGE
Co.
Underwriters and
Distributors
INMAN, W. E.
Courts Se Co., Birmingham
JETER. Jr., MARK
Courts & Co., Birmingham
jc* u.
&
Listed and
HYDINGER,
SECURITIES.
MEMBERS MIDWEST
Newhard, Cook
Hugo Marx & Co., Montgomery
UNDER¬
MUNICIPAL
Bank,
HOLLEMAN, S. BROOKS
THE MIDWEST FOR
40
OVER
National
WILL C.
Merrill
Telephone CEntral 1-5585
LEACH, EDMUND
j
Sterne,
-J
LEE, ALONZO H.
Sterne, Agee &
CHICAGO
LEE,
f
Jr.,
Sterne,
C.
Agee & Leach, Montgomery
Branch Offices
Alton, Illinois
Leach, Birmingham
H.
Agee & Leach,
ALONZO
Birmingham
LEONTIS, STEVE
Courts <te Co., Birmingham
•
Clayton, Missouri
•
Jefferson City,
East St. Louis, Illinois
Private Wire
to
Clark, Dodge & Co., New York
Missouri
Volume
Mr. &
Mrs. William
192
Number
5992
&
Co.,
WHITE, Jr., JAMES H.
Birmingham
Hendrix
R.
Equitable Securities
Birmingham
.The Commercial and Financial Chronicle
Walter & Hurry, Inc., Los Angeles; Mr. & Mrs. John
Co., Los Angeles; Mr. & Mrs. Herman C. Betz, California Bank,
G. Porter, Warner, Jennings, Mandel & Longstreth, Philadelphia
SMALLMAN, RALPH A.
Courts
.
J. Zimmerman, Bingham,
S. Weller, The Weller
Los Angeles; James
STADLER, JAMES
.
&
Mayes,
Inc.,
WOOD, Jr.,
Birmingham
WOOD, GEORGE M.
George M. Wood & Company,
Montgomery
Corporation,
George
M.
Mr.
&
John
Mrs.
.
,
J.
Wm.
Meyers, Jr., Gordon Graves <ft Co., New York; Mr. &
H. Tegtmeyer & Co., Chicago; Mr. & Mrs. William
Loewi & Co. Incorporated, Milwaukee
Mrs. Charles
C. Elwell,
G.
Scheuer,
GEORGE M.
Wood & Company,
Montgomery
YARDLEY, THOMAS K.
Hendrix & Mayes, Inc., Birmingham
STANSEL, ARTHUR
Courts & Company, Birmingham
ST.
STERNE, MERVYN H.
Sterne, Agee & Leach, Birmingham
Birmingham
STUBBS, Jr., GEORGE H.
Stubbs, Watkins & Lombardo,
Birmingham
RICHARD C.
Odess-Martin, Incorporated,
Inc.
UNDERWRITERS
SWAGLER,
DISTRIBUTORS
-
Members
Birmingham
New
York
Stock Exchange
American Stock Exchange
ULMER, T. CLYDE
Courts & Co., Birmingham
Midwest
Chicago
(Assoc.)
ST. LOUIS Z, MO.
VINCENTELLI, JOHN M.
Pierce, Fenner
Montgomery
Lynch,
Incorporated,
DEALERS
W.
Stubbs, Watkins & Lombardo, Inc.
Merrill
-
REINHOLDT & GARDNER
Sterne, Agee & Leach, Montgomery
FRANK
SECURITIES
Birmingham
TANKERSLEY, WILL H.
THOMAS,
LOUIS
Inquiries invited in all securities—Listed or
Over-the-counter—from Dealers, Institutions or
Individuals—Nationwide Private Wire System.
STRAUGHAN, Jr., HOWARD R.
Birmingham Trust National Bank
&
Bell
WALKER, Jr., JOSEPH P.
William Street Sales, Inc., Birmingham
RICHARD B.
Lynch, Pierce, Fenner
Incorporated, Birmingham
WATKINS, Jr., MILES A.
Stubbs, Watkins & Lombardo,
&
Smith
Direct
Private Wires
to
New York
Pershing & Co.
Inc.,
Teletype—NY
1-2419
BEekman 3-5880
1-6640
Springfield, 111.
•
Springfield, Mo.
•
Joplin, Mo.
Cape Girardeau, Mo.
•
Clayton, Mo.
•
Fcrt Smith, Ark.
Clayton, Mo.
•
Fort Smith, Ark.
WASSON,
Merrill
120 BroadwayBell
Teletype—-SL 335-336
Central
Exchange
Board of Trade
NEW YORK 5, N. Y.
400 Locust Street
Smith
Stock
Correspondents:
Goodbody & Co.
G. A. Saxton &
\
r
Co.
Birmingham
WATKINS, Jr., WARNER S.
Watkins, Morrow & Co., Birmingham
1950
SPECIALISTS
1951
1952
1955
I
I
1954
1955
1956
1957
III
1958
1959
1960
II
Number of St. Louis Area issues
we
Trade
OVER-THE-COUNTER
SECURITIES
SCHERCK,
RICHTER
Members Midwest Stock
320 N.
ST.
Bell
Teletype SL 456
COMPANY
Exchange
FUSZ-SCHMELZLE &
4th Street
LOUIS 2,
CO., INC
ST. LOUIS
MO.
Member New York Stock
GArfield
Exchange
PRIMARY DEALERS IN ST. LOUIS ISSUES
1-0225
OTC Correspondent Troster, Singer Co.
r
—
DAVIS, G. POWELL
Investment Corp. of
NSTA Members Not Affiliated With
Mosle
Rotan,
Laird
&
Doolittle
&
J.
Buffalo,
Co.,
N.
CLAYBAUGH,
Y.
Blair P.
Rouse,
NEWTON
P.
EUGENE
Cassell
&
First
Des
BLAIR F.
'
MORRIS
Claybaugh & Co.
St.
WALTER
of Iowa
Iowa
Louis,
CROCKETT,
Inc.
A.
Houston.
Mosle & Co.,
Texas
Richmond, Va.
HARRINGTON,
Va.
Company
Mo.
HAHN, DANIEL C.
W.
Craigie & Co.,
W.
Corporation
Moines,
HAHN, CHARLES
Scherck, Richter
H.
Co.,
Charlottesville,
Ind.
Wayne,
Rotan,
p.
C.
Corporation
Delaware
Harrisburg, Pa.
CRAIGIE,
Washington. D. C.
CASSELL,
Tex.
J.
GRAEFE, HARRY B.
& Becker
Brewer
Stock and Bond Club
Indianapolis Bond & Share
Corporation, Indianapolis, Ind.
Tex.
A.
Jr.,
BREWER,
Fort
Company,
Wilmington,
JOHN
Thursday, October 6, 1960
.
CLOUSER, HAROLD
BOLES, EWING T.
The Ohio Company, Columbus, Ohio
BRADT,
LEONARD
GRABLE,
Dempsey-Tegeler & Co., Houston,
Houston, Texas
& Co.,
.
Leonard J. Fertig & Co.
CHERRY, NORMAN G.
JOHN M.
.
MARVIN
Dempsey-Tegeler & Co., Houston,
FERTIG,
OF MEMBERS
ROSTER
St. Petersburg
Norfolk
Norfolk, Va.
DENMANZUK,
Any Regional Group
BAYNE,
Financial Chronicle
The Commercial and
78
FULLER
A.
Harrington 8c Co., Jackson,
GORDON
HARRISON.
Dempsey-Tegeler 8c Co., Houston, Tex.
Miss.
GEORGE G.
Harrison & Austin, Inc.
South
C.
T.
Des
THEODORE
Henderson
Moines,
Co.,
&
C.
Inc.
G.
San
Antonio, Texas
,
Secretary: E. Patrick O'Brien, Bache & Co.
nONNOLD, PHILIP C.
Honnold
3s
Company, Inc.
Oklahoma
Treasurer'
Okla.
City,
First Trust
Co.
of Lincoln,
Wheat
C.
L.
Foisey, Merrill Lynch, Pierce, Fenner &
Lincoln, Neb
Directors:
IRBY, Jr., MORELAND R.
J.
Maurice
Smith Incorporated.
HUNT, E. M.
THE DAKOTAS
& McKinnon.
Vice-President: Paul B. Good, Thomson
Funk, Hobbs & Hart, Inc.
MUNICIPAL ISSUES OF
ALL
PROMPT BIDS ON
Kidder & Co., Inc.
President: Edmund D. Read, A. M.
Iowa
WILLIAM
HOBBS, Jr.,
Maurice L. Foisey
E. Patrick O'Brien
Paul B. Good
Edmund D. Read
Ind.
Bend,
HENDERSON,
&
Co., Richmond,
JOHNSTON, DOUGLAS
Dempsey-Tegeler
D.
Nielsen,
Beil
&
Hough,
William
Inc.;
A.
Emerson, Merrill Lynch, Pierce, Fenner & Smith Incorporated;
E.
& Co.,
Soren
Va.
Houston,
T. Ray
Tex.
Gaither, Francis I. du Pont & Co.
KARKOWSKI, MAURICE R.
Kay
Houston, Texas
& Company,
WILLIAM
KELLEHER,
Spokane.
National
&
Wash.
KERMIT
SORUM
—
OSCAR BERGMAN
Cedar
Alternates: Lemuel Scarbrough,
Rapids, Iowa
Ernest
Kosek
Cedar Rapids,
•
.
&
Herbert Evans
of Iowa
Corporation
KOSEK, ERNEST
Roy Hollis, J.
Peninsular Investments.
KNAPP, RUSSELL F.
Securities
Charles
Committeemen:
Co.; Soren D. Nielsen, Beil & Hough, Inc.; John F. Gallagher,
Thomson & McKinnon; J. Her¬
bert Evans, J. Herbert Evans & Co.
,
Company
Iowa
ROSTER
OF MEMBERS
LASCELLES, JOHN A.
Company
Allison -Williams
Dominion
Toronto,
FEderal
3-3475
Limited,
Corpn.
BARNES,
Canada
Ont.,
Mason
TWX
MP
LEVY,
163
&
Lynch,
Va.
Grimm
&
Ronald
&
J.
Pemberton
Securities,
Beil
Ltd.
Lynchburg, Va.
Piper, Jaffray & Hopyvood
ESTABLISHEO.1895
McBRIDE,
Midland
Investment
Securities
Francis I.
Inc.
Peninsular
&
WILLIAM
Fenner
&
Pont
8c
JOHN
F.
Co.
Investments
GOOD, PAUL B.
Thomson
A.
Pierce,
HOLLIS,
Fenner
&
J.
&
C.
&
McKinnon
'
ROY
Smith
Herbert Evans & Co.
HOUGH,
HERBERT
J. Herbert Evans
W.
1
L.
Pierce,
Co.
Lynch,
J.
du
GALLAGHER,
A.
McKinnon
Merrill
Lynch,
GAITHER, T. RAY
WALTER C.
EVANS,
Securities
Beaton
Hough,
&
MAURICE
Inc.
Incorporated
Incorporated
j
CECIL
A.
EMERSON.
Lee, Inc.
8c
Co.
Thomson
Inc.,
Lynchburg, Va.
FOISY,
,
Kidder & Co.,
M.
Merrill
WALLACE
Bache
MASON, WALTER G.
Mason
A.
R.
CHURCHILL,
MASON, AUBREY L.
Lee,
8c
BOYD,
Canada
&
Smith
BEIL, Jr., FREDERIC C.
Miss
EDWARD
Vancouver,
Mason
&
S.
Jackson,
Company,
MacDONALD,
Fenner
BEATON, RONALD A.
Levy & Co., Waco, Texas
Jr., EDWARD
Lewis
JACK H.
EVANS,
Pierce,
BARRETT, JOSEPH
ROBERT E.
LEWIS,
C.
Incorporated
Lee, Inc., Roanoke.
Robert E.
PHILIP
Merrill
LEE, BURTON P.
MINNEAPOLIS, MINNESOTA
Phone:
Securities
Co.
WILLIAM
Bell &
R.
Hough, Inc.
Limited,
Corpn.
Toronto
McCLINTICK, Jr., WILLIAM N.
UNDERWRITERS &
Strader
DISTRIBUTORS
and
Incorporated
Company,
Lynchburg, Va.
McGANN, ALBERT
CORPORATE & MUNICIPAL SECURITIES
Albert
Securities
McGann
Co.,
Inc.
South Bend, Ind.
EDWARD
MUIR,
YORK
AMERICAN
STOCK
STOCK
MIDWEST
San
EXCHANGE
EXCHANGE
STOCK
O'CONNELL,
Laird
(Associate)
&
NEIL
Company,
PHILIPS ON,
Max
;
ROCHESTER
BILLINGS
GREAT
★★
Philipson & Co.,
H.
L.
N.
Y.
Corporation
C. D. MAHONEY & CO., INC.
840
HARRISON L.
Shaffer
SMITH.
•
Utica,
Inc.,
Share
Indianapolis, Ind.
SHAFFER.
FALLS
&
Co.,
Amarillo, Texas
BAKER BUILDING
MINNEAPOLIS 2, MINN.
RUSSEL
A.
The Bank
of
Teletype MP 60
Montreal, Toronto,
—
'
Ontario,
SMITH,
F.
3-6378
MARK A.
W.
Craigie
Richmond,
Co.,
&
&
Va.
S.
j, Harold
El
8.
Paso,
Strader
Stewart
Company
Texas
LUDWELL A.
Company,
STRADER,
and
Lynchburg,
Incorporated
Va.
UNDERWRITERS
TAPP, GEORGE M.
mBI
Federal
Canada
STEWART, HAROLD
■HI
★
MAX
REISSNER, FRANK L.
Indianapolis Bond &
MINNEAPOLIS
FARGO
Corporation
Wilmington, Delaware
EXCHANGE
SAINT PAUL
MINNESOTA SECURITIES
Dempsey-Tegeler & Co.
Antonio, Texas
MEMBERS
NEW
D.
DISTRIBUTORS
DEALERS
Doherty Roadhouse & Co.,
Vancouver,
TRAVISS,
JAMES
Davidson
Across the Northwest
Canada
8c
A.
Company,
Toronto,
Canada
CORPORATE AND MUNICIPAL
VAVRA, JOHN g.
SECURITIES
Cedar Rapids, Iowa
John 8. Vavra Co.,
WALTON, GU8 B.
Walton & Company, Inc.
Little Rock, Ark.
Active Marhete in local
i,<uc,
WALTON, OTIS B.
O.
From the
•
.
.
across
Mississippi
the prosperous
to the Rockies
Northwest,
B. Walton
Jackson, Miss.
WIGHTMAN, LYALL M.
Isard, Robertson & Co., Ltd.,
Toronto,
J. M. Dain maintains markets in local stocks
provides far-reaching distribution.
3 J. M. Dain
EDINA
|
MEMBER
GREAT FALLS
YORK
Co., &
Inc.
STOCK
EXCHANGE
A..
Minncspolis
paul
Stoux FALLS
NEW
Telephone: FEderal 3-8141
Teletype: MP-73 MP-561
Ontario,
WILLIAMS,
Mason
and
and Company
&
Lee,
Inc.,
Member:
WOODWARD, RONALD
Iowa
YOUNG,
Co.,
Incorpo¬
PAUL
Co.,
PHILIP
Inc.,
San
M.
Refsnea, Ely, Beck
Phoenix, Ariz.
&
Exchange
Greensboro, N. C.
Telephone
B.
Hughes 8c
rated, Indianapolis, Ind.
&
Stock
P. 0. Box N-2
Raffensperger,
Walston
Philadelphia-Baltimore
Lynchburg, Va.
WILLIAMS, HARRY G.
Quail 8c Co., Davenport,
YARROW,
UNITED SECURITIES COMPANY
Canada
II, ERNEST
Co.,
Mateo,
Calif.
BRoadway 5-6476
Direct Wire to Shields
&
Toletype
GN 66 &
GN 67
Company, New York City
Smith
Volume
192
Number 5992
...
'■
MALOOF, EDWAED K.
Goodbody & Co.
Grimm
Bell
&
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Thursday, October 6, 1960
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Los Angeles, Calif.
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Denver, Colo.
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.
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Dallas, Texas
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Continued from page 18
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s
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•
Number
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The Commercial and Financial Chronicle
81
Roy B. Arnold, Jr., Daly & Co., Inc., Boise, Idaho; Mr. & Mrs. Robert Diehl, Paine, Webber, Jackson
& Curtis, Los Angeles; Mr. & Mrs. John P. McGinty, McDonald & Company, Cleveland
Mr.
&
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Kansas City, Mo.
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Portland, Oreg.
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BALTIMORE
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New York
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,
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New York
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Hess, Grant & Remington, Inc.
Philadelphia, Pa.
City
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Smith, Barney & Co.
Chicago, 111.
Continued
on
page
MARCUSSON, AL
Investment Dealers' Digest
New York
John C. Legg & Company
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Established 1899
New York
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Chicago, 111.
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New York City
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New York City
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Hughbanks, Incorporated
Seattle, Wash.
SYSTEMS
GREGORY
John
Continued from page 81
Gordon
Kalvar Corp.
Mrs.
Thursday, October 6, 1960
.
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Attended the Convention
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Volume
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NumJber 5992
192
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I
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We Specialize in
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INC.
Investment Bankers
321 Hibernia Bank
Long Distance 345 & 389
LA.
Teletypes NO 189 & NO 190
TAMPA
JACKSONVILLE
Barnett National Bank
617 Madison Street
Building
Telephones: ELgin 3-8621 & L. D. 47
Telephone: 2-4628
Teletype: JK 181
Teletype: TP 8040
Wire
SCHLICTING, HUGH*
Wm. P. Harper & Son & Co.
Building
NEW ORLEANS 12,
Seattle, Wash.
SCHAG, WALTER F*
Davis, Skaggs & Co.
San Francisco, Calif.
,
SCHEUER, CHARLES G.*
William H. Tegtmeyer & Co.
Chicago, 111.
Private Wire Between Offices
Systems
Dominick & Dominick
Seattle, Wash.
SCOTT, JAMES H*
Blyth & Co., Inc.
Chicago, 111.
SERLEN, LOUIS*
Josephthal & Co.
New York City
John G.
Legg & Company
SHIPMAN, RICHARD*
Richter & Co.
IKE
JOHN J. ZOLLINGER, JR.
JAMES E. RODDY
D. SCHARFF
New York
City
S1SSON, LARRY*
Pacific Northwest Company
In
Seattle, Wash.
Active
Trading Market$,
SMITH, ELBRIDGE H*
Stryker & Brown
New York City
in
louisiana and mississippi
bank stocks and
local
Corporate issues
Baltimore
SMITH, JOSEPH E *
Newburger & Co.
Philadelphia, Pa.
Baltimore
National
SNYDER, JACQUELYN (Mrs.)
Minburn, Iowa
SPARKS, RUSSELL K*
Barret, Fitch, North & Co.
Kansas City, Mo.
Scharff L Jones
INCORPORATED
140
TELETYPE
CARONDELET ST.
L. D. 235
Tulane
NO 180 & 181
0161
NEW ORLEANS 12, LA.
SHREVEPORT, LA.
BATON ROUGE, LA.
j
JACKSON, MISS.
Bank
CAPITAL
STEAD, ROBERT T.
J. A. Hogle & Co.
Salt Lake
OF
34
IN
EXCESS
$29,000,000
Offices in Metropolitan Baltimore
Member: Federal Deposit
Insurance Corporation
STEVEN, Jr., ANDREW R*
A. C. Allyn & Co.
New York City
Continued
•Denotes
FUNDS
City, Utah
STEEN, WILLIAM H.
First Boston Corporation
New York City
LAFAYETTE, LA.
it's...
Mr. and
Mrs.
...
on
page
81
does
so
much
for
so many
people
84
The Commercial and Financial
Chronicle
.
.
Thursday, October 6, 1960
.
i
I.
Mr.
& Mrs. William T. Patten, Blyth
<ft Co., Inc., Seattle; Mr. & Mrs. Nieland B. Van Arsdale,
Blyth & Co., Inc., Los Angeles; Mr. & Mrs. Richard E. Owen, Kidder, Peabody & Co., Los Angeles
Mr.
&
Mrs.
Morey
D.
Sachnoff,
Cook Investment Co., Chicago; Samuel
& Co., Inc.,
New York City
E. Magid, Hill,
Thompson
i'l !
WALSH, JOHN F*
Attended the Convention
? sT
t
Courts & Co.
New York
h -j
BAUMGARTNER, DOWNING & CO.
Continued from page 83
STRADER, LUDWELL A.
Strader & Company
Members
VAN ARSDALE,
NIELAND B,
WALSH, RICHARD*
Newhard, Cook & Co.
St. Louis, Mo.
Blyth & Co., Inc.
Los Angeles, Calif.
Incorporated
Philadelphia-Baltimore Stock Exchange
Lynchburg, Va.
Portland, Oreg.
★
TAPP, GEORGE M*
Doherty, Roadhouse & Co.
I |i
I
Bateman, Eichler & Co.
Los Angeles, Calif.
Kidder, Peabody & Co.
San Francisco, Calif.
Geo. Patten Investment Co.
•k
WEBSTER, W. W*
VICINO, WALTER
SWAILS, DERELE H *
Mercantile Trust Building, Baltimore 2, Md.
t
Telephones: Baltimore—PLaza 2-4911
New York—HAnover 2-0310
Teletype—BA
599
Vancouver, Canada
TATRO, EDWIN L*
Edwin L. Tatro Company
WEISS, MORTON*
WALKER, GRAHAM
Singer, Bean & Mackie, Inc.
City
Dempsey-Tegeler & Co.
New York City
New York
New York City
TEGELER, JEROME F.
Dempsey-Tegeler & Co.
St.
In Louisville Since 1872
Louis, Mo.
THORSEN, LESTER J.
Glore, Forgan & Co.
Eighty-Eight
Chicago, 111.
TISCH, ALFRED F.
I Fitzgerald & Company
New York City
i!'
i;:
11
ofe
&
Member
Philadelphia-Baltimore Stock Exchange
<
TOPOL, ROBERT M*
Greene & Company
New York City
Underwriters and Distributors
i-
J. J. B. HILLIARD & SON
ESTABLISHED
Associate Member American Stock
Church at
Tax-Exempt Bonds—Investment
Corporate Issues
Louisville
*
Hopkinsville
Chicago, 111.
*
Gra<|e Common Stock*
Lexington
•
Owensboro
Columbus, Indiana
Eighth Street
i i
11
—
Exchanges
Exchange
City, Utah
VALLELY, EDWARD V *
John Nuveen & Co.
Municipal Bonds
1872
Member New York and Midwest Stock
TUNKS, PHIL S.
J. A. Hogle & Co.
Salt Lake
11
Investment Service
Lynchburg, Virginia
Phone i
Victor 6-5201
Teletype Ly 64
Own wire system to
Bristol
Roanoke
Richmond
Direct wire
to
branch offices
Charlottesville
New York
Hayden, Stone & Company
Danville
City
Troster, Singer & Co.
Compliments of
CHEMOIL
INDUSTRIES
Municipal Bonds and Corporate
Securities
Local Industrial &
Trading Markets
70
STREET
Utility Stocks
Retail Distribution
STRADER and COMPANY, INC
Members
Philadelphia-Baltimore Stock Exchange
LYNCHBURG, VIRGINIA
WALL
LD 39
-
Victor 6-1333
Private Wire to Shields &
-
TWX LY 77
Company, New York city
NEW
YORK
Volume
Number
192
5992
.
.
.
The Commercial and Financial
Chronicle
85
Ct. -Ji
:
m
r
;
Mjft \ I
Mr. &
Mrs. James
L. Beebe, William R. Staats & Co., Los Angeles; Mr. & Mrs.
Elbridge H. Smith,
Mr. & Mrs. James G. Fraser, Stern, Frank, Meyer & Fox, Los Angeles
Mr.
& Mrs. Charles
A. Bodie,
Jr., Stein Bros. & Boyce, Baltimore; Mr. & Mrs. Clifford G. Remington,
Hess, Grant & Remington, Inc., Philadelphia
Stryker & Brown, New York;
WELCH, EDWARD H*
Sincere and
WERNECKE, RICHARD A*
Chicago, 111.
Chicago, 111.
WELLER, JOHN S*
The Weller Company
Los
WILDE, NORMAN T*
Janney, Dulles & Battles, Inc.
Philadelphia, Pa.
Burton J. Vincent & Co.
Company
WILLIAMS, ROBERT C*
W1ELAR, JACK B*
Gregory & Sons
Angeles, Calif.
•
Reprints of the published pictures
Weeden & Co.
Chicago, 111.
WILSON, HARRY J*
Harry J. Wilson & Co.
Chicago, 111.
New York City
may
be purchased by addressing
Mr. Al. Brack
Sun Valley
SUN
YARROW, PAUL*
Walston & Co., Inc.
San Mateo, Calif.
available and
requests to:
Mr. Lou Holliday
Camera Shop
VALLEY, IDAHO
PRICES: 8 X 10 GLOSSY REPRINT
YOUNG, PHILIP M.
Refsnes, Ely, Beck & Co.
Phoenix, Ariz.
Distributors And Underwriters
or
are
your
$1.50
ZIMMERMAN, W. J*
Bingham, Walter & Hurry, Inc.
of
Los
Angeles, Calif.
♦Denotes
Investment• Securities Since
Mr.
and
Mrs.
1894
We Cover The Southeast!
Check with
us on
Southern and General Market
The
Robinson-Humphrey Company, Inc.
RHODES-HAVERTY
ATLANTA
JACKSON
2,
GEORGIA
LONG
1-0316
Bell
Teletype
Securities
BUILDING
AT
DISTANCE
421
288
Established 1925
Members
New
York
Stock
Exchange and
Other National Exchanges
NEW
ATLANTA, GA
LD-159
Specializing in GEORGIA,
AT-187
Wire
BO
YORK,
9-9227
NY
N. Y.
1-2370
System extends to New York and Principal
Southern
Cities
ALABAMA, FLORIDA,
N.
CAROLINA, S. CAROLINA
General Market
Municipals
Underwriters
Distributors
Dealers
1—
THE JOHNSON, LANE, SPACE CORPORATION
Georgia and South Carolina Municipal Bonds
Trust
Corporate Bonds & Stocks & Local Securities
JOHNSON, LANE, SPACE AND GO.
TRUST COMPANY
OF
Company
Incorporated
e
New York Stock
GEORGIA
Members
.
of
Georgia
Atlanta
Exchange
Augusta
American Stock Exchange (Assoc.)
Jacksonville
La Grange
Savannah
Private Wire Connects All Offices
Banking Since 1891
Citizens & Southern
MEMBER
ATLANTA
FDIC
JAckson 2-6000 and
NEW
•
TWX AT-283
YORK, 15 Broad St.
HAnover 2-1561
Private
L. D. 521
•
TWX
NY
Wire Atlanta-New York
1-2712
ATLANTA
Nat'l
Bank
Bldg.
3, GEORGIA
Teletype—AT 182
Telephone—JAckson 4-8091
Private Wire
Systems
W. E. Hutton & Co., New York City—New York Hanseatic Corp.,
N. Y. C.
The Commercial
86
Mr.
&
Phipps, June S. Jones Co., Portland, Oreg.;
Mrs. Preston L.
& Co., Inc., San
Walston
Seattle
will
securities
'
1
>
$■
1
4
f
i
i
Measures for Improving <
Bank Portfolio Management
Continued from page
for
liquidity
sufficient
loan
designed to be
deposit and
basic portfolio
are
to
cover
the
drains,
ately
15
would not need to be reduced
cept
extraordinary
under
ex¬
cir¬
The
on
this
basic
would
on in¬
the
cycle and
average yield
securities
termediate-term
over
swings of the business cycle.
on the short-term liquidity
the
Yields
portion
of
yield
the
reflect
cumstances.
of
course,
with
port¬
folio should fluctuate only moder¬
over
the
bank's
will
portfolio,
widely
fluctuate
general credit conditions. At
times the return on money
market
Mrs. Robert D. Brearley,
&
Mr.
Mr. & Mrs. Francis W. Muetzel,
Mrs. Louis G. Coupez, Hughbanks Incorporated,
Mr. &
Francisco;
yield
on
the
holding
times,
investment
basic
bank's
very
compare
the
with
favorably
of U. S. Treasuries. At other
market yields will be
the money
Chronicle
.
.
Thursday, October 6, 1960
.
Wood, Gundy & Co., Inc., New
Richter & Co., New York
odds heavily
bit for the
low and look ridiculously
small as compared with the return
on investments in the five- to ten-
of
bulk
our
firmly
be
must
re¬
Extensions of maturity
sisted.
at
banks.
costly.
This portfolio program is cer¬
tainly not advanced here as a new
idea. It is, in fact, an old, old idea
recommended widely in textbook
discussions, typically suggested by
large banks to their country bank
correspondents, and indeed widely
followed by a
large number of
times
such
prove
may
What I
banks.
suggest¬
am
is that the policy may very
well work to advantage for most
ing
of
our
record
of
banks, large and small. The
shows that for a variety
reasons
for
it has not been possible
banks
market
efforts
a
as
do
banks
so
DEPTH
have
the
bank's
a
is
to
order
heavily
tunities
at
benefit
high-yield
from
some
more
oppor¬
times
and
through
direct private wires to our own
New York correspondents,
our
Blair & Co. and Greene & Co.
•
solid retail distribution
•
acquiring too many lows
yielding medium-term issues at
other times. A "stretch-out" plan
after-tax
if
be
to
used
catch
part of
the interest rate swings while still
all
restraint. And credit
may
a
holding basically to a balanced
prices. Proper reserves should be maturity pattern concept. When
set up and then used in a way Federal Reserve credit policy be¬
that will produce the same cur¬ comes very restrictive, the pat¬
rent
return
as
though the tax tern of maturities may be spread
trades had not been made. The out over, say, six or seven years.
closer the portfolio manager can' Then, when credit policy is easy,
the
come to catching the lows and the
portfolio may be squeezed
highs of the market swings the into, say, four years. The trouble
better the result for the bank. But is that a policy of restraint can
a
most banks may not wish to take become
policy of even more
possible
then
and
losses
all
possible gains. Therefore, not too
much
"active
come
move
as
a
hangs
the
on
market
precision
judgments
bank is
set
up
to
of
too
tions
on
Pioneer and Pacemaker in Automotive Air
of
ease."
soon.
of
combination
long
as
move
banks
ease
It
can
is
Perhaps
the
reserve
and
the
UNIT
SALES
INCREASE
;
of SOUND,
PARKER, FORD & COMPANY, INC., Investment Bankers
i
Dallas
•
Fort Worth
•
El Paso
Wichita Falls
•
•
Paris
•
Denton
Ardmore, Oklahoma
•
H
\
i \j
57%
CONTINUOUS
11
YEAR
TO
YEAR
GROWTH
41%
rinrmmnnnrin i
i
Frigikar
I
UNDERWRITERS
-
DEALERS
Trading Markets in:
HOUSTON NATURAL GAS
DISTRIBUTORS
common
&
CORF,
preferreds
good
year.
future
3
has had another
expansion and
growth
appears
i
34%
better than
L0NGH0RN PORTLAND CEMENT
ever.
CORPORATE A
MUNICIPAL
LONE
STAR
We
continuous dividends
CENTRAL POWER t LIGHT
ALL
SAN
ANTONIO
BANK
AND
our pattern
since 1955. A
4*/. preferred
SOUTH
TEXAS
HOUSTON LIGHTING I POWER CO.
4% preferred
STOCKS
SAN ANTONIO CORPORATION
and other Southwestern Securities
on
National
TWX
Bank
SA-1 1
of
Commerce
1950
i
71%
of
35%
'50
'51
J. MITCHELL
'52
Listed
President
'53
1
1
L.
1949
request.
*
J
xj
A
July 31, I960 is
pmFuNK, Hobbs & Hart, inc
Midwest
LJ
paid
Report of
of the company as
BERT
Investment
IWBBSUMfld
SINCE
of
the status of the progress
available
Members
3,792%
INCREASE
05%
change in
THE FRITO COMPANY
specializing in:
: <
anticipate no
BREWING CO.
PEARL BREWING COMPANY
SECURITIES
i
J
The outlook for
'54
'55
'56»
'57
'59 &'60
'58
daily in the Wall Street Journal's
Over-the-Counter Southwestern Mark.t
Securities
Stock
Exchange
Manufacturers of FRIGIKING
7-6215
•
FRIGIBUS
FRIGIKAR
Bldg. San Antonio, Texas
CA
FRIGIKAR
10858
HARRY
HINES
BOULEVARD
•
FRIGIKAB
CORPORATION
DALLAS
20,
TEXAS
to
some
posi¬
absolute
Conditioning
I
38%
trading markets
underwriting participations
•
%
be¬
easy
Now into the
twelfth year
firm
to
avoid
Instant communications clear across Texas
offices and our
too
possible, when security prices are
depressed and later profits es¬
tablished at the higher ranges of
and that in their these
swings
to
''beat"
to
group
maximize
pattern
a program
in
tions
The
income. Losses should be taken,
maturity
for their basic
U.
S.
Treasury portfolio.
They
may wish to make some modifica¬
limiting
Some Refinements
to
tax-swapping principles.
may
feel that a
banks
Some
constant
portfolio policy I am sug¬
year area of the Treasury market. gesting does not, of course, pre¬
clude some market trading in order
It is in such circumstances that
temptation
York; Mr. & Mrs. Richard Shipman,
the right
stacked against them.
of a constant maturity
pattern for a basic investment
portfolio will even things up a
A program
very
those
MEANS TEXAS COVERAGE IN
and Financial
Volume
Mr.
level
&
of
Mrs.
192*
Number 5992
The Commercial and Financial Chronicle
John P. Haggerty, Lowell, Murphy & Company, Inc., Denver;
Schirmer, Atherton & Co., Boston; Miss Carol Breen
rate
discount
the
...
may
and
the
lengthening
produce guides that will be ade¬ through the
quate to produce a satisfactory made
offerings
by the Treasury in its
result.
Such lengthening or
would
probably
modest
so
that
ber of banks
a
be
basis
buyers
to
mar¬
substantial
num¬
could accomplish the
phase
of the passage
on
of time
Mrs.
&
Jack
or
sellers in sufficient size
the moves with¬
accommodate
out
materially affecting the level
market and thus
of the
defeating
may
not
for
Commercial Banks in the
should
in
Developments
not be other
be
that
positions
in
and
in
the
Mrs.
Gene
Burns,
a
if
short-term
rates
drop
sharply
funds
from
present levels remains to be
short-term
seen.
Such
securities and money market loans
than
&
<ft
short-term
invested
Mr.
Inc., Portland, Oregon;
Co., St. Louis
Co.,
&
intermediate-
Treasury market.
Whether
this resolution will be maintained
are
the times that try
men's souls.
•An
t'.ie
of
address
Banks
Sept. 21,
by Mr. Youngdahl before
of
Supervisors
in Atlantic City, N. J.,
Association
National
State
1960.
Market
Current
substantial number
of banks. There may
Smither
liquidity
conviction
term
permits its accomplish¬
any
build
rather
part of their purpose.
beyond this in scope, the market
ment
Zilka,
Bader,
Fusz-Schmelzle
being
ket
Mr.
Breen,
phase
financings and refinancings.
shortening
sufficiently If banks attempt a program much
reduction-in-maturities
the
new
Frank S.
87
S.
U.
the
Treasury security market thus far
in
1960
that
suggest
banks may-
post a far better portfolio record
the
over
recent
other
during
Dallas Union
rate
interest
current
than
swing
cycles. Banks apparently increased
intermediate-term
their
in
the
February,
SanjdERS
&
COMPANY
Members New York Stock
REPUBLIC
NATIONAL
Exchange
BANK
relatively
interest
levels
Securities Co., Inc.
were
recently
More
high.
they have not been buyers in the
1001
Adolphus Tower
BLDQ.
intermediate-term
Dallas
of
May and June of this
when
year,
holdings
refinancings
Treasury
lower
yields
suggests
now
Fort
may
have
New York Stock
better to go slowly on port¬
seems
to
prices.
be
a
Worth
experience that
folio extensions after
in market
Fort Worth National Bank Bldg.
Dallas
the
at
prevailing. This
banks
that
learned from past
it is
sector
a
Exchange
sharp rise
At present there
disposition to
Members:
Midwest Stock
Exchange
re¬
American Stock
Exchange (Associate)
Rauscher, Pierce & Co., Inc.
Member
New York Stock
Midwest Stock Exchange
Exchange
American Stock
Exchange (Associate)
Underwriters
Brokers
•
Dealers
•
Distributors
Municipal Bonds
Bank and Insurance
Company Stocks
Mutual Investment Funds
Public
Bonds
—
Utility, Railroad and Industrial
Preferred Stocks
Common Stocks
—
Mercantile Dallas
Building
Dallas 1, Texas
Austin
Midland
Riverside 8-0111
Fort Worth
•
•
Odessa
•
•
Harlingen
San Antonio
•
•
Houston
Tyler
•
•
Lubbock
Fayetteville, Ark.
The Commercial and
88
Financial Chronicle
.
.
.
Thursday, October 6, 1960
the
since
Factors Affecting the
Price Level in the 1960's
The Firm that knows the Southwest
Continued from page 7
.1"14'
.f—-r^l
equipment, and some other dur¬
able goods. Thus, a high level de¬
mand
for
private
and
public
•
consumption helped to sustain the
price level through 1950 at which
time public demand was further
RffER, INC.
EPPLER,
MEMB -R.v
NEjW YORK*
jSTOCfc EXCHANGE
increased and
private demand again devel¬
oped. After the Korean War, high
level
demand
part
by
in
and
to
to
the
maintained
was
1954-57
period.
summarized
Mfg. Industries
1957
% Inc.
product per manhour (1947-49=100)
Average hourly earns.
Industrial prices
expansion
30.8
$2.07 66.9
28.5
123.2
There has been a tremen¬
expansion in private debt
in private debt
after World War I
was
slowly
1921.
$91.5
The
was
at
a
wOCcJk,
to
billion
$109.5
peak
was
and
Teletype DL 354
backed
by
a
in
up
the past.
than
taxes
in
1929
Secondly,
nothing of going far beyond.
"gray" markets for automo¬
biles, steel, farm implements and
other
products
reflected
this
moderation in administering
prices during 1946 and 1947. Since
extreme increases in prices to un¬
billion
Some
of
the
specific increases
'///////////////////////////////////////////////////////////////////////////////////WW//W///////////////A
SOUT
BOSTON SECURITIES CO.
PETROLEUM BLDG.
TOWER
DALLAS
1, TEXAS
TWX DL 542
Riverside 7-8967
The
lllllllllllllillllllllllHIIIIIIIE
sustainable
|
\
FIRST TEXAS!
IN
in local and national inactive bank, insurance
2
E
levels
less
were
after
(4) After World War I
=
and indnstrial stocks
.
.
.
widest communication in the state.
=
not have the network
UNDERWRITERS
Kay and Co.
2
2316 S. Main St., Houston 2, Texas
|
JAckson 6-1673
TWX HO 590
j
=
2
Private wire to
of
supports
agriculture which has played
an
important role in limiting a
disorderly deadline in prices of
key agricultural products.
Thus,
farm product prices declined by
Dempsey-Tegeler & Co., Los Angeles
J. S. Strauss & Co., San Francisco
^
Call
us
collect for markets
you
can't get elsewhere!
~
Teletype—SE 234
1914 and
May 1920. Agricultural
prices rose by 205.5% between
1939 and June 1948, the first post¬
peak.
cline
After
a
rose
sharply
War
and
peak
in
March
December
1955
during
The
trend
GJERHarper&Soit&Co.
downward
until
Investment Securities
1951.
irregularly
was
for
a
reached
decline
a
of
29.5%. The agricultural program
contributed to the orderly nature
of the decline.
(5)
There
Founded 1892
moderate de¬
prices
Korean
the
j-j
Doherty Roadhouse & Co.,Vancouver, B.C.
with connections to other trading centers
52.5% from May 1920 to June 1921
after a rise of 138.5% between
war
Western Union Telefax 'Tex"
jjZ
-
SECURITIES
did
we
DISTRIBUTORS
MUNICIPAL & CORPORATE
for
1
—
fre¬
World War II, we
avoided the
subsequent collapse
in those prices with the inevit¬
able contagious impact on other
prices.
quent
150* Third Ave.,
Tacoma
Seattle 1 Mask
Wena tehee
Yakima
increases in
immediately after
they were not
so large nor as frequent as dur¬
ing the recent postwar period. The
labor
were
costs
World War I. But
labor unions did not have
power
as
much
after World War I. Nor did
have national minimum wage
we
laws in effect at that time. Aver¬
age
BOISE CASCADE CORPORATION
hourly earnings in manufac¬
industries recorded only
turing
nominal
and
changes
between
1923
while output per manthe re¬
in unit
1929
PUGET SOUND
PULP
hour increased by 31.3%;
sult was a sharp decline
labor costs.
Completely integrated manufacturers
and distributors of:
Our
price system in the recent
in
years,
propped
cost
to
contrast,
has
been
on ever higher labor
Comprehensive data
up
stilts.
show total
labor costs
not
are
& TIMBER CO.
BELLINGHAM, WASHINGTON
available for the entire economy.
Lumber and Wood Products
Paper and Textile Bags
Sand, Gravel, and Concrete Products
However,
indication of the
trends may be derived from the
data for manufacturing industries.
Between 1947
and 1957, output
per manhour increased by 30.8%.
some
During the same period average
hourly earnings rose by 66.9%;
inclusive of non-wage benefits the
percentage rise was even great¬
er.
The
apparent rise in unit
labor costs
Kraft
Paper
index
farm
-
of
was
27.6%.
industrial
non
food)
-
The BLS
prices
to add that I
am
all of the rise of 28.5%
the
costs.
27.6%
But
the general
it
Bleached Sulphite
Pulp, Tissues, Fine Papers,
I hasten
Paperboard, Industrial Alcohol,
not assuming that
in indus¬
trial prices was attributable solely
to
Manufacturers of
by 28.5%
rose
during the same period.
Corrugated Shipping Containers
(non-
rise
in
was
one
unit
labor
^factor
pricing picture.
in
The
at
76.2%.
or
say
IMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
in
$161.2 billion, an increase of $69.7
greater resort to
key American industries did not
price up to "market levels" to
then
billion
rec¬
inflationary pressure during and
immediately after World War II,
This was due to two factors. First,
a
more comprehensive
apparatus
of price controls—going far be¬
yond price fixing—restrained the
rise in prices during World War
II and slowed up the rise in the
first
postwar
year.
This
was
much
In 1918, total private
debt
127.7
$1.24
95.9
(1947-49=100)
(6)
97.6
II.
increase of 291.4%.
The
rose
1947
Real
dous
an
slower rate.
below:
War
orded modest rises in terms of the
s
Phone Rl 1-3441
are
IN THE
(3) Most individual prices
oUre*44ading citic
in
data
World
of
debt increased from
$139.9 billion at the end of 1945
to $547.5 billion at the end of 1959,
a
sharp expansion in
investment, particularly
business
mgj\vire$
an, Is a
deferment
small
a
of
llaSffTexas
Fidel
pertinent
end
Total private
Lignin Products.
Volume
debt
in
as
were
192
Number 5992
1945
between
follows.
and
1959
1945
collapse in prices has not devel¬
1959
Increase
85.3
7.3
Non-farm
mtgs
debt
Consumer
increase
The
started
as
soon
281.7
133.8
46.3
lower, prices.
16.5
160.8
52.0
higher,
rather than
196.4
23.8
27.0
5.7
*
On the contrary,
through¬
out most of the
postwar years the
pressures have been for
(Billions of dollars)
corporate
Total
The Commercial and
Financial Chronicle
.
.
oped.
Private Debt
Farm
.
in
as
It
and has continued unabated.
(7) The enactment of the Em¬
ployment Act of 1946 reflected a
new
public economic policy,
namely, a determination to main¬
high level employment and
unwillingness to tolerate deep
tain
is
rather
a
the
there
end
interesting
sharp
World
almost
was
opinion
of
that
there
deflation
in
War
would
of
be
prices.
in
or
the so-called "built-
automatic
stabilizers"
such
as
unemployment insurance, the
sensitivity
of
income
taxes
to
Major
past
price
have
inflations
been
government
associated
actions
from
a
the
with
including
five
now—particu¬
necessary
an
un¬
enemy
for
us
to
larger sums for de¬
It is not my task today to
ever
analyze probable developments in
this area.
Nevertheless, any ex¬
amination of price inflation can¬
not ignore it.
I
Now,
of
make it
may
II
unanimity
Government will be
years
fense.
depressions.
reinforced by
10
spend
com¬
exactly 15 years later, the col¬
The combination of lapse has not taken place and until
continuing heavy unemployment very recently there has been al¬
most complete agreement that we
during the 1930's and its disap¬
face further price inflation wheth¬
pearance during World War
II
er
of the creeping or
convinced many persons that we
crawling
have it within our power to attain variety or the more virulent gal¬
loping genius.
these goals.
This attitude was
an
Federal
larly since the actions of
scrupulous, power-hungry
mentary on the fashions in think¬
ing among economists to note that
after
ity. It would be a bold forecaster
indeed who could venture to guess
what the spending policies of the
or
Factors Affecting Price Trends
In Next Decade
private debt
the war ended
89
shall
this
paper
fiscal
on
devote
to
the
the
balance
impact of
of
non-
and
the
ahead.
non-monetary factors
price level in the years
Among the
considered
are
the
factors
to
be
years,
ly
as
unit labor costs rose sharp¬
labor cost increases far out¬
paced
gains
hour.
Thus,
In
creases
be
This
per
man-
inflation
is
unit labor
the short run, such in¬
in
rising
unit
labor
costs
may
accompanied
by one or more
(1) higher prices,
(2) lower profit margins, and/or
(3) unemployment. These devel¬
opments are matters of simple
arithmetic.
During prosperous
times,
wage
inflation
may
be
paralleled by price inflation. But
during periods of recession, wage
inflation is more likely to be ac¬
companied by price deflation and
unemployment.
of three effects
longer term ef¬
prices.
much
There is a limit to how
inflation can be ab¬
wage
sorbed out
the
of profit margins and
public is not likely to tolerate
unemployment. Thus, any
development is bound to
stimulate
government action to
reduce unemployment. This might
well mean large-scale government
spending or
tax
reductions
or
mass
such
combination
some
the
It
resulting
is
this
at
flation
of
both
budgetary
with
deficits.
point that wage in¬
leads
fiscal
to
Continued
inflation.
on
page
following:
(1) Wage inflation.
(2) Industrial price administra¬
tion.
(3) Technological developments.
(4) Domestic and foreign com¬
petition.
corporate and
(5) The public attitude toward
the major cause of
inflation.
in economic conditions, price inflation. If we embark
upon
for example, built-in budget defi¬
I will not discuss increases in
profligate government spending
cits in periods of recession, so¬ with
charges
because
I
accompanying large - scale depreciation
cial security payments and related deficits or
adopt policies of ex¬ do not believe they will have
developments which set in motion cessively
cheap
and " plentiful much significance in this general
counteracting forces whenever a credit, the die will be cast for a picture.
downturn gets underway.
This further major price inflation. The
Wage Inflation
combination
of
developments impact of a non-nuclear war will
Wage inflation is a new term
be similar.
placed a high support level under
In
the event of an
in economic literature. It has come
public
confidence
and
business atomic war, we will not give too
into wide usage only in the last
planning. This was in sharp con¬ much attention to prices or price
few years as economists have be¬
trast to the situation prevailing trends.
come aware of how far increases
immediately after World War I
Certainly, a major prerequisite in wages and non-wage benefits
and in the post-1929 depression/
for avoiding a significant price were
outstripping gains in output
In light of these seven forces it inflation is the avoidance of war
per manhour. It was noted earlier
is not surprising that a postwar and the maintenance of fiscal san¬
that in the post-World War II
wars.
output
wage
with
equated
costs.
in
What about the
fects? A continuation of wage in¬
flation
must
lead
to
higher
is
changes
municipal
securities
Foster
&
Marshall
Investment Bankers & Brokers
New York Stock
Exchange, American Stock
Exchange (Associate), Chicago Board of Trade
members:
820 Second Ave. •
portland *
State and
Municipal
Seattle
spokane
4 •
Teletype SE. 482*673
•
Phone MU 2-1900
* eugene * yakima * olympia * medfoiid * roseburc
U. S. Government
Bonds
Bonds
Telephone MAin 3-3040
BOND DEPARTMENT
Seattle 24,
Lewlsco
Seattle-First
Washington
Telephone MAin 2-3131
Cable Address
Teletype SE 105
National Bank
Teletype SE 489
JOHN R. LEWIS,
MEMBER
FEDERAL
DEPOSIT
INSURANCE
inc.
CORPORATION
Investment Securities
27th
Anniversary, 1933-1960
1000 SECOND AVENUE
SEATTLE 4, WASHINGTON
TWELVE
DIRECT LEASED WIRE TO:
OFFICES
GEORGE
PATTEN
WITH
BLANKET
INVESTMENT
D0HERTY
CO.,
R0ADH0USE &
PORTLAND;
CONNECTING WIRE TO SCHERCK,
J.
CO., VANCOUVER, B. C.;
BARTH
& CO.,
SAN
FRANCISCO;
RICHTER COMPANY, SAINT LOUIS.
THE RICH
PACIFIC
NORTHWEST
Underwriters
*
Distributors
Rcific Northwest
*
Dealers
Company
jbcwutueA
VT STOCKS'
SEATTLE
WASHINGTON
24,
GRANDE
Portland
•
Yakima
•
Spokane
Aberdeen
Tacoma
•
•
•
Bellingham
Wenatchee
•
•
Medford
Eugene
•
•
Salem
Walla Walla
CO.
INCOAPORATSO
HOGE BUILDING
•
SEATTLE
Telephone: MAin 2-6830
4, WASHINGTON
Teletype: SE 362
90
The Commercial
90
Mr.
&
Wertheim
Markham,
J.
Edwin
Mrs.
Continued from page 89
effect
The net
to
reduce
of these
programs
would
unemployment
be an increase in the
budgetary deficits. A piling up of
probably
Co.,
«fi
Robert
York
New
B.
Cloyd
deficits in turn creates pressure
for price inflation. This pressure
intensifies as the deficits increase
and cumulate.
Despite the siren
of some economic soothsay-
song
Co., Salt Lake
Schwabacher &
Bullen,
Goates, Merrill Lynch, Pierce, Fenner
Incorporated, Salt Lake City
painted with red ink.
It is imperative, therefore, that
labor cost increases be kept in line
gains in productivity.
Note
I said labor cost increases,
with
that
wage
entire
the
SPECIALISTS
TRADING
•
MARKETS
BLOCK
1
INQUIRIES
'
MEMBERS
STOCK
634
SOUTH
part of the extra income
is eroded through price rises.
11
cents represented a rise
Direct Private Wires
the basis of settlements in key
on
serving Southern California since 1927
Wagenseller 6 Durst, Inc.
INVESTMENT
LA
"
SECURITIES
their
MEMBERS: New
.
York Stock Exchange
American Stock Exchange (Assoc.), Pacific Coast Stock
Exchange
626 South Spring St, Los Angeles 14, MAdison 7-5761, teletype LA 68
•
LA 35
DIRECT PRIVATE WIRE TO PERSHING & CO., NEW YORK
in¬
own
Los
Angeles
•
Claremont
•
Pasadena
•
Redlands
•
Santa Monica
•
San Diego
•
Santa Ana
preempting a larger proportion of
the
gains which are then not
available to others or because for
the level of living is
This latter de¬
velopment is one of the evil con¬
sequences of price inflation which
some
TELETYPE
Ernst &
1957,
rapidly than the supply of
levels of living
faster than the average either by
14, CALIFORNIA
TELEPHONE MADISON 4-4361
—
1948
adjust¬
goods,
crease
(ASSOCIATE)
STREET, LOS ANGELES
SPRING
total.
of
Of course, some groups can
EXCHANGE
EXCHANGE
New York; Joseph E. Smith,
Philadelphia
this increase of 5.1% and in 1959, 10 cents was
ever-rising a rise of 4.1%.
Thus, 11 cents an hour in
The prospect is for a further
was an
increase of 8.5%. In decline in the percentage in 1960
living faster than the produc¬
tion of goods and services is in¬
creased. If incomes are increased
TURNER-POINDEXTER & CO.
AMERICAN
Co.,
of
INVITED
COAST STOCK
Asiel &
Brown,
postwar period,
productivity. It does mean that
a period of years, these rela¬
tionships
must
be
maintained.
This is a simple proposition. We
as a nation cannot raise our levels
more
PACIFIC
Thursday, October 6, 1960
has been related to an
over
—
•
•
.
equal to each year's rise in
ments
WEST COAST SECURITIES
.
The
increases.
package
This does not mean annual
IN
.
Newburger & Co.,
cost of
benefits,
wage and non-wage, must be kept
in line with productivity gains.
not
—
the
E.
Leo
City, Utah;
& Smith
the classic road to inflation is
ers
Chronicle
and Financial
1010
—
Co., New York
groups
undermines and reduces the levels
Brush, Slocumb & Co., Inc., San Francisco
Members: Pacific Coast
actually reduced.
of living
of fixed income groups.
Labor
its
crease
cannot
group
a
as
level
own
Stock Exchange
Crowell, "Weecloxi A. Co.
in¬
Investment Securities
Established in 1932
living to
of
significant degree at the ex¬
of other groups.
In 1959,
compensation accounted for
69.5% of the national income. An
any
pense
labor
cluding the professions, which also
Corona del Mar
Pasadena
Laguna Beach
Covina
Van Nuys
Long Beach
taxes paid to the Federal
porate
DEALERS
MAdison 7-0281
paid
remainder, 5.8% represented cor¬
—
Los Angeles 14
largely for the labor of
the members of the group. Of the
are
UNDERWRITERS
Spring Street
proprietorships, in¬
and individual
INCORPORATED
629 South
11.6% went to farmers
additional
Government.
keep labor cost increases in
gains in productivity is
not an easy task since workers
have become accustomed to much
To
retail
a
distributors
wholesale
corporate
stocks
&
of
line with
bonds
larger annual increases during the
639
LOS
SOUTH
SPRING STREET
ANGELES
14.
signs of moderation. The percent¬
age
increases in gross average
hourly earnings and in gross hour*
CALIFORNIA
TELETYPE LA 1534
MADISON 7-7761
ly
been
in
is shown below.
as
Inclusive
Earnings
Supplements,
All
Gross Average Hourly
of
Wage
Manufacturing
Connecting Wires
Industries
%
Cents
13.8
16
14.0
11
8.9
11
8.5
Pacific
Coast
Stock
8.5
14
5.0
9
5.3
6.0
10
5.3
11
5.4
1957
9
4.5
11
5.1
1959
9
4.2
10
to
120
New
York
Broadway,
Hanseatic
4.1
New
York
Commerce,
Bureau
7th
St.
14,
CALIF.
MAdison
Derived
from
U.
S.
Warner, Jennings, Mandel & Longstreth
Department
and Output,
Washington,
1958 and Survey of Current
Business,
July 1960, Tables VI 1, 2 and
of
Corp.
8-5231
Teletype-LA 382
Rupe & Sons, Inc., Dallas
5.6
10
SOURCE:
Wire
ANGELES
to
Co., Chicago
Stifel, Nicolaus & Company, Incorporated, St. Louis
Saunders, Stiver & Co., Cleveland
9.0
8
10
1958
Exchange
12
1953
Pledger & Company, Inc.
Dallas
%
15
1951
Cecilia Lieb
1952
LOS
Burton J. Vincent &
Supplements
Cents
1947
1943
W.
newyork
Hourly
Hourly Earns.
210
to
SINGER, BEAN & MACKIE, INC.,
Earns. Plus
Norman Green
Direct
Direct Wire
in the post-war
year
1917)
Members
CORPORATE SECURITIES
have
the smallest for any
were
Increases in
(Trading Since
IN
CALIFORNIA
getting steadily smaller and
1959
period,
ROBERT M. GREEN, V.P.
MARKETS MAINTAINED
SOUTHERN
supple¬
manufacturing
in
prosperous
GREEN, Pres.
!wage
plus
earnings
ments
SAM
FIRM
past 14 years. Yet there are some
of
17.
Labor
S.
Income
Statistics.
EVANS MacCORMACK & CO.
Member Pacific Coast Stock
453
South
Spring
Street
Exchange
Los
Angeles
13, Calif.
Although average hourly earn¬
ings plus wage supplements have
averaged about 11 cents an hour
during
the
prosperous
years
in
MAdison 7-4191
Teletype LA 456
or
LA 24
Mr.
&
Mrs. Ed
Number 5992
192
Volume
The Commercial and Financial Chronicle
...
Christian, Suplee, Yeatman, Mosley Co., Inc., Philadelphia; Mr. &
Ohlandt, Jr., New York Hanseatic Corporation, New York
Mrs. John
91
D.
&
Mr.
<ft Co., Inc., Cleveland; Mr. & Mrs. George R. McAleer,
Mr. & Mrs. Edwin J. Markham, Wertheim & Co., New Ycrk
Mrs. Morton A. Cayne, J. N. Russell
&
Dominick
Dominick, New York;
.
*
yv
industries. The steel industry, for
example,
estimated
the
total
Of course, the changes in labor
costs alone tell only half of the
an¬
nual cost of its settlement for 1960
to 1962 at 3V2%
or
less than half the average rate
in
increase
of
earlier
post-war
gap
between the two is
modest settle¬
ments reflect in part the fact that
ing
and
years.
the
public
ingly
ary
These
more
has
become
concerned
wage
about
wage
inflation¬
and
this
in
road
this
undoubtedly
Some
".
in¬
American
will
be
cribed
These
remind
people
is trying to come to
.
grips
probably the nation's
Number
One
domestic
current
problem
economic
—
concerned
the
with
particularly
the problem
are
We
inflation.
of
of
me
.
with what is
textbooks.
economics
in
prices, stated that his
committee:
recently
have
that
discovered
ministered
Price Administration
persons
Moliere's gentleman who was sur¬
extent
to
which administered prices in con¬
trends provide a hopeful
1960
have
been
capacity has been
ages
levels
record
tries
far
some
to
inflation since 1955. For
Estes
Senator
as
become
the
nouncing
purpose
in
K.
union
and
detailed
Continued
ad¬
of
leaders
A
economists.
certain
and
Galbraith,
union
labor
an¬
Con¬
of a
investigation
gressional
J.
example,
Kefauver,
indus¬
demand, and
has
as
of
study
on
92
page
intense. One result has been
more
branch
increased
in
and
exceeds
overcome,
competition
foreign
any
Industrial
prised to discover he had been
centrated
industries
may
con¬
portent for the years ahead. Man¬ talking prose all his life. Along
tribute to this problem."
agement has become increasingly with their discovery, several have
He was supported in this posi¬
concerned
about
higher
labor enunciated the theory that ad¬
costs as the war induced short¬ ministered prices caused the price tion by Gardiner C. Means and
TRADING MARKETS IN ALL CALIFORNIA ISSUES
through
However,
area.
long and tortuous.
management began to insist more
Nation-wide coverage
t';
products in the classic way des¬
These
1959
r
been
have
successes
achieved
the magnitude of
inflation has been getting
in
':
•.
>
dustry does not set prices for its
Some
narrow¬
that
Moreover,
settlements.
' '
.
upon
excessive increases in labor costs.
smaller.
increas¬
'
changes in work
rules and related practices in an
effort to provide some offset to
story. The other half is the change
in output per manhour. Never¬
theless, it seems clear that that
to 3%% per year
•'
;./ ■
„
vigorously
greater resistance to increases in
of the
in
21
Troster, Singer & Co. Wire System
major
financial
centers.
it
Call
and non-wage
has
us.
pass
is
benefits
as
become
wages
difficult
to
them
room
on
for
more
Lester, Ryons & Co.
to customers. There
cautious
optimism
MEMBERS
concerning the ability to dampen
WOOLRYCH, CURRIER & CARLSEN
Member
down
Pacific Coast Stock Exchange
the magnitude
NEW
YORK
STOCK
American Stock Exchange (Assoc.)
of wage in¬
EXCHANGE
Pacific Coast Stock Exchange
•
i
flation in the 1960's. To the extent
210 W. 7
233 "A"
ST., LOS ANGELES
ST., SAN DIEGO
this
Belmont 2-7645
Madison 4-3154
TWX LA
optimism is justified, an im¬
inflationary
portant
1960
price levels will be
pressure
DISTRIBUTORS OF
UNDERWRITERS AND
INVESTMENT
on
significantly
SECURITIES
n
abated. V
16 OFFICES
FOR THE
MOST COMPLETE RETAIL
COVERAGE OF
SOUTHERN CALIFORNIA
•
623
So.
Hope
Street,
Los
17,
Angeles
California
Corner Wilshire and Hope
Telephone MA 5-7111
Teletype LA 1565-1566
CLAREMONT
CORONA DEL MAR
LONG BEACH
RIVERSIDE
since 1887
OCEANSIDE
SAN DIEGO
ENCINO
GLENDALE
PASADENA
HOLLYWOOD
POMONA
REDLANDS
SANTA MONICA
SANTA ANA
WHITTIER
1
in Southern California-check these facilities
contributing to
■
Dealers in Southern
■
WESTERN PROGRESS
Fast executions
through public offerings and
■
private placements
of securities
on
California Securities
Pacific Coast Stock Exchange
Underwriters and Dealers in Corporate
and
Municipal Securities
direct private wires to:
William R.
Staats & Co.
SPRING STREET, LOS
640 SOUTH
ANGELES 14, CALIFORNIA
MEMBERS: New York Stock Exchange,
Pacific Coast
DIEGO,
LOS ANGELES.
SAN JOSE,
PHOENIX,
STERN.
(J. S. Strauss & Co.)
^FRANK.
SAN FRANCISCO,
PASADENA,
VAN NUYS,
FOX
MEYER
(Established 1932)
member: New York Stock
SANTA ANA,
(Dominick & Dominick)
American Stock Exchange ( Assoc.)
Stock Exchange
CALIFORNIA:
SAN
ARIZONA:
San Francisco
investment securities
established 1881
New York
Chicago (William A. Fuller & Co.)
American Stock
BEVERLY HILLS.
BANK BI.DG.,
UNION
GLENDALE, PALO ALTO
Exchange
Exchange (Assoc.), Pacific Coast Stock Exchange
LOS ANGELES 14, MA 2-2123
-
twx
-
la 271
SCOTTSDALE
.•
■
...
V
v."
■
w:'\/
V .:::
.
.v,v.
The Commercial and
92
Mr.
Edwin L. Beck, Commercial & Financial Chronicle, New
Mrs. Emma Kirk Beck;
Herbert
Mrs.
&
Bear,
York; Carolyn M. Beck
<ft
Stearns
Continued from page 91
the
in wholesale prices
between May 1955 and May 1957,
Stewart-Eubanks-Meyerson 8 Co.
SF
TWX
Exchange
371
•
•
Pacific Coast Stock Exchange
San Francisco
1-1874
SUtter
•
Complete Coverage
H.
A.
Mrs.
.
;
Thursday, October 6, 1960
Riecke & Co., Inc., Philadelphia;
& Mr. J. Edward Knob, Drexel
During the first year of recov¬
rise of about 2% took place.
ery, a
the
past
Frank X. Cummings,
& Co., Philadelphia
pattern
is permanently
altered. But at least recent events
However, since April 1959, the do throw some question on the
index has shown only minor fluc¬ inevitability of step-like changes.
showed
that
admin¬
Moreover, the post - war pattern
istered prices with a weight of tuations, and in August 1960 was
not
disassociated from the
at the same level as 16 months was
21.1% in the wholesale price in¬
earlier. Thus, the previous step¬ wage
inflation
previously
de¬
dex had a rise of 1% or less or
like pattern — with steady in¬ scribed. To the extent that wage
declined in price during that pe¬
inflation is reduced, the support
creases
during the period of re¬
riod despite the general upward
covery—has been broken.
It is it provided for the earlier type
movement
of
the
price
level.
still too early to know whether of price pattern also is weakened.
My conclusion in that study was
as
follows:
favored
either
Over-the-Counter Markets
or
the
prices
these
where
And
risen.
have
compelled
administered
rise,
price
have
conditions
other
"Where
Direct
Beattie,
Chicago;
.
however,
Members
York Stock
New
changes
E.
Co.,
Financial Chronicle
other conditions have not favored
fast New York wire to
G. A. Saxton & Co., Inc.
administered prices
rise,
price
a
failed
have
to
The primary
rise.
and responsibilities for
price
behavior,
therefore,
are
found in these other factors, not
pressures
in
itsssEM'",
of
fact
the
price
administra¬
brokers
~
trading markets
retail distribution
tion."
points
statement
This
the
administered
Bell
an¬
by
role to be played
the
to
swer
prices in the 1960's.
prices in
GOLDMAN, SACHS & CO., New
Businessment do not set
The
vacuum.
a
Wholesale and Retail Distributor
exercise
power
they
System Teletype SF 70
Private wires to:
York
|
TURNER-POINDEXTER & CO., Los Angeles
can
raise prices is limited
to
by market forces. This point is
probably best illustrated by the
experience of the electrical ma¬
chinery and equipment industry
in
recent years. The individual
companies administer their prices.
Nevertheless they have been com¬
pelled by market forces to reduce
prices of household appliances,
radios, and television sets, while
prices of apparatus have risen as
LIFE, FIRE AND CASUALTY
INSURANCE STOCKS
WEST COAST SECURITIES
below:
shown
is
WALTER C. GOREY CO.
WHOLESALE PRICES
TV, Radio
Receiv¬
Electrical Household
Russ Building, San Francisco 4
YUkon 6-2332
ers
and
Phono.
App.
Machinery
^—(1947-49=100)
Teletype SF 1011 & 1012
93.0
1955
Co,, N, Y, C,
109.6
106.8
93.1
149.0
105.5
94.4
152.2
105.5
94.4
154.6
104.7
92.8
May 1960
7roster, Singer
138.4
1957
Legg <fi Company, Baltimore <ft N, Y,
128.2
1956
1959
Wire System—- John C.
154.3
102.3
91.7
1958
„
SOURCE: U. 8. Bureau of Labor Statistics.
of elec¬
machinery, market forces
have placed severe limits on the
extent of their power to control
prices. This is best illustrated by
the white sales that break out
Even for various types
trical
tus section of the industry.
there has been
published prices to
during periods of recov¬
In recent
a
and then to show little or no
ery
BROKERS-DEALERS
change
sion.
This
tributed
in
during
periods of
pattern
in
has
Scientific Apparatus and
•
Members: Pacific Coast Stock Exchange
Midwest Stock Exchange
SAN
300
American Stock Exchange (Associate)
LOS
FRANCISCO
647 South Spring
Montgomery Street
WIRES
TO
Street
Teletype LA 533
Teletype SF 885
PRIVATE
ANGELES
NEW YORK
AND
ALL
DIVISION
OFFICES
been
Agricultural Chemicals, Fertilizers, and Supplies
•
Laundry and Dry Cleaning Supplies
•
Upholstery Supplies and Fabrics
This step-like pat¬
VAN
WATERS & ROGERS. INC.
(other than farm products and
foods) remained about unchanged.
SERVING
INVESTORS
THROUGHOUT
CALIFORNIA
AND
NEVADA
1954-57
recovery,
the index advanced from 114.0 to
126.0
OFFICES
Corporate Offices: Seattle, Washington
OPERATING DIVISIONS
Braun Chemical Co.
Los Angeles, San
or
by about 10%.
During the 1957-58 recession the
index
declined only
fractionally.
Diego, Phoenix, Albuquerque, El Paso
Braun-Knecht-Heimann-Co.
San
Francisco, Sacramento, Salt Lake City, Denver, Honolulu
Scientific Supplies Co.
Seattle, Portland, Spokane
dex
the
Supplies
at¬
the widespread secret
price concessions in many indus¬
tries during periods of recession.
Nevertheless, such a
step-like
pattern can only yield an even
higher price level over time. The
pattern is shown by the changes
in industrial prices since 1953:
During the 1953-54 recession,
the industrial wholesale price in¬
During
for
Industrial and Fine Chemicals
tern ignores
First California Company
Wost
reces¬
part to wage rigidity
recessions.
throughout the
•
years
tendency for
advance
distribution
leading manufacturers in the following diversified fields i
•
periodically in the heavy appara¬
UNDERWRITERS and DISTRIBUTORS
Wholesale
Van Waters &
Rogers, Inc.
Seattle, Spokane, Portland, Boise, Salt Lake City, San Francisco,
Dallas, Houston, Anchorage, Vancouver, B. C.
Volume
Mr.
&
Mrs.
Number 5992
192
Edward
J.
.
The Commercial and
Financial Chronicle
.
.
Kelly, Carl M. Loeb, Rhoades & Co., New
Quinn & Company, Albuquerque, N. Mex.
The result of
pricing is reflected
profit margin before taxes.
Since 1947, there has been a de¬
in the
are
shown below:
Verne
steps
there
derive
annual
While
figures.)
these
profits
data
have
limited usefulness because of the
(Per cent of Sales)
6.7
11.1
1948
not
11.0
1947
7.0
prices have been set at very high
indicate
9.3
5.8
levels
12.8
7.1
11.2
4.8
1952
9.2
4.3
1953
9.2
4.3
1954
8.4
4.5
that
administered
forces.
1951
1949
1950
1955
.
10.3
9.7
8.8
1958
1959
SOURCE:
7.4
Federal
.
continuing
Trade
find
Commission-Se¬
market
pointed
V",v'
the existence of monopolies
oligopolies
or
4.8
has
does
pressure
it
difficult
to
lead
to
prices.
I
not
on
4.1
8.8
_
Haberler
.
.
4.8
_
to
regard
out:
5.3
1957
without
Finally,
5.4
1956
Beal,
to
relatively high rates of profit in
the early post-war
years, they do
Profit Margins, All Mfg.
Before Taxes
After Taxes
C.
curities and Exchange
Commission, Quar¬
terly Financial Report for Manufacturing
Corporations.
(Quarterly
data
averaged
cline in this ratio. The data for all
manufacturing industries
York;
believe
that
anybody would seriously want to
MWUUHHUUWHUUUHmHHVHHVWUHUHHHUUV)
93
Mr.
in
is
PACIFIC
COAST STOCK
Morton
&
Mrs.
Richard
A.
and
stops
the
process,
a
'administered prices'
tinuously raised."
He
then
goes
to
to
on
be
PACIFIC COAST
con¬
point
MARKETS
out
that:;
"It
is perfectly
natural, on the
other hand,
that strong unions
should try to force large wage in¬
WULFF, HANSEN & CO. '
creases
every year or every other
year and to endeavor to push con¬
tinuously beyond the level
set
EST.
RUSS
by
the general increase in output
per
COLLINS
MACRAE, V.-P.
COOKE
Wire
GREGORY
This is a succinct statement of
the dynamics of wages and prices.
Price administration makes it
&
With
direct
affected
by
experiences
cost
high
But
this is
ent
to
the
;
System
SONS, NEW YORK CITY
Members
and
pos¬
under
a
FAULKNER
JAMES D. HANSEN
>
than elsewhere."
1931
BUILDING, SAN FRANCISCO 4
manhour, especially in industries
where
productivity rises faster
other
N.
Y.
S.
E.
connecting wires
trading centers
company
increases
level
or
demand.
situation
significantly differ¬
a
from raising prices
continuously because of a desire
for higher profits.
EXCHANGE
Weiss, Singer, Bean & Mackie, Inc., New York; Mr.
Wernecke, Burton J. Vincent & Co., Chicago
tendency for mark-ups
continuously increased or of
to be
is
MEMBERS
Mrs.
that, unless the government
argue
sible to raise prices
right conditions when
Stone & Youngberg
&
Underwriters, Distributors,
In
light of the above analysts, I
give price administration an un¬
important
and
possibly
non¬
California Municipal Bonds
existent role
as
a
factor in deter¬
mining the general price level in
the
Primary Trading Markets...
'
1960's.
CORPORATE,
.
Technological Developments
Municipal Financing Consultants
The
post-war
period has wit¬
explosive expansion in
expenditures for research and de¬
nessed
RUSS
BUILDING
SAN
Bell
Telephone YUkon 1-1314
FRANCISCO
System Teletypes
SF 492 —SF 1139
was
financed
from
Angeles
products
and
new
)
ESTABLISHED 1803
handle paper work in offices is a
recent illustration of the latter,
All signs point to a further ex¬
Specialists in Western Securities,
^ DEALERS
•
LOS ANGELES
small
as
influence
on
a
result
found
these
must
costs
OVER-THE-COUNTER SECURITIES
Baker, Weeks & Co., New York
John R. Lewis, Inc., Seattle
of
the
for
as
new
aluminum
pressures
be
as
offset
AS58-/960
development
uses
SUTRO&CO.
provide
Against
for
lower prices
the increases in
R & D expenditures rise.
expenditures may contrib¬
rigidity of costs during
periods of recession. On balance,
INVESTMENT DEALERS AND BROKERS
Our
in R & D expenditures with the
accompanying
downward
pres¬
sures on prices of many products.
41st Year
•
New York Stock
100
Palo Alto
Boise
Fresno
and commodity exchanges
Sacramento
Honolulu
Salt Lake City
UNDERWRITERS
•
INDUSTRIAL BROKERS
Exchange
American Stock
460 MONTGOMERY STREET
•
•
Pacific Coast Stock Exchange
Exchange (Associate)
SAN FRANCISCO 4, CALIFORNIA
TELETYPE:
S.F. 308
-
•
EXBROOK 2-0900
S. F. 309
Domestic and Foreign Competition
In the
Montgomery St. SAN FRANCISCO 4 SUtter
New York
.
Pacific Coast Stock Exchange
American Stock Exchange (Associate)
and other principal security
•
MEMBERS
the outlook is for further increases
Members: New York Stock Exchange
Scherck, Richter Co., St. Louis
•
George Patten Investment Co., Portland, Ore.
Refsnes, Ely, Beck & Co., Phoenix, Arizona
di¬
more
a
Such
Co.
SAN DIEGO
•
'
ute to the
&
SAN JOSE
prices through
interesting illustrations.
^ MARKETS IN LEADING
•
counterinflationary force.
of miracle fibers and
are
^ ADVISORY SERVICE TO MUNICIPALITIES
MENL0 PARK
•
Direct Leased Wires tot
the
development
of
substitute
products.
The pressures created
^ MUNICIPAL UNDERWRITINGS and DISTRIBUTIONS
NEW YORK
R & D is concerned with methods
of reducing costs it will provide
rect
^ MERGERS and REORGANIZATIONS
•
Private Wire Connections between all Offices
pansion of these activities in the
ahead. To the extent that
But R&D also has
► DISTRIBUTORS
SAN FRANCISCO
years
a
Schwabacher
American Stock
Exchinge (Associate)
and
processes
in part with cutting the costs of
producing existing products. The
use
of electronic
equipment to
► UNDERWRITERS
J. BARTH & CO
Federal
Currently, the total is
probably at the annual, rate of
about $10 billion. In part, R&D
results in the development of new
Singer, Bean & Mackie, Inc., New York
> BROKERS
SECURITIES
funds.
to
Fair man & Co., Los
UNLISTED
an
velopment. For 1958, R&D ex¬
penditures by industry were es¬
timated at $8.2 billion, of which
56%
Direct Wires
MUNICIPAL AND
Los Angeles
San Jose
Monterey
Santa Barbara
1-5600
Oakland
Santa Rosa
early postwar period,
cumulated
sive
shortages
domestically
production facilities
ous
were
ac¬
perva¬
OTHER OFFICES
Lot Angeles 14
were
foreign
in vari¬
states of destruction and dis¬
continued
on
page
94
San Jose, Cal.
Beverly Hills
Van Nuys Bldg.
40 Wall Street
55 N. First Street
9804 Wilshire Blvd.
1217 A Street
MAdfson 5-7311
and
New York 5
WHitehall 3-4000
CYpress 2-2442
CRestview 4-8021
JEfferson 7-6811
Hayward, Cal.
CORRESPONDENT OFFICES: HONOLULU, HAWAII; MANILA, P.I.
DIRECT PRIVATE WIRES TO ALL PRINCIPAL MARKETS
94
Laurence
S.
The Commercial and Financial Chronicle
Frazier, Laurence Frazier <ft Co., Inc., New York; James P. Cleaver, Goodbody
New York; Howel! O. Archard, Howell O. Archard & Co., New York
Continued from page 93
Competitive
repair.
from alternative sources
were
therefore at
a
dustries.
and
change
has
minimum.
taken
A
The competitive pressure exerted
equipment between 1946 and
According to the estimates
the
Federal Reserve Board,
Also important is the sharp ex¬
pansion
physical capacity to produce ma¬
jor materials increased by 43%
1950 to 1958. McGraw Hill's
of
manufacturing
in
foreign
competition.
Other
countries, particularly in
Western Europe and Russia and
Japan, have expanded their pro¬
ductive
capacity significantly in
the past decade. Of even greater
importance is the fact that much
of this capacity is new and ap¬
from
index
Thursday, October 6, 1960
"Pancho," well-known San Francisco caricature artist, sketching Mrs. Ruth S. Lothrop
M. Lothrop, W. E. Hutton & Co., Boston)
(Mrs. Gilbert
The number of persons receiv¬
sewing
machines,
heavy prove that they are "doing some¬
glass, copper water tubes, thing" for the constituents. It is ing monthly benefits under the
sulphur, carpets, steamship rates, a more difficult decision to spend Federal old age, survivors, and
and automobiles.
less than to spend more.
disability insurance program has
increased
from
1,288,000 at the
some
signs
that the pub¬ end of 1945 to 13,851,000 in Feb¬
by the development of substitute abroad and the spread to addi¬ lic will support a resolute stand ruary, 1960.
The total life insurance in force
products was referred to earlier. tional products. Developments against price inflation. As a result,
place
I960.
of
.
sheet
The possible effects of
capacity are illustrated by
weakness of
gasoline
and
other
petroleum
products in the past two years.
the continuous price
in
this picture. Domestically, $405.5
billion was invested in new plant
vast
Co.,
.
ment,
excess
O
pressures
of supply
&
.
capacity
by 57% during the same pe¬
riod.
For the entire period since
rose
1945, the percentage increases in
manufacturing capacity are ob¬
viously much larger. The changes
in capacity for two key industries
pears
The
outlook
is
for
an
intensifi¬
cation
of
such
There
have
been
the St. Lawrence Seaway,
these
pressures
from
during the past
year
the so-called "free-spending" Con¬ in the United States has increased
accompanying reduction gress elected in November, 1958 from
$115.5 billion in
1940
to
in transportation costs, will also
has been more restrained than was $542.1 billion in 1959. At the end
play a role in this area. The in¬
of 1959, 115 million persons were
crease
in
domestic and
foreign originally anticipated.
with
as
the
competition will be a powerful
acting to hold down many
prices and to reduce others.
force
Moreover,
persons
bility,
has
a
growing number of covered by life insurance.
a
stake
in price
sta¬
the
At
end
of
the following data show: million workers
as
1958,
were
about
19
covered
by
Public Attitude Toward
to embody the latest techno¬
Inflation
logical
developments. The result
has been a highly productive plant
A factor of considerable impor¬
has been as follows:
which, when combined with much tance is the public attitude toward
Between Jan. 1, 1946 and Jan. 1, lower
wage levels, has made it price
inflation.
When
there
is
1960, steel capacity increased from possible for foreign producers at complacency and
acceptance of in¬
91.9 million tons to 148.6 million
times to undersell our domestic flationary policies, higher prices
tons or 61.7%.
producers.
Many
illustrations become inevitable. But if the pub¬
Between
the end
of 1946
to could be cited. In March, 1958, lic
resolutely
opposes
inflation
June, 1960, aluminum ingot ca¬ aluminum prices were cut by two and government officials provide
pacity was increased from 763,000 cents a pound apparently due in the necessary leadership, then and
tons to 2,433,000 tons or 218.9%.
part to Russian competition. These only then can price inflation be
The net effect of these develop¬ competitive
pressures
also have avoided. But this is not an easy
ments has been to create ample affected prices of textile products, task. It is much easier for
public
capacity in our economy and pos¬ transistor radios, cameras, some officials to promise new adven¬
sibly excess capacity in some in¬ steel products, electrical equip¬ tures in spending and thereby
TRADING AND RETAILING
PACIFIC NORTHWEST SECURITIES
UNDERWRITERS
—
DEALERS
—
DISTRIBUTORS
CORPORATES AND MUNICIPALS
UNLISTED SECURITIES
George Patten Investment Go.
SECURITIES
American Bank Building
Portland 5, Oregois"
REPUBLIC NATIONAL LIFE
Telephone CApitol 6-4141
INSURANCE CO.
DIRECT
LEASED
WIRE
AT & T Teletype
TO
J.
BARTH
PD 229
&
CO., SAN FRANCISCO
CONNECTING WIRE TO
SCHERCK, RICHTER COMPANY, ST LOUIS
DIRECT
LEASED
WIRE
TO
JOHN
R.
INC.,' SEATTLE
LEWIS?
DALLAS, TEXAS
THE
"GO"
v
7
'"'.v.1'
COMPANY
'7\777''
'7'/'
7:-,'
-I
/:
7-
7
:7
NOW MORE THAN
Oregon: Portland, Salem,
Eugene,
Medford, Coos Bay, Hood River,
The Dalles, Corvallis, Astoria.
$2,900,000,000.00
Washington: Seattle,
LIFE INSURANCE IN FORCE
V
Vancouver, Longview.
Maintaining markets and trading information
on
Pacific Coast Securities
AND HEADED FOR
for
THREE BILLION
Member
Midwest
Stock Exchange
We
I
7
" ■
'■
over
30 years.
help you on little-known, hard to locate
companies. Troster-Singer and A. G. Becker wires.
can
BY EARLY 1961
PORTLAND, ORE.
SEATTLE, WASH.
800 Woodlark
Phone
36th Largest U. S,
Company in Amount of Life Insurance in Force
Bldg.
CApital 6-6421
912
Logan Bldg.
Phone MAin 3-2390
PBX PD 155
PBX SE 842
Jack Bader
—
C. Arnold
Taylor
Numher 5992
Volume 192
The Commercial and
Financial Chronicle
...
95
<
Mr.
&
Mrs.
James
R.
Cruttenden, Cruttenden, Podesta & Co., Chicago;
Cruttenden,
Jr.,
Wheeler
&
Cruttenden,
Los
Mr. & Mrs. Walter W.
ment. If the public insists upon a
policy of high-level employment
In 1955, the number of persons regardless of the cost, the result
will be inflationary. Moreover, the
65 years and over was 14.1 mil¬
lion; in 1960 the total was 15.8 recently developed concern with
rates of growth may lead to fur¬
million. For 1970, the projected
private pension plans and the
ber
has continued
total is 19.5
to
num¬
increase.
ther
million.
inflation if efforts
are
made
increase the rate of growth by
to
Mr.
&
Mrs. Samuel M. Kennedy,
Yarnall, Biddle & Co., Philadelphia; Mr. & Mrs. Norman T. Wilde,
Janney, Dulles & Battles, Inc., Philadelphia
Angeles
employment which is our respon¬
sibility
Employment
the
under
Act."
It is
greater evil which brings in its
significant increases in Federal wake distortions in the economy
flation has been increasing sig¬
spending.
which adversely affect employ¬
nificantly. Whether this fact will
John Kendrick has concluded: ment opportunities.
be
converted into an articulate
"... I foresee an even more
George Katona and Eva Mueller
public opinion opposing inflation¬
difficult price problem ahead of have
reported in connection
ary
measures
remains
to
be
The
vested
interest
demonstrated.
tant
One
problem
standable
areas
of
against in¬
the
impor¬
is the under¬
concern over
unemploy¬
us
if
past
the
basic
decade
tendencies
continue
as
of
long
the
as
try to promote relatively full
we
1961 Convention of the
imperative that the public
understand that price inflation is
not a lesser evil than unemployment. In many respects it is the
National Security
Will Be Held at
Palm Springs, California
|vith
the
Traders Association
University of Michigan con¬
spending studies that:
sumer
"The
prospect of rising prices
viewed unfavorably by most
people.
The resentment
against inflation revealed by these
data is important, since past reis
.
.
.
interview data
who
suggest that people
expect rising prices and say
is
'this
that
major
others
wih
Dexter
the
to
fewer
bad'
make
expenditures
similar
has
also
Keezer
PETERS, WRITER & CHRISTENSEN
than
income."
CORPORATION
con¬
'
Members
that there is a "Growing
unpopularity of inflation."
cluded
The above factors and
TRADING MARKETS
appraisals
are hopeful signs.
But only time
can
tell whether the public will
stand
firm
against inflationary
policies.
IN
PACIFIC NORTHWEST SECURITIES
UNDERWRITERS • DEALERS
•
DISTRIBUTORS
724
York
Seventeenth
Stock
Exchange
American Stock Exchange
—
Denver 2, Colorado
St.
main
(Associate)
3-6281
Investment Securities
Conclusion
review of the non-monetary
A
...
New
and non-fiscal factors
...
will
there
CORPORATE & MUNICIPAL SECURITIES
be
no
suggest that
significant
Underwriters and Dealers of
Municipal Bonds
changes in the general price level
in
BLACK & COMPANY, INC.
300 AMERICAN
BANK
BLDG.
.
PORTLAND
5, OREGON
'
TELETYPE
PD
384
TELEPHONE
r
CAPITOL 6-6545
■
the
1960's
as
a
result
of
As
in
will
determine
the
swings in the price level.
these
;
COLORADO SPRINGS
24
E.
KIOWA
MELROSE
the past, our future ac¬
the monetary and fiscal
in
tions
fronts
lllli:
de¬
velopments in these areas. Mod¬
erate pressures due to wage inflation should be offset by the effects
of new technological gains and the
intensified competition from at
home and abroad.
Business pric¬
ing decisions are largely deter¬
mined by the economic environment in which they are
made.
Here, too, no dynamic impulse is
discernible. If these were the only
factors at work, the decade would
experience neither significant
price inflation nor price deflation.
areas
that
the
sion,
areas.
overall
One
however,
seems
normandy
dealers
It is in
in
GRAND
Ave.
610
7-3853
listed
JUNCTION
ROOD
CHAPEL
distributors
■■
AVE.
2-5166
and
t
and
unlisted
battle
against inflation must be fought.
It is not within the scope of this
paper to analyze the prospects in
those
4-2161
COLO.
Cleveland
Underwriters,
major
real
LOVELAND,
415
,
corporate
securities
and
municipal bonds
conclu¬
warranted,
namely that in any event, a major
collapse
:i|ȴ
if:r«mM
i: :8ra|»re+ Serving
:;fi'.: th&; orteof«3f
40
later
after
!
seem
the
prices
such
followed
past
probable.
wars
as
sooner
does
that
or
not
Some declines in
general price level may take
place in response to cyclical pres-^
sures.
telephone tffcysione 4"6!fc$1
in
has
which
confined
to
relatively
small
I
•
b |H V fe'fc '5i;i ^■L,#;|:l;||:.
♦From
delivered
a
paper
by Professor Backman
before the American Statistical
Association at Stanford University.
Murphy & Co,
INCORPORATED
di¬
mensions.
liilil
Lowell.
But such declines will be
INVESTMENT
460
BANKERS
DENVER CLUB
DENVER.
BLD0.
•
COLORADO
AComa 2-4831
The Commercial and Financial Chronicle
Mr.
&
G. A.
.
.
.
Thursday, October 6, 1960
Mrs. Walter
Saxton
&
F. Schag, Davis, Skaggs & Co., San
Francisco; Mr. & Mrs. Arthur W. Bertsch,
Co., Inc., New York; Mr. & Mrs. Willard F. Rice, Eastman Dillon, Union Securities
<ft
Co., Philadelphia
Mr.
&
Mrs.
Casper Rogers, Casper Rogers Co., New York; Mr. &
First Securities Company of Chicago
Mrs. Elmer W. Hammell,
I
MUNICIPAL BONDS
GOVERNMENT BONDS
FEDERAL AGENCY SECURITIES
Mr.
J.
&
Mrs.
A.
Richard
Hogle
&
F. Goodfellow, J. A. Hogle & Co., Los Angeles;
Mr. & Mrs. Richard F. Beck,
Co., Salt Lake City; Phil S. Tunks, J. A. Hogle & Co., Salt Lake City; Robert
T. Stead, J. A. Hogle & Co., Salt Lake City
(ommcrce Jrust (6mpany>
Kansas
(City, Missouri
Capital Funds Exceed Forty Six Million Dollars
Teletype—KC 302
Member Federal
Telephone
Victor 2-7500
Deposit Insurance Corporation
New
Helping Build the
Salt
Los
Mr. &
Mrs.
Barret,
Hugh R. Schlicting, Wm. P. Harper & Son & Co., Seattle; Mr. & Mrs. Russell K.
Sparks,
Fitch, North & Co., Kansas City, Mo.; Mr. & Mrs. Edward J. Bourbeau, Daniel
Reeves
& Co., Beverly Hills, Calif.
Expanding West
San
.
.
N.Y.
Members
New
and
...
York
Other
Stock Exchange
Principal Exchanges
J. A. Hogle & Co. offices in 19
Western cities and New York and Stamford
regularly buy and sell
of unlisted securities
wide variety
a
.
.
such Over-the-Counter
including
offerings as:
Ut.
Angeles, Calif.
Diego
Calif.
Denver,
J. A. HOGLE & CO.
Howdy, Folks!
York,
Lake City,
Colo.
Tucson,
Ariz.
Spokane, Wash.
Beverly Hills, Calif.
Long Beach
Riverside.
Calif.
Calif.
Reno,
Nev
Butte,
Mont.
Pocatello,
Idaho
.
Ogden,
Utah
Provo, Utah
Albertson's Inc.
Mountain Fuel
Canadian Superior Oil
Supply
Palomar Mortgage Co.
Cyprus Mines
Straza Industries
Electronics Capital Corp.
Interstate Motor Lines
BROKERS
•
Idaho
Boulder
Del
Mining Co.
•
Mont.
Colo.
Stamford, Conn.
Utah Construction &
UNDERWRITERS
Idaho
Falls,
Missoula,
Mar
Corona
DEALERS
•
Calif.
del
Mar,
Calif.
DISTRIBUTORS
Come To Colorful Colorado
A Vacation Paradise
Rich in
Commercial
PABLO
and
Industrial
Opportunities
SCHERER, S. A.
Stockbrokers, Member Mexico City Stock Exchange
Guadalajara Stock Exchange, Non-Member Broker
Toronto, Montreal and Canadian Stock Exchanges.
—
Southern Colorado Power
115 West Second
i
Company
Pueblo, Colorado
URUGUAY
MEXICO
#74
(2nd
1, D. F.
Floor),
•
—
Telex:
01-785
Telefono:
21-87-80
Volume
'*■
"
-
..
*.v
192
Sc
" <
-
/->
*
.
.
,
The Commercial and Financial Chronicle
97
x'
%
<A*<'
/
t
Number 5992
t
t
% y v
%
Fashion
Show:
Mrs. Sidney J. Sanders, Seattle;
Mrs. Robert C. Williams, Chicago; Dick Walsh,
Newhard, Cook & Co., St. Louis; Mrs. Preston L. Phipps, Portland, Oreg.; Mrs. Edward J. Kelly,
New York; Mrs. Edward E. Parsons, Cleveland; Mrs. Walter L. Filkins, New York; Mrs. Lewis H.
Serlen, New York; Mrs. Derele Swails, Portland, Oreg.; Mrs. J. Robert Doyle, Chicago, and Holly
Roubicek; Mrs. William H. Elliott, Los Angeles; Mrs. George M. Tapp, Vancouver, Canada
Jas. Sargent, Securities
& Exchange Commission, Washington, D. C.; Joseph E. Smith, Newburger
Co., Philadelphia; Edward Gadsby, Chairman of the Securities & Exchange Commission,
Washington, D. C.; Edward J. Kelly, Carl M. Loeb, Rhoades & Co., New Y'rk;
Philip A. Loomis, Securities & Exchange Commission, Washington, D. C.
COVEY, CHARLES N.
Security Traders Association
Atkinson
May
Of Portland
and
SLOAN,
Company
C.
DONALD
Donald
C.
Sloan
SWAILS,
(Oregon)
&
DAVIS,
SOMERS,
Co.
JAMES
Foster
&
STRAND,
Patten
GREEN,
Investment
Northwest
Company
Dean
Jr.,
TRIPP,
D.
Gould
STURDEVANT,
STAN
Pacific
B.
Company
Camp & Co.
DONALD
Blankenship,
Co.
Investment
Patten
THOMAS, DICK
Camp & Co.
W.
Marshall
DOMINEY, RICHARD M.
George
HOWARD
H.
DERELE
George
Co.
&
DAGGETT, WALTER
&
Blakely,
Chas.
Inc.
CHARLES
N.
CHARLES
N.
Tripp Company
ZORA, RAY
Witter & Co.
National
First
Bank
of
Portland
HALVERSON, DON
Blyth & Co., Inc.
HARRIS,
Dean
DAVID
Witter
V.
Co.
&
HESS, JOHN J.
Hess
HILL,
U.
McFaul
&
VIRGIL
S.
National
of
Bank
Portland
HINKLE, ERNEST F.
E.
F.
Hinkle
HUTCHINS,
Bank
of
& Co.,
J.
Inc.
STUART
California,
A.
N.
KOSTERMAN, PIERRE A.
Black
&
Co.,
Inc.
LUNDBORG, HUGO
Handel, Lundborg & Co.
Derele H. Swails
Dan V.
Jack Bader
Bailey
MAY, EARLE
C.
President: Derele H. Swails, George Patten Investment Co.
Pacific
ADAMS,
E.
I.
RICHARD
BROWN,
H.
Hagen & Co.
Investment Securities
BADER, JACK
Foster
BALFOUR,
Marshall
DAVID
NORMAN
National Bank of Portland
BRADLEY,
S.
National
S.
PHIPPS,
GIL C.
Bank
Jones
Co.
Infermounfain West
PRESTON
June S.
of
Portland
developing the
V-
Jones
&
Co.
MOUNTAIN FUEL SUPPLY COMPANY
PITT, ROBERT
Blyth & Co., Inc.
Salt Lake
RICKLI, JACK
COLE, VERGIL R.
A.
Russell, Hoppe, Stewart & Balfour
U.
June
CAMPBELL RICHARD
First
Incorporated
PAULSON, CHESTER
WILLIAM
Adams & Co.
Walston & Co., Inc.
Inc.
DAN V.
&
M.
CAMPBELL,
Zilka, Smither & Co.,
BAILEY,
E.
in
Fenner & Smith
PATTEN, Jr., GEORGE F.
George Patten Investment Co.
MEMBERS
Daugherty, Butchart & Cole Inc.
COLLINS, WILLIAM J.
William J. Collins & Co.
K
Company
Merrill Lynch, Pierce,
Secretary-Treasurer: Jack Bader, Zilka, Smither & Co., Inc.
OF
Northwest
PADEN, DAVE
Vice-President: Dan V. Bailey, Foster & Marshall
ROSTER
MAJOR FACTOR
a
May & Co.
NEWMAN, PAUL
Donald
City, Utah
C. Sloan & Co.
ROBBINS, Jr.,
Campbell &
JAMES
Robbins,
In
GILBERT
Inc.
rapidly expanding Utah-Wyoming
Company
than
now serves
area,
82 communities and
165,000 customers
—
in the
the
more
production,
transmission and distribution of Natural Gas.
Highlights of 1959
11
(and comparison with 1958)
i
1959
Net income
Net income per
Dividends per
$28,528,855
$26,088,644
3,871,619
Total gas revenues
1958
3,438,800
share
1.77
1.57
1.20
1.20
share
19.44
18.87
Number of customers
165,663
155,444
share
Book value per
Dividends have been
J 935.
in
Listed
1959 Annual
sent upon
paid each year since Us organization
on
Pittsburgh Stock Exchange.
Report will be
request. Address;
natural
Secretary, Mountain Fuel
Supply Company, P. O. Box 989,
Salt Lake
City 10, Utah
serves
VI
must
resources
look to its storehouse of natural
for continued
growth, and The Hidden Splendor
Mining Company is proud to be a part of the industry
that is
In uranium,
developing these
resources.
beryllium and petroleum, The Hidden Splendor
Mining Company looks forward to continued
in the
production of the
that
are
vital
raw
to
progress
materials
the future Of the nation.
THE
HIDDEN
SPLENDOR
MINING
®ne °' American Largest Uranium Corporations
•
cos is
/ess
MOUNTAIN FUEL SUPPLY COMPANY
1 80 East First South
The nation
best...
COMPANY
First Security Building, Salt Lake City, Utah i
I
Salt Lake
y
City 10, Utah i
&
Page
atlanta,
Courts
Co.
&
Johnson,
pany,
85
;
Lane,
Inc.
Space
&
Ball, Burge & Kraus
Cleveland
Com¬
85
Robinson-Humphrey
(The) Co.
Trust Company of Georgia
First
85
Fulton
85
(The)
Cleveland
Reid
72
Company
Trust
Corporation
&
Co., Inc.
Hayden, Miller & Co.
71
Baker, Waits & Co
80
Co., Inc.
&
Co.
Baumgartner, Downing & Co.
Russell
(J. N.) & Co., Inc.
71
First
National
Garrett
Sons
&
of
Bank
(Robert)
Baltimore
Sons
&
8
81
Legg (John C.) & Company
81
Maryland Shipbuilding & Drydock
Company
Mead, Miller &
Co
Securities
Boston
Dallas
First
Guerin
Southwest
Co., Inc.
Turner,
&
Nation-Wide
Frigikar
Check
&
Company
86
86
Rauscher, Pierce & Co., Inc.
87
80
Republic National Life
(Robert W.)
Company
of
74
74
(The) Company
74
minneapolis, minn.
&
Allison-Williams
J. M. Dain &
Company.
78
Co., Inc.
78
Mahoney (C. D.) & Co., Inc.
78
Piper, Jaffray & Hopwood
78
94
Company
nashville, tenn.
87
Clark, Landstreet & Kirkpatrick,
81
Inc
Williams
(C. T.)
& Co., Inc.
82
daytona beach,
fla.
O'Rourke, Inc., T. Nelson
& Timber Co.
Equitable
88
birmingham, ala.
Sterne, Agee & Leach-
Securities
new
denver, colo.
Bosworth, Sullivan & Company
Perry (Berney) & Company, Inc.
79
FIF
79
79
Associates,
Founders
Inc.
Mutual Depositors
(Chas. W.)
& Co.
51
new
orleans, la.
42
95
Howard, Weil, Labouisse,
richs and Company
Russell & Saxe
82
83
Scharff & Jones, Inc.
83
61
Boca Raton Hotel & Club
49
Baker, Simonds & Co
boise,
74
Adams &
of
Miller
Boise-Cascade
Corporation
Morrison-Knudsen
88
Company, Inc.
49
Michigan Corporation
(Don W.)
Parcells
& Co-
(Charles A.)
75
74
& Co.
75
Roney (Wm. C.) & Co
Watling, Lerchen & Co
boston, mass.
grand rapids, mich.
Carr &
Thompson, Inc.
Clayton Securities Corporation
Coffin & Burr, Incorporated
Day (Chas. A.) & Co., Inc.Haigney (Dayton) & Co., Inc.
Kidder, Peabody & Co
Knox
62
62
62
63
7
65
Sheeline
62
Co
Tyson
63
Allen
&
Allyn
(A. C.)
&
(A. E.)
&
Company
15
Co
Co., Inc.
Securities
Company
78
&
Middlebrook
&
Incorpo¬
rated
Cooley
51
Putnam
&
40
Bleichroeder, Inc.
38
Co.
Co., Inc.
Kay & Company,
Dynacolor Corporation
cedar
Iowa
Light
48
rapids, iowa
and Power Company
Inc
city, n. j.
Hunter
Dickson
(R. S.)
& Co., Inc
Wien
(Wellington)
(M. S.)
Associates
& Co
Dominick &
Dominion
30
Co., Inc.
Dominick
Fitch,
North
&
Co.,
Inc.
76
12
Securities
Co.,
Inc
62
chicago, ill.
Allyn (A. C.)
American
&
Co-
Nuveen
(John)
Keenan
70
69
MacCormack
(John
&
J.)
&
porated
90
Co
90
Co.,
Incor¬
90
j
Staats
91
68
Co.
Lester, Ryons & Co
Pledger & Company, Inc.
91
70
70
and
&
Evans
68
Co.
Crowell, Weedon & Co.
Stern, Frank, Mayer & Fox
(William R.)
&
90
Co
67
Turner-Poindexter
68
Company
Straus, Blosser & McDowell
Swift, Henke & Co
Taylor, Rogers & Tracy, Inc.
Tegtmeyer (Wm. H.) & Co
Wagenseller & Durst, Inc.
Woolrych, Currier & Carlsen
68
&
Co.
91
90
90
91
70
70
&
louisville, ky.
Bankers
cincinnati, ohio
Hilliard
(The)
Bond
(J. J. B.)
Kentucky
&
& Co
26
48
Co
24
&
(The)
First
17
,
Co.
National
13
Boston
Corporation.
8
17
(Albert)
-
31
Guenther
48
47
33
&
& Co.,
Inc.
(A. L.)
&
Co.
(Abraham) &
Torpie
Inc.
Company.
Saltzman
(Spencer) & Co
Troster, Singer & Co.
Unterberg (C. E.) Towbin Co.
Van Alstyne, Noel & Co...
Vanden Broeck (Alfred L.) & Co.
&
Trask
Weinberg (S.), Grossman & Co..
Wertheim
san
antonio, texas
Barth
86
francisco, calif.
(J.)
Co
&
93
First
36
12
5
34
California
Company
92
Incor¬
porated
12
Gorey
92
(Walter C.)
Schwabacher
Stewart,
&
I
Co
92
Co.
Eubanks,
93
Meyerson
&
Co.
92
Stone
&
&
Youngberg
25
93
Co.
93
93
34
Co—
18
White, Weld & Co
William Street Sales, Inc.
Winslow, Cohu & Stetson, Incor¬
42
&
seattle, wash.
Foster
&
Marshall
89
37
Grande & Co., Inc.
89
45
porated
Winston
10
Harper (Wm. P.) & Son & Co—
88
41
(J. A.)
&
Co., Inc
Wood, Gundy & Co., Inc.
Lewis
owensboro,
ky.
(John R.), Inc.
89
Northwest Company
Seattle First National Bank—
Western
Kentucky Gas Co—
64
Bioren & Co.
89
89
Bcenning
57
Co.
&
(E. W.) & Co
_I
Dackerman (Harry C.) & Co
DeHaven & Townsend, Crouter &
Bodine
Drexel & Co.
&
~~
&
Remington,
27
40
52
58
&
—
IIII
Co
fncl
64
Hornblower
&
Weeks
(W. E.)
&
—
Co.
10
28
Corp—
84
Judson
84
Kenney (D. Raymond) & Co.
(C. E.)
&
21
Co.
30
21
36
33
toledo, ohio
?3
Collin, Norton & Co.
toronto, ont., canada
Davidson
& Company.
Doherty Roadhouse & Co.
Wisener, Mackellar and Company
Ltd
——
'J®
46
46
57
57
washington, d. c.
56
30
Johnston, Lemon & Co
59
Warner,
Jennings,
Longstreth
French,
42
Co
58
Co
Moyer,
&
.56
_
Taggart (Charles A.) & Co.,
(Albert) & Co.
Woodcock,
55
52
HI
Teller
Thayer, Baker &
55
59
Mandel
wilmington,
&
53
Wellington Company
27
((E. W.)
58
Crmpany, Incorporated
Suplee, Yeatman, Mosley Co., In¬
40
;
Snyder
59
54
(H. A.) & Co., Inc
Robinson & Company, Inc.
22
Co
^
syracuse, n. y.
58
18
Co
&
-
54
58
Riecke
corporated
Co.
Valley, Idaho
52
(J. W.)
21
Sun
57
&
20
valley, idako
59
In¬
Hopper, Soliday & Co
Janney, Dulles & Battles, Inc
Johnson & Prince, Inc
Metropolitan Securities, Inc.
Newburger & Company
Philadelphia National Bank
Rambo, Close & Kerner, Inc.
Stroud
27
sun
60
59
Co.
Grant
Sparks
&
83
Co.
&
58
24
(Inside back cover)
Barrow, Leary
Com¬
pany
Gerstley, Sunstein & Co.
31
& Co., Inc—
Company
Gregory & Sons
&
Rogers, Inc——92
53
and
Stieglitz
Hardy & Co
Haupt (Ira) & Co.
Hay, Fales & Co.
Heaney (Michael J.) &
Hemphill, Noyes & Co.
&
54
Clark
(Gordon)
(H.)
Waters
55
Greene
Halle
Van
shreveport, la.
42
Fricke
del.
Delaware Management Co.,
Laird &
Inc.—
Company, Corporation—
42
^
&
23
Strader and Company, Inc.
97
Funk, Hobbs & Hart, Inc.—
Brush, Slocumb & Co., Inc.
39
73
96
13
20
Hill, Darlington & Grimm
Hill, Thompson & Co., Inc.
va.
97
Co.
30
39
McKinnon
&
&
36
Stryker & Brown
Tatro (Edwin L.)
Thomson
(J. A.)
30
Son,
Grace National Bank of New York
19
28
Hirsch & Co
Lee, Inc.
city, utah
Splendor Mining Co.
san
32
47
31
36
64
Mason
76
salt lake
Hidden
68
j,_-_
Company
40
Co.
Schaffer, Necker & Co
Schmidt, Roberts & Parke.
Hettleman
72
&
39
& Co., Inc.
Ginsberg (Frank) & Co., Inc.
Gold, Weissman Co.
Goldman, Sachs & Co.
Golkin, Bomback & Co.
Grace Canadian Securities, Inc.
84
73
&
36
Co., Inc.
lVnchburg,
73
41
Frenkel
Ingalls & Snyder
James Anthony Securities
Josephthal & Co
—
(H. S.)
37
corporated
Law,
Company, Inc.
George, O'Neill & Co., Inc.
General Investing Corp
72
Seasongood & Mayer
Walter, Woody & Heimerdinger.
Westheimer and Company
& Co.
Sterling, Grace &
Hess,
&
Hall
Company—
White
26
& Co
(Back cover)
Stamm
Hecker
Inc.
Gairdner
Hutton
&
Stifel, Nicolaus & Company,
Incorporated
33
(G. K.)
(Harold C.)
Fidelity-Philadelphia Trust
City Bank of New
Y ork
73
(Clair S.)
77
77
Shields
Butcher & Sherrerd
13
&
Eustis (Geo.) & Co.
Pohl & Company, Inc
76
76
...
Scherck, Richter Company
philadelphia, pa.
Son
Company.
Gardner
22
44
Co
Hentz
70
77
Co.
33
Graves
angeles, calif.
66
Cruttenden, Podesta & Co.
Doyle, O'Connor & Co.
Fuller (William A.) & Co
Illinois Company, Inc.
Sincere
76
69
Marietta
Investment
Stern Brothers & Co
los
Company
Boettcher & Company
Cook
76
96
Reinholdt &
Pacific
Gersten
Brothers
Keller
Commerce Trust Company
Peet (H. O.) & Co-
&
28
Cor¬
Addressing Service
Eastman Dillon, Union Securities
Frank
Barret,
D.)
Newhard, Cook & Co.
17
Securities
& Company
Fox (P. F.) & Co., Inc.
(Inside back cover)
kansas city, mo.
(Edward
18
Fitzgerald
18
chestnut hill, mass.
&
(The)
Fahnestock
38
Jones
29
& Co
(R. S.)
First
charlotte, n. c.
louis, mo.
Fusz-Schmelzle & Co., Inc.
(G. A.) & Co., Inc.
& Co., Inc.
Shearson, Hammill & Co—
Shields & Company
31
Estabrook & Co
jersey
32
32
47
Dickson
Ernst
16
st.
56
Schapiro (M. A.)
14
E-Z
83
pa.
Company
&
Hogle
Hutzler
84
poration
du Pont (Francis I.)
jacksonville, fla.
reading,
Mackay
Sutro
Crang (J. H.) & Company
43
Pierce, Carrison, Wulbern, Inc.—
19
46
38
Wulff, Hansen & Co———
33
Co
Industries
Com¬
96
26
Devine (C. J.)
88
Texas Fund Management Co.
brockport, n. y.
Power
41
Candee
Chemoil
houston, texas
Colorado
pany
& Co.
45
Cowen & Co
50
pueblo, colo.
Southern
& Co
11
ica
Hincks Bros. &
51
Walker (G. H.)
14
50
Co
(G. H.) & Co
47
Commercial Bank of North Amer¬
bridgeport, conn.
providence, r. i.
Walker
Watson (T. L.)
29
Co., Incorporated
BIyth & Co., Inc.
94
../
15
Blair &
&
'■
24
Co.
50
Company
&
28
Boland, Saffin, Gordon & Sautter
Brand, Grumet & Seigel, Inc.
Burnham and Company
Burns Bros. & Denton, Inc.
hartford, conn.
Coburn
45
Co
Bacon, Stevens &
United
28
Restaurant
Arnhold & S.
25
94
Co., Inc.
Mountain Fuel Supply Company.
Strauss
Bache
65
May & Gannon, Inc
Moseley (F. S.) & Co
Schirmer, Atherton & Co
&
74
greensboro, n. c.
62
&
39
Asiel &
63
& Co., Inc.
(Paul D.)
27
Aetna Securities
Antler's
White (Hudson) & Company
63
65
(H. D.) & Co
Townsend, Dabney
Adler, Coleman & Co
Amott, Baker & Co., Incorporated
65
Lerner & Co
Maguire (J. B.)
8
Corporation
7.-
38
29
Singer, Beane & Mackie, Inc.
22
Peck
Ames
75
75
29
36
Zilka, Smither &
16
Simmons
Abbott, Proctor & Paine.
Building
First
idaho
75
Buhl
34
23
9
43
95
Investment Co..
35
&
Bros.
Siegel (Sidney A.)
new york city
detroit, mich.
(George)
Saxton
Fried-
Newman, Brown & Co., Inc.
95
Company
Patten
& Company, Inc
7
Model, Roland & Stone
26
Morgan (Peter) & Company
41
National Quotation Bureau
(Inside front cover)
v V;
New York Capital Fund of Canada
43
New York Hanseatic Corporation
(Inside front cover)
Ogden Wechsler & Krumholz
34
O'Kane, Jr. (John J.) & Co.
30
Pershing & Co.
23
Pflugfelder & Rust
26
Pistell, Crow, Inc.
35
Pitfield (W. C.) & Co., Inc.
44
Registrar & Transfer Company—
30
Reilly (J. F.) & Co., Inc
25
Reynolds & Co.
6
Rice, Jr. (J. K.) & Co.
35
Rogers (Casper) Co
^35
Roggenburg & Co
28
Ross, Lyon & Co.
32
Shore
Arvida Corp.—
&
Salomon
Christensen,
&
Inc
boca raton, fla.
Scranton
haven, conn.
Cor¬
poration
Writer
79
95
43
Lowell, Murphy & Company, Inc.
Peters,
Corporation
83
bellingham, wash.
Puget Sound Pulp
McLaughlin, John F.
McLeod,
Young,
Weir,
Incor¬
porated
Merrill Lynch, Pierce, Fenner &
Smith Incorporated
Midland Canadian Corporation
Mitchell
Insurance
—
Mary¬
land
& Co., Incor¬
Co., Incorporated
82
Sanders
Trust
Union
87
Parker, Ford & Company, Inc.
Corporation-
Boyce
Baird
88
Corporation
Co.
Bros.
milwaukee, wis.
87
82
and Trust
Company
Stein
Inc.—
(John R.) Associates
Marks (Carl) & Co., Inc.
(Back cover)
Masterson (Frank C.) & Co.
McDonnell & Co. Incorporated—
Maher
88
Securities
Union
Eppler,
Co.
Co.
&
portland, ore.
Black
35
Higginson Corporation.
Lee (M. L. ) & Co., Inc
Levien, Greenwald & Co.
Loeb (Carl M.), Rhoades & Co.—
Lord, Abbett & Co.
Mabon
Marshall
dallas, texas
81
80
Mercantile-Safe Deposit
96
porated
82
(Alex.)
Scherer (Pablo), S. A—
Loewi &
84
Brown
mexico, d. f., mexico
71
83
Thursday, October 6, 1960
11
38
Kidder, Peabody & Co.
King (Charles) & Co
Lebenthal & Co., Inc.
Lee
72
&
Prescott
Baltimore National Bank
79
71
Parsons
md.
National Bank
71
Merrill, Turben & Co., Inc.
baltimore,
First (The)
73
72
.
20
& Co., Inc.
(A. M.)
Kidder
memphis, tenn.
cleveland, ohio
.
Page
Page
Page
ga.
.
ADVERTISERS
OF
ROSTER
Chronicle
Commercial and Financial
The
:98
Inc
52
youngstown, ohio
pittsburgh, pa.
Johnson
&
Johnson
Langley-Howard,
Inc.
Reed, Lear & Co
Simpson, Emery & Co.,
Thomas
&
Company
Butler, Wick & Co
go
II
«n
n. s. t. a.
60
Inc.—Ill
60
qq
National
ciation
Security Traders Asso-
71
Volume
192
Number 5992
.
.
.
The Commercial and Financial Chronicle
99
.VJV.V.^\WX^VV.,AV<V.^S.VX^WS^^^\V;WNS%\\*NSSVWX<^S\V;«^^
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The
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Thursday, October 6, 1960
For financial institution.<
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TRADING MARKETS IN
SECURITIES OF
argentina
china
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NEW ZEALAND
SOUTH AFRICA
australia
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NORWAY
SPAIN
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San Francisco
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Warner, Jennings, Mandel & Longstreth
st- Louis
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