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Thursday, October 8, 1953
lYaVtitTJii
tg.ni,
j' tAy'janp.
Further
tiiformation
on
tt&MO#.
request.
WEST ORANGE, NEW JERSEY
STORAGE BATTERY DIV.
INSTRUMENT DIV.
EDISON WOOD PRODUCTS INC.
EDIPHONE DIV,
TOP GRADE SECURITIES
WORTH
BILLIONS OF DOLLARS
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ARE MADE
OVER-THE-COUNTER
cajCAGO
NEW YORK
WfW%
.
Convention
Number
a
THE COMMERCIAL and FINANCIAL CHRONICLE
3
19 5 4
19 5 3
FIRST
PRESIDENT
VICE-PRESIDENT
Sudler &
Co., Denver
PRESIDENT
John W. Bunn
John M. Hudson
Harry L. Arnold
Stifel, Nicolaus &
Company, Incorpo¬
rated, St. Louis >
Thayer, Baker & Co.,
Philadelphia
Goldman, Sachs &
Co., New York
PhiSSip J. Clark
Amos C.
FIRST
SECRETARY
VICE-PRESIDENT
Philip J. Clark
C. Sudler &
Amos
Co., Denver
SECOND
SECRETARY
John W. Bunn
Stifel, Nicolaus &
Company, Incorpo¬
rated, St. Louis
SECOND
VICE-PRESIDENT
TREASURER
N. S. T. A
VICE-PRESIDENT
TREASURER
Officers
and
Executive
Lex
Jolley
The Robinson-
Weeden
Harry L. Arnold
Goldman, Sachs &
&
Co., Los
S.
R.
Hastings
Walter G. Mason
Livingstone,
& Co.,
Scott, Horner &
Mason, Inc.,
Lynchburg
Crouse
Co., New. York
Detroit
P.
Harper &
Son & Co., Seattle
Inc.,
John F. Egan
First
pany,
California Com¬
San Francisco
H.
S.
Boston
Russell
R.
Hastings
Livingstone,
& Co.,
Crouse
Jolley
The Robinson-
Humphrey Company,
Inc., Atlanta, Ga.
Winton A. Jackson
First
Southwest
Company, Dallas
Detroit
T.M. Wakeley
Hugh R. Schlicting
Wm.
J. B. Maguire & Co.,
Council
Angeles
H. Russell
Lex
James B. Maguire
Lawrence S. Pulliam
Humphrey Company,
Inc., Atlanta, Ga.
Leslie B. Swan
Chas. W. Scranton
&
Co., New Haven
A. C. Allyn and
Company, Incorpo¬
rated, Chicago
T.
Walter
G.
Mason
Scott, Horner &
Mason, Lynchburg
Lawrence S. Pulliam
Weeden & Co., Los
Angeles
A.
M.
C.
Wakeley
Allyn and
Company, Incorpo¬
rated, Chicago
Thursday, October 8, 1953
THE COMMERCIAL and FINANCIAL CHRONICLE
Harry L. Arnold
&
Goldman, Sachs
H.
S.
Russell
R.
F.
John
Hastings
1946-1948
Edward H. Welch
Sincere
Equitable Securities
Corp., Nashville
Francisco
San
pany,
1949-1950
H. Frank Burkholder
Egan
First California Com¬
Livingstone,
Crouse & Co., Detroit
Co., New York
1950-1951
1951-1952
1952-1953
1953-1954
and
pany,
R.
Com¬
Victor
Mosley
Stroud & Co.,
Chicago
Inc.
Philadelphia
1945-1946
Thomas Graham
Bankers
Bond
Co.
Louisville
1944-1945
Contents of This Issue
and
Articles
News
Index
to
Affiliates
Page
Page
NSTA Officers and
Executive
Council
(19543
4
1953)
Past
Presidents
Presidential
Our
Thanks
& Co.,
Cleveland
Inc.
All
to
J.
Clark
behalf
(on
of
5
NSTA
Committee)—-Harold B. Smith
in School Financing—Sidney
of
Sources
L.
America's
Strength—Dr.
Dillin
Which
11
Fund
Investment
to
Buy?
—
EDITOR'S
Homer
13
NOTE:
Due
to
circumstances
en¬
tirely beyond our control, we were unable
to publish the talk made at the Convention
by Patrick B. McGinnis, partner, McGinnis
Ginnis & Co., New York City.
Report of Public Relations Committee
Report of Publicity Committee
NSTA Urges End of Capital Gains Tax
Double
Report of
Dividend
at
NSTA
Edward
17
Wm.
Welch
NSTA
Affiliates
Roster
of
and
Members
Advertisers
in
This
Issue
Carolinas, The Security Dealers of the
Chicago, Bond Traders Club of
64
Traders
Connecticut,
Security
Dallas
Club
Bond
Traders
Assn.
18
of
60
66
53
57
39
Denver,
Bond
Club
Detroit
and
Michigan,
of
Securities
Traders
of__
John
28
of
55
27
30
31
1941-1942
73
59
35
20
36
46
71
72
38
19
Paul)
Wichita Bond Traders Club
20
Members
the
NSTA
62
56
63
74
Unaffiliated
Organizations
With
51
Perry Brown
Herbert
Newman, Brown <ft
U.
Co., New Orleans
1940-1941
1939-1940
Thomas A. Akin
Edward D. Jones
Deceased
Edward D. Jones &
Co., St. Louis
1936-1938
1938-1939
Willis
M.
Summers
Troster, Singer & Co.,
N.
Y. C.
Arthur
H.
E.
Farrell
M. Byllesby &
Co., Inc., Chicago
Legg &
Baltimore
48
San Francisco
Local
C.
Company,
60
St.
of
Joseph W. Sener
25
St.
80
52
32
Louis, Security Traders Club of
Security Traders Association
Seattle Security Traders Association
Syracuse, N. Y., Bond Club of
Twin City Bond Traders Club
(Minneapolis-
16
Convention
Report of Special "Rights" Committee
Convention Was
Highly Successful, reports
43
ciation
14
Municipal Committee
Attendance
In
12
14
and
Taxation
Association
Securities
Security Dealers Association
Georgia Security Dealers Association
Houston, Investment Dealers Association of
Kansas City (Missouri), Bond Traders Club of
Los Angeles, Security Traders Assn. of
Louisville, Bond Club of
Memphis Security Dealers Club
Nashville Security Traders Association
New Orleans Security Traders Association
New York, Security Traders Association of
Philadelphia, Investment Traders Assn. of
Pittsburgh Securities Traders Association
Portland
(Oregon), Security Traders Asso¬
Liquidity—
Fahrner
Boston
Florida
10
-----
Mythical
Premium for
J. King
58
Association
Harry
Harold
1942-1944
7
8
9
H. L. Hoffman
Security Dealers Association
Arizona Security Dealers Association
Baltimore, Security Traders Association of
Cincinnati Stock and Bond Club
Cleveland Security Traders Association
6
—
Rocky Mountain Area's Natural Gas Reserves
—W. T. Nightingale
Why Sales Are Lost—Frank M. Cryan
Electronics Industry—Billion Dollar Infant—
Paying
5
Trends
Ruffin
M.
Parsons
NSTA
Greetings—Phillip
Advertising
Current
Edw. E. Parsons, Jr.
of
Alabama
1936-1937
J.
Gentry Daggy
Deceased
1935-1936
Henry J. Arnold
Geo. Eustis
<ft
Cincinnati
Co.,
H.
S.
Blizzard
F.
A.
1934-1935
W. W. Cruttenden
Cruttenden
&
Chicago
Co.,
Convention Number
THE COMMERCIAL and FINANCIAL
ftteliden tlaL
The
Western
at Sun
as
sun
set
on
marvelous
a
Convention
them
able assistance to
they took with
of a very in¬
happy week.
am sure
To refresh
memories
structive and
The Bond Club of Denver
our
their
wives.
made
Western
its
at
where
Phillip J. Clark
new
that
I
were
of my
with
of
I do hope
our
"What
to
good friend,
our
be
The
and
Commercial
Chronicle for its marvelous coverage
and
benefiting
and, in this
prove
new
relations
our
administration
to be helpful to the
helps
one
our
—
helps all!"
I, therefore, ask
them along for the benefit of all
members.
Sincerely,
indebted
more
help but result in strength¬
to give me your helpful suggestions and I will
heartiest thanks!
more
customers
endeavor to pass
To all of you who contributed time,
thought and
toward the success of the Convention this
labor
continue
This cannot
organization;
regulatory authority,
you
my
personal acquaintance and to afford the
my aim and ambition during the tenure
office shall be to follow the principles set
our
members in 1954.
I want to extend
mem¬
industry.
Twenty-first Convention, our "coming of,
age," will be the Mecca for many, many more of our
We
object of this Associa¬
the general welfare of its
discussing matters pertinent to the trading
of the security business." I wish to assure
forth above.
ening
our
year,
"The
that
you
more
not, I wish you had been.
were
division
was
about Sun
there, "No," and for
say
little, the preamble of
memory a
of
affiliate.
For those who
those who
hospitality
means
again
best in Salt Lake City,
we
hope soon to have a
Need
Valley?
rived from
were
by the visitors during their
stay in Denver.
short
our
Constitution states:
bers; to establish and maintain high standards of
ethical conduct; to provide the benefits to be de¬
The members
appreciated the calls which
Advertising Committee. We
of the same coopera¬
loyal friend.
our
tion is to promote
en¬
joyed entertaining the delegates
and
(JteetinGl
look forward to another
year
tive spirit from this
homes, scattered from Coast to
Coast, I
5
tion; for the publicity during the year and for the
Valley, Idaho, Saturday, September 19, and
members left the Valley to return to their
the
CHRONICLE
to
PHILLIP
J.
CLARK, President
Financial
National
of the Conven¬
Security Traders Association
By HAROLD B. SMITH, Chairman, NSTA Advertising Committee
Greetings:
ing
of
We look forward every year to
the Convention
not
places before
us
an
up-to-date roster of
only all members and officers of
Association but all
ones as
are
well.
virtually
in the
National
of
the
"Chronicle"
of
hard work of the "Chronicle" staff and the un¬
Murphy, Vince Reilly and Ted Peterson, and
lisher of The
friends and their families at
Convention
of
ours
and
our
exceptional merit.
is
an
and
Year¬
not
only makes
activities of your
a
icle.
We
advertising medium
mark of distinction.
It
with the wisdom of advertising in this issue of
with
the
outstanding
investment
Ranking and brokerage firms of the country, for
a very
inexpensive method of not only reach¬
fellow member, Editor and Pub¬
Commercial and Financial Chron¬
just cannot put into words our sincere
support afforded
our
advertisers.
—
Inc.,
Los
Inc.,
Louisville,
Angeles,
by each and every one of
us
And
to
you
Herb,
may
I,
on
Ky.;
Francis
D.
Miller,
B.
Schas,
J.
Calif.;
Russell Ebinger,
Charles
Ky.;
Howard
C.
King,
C.
Bullington-Schas
Ingen
Van
&
Co.,
&
Reid and Ebinger,
Wagner,
Bankers Bond
The
Leftwich
Ross,
Co.,
Inc.,
Ross,
&
Co.,
Memphis, Tenn.;
Miami,
of
our
express
in
a
31
affiliates
and
4,100 members,
most humble manner the regard and
respect we have for you and the "Chronicle" and
to stress how much your
friendships that
are
day throughout the
aid
means
helpful to
us
in fostering
each trading
Fla.;
F.
HAROLD
B.
Chairman, NSTA Advertising Committee
Pershing & Co.,
120
Broadway,
New Yorfc 5, N. Y.
B.
Evans,
Corporation, Nashville, Tenn.; George M.
O'Cal-
Cumberland Securities
laghan,
Equitable Securities
Corporation, Nashville, Tenn.;
Edward C.
theim
&
Co.,
Corporation,
and
New
Company,
Soren
York City;
New York
City;
Incorporated,
Lear
Pierce,
&
Co.,
H.
Jr., H. M. Byllesby
Jacoby, Jr.
Merril.
Phoenix, Ariz.; John R. Klima, Rped,
Sheldon Parker, Kay, Richards & Co.,
Philadelphia, Pa.;
Fenner & Beane,
Pittsburgh, Pa.;
New York Hanseatic
D. Nielsen,
John C. Carothers,
Thayer, Baker & Co., Philadelphia,
Lynch,
Mine-
Reginald J. Knapp, Wer-
tree, Steiner, Rouse & Co., New Orleans, La.;
Portland, Ore.;
SMITH,
Boice
Kermit
Sorum, Allison-Williams Company, Minneapolis, Minn.; N. Peyton
Pittsburgh, Pa.; George F. Patten,
year.
Inc.,
Memphis, Tenn.;
McNulty, Chas. W. Scranton & Co., New Haven, Conn.; Joseph P.
behalf
appropriate that corporations be impressed
along
a
Affiliate
Chairmen
Lex
Jolley,
The
Robinson-Humphrey
Company, Inc., Atlanta, Ga.; Samuel Preston, Hancock, Blackstock &
Co., Atlanta, Ga.; Nolan C. Darby, Jr., Merrill Lynch, Pierce, Fenher
& Beane, Birmingham, Ala.; Alonzo H. Lee, Sterne, Agee & Leach, B.rmingham, Ala.; James R. Duffy, Paine, Webber, Jackson & Curtis,
Boston; William S. Hunter, Lee Higginson Corporation, Chicago; Geoig^
F. Oswald, Smart, Clowes & Oswald, Inc., Cincinnati: Harold Rcb rt~.
John E. Joseph & Co., Cincinnati; Fred A. Shorsher, Ball, Burge &
Kraus, Cleveland; Robert Weaver, Hornblower & Weeks, Cleveland;
Gerald D. Bachar, J. A. Hogle & Co., Denver, Colo.; John P. Hagg r„y,
Bosworth, Sullivan & Co., Inc., Denver, Colo.; John O. MacFarlane,
Manley, Bennett & Co., Detroit, Mich.; Herbert Schollenberger, Camp¬
bell, McCarty Co., Inc., Detroit, Mich.; Robert King, Jr., First Sc'rities Corporation, Durham, N. C.; Warren R. Wallace, Fayetteville,
N. Y.; Arthur C. McCall, Alester G. Furman Co., Greenville, S. C.;
Nicholas E. Fon Eisen, Fahnestock & Co., Hartford, Conn.; William H.
Minar, Rotan, Mosle and Moreland, Houston, Texas; Clyde C. Pierce.
Pierce-Carrison Corporation, Jacksonville, Fla.;
Theodore F. Wfcgnei,
Harris, Upham & Co., Kansas City, Mo.; Charles L. Holton, Holton,
Hull & Co., Los Angeles, Calif.; Nieland B. Van Arsdale, Blyth & Co.,
Louisville,
sou¬
To be among the roster of
advertisers therein is
Seibert,
appreciation for their great efforts, and for the
conventions.
play. It is of great value to all
of
|t is
only be attributed to the cooperative
can
always remind us of the friend¬
ships developed as we met with
of
ours,
re¬
spirit of members of this committee and to the
Herb
National Security Traders Associa¬
members
a
This, in view of changed condi¬
Hal
by
book
tion at work and
Committee did
Advertising
job.
taken
possible many
organization but is a permanent
venir of your
is very
men
1953
those in attendance which will
This
Smith
Your
tions,
(
■
,
tiring and faithful energies of Messrs. Ed Beck,
these
B.
i
industry and finance and as a
final memento, candid pictures
our
Harold
tically all of "Investor America."
markable
by outstanding
NSTA:
investment firm of consequence
country who in turn are in touch with prac¬
National
reports, addresses
every
Local
affiliated
Also in these pages
committee
delivered
our
our
Committee Members—In addition to Chairman Smith, the Advertis¬
ing Committee consists of the following Chairmen of the local affiliates
of
Issue of The Commercial and Financial Chronicle
which
members but the principals and personnel
our
Pa.; Randolph E. Soranson,
Jr., George Patten Investment Co.,
Robert W. Pitt, Blyth & Co.,
Hagensieker, Reinholdt & Gardner,
Lewis P.
Inc., Portland, Ore.; Earl
St. Louis, Mo.; Herbert M.
Roach,
Rice &
Company, Incorporated, St. Paul, Minn.; Albert Hewitt, First California
Company Incorporated, San Francisco, Calif.; Paul G. Johnson, Blyth &
Co., Inc., Seattle, Wash.; Sidney J. Sanders, Foster & Marshall, Seattle,
Wash.; Everett W. Snyder, E. W. Snyder and Co., Syracuse, N, Y.;
Orville s. McPherson, Henry ©ahlberg & Company, Tucson, Ariz.; War¬
O.
ren
H.
Wibbing & Co.,
St. Louis,
Mo.; Fred S. Goth, Irving J.
Cortner, The Rwww-P&vldson Company,
Inc., Wichita, Kan.
and FINANCIAL CHRONICLE
THE COMMERCIAL
6
Current Trends in School
We
that
capital
local
past
years
districts
school
their
many
have
issuance
sale
tion
bonds.
These
credit
of
districts
inability of local school districts to obtain
n
g
this
has
past, sand
Points
functioned
adequately in
inasmuch as such
bonds
generally enjoy an excel¬
lent reputation as investments, we
might wonder as to why certain
that
order
In
appreciate
fully
which
in
find
districts
school
our
dilemma
the
to the
of the
School
Survey, issued
in December, 1952 by the Office
themselves,
Second
I
Of
more
may
you
refer you
Report
Progress
Facilities
like nature is the 1943
a
port
of
National
the
re¬
Resources
should
offered by our school systems are
dollars
being
Federal
provide
governments
billion
a
annually during
of Education of the Federal Secu¬
to
rity Administration wherein it is
stated that, as of March 1, 1951,
the capital outlay needs of school
nation's
eliminate
(1940)
a
10 year period
deficiencies
in
the
ritories covered by
ceeded $7
educational
in
the
fact
that
generally speaking the direct
borrowing capacity of local school
districts is no longer sufficient to
provide the funds needed to ade¬
quately
house
the
greatly
in¬
in the 37 states and ter¬
the report ex¬
billion. The report fur¬
that the available re-
ther states
including borrowing
of such districts amounted
sources,
plant
American School and
wherein
writer
the
in
needs
"The
University"2
was
of
the
opinion that in terms of "1950"
slightly over $3.8 billion, leav¬ dollars an expenditure of 13.5
increasing
school ing a shortage of potential funds billion dollars would be needed
population of America. In most of of approximately $3.2 billion. during the 1950 decade to provide
our states the borrowing capacity
Thus, if adequate public school the required public elementary
of school districts is constitution¬ facilities are to be provided in the and
secondary school plants.
ally limited to a certain percent¬ area covered by the report some
What Has Caused Heavy
age of the assessed valuation of methods of financing, other than
taxable property in such districts. direct school district
Financing?
borrowing,
Many districts have already ex¬ must be devised. Note, also, that
When faced with such extraor¬
hausted such borrowing capacity while this
report covered 37 states dinary estimates of need for capi¬
and many others find it insuf- and
territories, it did not include tal outlay it is only natural that
f i c i e n t
when
attempting
to such centers of population as we should inquire as to the fac¬
finance current capital require¬
Pennsylvania and New York. tors which cause such need. In
creased
ments.
power
to
and
is
It
an
established
fact
the
When
that the assessed valuation of tax¬
needs
these
of
states
the overall problem
of satisfying the additional capital
ties has not in any
sense
kept requirements of our school sys¬
pace with the rising cost of con¬
tems will appear even more for¬
struction. School districts are thus midable.
For instance,
statistics
generally faced with the impossi¬ compiled by the Pennsylvania De¬
ble problem of having to provide
partment
of
Public
Instruction
much needed school plants at high
show that, as of March 1, 1951,
cost without possessing adequate the school districts of that Com¬
able
property
means
•An
20th
meet such
to
cost.
Annual
known,
monwealth
by
Mr. Ruffin at
the
Cqinvention of the National
Traders Association,
Idaho, Sept. 17, 1953.
Sun
needed
$365 million
address
Security
ley,
are
in most communi¬
aggregate
Val¬
over
in
excess
of
and above their
borrowing
capacity
to
adequately house their pupils.
to
answer
such
ministrators of
tional
great
facilities
provided. Furthermore,
the
generally increasing school
population as well as the shift of
population from section to section
ban
placing
burden
on
is
a
tre¬
that
ation
and
have
designed
is
exists
now
continue
to
states
certain
give
to
much
needed
most
simple
procedure
for
rendering such assistance is
whereby the state issues its
own
general obligation bonds and
uses
the
thereof
proceeds
for
that
grants
of the
this
Planning
Development
.
Board.
2
Harmon, Ray L. "Educational Plant
Needs," The American School and Uni¬
versity, 22nd Annual Edition, 1950-51,
57-62.
to
needy school districts
standards
which
states
plan
with
set
have adopted
California, South
Carolina
and Washington. From
the bond purchasers point of view
are
bond
issues
materially from
obligation
bonds
Since
question.
familiar with
it
ing
cussion
differ
not
other general
of the
you
states
in
that
seem
little
this
procedure
this
at
The
The
more
problem
the
tion
PRIMARY
UTILITIES
has
bgen
where
places
the
the
tionally
INDUSTRIALS
in
of
Pennsyl¬
State
Constitu¬
borrowing
of
Being
prohibited
in
render
its
the
contracting
reviewed and
that
long-term
school
leases
districts
by
violated
the
no
pro¬
vision of the State Constitution
long
so
the school districts could
as
meet their annual rental payments
out
of
their
available
current
Current
revenues.
determined
by
revenues
the
Court
were
in¬
to
clude all taxes and annual appro¬
priations
and
reimbursements
made
school
districts
the
Commonwealth
under
bv
the
the
Penn¬
sylvania system of rendering state
aid to its districts.
The
Pennsylvania State Public
School
Building
Authority
undertaken
numerous
the
districts
school
has
projects for
of
the
Com¬
monwealth and has financed such
proiects through loans which
cur¬
rently aggregate $90 million. Verv
little
publicity has been given to
the
financing
construction
and
of the Authority.
program
this date it has not made
offering
its
of
the less
none
a
As of
public
a
securities.
It
is
active agency
very
obtained
the
from
Retire¬
State
ment Funds. The loans
so
obtained
all suoorted by leases entered
are
into
by
Authority
the
Continved
the
and
68
on vaae
the
issuing
the
of
program
was
3 Established
1935.
of
P.
L.
by
452;
May
the
as¬
4 Act
Pennsylvania
turned to the medium of the pub¬
P.
L.
of
P.
L.
Act
of
June
28,
bv
the
Act
641
and
of
March
re¬
31,
372.
July 5,
5 Greenhalch
64
Act
dissolved
19*9
needed.
of
its
cient
to
district,
entirety by the
Supreme Court of Pennsylvania 5
it being the opinion of the Court
approved
general obligation bonds of suffi¬
amount
such
pay¬
reserves
and
school districts
constitu¬
from
enter
bonds and es¬
there¬
revenue
proposed
limitations
power
school
18,
1946,
established
hv
the
sistance
WITH COMPLETE
developed
stringent
Commonwealth.
MARKETS
Authority"
novel approach to the
Commonwealth
vania
on
"Public
em¬
to
carrying out an extensive school
building construction program and
financing such program on loans
time.
PUBLIC
The
gained by further dis¬
of
statute
necessary
Authority
already
are
this type of financ¬
would
be
would
do
any
also
were
the
the
by
tablish
districts within their jurisdictions.
The
school
Authority and the
districts
by
buildings
local
for.
the
of
already taken action
The
Authority's
allowed
additional assistance to the school
such
Resources
Resources
the
use
sufficient amount to amortize the
that will result if the overall situ¬
within the issuing state. Three
there
of
able
ever
increasing
a
growing number of the districts.
All states of the union are fully
cognizant of the dire consequences
up
adequate
school
the
long-term leases for
buildings at annual rentals,
an
accordance
Report
for 1943. Part 1, Postwar Plant and Pro¬
gram,
Washington,
U.
S.
Government
Printing Office, January, 1943, p. 73.
pp.
is
loans
had
of
and from urban centers to subur¬
communities
of financing the
purpose
into
facilities
new
ex-
Authority
was
em¬
issue revenue bonds
to
powered
be
must
the
school
new
in
backlog of construction
1 National
National
added
are
when
or
never
The
districts.
broadened
that
public educa¬
and thus
mendous
features
result
inquiries the ad¬
our
programs advise us that a
percentage of our school
districts have
continuously
the
with
districts
requirements
construction
for
be
and
districts
lies
answer
to
Planning Board1 wherein it was
recommended that the local, state
ties.
fit to adopt some
alternative method for the financ¬
The
for
brought up to
desired standards. In addition, the
educational programs now being
ing of local public school facili¬
seen
city.
which must be undertaken if such
are
school
of
capital
powered
districts
Public
ceded their local borrowing capa¬
general obligation bonds.
elementary and second¬
ary public school plants. An even
more
startling estimate of the
need for capital outlay for school
facilities appeared in an article on
states have
whose
compared with
as
establishing
State
Building Authority.
The
basic purpose
of this Authority
was the obtaining of funds for the
a s
ap-
statute4
a
Pennsylvania
School
"public authority" system of school
investment knerits of school "revenue" bonds,
our
tax-
parently
the
the
assistance
proce¬
dure
funds through general
financing, especially that provided for under state legislation in Pennsylvania.
the
powers.
Inasmuch
Sidney M. Ruffin
Gives details of the
bonds is avoided.
and
and
their
by
necessary
obligation bonds, describes alternatives whereby issuance of direct obligation
supported
are
educational facilities and the
more
enacted
bonds
faith
stressing need for
Pittsburgh attorney,
pledge the
full
Authority,3 the 1947 Session of
the
Pennsylvania
Legislature
the
gen¬
obliga¬
authority. Following the patpreviously established
accepted
General
State
tern of its
,
and
and
of
eral
i
lic
Partner, Burgwin, Ruffin, Perry & Pohl, Attorneys, Pittsburgh, Pa.
financed
through
needs
Financing
By SIDNEY M. RUFFIN*
all cognizant of the fact
are
for
Thursday, October 8, 1953
A. 2nd. 659
v.
1947, P. L. 12f7.
Woolworth, 361 p. 543,
(1949).
RAILROADS
TRADING FACILITIES
AND
BANK
BONDS
•
PREFERRED
STOCKS
INSURANCE
STOCKS
COMMON
•
U. S. Governments
Industrials
Municipals
Railroads
Public Utilities
Equipment Trusts
v
*.
f
Canadians
Blyth £>Co..Inc.
*
Bank
BOSTON
SPRINGFIELD
•
LOUISVILLE
EUREKA
•
.*•
•
SACRAMENTO
Chicago
•
PHILADELPHIA
DETROIT
•
•
•
•
Los Angeles
PITTSBURGH
MINNEAPOLIS
FRESNO
•
SAN
•
Seattle
CLEVELAND
SPOKANE
•
JOSE
•
•
PASADENA
•
Acceptances
INDIANAPOLIS
•
•
•
Salomon Bros.
OAKLAND
SAN
DIEGO
Wall
CLBVELAND
■t
&
Members New York Stock
Hutzler
Exchange
Street, New York 5, N. Y.
Privatt
mrr
'
Portland
BOSTON
TT«"!
t.
•
ft'
San Francisco
•
u
Preferred Stocks
'
■
New York
'
unrtj lt
PHILADELPHIA
HARTFORD
CHICAGO
SAN
FRANCISCO
^ * •
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
Rocky Mountain Area's Natural Gas Reserves
Eight
major structural basins
producing natural gas in
Rocky Mountain area, in ad¬
are
dition
to
one
general
i
two
minor
Montana,
ex¬
tended
Al¬
basins.
Also,
Head of prominent natural
to
tion in
has
proven
be
cubic
important
to
ing that
leum
A11
have
would
not
duced
be
fortuitous,
possibilities
in the
of
devel¬
future
basin
The
are
areas
described
areas
only partially drilled up, and
great expenses of territory are
still to be developed. Continued
are
development and exploration will
the presently
increase
known
re¬
of the Rocky Mountain area
serves
substantially in the coming
In this presentation, I am
endeavoring to present conserva¬
tive figures on the developed nat¬
ural
gas
reserves,
without
at¬
tempting to predict the magnitude
of the undeveloped areas.
The
greatest
of
the Rocky
Mountain gas areas, at the present
very
years.
undoubtedly,
is,
time,
Basin
Juan
Colorado.
ferred
of
New
This
to
the
the
San
by products of natural
as
and
gases,
reasonable
Mexico
Mexico
17
are
a
and
supply
from
gas
total
7V2
trillion
feet.
trillion
estimates
cubic
feet
high
as
when
natural
is
of
before
has
producing
either
as
substantial
very
in
addi¬
of natural gas
reserves
found
this
basin.
The
that
a
year.
(through
System,
San
from
of
the
State
of
of
reserves
something
cubic
Big
Horn
active
with 21
California
the El Paso Pipe Line
with minor amounts of
Juan
in
com¬
gas
and
Basin
At
basin
of
excess
feet,
or
oil.
this
at
billion
800
the
past
out¬
cubic
The
Fe.
Santa
next
gas
than is
now
the
being
area
of
one
been
successful.
very
has .two
now
which,
cubic
fields,
gas
13
reservoir.
Rangely
and
at
area
and
it is
and
it
is
is
pro¬
being
now
its
concerned.
commercial
represents
before
of the
a
is
present
is
ently
Unfortunately,
has
gas
as
serve
year.
where
oil
the
ex¬
pectation of extending the life of
areas
a
field,
with
some
known
of the
still
the
area
the
low heat value
limited
pipe
insofar
line
Rangely
80% of the pres¬
gas
re¬
basin, although wide
remain
ultimate
can
Immediately
to
Clear
Traders Association,
Sept. 16, 1953.
\
National
either
be
field.
the
Here
to
through the company's
about
as
in
Green
River
Basin
one
trillion
The
Colorado
either
in
ciated
with
the
area
of
cess
possibilities
to
the
of
free
oil.
state
or
Present
billion
34
The
gas
asso¬
year.
has
Se¬
The
large
Green
River
undeveloped
cubic
ies
of
in
1952.
natural
basin
are
large
areas
before
basin
state
feet.
The
discover¬
and oil in this
relatively recent and
remain to be explored
the
are
gas
potentialities
Powder
gas
within its boundaries, and beyond
and
production
feet.
at
Gas
about
River
Basin
in
of
Empire State Building
Chrysler Building
New York 1, N. Y.
•
'
some
pro¬
comparatively small
Wertheim
*
&
Lancaster, Pa.
Scranton, Pa.
York, Pa.
Hagerstown, Md.
Rochester, N. Y.
Syracuse, N. Y.
Bridgeton, N. J.
East Orange, N. J.
Morristown, N. J.
JSCembers Afeu)
Direct Private Wires to
All Branch Offices and to our
•
San Francisco
Des Moines
•
•
Buffalo
•
Correspondents in
Sunbury
•
Lincoln
Sioux City—Toronto, Canada
Omaha
at
billion
700
cubic
being produced
billion .cubic
feet
a
area.
natural
gases
YORK
i'.
Rocky
Mountain
petroleum
distillate,
gasoline, liquid petroleum
and
some
chemicals.
of
these
by-products
newest
Continued
York
BROADWAY
NEW
the
include
Co.
Stock Exchange
Vineland, N. J.
Durham, N. C.
Raleigh, N. C.
Winston-Salem, N. C.
Chicago Heights, III.
now
28
industry in
area
1
'
Chicago, III.
Philadelphia, Pa.
Allentown, Pa.
is
368
By-Products
5
UNLISTED TRADING DEPARTMENT
New York 17, N. Y.
of
By-products of the natural gas
NEW YORK 5, N. Y.
•
estimated
feet, with cumulative
from this
year
Other Principal Exchanges
BROADWAY
are
billion cubic
American Stock Exchange
•
uplift
a free
associated with oil. Pres¬
or
reserves
Members
New York Stock Exchange
and
determined.
Wyoming and Montana has
15 fields, of which six can
the duce
ent
the
of
towns
capable of producing gas in
ex¬
1952
Basin
feet,
vicinity,
Sweetgrass-Bowdoin
ap¬
areas
cubic
small
serves
immediate
cubic
during
billion
•of northern Montana has 19 fields
reserves
something in
are
200
has
producing
About eight billion cubic feet was
tested
be determined.
Nebraska
and
capable
the
U nder writers—Distributors
Detroit
during
does not extend to any great dis¬
tance from the areas concerned.
Denver-Julesburg Basin of
fields
of
in
dfy gas
are
40
basins
at the rate of 38 billion cubic feet
Valley,
Sun
be
these
sys¬
tem in the greater Salt Lake area.
The
adjacent
Creek
oil, is perhaps
importance in this dis¬
Reynolds & Co.
120
produced
was
<
uted
produced
use
probably
developed
the
120
!i
feet
The oil development of the
Williston Basin, which has been
gas will be received
1
Idaho,
estimated to
are
1952.
the Clear Creek
estimated reserve
with
feet, and production
pro-
Nightingale at the
the
gas
proximately
a
♦An address by Mr.
Convention of
Annual
curity
reserves
cussion. The developed reserves of
rapidly grow¬
ing State of California needs much
more
North
Dakota, has a
fields, of which only
able to produce gas. The
approximately 200 billion cubic
feet, of which' some four billion
fields capable of produc¬
associated
or
Mexico, particularly Albuquerque
and
Montana,
South
13
are
present
of
portion
by Mountain although the past cumulative pro¬
During Fuel Supply Company under duction of the fields is about 96
billion long-term
contract and
distrib¬ billion cubic feet. The
gas from
feet.
about
year
estimated
are
largely repressured with the
one
an
is
Rangely
duced
with¬
at the
are
development,
ing natural
being used in New
gas
States
Basin, lying within
of
and
total* of
this
The major market for the
is
area
limits
Dakota
completely drilled
duction
addi¬
area.
United
Williston
the
amounts. The present reserves of
Basin
of
Utah
is
up. Pro¬ my opinion, that substantial ad¬ Uintah
the
the
basin
are
about
200 billion
basin, at the ditional gas reserves will be found Wasatch Plateau area where de¬
cubic feet. However, the cumula¬
there.
present time, has been compara¬
The
Green
two tive production is some 500 billion
River
Basin
of velopment during the past
tively small, but current produc¬
tion is about 16 billion cubic feet Wyoming,
Utah and Colorado,
is
area
great
The
the
still untapped.
has
years
will The
present total
of the basin
reserves
the
gas
dry
with
rate of 34 billion cubic feet
the
the
fields
29
drawals from the basin
as
This
Basin.
now
or
Commission.
associated
trillion
The
gas
Canada
Juan
Montana
gas
are
its
Big Horn Basin of Wyom¬
and
present,
engineers and geologists
made
San
mercially
rapidity of development and
exploratory drilling in this area
makes it impossible to evaluate
the
proven
reserves
accurately,
have
be
of
western
Power
capable
The
some
Pacific
not the Pacific
or
receive
matter
The
ing
estimate
cubic
the
to
part
the
Federal
the
in
fields
reserve
Basin
from
entire
Colorado.
and
will
gas,
re¬
as
about
question,
tional
in
orado, New Mexico and Arizona.
The gas found to date is largely
basin with
boundaries, and
the
United cubic feet of
gas was produced
States, presently the only largely from the fields in this basin.
The
populated area in this country greatest
developed gas reserve in
completely unserved with natural the basin is contained
Corners
Four
Juan
Northwest
common
There
that
exploratory work will reveail additional supplies of gas in
chemicals,
some
are
believe
to
tional
three
in Rocky Mountains
gas areas
Powder
River Basin is such that it is only
industry: petro¬
gas
insofar
cided is whether
San
sometimes
is
as
New
its
Northwest. The question to be de¬
because of its proximity to
corner of Utah, Col¬
area,
and
whether
the
of
is concerned. It is
opment
in
to
as
billion
12
produced in 1952.
extent
as
California let for the Green River Basin, at field, has an
so
widely publicized during the
anticipated that the present time, is provided by slightly in excess of 300 billion
past two years, has not thus far
additional pipe line outlets will Mountain Fuel
Supply Company, cubic feet, and another, the Flat
developed new additional reserves
be made for the State of Califor¬
serving
southwestern
Wyoming Canyon structure, has one well of natural
gas. It is definitely an
nia from the San Juan Basin by and the
great Salt Lake Valley of which may be the forerunner of
oil play to date.
the El Paso system.
Utah. It is anticipated that a long a new natural
gas field. A pipe
The Hanna
Basin of southern
life, reserve-wise, will be devel¬ line
is
now
being
constructed Wyoming, and the
Litigation in Progress
adjacent
oped in the Green River Basin to from the Clear Creek field to
Laramie Basin, also in southern
At the present time a Vigorous
adequately serve this outlet.
the southern extension of Moun¬
Wyoming, with a small area in
fight is in progress before the
The Uintah Basin of Utah and tain Fuel
Supply Company's dis¬ Colorado, have some eight fields,
Federal Power Commission as to
Colorado has a total of 15 fields tribution
system near Provo, of which five produce gas in lim¬
whether or not the Pacific North¬
capable of producing natural gas Utah. The delivery point of the ited amounts.
Present reserves of
west Pipe Line Company will be
either in the free state or asso¬
gas is some 63 miles distant from both of these basins is estimated
permitted to take gas from the ciated with oil. The
W. T. Nightingale
when
considered.
within
the discovery and development of
the San Juan area has been most
equate ly
served
the
exploita¬
which
were
wide
be
they
but
the
gas
limited
pipe line out¬
lets,
from Canada. Lists
area
chiefly sulphur. Holds large
of
basins
these
Tells of pending controversy
area.
distillate, natural gasoline, liquid petroleum
tion of natural
gas.
Rocky Mountain
reveals developments in
gas concern
of
feet,
cubic feet
supply¬
in the produc¬
15
NIGHTINGALE*
Federal Power Commission will permit Pacific Northwest
Pipe Line Company
to take gas from the San Juan Basin to the Pacific Northwest or favor
berta, Canada,
of
T.
The
uplift
northern
n
ad
W.
President, Mountain Fuel Supply Company
of
area
i
By
now
the
cn
The
page
is
73
"Mr
8
h
THE COMMERCIAL and FINANCIAL CHRONICLE
Thursday, October 8, 1953
Why Sales Are Lost
The
to
study with
lost.
of
purpose
Let
us
the
swer
this
you
if
see
address
how sales
are
cannot
an¬
we
question why sales
through
fingers.
is
By FRANK M. CRYAN*
President of Jefferson
a
Asserting
any
securities organization is the total of the successful
ship and
are
viz:
why they
lost.
of
of
Mr. Cryan gives his views
salesman¬
on
ootn
reason
are
same
the veritable
suc¬
the
on
in
same
territory
in
salesmanship.
few
a
causes
Frank
M.
fore I
Cryan
almost
the
f
O
into
sales
real
makes the difference between sueand
I
say,
is
do not
belong to the body,
does it belong to the body any
less for that?
"Where would the power of
hearing be, if the body were all
and, on a ledger eye.'
or me power of smell, if
institution, the dif- the body were all ear? As it is,
between profit and loss. God has given each one of them
failure
j
am
jn
cess
Hfe
and not
kinds
governed
by luck.
laws
of
operate.
the
is
There
under
There
are
state
and
city,
sue-
by
law
three
are
which
the
we
laws
of
Stresses service
nation.
We
want
beginning
remain
until
of
and
time
made
The third classification we call
the laws of nature. Your life auu
fnnr
the
nance,
roll
is
sale
that
divided
made
business
stockholders
and
its own P°sition in tbe body,
^rtean
employees
th
f
as
become
bodv9
Instead
body
of
that
we
instead of that, we
bave a midtltude of organs and
u
one body'
say
to the hand,
1 have n0 need of thee> or the
head to the feet> 1 have no need
em-
of y°u- 0n the contrary, it is
those Parts of the body which
ployment and will speed the busi-
seem most contemptible that are
of the institution
the nation
of
ness
Increased
increased profits
mean
prosperity.
interested
in
this
why sales
are
lost.
St.
Paul,
in
the road to
on
then,
So
eivp.
Corinthians, gives
all
discussion
of
u«
us
organization
tion
from
the
to
a
in
of
top
an
organiza-
executive
down the line
way
t
busi-
a
the
as
all
office
the
tQ
bottom
makes
the orEach needs the
ganization body.
up
human
but
of
say,
I
fore I
does
less
body:
"The
many;
am
for
Annual
the foot
the
should
that?
address
to
If
by Mr
Convention
the body
the
ear
Cryan
Traders
Association,
Idaho. Sop.. 16, 1953.
succeeds,
one
organization
If
the
anyone
every
business
is
of
cess
Secu-
tbe
organization
whole and the
Valley,
.
,
employed
.
in
a
fails, just that
much is subtracted from the
before the
Sun
any
than the total of
of all those engaged
successes
success.
any
should
of the National
rity
more
in the securities business. If
not the hand, and there-
belong
of
success
is nothing
do not belong to the body,
it
♦An
if
The
body,
one organ
success
sue-
as
of each
a
one
ton down
Why
not
at
George Washingincluding Abra-
to and
time.
ham Lincoln shoveled all of their
of the Presidents have
some
or
to
^SislvT Sns^ouslv
The
think
that
change
the
then
Science in Business
laws
think
of
You
the matter with this one?
out yet," and she
back
at
you
If
It is not
comes
right
by saying: "Well,
you
are
want
you
him
buy.
We maintain
a
good
it
any
sport
a
was
Herbert
that science
Spencer
is
who
word about this question
a
high that,
tioned
organized knowl-
,
the
.
.
world^e^c^enc^oTmedkine0
was
always
lbe sarpe. They put those
results
in the
organized
you
in
form of facts.
them
for
and
the
Thev
laid
the
science
of
No, it is not perfect but
have
your
someone
home
the price is
prospective
advantage of immediate
cannot
of
a
within
the
thing,
be
tacked
It
man.
because
to
power
within
from
is
and
that
the
per¬
desperately
you
call
—
The old idea of giving a
territory, a beautiful sam¬
ple case and perhaps markeddown prices will no longer work.
We are living in a new era.
We
man
a
have
experienced
the
buyer's
market, the seller's market, now
we
in
are
the
Never in the
commerce
thinker's
market.
history of American
has there been
so
much
real, genuine effort to think things
the through and to compare values.
the
man
who reads his medical
jour¬
nals, attends his clinics and is
Employers
up-to-date.
are
ployees
thinking,
em¬
thinking, customers
are
are
thinking. Salesmen
are
grop¬
defines
it
around
way
a
out.
trying to think their
The road to prosperity
lies in the direction of better sell¬
"pod of P's" by saying, "Sales¬ ing. Too many men in these times
manship is the Power to Persuade are whipped. They are laying
People to Purchase a Product
Continued on page 74
extensive list of
Adler, Coleman
& Co
i
&
Members New York Stock
Exchange
Members
Exchange
American
Co.
Stock
MEMBER NEW YORK STOCK EXCHANGE
BROAD STREET, NEW YORK 5, N. Y.
Bell System Tel. NY 1-752
i
outside
come
persuade
UNLISTED SECURITIES
our
the
salesmanship
resides
power
salesmanship
on
must
ing around
ACTIVE TRADING MARKETS
to
men¬
customer
suader.
They discovered that, under given
conditions, the result
wnen
the
the
Another
saiu
thj^ies** is classified facts, not
Sheldon
JPires
buy
purchase.
second point is that there is
science in business. I believe it
Definition of Salesmanship
Direct Private
to
sells
I
believe in "low-pressure sell¬
ing"—the kind that gets down un¬
der the proposition and lifts it so
M
down
,
you
hat
"What's
isn't going to be worn out
more."
time
a new
say,
worn
not
custom
the
of
when friend wife wants
or a new gown.
do
men
scientifically trained doctor
Tel. BOwling Green 9-3100
who gets
man
that, perhaps, he should not have.
sees
samethingsince
married
violated
y violated
!
ill
15
men
down Michigan Ave¬
go
what
he
Jlist
u.c
done"8 me one or more of nature'slaws.
if
Eastman, Dillon
selling
Two
next
customer you
approach, a
sale will be made. Either
you sell
him
consciously harmonized with natuFes jaws. Show me the fellow
^ n U s ms toe and tails and
medicine.
an
is
the
foundation
in
the
universal
a
ing for
in proportion
shall button tneir we succeed,
front.
Presidents from
.
the organization.
all
to
is
of
violation of them do we fail,
persuasion.
side or behind? Mrs. Tolles tells
Show me the man who climbs
Persuasion
me that it is not polite in good the ladder of success until he gets
society to eat peas with a knife. UP to the top and then shouts out
Certainly I do not believe in
Why not? It is purely a matter for m°re ladders so that he can "high-pressure selling"—the kind
0f custom.
climb higher and I will show you that over-powers the other fellow
thus getting him to
j am jnformed that all of the one who has consciously or unbuy something
in
vests
other.
the analogy
all, consists not of
a
he
you that he doesn't
saie
The second kind we call the }s governed by immutable laws. want it. The question is, who is
jawg of cust0m. - Custom decrees
we harmonize with those laws
goinjg to be the salesman?
yQU
after
me
manager, traders, salesmen, clerks, food into their mouths with their
runners> etc- The sum total from knives. I am not sure but what
the
very keen
keen
verv
a
analogy of the functions of
ness
necessary to it."
Isn't that true
are
we
message
a
Corinthian.
sales
more
snow
else
By the way, it may be interest¬
you to know that the very
cnange.
-™ade that is not !"y.li£e. ^ ****** and
cbangeable*
<*
business, your sale and my
tnat gentlemen
"The eye cannot
is
all of the offi-
among
up
every
dollar
Every
the
into
the
the pay-
everyone on
:is
comes
cers
and
vitally interested in
that
Pi-
the
Production
LhslriDution
nf
Hpnartmpnts
business—the Execifuve
by men ana,
change. Yqu cannot
that
of
Everyone
opposite side.
in
terence
no
it
salesman,
the other fellow to go the way he
wants him to go is the salesman.
win
the end of time,
them there is
They are
therefore, they
face
nue.
One wants to go on one side
of the street and the other on the
iroin
were
cau them statutory laws.
ih*
the
good
a
Salesmanship
These laws
cnange.
tne
cuts
legitimate
taking stops.
Yes, the laws of custom change
but, my friends, there is a ciassification of law in wnicn there is
no
the
he
Again, since sales¬
manship is persuasion, then sales¬
manship
begins
where
order-
Laws of Nature
who believes that
one
who
ienow
below
on
not
of loss of sales.
Three Kinds of Laws
to
would not cut.
of the business
Tr.
me
tins;
price
someone
not the eye and there-
am
no
transaction
gooa
mutually profitable
principle.
converted
sales
Lists three
that
price that he gets for his article
must first
the
fails.
man
Just
cjrei
cyclone and human windmill and
talking machine in salesmanship has passed."
factor
as
where another
cess
Contends "time of verbal
proposi¬
tion
Points out salesman
a
mind
in
—
a
this
of
parties concerned.
the
his proposition to get the customer
prospect and believe in
a
believe him.
to
why
man
ceeds
Information, Illustration and Inspiration.
bear
mutuality
is
at
speak
we
profit
transaction
good salesman needs to be equipped with three "Ps,"
every
iaw
admits
There is
one
says
sell himself to
reason
of
question
unless it is
of all those engaged in its activities,
made; 1 i k ewise, there is
a
of
success
intangible)
or
Wnen
uie
reason
why sales
a
(tangible
rrofit."
Fund, Inc.
slip
our
Surely there
is
Custodian
correspondents in Chicago, Hartford, Los Angeles,
Milwaukee, New Haven, San Francisco, and St. Louis
15 Broad
Street, New York 5
HAnover 2-9780
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
0
*
Electronics Industry
I
happy to be here, and
I would like to say that I think
the members of your organization
am
very
occupy
President, Hoffman Radio
and
ticularly
h
a
e
is
mentions recent advances in television
television
recent
sion in the air
is
in their present
certain
amount
...
confusion,
unrest
about
various
company
extent
is
,,
'
.
the world, to a great
in
electronic
an
company,
sofar
someone
industry is
concerned, and what you have to
say has a great deal of influence.
I think that you should think well
when
am
sure
word. As
Industry
think it is also rather oppor¬
and rather significant that
tune
have
you
invited
from
someone
the electronics industry to talk to¬
night.
Because the electronics in¬
dustry is becoming
for
the
people
over-all
Many
economy.
television, for ex¬
being the industry that
ample, as
changed
1948
rather
a
very
pros¬
successful
is
It
from
into a
year
and
perous
one.
bellwether
a
credit
mediocre
economic
industries
and
new
growth industries that really pro¬
vide the stimulus for growth of
the nation's economy, and afford
new opportunities for young peo¬
ple as well as new opportunities
those
for
people who
are
little
a
and
restless
thing
new.
want to try
some¬
In 1948, television was
given credit for that, and I think
in this forward picture, television
and electronics are going to be an
increasingly important factor in
our
"A
A
I
a
dustry
has
growth
has
haven't
we
what
of
recognize
ple
the
you peo¬
fact
that
electronics
of
63
for
the
of
uses
in
United
the
in
have
We
States, and our
industry
is
employ¬
ing over 750,000 people in the
various phases of its activity. So
this industry that is so new, is
electronic
also
billion
a
matter
of
dollar
fact,
the
infant.
As
largest
a
com¬
in America, and the largest
pany
except
Mr.
Hoffman
of
vention
at
the
transcript
the
20th
of
a
talk by
Annual
National
a
magical to
.
,
and
ices
.
in
device
today
The
is
ex-
aircraft
in
either
power
elec-
on
the
air-
Actu-
plant.
tronic
business
in
and
in
for
fast, its
rapid, that
good definition
is.
But
elec-
has
country
ifwZ
there
a
battle
The
heart of
an(j
controlling
32% of their over-all
In our own company, we have
This affords some idea of a new product department that
the importance of the electron. It already has some six major prodisn't just a group of resistors and ucts which we believe will be
condensors put together, but it is ready to go on the market withinthe harnessing of this electron for the next 12 to 18 months.
They
pair
of shoes
whether
today
trucks,
submarines
is
tanks,
ordinance
battleships,
guided missiles.
or
Living in
it
Split Economy
a
lo^ihc
„
gentlemen have made the decision
as
our
eves^gain
television
w^s
an
hist
And
outgrowth of
wba* we learned form radar and
«ran^
ij.er things during
w
W°rld
War and
II, there
will be new
industrial
commercial
ap-
an<
plications and
products
the
applied
from
come
and
research
annlidpvplnnmpnt
thaf
applied development that
rrti™larinskPument°as
-\ye
we
is
University
of
California
Tech
rocket
most
the
of
iaboratories
field
we
COmbine all four services
can
0f
navigation,
communication,
identification
then
friend
or
IFF, which means
you do a double check on it, all
jn one little box. Actually at' the
present time that equipmp^t costs
somewhere
around $40 000
and
it
is
sjze
to get it'down in
it down in price.
job
our
and
get
part of it is because
know how
We
we
munications for aircraft.
building
be
pen
£* Se
Sabre
a
jets,
fire
facilities
defense
of
devoted
are
our
to
security, and part
d°Wn the MI°S' ln K°rea; A"d
we .are buildinS the navigation
thereare
^is electronic side, has stayed
,
,
..
.
built,
in
-
and
that
We
are
particular
We stayed in it for
reasons.
yve
phase
Continued
stayed in be-
right
Loeb, Rhoades & Co.
Stoc\ Exchange and other leading Exchanges
NEW YORK
42 WALL STREET
believe electronics
ready
played
role
5, N. Y.
has al¬
PRIVATE
a
very
WIRE
SYSTEM
important
in this particular split econ-
Providing immediate
to
access
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ithaca
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MUNICIPAL
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&
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FEDERAL DEPOSIT
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INSURANCE CORPORATION
&
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Springfield,
Houston,
!St.
Louis, Clayton,
'
FOREIGN
The National
Wall Street
New York
City
City Bank
of New York
j
1
Bell
Teletype NY 1-708
W. L. Lyons
&
Chicago
Co.
Co.—Charleston, Parhersburg
Miller
Greenshields &
{ AlllandriT'
T. A. Richardson &
Paulo A.
Julio C. &
Co.
Bromberg
Diego Roldos
&
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Baltimore
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Chapman
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CORRESPONDENTS
(New Orleans, Atlanta,
Established 1812
london,england
lima, peru
Toronto, Canada
Sao Paulo, Brazil
Montevideo, Uruguay
Fraser & Co._
Singapore, Straits Settlements
Yamaichi Securities Co., Ltd.-,..—Tokyo,
S. A. do Exportaciones
Japan
Sud Americanas
Buenos
in
of
on page
peacetime production.
And I
was
being given credit for knocking
the research and development heart of this group, and our work
Members Hew Yor\
the
control
which
public has made the decision,
our
com-
We hap-
™
end of it.
Carl M.
have the
building
are
on
three
where part of
and
foe,
return
are
an economy
We
given problems such as Dougias gave us not j0ng ago of how
are
that
ing in
test-
there.
out
-
-
doing m the universities and the
for some years to come we
going to be living in a split
economy. We are going to be liv¬
labora-
laboratories.
yourselves, and I think the Ameri¬
can
at
is developing and other equipment at the present time,
and we have also built IFF.
So
companies as well.
th* Wnffmnn PnHi
The Hoffman Radio Corporation, most of this equipment we have
research laboratories of the
serv-
have
jng
our
company
the
Irl
are
wp
the
at
on
that
work
iaboratories
jce
of about 150
ofthTr^
and right in the
tories guided missile
thatrco^dltlon; T1??r!
mlles
orders
Stanford and many of the other
universities, as well as the serv-
almost
^^ose
our
deal of research
development
going
nano^mont
a range
cutbacks.
no
fact,
great'
a
California
inf jhat was going on m the and it has
of
aircraft industry
industry
New Product Department
up
have had
we
matter
a
iocated
processes.
*hat the ,allocation
is
electronics for Vultaire
applications
types
Fortunately
our
company
is
right in the heart of the
of
modern
over
all
on
now are greater than when we
started in January of this year
,
that
500
engineers
of radar,
communications,
guided
missiles, etc., and I might also
,
companies
control
same
counts.
has grown in that
division to the extent
have
we
add that
.
in-
three
all
on
sonar,
fact, I think ploding a shell's warhead at the
of you know that, in many right time now will find uses in
there is more money spent computors and other various elec-
a
Con¬
Security Traders
Association, Sun Valley, Idaho, Sept. 16,
1953.
a
that doesn't have electronics in it
of them for
♦Stenographic
on
for
so
this
battle16 because'
industry today is em¬
than three-quarters
people.
cases,
in-
so
a
electron.
security
anything
the
million people employed
that
working
fact, the in- budget.
grown
been
even
more
million
a
some
rather
is
matter of
„
ploying
and
electronic
electronics
ovinoc
of
many
matter
ever
an
And
contribute
company
particular
tronics, basically, is the control all of the various uses.
are competely new products and
of the electron, and the harnessing
When you are fighting for your render a new service. As an exof electrons for millions of uses, security in a free country against ample, here is one of them. This
Actually, before the war, the radio a slave nation, you can only do is really the Dick Tracy age,
industry was the electronic in- it best, and you can only maintain This (illustrating) is a complete
dustry, because our vacuum tube your security best, by being strong transmitter and receiver. It is the
was being used for entertainment,
through technical research and same size as a package of king
communications and other things, doing a better job at the technical size cigarettes and this device will
But during World War II, with level with superior weapons, be- transmit
the signal and receive
the advent of radar—and as many cause that is one thing the agres- a signal, and you can communiof
you
people know, historians sor understands. And I think it is cate back and forth with this
have given radar credit for sav- wel* that we
are committed to equipment over a flat terrain
ing
Britain
and
perhaps
»is such a program because we were, for about four and a half miles.
country—we got into many new peiore iLorea, reiaxea ana ignor1S used for sea rescue work,
jeeps,
economy.
I don't think many
that
Mao-iVai Wnni"
Magical
Word
Electronics
Electronics
of
and
the
.
will play
creasing role in it.
dustry is talking to you and point- tronics than
ing out some of these things.
frame or the
do.
you
Impact
I
do give advice,
you
from
.
.
As
So perhaps it is significant
this meeting is being held
the securities
television
equipment.
and
omy
That is the A. T. & T.
people are very
close to the consuming public in¬
you
Our
As
of
could
we
out
worked
to
rapid growth in television stations. Predicts early color
a
products.
consumer
thought
something to the security of our
country. Fortunately it has
therapeutics and
Refers
and
our
we
television, without loss through rendering obsolete the consumers' investment
days.
could
we
help iron out the seasonal
valleys that we have
peaks
play important roles.
"a seasonal business9' and foresees great increase in
as
sales because of
apprehen¬
these
Mr. Hoffman
equipment and technique.
a
certain
There
now
Relates social advantages of television and its contribution to
ad.
amount
as
age,
in
the
that
There
h. l. hohman
electronic and atomic
an
points out the various fields in which electronics
par¬
economy
of
living in
we are now
econ¬
omy,
lies
Asserting
thought that
we
would
in the nation's
overall
things, and
cause
keep abreast of the technical de¬
velopments better. We also felt it
Corporation
important position
very
a
Billion Dollar Infant
-
By H. L. HOFFMAN *
Aires, Argentina
the
the
15
.
10
THE COMMERCIAL and FINANCIAL CHRONICLE
\
Thursday, October 8, 1953
Sources of America's Strength
I know I shouldn't
say this, but
must confess it. I
happen to be
I
economist
an
out
in
the
by
trade.
work
I
that
By^DR.
HARRY
L.
DILLIN*
started
free
yours,
i
■
trying to man¬
age
accounts,
After
and have
in commenting on our fear of communism, points out
tinued
these
even
con¬
during
as
came
here
apathy is
to
over
to
speak
you
on
curities
the
and
from
of
But
decided
our
1*
Harry L. Dillin
the two first words that
the
registration
cards,
are
w
mist for
lor wnat
what it mav
may
be
oe
'pr»nnn
worth
to
w
.
It
like
seems
traveling
was
of
yesterday since I
and studying the
Hitler.
I
remember
how his young people, who would
stand and give their salute, would
perpetrate all
their
upon
race,
if
kinds
lellow
their
*alth
of
atrocities
it
men
their
was -ditterent
S'
u
?
hoHowk
»
tnose
t
tuLZ
+r! JL
JLiJL
y
ohnnt
«;W
will
holio
in
nfo+
ff
if
nwn
ic
S
t
ww
,
von
•f^nr^not
.win
T
Tou
,.L+Wrnm
hpTrt
wpTrv fnLthir
f n-i'w tfiTmno«
AmfSpn
tn
«
of
iv,
MV
again to
^
that
to
among
take.
the
Qf
Jron
d
t
.
historical
institutional
between
we
do
believe
in
us
some-
were
and
j
inter-
was
economics
economics.
'Stenographic transcript of
a
Sun
Valley,
Idaho,
Sept.
I
will.
We
traveled
and
started
from
Babylonian
civilization
Persian civilization, the
the
the
to
Grecian,
the Turks the Athenians, the
Roman
civilization,
and
many
others, and as I traveled there
kept rinSing through my ears the
fact that America is now carrying
the aeSis of Western civilization,
How well and how long we do it
at
in
thig
no small measure upon
convention.
.
...
U. S. Is Frustrated
I
recognize that
Iear °I
country is
my
It is filled with fear,
Communists, as we see
jumping from coun-
talk by try to country.
19,
1953.
of them.
within first.
a
one
They 'fell
from
free
people
have
hard
labor.
four
stood
undoubtedly,
kept
echoing
through
my
^
rising
and
But
I followed
as
memory
fear of the encroachment of the
Communists as to neglect the necessity of being objective about
which
live."
we
attention to them. But there stood history. It
a
by
man
and
gave
the name of Pericles
his name to that great
the golden age of Greece,
The golden age of Pericles supposedly the first evidence of an
age,
attempt at a democratic philosophy of life! He looked out, just
as
we
can
look out today, and
saw
the
Persians,
his
enemy,
jumping from island to island, as
we
see
the
Communists
today
If
will not be because of
fjued up with
.
_
0
,
But
we-
fear inside
a
,,
,
then
he
.
closed
as
.
his
o{ those eyes for a moment and he thought
civilizations, of his people, and he said, "I hive
as
fell,
civilizations grew.
moved ever
they
Westward. May I ask you who and
what is to to the West of our pres-
Canadian
at
Stock
Exchanges
we
of
ways
fact
there
over
that
did
as
fore¬
the
on
shores
Old
World, and as they,
Mayflower Compact,
upon the bleak shores of
landed
New
England, they
way of life.
back
choosing
think
were
new
a
peoples
our
their
If
you
life, and think of
country and the
other
countries, you
recognize
there is many a time when you
choose to do something. And then
over
your
history of
then
our
the
comes
that
use
chosen.
You
period in which
which
have
and
only human,
choose,
because
there
we
comes
you
you use,
are
time
a
when
you
abuse.
And
fourth
thought?" You choose, you
abuse, and then before
"Yes, he is
trying to be poetical. What is the
use,
you
say,
you
know
you
I
it,
have
lose.
you
lose
it.
and
I
And I
about
lose
not
am
talking to
but
about
you
the
wear
the
of
and
yours
America
America
is
our
my
time
adolescence.
and
you
of
I
feel
get
up
In
that
we
we
have
to do it before breakfast
tomorrow.
and
We
must
take
the
the
learn
long
riods,
four
great
privileges
for
ordained. I
was
are
going to
saying that you
we
am
be
all
objective and face
reality,
else
do
we
them.
The
I
Great Things in America
want
riedly
think
of
are
the
hope
of
pe¬
hur¬
things that
things which
be
I
I
think
and
are
the
greater
things which we have been abus¬
ing. The first thing I think of is
out
of
the
words
years,
have
desire,
I
of
your
"Security."
American
people,
think,
for
own
America,
in recent
developed
great
a
security.
I
have heard people here and there
and
yonder
speaking
security that
great
rather
the
great in America. Some
may
zation.
revolutions,
list
to
some
view
As I look back
upon the world,
four
in
and
Four Great Revolutions
been
I
must
Association,
history as we are writing
history of the long tomorrows.
have
saying
But
from
of
there
great
nation
tomor-
row's tomorrow that you and I are
making today. One of the probjerns
the
our
not
am
a
of
which
them
rates
Information supplied
regarding
with
now?
sons
regular commission
which
certain
the
note
the
of
ent civilization? Who is to
the mantle a few years from
to the maturity of our times. I
should like to draw upon the les¬
on
in
of
those
some
and
rose
history
Orders Executed
have
the fact that
to
in the United States
slavery
feeling that we who
have chosen loftily and have used
well have, in modern
times, been
living in a period of abuse of
have to do it tonight, or
Security Dealers located
tried to
we
peoples without, but
because of the apathy and indifference of our peoples from within.
I also like to call attention to
armament of
jumping from country to country, tomorrow,
jje
periods
together,
Is it possible today for anyone
on a hill or in Sun Valley
there
and say, "Let us not be so conyou
cerned and so imbued with the
to stand
speech, as men have stood through our civilization falls. I have a feelfhe ages. Some of them haven't ing it will fall just like all of the
been heard, or we have paid no other 15 recorded civilizations of
footsteps
falling
_
Apathy Our Greatest Danger
in
And then
the
you
choosing
We
enemy out
~
re¬
living.
the
...
So
great
were
there."
looking out upon the devastation
of time and of the last war, and
there
our
from
people
get
for the devices of
of
Industrial
our own
Revolution, in which
have got to do a job
today because
maybe tomorrow won't come. We
Service for
remember
you
things for themselves.
coming down
through
the corridors of time, the fart that
recorded, the Garden of Eden, if a man had stood there and made a the times
°r;h, NatroUt'Lcuri.?7™der,0r57„c™ a?""® in the
tion,
to do
supersti¬
Revolutions, when we
freeing people politically
self-expression and the dig¬
for
the Security Traders of America.'/
as
from
freedom
nity of the human soul.
beyond ourselves
gone
study
communism
^
Contends, however, that
have
For a little while I stood there
along under the Parthenon on the
along Acropolis,
where some of you
to
Tigris and the Euphrates, which was supposed to
bave been the
civiiization
frustrated.
that
we
period
when
we
were
liberties and eliminate communism in places of high
the
but down deep inside of
let
wanted
Russia
in
us
Commu.ists
I
Curtain
•
say
that
people
brought
and
people.
American
a
Decries America playing Santa Claus, but advocates training
the Arabs and follow
the beU
America,
need not consciously hold
up our
hands and say that sort of thing,
we,
our
of the countries
some
see
placeg ^
aboiR
us
think
Says
have developed
we
thing. What is it? That is what I there came to me the realization a graver concern for the apathy,
want to talk to you about.
that not one of those major 15 or the indifference, the sense of frusIn order to prepare myself for 16 civilizations ever fell because tration, the fears the corruptions
creative writing ! went over of an outside military force.
Not of my people within than I have
fhic
I
people,
the
great
Reformation,
the
fathers
Hnofir,,?
fK^^oo
riocii in
<«t
u„i;
'
in
JaiJfdepends
mis S
xning ^anea democracy.
ife
protect
we
honorable
as
people
y°u
t
I
be just
on
y
activities
a
of
the
ligion and of the spirit. And you
remember the great French and
looking for security only in Washington. Asks "why shouldn't
now
responsibilities.
o^F aVl
e^h^ctnrir»ai
ri
/
as
the
tion
National
J am
^
major civilizations have
through outside military force.
danger, and holds,
anxious to get security
so
government
Urges
to
change. I am
going to talk
on
are
of
insti¬
tutions.
have been
we
se¬
point
view
greatest
our
great need for both national and individual security.
expect¬
ing
not
of
minds
remember
freed
col¬
a
lege president.
I
within and
rottenness
the
You
■
telling of his journey around the fringes of the Iron Curtain, Dr. Dillin,
fallen from
years
You know them by the
when we tried to
Renaissance,
•
is
will.
you
President, Linfield College, McMinnville, Ore.
are
We
created
God, but
the
equali¬
created
equal. We
equal in the sight of
we are created
Continued
if
about
from
comes
are
equal with
on
page
77
CANADIAN STOCKS and BONDS
Private wires to Toronto and Montreal
CANADIAN SECURITIES
Burns Bros. &
BONDS
Denton, Inc.
Government
STOCKS
Dealers in Canadian Securities
•
Municipal
Public Utility
•
Industrial
•
Corporation
•
Mining
•
Oil
•
.
37 Wall Street
New York 5,
Telephone: DIgby 4-3870
N. Y.
Traded in American Funds
TWX: NY 1-1437
Affiliated with
Canadian Affiliate
BURNS BROS. & DENTON
W. C. Pitfield &
Limited
Montreal
and
Saint John
Members of Toronto Stock
MONTREAL
Halifax
Moncton
BURNS BROS. & COMPANY
TORONTO
Company
Limited
Members: Investment Dealers' Association
of Canada
30
BROAD
Ottawa
"
'
Winnipeg
Calgary
Edmonton
WINNIPEG
Vancouver
Kingston, Jamaica
,
London, Eng.
STREET
NEW YORK 4
Cornwall
Toronto
Exchange
OTTAWA
W.C. Pitfield &
Co., Inc.
Phone
-
HAnover 2-9247
Teletypes
NY 1-1979
NY 1-3975
Convention
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
ll
Paying Premium lor Mythical Liquidity
Few
tenets
better
are.
estab¬
By HAROLD J. KING, Ph.D.
It
notion, that
stock
securities
exchanges
liquid
traded
doubt
on
Economist
necessarily
are
more
than
casts
ones
the-
-
counter.
idea
exchange trad¬
ing, in itself,
confers
bonds
upon
a
and
meas-
ureofcon-
traded
vertibi 1 ity
which
they
course,
otherwise
n o
A
t
tors
Harold
J.
King
Of
are
change
hanced
-
stocks.
counter.
-
it
But
the investor with
sacrifice
investors
the
institutional inves¬
prohibited from buying
over
many
unlisted
can-
possess.
s
behooves
choice not
a
to
one-seventh
(more
or
less) of his potential return on the
premium (in terms of
added liquidity, altar of false liquidity. It is pru¬
whether it be real, or merely as¬ dent to pay a hundred dollars a
sumed, it is in order to subject year for the liquidity of a ten
the popular concept to analysis. thousand dollar investment, only if
Because of the ease with which the liquidity be genuine — not a
securities ordinarily can be turned figment of the imagination.
must pay a
reduced yield) for
into
Stock
exchanges
primarily
markets, geared to issues
Many investors do not feel at lib¬ in which the volume of trading is
erty to tie up funds in real estate, of significant magnitude. These
non
corporate
business enter¬ securities are inherently liquid
prises, or other media which rank because the interest in them is
relatively low on the liquidity great and widespread. However,
scale.
listing may increase their liquidity
moderately, because:
The Sources of Security Liquidity
1. It
forms
investment.
of
are
auction
-
changes their status
Stocks
on
the
other
forms
higher
lateral.
than most
investment, be¬
scale
of
relative
the
of
cause
rank
bonds
and
liquidity
ease
ties.
with
they may be transferred.
activity of an issue (the
frequency at which it changes
hands—considered in relationship
to the share and
dollar magni¬
tudes involved) furnishes a rea¬
index
sonable
of
should be considered supplement¬
on
at
50%)
(now
or
brokers
by law.
traded.
lenders
will
But
not
securities
This
many
accept
un¬
collateral.
as
Certain institutional investors
2.
excluded
are
from
unlisted
3.
Psychic prejudices for listed
(against unlisted) issues are
potent market factors.
These
factors
whether
not
or
operative,
are
the
securities
speculators in the general public.
This is not to imply that the in¬
ers"
are
"insiders"
and
"outsid¬
which
are
not
active, or
It is in this
only moderately so.
area
that
must
the
investor
cautious
guard
against paying • fcimythical liquidity. It is to the in¬
vestor in securities of moderate,
or low,
activity that the relation¬
antagonistic.
never
issues
Listing and Liquidity
itself
in
se¬
of modest activity is en¬
by the principle of fixed
Psychological Force
dealers, who usually can¬
The stock ticker is a dramatic
profitably "make markets" for
and variable
costs.
In order to listed
securities, the leading stock instrument—it stirs the imagina¬
transact the
business it is best exchanges have instituted a dealer tion. As a
reporting device, it can
suited for (the transfer of active (as contrasted from
broker) func¬ hardly be surpassed in speed and
issues), an exchange must assume tion of their own. The obligations accuracy. But it is much more
certain fixed costs. Any addition¬ entailed in this function have been than an information disseminat¬
al business it may develop (in se¬
assigned to those stock exchange ing mechanism. Its psychic pow¬
curities not so active) need cover brokers
registered as specialists er, and the implications of same,
only the variable costs pertaining in the various issues.
are
to be recognized and under¬
to
it.
Any excess should prove
Among other things, these spe¬ stood by intelligent investors.
profitable.
cialists are charged with the re¬
That price is indicative of value
V
sponsibility of contributing a de¬ in a snare which has entrapped
Commission Rates
gree of liquidity to the securities unwary
traders in all kinds of
On the point of fixed and va¬ in which
they are registered. A markets. The consumer, unwill¬
riable costs, it is of interest and specialist is
assigned to every is¬ ing or unable to familiarize him¬
significance that stock exchange sue on the Board, and this obli¬ self with the various quality as¬
counter
not
''"
•
•
commission rate schedules contain
differential for activity.
no
gation is not confined to inactive
These
stocks and bonds.
rates vary with the money value
of the transactions, and the num¬
ber of shares involved, but not
far
as
active
However, in
securities
are
so
con¬
cerned, this responsibility of spe¬
cialists
be
can
little
of
signifi¬
to activity.
The same cance. The reason for this is to be
apply to the wholesale busi¬ found in the capital requirements
ness of active issues, and the re¬
of specialists. Under a new policy
tail business of inactive ones. This (effective Dec.
17, 1953) of the
is the reason why over-the-count¬ New York Stock
Exchange "spe¬
er broker-dealers usually are not
cialists at active posts must be
rates
securities
which
are
active.
not
This is the
reason why exchange
enjoy a virtual mon¬
in the trading of inactive
specialists
opoly
securities
pects of
a product, will frequent¬
according to price alone.
willing to assume that price
ly buy
He is
of' quality, and of
seciirity investors are
subject to, and victims of, the
same psychology.
John Doe may
be holding 100 shares of a stock
indicative
is
value. Many
.
the ticker quotes at 40.
ly
he
As rapid¬
multiply, he
may get
the notion that his stock is worth
as
can
which
are
listed.1
To
$4,000, and. if he chooses, he might
liquidate it at something close to
share unit stock, and 100 shares of that figure. The correctness of his
each 10-share unit stock, in which ideas,
though, may be very de¬
they are registered."
pendent upon the activity of the
It is difficult to
cialist
who
see
chooses
how
to
a
spe¬
limit
his
profitable,
over-the-counter position in a security to 400 shares,
operations
must
ordinarily
in¬ or less
possibly 100 shares —
volve a spread of at least 5% be¬ could make much of a contribu¬
tween the dealers' acquisition and tion to the
liquidity of an issue
selling prices. Exchange broker¬ which is trading in excess of 1,000
stock
are
age
for
charges,
the
on
buying
the
and
other
hand,
disposing of
shares
course
1 Recent
adoption of the so-called Ex¬
change Distribution Plan by the leading
Exchanges has reinforced this monopolis¬
tic position of specialists, in so far as in¬
active listed securities are concerned, by
diverting blocks of such stocks from the
over-the-counter
market,
which
would
provide competition.
daily.
ligation
(The specialist's ob¬
in terms of shares—of
—
does
the days.)
not
cumulate
with
involved.
his
Too, the greater
holdings, the less likely it
is that h's conclusions
have
a
1,000
shares.
his
stock
security
traded in round
or
erroneous
is
assume
worth
on
page
case
of
whether
the
much
what
truth
extent
is
it
contains.
it
correct
odd lots.2
post
(where
10-share lots) must
in
net
liquid
assets
To
Stock
that
stock
exchange trading adds a
measure of liquidity to securities?
Stock
deavor
Although the statistics are not
conclusive, some evidence exists,
most
which
to
seems
to indicate that listed
Exchange Operations
exchanges of
to
operate
course
in
en¬
manner
a
profitable to their members.
they do not wish
For this reason,
confine
themselves
to
STOCKS
BONDS
active
Canadian
Markets maintained
Stocks
Bonds
Orders executed
Utility, Corporate
Canadian
External
Internal
and
at net
Exchanges
New York
in all classes of Canadian external
and internal bond issues.
Government, Municipal,
on
Stock orders executed on the Montreal
or
Exchanges,
prices
net New York markets
or
DIRECT
Inquiries Invited
NEW YORK,
PRIVATE WIRES
A. E. Ames & Co.
quoted
TELETYPE
NY
request.
on
OUR
OFFICES
1-702-3
Dominion Securities Corporation
Incorporated
Boston
New York
Associate
Affiliates in:
Montreal
Winnipeg
Calgary
Vancouver
Victoria
London, Eng.
-
-
Calgary
and other Canadian Cities
London, England
Member
American
Stock
Philadelphia
40
Toronto
CONNECT
and Toronto Stock
OTTAWA, TORONTO AND MONTREAL
BELL SYSTEM
Ottawa
Halifax
Canadian
-
EXCHANGE
PLACE, NEW
Exchange
Toronto
YORK 5
Montreal
Telephone WHitehall 4-8161
Affiliate—Member
Stock
or
12
policy of the New
a "specialist at the
stocks are traded
have, at all times,
of $50,000."
new
York Stock Exchange
inactive
"Listing lends liquidity" is a
catch phrase.
Let's cast an ana¬ ship between iisting and liquidity
lytical eye on this saying, to see is of greatest significance.
how
it
that
$20,000,
Continued
2 Under
inactive
Most
might be for him to
definite price
determining effect in the
an
sound.
Corp., common, a rather inactive
issue, at 20. Richard Roe holds
On the other hand, his
actions may
are
The ticker has just quoted XYZ
—
in¬
For their interest volved are active. Additional con¬
siderations, however, pertain to
in nature.
of
lqty
be
markets.
derives from that of investors and
terests
or
apply to interested in, and make no contri¬ able [Italics mine] to assume a
bution to the liquidity of listed position of 400 shares of each 100not
ex¬
not
are
change
listed
amount
them is limited
which
stocks
securi¬
the
bankers
lend
restriction does
its
liquidity.
There
is only one fundamental
cause for such activity—the inter¬
est of investors and speculators.
Although stock exchange spe¬
cialists, and over - the - counter
broker-dealers, contribute to the
liquidity of securities in their re¬
spective spheres, their activities
ary
may
the
listed
on
However,
which
which
And
exchange
Generally, it is easier according
borrow
to
col¬
as
interest
to
curities
'
cash, they often are preferred
other
to
dogma, that
issues, the area in which they en¬
a
liquidity
premium
of
about joy a great natural advantage.
1% per annum over comparable They desire to supplement this
ones
which
are
not
exchange- business by dealings in securities
traded.
The investor receiving a of moderate, or low, activity. The
6% return on a listed stock, there¬ activity
of a given security of
fore, may be foregoing a 7% yield course varies from time to time.
on
a
stock
of
comparable risk The compulsion of a stock ex¬
The
stocks
on
stocks "on the average" command
that
is
eye
Cautions investors that
vertibility of issues of moderate
t ransferr e d
over
analytical
an
stocks and bonds*
compar-
able
is
interesting to note that
concerning the inclination
of specialis s
to operate in the
listing lends liquidity to
public interest (by contributing
market liquidity and orderliness
trading may reduce con¬
of price sequences)
comes
even
from stock exchange brokers not
activity.
registered as specialists. Defend¬
round
lots
(comparable to the ers of the specialist system claim
over-the-counter dealers' spread) that criticism of it usually stems
from lack of understanding of how
usually total from 1% to 4%.
it works. They do concede, though,
The Dealer Function of Specialists
that it is quite a job to see that
Apparently recognizing the fact the activities of specialists are
that the listing of an inactive is¬ properly supervised.
sue
ordinarily deprives it of the
The Stock Ticker as a
liquidity contribution of over-the-
lished in investment lore than the
Toronto,
Exchanges
Winnipeg
Vancouver
Montreal and. Canadian
y/
■
Victoria
CHRONICLE
THE COMMERCIAL and FINANCIAL
12
Thursday, October 8, 1953
John I. Rohde
George M. McCleary
Securities
Florida
Company,
St. Petersburg, Fla.
Repoit of Public Relations Committee
John R. Lewis, Inc.,
Benjamin J. McPolin
McDonald
&- Co.,
Henry Oetjen, Chairman of the Committee, reveals its principal objectives,
(1) adequate compensation for brokers
namely:
and dealers who handle
Continued
from
Seattle
Elmer Weir
J. Barth &
Cleveland
Co., San Francisco
11
page
"rights" from companies using this method of financing; and (2) the pre¬
sentation of exhibits of various unlisted
Convention.
Mr.
&
Company,
presented
tion
port
the
Urges local affiliates intensify public relations efforts.
Henry Oetjen, partner, Mc-
Ginnis
Sun
at
the
to
Chairman,
as
NSTA
Conven¬
Valley, Idaho the re¬
Committee in which
of his
acvitities and objections were
reviewed.
The
text
of
Committee's
the
It
has
indeed
pleasure to
the
of
serve
Public
the
been
as
Relations
National
several years,
tempt to obtain compensation for period of the next
brokers who handle
those
companies
"rights" from I
have
that
been
NSTA
that
certain
am
its
and
aspirations will become bet¬
many
Committee
Security
A
great
a
Traders
s s o c
i ation
the
for
year
1953.
After
my
appointment
Chairman
as
letter
a
sent
was
the
31
af¬
filiates
of
the
to
close termined by the interaction of
the books of several would be buyers and sell¬
the
stock
exchange
specialist, ers is most apt to be artificial,
there might
be, for example, and not the one most likely to
that
could
is
that
to
be
figure.
liquidated
On
financing. ter known as time goes on.
Since its inception in October,
President,
appointed a Committee to handle 1950, I have watched with great bids for only 400 shares
(100 clear the market. In the absence
this situation.
It
is
my
under¬ interest the editorial progress of at 19%, 200 at 19^, and 100 at of a ticker quotation of 30, the
19). In this example, Roe could market might be cleared at a
standing that John Hudson will the "Freeman" magazine.
using this method of
Harry Arnold, our
The "Freeman" in its issue of
give a report a little later regard¬
ing the work of this Committee. October 5th is publishing an arti¬
We therefore have no intention of cle by Dr. Lewis H. Haney de¬
Chairman of
duplicating his report at this time. voted to the necessity of sound
report follows:
Paying Premium lor
Mythical Liquidity
companies at the NSTA National
convert rapidly 400 shares for ap¬
proximately $7,775. How much he
competitive price of 33, or of 27.
could
tation of 30 can,
get for the residue, and in
time period, might be en¬
what
The introduction of
the
with
ticker quo¬
a
in itself, interfere
the
of
clearance
mar¬
capital formation as the basis of
to
all capitalism and setting forth a
have exhibits of various unlisted
summary of the serious impedi¬
companies at our National Con¬
ments thereto which need correc¬
vention. As you know by now, we
tion such as double taxation of
tirely conjectural. The setting of ket. Any such obstacle is bound
minimum capital requirements for to have
a
depressing effect on
specialists does not guarantee that trading volume, and consequently
their resources will be used to any a negative effect on the liquidity
appropriate extent. And because of the security involved.
have exhibits of two companies,
dividends, the capital gains tax, the stock is listed, Roe might find
It may be highly impractical to
namely, Hoffman Radio and Ludexcessive surtax rates, the excess it impossible to get a reasonable introduce into stock
exchange
man Corporation.
profits tax, and government inter¬ quotation from an over-the-count¬ commission rates a variable which
After writing letters to the 31
ference with industry. Similar ar¬ er dealer.
The usual services of
recognizes differences in the ac¬
affiliates outlining this program
ticles are planned to follow. One such broker
dealers
(searching tivity of listed issues. Neverthe¬
we
were, indeed, agreeably sur¬ of the earliest to follow will out¬ out
customers and/or absorbing
less, the
absence of any
such
prised to receive responses from line a new employee incentive securities into their own inven¬
variable means that over-the20 of them, and with their aid
savings plan tied in with stock tories—for their own risk) are too counter broker-dealers must be
having a Public Relations Com¬
ownership which will be highly costly, ordinarily, to permit them ruled out (for the reasons ex¬
mittee of 20 individuals who have
profitable to all our members to to maintain an interest in listed plained above) of the market for
all done a good job for the Na¬
sponsor
actively with every stocks. This, because of the low inactive listed securities. This
tional this year. These 20 men
manufacturing industry no matter stock exchange commission rates. means that any contribution
they
have been
very active
in their how
large or small. In the months
might make to the liquidity of
various territories and many have
Market Rigidities: Their Effect
immediately ahead these topics
such issues (through searching out
been able to have releases put in
On Liquidity
Our
second
objective
was
-
National
out¬
lining the ob¬
jectives of the
Public
Rela¬
tions Commit¬
tee
Henry Oetjen
and
a
re¬
that
questing
affiliate
each
appoint
this
for
year
NSTA
Committee.
Our
will be
member as part of this their local
first
objective
was
to
at-
this
If
of vital
concern
to
every
potential
its
spirit
thank
to
dents of all
also
the
mittee
have
cooperation
of
ipembers
fine
the
for
the
for
done
Presi¬
the
affiliates for their
our
whole-hearted
and
Com¬
my
work
they
Se¬
National
curity Traders Association during
this year.
M'Leod.Youno.Weir & Company
kets.
Respectively submitted,
"sellers'
prices
these
one
Henry Oetjen, Chairman
McGinnis
O.
L.
&
private wires to Montreal, Ottawa, Winnipeg, Calgary,
Boston
&
Co., New York
R.
S. Dickson &
of
Co., Inc.,
50 King Street
MONTREAL
B.
VANCOUVER
West, Toronto, Canada
WINNIPEG
LONDON
C.
CALGARY
KITCHENER
QUEBEC
NEW
Lathrop-Hawk-Herrick
Inc., Wichita
YORK
Co.,
serve
be
would
that
the
cleared.
In
un¬
Lynch, Pierce,
Beane, Louisville
interest
derives
dence
in
from
indicates
generally
yield)
per
them.
investor
pay
that
evi¬
investors
(in terms of lower
liquidity premium of 1%
a
for
annum
The
Statistical
investor
listed
who
with
concerned
securities.
is
the
definitely
liquidity
stock ticker.
If
the
ticker
mium
for
vided
they
mechanics
to
by
the
offer
execution
transaction, sellers
be
reluctant
more.
to
of the
are
are
of
securities
active
the
over-the-counter,
inactive stock is worth such
an
listed
as
they
are,
for
him
As
accept bonds,
figure, buyers stitute
Any price not de¬ even,
The
exchange,
and
markets
being
though, it is not
to
assume
of
to
the
a
moderately active is¬
inactive
stocks
premium
may
payment for
Davis & Company, Dallas
George H. Earnest
Fewel &
Co., Lbs Angeles
Kenneth Ellis &
Canadian Securities
Co.,
Phoenix, Ariz.
R.
Government
Jeremy Glas
Provincial
Glas & Co., New Orleans, La.
Member:
The Toronto
Stock
Municipal
Fred Goth
Exchange
Calgary Stock Exchange
Winnipeg Grain Exchange
Canadian Stock Market
Public Utility
Irving J. Rice & Co., Inc.,
St.
Paul
Charles Gross
American
Harry M. Sheely & Co.,
Municipal Bonds
Baltimore
Edward A. Hanifen
McCabe, Hanifen & Co., Denver
Haworth Hoch
66 KING
STREET, WEST
TORONTO
Phone:
EMpire 3-7477
McCourtney-Breckenridge
&
Co., St. Louis
James E. Jones
Courts & Co., Atlanta
Pierre
J.
(Pete) A. Kosterman
R. Williston, Bruce &
Co.,
Portland, Oreg.
Wood, Gundy & Co., Iiic.
14
Wall Street, New York 5
105 West Adams
Street, Chicago 3
and
con¬
mythical,
negative liquidity.
Fenner
Kenneth A. Ellis
that
automatically justified in
case
sues.
pro¬
ones.
James Walker Davis
J. BRADLEY STREIT
of
be
inactive listed securities,
latest
going
to
Merrill
the
securities
sellers; his holdings may be well
justi¬
other, would be buyers.
fied in paying a liquidity pre¬
much less than that
William J. Conliffe
&
meant
not
case,
the markets became
termined,"
his
Don K. Clinger
HAMILTON
created
artificial
—
Conclusions
(its market value is) 30, possibly
prudent
because a specialist has so "de¬
this is
Christopher & Co.,
Kansas City, Mo.
OTTAWA
could
to
"says"
Jack Charmley
Office
days
because of the psychological effect
all Exchanges
'
floor
counterparts
Fenner case of
Charlotte, N. C.
on
com¬
Fundamentally-, the liquidity of
as
The
A similar distortion arises in the
Pierce,
Beane, Birmingham
Lynch,
J. Murrey Atkins
Corporation, New York
NRA
rigidities
in the
Andrews, Jr.
Merrill
Head
of the
case,
able
Stock orders executed
markets."
their
COMMITTEE
DEALERS IN ALL
they can
sellers
(including
and farmers)
can
give rise to distortions known
markets
CANADIAN SECURITIES
reluctance
among
manufacturers
PUBLIC RELATIONS
Members of The Investment Dealers' Association of Canada
First
The
cause
"buyers' markets." In either
LIMITED
Vancouver and The
and/or
many
opportunity
Direct
customers
regarding
During World War II, and to a
corporate financial officer and,
peting to acquire securities for
activities.
extent
more
recently, their own
naturally, to everyone engaged in lesser
inventories) cannot be
continues over a the investment business.
Americans have seen how ceiling
enjoyed by the holders of same.
prices can adversely affect mar¬
Again, I would like to take this
newspapers
and
or
Convention
COMMERCIAL and FINANCIAL CHRONICLE
THE
Number
13
Which Investment Fund to
A
good
about
deal
the
written
been
has
relative
advantages
By HOMER FAHRNER
of
Maintaining that quality of management is
to
seems
items, Mr. Fahrner offers
hinge around
the
sales
and
load
though
with Dow Jones Average;
that
While
true
varies
from
nothing for
funds
if it has
a
it
to
most
Fahrner
Homer
may consume as
items
income,
alone
from
least
done
these
should
deter
not
buying into
fund. >
expense
one
soundly
a
On
the
done
it
that
the
purchase
of its shares would be difficult to
justify.
Other Funds
Let
But
how
purchaser
soundly
the
prospective
when a fund is
can
know
managed?
the
Perhaps
discussions
current
reason
are
us
found
are
1949,
which
well
as
vidual
transactions
to
how
one
the
test
can
approach
some
made.
For
time past one financial mag¬
azine
has
published quarterly the
net asset
annual
dends
of
be
can
But
for
the
values and
previous
substantial
a
10
number
charted
paper,
the
comparative
the
different
pective
see
the
of
at
purchaser
Every
might
A
management
plished
cycle.
bear
what
by
pros-
do
just
over
bottom
market
market
lows.
Next
bull
it
to
1942
see
what
to
performed
asset
for
dends),
with
the
to
is,
1949
top.
from
capital
next
it has done
bull
-
early
1953
holdings
held
in
in
common
less
to
1949
than
(that is,
hjalf
the
of
made
its
fund
money.
securities
some¬
unreason¬
will
management.
profits
the
in
Plan
such
take
bull
Formula
is
think
same
foregoing
asking too much of investment
management,
that
let
good
any
remind
me
you
investment-timing
accom¬
profits
Percentage in Common Stocks
But you can find out what per¬
of
centage
fund
any
In
bear
of
the
Obviously,
the
lows,
bull
of
stocks
common
market
with
as
market
1942, for example, after
fund
pected
its
of
From
might
to
1942
vanced
to
Then,
mid
-
common
some
in the
to
much
1946,
75%
stocks
increase,
reversal
good
That is,
probably
25%
1946,
the
the
a
a
period
ket,
as
mands
fund's management is
there should be little
tal-gains
market
bear
be
of
is
dividends
replace
lower
a
And
If
or
the
its toes,
on
while
there
well!
these
prices
to
as
its
of
Finally,
falling
the
when
major
cheap
only slight capital-gains divi¬
see
bull
the
market.
early
But
phases
in
of
the
three
pared
nancial
at
be
a
final
dear.
if
are
sell
them
the
fund
sold
shares
ket
1950-51,
in
on
has
done
Third,
due to
success
in
Rights
•
-
Scrip
-
whether
prices
phase
And
high?
If
it
each
of
those
six
holdings
mar¬
it
STREET
uniformly
"yes,"
not hesitate to
loading
fee.
You may
ing
prudent
your
or
2-5430
FINANCIAL
6-3800
you
investment.
4-2300
CHESTNUT
LOCUST
ST.
Members
New York
120
Stock
Exchange
American Stock
Exchange
BROADWAY, NEW YORK 5
314
LOUIS
NORTH
CHESTNUT
Detroit Office:
REctor 2-7800
Buhl Building, Detroit, Mich.
100
STATE
9070
BUILDING
MADISON
STREET
4-3151
BUFFALO
RAND
Tel.
ALBANY
BROADWAY
4514
DETROIT
728
FORD
BUILDING
WOODWARD
2-6175
STREET
7-2062
NC flONNELL & CO.
you
to
is
need
management
have
management
PHILADELPHIA
1416
answer
questions
then
Co.
&
CHICAGO
203 SOUTH LA SALLE STREET
each
buy into the fund,
resting easy that
and
the
Reorganization Securities
STREET
of
buy because of the
charge
WHITEHALL
BOSTON
pay
sixth, does it
Warrants
FEDERAL
it
low and sell them when
are
are
they
whether
final
they
intrinsically
when
the
market?
a
on
did
per¬
prices
buy stocks when their individual
ris¬
a
Fifth,
DISTRIBUTORS
LIBERTY
uniformly
capital-gains dividends
■
75
a
when
ESTABLISHED 1869
PINE
fi¬
a
stocks
high?
during
bull
man¬
Goldman, Sachs
30
....
as
its
correspondingly small
centage
NEW YORK
UNDERWRITERS
well
stocks when prices were low
a
have
year
as
was
per¬
handsome
its
it
stock-
at
per¬
com¬
were
the rising
or
the
large
and
panicky
any
For instance, you might
of rayon
with
any
com¬
centage of its investments in
mon
ex¬
which "follows the
stocks
and
First, has it
Fourth, did it have
de¬
Spll High
or
have six methods
favorably
Dow-Jones?
withdrawing
may
whether the
market,
we
testing the management of
balanced fund.
mar¬
meet the
own
one
for
man¬
-
when
cheap.
are
by
stocks.
follow¬
was
buying
very
portfolio
it
management
final good performance of its holdings?
the
ing market and selling only
are
in
of
it
Six Methods Listed
in
stocks
in
who
see
agement is
should
dends
the
rule
Here, then,
capi¬ dares to buck the trend and buy
no
a
stocks
cash posi¬
dividends crowd" by buying only on
experiencing
market.
fund
a
the
phase of each Second,
last
shareholders
compare
time.
of
contained
common
after
over
dividends
that
these
as
substantial formance of other balanced funds?
very
Buy Low;
capital-gains
shares
the portfolio
have
in
examine
in
its
the other hand,
on
ad¬
measured
as
would \ probably
a
ex¬
regular
with
such
ing
realized.
stage of the succeeding bear
Dividends
Another approach is to
If,
bought
stocks.
Considering this
substantial
less than
been
than
more
in
130%,
Dow-Jones.
would
have
have
funds
dictated
divi¬
in
portfolio
five-year decline in Dow-Jones,
a
the
1946
al¬
total
was
the
near
the
year
are
market, to be in
tion
the
Ply¬
S.
two-year decline in share
a
prices.
their
stockholders, in the form of capi¬
tal-gains dividends, substantially
all profits made on the sale of
Obviously the smart management
you
U.
or
investment funds pay out to
able expectation of sound prudent
Lest
Zinc,
had cash to invest and
regular
the
exceed
folio) would not be
the formula-plan would have
was
to
expected
which
an
during the first half of 1953.
indicates
dividends perhaps in the ratio of
four to one. This is true because
thing less than 30% of total port¬
the
agement
(after
gains
Dow-Jones Industrials.
stock
to
of the quarterly
reports to stockholders will reveal
this important information.
How
the
record
reduction
A
analysis
Compare its bond ratio.
performance
lowing
one
That
lows
top to the 1953 top?
net
be
market
the
bottom?
top
it
exceedingly well,.or
tops.
accom¬
complete
a
judge it from
has
has
What has it done from
bear
from
also
may
a
common
a
management
of
Dow-Jones
it
least
bull market, the capi¬
dividends may well be
stage of
tal-gains
one
advance of 80% in Dow-
an
Jersey
wood
If it sold these shares, it was fol¬
had another bull market, lead¬
Jones.
carefully into the indi¬
compared
With
to
Steel, Masonite, Parke Davis,
lowing the crowd and liquidating
might
arrive by a few fortuitous
investments
which
turned
out
glance
a
that before he buys into any fund.
judged
1946
You
next?
it
tailed
performance
funds.
Comparision
done
semi-logarithmic
on
could
one
have
1949
Abbott
as
generally low and sales at
consistently wise plished this or even a better result. pected to liquidate in
divi¬ throughout the years?
How can
bear market.
you
tell?
Ordinary vs. Capital-Gain
Probably only a de¬
years
larger funds. Now if these figures
were
What
see
Did
there
from
as
stick
by which
have
and
From
at
in
stocks
Archer-Daniels, In¬
advantage of
Dow-Jones from 1942
examine
1953.
Reports
you
funds,
several,
better than
to
that
assume
several
confined to expenses is that there
is no commonly accepted yard¬
managerial ability of a fund.
.
Stockholders'
find
commitment
stocks.
that
Examine
to
Here
such
bcught
it
New
after
decline.
expect
60%
Dow-Jones, then ing to
as
seem
market
might
we
managed
Comparision With
stock
hand, if it has not
well
as
a
as
would have
the
investor.
for
other
would
well
as
policy
accomplished
overhead
much as 25% of
management
ordinary
at
buy-and-hold
others,
the
outperformed Dow-Jones,
that
the
management
shows
has
around 9% for
and
to take
high prices.
the
load
few
land
is
it
that
sales
an
(5) timing of capital gains
later stages of bull markets, and (6) purchases at
See
instance,
Laboratories,
(3) consistency of profits; (4) intelligence of shifts
worthy of
consideration.
per¬
dis¬
a
for
sold
or
(1) comparison with
substantial
top level prices.
at
from
whether,
expense
funds; (2) comparison of fund's long-term results
between equities and bonds;
all which
were
was
as
important than
more
criteria:
as management
formance of other balanced
annual
overhead,
unload
to
count
Recently, most
it
waited until the first half of 1953,
Registered Investment Adviser, Corning, Calif.
the several different
managed
balanced - type investment funds.
of
Buy?
a
sound
guard¬
14
THE COMMERCIAL and FINANCIAL CHRONICLE
NSTA
Report of Publicity Committee
In brief statement, John F.
mentions
work
done
McLaughlin,
Chairman of Publicity Committee,
as
by local affiliate and by
Resolution introduced by William J. Burke, Jr., of May &
Gannon, Inc., Boston, Chairman of Legislative Committee,
urges Congress "to eliminate or materially alleviate the burden
of the capital gains tax and the double taxation of
corporate
publications used in covering national and local activities of the NASD
John
F.
McLaughlin, of Mc¬
Laughlin, Reuss & Co., New York,
Chairman
of
Committee,
the
in
NSTA
Publicity
brief
statement
a
made at the
meeting of the Asso¬
ciation at Sun Valley, Idaho, de¬
livered
the
Text of
is
committee's
During
officers
both
local
ar.d
national
association
our
sections
periodicals
report.
the Committee's report
well
as
the
as
of
in
news
the
financial
throughout the
the
fiscal
past
year
oificers
Edgar A. Christian
coun¬
Francis Wyman
Stern
and
Bros.
Robert M.
PUBLICITY COMMITTEE
John F. McLaughlin, Chairman
At
Janney & Co., Philadelphia
try.
of
association, it is my pleasure
report that particularly the
nakon's economy.
Houston
and
newspapers
&
Co., Kansas City
Saunders
M. A. Saunders &
Co., Memphis
Ray G. Martin
McLaughlin, Reuss & Co.,
Temple Securities Corp.,
New Yoik
Nashville
secretaries (as
listed
below)
all
of
of
Charles
W.
our
affiliated
Merrill
members
used
were
tee
to
&
of
of
Howard
activities
the
our
n
Wells
Lynch, Pierce,
Beane, Phoenix
&
P.
Fenner
Jaquith,
tional associa¬
tion
John F.
as
McLaughlin
news
fellow members.
our
Baltimore
of
John
tions
the
with
usual
particular
fine
mention
of
coverage
to
The
Martin J. Long
First Cleveland
icle
the
and
"Investment
Dealers
Digest."
Special
mention
noted
the
coverage
New
to
York
Journal,"
iner,"
"Plain
San
Francisco
Angeles
"News,"
Dealer,"
"Oregonian,"
Kansas
also
is
of the
the
"S t
a
and
covering
national
the
B.
r,"
Boston
doings
members.
of
local
Brown
Los
United
Angeles
C. D'Amico
Witter
&
Co.,
Portland,
S.
Carrison
Co., St. Louis
Securities
Pierce-Carrison Corp.,
C. Mahoney
Mahoney & Co.,
Minneapolis
Jacksonville
with an aggregate membership
Security Traders throughout the
groups
individual
States; and
the
membership
of
National
Security
Traders Association, Inc., through its
daily contact with
the American
investing public, is continuously aware
of the
thinking of such public; and
on such contact, the membership
Security Traders Association, Inc., has
concluded that the proven inequities of the
capital gains
tax and the double taxation of
corporate dividends have
so
Corp.,
Charlotte
C. D.
4,100
of the National
Abernethy
Interstate
Burke
WHEREAS, based
Paul Brown &
Jos.
George
stated,
was
of the Resolution folloius:
WHEREAS,
Watkins, Jr.
Reporter, Inc.,
it
WHEREAS, National Security Traders Association,
Inc., is an organization comprised of thirty-one affiliated
of
Walter A. Beckers
Bond
divi¬
corporate
seriously discouraging the invest¬
capital and thus con¬
stitute a barrier to "the
perpetuation
and future growth of the American
economy." The resolution v/as intro¬
duced by the National
Security Traders
Association Legislative Committee,
William J.
whose Chairman is William J.
Burke,
Jr., of May & Gannon, Boston, Massachusetts.
Security Trader
Fraser
Dallas
H.
"Times,"
G.
Dean
R.
of
levies,
ment of needed
The Text
P.
Co., Boston
Smith
Texas
taxation
These
Oregon
Portland
Seattle
City
R.
Williston, Bruce & Co.,
Fitzgerald & Co., New York
Newman
A.
double
dends.
Stern, Frank, Meyer & Fox,
Neil
Stubbs, Smith & Lombardo,
Birmingham
Cleveland
"Globe," etc., who have cooperated
in
Miles
"E}&am-
"Times,"
F.
rially alleviate the inequitable burdens
imposed by the capital gains tax and
Alfred F. Tisch
Corp., Cleveland
J. Arthur Warner &
"Times," "Wall Street
Los
Cleveland
fine
Leo
Union
Baker, Simonds & Co., Detroit
Pollick
Richard F. Wellinghoff
C. J. Devine & Co., Cincinnati
Commercial and Financial Chron¬
R.
James
Swift, Henke & Co., Chicago
Excellent coverage was given in
newspapers and financial publica¬
P.
Twentieth
Annual Convention, held at Sun
Valley, Idaho, the National Security Traders Association
adopted unanimously a resolution call¬
ing up Congress to eliminate or mate¬
Seattle
Harry M. Sheely & Co.,
dissemi¬
nate
interest to
well
as
to
&
Langton
William
David H. Gilbert
j
Bank
Co., San Francisco
Richard
J.
&
Fargo
Trust
Carroll
Carroll, Kirchner
Inc., Denver
a-
Moir
Maury J. Kessler
Merrill
assure
coverage
Beane, Louisville
Kees
Chaplin & Co., Pittsburgh
Randolph E. Soranson
national
a
Kenneth
as
commit¬
Homer
Ducournau & Kees, New Orleans
Lynch, Pierce, Fenner
its
are
C.
Heaton
Pope & Co., Syracuse
Ora M. Ferguson
regional
your
T.
N.
dividends." Action deenrd essential in the best interests of the
Underwood, Neuhaus & Co.,
of
Respectfully submitted,
your
Philip R. Neuhaus
getting
follows:
as
to
The
secretaries of your local affiliates
have
been
successful
in
Urges End of Capital Gains
Tax and Double Dividend Taxation
and financial
newspapers
Thursday, October 8, 1853
seriously discouraged the investment of needed capi¬
to impair the perpetua¬
tal in the American
economy as
tion and future
growth of such
economy;
and
WHEREAS, it is therefore, the opinion of the member¬
ship of the National Security Traders Association, Inc.,
that
Don K. Clinger
Roy W. Hancock
Hancock-Blackstock
&
Co.,
Atlanta
Lathrop-Hawk-Herrick,
Wichita
the national
economy can best be served by the
complete elimination of, or the material alleviation of
the inequitable burdens
imposed by the capital gains
tax and double taxation of
corporate dividends;
NOW, THEREFORE BE IT RESOLVED, that the
membership of the National Security Traders Associa¬
tion, Inc., at this, their twentieth Annual Convention
at
Sun
Valley, Idaho, September 19, 1953, do hereby
Congress to eliminate or materially alle¬
the burden of the
capital gains tax and the double
memorialize
viate
taxation
of
corporate dividends for the reason above
reasons heretofore submitted to
stated and for the
on
you
this
subject by the Investment Bankers Association
of America, New York Stock
Exchange, and many other
organizations throughout the nation.
qAllen
&
Company
Specialists in
Established 1922
Foreign Securities
NEW YORK 4, N. Y.
Foreign Investments
jdwvhold mid <9? mlewhfioecle/i
dne.
INVESTMENT
SECURITIES
30 Broad Street, New York 4, N. Y.
Telephone
WHitehall 3-9200
Teletype
NY 1-515
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Continued
from
That
9
page
lens
story to
for
the
three of
next
four
Television's
Social
So
it.
had
I think that tele¬
vision, of course, is the most dra¬
our industry, and I think
certainly the phase the ladies here
will be most interested in.
They
say
that Henry Ford
took the
American
small
the
family out of the home.
the
I
has
people
brought
back
companies have grown into
sizable
with
and
corporate structures
personnel, and
sizable
very
into
home.
they have exhibited very good
management. I say we should not
think television
is interesting
viewpoints. I think it fear growth. We should determine
is interesting that television could how to utilize it and harness it
happen. I don't know if you have and how to help it.
ever
In this connection, I should like
stopped to think" about it,
from several
but
television
dollar
industry
compared
dustry
to
in
taking
in
industry
years,
automobile
ten
as
in¬
to refer to Father
President
in
Notre
of
I
Dame.
they were dis¬
sponsorship and the
and it cussing the
subsidy. telecasting of football games, and
competitive Father Cavenaugh made this re¬
years,
mark.
He
You
can't think
of
might as well try to go out and
the 20th Century Limited
mony to the health of our econ¬ stop
omy and the health of our free with your bare hands as to try to
enterprise system that something stop television. Our problem is
new and dramatic, such as
tele¬ not to try to stop it. Our problem
vision, could be introduced in this is to try to think of the right way
postwar period and become such to harness it." And I think that
a
strong factor, economically, po¬ is a challenge to everybody in the
country, and 1
any
better testi¬
our
said,
this
on
Coast, and when
we
"Gentlemen.
tube
Cal
to
charted,
that
Tech
and
color
sent
paratively
the
face
limited
of
burden
ours
an
can
time,
in
and
72%
average
during
grow
that
tax
period,
that will do
emerge as a company
$50 million worth of business this
And
year.
think
I
it
is
chal¬
a
lenge to
us people who are grow¬
little bit grayer to fight
some of the things that are threat¬
ening the possibility of its con¬
tinuing to happen.
ing
a
West
line
Now,
television has
mendous
impact.
It
It has become
in
politics,
thing else.
Television
a
had
has
tremendous factor
in
tre¬
a
become
the home.
tremendous factor
socially
was
and
every¬
fast, and
grown
sometimes
people have a fear of
something that is growing fast.
They say it has grown too fast.
But I would like to say quite def¬
initely that it has not grown too
fast.
real
that
Most of the people in the tele¬
the
old
furniture, and with
a
set
different.
was
"Easy
Now
if
of
hope
you
any
I
that
how
the
art
enough,
sure
spectrum
was
the
way
up
caused
the
eye
and caused eye
went
to
to work overtime
fatigue.
work
and
got
one
glass companies that built
filter
K-2
for
and
cameras
things of that kind, and we de¬
veloped
this
easy
vision
lens.
This
lens breaks
the
blues
down,
and
brings the yellows, greens and
reds up, and eliminates eye fa¬
tigue. As a matter of fact, every
year
for six and one-half years we
have
run
an
come
vision
every
out the
lens
clinic
eye
Angeles. And
sults
year
same.
gives
Effect
posed
The
in
important
picture.
there
will
be
be
great deal of expansion.
Seasonal
I
think
a
vision
You
the
re¬
The easy
20%
better
of
Korea
first
question
had
cutback
on
of
military
the electronics in¬
dustry
and
particular
pany?
I have covered
our
our
com¬
com¬
but I think one of the more
important things is that it will
separate the non-efficient pro¬
pany,
from
the
efficient
this
be
air.
That
outlook
for
manufacturing
the
immediate
and
It
of
thing.
mean?
What
Well,
is
seasonal
the
that
does
first
it
It
At
the
first
the
a
about
April
15
there
Starting
is
a
lot
of
forcing of the market to keep the
production
About
up.
the
now
market begins to pick up, and we
do about 45 to 60% of our business
at that
particular time. So during
spring and summer months,
the
usually get
you
views
fall
of
pessimistic
some
our
industry, and then
along and it makes
comes
everybody
that
made all these
predictions in the spring and sum¬
mer
liars
(laughter) I couldn't
think of
nicer word.
a
think this particular year we
had an abnormal year.
It seems
if every year is. But this par¬
ticular year we counted on a lot
of new stations coming on the air
as
the
spring
of
most
when
is
or
materialize.
built
However,
talking
am
now—in
going
tions
didn't
these
it
on
am
stations
the
is
I
air.
As
industry
into
nredicted.
be
a
networks
pro¬
new
The
sta¬
being,
remained
a
and
I
station
so
in
the
say
that
coming
now
matter
of
fact,
think
curately, that from here
will
sta¬
happy to
are
I
new
the air.
come
inventories
pipelines.
on
the
anticipation of
tions
the
about
had
we
up—and
on
ac¬
there
added
to
you
having
on
these
sets,
They
accustomed
think that it is
what
is
a
advantage
their
of
,
position.
appears
four stations active in their
ket,
so
lection
will
will have
you
of
have
much
(laughter) It is some¬
greenish side, but it
a chlorophyll prod¬
uct, although it does take out
of
the
our
of this
in
monopoly that was created
of these
single station
markets.
ice,
So
channels
course,
the
had
never
opportunity of getting a television
program.
Record
I
Year
think that
are
going
to
our
sales.
I
going
for the Industry
these
pretty
to
new
that
well
a
record year of
in
tion
next
our
five
sales and produc¬
I think the
years
will
those
the
our
industries
WIRE
DIRECT
Schirmer, Atherton
50
Congress
St
CONNECTIONS
that
our
own
particular
Continued
people know that
Investment Preferred Stocks
49 Pearl Street
Hartford, Conn.
Tifft
650 South
Street
Los
Springfield, Mass.
DU PONT BUILDING
WILMINGTON, DEL.
44
WHITNEY
NEW
AVE.
HAVEN, CONN.
BOSTON
BUFFALO
•
CLEVELAND
Mitchnm, Tally St Co.
Brothers
Main
Corporation
Broadway, New York 6
65
Schirmer, Atherton & Co.
Co.
Street
Boston. Mass.
1387
Union Securities
Spring St.
Angeles, Calif.
LIBERTY BUILDING
PHILADELPHIA, PA.
LINCOLN
HARTFORD
•
PHILADELPHIA
has
of
one
perhaps
greatest to look forward to.
Trading Markets Maintained in
TO
35
some
industry is
EXCHANGE
N. Y.
see
to 40 million sets sold in America.
And I think
famous easy
Bell Teletype NY 1-124849
are
our
industry.
Laird, Bissell & Meeds
Telephone BArclay 7-3500
they
absorb
inventories, and I think the indus¬
try as a whole is going to have
Trading Department, LOUIS A. GIBBS, Manager
STOCK
markets
materially augment
think
Securities
YORK
ad¬
of
people
who
have
pleasure and the
Inquiries invited in all Unlisted Issues
NEW
as,
the
vision lens.
BROADWAY, NEW YORK 5,
well
as
a
serv¬
these
from
ditional
in
are
television
has
benefit
will
who
you,
that
market
Bank & Insurance Stocks
120
of
some
Corporate and Municipal Bonds
MEMBERS
se¬
you
caliber
better
some
Over-The- Counter
and
programing and much less abuse
injurious things that other
sets have. That is
mar¬
high
a
programing,
And you
chlorophyll
the
on
It
that there will be
few major cities by this time next
year that will not have three or
now
or
definitely not
It is not
the com¬
abuse
to.
are
treatment,
in
station.
station,
newspaper
monopoly.
any
the glass, is a different color than
you
one
one
people looked at
sets in the lobby, and
have, you might notice
lens
you
communi¬
one
have
you
like
In
daily.
Many of
to
privilege. They stack up
five and six commercials and take
summer, and
stations failed to
inventories
our
deal
great
already have televi¬
mercial
and
those
in
sets.
I
in
television
Those
healthy.
level, a third
Ojf the year's business is done in
months.
to
sets,
our
families
new
country only have
And
it
always has
retail
six
of
ties out of the 62 communities
been, and it probably always will
be.
the
on
great deal
a
provides
means "a
our
it
is
there
year
sion service, because 40
all
thing
business
our
business.
it
people who
you
lot of statistics and all that
a
antici¬
stations
sales
million
10
vision
tele¬
industry.
sales,
of
Now
125.
are
people never had
television service before, and that
brings a big new market for tele¬
inter¬
the
tnere
the end
next
means
because
concerned
freeze
At
were
500
over
America.
the most
people "see
sort
What
is:
of
one
years.
There
time
and
the
But there will
Business
questions
there
247.
are
will
to
A
the
not
were
four
pated 360 before the year is out,
For
little cutback.
some.
attended
orders
im¬
most
of
stations;
year
mere
measurement
very
a
to
can measure up,
confident
Los
effect has the peace in Korea and
the
the
last
almost
end
108
were
stations
new
for
the
At
in this country
freeze
a
that
allowed
par¬
give
can
of
those people who
immediate
amount
the
of
one
phases
this
means
the
is
you
in
am
our
accomplishments,
much
them
had
and
blue, and it is even worse
is a disproportionate
of other colors, and that
of
of
portant
I
and
en¬
you
our
the
Vision Lens"
and
esting
there
We
think
industry is responsible for
record
well to
ducers
may
has
outsold
companies. We have
stayed in that position. And we
have
stayed
in
that
position
through a quality product and a
hard hitting advertising and mer¬
chandising program, and cabinetry
that appealed to the ladies, that
Television's Glamour
a
had
Coast
Eastern
ticular
your
see
when
I
had
we
only in electronics biit
activities.
gineering know-how in
in the blue and way down in the
yellow, green and red. The optical
people said the eye does not focus
v
the Pacific
other
tubes
Coast, and we became,
I asked several people in the
from an employment of 800 people within a
period of about eight
to 4,000 people and a net worth months,
the leader in the sales traders group in Los Angeles to
of much less than $100,000 to a $6 out
there, which was the first give me questions that you people
million net worth, and in a com¬ time that any
company
on
the would be interested in, and they
like
company
in
causing
was
We
litically, socially and education- industry, and I know that that is viewing and no eye fatigue than
wise, strictly on a competitive the direction we are trying to go. any other process that is now on
the market.
So
much
for
easy
basis
and
without
one
cent
oi
Now, I would like to comment
vision. But I would like to have
subsidy from the government. I a little bit on our own particular
think the fact that that can hap¬ company in this television picture you drop in and see our products
in the lobby.
pen is a significant thing in itself. before I go to the questions and
Equally significant is the fact that answers. Our company started on
a
ducers not
high blue content of the
fatigue.
eye
over
was
session when
a
the
was
television
Cavenaugh, the
cent of
one
the most highly
is
billion
a
two
the
did it without
It
became
work
industry—were
dustry, and that was one
most rugged (and still is)
matic of
television
to
the
advantage of
fluorescent
lighting
the Pacific
on
It
American
had
pioneering
of the
indus¬
tries in the country. And it has
been quite amazing the way many
of these previously comparatively
the
started
we
well proven companies
industry.
Certainly
and she com¬
of television hurting her
eyes.
I
them,
pretty first had fluorescent lighting, we
before the had a great deal of difficulty with
war. They had survived the battle
eye strain caused by the high blue
of competition
in the radio in¬ in the short tube. I rather guessed
Advances
So much for the electronics end
of our
at
plained
the people
that do 95% of the business in the
television
personal
my
who
one
looked
vision industry—that is
years.
little
a
daughter
was responsible
for it. In the early days of tele¬
vision,
I
took
sets
home
and
Electronics IndustryBillion Dollar Infant
industry is pretty well scheduled
has
it, because
the
was
15
SYRACUSE
on
company,
page
19
16
THE COMMERCIAL and FINANCIAL CHRONICLE
Thursday, October 8, 1953
Report of Municipal Committee
At the 20th Annual
of
the
National
Association
Idaho,
of
Chicago,
in
Sun
Sept.
17,
John
Nuveen
Valley,
Edward
&
V.
Co.,
Chairman, submitted
as
the report of the
primary
market
municipal
bond
lar„p volum.
...
of
,
there
below,
wonder
little
is
the
why
After
i_i..
i»!r„„;^i
Municipal
discussed
reason
Dow
to
-
Jones
average
yield
^fpadilv from 2 42<7
steadily
from 2.42%
offerings,
on
on
Congress to increase
debt, and the FedReserve System's relaxation
of bank
reserve
During
tax
the
requirements.
first
exempt
half
of
bond
19B3,
financing
a tremendous $2,603,181,exceeding the previous high,
recorded
in
the
similar
1952, of $2,528,646,800.
neriod
Included in
year total is the highest
monthly figure in historv.
single
has
continued
May. The
in
and
the
fig-
_1, 1952, Jo 3.06% at the uresjfor Jul_y, 1953, have also
end
of
j
June,
i
and
i
i•
a
£
extent
The rapidity
1953.
e
decline
of
ceeded
those
similar month
'
of
of
the half
$650>299'589> recorded
trend
for
ex-
any
previous
leavinsr little doubt
prices
monin, jleaving nine aouoi,
has been unequaled in the last 14
Tctl Unde™^nsideratioT thafthe
full year? isLant wiU set
Recovery has been gradual
years.
since
since
the
Doint m
tne low point
in
reached
was
reaching
the
a
with
plateau
the marxet
market
tne
in
bond
this
prices
period,
were
all-time
«
high.
arious reasons have been
averages
August
at
municipal
partially
af-
lation
leading
demand for
tion's
ments
debt
lengthening
policy,
serve
System,
tionary
as
measure
an
p™pu-
Growth in
to-increased
need
for school facilities; (2) the greater
fected by the Federal Administra-
and the efforts of the Federal Re-
ad-
£ d volumeVwhTch'themost
logical™™)
2.85%-2.83% level.
During
a new
u
the
and
new
public improve-
extensions
of
existing
facilities, and (3) higher construe-
anti-infla- tion costs. The 54,000,000 vehicles
toward restrain-
on
the
ing the expansion of bank credit,
double
Similarly, contributing factors to
the
price rise of the last few
ago,
roads
the
today,
number
which
of
10
is
years
have overtaxed highways and
created
demand
a
for
new
months, have been the absence of through roads avoiding the
creased
traffic
con-
This
has
been
instru-
•
Distributor
•
Dealer
July, in amendment and became a law
legislation without the approval of the Gov-
Buyer"
enactment
of
by ™any State Legislatures in the
sessions just closed, authorizing
the construction or studies to be
51
Sa7en
Wa^ *or
?r
j
broadened toll financing of high¬
facilities
way
in
these
16
states:
T11f ?.
Pi.mois,
-s°™> ^raska, New Hamp^
'
Carolina,
55 F
j.
m
_
..
ieffisiature<?
of
Alahnmn
nnd
State, Municipal and Revenue
Bonds, Preferred and Common
Stocks
Industrial, Public Utility and
Railroad Corporations
extended toll road nroi-
or
Company Stocks
Bankers' Acceptances
self-liquidating project,
ting under
in various
Planning
ousfy
and
study
in
laws'™
enacted
Thp inrrpaspH
ing
are
get-
in Maine, and are
stages of preparation,
way
facilities
other
Pr<!V1"
h
is
,
.,
,
acquisitL
such
struction'
fix
to
'
.
other charges;
to
tolls
.'
acquire
or
bonds to
con-
and
supported parking lots
garages have
become more
Missouri have
introduced legisla-
^ority as well asjseveral <=«nserth°rity
in Harris County and
Water Control and Improvement
r
,
limited
city
and
the
indicated there is active consider¬
ation of proposals in at least 13
legislation in
many
proposals for
new
instances
bond
against
debt limit of school districts from
New York
Boston
Philadelphia
Pittsburgh
Cleveland
Also
in
the
San Francisco
State
the
Auditor has been amended to
ex¬
clude from such registration bonds
issued by the school district
con¬
by the City of St. Louis.
Washington, the House killed
bill
which
would
restrict
the
Public
of
addition,
tracked
a
the
Senate
which would
bill
side¬
have
Public Utility Districts
to put revenue bonds up for com¬
be
petitive bidding.
to
required
In
Illinois,
Revised
the
Cities
and Villages Act was amended
fees.
Bill
House
nesota(
were
two bills which
were
dated
568,
resolutions
or
defeated. One, a bill providing for
July
cigarettes
and
State
streamlining
which
provide
money,
appropriate
sewer
improve-
UNDERWRITERS and DISTRIBUTORS
HUDSON WHITE & COMPANY
tobacco,
Legislatures
and
Formerly
WHITE,
NOBLE
as
American
Stock
COMPANY
C.
Detroit Stock Exchange
Exchange
WIRES
RONEY
CHICAGO—H. M. BYLLESBY AND
GRAND RAPIDS 2
Michigan
Florida, Senate Bill No. 70,
as
PRIVATE
DETROIT—WM.
in Iowa
where 23 bills passed the
legisla¬
ture and have been
&
Members Midwest Stock Exchange
improvement,
broadening of
municipal bond codes
by
16,
Markets In Michigan Securities
Phone 9-4336
Trust
-
&
CO.
COMPANY, INC.
; DETROIT
Building
Teletype GR 184
Buhl
WOodward 2-8992
Exchange
26
Building
the "Revenue Bond Act
Members New York Stock
Chicago
same
statute relating to the registration
of
bonds in the office of State
BONNER & GREGORY
CORPORATION
Novem¬
5% to 10% of the assessed valua¬
tion.
In
and state gasoline tax
State cigarette license
and individual
and corporate income.
In
FIRST BOSTON
at the
built up from the city's portion of
liquor, retail sales
known
The
amended
was
issues, in¬
creases in the size of old authori¬
zations to be supported
by new or
increased taxes,
Governor.
Foreign Dollar Bonds
taxes.
were
signed by the
Canadian Bonds
are
ber, 1952 election to increase the
passed laws for the
Reconstruction and Development
This
States to make bonus payments to
war
veterans.
The
tendency in
Various
Securities of the International Bank for
from
taxes.
Districts
Of paramount interest in Min- 1953, requiring that all ordinances
v.ey early this year,
^,
a
is
payable
School
vately owned generating facilities.
provement fund for guaranteeing
the redemption of special assessfund
to
Utility Districts
to acquire by condemnation pri¬
Chapter 155 of the 1953 Sessions
the
tion
right
Laws of Wyoming provide for the
creation of a revolving local im-
This
or
Missouri, the State Constitu¬
In
bonds was defeated.
bonds.
In
a
,
ment
heretofore
are
only municipalities in
Pennsylvania whose general ob¬
ligation bonds are payable from
stituted
in Colorado a bill providing for
llc
e, ?
municipal
of
on
the
now
....
,
effective
valorem
ad
that
means
ar-
tals, municipalities and school districts; Legislation was also passed
creating the Texas Turnpike Au-
tion to strengthen
existing laws or
to create new acts for the
purpose
^
General
by the Townships of the
Class
unlimited
In Texas, legislation enacted in-
P
obligations
Second
neces-
pTrtolarl/in- Refugio* County dl"a C°Unty a"d
revenue
the
of
became
and
be issued
rates
eluded amendments to various
sistent in the larger urban areas
and smaller trading centers. The
issuance of
also voted down.
Session
the
ernor
eral
^^^rhtghways'bridges!^-
completed in Oklahoma-
the
July 2, 1953. From this date gen¬
bonds to
revenue
ects currently are under construe- «cles governing the holding of
«"> in Connecticut, New Jersey, bond eMctions m counties cities
Ohio, Pennsylvama
including levies
Bank and Insurance
any
.
.
Island, and vetoed in Arkansas.
many instances is to exteffd cash
benefits to veterans of the Korean
conflict. Included in such bonus
Securities
At
Pennsylvania, but have been reProperty; to make contracts;
*cted ?" <California, Maryland,
''
Missouri, New Mexico and Rhode and t0
federal aid.
New
school
already is at the legal limit
of property) was
except offstreet parking
Washington, costfof
a'o'^consin.
Similar bills are still pending in
of
districts where
Assembly in Pennsylvania, there
was
passed a bill amending the
ernor
on
May 27, 1953, being
Second Class Township Code by
Chapter 28045, laws of Florida,
providing that Townships of this
Acts of 1953.
class, in addition to ot er taxes,
> This Revenue Bond Act of 1953
may
levy "an annual tax suffi¬
grants general powers to each cient to
pay interest on indebted¬
county and municipality including ness and
sinking fund changes."
powers to acquire and con- This bill was
signed by the Gov¬
f?the
Iowa, Kansas; Michigan;
Minnesota ^ebraska^New^amo' struct
Ai
of
construction
(namely 50% of the assessed value
early days of the Legislature, was
passed by both houses without
in
"Bond
PaA^onioif...
Government and its Instrumentalities
the
the
by
legalizing construction of such
facilities and pledging of
revenues,
both offstreet and onstreet to the
Securities of the United States
in
survey
Many State Legislatures
in 1953, particularly those in Wisconsin, Ohio, West Virginia and
Underwriter
introduced
was
a
frequent.
.
1953,"
appro¬
Ore Tax Fund, to be used for as¬
mental, according to
struct toll
■
of
The
School
priating $15,000,000 from the Iron
sistance in
in-
financing,
year.
setting up a State
Building Commission and
borrowing.
areas.
bond
early in the
other
debt
gestion of urban
causing
reached
.
factors
Weekly
inrrpncpd
increased
issues
new
,,
the
government
national
eral
both the in-
in municipal yields and the
considering
Nov.
the
during the
developments
past year have been
T*r
large
the refusal of
The text of the report follows:
revenue
met defeat
buildings for
any
The
crease
fields of municipal
Municipal Com¬
mittee.
industrial
Chairman Edward V. Vallely reports to the Convention on
developments in
the municipal bond market
during past year. Finds yields on municipal bonds
have advanced/ accompanied by a
large volume of issues. Lists broadened
Security Traders
held
on
Vallely
Convention
-
Teletype DE
7
Convention
ments,
street
the
Clerk
improvements,
for
period
or
of
the
Municipal
public inspection for
of
In Attendance at NSTA Convention
contracts, be filed
any
Office
a
o$e
week before the
ordinance is finally
resolution
that
mean
covered
the
by
award
of
Clement
Act, cannot be
made at sale time, but will have
to be delayed for a period of one
1
week
House
1953,
pany,
bonds
this
service
school
on
not
&
Com¬
>(
„fT^TrNrT
-
Los Angeles
GOR,EY, WALTER C.
Walter C. Gorey Co.
CURRIE, TREVOR*
GOSHIA, OLIVER *
J. W. Tindall &
Marshall
Atlanta
Portland, Ore.
DEPPE, RALPH C.¬
school
the
be
BECK, EDWIN L.
Commercial and Financial
in
used
Chronicle, New York
its entirety for building purposes.
Legislation
creating
bonds.
A
State
levy taxes and BENNETT, CARROL M*
case
is now
Dallas Rupe & Son, Dallas
BLUM, ERNEST E.
Brush, Slocumb & Co., Inc.
Supreme Court for the
San Francisco
BRADFORD, HUGH *
Act.
Southwestern Securities Com¬
pany,
Respectively submitted,
NATIONAL
COMMITTEE
St.
Edward V. Vallely,
Chairman
John Nuveen & Co.. Chicago
Wm. G. Carrington, Jr., Vice Chr.
Ira
Haupt & Co., New York
Securities
Corpora¬
tion, Nashville
Newman, Brown & Co., Inc.
New
Bergman
Allison-Williams
Company,
Joe
First
Company,
CAUGHLIN, EDWARD J*
Municipal
Bond
Edw. J. Caughlin & Co.
Corp., Cincinnati
Hattier,
Philadelphia
Jr.,
White, Hattier & Sanford, New
Gottron, Russell & Co.
Cleveland
Arthurs,
Lestrange
CERF, DAVID F.
Co.,
&
Ludman
B.
J.
Van
Ingen
& Co.,
Inc.,
CHANNELL, CLIFFORD K.
The First Boston
Miami
Garrett-Bromfield Co.,
Wm.
Denver
Schlicting
P.
Harper
&
Son
Strader, Taylor
Lynchburg, Va.
&
Co.,
Inc.,
Wilier
Boatmen's
National
DOYLE, LEO J.¬
Paine, Webber, Jackson &
Curtis, Boston
Co., Los Angeles
EGAN, JOHN F*
First California Company In¬
corporated, San Francisco
Blosser
&
McDowell
Detroit
F1NNEGAN, J. F*
Hannaford & Talbot
San Francisco
FORAL, WILLIAM J.
Union
Pacific
Louis
Railroad
JOLLEY, LEX*
The Robinson-Humphrey
Company, Inc., Atlanta
HAMMELL, ELMER W.*
Taylor & Co., Chicago
JOLLEY, Miss MALINDA
HARKINS, CHARLES E*
Blyth & Co., Inc.
Atlanta
San Francisco
JONES, JAMES E.
Courts
HARMET, ALFRED A*
A. A. Harmet &
DUFFY, JAMES R*
(Norman & Jimmy)
Dallas
Gardner
Co., Chicago
HASTINGS, H. RUSSELL
S. R. Livingstone, Crouse- &
Co, Detroit
HATZ, ARTHUR *
Arnhold & S. Bleichroeder,
JOHN CARL *
pany,
Inc., Denver
KIBBE, ALBERT PAYNE *
HEIMERDINGER, JOHN G*
Walter, Woody &
Heimerdinger, Cincinnati
A.
P. Kibbe &
Salt Lake
Co.
City
KING, MARTIN I.
Sutro Bros. & Co., New York
HILL, HOUSTON, Jr.*
Co.
KING, THOMAS E.
HOFFMAN, H. L.
Hoffman Radio, Los Angeles
HUDEPHOL, HARRY J*
Westheimer and Company
Dempsey-Tegeler & Co.
Chicago
KOCUREK, OLGA
Rauscher, Pierce & Co.
San Antonio
HUDSON, JOHN M*
Thayer, Baker & Co.
Philadelphia
KOERNER, STAR C*
F. S. Moseley & Co., Chicago
KOSTERMANN, PIERRE
J.
LOUIS A. GIBBS
HUNT, GEORGE V *
Laird, Bissell & Meeds
McLaughlin, Reuss & Co.
New
New York
York
Loeb, Rhoades & Co.
Cincinnati
Fort Worth
FUERBACHER,
Orleans
KEENAN, JOHN J*
Morgan & Co., Los Angeles
KENNEDY, BERNARD F*
Bosworth, Sullivan & Com¬
San Francisco
FREEAR, LANDON A*
St. Denis J. Villere & Co.
New
C. M.
FRASER, JAMES G.
Stern, Frank, Meyer & Fox
Los Angeles
Atlanta
New York
HECHT, JOHN C„ Jr.
Dempsey-Tegeler & Co.
Los Angeles
S. Strauss &
Co.,
ARTHUR J*
KELLY, EDWARD *
Inc., New York
HECHT, JOHN C.
Dempsey-Tegeler & Co.
Los Angeles
J.
&
KEEN AN,
A*
R.
Williston, Bruce & Co.
Portland, Ore.
Continued
on
page
76
Corporation
New
York
CLARKE, JOHN W* ■
John W. Clarke, Incorporated
Chicago
Bank,
CLEAVER, JAMES P.
St. Louis
Goodbody & Co., New York
Ivan W. Wing
Weeden &
DILLIN, HARRY L.
Linfield College, McMinneville,
Oreg.
St.
-
CLARK, PHILLIP J*
Amos C. Sudler & Co., Denver
Ludwell A. Strader
D.
Paine, Webber, Jackson &
Curtis, Los Angeles
Dallas
JACKSON, WINTON A*
First Southwest Company
JACQUES, JAMES F*
First Southwest Company
HAGENSIEKER, EARL
&
V>
First National Bank in Dallas
Dallas
Milwaukee
Reinholdt
McDowell
CHRISTOPHER, WILLIAM H
R. W. Pressprich & Co.
Co.,
&
Seattle
Ernest
1
JACKSON, ROY
&
New York
Ray L. Robinson
Hugh R.
Corporation
North Miami
F. Boice Miller
DIEHL, ROBERT D.
Walter, Woody &
Heimerdinger,' Cincinnati
George E. Lestrange
Pittsburgh
I
&
Jk Gregory, New York
Robert W. Baird & Co.
*
William N. Edwards & Co.
CAYNE, MORTON A*
Orleans
St. Louis
Co., Boise
Straus, Blosser
Chicago
HAACK, ROBERT W*
Edward D. Jones & Co.
Fewel
Idaho Power
ISAACS, MILTON J*
GRADY, GEORGE T.
Cincinnati Municipal
Bonner
Chicago
CARRINGTON, WILLIAM G., Jr.
Ira Haupt & Co., New York
George T. Grady
Gilbert
Company,
tion, Nashville
Southwest
Dallas
Cincinnati
&
BURKE, WILLIAM J., Jr.*
May & Gannon, Inc., Boston
Ellis
W.
York
Straus,
BURKHOLDER, H. FRANK
Equitable Securities Corpora¬
Minneapolis
New
ELDER, GEORGE J.
Orleans
BUNN, JOHN W.
Stifel, Nicolaus
Inc., St. Louis
Watling, Lerchen & Co., Detroit
ILCH, M. M*
GREGORY, WILLIAM H., Ill
Joseph McManus & Co.
EARNEST, GEORGE H.*~
BROWN, WM. PERRY
Charles C. Bechtel
Oscar M.
H
Louis
BROCHU, PETER
Allen & Company, New York
C. Herbert Pettey, Vice Chairman
Equitable
Dallas
BRITTAIN, MILTON C.
Schreck, Richter Company
MUNICIPAL
Francisco
Bond
Corporation, Cincinnati ■
Doyle, O'Connor & Co.
Chicago
of testing the validity of
purpose
this
gan Francisco
test
being prepared for presentation to
the
S™Co.
passed
Districts
Sewer
Storm
with the power to
issue
also
was
IIYETT, GLENN *
Chicago
Bronson, Mich.
Company
amount
by
San
T
Precision Tool & Die Co.
DEAN, JAMES B*
BAILEY, DAN V".
Foster &
Denver
DEDRICK, GEORGE
can
New York
CUNNINGHAM, GEORGE W.¬
George W. Cunningham & Co.
Westfield, N. J.
charged against the BATEMAN, HOMER J*
amount produced by the
school
Pacific Northwest Company
building levy. This means that the
Seattle
produced
William R. Staats & Co.
»T„
be
building tax rate
HUNTER, WELLINGTON *
Hunter Securities Corporation
GLASS, CHESTER M., Jr.
Co., Inc.
i
Geo- Eustis & Co-> Cincinnati
build-
Frank M. Cryan
New York
Inc., Atlanta
T
ing bonds issued after July 1, 1953,
will
Evans
ARNOLD, HENRY J*
/
84, dated July 13,
revised to provide that
was
A.
A™°LD> H£R*Y/"*
Gold man,^^achs & Co.
Bill
debt
CRY AN, FRANK M.
ADAMS, EDWARD R.
or
passed. Unless clarified this could
the
17
•
authorizing
in
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
t|
.
Co., San Francisco
♦Denotes
Mr.
and
Mrs.
a-ACwiwdiwi
We maintain
primary markets in
Public
Common
(JmcAican
Utility
Stocks
cD-eealifted
Ccnptviafum
NEW YORK
Merrill Lynch, Pierce,
Fenner & Beane
■
BOSTON
PHILADELPHIA
CHICAGO
>rx
THE COMMERCIAL and FINANCIAL CHRONICLE
.
Thursday, October 8, 1953
Report of Special "Rights" Committee
At
of
the
the
20th Annual
National
Convention
Association
in Sun Valley, Idaho
Sept. 17th, John M. Hudson of
on
Phillip J. Clark reveal efforts
of the
large degree, these efforts have been fruitless.
a
"Cross-Industry Rights Committee," and
problem will be
available.
soon
that
report
P. Barry of Shields & Co.
Mr.
Barry, as most of you know, sev¬
eral years ago devised and after
life
Both
a
written
much
study
effort
had
the
so-called
"Barry
Plan,"
probably
more
commonly known as the "Shields
Plan," accepted by the industry
as
Clark
J.
ing
Sudler
&
sented their
Co.,
Denver,
joint report
Your
spe¬
cial committee to study the prob¬
lem
of
proper
compensation of
dealers
in
in
effecting
active
transactions
Mr.
and
into
gone
ing
the
the
matter
gospel
dealers
For
otherwise,
several
of
years
of
use
to
deal
to
the
large
degree
been
fruitless.
a
NASD
effort
written
their
a
efforts have had
little
early
dustry
to
do
this
with
year
Rights
cross
NSTA
of
of
and
"Cross
a
that
approach,
ASEF,
NYSE
cooperation
of
coroorate
"Cross
Industry
Committee" is headed
for
is
by
with
to
segments of
understand
NYSE
the
have
IBA,
under¬
out-of-pocket
cover
study
a
available
dent
his
study
to
the
ex¬
F.
has
been
Childs.
prepared
Vice-Presi¬
Irving Trust Co. and
associate, Miss Marjorie H.
Cruthers.
and
nanies
Mr. Childs is
consultant
in
followed
to
rate
price
by
action
study will
com-
and
has
on
rights
pressure
charts.
cover
only
the
Otherwise,
present 'a
and
NSTA
the
prem¬
cor¬
better
a
soliciting
a
Your
venture
men
major
our
get
can
their
favorable
stockholders
paying
dealers.
deal
fee
enough
period,
destruction
opinion
since
of
to
committee¬
that
their study does not cover a
value
long
substantial
takes place
registered
Co.
paid
well
as
to
as
Colorado
paid
uncompensated deals between
the initial knowledge of the of¬
Mountain
Amos
respect for their study
gible
and
in
and
recognize
the
that
"Digest"
adjustments,
on
tan¬
a
statistical
pure
approach
our
article,
contains
basis
lacking
in¬
many
tangible premises.
We recommend that the "Childs
Study" when generally available
be
widely
used
to
further
the
concept of comoensation
dealers
rights
on
Now
a
few
committee
Your
with
and
Our
the
friends
the Denver
is
member
every
ciation
of
local
our
at
area,
pattern
about
one
asso¬
industry.
^
off
off
13.8%
only
1953
with
9.4%.
the
the
On
stock
September
off
was
9.8%
COMPARATIVE
Central
Common
Low
Close
Bid
Bid
earlier tMs year,
20
same
prevailing
the
on
which
came
same
time.
Dow
21%
I8I/4
20%
+ 7.5%
—8.7%
+2.5%
Jones
52.42
Utilities
47.87
+ 2.8%
—8,7%
States
for
4
Co.
you
ever
&
Low
Close
114
96%
101
+ 1.8% —13.8%
—9.8%
and
our
advantage
you
53.88
47.87
49.82
+ 1.9%
—9.4%
—5.8%
the
and
possibilities
also
the
to
traders
mass
to
the ball, it is mak¬
big contribution to our in¬
a
"I have had
with
this
them
of
But
too
this
fingers I'll
each of
work
both
many
long
our
let
ever
of
unfavorable
seems
function of
we
lots of experiences
type
and
it
to
to
relate
to
me
know.
never
execu-
Company
Common and Preferred
25
BROAD
Telephone HAnover 2-4300
v
York
Stock
Francis I.
Teletype NY 1-5
Members
New
Members
BOSTON
NASHVILLE
New
American
CHICAGO
Stock
Exchange
Tel.:
request
GLENS FALLS
MANCHESTER, N. II.
WORCESTER
*
jL
^
Rochester
WALL
STREET
•
Pasadena
*
•
NEW
•
Cable:
Beverly Hills
*
White Plains
•
Ft. Lauderdale
Atlanta
*
Co.
Buffalo
•
Private
•
Cleveland
•
•
'
*
■
1-1181
Los Angeles
Minneapolis
•
Miami
London, England
to
Cincinnati
NY
•
Miami Beach
Charlotte
Wires
Y.
Chicago
•
Newark
*
N.
Teletype:
Washington
Elmlra
Direct
YORK
Rhetpont
West Palm Beach
•
&
Exchange, American Stock Exchange
Security and Commodity Exchanges
Philadelphia
•
Pont
du
Stock
DIgby 4-2000
San Francisco
SCHENECTADY
York
Principal
.
ONE
Exchange
Wilmington
ALBANY
upon
STREET, NEW YORK 4, N. Y.
'
••
Analysis
the
industry and why
slip through our
"In the State of Ohio the
further¬
here.
be
Christiana Securities
Spencer Trask & Co.
be
of work
long experience
knowledge in this field
If
cus¬
purposes.
compari¬
for
it.
a
in the next couple of
years
(maybe). This idea deals with the
appraisal of securities for estate
Average
clear to
given
to become
ernors
High
make
have
presented
another
idea to District No. 10 Committee
and it was accepted and
approved
and a
resolution will be drawn
and put before the Board of Gov¬
—5%
112
restatement
write
dustry.
"I
recently
Open
should
to
the
have grabbed
100) (No Fee PakP
from 3/10/53 to 9/8/53
52.86
STOCKS
to
t|i|v industry it must get
publicity. I know what it
ing
Common
Utilities
mind
when they become
swamped with
rights and I think the way you
at
Jones
in
compensated for the
49.82
Telephone
Cin¬
.
in
means
Average
53.88
had
reference
this idea is
the
(1 for 14 at 17%)--($.50 fee paid)
Range from 2/17/53 to 9/8/53
Bid
have
with
circulation
tom
High
Bennett & Cr
fine
article you wrote on the "Rights"
Problem and particularly the wide
you
Co.
Bid
we
excerpts ■ from letter
by Mr. Jean E. Bennett, Pres¬
"I
8,
and
TABLE
Power
our
here
ident of J. E.
the Dow Utility was off only 5.8%.
Colorado
be
to
compensated
for
In
this
connection
cinnati, Ohio.
averages
Open
members
quote
sent
On the downside Mountain States
was
in
and
rights offerings
along
a
experience with the
an
familiar
two
efforts.
July 20, 1953 and serving
point up the fact that the
Problem"
alert for every opportunity
up
was
Mountain States moved up 1.8%
with the utility average up 1.9%.
simply
"Digest" arti¬
the
Colorado
1953
the Dow down 5%.
of
"Rights
had
transactions.
8,
properly
son
yourself of
the
takes
now
of
deviating
somewhat
from the "Rights Problem" which
is only part of the overall picture
liberty
States
2.5% from February 17, 1953 with
paragraphs
supplementing
to
to
tember
This
avail
Co.,
'
Dow
to
Sudler
C.
and
interested in
to your
Hudson
Denver
favorable
be
M.
Phillip J. Clark *
of¬
an
none.
Range
it may
in¬
following
comparison
oi in so far as the economic stability
our
price action from the respective of
industry
is
concerned.
physical issuance of
registration dates to September Many writers have recently point¬
the
rights,
where
their
study
8, 1953 again proves the value ed up the passing of the specula¬
starts, as witness the recent an¬
of paying a soliciting fee to secur¬ tive market and the ascendence
nouncement
of
Pacific
Gas
&
the
so-called
investor.
This
ity dealers. Colorado moved up of
Electric. We also feel that stock¬
7.5% from the opening date to its change in the character of our
holder relations are improved and
high with the Dow Jones av¬ business is probably the principal
have a continuing effect in the
reason for the current low volume
erage up only 2.8%. At the low
after market on a
compensated
point both Colorado and the av¬ of business. In view of the lower
offering. We have a substantial
erage were off 8.7% and at Sep¬ rate of activity we all must be
fering
(1
PREFERRED
investment
The
Telegraph
you are
be
Thayer, Baker & Co.,
Philadelphia
dealers on primary
oversubscriptions bv
while
Mountain
If
the
John
fering on March 10, 1953. A so¬
liciting fee of 50 cents per share
was
best
Respectively submitted,,
Co.
Power
stock offer¬
ing with the SEC on Feb. 17, 1953,
and Mountain States Telephone &
Telegraph
the
NSTA
to
common
a
of
dustry.
Central
registered
basis of
stockholder
that
members
revitalize
will
deals.
Colorado
the
re-educating the in¬
vesting public and corporations to
the premise
that a workman is
worthy of his hire. As we do we
under¬
-
of
directed
one
non
were
the
recommend
efforts
industry.
issues
on
for
corporation.
We
on
expert
utility
cases,
offerings through
Their
an
that
porations
which
industry
of the
the
ise
cle
John
ex¬
by Eugene
all
will
report to support
A
the
be
The
the
Rights
stoVy
corporations.
shortly.
In¬
It
We
and
pense
will
IBA, NASD,
together with
ecutive, will. be fruitful
investment industry
The
than
activation
opinion
industry
members
more
the
pletion.
believe
Committee."
considered
our
the
sincerely
we
You
the
principal work
the committee is nearing com¬
of
In¬
for
industry.
dividuals, prominent in your as¬
sociation, have been active in the
and
sell
"Cross
consideration
to
distribution
members.
to
selfish interest and lack of united
have
all
are available^
Industry
Rights
Committee"
contemplates
their
work as a continuing effort. They
are
proceeding slowly and with
The
preach¬
principally
endeavors
was
"In¬
Digest" in their
1953. - Your
them
effort
these
the
20,
authorized
better
a
by
(Additional copies
has
compensation
reasons,
July
reprints
of
over
rights transactions.
on
various
published
of
should
epbrt, thinking and talent,
and
been
attend¬
One such contribution
President
of
of
have
endeavor,
vestment Dealers
Members:
period
this
article
issue
professional
to
report
President, Fellow Delegates
Much
a
their
of
and
ing concrete contributions to the
an
text
committeemen
in
work.
full
follows:
shares
ing discussion meetings and mak¬
"rights."
The
successfully plac¬
unsubscribed
through purchase
of rights by lay off during the
term of rights offerings.
pre¬
a
as
of
shares acquired
Thayer, Baker & Co., Philadel¬
phia, and Phillip J. Clark of Amos
C.
method
a
transactions.
local
a
and
sold
deal
better
a
study
a new
Find "rights" problem is
of the rights and favors to
slight degree compensated
idea must be
Discuss the "Barry
with every member of the NSTA and the whole securities
Phillip
when you return home. The
areas
Plan" of the
M. Hudson
with
solve the problem of
to
adequate and reasonable compensation for dealers in "rights" transactions.
Find, to
John
the compensation
principle
corporations in your local
ing
John M. Hudson and
Security Traders
Columbus
Convention
THE COMMERCIAL and FINANCIAL
Number
\
tor of estate
for
ers
points
will
appoints two apprais¬
each
probate
These
one.
court
ap¬
jobs
are
percent
the
of
total
they
a
idea?
appraised
since
these
appraisers
the
appointment
is
strictly
and
probate
judge.
is
It
chance to pay back
only
not
upon
obligation
look
to
furnish
values for
closed
and
what
become valueless while
in
the hands
taken
are
and
to
detail
in
orders
will
work
the
tributed in
commission
should be considered to apply
to the work of
for
not
only
are
(considered
experts
and
get paid for it? If
wrote
company
trust without
calling in
Bar Association
the
ball
them
bank or
will or a
a
a
would black¬
Right
group of Cincinnati lawyers
now a
suing the Ohio Turnpike Com¬
mission for $250,000 for fees paid
are
to Cleveland Title Insurance Com¬
for checking land titles for
pany
the
Isn't
road.
new
it
clear
how
other
professions jealously guard
and fight for what they consider
to be their function only?
"
1
"Banks
and
other
many
insti¬
tutions
are adding service charges
jobs performed for customers
for
since
and
in
there
are
commissions
is time that
"Now
have
I
48
in
increases
no
sight
for
us
states
the
and
resolution
we
laws
of
wording of
will
read
some¬
resolved
that
any
thing like this:
'Be
it
production
our
It
also
of
Securities
furnishes
the
Dealers
quotations for
purposes
securities for
will be en¬
a
fee the
equivalent,
fee
paid to
anyone
"My hope
is
becomes
kind
are
are
we
every
fearful
of
little
a
pinch-
often, and
so
of
it.
I
definitely
ahead is
program
defined
a
We
have gone through three produc¬
tion cycles.
We started in with
a production cycle for World War
II, and we started in in 1940 on
Lease
program.
built up our ca-
and
enable
will
to
us
I
here.
am
21-inch
present
Television
set
costs,
or
neighborhood of $750 to
thousand dollars.
tion.
in
is
make
to
get into
before
comment
one
we
are
happy
very
to
we,
been
customers
ne
"t oT
a
that has happened with radio and
as
munications
should
and
Commission
have
fully
Federal
the
what I
So
that
electronic
c0!2£.
iath*s .cou"tryWhat that
simply
the
FCC
Economic
we
Hypochondriacs
A
the
bring up one
before closing.
I
think the time is such that I will
that, not invite questions from the floor,
means is
approves
recom-
mendation of the industry, and
it
although I will be glad to
them later
on.
I will
would like to ask about
color
pany
appears
black
black
in
or
seen
on
your
white
and
and
white,
present set
set
you
can
or any
buy.
to
like
answer
or
to
any
the
make
answer
be available
that they will, every
program that is telecast, be it in
now
tomers.A We
have
But
questions
industry.
this
If however, in closing.
one
our
I
you
com-
would
comment,
That is there
a
the
saieg
out selling, and we
everybody else has to get
selling, and selling is a matter
out
have
are
sell
cause
new
mend to you
based
we
I
How
we
going
serv¬
think
we
do it,
can
if
Chicago),
Chairman
Committee,
tion
lowing
"W
on
our men to sell. Be¬
have had
13 years of
our young men
have gone in the services, and
they have gone into operating
lathes, they have gone into this
and that and
other things, and
they haven't gone into your busiThey haven't gone into the
sales department of so many of
businesses. And sales, for so
many dealers today, merely means
has
•,
of
custom
tion
of
color
that
we
won,
is
one
the
20th
Convention of
the
N.S.T.A.
and I
all
am
will
sure
agree
that
it
was
one
of
the
most
able
enjoy¬
and
cessful
suc¬
Con¬
have
held.
the
we
ever
From
enthusi-
t i
c
Edward
because
the
tended
to
seem
be
of
almost
$8
billion
•
,
„
p-
nirture
Now
it
appears
the
We
looking
are
newing
our
forward
sys-
cj.-
f
°
.
,
next September."
BANK, INSURANCE
SELECTED INDUSTRIAL STOCKS
DIRECT PRIVATE WIRES TO
5//oc&
ts/frm/wi lAetr-
MONTREAL
IS31
&xc/i<inye am/
AND
TORONTO
DIRECT PRIVATE WIRES TO
/eac/tny.
CORRESPONDENTS IN FOLLOWING CITIES
Los
Stocks
65
•
Bonds
*
Commodities
5$roadway, t/\ew
0tya^a,
30
190 A
5/uatw
6,
Hartford
Boston
Angeles
dV. ^/.
Chicago
Philadelphia
Providence
Worcester
New Haven
San Francisco
Meriden
Daytona Beach
AclLKi®al)C).
V
ty/orA 20,
ESTABLISHED
1865
Members New York Stock Exchange
,
and other
leading Domestic and Canadian Exchanges
Chicago, Illinois
•
Waterbury
•
• Vineland, New Jersey
Connecticut: New Haven
Danbury
•
Meriden
Paris, France (Foreign Representative)
Memphis, Tennessee (Cotton)
Pennsylvania: Philadelphia
•
Torrington
London, England
•
•
Bethlehem
Hartford
Caracas,
•
1 Wall Street
,
•
Venezuela.
•
DIgby 4-2525
re-
1954 Convention in Atlantic City
and
(xAa/Ztd/m/
to
old acquaintances and
color
system will be approved. The
of
;.
the highlights of the Convention,
in
that
storv
f
UNLISTED DEPARTMENT
incompatible
an
system.
well
very
pleased. This issue of the "Chron-
by our
obsoleting the consumer's
Welch
ments I have received all who at¬
PRIMARY MARKETS MAINTAINED
gov¬
H.
com¬
Complete Brokerage Service
of
going in the direc¬
approving
by
that
fol¬
the
have
victories the industry
was
investment
if this
eventually
a
ever
ernment
feel
Conven¬
conclud¬
ed
ness.
our
of
issued
telecast in color, you will receive
it in black and white, but you will
receive the entertainment content,
We
the sell¬
statement:
e
just
a s
we
training
all-out production,
do
we
is
ahead
Highly Successful
the
and
are
consumer
Edward H. Welch (Sincere & Co.,
ventions
products
we
what
on
f matter
^
economy
our
cre-
Convention Was
going to sell these
these
1S
ing front in all phases of activity.
cus-
is
matter of
a
that the
going to sell
higher living standard,
ahead
It is
:
demands,
new
challenge
commodities?
to
these
of
are
creation.
of
problem.
How
start
to
all
here for.
am
we
think
ciHy larger
Qf Detroit
city
great
have
ices?
compatible
I would like
system
of other comment
fully
a
Com¬
the
than
it
pleasure, and I enjoyed this
golf course, but basically that is
everv vear
a
If
for
the
haTe 11
We
million
There
that.
about
that, I wouldn't be
I appreciate the honor and
here.
CTe^^roducrgoods bTfore6
could
good
the
convince
if
has
something to the industry, television, is going to happen in
industry has been able black and white versus color.
tribute
and
that
have been able to
business
con¬
color, and that is this: That we
company,
Radio
production
a
negli^ble. beraaselifter
all the time television has
been creating this new market,
and I think that the same pattern
of the ramifications
some
peak.
now
hope to sell you an
dodging
no
weren't
capacity, that is modern, that is
terrific »nd also can produce goods
one
And I think the
fht hit'^'markirwilf nraf
ticaUy be
have
We
I
interest in Hoffman Radio.
done as far as equipment for tele- that. time. Then we came up to
casting color itself. I think we Korea, and it was decided that we
probably will see small-sized pic- would have a military economy
ture tubes about half the size of on top of the civilian economy, so
anything that has been pur¬
chased up to this time will not be
the appointed appraisers.'
ever
I think
cutting the price. And that is not
constructive selling. I suggest to
you that the challenge ahead to
industry and to you people is the
sales problem. We recognize it as
such, and we certainly are putting
our selling togs on.
As a matter
of fact, that is one of the reasons
and
the appraisal of
to
will have to work
we
bit harder.
ing ourselves
all, radio did not drop when telecolor, because I know that if vision came along. As a matter of
I don't touch on it, somebody will fact,
radio sales this year are
ask about it anyway. I would like going to hit almost an all-time
obsolete.
titled
and
the
would like to take this problem
the greatest
estate
some
?m g0inHgtH° take T hm0rw
ciation
who
by
next year.
member of the National Asso¬
of
at
way
of
be
appreciate that
can
it
do something.
we
each may vary so the
this
of
Color
1
of
business.
of
out
lawyer
a
so
15
page
the
I
Why
should anyone else use our figures
trust
from
SCSXS
so
by law) in establishing values and
also the makers of markets.
been
Your
better year
too.
"We
have
freightwise, which has your present 21-inch tube on the we went into another production
been quite a problem in the past, market
this coming spring or cycle building new plants and
and we look forward to a good summer, and they will cost ap- everything else,
oo we have had
year this jear as well as even a proximately five times what the
^ears of all-out produc-
fellow
good
a
I
other
think you ought to stop worrying
about it for one thing.
Kansas
handling the order
being
sorry
become economic hypochondriacs,
Business is so substantial, and we
are so fat that we have worried
that it will slide off a little bit
lengthy but I couldn't get this to
any
economy.
compete
get left,
we
the
is
40%.
do get some sales
we
that
feel
That
crease
dis¬
are
this
If
City plant will be
ready in November and it will in-
commission.
a
had.
new
lap and
securities
in September,
anyhow I would certainly like to
talk to you about it.
"I'm
great deal of guessing about
I think we have
a
our
done as far as the components II. When World War II was over,
are concerned. There is much to we had the challenge of supplying
true. We are going into be done so far as production tech- all the consumer goods, and we
the Eastern markets. Our niques are concerned, much to be went into a production spree at
have
some
of
few
a
our
kind, then
if
even
and
see
mass
a
that
into
make
Sometimes the
still
on
hopes
fall
thereby
I
to
deceased. We
of the
markets.
of
is
President, Harry
Arnold, spoke of our going East,
off of productive work
put
and
check
even
real
the
Lend
cor¬
porations
has
this
you
before
anticipate doubling our sales tern itself has been pretty well pacity, and after we entered the
this year with our expansion of worked out and is ready for mar- war and after Pearl Harbor, we
new
markets. We have doubled keting, as far as the circuits are built up the industrial capacity to
the
number
of
distributors
we
concerned. There is much to be meet the challenge of World War
quotes but dig out unlisted quotes
or
of
the
would
we
listed
up
^are
it
Electronics Industry—
Billion Dollar Infant
industry is called
our
think
you
I think this
frankly has become the
custom. But when it comes to get¬
ting quotations as of the date of
death then
you
NSTA
moment."
that
and
have
they
traders
to
bringing
convention
establishment
beautiful
a
You
ap'peals
you
his lawyer,
an
that
idea
since consider
with
horses of this industry and make
the
biggest contribution to the
good and loyal friend of the
a
do
Continued
they usually end up as a
friend, relative or an associate of
or
know
the
of
one
we
hap¬
19
*
of
hazard
either the executor
as
be|in
to
this fee anyhow.
"What
estate valued at $500,000 carries
fee of $500 for each appraiser.
Now
appointed
will
to pay
value of the estate. In other words
an
be
appraisers
considered plums and the fees for
each amount to one-tenth of one
CHRONICLE
*■
New York 5
.
THE COMMERCIAL and FINANCIAL CHRONICLE
20
Thursday, October 8,
1953
NSTA Affiliates and Members
Security Traders Association of New York
Secretary: Alfred F. Tisch, Fitzgerald & Company, Inc.
BURIAN,
Directors: Harry L. Arnold,
BURKE,
National Committeemen:
Harry L. Arnold, Goldman, Sachs & Co.;
Samuel E. Magid, Hill, Thompson & Co., Inc.; John D. Ohlandt,
Jr., Eastern Securities, Inc.; Stanley L. Roggenburg, Roggenburg & Co.; John J. Meyers, Jr., Gordon Graves & Co.
Alternates: James P. Cleaver, Goodbody & Co.; Edwin J. Markham, Wertheim & Co.; Barney Nieman, Carl Marks & Co., Inc.;
John J.
O'Kane, Jr., John J. O'Kane, Jr. & Co.; Walter F. Saun¬
ders, The Dominion Securities Corporation.
Meyers, Jr.
George V. Hunt
John
S.
Elected:
December, 1952; Took
Expires: December 31, 1953.
French
Office:
January
1,
1953; Term
OF
Rice
AAL,
C.
JEROME
Bache
&
&
MEMBERS
Lasser
Baxter,
F.
Williams
BUTLER, JOHN
Geyer
&
Co.,
Co.
Tellier
&
CABBLE,
Burns
Co.
JOSEPH
Bios.
CAHEN,
ABELOW. ALFRED
Mitchell
&
ACKERT,
PHILIP
Freeman
J.
I.
&
K.
Cahen
B.
The Dominion
W.
York
Walston & Co.
First Vice-President: George V.
Hunt, McLaughlin, Reuss & Co.
Second
Vice-Presidenti John S. French, A.
pany, Inc.
C. Allyn
J.
HERBERT
Company
Hentz
&
Co.
S.
Hall
New
R.
&
Bache
H. M.
Ingalls
A.
BARKEN,
Co., Inc.
Hirsch
PETER
BARMONDE,
Eric
&
A.
Kidder
M.
Co.
H.
C.
T. L.
&
Co.
Gersten
Reilly
(Associate)
&
P.
Co.
EDWIN
&
G.
Frenkel
COHEN. EUGENE M.
COLANDRO, JOSEPH N.
White, Weld & Co.
JULIUS D.
&
Allen &
Co.
C. MERRITT
Company
COLLINS, GEORGE L.
Geyer & Co., Incorporated
Drevers
Freeman
COLWELL,
W.
E.
&
Company
SAMUEL
Hutton
&
F.
Co.
CONLON, BERNARD J.
P. F. Fox & Co.
HENRY G.
Watson & Co.
CONLON. JOHN A.
Eastman, Dillon &
BURBANK, BERT
Co.
CONLON, Jr., JOSEPH F.
W.
White, Weld & Cu.
BURCHARD, GERARD
Charles King & Co.
Co.
&
II
Joseph Faroll & Co.
Snyder
Spencer Trask & Co.
BARYSH, MAX
Ernst
C.
BRYAN, CHARLES F.
BARTOLD, HENRY S.
Eastman, Dillon & Co.
Federal Income Taxes
Corp.
Witter & Co.
BRUNS,
D.
Wainwrlght
&
Dean
BARTON, D. FREDERICK
Eastman, Dillon & Co.
present
JAMES
CLEMENCE,
BRUGGEMAN, CHARLES
Co.
&
FRANK
Co
COLTHUP, JAMES F.
BARNES, RICHARD M.
BARRETT,
Exempt from
Gilliland
Boston
Goodbody
Corporation
BROWNE, HOWARD S.
Tweedy, Browne & Reilly
PHILIP T.
Barmonde,
Inc.
&
R. W. Pressprich & Co.
CLEAVER,
BROWN, THOMAS J.
JOHN S.
Higginson Corporation
Co.,
Trust Company,
First
COLEMAN,
Saxton &
&
Cohu & Co.
BROWN,
BARKER,
Lee
Rollins
CHAVE, WILLIAM F.
BROWN, HAROLD L.
LESLIE ~
Co.
Hornblower & Weeks
Browne &
&
G.
Week
CHRISTOPHER, WILLIAM
Hanseatic
ALVIN
H.
CHAPMAN, EDWARD L.
Spencer Trask & Co.
BROWN, D. HOWARD
W.
Byllesby & Company Incorporated
BARBIER,
G.
Company
Webber, Jackson & Curtis
Tweedy,
Co.
JOHN
The
GEORGE F.
York
Co.
WILLIAM
CHANNELL, CLIFFORD K.
PETER
BROWN,
AVERELL, ALFRED B.
BAIR.
Inc.
BROOMHALL, ALLEN
*
Co.
Plainfield, N. J.
Co.,
&
&
The State
Graham, Ross & Co., Inc.
Paine,
Co.
&
Legg
(Associatei
CHADWICK, TABER J.
(Associate)
STANLEY BRUCE
BROODS,
(Associate)
GERALD
Aronson,
&
Co.
CASPER, HARRY D.
John J. O'Kane, Jr.
AllenJfc Company
ARNOLD, HARRY L.
Goldman, Sachs & Co.
ARONSON,
Interest
C.
BROCHU,
H.
STATE AND MUNICIPAL BONDS
White
ALLEN,
&
Blair,
^
BREWER, III, JAMES R.
John
ALTMAN, MOSES K.
Underwriters, Distributors and Dealers
G.
Corp.
JOEL
&
CARROLL, JOHN J.
Inc.
FRANK J.
BRENNAN, JAMES I.
(Associate)
(Associate
CARRINGTON, Jr., WILLIAM G.
Ira Haupt & Co.
Co.
Pizzinl & Co..
BRIGGS,
and Com¬
Treasurer: Nathan A. Krumholz, Siegel & Co.
W.
ALEXANDER, DOUGLAS C.
Joseph J. Lann Securities, Inc. (Associate)
Allen
"
Zuckerman, Smith & Co.
C. A. Alberts & Co.
President: John J. Meyers, Jr., Gordon Graves & Co.
&
Hanseatic
A.
Albert
BRAND, HARRY L.
ALBERTS, CHESTER A.
Securities Coiporatior
CAMPBELL, JAMES V.
H. C. Wainwright & Co.
Capper &
McLaughlin, Reuss & Co.
ALBERTI, JOSEPH S.
Alfred F. Tisch
Bros.
BRADY,
AIGELTINGER, FRANK
Aigeltinger & Co.
Inc.
Co.
CALLAWAY, Jr., DAVID II.
First of Michigan Corporation
CAREY.
BRADLEY, WALTER V.
AIELLO, MARK T.
Spencer Trask & Co.
Nathan A. Krumholz
Co.
&
B. Boucher & Co.
Sutro
H.
&
CALEF, JOHN C.
Bendix
McManus
BOUTON, HOWARD R.
Company
C.
Denton,
CAPPER, MILTON
BOUCHER, JOHN B.
Company
&
SAMUEL K.
CAPPA. MICHAEL
Bros.
Joseph
ABELE. EDWIN A.
Blair, Rollins & Co., Inc.
Incorporated
BYRNE, HENRY W.
CANTER,
BOND, JOSEPH V.
&
Company
Newborg & Co.
CANAVAN, JOHN J.
BOLOGNINI, RINALDO A.
Co.
Company
BUSCHMAN, HERBERT
Sartorius
ABBE, RICHARD
and
Auchlncloss, Parker & Rcdpatn
Mitchell
New
ROSTER
F.
HAROLD J.
BURKE, JOHN
S.
John J.
ARTHUR
Daniel
Goldman, Sachs & Co.; Leslie Barbier, G. A. Saxton & Co., Inc.; Richard M. Barnes, A. M. Kid¬
der & Co.; Thomas Greenberg, C. E. Unterberg, Towbin Co.;
Edward J. Kelly, Carl M. Loeb, Rhoades & Co.; George V.
Leone, Leone & Pollack; Daniel G. Mullin, Tucker, Anthony &
Co.; Henry Oetjen, McGinnis & Company; Lewis H. Serlen,
Josephthal & Co.; Charles M. Zingraf, Laurence M. Marks & Co.
C.
Pitfield
&
Co., Inc.
COPPLE, LIVEY E.
L.
Smith, Barney & Co.
BARYSH, MURRAY L.
Ernst
BOND
THE
CHASE
OF
THE
DEPARTMENT
OF
NEW
BASTIAN, WILLARD
Geyer & Co., Incorporated
YORK
Bell System
Teletype NY
Batkin
Co.
&
BEAN, JULES
Singer, Bean
1-1010
'
l
0
BATKIN, ELY
Pine Street Corner of Nassau
Tel. ITAnover 2-6000
Co.
BASS, SOL
Bear, Stearns & Co.
NATIONAL BANK
CITY
&
BECKER.
=A
Markie.
&
EDWARD
Reynolds
&
Inc.
Underwriters, Brokers
I.
and Dealers
Co.
BECKER, FRANK
Guaranty Trust
H.
of New
Company
distributing
York
BELKNAP, WILLIAM F.
William
R.
Staats
Co.
&
Corporate
BEN, HANS E.
New
GRACE NATIONAL BANK
Abbott, Proctor & Paine
BERTSCH,
A.
Grady,
OTTO
A.
&
FOR
Co.
SAMUEL F.
Bissell & Meeds
BEZER, CHARLES A.
Sutro Bros.
-
Co., Inc.
Berwald
BESWICK,
Laird,
since 1886
ARTHUR W.
Saxton &
BERWALD,
COMPLETE CLEARANCE FACILITIES
municipal Securities
and
Corporation
BENTLEY, HAROLD W.
G.
OF NEW YORK
Hanseatic
York
Co.
&
BIES, SYLVESTER J.
Edward
LOCAL AND OUT-OF-TOWN
Brokers and Dealers
S.
Ladin
Co.
(Associate)
BILLINGS. JOSEPH H.
Cowen
&
Co.
BIRD, JAMES F.
Gudef Winmill & Co.
W
birnbAum, nahum
E. HUTTON & CO.
Birnbaum & Co.
Write
or
call
for
BITTNER,
details
Shaskan
MURRAY
&
Co.
C.
Members New York Stock
(Associate)
and other
BLAIR, FRANK H.
Allen &
Clearance Department
Company
BLANCHARD,
HANOVER
SQUARE, NEW YORK 15, N. Y.
Exchange
leading exchanges
STEPHEN
NEW YORK
L.
CINCINNATI
Schwabacher & Co.
;
BLOCKLEY, JOHN C.
Philadelphia
Harris, Upham & Co.
Member
Federal
Deposit
Insurance
Corporation
BOGGS, WILLIAM H.
Carl
M.
Loeb,
Rhoades
BOLAND, WILLIAM H.
L
Boland, Saffln & Co.
&
Co.
Lexington, Ky.
Baltimore
Euston, Pa.
Boston
Dayton
Portland, Me.
Hartford
Lewiston, Me.
Convention
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
CORBEY, JOSEPH J.
Allen &
FARRELL, JOHN J.
Company
Farrell
CORKEY,
DONALD B.
Hutton & Co.
F.
E.
CORLEY,
Blyth
EDWARD
&
Co.,
Peter
P.
&
Mitchell
Co.
Good'oody & Co.
M.
Marks
&
Co.
Reed,
Lear & Co.
CRY AN,
M.
Co.,
Inc.
(Associate)
CUNNINGHAM, FRANK
Kidder, Peabody & Co.
Stone
&
CUSACK, JOHN T.
Amott, Baker & Co.
ERNEST
&
Curtis
Merrill
Sutro
&
Co.
&
Beane
Co.,
&
&
DeFINE,
ROBERT
DELAIRE,
F.
DE
MAYE,
Sutro
De
L.
H.
&
E.
R.
Co.
Co.
Wm.
M.
&
GUITON,
G.
,,
WILLIAM
V.
&
Wien
S.
Co.
&
C.
Laurence
Frazier
FREDERICK,
Co.,
Inc.
(Associate)
R.
Co.
&
Baxter,
PAUL
Williams
O.
Co.
Warren
W. York
&
B.
JOHN
Frederick
FRENKEL,
Company,
Inc.
Gersten
J.
M.
Wm.
P.
Co.
JOSEPH
Frankel
A. G.
Co.,
Edwards
GAVIN. JAMES
Walston
&
&
Co.
Chas. E.
Co.
Oscar
Barr
Bros.
GIBBS.
Pierce,
Edwin
& Beane
WILLIAM
ENGLE,
GISH,
&
Kruge
KRUMHOLZ,
Co.
Siegel
Co.
NATHAN
Inc.
A.
Peabody
&
Co.
&
KELLY,
HANNS
KUEHNER,
Co.
Kuehner
E.
Co.
&
JOSEPH
Burnham
and
ROBERT J.
Bonner
KUIPERS, HENRY G.
Lord, Abbett & Co.
Company
J.
(Continued
& Gregory
page
on
Co.
P.
&
S.
J.
Mabon
&
Corporation
-☆
itl
Bleichroeder, Inc
J.
Heaney
&
Co.
Co.
HECK, JOHN
THOMAS
J.
.
HEIDINGSFELD, JESSE
Ira Haupt & Co. (Associate)
HERZOG, ROBERT I.
Herzog & Co., Inc.
HIGGINS,
GEORGE FARRELL
Clark, Dodge & Co.
HINCHMAN, ROBERT M.
Son
Ira Haupt & Co.
HINES, JOHN D.
Co.
Dean
KINGSTON
Witter & Co.
HOBLITZELL, BRUCE C.
Wm. L.
Burton & Co.
HOLTZMAN, SYDNEY
HORCH. ERNEST M.
P.
Lazard
(Associate)
New
CARL K.
and
Kuhn,
Company
THOMAS
W.
Securities
York
Oppenheimer,
(Associate)
Loeb
HOUGH,
Corporation
&
&
Co.
C.
C. J. DEVINE
Co.
CLINTON
G.
48 Wall
Long & Meaney
HUFF. Jr., ASA C.
I.
Georgeson
&
Chicago
Co.
4
CO.
Vanden
Broeck & Co.
HAnover 2-2727
Street, New York 5
•
Boston
Cleveland
GOLDSCHMIDT, SAM'L
Inc.
Co.
HORTON. CHARLES
Wertheim
GOLDMAN, EDWARD PRINCE
Higginson Corporation
&
Corporation
Hanseatic
GOLD, SAMUEL
Lapham «fe Co.
THOMAS S.
Freres
HORN, EDWARD A.
GOLD, SAMUEL
Shields & Company
FABRIC ANT, SEYMOUR
Wm. E.
Pollock & Co.,
EARL H.
Gearhart & Otis, Inc.
A.
Co.
Carolina
TRACY R.
•
Philadelphia
Cincinnati
•
Washington
St. Louis
•
•
Pittsburgh
San Francisco
•
HULSEBOSCH, GERARD F.
Godnick
HUNT,
E.
White,
&
Son
JANSEN
Weld
& Co.
■
'
'
■
■
..
Private
Wires
♦
UNLISTED
&
LISTED
ATLANTA
BOSTON
PERSHING & CO.
BUFFALO
SEC]UICITIES
kJJLJ
J
JL
v
JL
JL
jJUky
CHICAGO
Members
DETROIT
HARTFORD
New York Stock
American Stock Exchange
Exchange
PITTSBURGH
Chicago Board of Trade
PROVIDENCE
TOLEDO
TORONTO
v
22)
HELBIG, BARON G.
Baron G. Helblg & Co.
D.
Tatro Co.
LOUIS
GLEASON.
Hunter Securities Corporation
Lee
&
A.
L.
Boettcher
SAMUEL
ERICKSON, WILLIAM T.
EVANS,
C.
Laird, Bissell & Meeds
Gill &
& Company
&
&
GILL, THOMAS
FREDERICK R.
Englander
C.
C.
HOOPER,
Fenner
Goodbody & Co.
Freeman
E.
GEYER, GEORGE
Geyer & Co., Incorporated
EGENES, BERGER
ENGLANDER.
WALTER
KELLY, JAMES FRANCIS
KELLY,
MICHAEL
Hardy & Co.
Industries, Inc.
Gruss
GHEGAN,
EISELE,
&
Joyce,
Hanseatic
HEFFERNAN,
GERTLER, JOHN H.
PETER duBOIS
Qulncey & Co.
Lynch,
KRUGE,
HECHT, JOSEPH T.
•?-
& Co.
JOHN
Petroleum
ECKSTEIN, J. FRANCIS
Interstate Securities Corporation
Merrill
F.
Mathey & Co.
Michael
GERSTEN, HENRY B.
EBBITT, KENNETH COOPER
Shelby Cullom Davis & Co.
ECKLER,
A.
HEANEY,
Co.
&
GERMAIN,
EATON, STANLEY C.
Bendix
Gregory
Burnet & Co.
Arnhold
Co.
&
GEARHART, Jr., FREDERICK
Gearhart & Otis, Inc.
C.
Masterson
L.
GANSER, EDWARD N.
First of Michigan Corporation
Co.
C.
Frank
Inc.
HARVEY, EDWARD A.
PAUL A.
Peter Morgan
DURNIN, JAMES B.
H. D. Knox & Co., Inc.
JOSEPH
EUGENE
Company
York
W. E.
GANNON. LESTER F.
DUNNE, FRANK
EIGER,
New
Bradley, Gammons & Co., Inc. (Associate)
S.
GAMBOL J.
& Rollins (Honorary)
EAGAN,
&
KRISAM, WILBUR
Geyer & Co., Incorporated
Hirsch & Co.
Co.
WILLIAM
Hardy & Hardy
Schoellkopf, Hutton & Pomeroy, Inc
Lynch, Pierce, Fenner & Beane
&
Bonner
KEATING, LAURENCE C.
Kidder,
HARDY, HARRY J.
& Sons
GAHAN. JOHN P.
Dunne
Inc.
Corpn.
Inc.
W.
FUCHS, AUGUST G.
George B. Wallace
Incorporated
GAMMONS,
Dunn
&
Securities
KRASOWICH, JOSEPH D.
& Co.
HATZ, ARTHUR
F.
&
FRANCIS
DOYLE, LESTER T.
Hardy & Co.
Merrill
F.
WILLIAM I.
KRANZ, GEORGE
Piitnam Fund Distributors,
Walter
Frenkel
DONNELLY, Jr., JAMES A.
Reynolds & Co.
DUGA, J.
KORN,
& Co.
KELLY, EDWARD J.
Carl M. Loeb, Rhoades
Co.,
(Associate)
FRANK H.
DePasquale Co.
Co.
Alstyne, Noel
KELLEY,
GURDEN
Hutton
Co.
LESTER
&
FROST,
V.
DUNN,
&
LAWRENCE
DONADIO,
Co.
ARTHUR T.
Allen &
FRINGS, J. GEORGE
Sterling, Grace & Co.
Boucher &
B.
Free
&
Co., Inc.
WILLIAM II.
Kidder & Co.
DOLAN,
E.
Bros.
KOLLER, Jr.,
KASSEBAUM, JOHN E.
Van
Inc.
HARTIGAN, RAYMOND A.
DOHERTY,
A.
L.
Curtis
Co.,
HART, MAURICE
J.
and
W.
Lasser
Shelby Cullom Davis & Co.
Pizzini &;
W.
HARDER,
G.
&
L.
Co.
&
FREDERICKS, Jr., PAUL C.
&
Jackson
&
KOERNER, IRVING
Allen & Company
Co.
Shearson, Hammill
& Co.
W.
Knox
GEORGE J.
Dominion
Alsberg
JOHN
L. Day
D.
KOCH,
KANE, WALTER
GUTTMAN, RUDOLPH
White, Weld
Co.
(Associate)
KNOX, HERBERT D.
Co.
KANE, THOMAS FRANCIS
&
Co.
&
Wertheim & Co.
KANE, GERALD F.
Ernst
W.
GEORGE
Lebenthal
Wood, Gundy & Co., Inc.
Inc.
Delafield
&
Bullard & Smyth
KNAPP, REGINALD J.
Inc.
KALES, DAVIS
Co
Corp.
KLEIN, LEROY
Co.,
&
IRWTV
HAMILL,
Dixon
Allyn
Webber,
Incorporated
FRAZIER, LAURENCE S.
Co.
Co.,
&
(Associate)
Securities
CHARLES E.
Granbery, Marache & Co.
ALLAN
Frank C. Moore <Sc
Co.
KLEIN,
H.
H. FRASER
Forgan
Kaufmann,
Co.,
Delafield
Filor,
KAISER, CHARLES M.
Grady, Berwald & Co., Inc.
Co.
Co.
I.
King
&
KIRTLAND,
R.
&
&
JOSEPH J.
KIRK,
Co., Inc.
O'Connell
King
Bros.
King
Charles A. Kahl &
&
F.
&
&
A.
SAMUEL H.
KING,
KAHL, CHARLES A.
R.
Saxton
Paine,
Whitehead
&
(Associate)
Co.
&
MARTIN
Sutro
JOYCE, WILLIAM H.
Joyce, Kuehner & Co.
Homer
GUTBERLET, EDWIN S.
FRENCH, JOHN S.
A. C. Allyn and Company,
A.
A.
Glore.
Inc.
DIXON.
DOHERTY,
JOSEPH
HARRY
GURLEY,
A.
Co.
Frankel
F.
Charles
KING,
WALTER
Saxton
KADELL,
Craigmyle, Pinney & Co.
FREE, FREDERICK L.
&
Sunstein
GUMM,
Gardner
&
Gerstley,
A.
OLIVER
Starkweather
JUNGER. SAMUEL H.
D.
SAMUEL
HALK,
T.
WILLIAM
G.
(Associate)
Joseph McManus & Co.
FRANKLIN, ROBERT
F.
Lubetkin
Inc.
Walker & Co.
GUTTAG.
&
Co.,
GRONICK,
HALSEY,
Boland
&
GROWNEY, E. MICHAEL
DITTELL, LEONARD
Dreyfus & Co.
Cutter
(Associate)
Company
FRANKEL,
&
Co.
RALPH
Seligman,
Greenfield
Iv.
J. W. Sparks & Co.
-J
Corporation
FRANKEL, HERMAN
Singer, Bean & Mackie,
J.
SAMUEL
S.
HARRY
Rob-inson
KING, CHARLES
Estabrook & Co.
GRIMSHAW, FREDERICK M.
ADRIAN
KIMBERLY,
Co.
&
GRIFFIN, OSCAR
j"
Pont & Co.
Co.
Ungerleider
DEVLIN, HUGH J.
John
&
Co.
JOHNSON, STANLEY J.
Battles & Company, Inc.
GREGORY, Jr., WM. II.
Bonner & Gregory
R.
Securities
Reinholdt
Ingraham &
DIMPEL.
Beane
BARTON
FRANKEL.
JOHN E.
Bros.
SOCIO,
&
JOSEPH
&
Miller
W.
&
KILMER, HUGH
Hardy & Co.
A.
&
CHARLES H.
JOHNSON,
FRANK, ROBERT R.
Co.
Reuss
ALLEN
Company
Ellis
H.
G. H.
B.
Frank
Berlinger
ALVIN
McLaughlin,
D.
FRANK, ISADORE
Gregory
Frederick
S.
American
Inc.
DEDRICK, GEORGE
Joseph McManus &
IRVING
and
Cosgrove,
JANN,
IRVIN
Vanderhoef
JACOBUS, ROYDEN E.
Vilas & Hickey
Towbin Co.
GREENE, NATHANIEL
FRANK, HAROLD W.
Inc.
DAWSON-SMITH, STANLEY E.
Eonner
FOX,
EDWIN
Sherman
D.
Raymond Kenney & Co.
KERR,
IRVING
Co.
THOMAS
GREENFIELD,
-
F. FOX &
&
Corporation
JACOBS, SIDNEY
Sidney Jacobs Co.
Inc.
C.
Unterberg,
Greene
E.
Ladenburg, Thalmann
THOMAS JOSEPH
Allyn
du
E.
GREENE,
FRANK, ALBERT F.
MARTIN
C.
A.
C.
O'Kane, Jr., & Co.
S.
Co.,
D.
JANARELI, JOSEPH
GREENBERG.
Co., Inc.
JOSEPH
L.
_
Fenner
(Associate)
Eberstadt & Co.
DAVIS,
John J.
P.
Pierce,
HENRY
Bros.
DAVIS,
F.
Lynch,
JOHN
&
JACOBS,
P.
Purcell
A.
ITTLEMAN,
Co.
&
Co.
ISAAC. IRVING H.
Stryker & Brown
Bruce & Co.
IRVING
Pitfield
C.
Edward
Inc.
FOX, P. FRED
DANEMEYER, JOHN J.
DAVIS,
Pitfield
C.
Francis I.
Peck
&
GRAHAM, FRANK
F.
& Co.,
FOOTE, GORDON
DALE, CALVIN D.
Hill
R. Williston,
W.
JAMtS
L. Canady
FLORENTINE
A.
Paine, Webber, Jackson
Adams &
W.
J.
A.
Byfield
II.
Company
WILI.ARD S.
Benjamin.
FLECKNER, WILLIAM L.
Merrill Lynch, Pierce, Fenner
Incorporated
RICHARD
&
<b
Securities
Hunter
Qo.
&
GRACE,
EDWARD
S.
FLANAGAN,
Webster Securities Corporation
DAHLGREN,
Shields
FITZPATRICK, DOM1N1CK A.
Van Alstyne, Noel & Co.
CURRY, THOMAS L.
Ashplant
W.
FISCHER.
W.
(Honorary)
B.
GOURSE,
FitzGERALD, JOHN M.
CURRIE, Jr., JAMES
KENNEY, JAMES F.
H. M. Byllesby and Company,
Incorporated (Associate)
GEORGE B.
D'Assern
Co.
CHARLES
FILKINS, WALTER L.
Troster, Singer & Co.
FitzGLRALD,
Cryan &
HUNTER, WELLINGTON
&
GOWAN, VINCENT M.
Robert
FRANK M.
Frank
KENNEY, D. RAYMOND
GOODMAN,
Company
Spiegelberg, Feuer & Co.
CROWLEY, JOHN B.
HUNT, GEORGE V.
McLaughlin, Reuss & Co.
F.
FEUER, ABRAM J.
CRONE, EDWARD A.
Laurence
&
HUNT,
SAUL
Golkin
FELTMAN, IRVING L.
S.
CRAIG, JOSEPH J.
KENNEDY, WALTER V.
Coffin & Burr, Incorporated
GOLDSTEIN, DAVID
Newburger, Loeb & Co.
GOLKIN,
GOODEVE.
FELDMAN, ARNOLD
Stieglitz & Co.
Inc.
McDermott
Co.
Bonner & Gregory
M.
COURTNEY, HARRY
...
„
Securities
FARRELL, JOSEPH V.
21
Teletype NY 1-750
Telephone WOrth 4-4300
WHEELING
YOUNGSTOWN
120
BROADWAY, NEW YORK 5, N. Y.
1
\
(
fHE COMMERCIAL and FINANCIAL CHRONICLE,
22
Mis.
&
Mr.
Harold
B.
Smith,
Pershing
&
Co.,
New
York
City;
Mrs.
Med
Ilch,
Idaho
Power
Mr.
Co.
mader, henry j.
White, Weld fit Co,
Security Traders Association of New York
Mrs.
Henry
J. Arnold, Geo. Eustis & Co., Cincinnati; Mr. & Mrs. Lee R. Staib,
Cincinnati; Mr. & Mrs. Joseph H. Vasey, Geo. Eustis & Co., Cincinnati
McKENNA, FRANK
-
Grimm
magid, samuel e.
Hill, Thompson fiz Co.,
(Continued from page 21)
&
Geo. Eustis & Co.,
<
Thursday, October 8, 1953
V.
MALONE,
KUMM.
OF MEMBERS
WILLIAM
J.
Coggeshall
LICHTENSTKIN,
E.
Hicks
&
LACY
KUX.
American
Nile
Corporation
Dillon
Eastman,
,
LADD,
The
fit
HERBERT
Pulis,
fiz
Boston
EDWIN
Edward
LALLY.
Co.
S.
II.
Ellis
Co,
Inc.
McLaughlin.
Carl
Marks
fiz
Reuss
fiz
MARTENS.
M.
Cohu
fiz
Co.,
Co.
fiz
Bear,
PALL
J.
LUKOW,
Weeden
PHILLIP
Ira
C.
Sz
Co..
JOSEPH
LANN,
Joseph J.
LARKIN,
fiz
Goodbody
D.
fiz
A.
Lauer
LEIBERT,
Mitchell
Inc.
MacCallum
&
Co.
Equitable
V.
The
LEONE, GEORGE V,
Leone
LEVY,
&
LEVY,
LEWIS.
Ira
Sachs
MARTIN
Lee-Willen
fiz
&
fiz
Union
N,
Vernon,
N.
Y.
Pierce.
Fenner
&
Beanc
Blyth fiz Co.,
W.
E.
MURPHY, RICHARD J.
Wm.
Van
Deventer
Adams
Bendix
A.
&
fiz
McGIVNEY,
McGOVERN,
McEvoy
MADDOX, Jr., WILLIAM
Goldman, Sachs & Co.
Allen
Fenner
fit
Beane
Burton
R.
Uhlmann
T.
McGOWAX.
Inc. (Associate)
FRANK
Inc.
B. J.
MILLER,
G.
fit
Co.
Igoe,
Co.
J.
Bonner
East Orange,
N.
J.
New
V.
Inc.
Carl
&
JOSEPH
Libaire,
Stout
&
L.
List
fiz
Co.
Thomson
Co.
Eastern
Publishing Company
HERCULES
i
'
Kidder fiz
fiz McKlnnon
Jr..
JOHN
Securities,
D.
Inc.
O'KANE, EDWARD R.
John
J.
O'Kane. Jr. & Co.
O'KANE, Jr., JOHN J.
JOIIN
John
Co.
MUELLER, Jr., WILLIAM C.
M.
Inc.
Fitzgferald fiz Company, Inc.
OHLANDT.
fiz
(Honorary)
A.
J.
Co.,
O'HARA, WALTER T.
A.
Harris, Upham fiz
INCORPORATED
fiz
Ogden. Wechsler fiz Co.
Buck
McDermott
Blue
EDWARD
Childs
OGDEN, CHARLES D.
Co.
MORTON, ROALD
The
Co.
Whitehead
McGinnis fiz Company
MORTON, PAUL S.
MOTTINO.
fiz
fiz
OETJEN, HENRY
MOORE, MELVILLE
WM y. FRANKEL & CO.
F.
Pont
S.
McGinnis & Company
EDWARD
P.
du
Miller
O'DONNELL, JAMES
Co.
MORRISSEY, JOSEPH P.
Peter
C.
Co.
B.
&
Newborg fiz Co.
J.
Corp
Inc.
O'CONNOR, WILLIAM D.
Marks
Richard
Co.
O'CONNELL, HOMER J.
Homer O'Connell fiz Co., Inr
GILES
RICHARD
&
Marks fiz
O'CONNELL,
Beane
F.
Laurence
Laidlaw
Corp.
Hanseatic
Francis I.
A.
MONTANYE,
MONTE,
York
Cosgrove,
Duffy fiz Co.
M.
Gregory
NYE, JOSEPH
Pierce, Fenner fiz
GERALD
King,
&
NOKE, G. HAROLD
Thompson & Co., Inc.
J.
Co.
NIEMAN, BARNEY
Inc.
MONTANYE,
Co.
fiz
WALTER C.
The First Boston
Incorporated
SAMUEL B.
Eastern Securities,
Merrill Lynch.
Jr.
NIELSEN, SOREN D.
Co.
Co.,
Edward
AT .'RED
Charles King fiz
Inc.
NELSON, GEORGE E.
NESTER,
&
MONAHAN,
Latshaw
fiz Co.
(Associate)
A.
RICHARD
MITCHELL,
Weeks
WILLIAM
Van Ingen
NELSON, GEORGE
Stuyvesant F. Morris,
T.
fiz
Barrett Herrick
Hill,
T.
J.
F.
George B. Wallace & Co.
MITCHELL, DAVID R.
JAMES
fiz
Co.,
MILT,
Peck
Co.
fiz
fiz
WALTER
Lynch, Pierce, Fenner fiz Beane
MUSSON, JAMES
Company
&
Co.
MYERS, ELMER E.
MILLER, JOHN
Amott, Baker &
b.
Merrill
Robinson
HARRY
fiz
fiz
Wainwright fiz Co.
MURPHY,
Co.
MILLER, HARRY D.
Eisele
39
L.
Murphy & Durieu
RANDOLPH
Graves
Nugent
Co.
Brothers,
S.
C.
MURPHY, WALTER A.
S.
&
Graves
MICIIELS,
F.
robert
McGIVNEY,
H.
I).
MEYERS. WILLIAM
Corporation
STEPHEN
Mcdowell,
'
MEYERS, Jr., JOHN J.
Mcdowell, iiarold m.
Corporation
Frederick
Gordon
Pierce,
fiz
Co.
PHILIP
Gordon
JAMES
Burnet
&
P.
Inc.
MURPHY, Jr., WALTER
(Associate)
J
Lynch,
Hornblower
F.
MURPHY, KENNETH
Co.
S.
WALTER
Rose
MEYER,
M.
Lynch.
McDONALD.
Corp.
JOHN M.
Dominion Securities
MacLEAN, JOHN S.
Winslow, Douglas fiz
Co.
fiz
Co.
MILTON
Shulro.
Securities
Merrill
Singer, Bean fiz Mackie, Inc.
L.
Legg fiz Company
Bonner fiz Gregory
JEFFERSON
ANTHONY
HERMAN
MEYER,
IRVING
Co.
McCLUSKEY,
Jr., HARRY
& Co., Mount
Securities
fiz
C.
MURPHY, HAROLD I.
fiz Co.
Joseph Faroll & Co.
McCarthy, jdaniel d.
VINCENT
MACKIE, ROBERT
Co.
Co.
MILTON
Haupt
L.
MEYER.
Hunter Securities Corporation
MACKESSY, T. FRANK
Abbott, Proctor fiz Paine
Pollack
GUSTAVE
Goldman,
Co.
MACDONALD,
Company
T.
MeDermott
D'Assern
Co.
McCABE, MATTHEW j.
Singer, Bean fiz Mackie, Inc.
J.
MacCULLEY, IRA B.
(Associate
EDWIN
P.
MEWING, II.
(Associate)
Shields & Company
MacCALLUM,
Co..
KENNETH
fiz
fiz
LYTLE, JOHN
LEIBENFROST, CONRAD H.
Stern,
Co.
MORRIS
LYONS, LAURENCE H.
Allen fiz Company
Inc.
R
&
fiz
McCALL. FRANK
Securities,
Co.
ROY
Knox
Masterson
JOHN
Merrill
fiz
Birnbaum
J.
Lann
THOMAS
LARSON,
H.
Inc.
C.
JOSEPH
Haupt fiz Co.
Cohu
NAT
LUTTERMAN.
White, Weld fiz Co.
John
Wainwright
Laidlaw
Co.
&
FRANK
MAVFIELD,
Birnbaum
C.
C.
Peter
MATHES,
LLOYD E.
Seligman, Lubetkin fiz Co.
Kidder, Peabody fit Co.
LAXGDON,
MURPHY, CYRIL M.
GEORGE M.
MERCOVICH,
Company
LUBETKIN,
Anderson
McVEY,
MENDEL,
GEORGE
Co.
fiz Co.
MULLINS, THOMAS J.
H.
Inc.
Co.
fiz
Tucker, Anthony
McMANUS, JOSEPH V.
Joseph McManus & Co.
MELLIN, WILLIAM
W.
E,
MULLIN, DANIEL G.
Lehman Brothers
ralph
Stearns
Frank
FELIX M.
Thomson fiz McKlnnon
F.
j.
Co.
FRANK
Goodbody
s.
Inc.
LOPATO, ALLAN
Allen
joiin
White, Weld fiz Co.
Co.
MAYER.
LANE,
fit
MASTERSON,
Compnny
Mclaughlin,
L
MARSLAND, ALLISON
Wood, Gundy fiz Co.,
LOPEZ,
fit
edwin
Werthelm
Co.
fiz
MICHAEL
(Associate)
markham,
LOELIGER, FRED V.
Corp.
S.
Ladin
EARI.K
Weld
THOMAS
Co.
martin,
ELMER
Green,
&
CHARLES
White,
Hayden, Stone fit Co.
LAND,
fiz
&
manson, john n.
Hardy & Co.
S.
CORNELIUS
Burnham
LITZEL.
Co.
EDWARD
3rd,
First
LA.DIN,
Lichtenstein
S
LIP8KY,
J.
Dowling
BENJAMIN
LIENIIARD, ERNEST
Troster, Singer & Co.
LACHMAN, JR., CARL F.
LACY,
Gill
-
R.
McLaughlin, Reuss fiz Co.
MULLIGAN,
•*>
ROSTER
WILLIAM
MULIIOLLAND,
Co.
fiz
Mclaughlin, joiin f.
J.
O'Kane.
Jr.
fiz
Co.
O'MARA, JOHN J.
Goodbody fiz Co.
Co.
.
Broadway, New York 6, N. Y.
Telephone: WHitehall 3-3960
Aetna Securities Corporation
TELETYPE NUMBERS:
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PRIVATE WIRE TO PLEDGER &
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111
Broadway
New York 6,
N.i Y.
Convention
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
23
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Dallas; Stanley M. Waldron, Merrill Lynch, Pierce, tenner & Beane, New York City;
Edwin J. Markham, Wertheim & Co., New York City
J
opitz, nu:»
PURDY,
w.
FRANK
ORLANDO,
PYLE,
J.
Singer
&
Co.
O'ROURKE, EDWARD JOSEPH
Goldman,
Sachs
OSBORNE,
C.
&
WARREN
Frederick
S.
REGAN, DONALD
Merrill
& Company
PEET,
REILLY.
&
HARRY
Denton,.. Jnc.
&
Co.
and
&
Mabon
Garvin, Bantel & Co.
RIGGIO.
PFLUGFELDER, WILLIAM II.
Co.
&
Mitchell
L. D.
EDWARD W.
& Co., Inc.
Knox
\
Gruntal
B.
Company
Co.,
A.
C.
Allyn
Singer,
Co.,
&
(Associate)
Bean
STOLLE, CARL
STOLTZ, CHARLES E.
G.
Co.
&
Shaskan
&
C.
A.
(Associate)
A.
E.
Saxton & Co., Inc.
Stoltz Co.
STONEBRIDGE, CHARLES L.
Merrill Lynch,
STRATTON,
Co.
Cowen
SILLS, LOUIS
&
Hirsch & Co.
Pierce, Fenner & Beane
GEORGE
F.
Co.
CURTIS J.
STRAUS,
Heimerdinger & Straus
IRVING
SILVERHERZ,
Inc.
STILLMAN, HARRY A.
RICHARD
Sherman
Inc.
& Mackie,
SHIPMAN, C. E.
Halsey, Stuart & Co. Inc.
D.
Incorporated
M.
STEVENSON, JOHN H.
SIEPSER, JAMES
JAY
&
Co.
&
STEVEN, Jr., ANDREW R.
Sherman & Co.
SIEGEL, SIDNEY
Siegel & Co.
J.
STRAUSS, ABRAHAM
Hay, Fales & Co.
Company
Burke &
CORNELIUS
&
Frankel
V.
STERN, FREDERICK
SHIPMAN,
L.
SCIIRANK, JOSEPH
ANDREW F.
STEIN, JOHN R.
Co.
&
G. K. Shields & Co.
WALTER F.
SCHWADRON, J.
Inc.
SHIELDS, GARVIN K.
Hutton & Company
Laird, Bissell & Meeds
(Associate)
Co.,
SHERMAN, LEE D.
SCHMIDT, WILLIAM T.
WILLIAM C.
REUTER,
PETKE, RUDOLPH J.
&
Wm.
Pont
du
SHERIDAN,
SCHLOSSER, GUSTAVE J.
Union Securities Corporation
Hickey
STEIN, IRVING
S. Weinberg & Co.
Robinson
S.
Francis I.
SCHLOSS, IRWIN
Goldman, Sachs & Co.
Securities, Inc.
RETALLICK. ARTHUR B.
Vilas
D.
STANLEY R.
SHERGER, JOHN W.
The Dominion Securities Corporation
H.
J.
Co.
FRANK H.
E.
SCHAEFER,
Company
Newborg & Co.
& Co.
W.
&
A.
Frenkel
&
SAUNDERS,
REISMAN, IRVING
MURREY
K. Cahen
Stout
F.
JAMES
STATTER, EUGENE G.
Hoit, Rose & Company
Josephthal & Co.
Frederick
Nordeman & Co.
Bruns,
Digest"
SIIEPPARD, EDGAR K.
->
FILIPPO, FRANK
Gersten
SASSA,
Libaire,
THOMAS
Eastern
>
J.
Haupt & Co.
PERLMAN,
S.
Burnham
(Associate)
F.
Bros.
King,
REILLY, JOHN F.
HOWARD
Co.
&
Equitable Securities Corporation
Company
&
EDWIN
Burns
PEISER,
Ira
and
EDWARD
Witter
SAN
SHAW,
I.
Smithers & Co.
F. S.
,
STARK, EUGENE
Investment Dealers'
"The
Securities Corporation
Union
C.
REILLY, JOHN A.
W.
Co., Inc.
VICTOR
R.
Eisele
&
Curtis
SHARP, ELIOT II.
Mackie, Inc.
Burton
L.
SANDBACH,
&
(Honorary)
DAVID
JOHN
William
H.
Corporation
Saltzman
&
SAMMON.
Lynch, Pierce, Fenner & Beane
PAYNE,
Burnham
V.
Robinson
RE1D,
Dean
Torpie
HERBERT T.
PAVIS, FRANK A.
Chas. E. Quinctiy & Co.
PEENE,
Co.
White, Weid & Co
White, Weld & Co.
ROBERT
A*
Bean &
Singer,
SOLOMON
Sachs
REDMOND,
k
PATTERSON, HOWARD G.
Union Securities
SALTZMAN,
Goldman,
REARDON,
C.
WILLIAM
SALISBURY,
KASCHKIND,
& Co.
PARSONS, HOWARD
Freeman
WILLIAM
Jackson
Webber,
KENNETH C.
STANFORD,
SHANLEY, RICHARD T.
Paine,
SALMAN, BERNARD
Co.
Phillip J. Clark, Amos C. Sudler & Co., Denver; W. T. Nightingale, President of
Supply Cc., Mrs. & Mr. Harry L. Arnold, Goldman, Sachs & Co., New York City;
Ernest E. Blum, Brush, Slocumb & Co., Inc., San Francisco
Fuel
Russell & Saxe
RAPPA, SALVATORE J.
F. S. Moseley & Co.
MILTON
C.
Osborne
M.
RAYMOND
Mrs.
Mountain
RUSSELL
SAFFERSON,
(Associate)
Schoellkopf, Hutton & Pomeroy, Inc.
Goodbody & Co.
ORLOFF, HARRY
Troster,
EARL
Hardy & Co.
Cady, Roberts & Co.
&
Mr.
John C.
Spring,
Stewart &
Co.
*
Walston
Pfiugfelder & Rust
ROBB,
PHELPS, ROGER S.
Byrne and
PIZZINI, B.
W.
F.
Singer & Co.
Troster,
&
Co.,
EDWARD
Securities,
A.
Co.
Dean
FRELLER,
Cohu
CHARLES F.
MILTON
Stanley
&
-
HERBERT L.
Lynch, Pierce, Fenner & Beane
SELIGMAN,
SMITH, ELBRIDGE H.
SULLIVAN, ALOYSIUS A.
Cowen
Stryker
&
Brown
SMITH, HAROLD
SMITH,
&
Co.
SUMMERS, WILLIS M.
(Associate)
Troster, Singer & Co.
SWENSON, CARL
Hart Smith & Co.
Straus, Blosser & McDowell
Merrill
Josephthal & Co.
Walker
&
Co.
(Continued
-p.
Co.
C.
For Financial Institutions—
Co.
Beane
RUSSELL,
Henry
Mackie, Inc.
&
EDWARD WILLIAM
Edelmann
&
Co.
•
Glore,
(Associate)
SCOTT
Dependable trading markets
on
Forgan & Co.
385 Over-the-Counter securities.
RUTBERG, SAM J.
PULIS, CHARLES D.
Pulis, Dowling & Co.
,
Co.
RUSSELL, Jr., PARIS
Co.
H.
G.
WILLIAM
Lynch, Pierce, Fenner & Beane
SORENSON,
SERLEN, LEWIS H.
J.
Co.
SULLIVAN, WALTER E.
Hayden, Stone & Co.
SIDNEY H.
Birnbaum
MARK
&
Estabrook & Co.
B.
Pershing & Co.
SMITH, WILLIAM HART
BERTRAM
EDWARD
Singer,
A.
&
Heller
STUART,
EVERETT R.
FRED
RUSKIN,
PRELLER, FRED W.
Eastman, Dillon & Co.
&
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RUGEN,
Powell Company
Eastman. Dillon & Cc.
PRINCE,
STRYKER, EDWARD V.
Moore, Leonard & Lynch
du Pont & Co.
Co.
Stamm
L.
RUBIEN,
GILBERT J.
L.
Company
Co.
&
MacBride, Miller & Co., Newark, N. J.
POWELL, ALFRED L.
Alfred
Kidder
SMITH, EDWARD E.
E. E. Smith Co.
(Associate)
ROSENBAUM, HARRY
WILLIAM K.
&
Merrill
M.
CHARLES H.
&
(Honorary)
SEIJAS,
CLIFTON B.
Francis I.
GEORGE A.
A.
WILLIAM
ROOS, J.
POOLE, HORACE I.
Eisele & King, Libaire, Stout & Co.
POSTLEY,
&
SMITH,
& Co.
SEIBERT, HERBERT D.
"The Commercial & Financial Chronicle"
KENNETH A.
Hardy
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Seaver
^Roggenburg & Co.
ROOME,
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Orvis Brothers & Co.
POLLACK. HAROLD J.
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FREMONT W.
Ashplant
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Roggenburg & Co.
E.
Inc.
PLUNKETT, ALTON B.
&
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Co.
Rice, Jr.
SEARIGHT,
ROGERS, CASPAR A.
King & King Securities Corp.
Stern, Lauer & Co.
Leone
Roberts & Co.
K.
STROTHMANN, NELSON A.
Singer, Bean & Mackie, Inc.
SCRIMGEOUR, JOHN
J.
C.
Eastman, Dillon & Co.
Inc.
H.
PLUMRIDGE, THEODORE
Eastern
Bache &
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ROBSON, HENRY E.
WINTHROP
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SINGER, HERBERT
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Announcing
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1928
We
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constantly mindful and appreciative of our
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on
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HE COMMERCIAL and FINANCIAL CHRONICLE
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TORPIE,
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ROBERT A.
Torpie & Saltzmann
E.
C.
(Continued from page 23)
Unterberg,
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THOMPSON, WILLIAM F.
Greene
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TATRO,
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L.
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R.
L.
Day
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TELLIER, WALTER F.
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OLIVER J.
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Singer & Co.
Dominick
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NSTA
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Wien
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Laurence M. Marks & Co.
Special Division
ANTHONY
Wainwright & Co.
WEINBERG, SAMUEL
S.
a
Trading Department Which Specializes in
Forces)
WILLIAM
Cullom
Davis
&
&
Gregory
Amott,Baker & Co.
Incorporated
Co.
WELSH, JOHN JOSEPH
Bonner
1722
Arsdale, Los An¬
geles (net)
Co.
WORTHINGTON, THOMAS F.
C.
VERMILYE,
Guaranteed
Harmet, Chicago
Neiland Van
WITTMAN, DAVID
Hourwich & Co.
Cleveland;
Hagensieker, St. Louis;
Alfred
WITTICH, WILBUR R.
Bruce
Van Tuyl & George
>
Long,
Ber¬
Denver;
WITKOWSKI, JOHN
John
Co.
(Denver Mixed)
Denver;
Co.
VARE, ARTHUR
Railroad
Sept.
series.)
games
Kennedy,
Martin
Company
&
Currie,
High
Masterson &
TUYL, E. EVERETT
VERIAN,
(All two
Trevor
(Associate)
WIRTH, HOMER
RIPER, MILTON
R.
VAN
Thursday,
and
Winning Team
Co.
Co.
KEEGAN, BENJAMIN H.
VAN
the
J.
&
WINSTON, LOUIS
NOOT, HARRY
C.
of
Competition held
1953 at Sun Valley Lodge,
Idaho.
Laird, Bissell & Meeds
Unterberg, Towbin Co.
Frank
results
are
Bowling
16-17,
Company
& Co.
PERCY
WIEN,
Fell Si Co.
Torpie & Saltzman
Co.
TUZO, LAMAR K.
VANDER
Company
&
WIEN, MELVILLE S.
VALENTINE, JOHN H.
Shearson, Hammill &
(Honorary)
(Associate)
WILLIAM
WIELAR,
Burnham
TROSTER,
C. E.
TETMEYER,
Digest"
UNTERBERG, CLARENCE E.
Co.
TOMPKINS, BERNARD
TERRY, FREDERICK A.
A.
Rhoades
Wednesday
Dealers'
|
TYSON, Jr., ALBERT
Spencer Trask & Co.
TITUS, Jr., WILLIAM A.
TENENBAUM, L. JAY
Loeb,
Following
M.
Harris, Upham & Co.
EDMUND
M.
Halsey, Stuart & Co. Hi *
RAYMOND
Union Securities
TITOLO, JOAQUIN
J.
(Associate)
Bowling
Competition Winners
RALPH H.
Company
WHITLEY, J. B.
Dixon
Investment
"The
TAYLOR, J. BLYTH
Taylor, Deale & Company,
&
(Honorary)
Co.
Carl
NSTA
Hickey
&
GEORGE D.
TRIGGER.
TINI, HENRY R.
Company
Frank
WHITING,
Lynch, Pierce, Fenner & Beane
TREFCER,
SWORDS.
Vilas &
WESEMAN,
Towbin Co.
THOMAS J.
TRACER,
ROSTER OF MEMBERS
WERKME1STER, JR., JOHN O.
BELMONT
TOWBIN,
V*'.,
'
150 BROADWAY
(Associate I
Telephone BArclay 7-4880
WENDLER, EVERETT F.
Mitchell & Company
•
NEW YORK 38, N. Y.
Teletype NY 1-588
Convention
Shirley
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
Phipps,
Portland, Oregon; Mr. & Mrs. Richard H. Walsh, Newhard, Cook & Co., St.
L. Phipps, E. M. Adams & Co., Portland, Oregon; Mrs. & Mr. Eugene
F. Willis, J. W.
Tindall & Company, Atlanta
Justus
Louis;
C.
Preston
Bond Club of Denver
Martin, Jr., The Robinson-Humphrey Company, Inc., Atlanta; William Nelson,
Clark, Landstreet & Kirkpatrick, Inc., Nasnville; Clifford K. Channell,
The First Boston Corporation, New York City
BOSWORTH, ARTHUR F.
Bosworth, Sullivan & Co.
HADLEY,
BRERETON, WM. H.
Brereton, Rice & Co.,
HAGGERTY, JOHN P.
BRIDGEWATER,
Central
Inc.
Trust
&
National
DONALD
and
Boettcher
BROWN,
Company
IIANIFEN,
K.
BUCHENAU,
Colorado
Cruttenden
Bank
Kirchner
CHAPIN,
Don
DON
HERSHNER,
The
of
Fort
Collins.
Vice-President: Gerald D. Bachar, J. A. Hogle & Co.
CLARK,
Secretary: Howard P. Carroll, Carroll, Kirchner & Jaquith, Inc.
CLARK,
Campbell, Campbell, Jacobs & Co.
located
otherwise
ADAMS. EUGENE
The International
The
Trust
Co.
National
JOHN
Amos
C.
&
Investment
Co.
Fort
Collins,
Co.,
and
Inc.
M.
KUGELER, HENRY A.
Denver National Bank
W.
(Continued
Company
page
on
26)
UNDERWRITERS AND DISTRIBUTORS
RAYMOND
P.
MUNICIPAL AND CORPORATE
Garrett, Bromfield & Co.
Mutual
Founders
Depositor
SECURITIES
Corp.
ALLEN
W.
•
Bosworth, Sullivan & Co.
Chapin
J.
ROBERT
CONNELL,
& Co.
Colo.
Brereton,
NORMAN C.
Lynch, Pierce, Fenner & Beane
BARWISE,
Merrill
BATCHELDER,
Amos
ASHLEY, LEO C.
First National Bank
PRIVATE PLACEMENTS
Rice & Co., Inc.
AVERY. ROBERT J.
The United States National
Bank
&
WILLIAM
National
M.
B.
Peters, writer & Christensen, Inc.
Co.
Peters,
B.
Christensen,
Writer &
CORPORATE FINANCING
Inc.
COUGHLIN, EDWARD B.
Bank
Coughlin and Company
ARTHUR F.
Bosworth, Sullivan & Co.
BORLAND,
Denver
COPELAND, A.
COPPES, WARD E.
HERMAN
Sudler
C.
BERGER,
Colorado
COUGHLIN, WALTER J.
Coughlin and Company
Van alstynr, Noel a
COXHEAD, J. WALLACE
Bosworth, Sullivan & Co.
with
the
qualifies
following
securities
specialists in this
us as
for
group.
Arden Farms Co. Com. & Pfd.
Sullivan
LAWRENCE
Bosworth, Sullivan
CRIST,
Oil
&
Bullocks
Inc.
K.
CURRIE,
Albany Railroad
!
Common
California Electric Power 2Y2%
& 3% Pfds.
Stock and
Old
5Y2s
831, Western Savings Fund Society Building, Broad
Merrill Lynch,
Pierce, Fenner & Beane
MARTIN G.
National
States
United
Bank
MEMBERS
DONALD
DELAON,
Central
Bank
&
F.
Trust Company
New York Stock
DENNISON, FRANK
Interstate
Baking Corp. Com. & Pfd.
Pacific
Pacific
Co.
American
Bosworth,
Plomb Tool Co.
Common
Puget Sound Power & Light Co. Com.
Seattle Gas
A.
Merrill Lynch, Pierce,
CHARLES
Central
&
Gold
Bank
National
Forbes
Fields, Inc.
on
Request
Members New York Stock Exchange
120
leading
Security
and
So. LaSalle St.,
Private
Wires
to
Los
CORRESPONDENT WIRE SYSTEM
,
to
Bullock
Calvin
WILIAM
National
Denver
J.
GOODE,
J.
Albuquerque-
Bank
ERNEST 8.
& Poor's Corporation
Cruttenden
&
Commodity Exchanges
Chicago 4, 111.
GORHAM,
GRAY,
GRAY
GREENE.
J.
A.
<fc
Ce.
-
B.
& Co.
Houston
C. O'Donnell
~
~
&
Co.
-Harold S. Stewart & Co.
Paso
Harrisburg
Kansas City—Burke &
Company
"
-R.
Detroit
El
RICHARD
Hogle
Chicago
Denver
W.
PAUL
Garrett-Bromfield
&
-
-Blair F.
Claybaugh & Co.
-Crockett
&
Company
Tucson —Henry
Angeles and Chicago
GRIFFIN.
J.
A.
LYNNE
Hogle
Co.
MacDonald
Angeles-Dempsey-Tegeler & Go.
Hulburd,Wsrren& Chandler Midland
— Southwestern Securities Co.
Wm, J. Mericka & Co., Inc.
New Orleans-T. J. Feibleman & Co.
Southwestern Securities Co. Phoenix
—Kenneth Ellis & Co.
B. E. Simpson & Company
Pittsburgh —Blair F. Claybaugh & Co.
Dallas
Co.
Quinn
McMaster Hutchinson & Co.
Chicago
Cleveland
H.
American Stock Exchange
Broadway, New York 5, N. Y.
231
through
Bank
FORSYTH. ALEXANDER
Standard
ERNST & CO.
RETAIL DISTRIBUTION
MARKETS and
TRADING
Company
H.
& Company
GODFREY.
other
Fenner & Beane
Trust
RUSSELL
GARRISON,
Information
New York 6, N. Y.
CLAYTON O.
FLOYD,
First
Midwest Stock Exchange
Co.
39 Broadway
DOWNING,
.
Exchange—American Stock Exchange
CHARLES
DOOLITTLE,
FORBES,
Tiffany & Co.
Consolidated
Statistical
&
Co. Common
^Universal Pictures Co., Inc. Warrants
Yuba
J.
Sullivan
DAVID C.
Hogle & Co.
DODGE,
Investors
Mercury Television Mfg. Corp.
McManus & Co.
Joseph
of
Denver
Disney (Walt) Productions Com. & 4s, 1960
Fullerton Oil
& Chestnut Streets
NORMAN
DAVIS,
The
Common
Philadelphia Office
Room
TREVOR
DECKER,
Utility Company
Co.
&•
Investment Co.
Mullen
DAVIS, GEORGE
Harris, Upham & Co.
Capitol Records Inc. Common
Central Public
STREET, NEW YORK 5
P.
B.
The J.
Blue Moon Foods
Boston
American Stock Exchange
Exchange
52 WALL
Co.
&
CRILEY,
Arizona Public Service Com. & Pfds.
Bareco
New York Stock
Bosworth, Sullivan & Co.
CRAWFORD, JOHN C.
Bosworth,
Go.
Members:
J. WALLACE
COXHEAD, Jr.,
identity
many years
and
Bank
ROBERT
Co.
WILLIAM II.
Boettcher and Company
Our
National
KIRCHNER,
Carroll, Kirchner & Jaquith.
&
CYRIL
COLE,
CONKLIN,
ARGALL,
of
Co.
&
BAKER, DUDLEY F.
Bosworth, Sullivan & Co.
A.
Company
NEIL
Bank
COLLINS, LOWELL O.
Don
First
R.
ALLEN
Colorado National Bank
Mullen
BAKER, ROBERT R.
Bank
State
BACHAR, GERALD D.
J. A. Hogle & Co.
H.
Sudler
K.
J.
KING,
JR.,
FRANK
Boettcher
GEORGE P.
Merrill Lynch, Pierce, Fenner & Beane
ROSCOE
AYERS,
GEORGE H.
Denver
ALFF,
unless
Denver
FEEDEBIC A.
ADAMS,
ALFF,
in
indicated)
Bank
B.
Sudler
C.
CODY,
(Members
IIIRTII,
CLARKE,
ROSTER OF MEMBERS
National
PHILLIP J.
Amos
Treasurer: Donald M.
&
HICKS, J. W.
J. W. Hicks
Inc.
BERNARD F.
Bosworth, Sullivan & Co,
KENNEDY,
D.
States
Colorado
GLEN
Colorado
JOHN
United
Walter
Inc..
Co.
CHRISTENSEN, E. W.
Peters, Writer & Christensen,
President: John H. Alff, Amos C. Sudler & Co.
Inc-
JORGENSON, O. JERRY
Peters, Writer & Christens*-, ''no.
Denver
IIICKERSON,
Jaquiih,
&
A.
ChaDtn
A.
Co.
JAQUITH, RICHARD E.
Carroll, Kirchner & Jaquith,
OSCAR
Grain Exchange
Colorado
CARROLL, HOWARD
Howard P. Carroll
Co.
Trust
Iruernation
The
IIASSELGREN.
Company
CAMPBELL, DONALD
Campbell-Jacobs & Co.
Gerald D. Bachar
IRION, WHJTTEIK^I.
E.
HARRY
National
Carroll,
Depositor Corp.
JACOBS, DONALD
Campbell, Jacobs
Co.
&
Co.
&
E.
Mutual
LARRY C.
J. A. Hogle & Co.
W.
Investment
Mullen
IIARRY
Founders
INMAN,
and'Company
HARRIS, GEORGE R.
Company
BRUNTON, DAVID
J.
HUNT,
W.
Springs, Col.
A.
Hanifen
HARDEY, PAUL
Amos C. Sudler
Company
and
Colorado
IIANNON, HOWARD
Stone, Moore & Company
Bank
F.
Management Corporation
HUGHES, MRS. ARLEEN
E. W. Hughes & Co.
& Co.
EDWARD
McCabe,
FRED
J.
Boettcher
Sullivan
II,
HAROLD
Hamilton
LLOYD
Coughlin and Company
W.
A.
American
HUBER,
H
Company
HAMMER,
The J. K. Mullen Investment Co.
BROWN,
&
Bosworth,
WALLER C.
BROWN,
PAUL
Boettcher
ARTHUR
Bank
BRINKER,
John H. Alff
25
Los
St. Louis
—Dempsey-Tegeler & Co.
St. Louis
—White
Toronto
&
Company
Newton & Co.
—Matthews & Co.
San Antonio—Lentz,
Dahlberg & Company
THE COMMERCIAL and FINANCIAL
26
Mr.
Mrs.
&
J.
F.
Arthur
Finnegan, Hannaford & Talbot, San Francisco; Mr.
Arnbold and S. Bleichroeder, Inc., New York City
(Pete)
Hatz,
&
Edward
Mrs.
R.
Boettcher
Walter
The J.
KULLGREN. EIAVOOD M.
Colorado State Bank
MANNIX,
LARSEN,
MARBLE.
Bank
Central
LASCOR,
The
L.
J.
LAWRENCE,
Boettcher
LEVY,
&
Trust
Company
MATHIAS,
JR.,
SAM
MAY,
LLOYD.
LORENZO
KENNFTII
Lynch. Pierce. Fcnner &
LONGWELL,
Boettcher
MACART,
ELMER
and
Colorado
J.
<& Company
MI,
RONALD
National
Boettcher
and
A.
Sudler
C.
McCONNELL.
Harris,
Co.
ULRICH,
Co.
VAN
FRANK
&
C.
JOHN
Writer
Peters,
Cf*.
WILLIS,
Boettcher
PETERS,
L.
Writer
OGDEN
&
WRITER,
Trust
Peters,
Company
WRITER,
C.
Company
ROBERT
Bank
W.
GEORGE
Writer
&
HAROLD
S.
Christensen.
Inc.
D.
Peters, Writer & Christensen, Inc.
Pierce. Fenner & Beane
JOSEPH
WALSH,
and Company
YOUMANS,
Harris,
Upham
M.
&
PAUL
E.
Bosworth, Sullivan & Co.
YOUNG. WILLIAM
Merrill
Co.
A.
Lynch, Pierce, Fenner & Beam*
P.
GERALD
Peters,
&
VINEY, F. H.
Harris. Upham & Co.
DONALD
Trust
&
Inc.
EVERETT
PATTERSON,
Bank
J.
WILSON,
LEO
Bank
Company
ARTHUR
R.
American National
Company
Merrill Lynch,
Christensen,
&
T.
Co.
&
Inc.
Company
Upham
WILLIAMS, T.
Co.
C.
and
DITTIE,
Central
christensen,
/
Company
N.
Sullivan
FRED
Coughlin
&
and
WILLARD, E. WARREN
Central
Bosworth.
VERNER,
PARKER.
H.
Bank
&
Inc.
F.
Col.
TSCHUDI, FRANK
&
ORMSBEE, JACK
Peters, Writer &
OWENS,
MoCONNELL. FRANK
Col.
Pueblo,
Co..
Boettcher
Co.
Trust
FRED
WIESNER,
E.
WALTER
Amos
Company
<fc
Colorado Springs,
Co.,
CANTON
Garrett-Bromfield
Company
&
Sullivan
Boswell,
O'LEARY, JOHN J.
McCABE. WILLIAM E
McCabe, Hanlfen and
G.
&
O'DONNELL,
OLIN,
Moore
Bcane
LEON
Marart-Jones
MACDONALI),
York City
T.
WILLIAM
Bank
HIRAM D.
Writer & Christensen,
HERBERT P.
Coughlin and Company
Boettcher and
NEWMAN, ROBERT
Newman
Corp., New
Peters,
TRUGLIC, NICHOLAS
W.
Bank
WHITE,
Carroll, Kirchner & Jaquith, Inc.
Central
Company
National
S.
WELLER,
Co.
A
PATRICK
THOMPSON,
TROUTMAN.
NEIDIGER, EUGENE L.
Earl M. Scanlan & Co.
MAYER. KARL L.
J. A. Hogle & Co
Jr.,
Merrill
WM.
Stone,
W.
v
Merrill Lynch.
Trust Company
Street Sales
Broad
Company
Carroll, Kirchner & Jaquith, Inc.
LINVILLE,
JOHN
&
Co.
&
ORVILLE C.
Pierce. Fenner & Beane
NEELEY,
M.
MATLOCK, WOODFORD A.
DAVID
and
D.
Co
Exchange
Bank
Central
Co.
Investment
Mullen
&
PRESTON
Colorado Grain
A.
K.
ROBERT
Earl M. Scanlan
MARTIN
E.
Investment
Mullen
K.
HARRY
THARP,
King Merritt
MYERS, J. HAROLD
Bosworth, Sullivan
U.
&
CHARLES
WEBB,
FRANK L.
TETTEMER,
Bank
Mountain States
WALTER, FREDERICK D.
L.
TALLMADGE, MYLES P.
Tallmadge & Tallmadge
MITTON, CHARLES E.
ROSTER OF MEMBERS
J.
Co.
&
Marks
Barney Nieman,
& Company, Inc., Atlanta, Ga.;
Inc., New York City
A. Evans
Clement
TALBOTT,
HARRY W.
and Company
M1DDAUGH,
(Continued from page 25)
Adams,
Carl
McKINLEY, CARL D.
Greeley, Col.
Bond Club of Denver
Thursday, October 8, 1953
CHRONICLE
Christensen, Inc.
PETERS, JR., GERALD P.
Peters, Writer & Christensen,
Inc.
I'ETTIBONE, Jr.. C. ARTHUR
Earl
Mclaughlin, reuss & co.
Scanlan
M.
PIIIEFER,
&
Co.
DISTRIBUTORS
UNDERWRITERS
DEALERS
WILLIAM
Upham & Co.
Harris,
,
MEMBERS
NEW
YORK
AMERICAN
STOCK
STOCK
COMMODITY
PLEASANTS,
EXCHANGE
EXCHANGE
W.
AARON
International
The
GENERAL MARKET MUNICIPALS
Co.
Trust
(ASSOC.)
POWELL, JAMES
EXCHANGE, INC.
Boettcher
and
Company
RAILROAD, PUBLIC UTILITY, INDUSTRIAL
QUINN, ARTHUR
Quinn & Co., Albuquerque, N. Mex.
JOSEPH
RAICIILE,
Boettcher
and
NATURAL GAS
L.
ISSUES
Company
BOND BROKERAGE SERVICE
REECE,
VERNON
Central
Specializing in Public & Stockholders Relations
Bank
&
T.
Trust
Company
CHARLES J.
RICE,
Brereton, Rice & Co., Inc.
ROBERTS.
MALCOLM
Garrett-Bromfield
STREET
WALL
NEW
YORK
5
Co.
RAYMOND
ROBINSON.
ONE
F-
&
Garrett-Bromfield
GORDON GRAVES (r CO.
ROTH,
Telephone
CHARLES
Bosworth, Sullivan
L.
Co.
&
HAnovei\ 2-1355
RYAN,
Teletype—NY 1-2155
&
Co.
30 Broad
,
Frederic
Street, New York 4, N. Y.
Telephone WHitehall 3-2840
WILLIAM
Branch
RAYMOND
Earl
410
Scanlan
M.
American
Merrill
E.
SEEMAN,
A.
B
E.
SIPLE.
Florida
Pierce, Fenner & Beane
M.
Service Corp.
UNDERWRITERS and DISTRIBUTORS
Christensen,
&
Inc.
American Steel &
THOMAS
Gulf
Pump Corp.
Sulphur Corp.
Hogle & Co.
BRYAN E.
SIMPSON.
BABY BONDS, SCRIP & RIGHTS
32,
Bank
RICHARD
Writer
SIGLER,
J.
Miami
GEORGE
Peters,
•
BIdg.,
G.
Lynch.
JR.,
Investment
SECURITIES
Bank
Co.
<fc
F. W.
National
SCIILENZIG,
SCOTT,
American
Pan
EARL M.
SCHAEFER,
REORGANIZATION & "WHEN-ISSUED"
Office:
E.
Harris, Upham & Co.
SCANLAN,
Teletype NY 1-8909
Adams
A.
SARGEANT.
Simpson
V.
H.
Audio Devices, Inc.
Kingwood Oil Co.
Belle Isle Corp.
Pyramid Electric Co. Pfd.
Company
&
Harris, Upham & Co.
SMITH,
C.
SMITH,
CHARLES
Josephthal & Co
MEMBERS
New
York
Chicago
Stock
Board
of
Exchange
Trade
American
Stock
Commodity
SODEN,
B.
Exchange,
Inc.
System Teletype NY 1-319
St., Boston 9, Mass.
LAfayette 3-4620
Direct
Telephone to Boston and Private Wire System
To
*Prospectus
on
request
Co.
STONE, ERNEST E.
Moore
Company
&
SUDLER. AMOS C.
Amos
C.
Sudler
PETER MORGAN &
Co.
&
JOHN
31
Bosworth, Sullivan & Co.
SWAN, HENRY
The
United
States
Nationiv
Bank
Denver
SWEET, WILLIAM
Peters,
Writer
A
CO.
J.
Correspondents in Principal Cities
Tri-Tor Oils Ltd.
STITT, CARL E.
J. A. Hogle & Co.
SULLIVAN,
19 Congress
J.
The J. K. Mullen Investment
Stone,
Bell
4-5000
Ltd.*
F.
Service Corporation
Exchange
120 Bioadway, New York 5, N. Y.
WOrth
Flock Gas and Oil Corporation
EATON
Investment
Christensen,
Inc.
o."
Tel.:
Nassau
Street,
DIgby 9-3430
Neiv
York 5,
Tele.:
N. Y.
NY 1-2078
Convention
Mr.
&
Mrs.
THE COMMERCIAL and FINANCIAL
Number
Stanley L. Roggenburg, Roggenburg & Co., New York City; Mrs. and
F. Saunders,
The Dominion Securities Corporation, New York City
Kansas
City Security Traders Association
Mr.
A.
Walter
CHRONICLE
V.
COMBEST, EARL L
Herrick
Barrett
Co.,
Inc.
EISEN,
ERWIN
Eisen
Lucas,
H.
Peet
&
HALL, EMMA M.
HALL,
Trust
JOSEPH
Harris,
HANNI,
Company
&
Upham
Harris,
Co.
Waddell
N.
Prescott, Wright, Snider Co.
Securities
W.
Topeka
Corp.,
C. Sylvester Investment
Jr.f
UHLMANN.
moyer, margaret perkins
Uhlmann
Reed, Inc.
&
Cj
PAUL
Latshaw
north, frank W.
Barret, Fitch, North & Co., Inc.
WAGNER, THEODORE F.
pauly, elmer w.
Prescott, Wright, Snider Co.
WAHLER, JOHN E.
Wahler, White & Co.
reed, c.
WELSH, MERLE L.
Harris, Upham & Co
Harris, UDham &
Co.
k.
&
Reed, Inc.
Co.
&
&
A.
WHITE, LEONARD A.
Wahler, White & Co.
snyder, frank j.
Beecroft, Cole & Co., Topeka
WHITSITT,
soden,
Soden
Reed, Inc.
HILLMOND,
seltsam, donald a.
Seltsam, Hanni & Company, Topeka
W.
sparks,
Waddell & Reed, Inc.
john
p.
Investment
russell
Uhlmann
&
A.
R.
DALE
Weltner
E.
&
Co.,
Inc.
WYMAN, FRANCIS A.
Brothers
Stern
Company
Co.
&
ZAHNER. VICTOR H.
k.
Zahner
Latshaw
&
Company
HUNTER, HAYWARD H.
President: Frank W. North, Barret, Fitch, North & Co.
Treasurer: Leonard A. White, Wahler, White &
Columbian
Reed, Inc., New York,
ARTHUR W.
SYLVESTER, W. CLYDE
carl a.
Waddell
HARRISON, WILLIAM A.
Vice-President: Charles M. Harris, Harris, Upham &
STOENNER,
B.
Upham
Seltsam, Hanni & Co., Inc.,
Topeka, Kans.
Francis A. Wyman
meyer,
JASPER F.
Waddell &
ARTHUR R.
HARRIS, CHARLES M.
Leonard A, White
STEPHENS.
McDonald, Evans & Company
Waddell &
J.
Co.
GUMBINER, ALTON
Commerce
Angeles; Chester M. Glass, Jr.,
Los Angeles
George K. Baum & Company
Waeckerle
CHARLES
O.
Co.,
II.
&
EVANS, HAROLD D.
McDonald, Evans & Company
FOLEY,
&
mesler, myron d.
Latshaw'
&c
Staats
R.
Mcdonald, claude m.
&
WILLIAM J.
Uhlmann
Charles M. Harris
Schroeder, Hoffman Radio Corp., Los
William
DYER,
Frank W. North
27
George K.
Co.
Baum &
Company
JENNINGS, JOHN H.
Bonds, Incorporated, Kansas City, Kans.
Co.
JONES, CLARENCE E.
Stern
Secretary: Francis A. Wyman, Stern Brothers & Co.
Brothers
&
Co.
Founded J 851
JONES, KNEELAND
ROSTER OF MEMBERS
(Members
located
Kansas
In
otherwise
City
unless
Commercial
Kansas
BACKLUND, C. W.
Merrill Lynch,
Pierce,
barnes,
H.
O.
Fenner
&
Beane
National
&
& MacDonald
bertrand, francis
COLEMAN, HARRY L.
Peet
&
B.
C.
H.
Co.
O.
Peet &
&
Co.,
Inc.
WALLACE
J.
Peet
LISTROM.
LOCKE,
CLAYTON, HARVEY A.
Harvey A. Clayton & Co.
O.
O.
&
Co.,
Kansas City
UNDERWRITERS
&
-
DEALERS
Latshaw
LOWELL
Christopher
&
Co.
Industrial, Public Utility and Railroad Securities
WILLIAM G.
Merrill Lynch,
Pierce, Fenner & Beane
State and
LUCAS, Jr., MARK A.
Co.
DISTRIBUTORS
-
JOHN
Uhlmann
CARROLL, LAURENCE B.
Burke
Weltner
LATSHAW,
CHARMLEY, JOHN A.
B. C. Christopher & Co.
Co.
BELCHER, DONALD D.
Martin-Holloway-Belcher
H.
H.
Bank
City. Kansas
frederic p.
Peet
E.
JOURDAN,
BJORKMAN, J. D.
The
indicated)
A.
Municipal Bonds
Lucas, Eisen & Waeckerle
ESTABROOK
CO.
&
MEMBERS
NEW YORK AND
THE W. L. MAXSON CORPORATION
40
Research
—
Development
—
Production
BOSTON STOCK EXCHANGES
Member
Associate
Wall St., NEW YORK 5
HARTFORD
•
American
-
Stock
Exchange
15 State St., BOSTON 9, MASS.
PROVIDENCE
•
SPRINGFIELD
RECENT GROWTH RECORD
9 Mos. to
FISCAL YEARS ENDING SEPT. 30
Net
53,229,000
Sales
$
June 30,
1952
1953
7,453,000
$15,923,000
$23,988,000
770,000
1,351,000
2,011,000
1951
1950
White, Weld
Members of
and
Before Taxes
Net Profit
211,000
40
211,000
524,000
526,000
646,000
share
$.81
$1.92
$1.82
$2.11
Outstanding*
261,800
272,272
288,608
305,924
801,000
1,343,000
2,557,000
3,350,000
1,681,000
2,153,000
2,638,000
3,227,000
$6.42
$7.91
$9.14
$10.55
6,000,000
20,000,000
44,000,000
48,000,000
Net Profit After Taxes
Net Profit per
Shares
r>
'
Working Capital
Net Worth
Net
Worth per
..
Share..
Backlog, End of Period.
the New
Other
&
Co.
York Stock Exchange
Principal Exchanges
Wall Street, New
York 5
We maintain active markets
in securities
Natural Gas
of
Companies
*Increases from stock dividends.
Boston
460 West 34th Street
New York
1, New York
New Haven
Chicago
Philadelphia
Hagerstown Minneapolis
London
Amsterdam
Providence
Y.
28
THE COMMERCIAL and FINANCIAL CHRONICLE
Edwin
L.
Beck, Commercial & Financial Chronicle, New York; Ludwell A.
Strader, Taylor & Co., Inc., Lynchburg, Va.
Mr.
&
Arthur
J.
Keenan,
St. Denis J. Villere & Co., New Orleans;
Morgan, Peter Morgan & Co., New York City
J.
Peter
The officers and Herbert Schollenberger, Campbell,
McCarty & Co., Inc.; Roy F. Delaney, Smith, Hague, Noble &
Co.; Ralph Rotsted, F. J. Winckler Co.
Directors:
Security Traders Association of Detroit
And
Mrs.
Strader,
Thursday, October 8, 1953
Michigan, Inc.
National
Committeemen:
George J. Elder, Straus, Blosser &
McDowell; William P. Brown, Baker, Simonds & Co.; Neil De
Young, De Young-Tornga Co., Grand Rapids; Harry A. McDon¬
ald, Jr., McDonald-Moore & Co.; Frank P. Meyer, First of
Michigan Corporation.
ELDER,
Buckel, Manley, Bennett & Co.; Herbert Schollenberger, Camp¬
bell, McCarty & Co., Inc.; H. Terry Snowday, Blair, Rollins
& Co.,
Incorporated; Herman Tornga, De Young-Tornga Co.,
Grand Rapids.
GEORGE J.
Straus, Blosser & McDowell
EVERHAM, EDWIN M.
Smith,
EXLEY,
Noble
Hague,
CHARLES
Charles
A.
E.
Manley, Bennett & Co.
FAULKNER,
FISHER,
GEORGE
DONALD
ROSTER
Baker, Simonds & Co.
Jr., C. A.
FLOYD,
C.
Wm.
Roney
members located
otherwise
Leppel
OF MEMBERS
WILLIAM
in
Detroit
unless
BURROWS,
indicated)
Wm.
C.
A.
H.
GATZ,
Vogel &
JOSEPH
GENDRON,
R.
Braun, Bosworth & Co. Incorporated
Chas. A.
Co.
(Armed
Vice-President: William P. Brown, Baker, Simonds & Co.
Co.
F.
DON
H.
Treasurer: Bertrand Leppel, Charles A. Parcells & Co.
Hentz
GEORGE
CAVAN,
Don W.
Wm.
&
York
American
New
York
Stock
Stock
Exchange
Chicago Board of Trade
C.
New
New
New
York
York
York
Produce
Exchange
Mercantile
Coffee
&
Sugar Exchange,
CRANE,
Nauman,
Inc.
McFawn
&
Paine, Webber,
Incorporated
BOLHOVER, M. E.
Birmingham, Mich.
Cables "STAMAL"
BOLTON, F. J.
McDonnell
Hornblower
DE
Antonio,
Tex.
R.
Bosworth
&
Co.,
Incorporated
I
Co.
STOCK
H.
Wm.
Co.,
GEORGE
Co.
EIS, VALLETTE R.
Moreland & Co.
First
Co,
of
J.
Co.
PETER
C.
GORDON
Lerchen
Goodbody &
Grand
Rapids
&
Co.
Incorporated
H.
Co.
HINSHAW, JOSEPH
Watling, Lerchen & Co.
HOLLISTER.
Co.,
GEORGE
R.
White, Noble & Company,
Grand
Hendricks
EXCHANGE
&
Eastwood,
Inc.
CLARENCE A.
First of Michigan Corporation
HUBER,
FRED W.
Reid, Higbie & Company
HUBER, JACK C.
Reid,
B.
Higbie & Company
HUGHES, VICTOR M.
Watling, Lerchen
&
Co.
HUMPHRIES. NORMAN D.
Michigan
Corporation
Wm. C.
Roney & Co., Battle Creek, Mich.
HUNTLEY.
Smith,
VERL
Hague,
R,
Noble
&
Co.
G. A. Saxton
&
Co, Inc.
Philadelphia
Teletype NY I-609
COLLATERAL LOANS
McAndrew
&
i
SERVICING BANKS, BROKERS & DEALERS
120
.
San
'
Co.,1
Francisco
Inc.
70 Pine
St., New York 5, N.*Y.
WHitehall 4-4970
BROADWAY
NEW YORK 5
Trading Markets in Public Utility, Natural Gas and Industrial Securities
2U
x
Rapids
HORN.
Company
■
BUCKEL, HARRY B.
Manley, Bennett &
&
WM.
Watling,
Co.
Roney & Co.
EARLE, HENRY
C.
Roney
HINDES, HOWARD
&
Vogel & Co.
C.
Co.
Reid, Higbie & Company
HILL,
C.
BROWN, WILLIAM P.
Baker, Simonds & Co.
YORK STOCK EXCHANGE
AMERICAN
&
C.
HIGBIE.
DOHERTY, Jr., JOHN E.
Smith, Hague, Noble & Co.
A.
&
A.
PRIVATE WIRES TO
GARVIN, BANTEL & CO.
MEMBERS NEW
Parcells
O'Donnell &
DUFFIELD,
Crouse
PIERCE
Baker, Simonds & Co.
DUCEY, IRA J.
JOHN
Winckler
Wm.
HIBBARD,
S.
Young-Tornga
C.
RUSSELL
Livingstone,
HEBERT. L.
Weeks
JOHN
GEO.
R.
Baker, Simonds & Co.
GILBERT
A.
JOSEPH
HASTINGS.
Co.
DILWORTH, LAWRENCE
Goodbody & Co.
J.
S.
Livingstone, Crouse & Co.
DILLMAN,
BRAND, C. R.
F.
&
f
Paine, Webber, Jackson & Curtis
YOUNG, NEIL
De
San
Co.
Co.
Hague, Noble & Co.
HASTINGS, H.
DELANEY, ROY F.
Smith, Hague, Noble
Curtis
BOWYER, MERLE J.
MEMBERS
R.
DANIELS,
Co.
Co.,
&
CROUSE, CHARLES B.
S. R. Livingstone, Crouse & Co.
Company
&
&
Crouse
CROOKSTON, RALF A.
(Associate)
BRABSON,
L.
s
Rapids
Smith,
T.
Harriman, Ripley &
Lentz, Newton &
Braun,
Co.
Charles
&
Teletype NY 1-2129
&
C.
CURRIE.
Jackson
BOLGER, G. L.
Manley, Bennett
REctor 2-6800
Bache
BINKLEY, KENNETH
York Cocoa
Exchange, Inc.
Chicago Mercantile Exchange
JOSEPH
Co.
SAMUEL
HARTNER,
Livingstone,
BARGMANN, FRED. A.
Braun, Bosworth & Co.,
S.
New
Telephone
R.
COEN
BERNARDI, RAY P.
Exchange
Grand
HAGUE,
CODY, WM. F.
BALLENTINE, R. K.
Smith, Hague, Noble & Co.
BENJAMIN, WM. A.
Baker, Simonds & Co.
Commodity Exchange, Inc.
Winckler
GREENAWALT, H. SAMUEL
MacNaughton-Greenawalt &
MINTON M.
Straus, Blosser & McDowell
BARNARD, R. H.
S. R. Livingstone, Crouse & Co.
BECHTEL, CHARLES C.
Watling, Lerchen & Co.
Exchange
Cotton
J.
Co.
CLUTE,
Straus, Blosser & McDowell
Exchange
F.
R.
CLARK, WILLIAM E.
Straus, Blosser & McDowell
Co.
S.
New
Jackson
HAROLD
J.
BAIRD, MACKENZIE
MEMBERS
Ann Arbor
C. Roney & Co.
GORDON, WILLIAM H.
White, Noble & Company
120 Broadway, New York 5, N. Y.
Wm.
Miller & Co.
CHAPEL,
AXTELL, WILLIAM
A. L. STAMM & CO.
Corporation
GIRARDOT, ALFRED J,
J.
C, Roney
Lansing
S
GOODRICH, RUSSELL H.
Smith, Hague, Noble & Co.
McDonald-Moore &
N.
/
GILLEN, JOHN W.
White, Noble & Co.,
L.
F.
Co. 1
GILBREATH, Jr., W.
First of Michigan
Company
CARR, HOWARD F.
Carr & Company
ALLEN, ALONZO C.
Blyth <fe Co., Inc.
ALLMAN,
&
S.
Co.
&
O'Donnell
C.
&
G.
Weeks
GILBERT, NELSON R.
Donovan, Gilbert & Co.,
ANTHONY
CARMAN, RICHARD A.
Manley, Bennett & Co.
Service)
ALLARDYCE,
J.
CAMPBELL, DOUGLAS II.
First of Michigan Corporation
Parcells & Co.
ALDINGER, ALBERT H.
Fordon, Aldinger & Co.
Secretary: Victor A. Williams, Paine, Webber, Jackson & Curtis.
HAROLD
Watling, Lerchen & Co.
CAL1CE,
M.
ALBERS, Jr., E. P.
President: Harry A. McDonald, Jr., McDonald-Moore &
Co.
&
FRANK J.
Roney & Co.
GARCEAU,
Hornblower &
Bertrand
L.
B.
McDonald-Moore
William P. Brown
Co.
GARDNER, BRACKETT
September 14, 1953; Took Office: October 1, 1953; Term
Expires: October 1, 1954.
H. A. McDonald, Jr.
&
,_
W Co.
Parcells
FALLON, JOHN J.
-
,
Elected:
ADAMS,
Mr.
Bennett, Smith & Co.
Alternates: Charles C. Bechtel, Watling, Lerchen & Co.; Harry B.
(All
and
Mrs.
Convention
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
Mr. & Mrs. Carrol M. Bennett, Dallas Rape & Son, Dallas; Mr. &
First Southwest Company, Dallas
HUELEY, WILLIAM L.
Baker, Simonds & Co.
IIYDE, E.
Smith,
Mcdonald, alex
McDonald-Moore &
HABOLD
&
Reconstruction
Co.
Paine, Webber, Jackson & Curtis
JOHNSON,
A.
H.
EAYMOND
Mcdonald,
A.
White,
a.,
S.
george a.
Straus, Blosser & McDowell
Goodbody & Co.
KEMP, FBANK H.
White, Noble & Co.
McFAWN, JOSEPH J.
Nauman, McFawn &
KEBSTEN,
MERCIER, C. EDWIN
Straus, Blosser & McDowell
W.
R.
McFawn & Co.
Nauman,
MERCIER,
KING, CYRUS H.
Merrill
KING,
.
Straus,
Lynch, Pierce, Fenner & Beane
W
Co.
&
MILL,
KINZIE, HENRY B.
Don
Baker, Simonds & Co.
National
Don
of Detroit
Bank
Goodbody & Co.
CHARLES
KREIDLEB,
A.
Goodbody
&
MOONS,
Management
Merrill
LAUDE,
Fenner
&
Beane
Bache
WM. G.
Watling,
Lerchen
J.
H.
H.
Co.
Chas. A.
Crouse & Co.
&
Mulhall,
Inc.,
GEORGE
&
WELCH, EDWARD L.
Baker, Simonds & Co.
Kalamazoo
WILLIAMS. JOHN M.
Baker,
M.
Simonds
Weeks
TITUS, DEAN W.
Paine,
&
Co.
VICTOR
Webber,
Jackson
&
Curtis
White, Noble & Co., Ann Arbor
WINCKLER,
TORNGA, HERMAN
De
D.
Young-Tornga
F.
Co.,
FREDERICK
WOCHIIOLZ,
Smith,
R.
ROBERT
Hague,
A.
Noble
&
Co.,
WOOD, WARREN A.
Baker, Simonds & Co.
VERRAL, CLIFFORD E.
S.
J.
Winckler Co.
J.
Grand Rapids
VANDERVOORT, HENRY
Nauman, McFawn & Co.
Livingstone, Crouse & Co.
VETTRAINO,
WILLIAM
Livingstone, Crouse & Co.
LOUIS
Noble
V. Sattley
V.
WORBOYS, JESSE V.
D.
McDonald-Moore
A.
Co.
& Co., Inc.
V.
H.
Co.
MacArthur
Kenower,
Vogel & Co.
VOORHIES, FRANK E.
Goodbody & Co.
YOUNGS. LEO N.
WAKEMAN,
ZOELLIN, FRED J.
Carr
WYNN F.
Baker, Simonds & Co.
Sattley & Co., Inc.
&
WRIGHT, JOHN C.
VOGEL, ARMIN H.
P.
&
JOSEPH
Manley, Bennett & Co.
&
Manley,
&
Co.
Company
Bennett
&
Co.
SCHNEIDER, ELWOOD H.
E. H. Schneider & Co., Kalamazoo
s.
Co.
McFawn
Campbell, McCarty & Co., Inc.
&
Company
SHAPIRO,
Parcells &
Co.
Dealers and Brokers in
IRWIN
& McDowell
Blosser
Straus,
WILLIAM
SHOEMAKER,
E.
Railroad, Public Utility & Industrial
Reid, Higbie & Company
SIMMONDS, CHARLES M.
111.
NEPHLER, Jr., CLARENCE J.
W. H. Protlva Company, Pontiac
Manley,
Bonds & Stocks
Bennett & Co.
SIMONDS, RALPH W.
NEWMAN, PERCY P.
Bennett, Smith & Co.
Baker, Simonds & Co.
Over-the-Counter
J.
LOUIS
Winckler
F.
SCHAFER, HARRY L.
F.
J. Winckler Co.
neil, roy w.
Reid, Higbie & Company
R.
LONGSTAFF, RALPH S.
Rogers & Tracy, Inc., Chicago,
(Associate)
LUCHTMAN,
WILLIAM
SCHOLLENBERGER, HERBERT
Nauman,
F.
Livingstone,
Co.
M.
Campbell, McCarty & Co.
WILLIAMS,
Co.
SATTLEY, HALE
naumes, john r.
SEABOURN
WEED,
Lynch, Pierce, Fenner & Beane
Hornblower
SANCRANT, MUREL J.
Weeks
Hornblower &
LIVINGSTONE,
R.
White,
Co.
NAUMAN, ARTHUR P.
& Co.
LICHTENSTEIN, H.
F.
S.
g.
ROWADY,
robert
&
STANLEY
Livingstone, Crouse & Co.
Detroit Stock Exchange
ROTSTED,
Co.
Parcells &
LERCHEN,
R.
&
R.
WEDTHOFF, GUY G.
First of Michigan Corporation
GORDON O.
TIEDECK,
K.
Roney & Co.
C.
Merrill
S.
Hornblower & Weeks
ROTSTED, RALPH
& Co.
nadeau,
S.
Wm.
&
WEAVER,
Co.
&
McDowell
THOMSON, EDW. D.
RONEY, JOHN
MUSCHETTE, LESLIE C.
First of Michigan Corporation
LEPPEL, BERTRAND
Chas. A.
Goodbody &
Co.
Co.
&
Bennett
Moreland
Company
ARTHUR
RODECKER,
&
McDonald-Moore & Co.
J.
RAYMOND
Goodbody
Co.
MORELAND, PAUL i.
Pierce,
Lynch,
&
R.
MacArthur
Olmstead
C.
RICHARDSON, DONALD L.
Nauman, McFawn & Co.
MOORE, WILLIAM
Company
ELMER
LARSON,
Co.
MELVIN
Kenower,
J.
Elosser &
SWIAT, LEO A.
REUTER, GEORGE A.
ROBERT
Manley,
LANTERMAN, LESTER C.
Wayne
&
Miller
McDonnell
KUPFER, RAYMOND A.
Smith, Hague, Noble & Co.
Curtis
Rapids
Reid, Higbie &
MONTGOMERY, HAROLD
Co.
STUIT,
CLARENCE
Straus,
SUTTON,
MIOTTEL, RAYMOND W.
Paine, Webber, Jackson & Curtis
Co.
RUSSELL A.
KUHNLEIN,
Miller
WATLING, PALMER
Watling, Lerchen &
MAX J.
SUTHERLAND. ROSS W.
Nauman, McFawp & Co.
Ferris, Wagner & Miller
Baker, Simonds & Co.
&
W.
WASS,
STRINGER,
RAUCH, MONTGOMERY K.
Paine, Webber, Jackson &
miller, george a.
KRISTENSEN, EDMUND F.
Moreland
B.
STOETZER, ROBERT R.
Bennett, Smith & Co.
Watling, Lerchen & Co.
STUART
Baker, Simonds & Co.
R.
W.
Co.
REILLY, RAYMOND W.
Manley, Bennett & Co.
Corporation
MILLER, EDWARD J.
Smith, Hague, Noble
KISSEL, ROBERT
Co.
G.
&
REID, ANDREW
miller, don w.
KISCH, JOSEPH J.
&
Mr. & Mrs. George J. Muller,
WALLACE, ROBERT
Wm. C. Roney & Co.
Bennett, Smith & Co.
Livingstone, Crouse & Co.
Gran^
McDowell
MEYER, FRANK P.
First of Michigan
LEO
Goodbody
Company
R.
Joseph E. Smith, Newburger & Co., Philadelphia;
Janney & Co., Philadelphia
POWELL, BYRON L.
A. M. Kidder & Co.
H.
THOMAS
Blosser &
Noble
PORTER,
Co.
&
Simonds
PORTER, CLAUDE
Mcdowell, jr..
KAUHL, HEBMAN A.
Baker,
Corporation
harry
jr.
Co.
&
PIERSON, E. T.
Finance
McDonald-Moore
Vogel & Co.
Mrs.
STOETZER, Jr., ROBERT H.
Lerchen
Watling,
Washington, D. C.
(Honorary Member)
O.
&
PICKNER, P. G.
Co.
Mcdonald, harry a.
Noble
Hague,
JABVIS, LEEOY
Mr.
Mrs. James F. Jacques,
29
SLOANE, WADE
Baker, Simonds & Co.
NOVIKOFF, walter N.
Co.
Straus,
Blosser
McDowell
&
D.
Howard Brown
&
Trading
Dept.
Frank J. MacKain
LUDINGTON, BERT F.
OBUCHOWSKI,
Straus, Blosser & McDowell
THAD
McDonald-Moore
&
SMITH, Jr., HAL H.
Co.
Smith, Hague & Co.
MacARTHUR. REGINALD
MacArthur
Kenower,
& Company
oddy, r.
Baker,
MACE.
K.
Simonds
&
SMITH, PHIL H.
Co.
Kales-Kramer
ROBIN G.
Goldman, Sachs
<sc
Bennett
Manley,
&
R. C. O'Donnell &
OSBORN, MILO
Co.
Moreland &
O.
Paine,
Webber,
PANELLI,
JOHN
Jackson
&
Parcells & Co.
Curtis
Blair, Rollins
A.
& Co.,
PARCELLS, EARLE W.
Chas. A. Parcells & Co.
SPAULDING,
MANLEY, MILTON A.
PARKER, HOWARD L.
Manley, Bennett & Co.
STANKO, MARION J.
White, Noble & Co.
Smith
&
Co.
Manley, Eennett & Co.
MANLEY,
Jr.,
MILTON
W.
White,
JAMES
H.
Protiva
Company,
S.
R.
Exchange
Exchange
NEW YORK 5, N. Y.
BROADWAY
Incorporated
7-6800
—
Bell
System
Teletype NY
1-1459
RICHARD C.
Sattley & Co., Inc.
H.
Straus, Blosser & McDowell
Pontiac
STEIN, MYRON D.
A. M. Kidder & Co.
RICHARD W.
Livingstone, Crouse & Co.
PENDER,
Noble & Co.
V.
Stock
Stock
Lerchen & Co.
STANWOOD, FRANK
PARMENTER, EUGENE A.
A.
Manley, Bennett & Co.
MARTIN,
H.
York
American
M.
MAHONEY, J. ALBERT
Bennett, Smith & Co.
Bennett,
100
COrtlandt
WAYNE
Watling,
New
Members
SNOWDAY, H. TERRY
SPADE.
EARL D.
Members
Co.
PARCELLS, Jr., CHARLES A.
Chas. A. Parcells & Co.
MAHONEY,
Ingalls & Snyder
ComDan<
SNELL, ROBERT L.
Company-
MacPHERSON, PETER
Charles A.
Investment
O'DONNELL, RAYMOND C.~
Co.
MacFARLANE, JOHN O.
INVESTMENT
Specializing in
SECURITIES
RAILROAD
BONDS
and
STOCKS
Glore, Forgan & Co.
NEW
McGINNIS 6- COMPANY
Members
61
BROADWAY
DIgby 4-4933
New
York
Stock
Exchange
NEW
YORK
6,
N. Y.
Teletype NY 1-310
Members
CHICAGO
YORK
and
New
York
and
American
Midwest
Stock
Stock Exchanges
Exchange
Jackson
THE
3U
Thursday, October 8, 1953
COMMERCIAL and FINANCIAL CHRONICLE
-a
Frank
M.
York
Mrs.
Cryan, Frank M. Cryan &. Co., New
City, speak,ng at luncheon meeting
Myrtie
Parsons,
Mrs.
&
Cleveland,
Mr.
Winton A. Jackson, First Southwest Company,
Cayne, Gottron, Russell & Co., Cleveland
Ohio;
Morton
A.
PIKE, WILLIAM
Robert D.
Alternates:
Security Traders Association of Los Angeles
F. Nightingale,
President, Mountain Fuel
Supply Co., speaking at luncheon meeting
W.
Dallas;
Diehl, Paine, Webber, Jackson & Curtis;
Summerell, Wagenseller & Durst, Inc.; Nieland B.
Arsdale, Blyth & Co., Inc.
'■
Van
PLATT,
J.
EDWARD
R.
Williston,
17, 1952; Took Office: January 1, 1953; Term
Expires: December 31, 1953.
Wagenseller &
in
Weeden
OF MEMBERS
Angeles unless
Los
HENRY,
indicated)
otherwise
HOLTON,
ARBOGAST,
Durst,
&
PAUL
Dempsey-Tegeler
Demp.sey-Tegeler
&
ROBERT
J.
0.
H. W, Wessendorf, Jr.
Robert M. Green
,
James G. Fraser
F.
First
Vice-President: H. W. Wessendorf, Jr., William R. Staats & Co.
Treasurer: Robert M. Green, Pledger &
BETZ,
Governors: George H. Earnest, Fewel &
Co.; Albert W. McCready,
Jr., Walter C. Gorey Co.; Nieland B. Van Arsdale, Blyth & Co.,
Inc.
Daniel
Los
George H. Earnest,
Tegeler & Co.
Fewel
&
&
E.
ALAN
D.
National
Bank
Merrill
&
LINK,
MUNICIPAL BONDS
ROBERT
G.
CASS.
ROBERT
T.
Allen
A.
COCKBURN,
Mitchum,
SPECIALIZING IN ODD LOTS
COOK,
LIPPMAN,
to $10,000)
William
DAVIES,
McCREADY,
Co.
Walter
&
Staats
Revel
KtlNICIML
LEBEINTHAL6 CO.
135
broadw, newyork ©in.y.
1 Oldest House lu America
Um-ODO-LOTS
.
Pa inc.
E.
DORROH.
Specializing ftyl
tg,
IH-ODOLOTS
System Teletype NY 1-2272
&
NEVINS,
Curtis
Fewel
EBNER.
O'NEIL,
J.
L.
ENGI.E, EDWARD P.
First
California
KUPER,
Smith
&
Co.
&
Beane
B.
R.
Merrill
VV.
WILLIAM
Williston,
FRANK
Lynch,
WARNES, ROY
C.
Bruce
&
Co.
J.
Pierce,
Fenner
C.
Shearson, Hammill & Co?
WEBSTER, WILLIAM
A.
WELLER, JOHN
Wagenseller & Durst, Inc.
Co.
Inc.
WESSENDORF, JR., HOMER
William
R.
&
Co.
WRIGHT,
R.
Lester,
J.
Weeden
&
&
Ryons
&
Co.
L.
Co.
\
WRITER, JOSEPH
Walston
Co.
&
Co.
&
ZIMMERMAN, WILLIAM J.
Bingham, Walter & Hurry,
E.
Weedon
PAISLEY,
Staats
WILLIAM
Co.
DONALD
&
R.
Co.
FOSTER
Inc.
ZINK, JAMES
Walston
Co.
&
Co.
Company
THOMAS
Akin-Lambert
F.
Co.
&
RICHARD
Crowell,
Bateman, Eichler & Co.
&
T.
Barth
OWEN,
'
CHARLES
J.
WARD
Co.
RICHARD
Fairman
W.
george h.
Jr.,
Inc.
RICHARD
WALKER,
Company
Weedon
Ryons
O'NEIL,
Company
Col
&
Durst,
Barbour,
Wagenseller & Durst, Inc.
S.
&
JOHN
Lester,
.Shearson, Hammill & Co.
Earnest;
I jpdRDSl
Jr.
T.
Gorey
Blyth & Co.,
WILLIAM
&
ARSDALE, NIELAND
Blyth & Co., Inc.
MODRELL, PALL
Jackson
&
E.
Inc.
Bateman, Eichler & Co.
JOHN
Hutton
F.
Durst,
Rogers,
VERNON,
ALBERT
WILLIAM
Crowell,
D.
Webber,
DOFMAN,
REctor 2-1737
(ODD LOT MUNICIPAL BONDS!
Bell
ROBERT
DONALD
&
VAN
A.,
JOSEPH
A.
Miller
MILLER,
Co.
JR., WILLIAM II.
Dempsey-Tegeler & Co.
DIEHL.
Wagenseller
Co.
&
Jr.,
C.
McOMBER,
Co.
&
SCOTT
TUTTLE, GORDON B.
Co.
First California
I).
&
B.
R.
&
Curtis
TURNER, STEPHEN C.
Co.
CLEMENS
MANWARING,
Co.
JAMES
&
<fe
I).
Crowell, Weedon & Co.
CRUTTENDEN, ARTHUR S.
up
Hull
TIMOTHY
Hogle & Co.
SUMMERELL,
Co.
WILLIAM
Holton,
A.
Gross,
Hill Richards
Dempsey-Tegeler
(Amounts
Kraft
Co.
Wagenseller
&
W.
Shearson, Hammill & Co.
FRANK
LUEKER,
&
Tully
JAY
J.
Co.
Kraft
F.
&
D.
Company
Webber, Jackson
STOUT,
&
&
FOREST
SPILLANE,
LIVINGSTONE, CHARLES
D.
Henderson
CASS,
Floyd
Paine,
Harris, Upham & Co.
Co.
THEODORE
&
F.
CLIFFORD
SILLICK, JACK
KRAFT, OSCAR F
Oscar
Co.
Lynch, Pierce, Fenner & Eeane
Harbison
Ca ifcrnia
KRAFT, OSCAR F., JR.
E.
&
Noyes
CAMINSKY, DONALD M.
CARLSEN,
of
II.
Co.
Hutton
F.
Morgan
Co.
A.
Co.
Witter
Oscar
Hutton
F.
of
&
SHIPLEY,
WILLIAM
&
Dean
WILLIAM E.
BROWN,
E.
Co.
"Times" (Honoraryi
PATRICK
SHIPLEY,
C.
Co.
I..
&
ROBERT
Angeles
SHEEDY.
KIRWAN, NICHOLAS P.
Beverly Hills
Merchants
MAXFIELD
Hemphill,
Co.
Co.
Inc.
Co.
Ryons
Fairman
&
Fewel & Co.
J.
Co.,
Angeles
BROWN.
National Committeemen: A. Shane
McOmber, Revel Miller & Co.;
Co.; John C. Hecht, Dempsey-
EDWARD
&
Farmers
&
Bruce
KELLER, THOMAS H.
Bank
BRASSINGTON,
I?.
Investment
JOHNSON,
Inc.
Sutro
Reeves
Los
JAMESON, CLAUDE
Company,
HERMAN
BOURBEAU.
Secretary: James G. Fraser, Stern, Frank, Meyer & Fox.
Lester,
Staats
&
Standard
EARL F.
California
California
Company, Inc.
Falrman
A.
Co..
KENNETH
SANDIFER,
O.
R.
L.
inc.
JOHN
&
RUSSELL,
Co.
IRISH, HERBERT
LEEBE, JAMES L.
Hill Richards & Co.
BERRY,
President: A. Shane McOmber, Revel Miller & Co.
A.
Co.
&
Co.
RYONS, JOSEPH
&
Williston,
William
Marache, Dofflemyre & Co.
A, Shane McOmber
R.
IMBLER,
Co.
Harker
NORMAN
Colburn
L.
L.
Co.
&
HUFF, ROBERT
& Co
KENNETH
BARSAMIAN,
BATES,
R.
RICHARDS,
Co.
&
HUDSON,
Inc.
H.
M.
ARTHUR
Walston
DONALD
Wagenseller
ASCHKAR.
Hull
IIOSKIN,
Co.
&
Ryons
&
JAMES
Akin-Lambert
CHARGES
Holton,
ALEXANDER, JACK
Lester,
CONRAD
Durst,
PULLIAM, LAWRENCE S.
REEVES,
(Members
Bruce
POINDEXTER, CLIFFORD
Elected: November
ROSTER
C.
Morgan & Co.
Donald E.
J.
Co.,
Inc.
FETTERS, JOHN J.
Jones,
Cosgrove & Miller,
FRANKEL, harold
Falrman
NEW
JERSEY
FRANKLIN,
Samuel
Pasadena
C.
Co.
SAMUEL
B.
FRASER,
B.
Franklin
JAMES
&
Company
G.
Frank, Meyer & Fox
Stern,
MUNICIPAL & REVENUE
&
FREEMAN, AL\ IN R.
Dempsey-Tegeler & Co.
.
GAM.EGOS, JOSEPH F.
Lester, Ryons & Co.
RONDS
GARRETT,
PIERCE
GARROWAY,
GIVN,
R.
DAVE
AFFILIATED
WILLIAM
Dean
Witter
GLASS,
&
Co.
CHESTER
William
R.
Staats
&
Co.
FUND
GO
LDSCHMIDT, PAUL
Lester, Ryons & Co.
i
GREEN. ROBERT M.
Pledger & Co., Inc.
Roland, Saffin & Co.
Established
20 PINE ST.
NEW
WHITEHALL 3-3414
Company,
A Balanced Investment Fund
V
Inc.
Witter & Co.
IIANAUER,
J.
BUSINESS SHARES
.
MAX
B.
JACK
Hanauer
IIARDCASTLE,
Dean
JOHN
Prospectuses
Co.,
Lord, Abrett & Co.
Beverly Hills
63 Wall Street, New York
Co.
C.
HENDERSON, ROBERT
I.
du
request
PARKMAN
CHICAGO
Dempsey-Tegeler & Co.
Francis
on
B.
&
Witter &
HECHT,
Teletype—NY 1-535
&
-
A Common Stock Investment Fund
SAM
Pledger
HALL,
Dean
TELEPHONE
YORK 5, N. Y.
Bell System
1920
GREEN,
AMERICAN
M.
Pont
&
ATLANTA
LOS ANGELES
J.
Co.
,"'
I
Mr.
&
&
Mr,
& Mrs.
Mrs. Ralph C. Deppe, Edward D. Jones & Co., St. Louis;
Company, Milwaukee, Wis.; Mrs. & Mr. Harry L. Nelson,
(Pete)
A.
Pierre
Heimerdinger, Walter, Woody & Heimerdinger, Cincinnati; Mr.
Kosterman, J. R. Williston, Bruce & Co., Portland, Oregon
G.
John
Mrs.
31
FINANCIAL CHRONICLE
THE COMMERCIAL and
Convention Number
Berwyn T. Moore & Co.,
J.
Fenner
Pierce,
& Beane
REID,
BEN
REIMER,
Goodbody & Co.
Hilliard
A.
Berwyn T. Moore &
Stein
The Kentucky
H. Allan Watts
SOMMERS,
Inc.
Vice-President: Wesley J. Rutledge, Jr., Stein Bros. & Boyce.
Secretary: Mrs. Ora M. Ferguson, Merrill Lynch, Pierce, Fenner
& Beane.
J.
&
Wagner, Reid
S.
ROENN,
&
Son
WARREN
G.
DUNLAP
Wagner, Reid and Ebinger, Inc.
WAKEFIELD,
Boyce
SOL
Jr., WILLIAM T.
Lynch, Pierce, Fenner
WATKINS,
(Honorary)
Merrill
ELINORE
WATTS,
H.
ANTHONY
& Beane
ALLEN
W. L. Lyons &
Co.
WILSON, HOLMAN R.
The
Kentucky Company
JOHN
WOOD,
Smart, Clowes & Oswald, Inc.
and Ebinger, Inc.
Company
Hilliard
B.
J.
VON
Lincoln Bank & Trust Company
SMART,
Beane
VOGT, ERNEST
Inc.
The Bankers Bond Co., Inc.
EBINGER, RUSSELL
President: J. Berges Reimer, Berwyn T. Moore & Company,
Inc.
Bank & Trust Company
Citizens Fidelity
Fenner &
& Boyce
Bros.
Stein
Moore & Co.,
Bros.
Kentucky
TROST, MILTON
J. BERGES
SEDLEY, MRS.
JOSEPH H.
DURHAM,
Pierce,
TRINKLE, WALTER
The
Reid & Ebinger,
SCHULMAN,
Trust Company
DIERSEN, JOSEPH II.
Eskew, Gresham & Dlersen
W. J. Rutledge, Jr, Mrs. 0. M. Ferguson
Son
Fidelity Bank & Trust Co.
Courier-Journal
Reimer
&
ANDERSON
DEARING,
Lynch,
REID
Merrill Lynch, Pierce, Fenner & Beane
RUTLEDGE, WESLEY
Co.
DESMOND, C. G.
Stein Bros. & Boyce
J. Berges
Merrill
STONE,
Inc.
FRANK
Berwyn T.
WILLIAM
DEAN,
Co.,
JOHN L.
Wagner,
Co., Inc.
Bankers Bond
The
B.
Citizens
CONWAY, POWHATAN M.
CREGOR,
J.
REGISTER,
CONLIFFE, WILLIAM J.
Lynch,
Bond
Inc.
Smart, Clowes & Oswald,
Merrill
Bankers
RASH, DILLMAN A.
R.
JOHN
CLOWES,
Inc.
ROBERT E.
PURYEAR,
The
Inc.
BERT
STERNBERG,
Moore & Co.,
T.
Berwyn
Almstedt Brothers
CHRISTMAN, Jr., HENRY
O'Neal-Alden & Co., Inc.
Reid and Ebinger,
Wagner,
Inc.
EDWIN W.
POWELL,
JAMES R.
BURKHOLDER, Jr.,
H.
SPIERS, JOHN
PARKS, JOSEPH W.
BURGE, JOHN M.
J. J. B. Hilliard & Son
Bond Club of Louisville
Fred G. Morton, The Milwaukee
Blyth & Co., Inc., Chicago
SANDY
FEHRIBACH, URBAN H.
Linooln Bank & Trust Company
FERGUSON, MRS. ORA M.
Merrill Lynch, Pierce, Fenner
,
& Beane
FETTER, JAMES M.
The Bankers Bond Co., Inc.
For financial institutions
Treasurer: H. Allan Watts, W. L. Lyons & Co.
FULLER, ASA W.
Graham,
Thomas
Committeemen:
National
The
Bankers Bond
Liberty National Bank & Trust
Co., Inc.; Mrs. Ora M. Ferguson, Merrill Lynch, Pierce, Fenner
& Beane.
Took
Office:
January
1,
1953;
Term Expires:
January
1, 1954.
Co.
C. A.
Citizens Fidelity Bank & Trust Company
GERST,
FOREIGN
G1TTLEMAN, DAVID L.
Stein Bros. & Boyce
ROSTER OF MEMBERS
GRAFTON, ARTHUR W.
SECURITIES
Wyatt, Grafton & Grafton
ALDEN,
WM.
O'Neal-Alden
ALDEN,
BOHNERT,
0.
&
WM.
Jr.,
O'Neal-Alden &
ALLEN,
The
O.
Co., Inc.
BOOTH,
MOREY
Stein Bros.
BROCAR,
J.
& Co.
W.
Bankers Bond Co.,
Co., Inc.
HORACE
Goodbody
HECTOR
Jr.,
GRAHAM, THOMAS
Inc.
Co.,
Bankers Bond
The
"
Inc.
A
BERNARD W.
"Times" (Honorary)
GRATZER,
& Bcryce
The Louisville
ALBERT C.
J. B. Hilliard & Son
TRADING
FIRM
MARKETS
GREEN, KENNETH
Stein
Bros.
Boyce
&
HAAS, WILLIAM G.
Stein Bros. & Boyce
Carl Marks & Co. Inc.
HAGIN, HART
JEFFERSON
Hutton
E.
W.
&
Lexington,
Co.,
HAMPTON, GARRETT
Merrill Lynch,
Pierce,
CUSTODIAN
The
FOREIGN SECURITIES SPECIALISTS
& Beane
Fenner
50 BROAD STREET
WOOD
HANNAH,
FUND, Inc.
Ky.
Bankers Bond
Co.,
T.
Moore
NEW YORK
4, N. Y.
TELETYPE NY 1-971
TELEPHONE HANOVER 2-0050
HARDAWAY, EARL E.
Berwyn
•
Inc.
&
Co.,
Inc.
HELCK, CHESTER L.
Prospectus
on
Request
Liberty National Bank & Trust
J.
J.
Hilliard
B.
Inc.
✓
&
Son
W. HOWARD
HOPKINS.
Frank M. Cryan Co.,
Co.
HENNING
HILLIARD,
JOHNSTON, Jr., ROBERT H.
The Bankers Bond Co., Inc.
I
Underwriters
52
Broadway, N. Y.
•
Philadelphia
JONES, CLARENCE
Almstedt Brothers
HAnover 2-3832
JONES,
Pittsburgh
WILLIAM
Louisville
Trust
Roggenburg & Co.
L.
Company
Members
ERNEST
Fidelity Bank &
KAMPFMULLER,
Citizens
National
Trust Co.
New
York
Association
Security
Dealers
of Securities
Association
Dealets, Inc.
KAUFMAN, IRVIN
Stein
New
Developments in the
CINERAMA PICTURE
The
terms
of
the
recently signed
agreement
between Stanley
Productions and Cinerama Inc.—
Stanley Warner Theatres, through a subsidiary
becomes the exclusive exhibitor of Cinerama pictures in the
entertainment field and will finance the production of up to
Warner
Theatres, Cinerama
which
under
fifteen
—have
pictures in the Cinerama process in the next five years
interesting and different implications for the potential
earnings and the equities of the three companies involved.
For a comprehensive report on this new development, write
or
Bros.
call:
15
William
4-9755
Berwyn T. Moore & Co.,
Member
Russell, Long & Company, Lexington,
LUCAS, CHESTER A.
Stein Bros. & Boyce
8.
All Foreign Bonds
_
& Stocks
Foreign Bond Coupons
McNAIR, WILLARD P.
The
Bankers
Bond Co.,
Inc.
Foreign Bond Scrip
MILLER, J. HUGH
J. J. B. Hilliard & Son
EDWARD G., Jr.
Reid and Ebinger, Inc.
BERWYN T.
Berwyn T. Moore &
A.
Specializing in
Ky.
MAJOR, EARL E.
Stein Bros. & Boyce
MOORE.
N.
Inc.
LONG, EDWIN A.
Wagner,
St., New York 5, N. Y.
CORPORATE SECURITIES
LINCH, DALE F.
MOLTER,
Ci. K. Shields & Co.
DIgby
Brokers and Dealers
Boyce
&
KING, CHARLES C.
The Bankers Bond Co., Inc.
Co., Inc.
D.
OESWEIN,
J.
J.
B.
HENRY
Hilliard & Son
29
BROADWAY
Telephone: WHitehall 3-3810
NEW YORK 6
Bell Teletype:
NY 1-1928
32
^THE COMMERCIAL and FINANCIAL CHRONICLE
Fred
T.
Rahn, The Illinois Company, Chicago; Thompson M. Wakeley, A. C. Allyn & Co., Inc., Chicago
Bond
National
Traders! Club of Chicago
y
Mrs.
&
Mr.
Thursday, October 8, 1953
Daniel
M.
Sheehan, Jr., Sheehan
Committeemen: Leonard
J. Wolf, A. G. Becker &
Co.,
Incorporated; Edward H. Welch, Sincere and Company; Edward
Vallely, John Nuveen & Co.; Milton J. Isaacs, Straus, Blosser
& McDowell; Lester J.
Thorsen, Glore, Forgan & Co.
r
»»■>," "-"J '»
^
Co., Boston
CHAFIN, RALPH
Reynolds
V.
^
&
&
John
W.
Clarke, Incorporate;!
CLEAVER,
'
'"J
Alternates: Fred T.
U B H I
too
a-'
A
Lehman
Rahn, The Illinois Company; Arthur C. Sacco,
Cruttenden & Co.; Thomson M.
Wakeley, A. C. Allyn and Com¬
i
'4 %:il
CLINE.
Took Office: March 1, 1953; Term
Expires:
GEORGE
THOMAS
&
COLLINS.
otherwise
in
Chicago unless
indicated)
ABE, WILLIAM J.
Hallgarten & Co.
ADAMS,
Jr.,
Hornblower
&
A.
Leonard J. Wolf
Peter J. Conlan
John P. Pollick
Joseph G. Ballisch
C.
ALM, WALTER
David
President: Leonard J.
Wolf, A. G. Becker & Co., Incorporated.
Vice-President: Peter J. Conlan, Hornblower & Weeks.
T.
Securities
Directors:
Donald
A.
C.
Noyes & Co,
I.
du
Pont
&
F.
Lee
Higginson
ARNOLD,
The
R.
Muller, Harris, Upham & Co.; Elmer W.
Erzberger, Smith, Burris & Co.; William S. Hunter, Lee Higginson Corporation; Thomas D. Walsh,
Doyle, O'Connor & Co.
Jr.,
National
Bank
&
Corporation
IIAZEN
First Boston
Carlton
Incorporated
Corporation
ARTHUR, JOHN
David A. Noyes & Co.
WALLACE
A.
Fuller
Gorman,
&
T.
Co.
O.
Peck
&
Co.
Fuller
&
Weeks
&
M. Byllesby
J.
and Company
Incorporated
COOLEY, RICHARD R.
Thomson
CASSERLY, Jr., THOMAS D.
A.
Co.
COOK. FREDERICK
H.
Co.
CASEY, FRED J.
Doyle, O'Connor & Co.
William
Corporation
J.
CECIL
Hornblower
CAVANAUGH, AUDRAN
S.
Milwaukee
CONLANi PETER J.
J.
&
JOHN
Harmet &
William
Link,
MAURICE
COOLEY,
Doyle, O'Connor & Co.
A.
A.
CONDIT.
G. Becker & Co.
A.
A.
COMBITHS,
J.
Illinois
Co.
CARLTON, FRANK A.
Co.
ANDERSON, WILLIAM
Company} Incor¬
Washington, D. C
Lehman Brothers
CANN,
ANDERSON, ALFRED E.
Francis
EDWARD
COLNITIS,
E.
Congress,
CANN, JULES F.
Co.
ANDERSON, JOHN A.
Anderson, Plotz & Company, Inc.
Secretary: John P. Pollick, Swift, Henke & Co.
Treasurer: Joseph G. Ballisch, A. C. Allyn and
porated.
1
A.
Trust
Weeks
&
of
Continental
E.
W.
Allyn
Member
CAMPBELL,
FRED
ALLYN, .JOHN
BUSBEY, HON. FRED
Company,
PHILIP
American
located
O.
Marshall
COCHRAN. LOREN A.
William Blair & Company
February 28, 1954.
ROSTER OF MEMBERS
(Members
J.
Co.
CLOYES, FRED
The
E.
Brothers
Kneeland
Incorporated; Elmer W. Hammell, Taylor & Co.; Orville
Strong, First National Bank of Chicago.
pany,
H.
Co.
CLARKE, JOHN W.
&
McKinnon
WM.
H.
Television Shares Management Co.
J.
COONEY, WALTER E.
Kidder, Peabody & Co.
Co.
CERF, Jr., FLOYD D.
Floyd D. Cerf, Jr. Company,
COOPER,
Incorporated
Loewi
PETER
&
Co.,
Milwaukee
BACHAR,
STEPHAN A.
Borland & Co.
Betts,
AWVWWWWHWWWWWWWHWWWWHWWWWWWiWWWW'
BALLISCH, JOSEPH G.
A. C. Allyn and
Company, Inc.
BARCLAY, HAROLD
Barclay Investment
BARNHART,
First
Co.
HORACE
La Salle
BARNHART. WILLIAM
First La
MitcliclhJoiiipam]
Salle
S.
DISTRIBUTORS
Co.
WHOLESALERS
BARROWCLOUGH, GEORGE L.
First of Michigan Corporation
BARTH,
Members
UNDERWRITERS
G.
Co.
EDWARD
White,
Philadelphia-Baltimore Stock Exchange
Weld
N.
Co.
&
BARTHELL, J. GARY
Harris, Upham & Co.
120
BAUM, NORMAN B.
BROADWAY
Tel. WOrth 4-3113
■
•
NEW YORK 5,
Bell
Cruttenden
N. Y.
&
Co.
HUNTER SECURITIES CORPORATION
BAX, PAUL J.
Teletype N. Y. 1-1227
First
Boston
Corporation
BECKER, WILLIAM J.
Hulburd, Warren & Chandler
INACTIVES
BERG,
Broadway
New York 4, N. Y.
Betts,
RODNEY
Dlgby 4-2785
M.
Borland
&
Co.
'VVWVWVWVWWVVWVWVWWWWVWWWWWWVWWWWVWVVVWVV
BINZ, A. A.
Shearson, Hammill & Co.
BLANEY,
J.
P.
JAMES
SBBSggag
A.
Stocks with the Uptick Label!
BLOHM, MILTON R.
Glore, Forgan & Co.
AS TRANSFER AGENT
•yrr.
P.
Blaney & Co.
BLECHSCHMIDT, EDWARD
Stein, Rpe & Farnham
BLOMBERG, CARL X.
Thomson
&
McKinnon
BLUMENTHAL, HAROLD
Swift, Henke & Co.
in
Ami
BOBLETER, HENRY T.
NEW
YORK, N. Y. and JERSEY CITY, N. J.
Salomon
afford
economies
and
Bros.
BODEN. JOHN
A.
We
52
BENSON, GEORGE B.
Swift, Henke & Co.
C.
Allyn
&
L.
and
Company,
Incorporated
Transcontinental Oil Corp.
BOEDEKER, ROBERT F.
other
advantages
underwriters, distributors, corporations
to
and their stockholders.
Central
Republic Company
BOWKER, HERBERT H.
Harris, Hall & Company (Incorporated)
BOYLE,
WALLACE
Gulf
and
for
State
our
free booklet setting forth the Current Federal
Stock
Original
Issue
and
Transfer
Tax
Rates.
BRADY, EDMUND
First
Securities
New York 7, N. Y.
BEekman
3-2170
IS EXCHANGE PUCE
1899
William
S.
Blair
Brown
&
&
BROWN, HARRY
Company
S.
Co.
M.
Salomon Bros. & Hutzler
BUHLE, Jr., PHILIP C.
Goldman, Sachs & Co.
Jersey City 2, N. J.
BULLER, FRANK H.
Hickey & Co., Inc.
HEnderson 4-8525
BURCH, FRANK G.
Kneeland & Co.
Over 53 Years of Efficient and Economical
Service
Ltd.
BREWER, G. FABIAN
C.
SO CHURCH STREET
Sweet Grass Oils
G.
Company of Chicago
BROWN, CARMAN
REGISTRAR and TRANSFER COMPANY
Sulphur Corporation
J.
Cruttenden & Co.
IP rite
Inc.
Hutzler
BURKE,
Blunt
DAVID
Ellis
&
L. D. SHERMAN & CO.
Member:
30 Pine St.
National
Association
of
Securities
WHitehall 4-5540
Dealers, Inc.
New York
City 5
J.
Simmons
y
BURKE, HERBERT J.
Rogers & Tracy, Inc.
Teletype NY 1-2233
SI
Convention
b '
Mr.
CORBUS,
Brown
JOSEPH
Nuveen
Loewi
Cruttenden & Co.
CRUTTENDEN,
Cruttenden
Jr.,
&
Langlll
PATRICK J.
Stearns 6s Co.
CUNNINGHAM, BERNARD
Goldman, Sachs & Co.
Sheerin
&
Co.,
Indianapolis
Stone
GEORGE
Goodbody & Co.
DAHLIN,
&
DAVIDSON, HOWARD L.
McDougal & Condon, Inc.
DAY,
W.
JAMES
Aubrey G. Lanston & Co., Inc.
F.
S.
L.
ANTHONY
dePERSIO,
Bank
FITZSIMONS, GEORGE
H. Hentz & Co.
Moseley & Co.
M.
Chicago
A.
De
YOUNG,
De
Grand
DOYLE,
Rapids,
Mich.
FULLER,
William
JOHN ROBERT
Doyle,
DOYLE,
Doyle,
O'Connor & Co.
LEO J.
O'Connor
GALE,
Co.
F.
GEORGE
Allyn
and
Company,
Incorporated
F.
B.
LANGILL, BANFORD
Langlll 6s Co.
Weld & Co.
(Continued
page
on
34)
of
At Tour Service
Chicago
...
A.
Co.
Nuveen 6s
DONALD J.
Allyn and Company, Inc.
C.
Singer, Bean & Mackie, Inc.
Jr., JOHN J.
Moseley 6s Co.
S.
J.
HALLFORD,
L.
40
6s Co.
Chapman
Farwell,
New York 5
Exchange Place
HAMMELL, ELMER W.
ALFRED
HARMET.
A.
P.
NY 1-1825 & 1-1826
HAnover 2-0270
Taylor & Co.
Stuart 6s Co. Inc.
GALLAGHER, JAMES
A.
Harmet 6s Co.
A.
HARRELL, WILLIAM R.
Inc.
Reynolds & Co.
6s
JOHN T.
GAMON,
Co.
First
The
RICHARD
Bank
National
First
HACK,
WILLIAM A.
A. Fuller 6s Co.
McDougal & Condon,
DUNNE, FINLEY P.
Shillinglaw. Bolger
DURKES,
A.
,
& Co.
C.
LANE, WILLIAM H.
Harris Trust & Savings Bank
v
H.
JOHN
GUILD,
FRED 0.
Halsey,
The
John
SIDNEY
JOSEPH T.
William A. Fuller 6s Co.
Co.
Young-Tornga
Republic Investment Company, Inc.
LANE, ROBERT W.
Incorporated
GORDON D.
Henke & Co.
GRIGSBY, WILLIAM
&
KRENSKY, Jr., ARTHUR M.
H.
GREENBERG, MORRIS
Hallgarten & Co.
Swift,
FULLER,
NEIL
Weeks
&
FLYNN, CORNELIUS E.
The Ndrthern Trust Company
Weis
S.
KRELL, ROBERT B.
Bacon, Whipple 6s Co.
Co.
Co.
KING, THOMAS E.
Dempsey-Tegeler & Co.
I
STAR C.
Moseley & Co.
KOERNER,
FRANCIS A.
Dempsey-Tegeler & Co.
White,
Milwaukee, Wis.
GREGORY,
FRIEDMAN, LEONARD
Boettcher and Company
Jr., FREDERICK V.
Republic Investment Company, Inc.
DEVOLL,
J.
GRIER,
Irving
6s
Incorporated
(Associate)
CLYDE H.
&
Co.,
KOENIG, PHILIP F.
C. F. Childs and Company
F.
Brothers
Taylor
&
OTTO J., Jr.
Marshall Company,
The
KENNEY,
Corporation
Louisville, Ky.
Co.,
FLETCHER, DONALD T.
William Blair 6s Company
FREEMAN,
Byllesby and Company,
Incorporated
Stern
Becker
G.
KOCH,
WILLIAM C.
6s Tracy, Inc.
JOHN
KEITH.
KING.
Bond
GREEN, LEONARD
Sills, Fairman & Harris,
of
DETMER. JOHN F.
H.
A.
Co.
KERR. WILLIAM D.
Bacon, Whipple & Co.
WILLIAM
Hornblower
E.
GERALD
First National
The
KIPP, JOHN D.
Investment
GREEN, ARTHUR A.
Shearson, Hammill & Co.
& Linn
FITZGERALD,
Co.
KEHOE,
THOMAS
GRATZA,
ARTHUR W.
FENTON,
Rodman
Kneeland
Rogers
Bankers
The
GLEN A.
DARFLER,
KEGLEY,
EDWARD
Los Angeles
Co.,
Securities Corporation
American
HENRY A.
Webster Securities
&
GRAHAM,
FELLEGI, JULES
I
Farwell, Chapman 6s Co.
E.
&
A.
■
CUNNINGHAM, JAMES W.'
Reynolds & Co.
Weedon
Larry Pulliam,
KEEGAN, BERNARD R.
Hickey 6s Co., Inc.
GOTT, EARLE C.
Goodbody & Co.
FEIL, PETER V.
Langlll 6s Co.
:
'
JAMES E.
Sills, Fairman & Harris, Incorporated
GORDER,
M.
FAUST, JOHN N.
Kidder, Peabody 6s Co.
J.
Greenebaum
GOODWIN,
ARTHUR E.
Byllesby and Company,
Incorporated
H.
Mrs.
KEARNS, HUGH T.
Co.
6s
&
F.
FARRELL,
CUMMINGS,
Bear,
D.
Thomas
Co.
6s
FRANK X.
Stearns & Co.
.
KANT, HERBERT H.
GOODMAN, WILLIAM D.
Freehllng, Meyerhoff & Co.
ROY *
FALVEY,
J.
CUMMINGS,
Bear,
Bache
-
Mr.
GOODMAN,
JOHN W.
Reynolds & Co.
Co.
CHARLES
CULLEN.
:
..
Thomson 6s McKinnon
EUSTICE,
WALTER W.
•
GOLDEN, GEORGE T.
Stein, Roe & Farnham
du Pont & Co.
ERZBERGER, ELMER W.
Smith, Burrls 6s Co. \
CRUTTENDEN, WALTER W.
.
Francisco
GLOSSER, EARL C.
CHARLES E.
Francis I.
-
GIESEN, ELMER J.
David A. Noyes 6s Co.
Co.
WILLIAM C. 1
8s Co., Milwaukee, Wis.
ENYART,
Co.
&
San
ELWELL,
W.
Co.
&
Incorporated,
any,
EGNER, ADOLPH C.
Shearson, Hammill &
COUTTS, RONALD M.
John
California
First
Egan,
R.
HARVEY
Devine
J.
F.
Brothers, Harriman & Co.
CORNELIUS,
C.
John
Mrs.
&
'
33
CHRONICLE
THE COMMERCIAL and FINANCIAL
Number
National
Bank of
Chicago
S.
American
National
Bank
Company
of Chicago
&
GAVIN,
Trust
JOSEPH J.
Goodbody 6s Co.
CARL A.
HARTWIG,
.
FIRM TRADING MARKETS FOR
Oorman. Peck & Co.
Link,
HAYS, EDDE K.
Central
Republic Co.
BANKS...
BROKERS...
HEALY, WILLIAM B.
David A. Noyes & Co.
HERMAN,
The
Have you
tried the New Jersey market?
FRANK
First National Bank of
Fanner
Wires
Philadelphia
Chicago
Reynolds & Co.
Republic Investment Co. Inc.
J.
RICHARD
Kneeland
Fabrics, Inc.
Inc.
Hlokey 6s Co.,
HICKEY,
Lea
Direct
Chicago
HICKEY, Jr., MATTHEW J.
INSTITUTIONS
Co.
6s
HIRSCHBERG, EDWARD A.
Greenebaum Investment Co.
Manufacturing Company
HITCHCOCK, JAMES E.
Cruttenden
Federal Electric Products
6s
Co.
WILLIAM G.
•'
Co., San Antonio,
HOBBS,
Rusa
Tex.
6s
M.
THEODORE
HOELCK,
McC<2?mick & Co.
CUNNINGHAM & CO.
GEORGE W.
225
EAST
BROAD
WESTFIELD,
Ernst
CHARLES
6s Co.
We
HOFER, RAYMOND
STREET
NEW
HOFER,
are
Ernst 6s Co.
JERSEY
HOLT.
LESTER
H.
Eastman, Dillon 6s Co.
BELL SYSTEM TWX
TELEPHONE
WESTFIELD
WSFD NJ 126
2-6322
HORACEK,
First
BUYERS OF BUSINESSES
A.
JEAN
Securities
Company
Chicago
of
HORDER, EARL R.
Halsey, 8tuart & Co. Inc.
and
HUMMEL, GEORGE F.
First Securities Company
HUNTER.
Lee
WILLIAM
■
S.
BLOCKS OF STOCKS
Higginson Corporation
HUTCHINSON. HERBERT A.
GUARDIAN CHEMICAL CORPORATION
A
Bought
•
Sold
Dealers and Underwriters of
Nuveen
Capital Stock
Mercantile
Brokers and Dealers
E.
National Bank
ROBERT
Inc.
Witter & Co.
JOHNSON, FREDERICK F.
Member Notionol Associotion
JOHNSON,
WHITEHALL 3-3388
Teletype NY 1-1965
Barcus,
Kindred
6s
70 Wall
First Boston
Street, New
Inc.
York 5, N. Y.
Co.
Telephone
TOGE V.
WHitehall 44540
Corp.
JONES, WBLLARD C.
Aubrey G. Lanston
KANE.
Hill, Thompson & Co.,
W.
CO.
The
YORK 4, N. Y.
Inquiries Invited from
JACOBSON, R. DONALD
Smith, Burrls 6c Co.
of Securities Deolers, Inc.
30 BROAD STREET. NEW
Co.
JAMES, WILLIAM E.
Halsey, Sttuart 6s Co.,
Dean
Batkiri
8s
FRANK
JACOBSON.
JANSHOFF,
&•
Co.
ISAACS, MILTON J.
Straus, Blosser & McDowell
Quoted
•
&
IMPEY, ROBERT W.
John
COMMON STOCK
Hutchinson
McMaster
of
of Chicago
6s Co.,
Inp,
VINCENT T.
Smith, Burrls A Oo,
nr ■
IMIIMIIUIMMMMmiMMniKlM"'"""""""""
THE COMMERCIAL and FINANCIAL CHRONICLE
34
Mr.
&
Mrs.
&
Mr.
F, McLaughlin,
McLaughlin, Reuss & Co., New York City;
George V. Hunt, McLaughlin, Reuss & Co., New York City
John
Mrs.
Mr.
Mac
Bond Traders Club of
Chicago
JAMES
Northern
Geyer
H.
Kneeland
LaPAK,
&
LEE. ARTHUR D.
&
RAYMOND
LEE.
F.
•
Ellis
Blunt
Simmons
&
JOSEPH M.
M:
Daniel
Rice
F.
and
Company
William
LA
LAWRENCE
ROCCO,
Lamson
Bros.
C.
Spink & Co.
Miller,
LILLIG,
LAWLOR. Jr.,
Hornblower
LEASON,
Leason
LEASON,
Leason
&
&
Weeks
Co.,
H.
A.
Harrison
MARSHALL,
&
Co.
LINDER, EVAR L.
Paine, Webber, Jackson
G.
LONGSTAFF.
Co., Inc.
HARVEY
&
Carter
WILLIAM J.
HARVEY
EDWARD
Rogers
GLEN
LYNCH,
&
E.
MATZ.
Inc.
L.
&
Co.
&
REYNOLDS,
Co.
McCOTTER, DONALD C.
Lee Higginson Corporation
F.
S.
Moseley
"■
SECURITY
DEALERS
F.
Yantis
S.
McGREEVY,
Bache
R.
PROMPT
—
Glore,
&
RING,
&
James J.
We
clear for
dealers
New York
-
Cleveland.
Chicago
-
«IO. U. y PAT
Loans
and
Securities
De¬
-
Salomon
RYAN,
&
Company
Teletype: CV 240.
MILLER,
CHARLES
M.
Largest
MILLER, SAUL R.
Miller, Spink & Co.,
Bank
6ILBERMAN, NATHAN M.
Straus, Blosser & McDowell
Fuller
&
Rogers & Tracy,
Inc.
The First
MOELMANN, EDWIN J.
Hallgarten & Co.
David A.
Co.
&
J.
Inc.
Noyes & Co.
JOSEPH
SMOLE,
C.
,
,
A.
The First National Bank
Co.
of Chicago
SORENSON, OLAF A.
D.
MOREY
Fahnestock
National Bank
Leason
of Chicago
&
Co.
WILLIAM
SPANIER,
SAMUEI.
&
Co.,
Inc.
SPARKS, ALLEN K.
SADLER, FRED ».
Sadler
M.
GEORGE W.
SMITH,
M.
&
RICHARD
Weld & Co.
White,
A.
Co.
W.
Simmons
&
SKEPNEK, Jr., PAUL
Straus, Blosser & McDowell
SACHNOFF,
Inc.
Ellis
SINCLAIR,
Hutzler
GERALD
A.
SACHNOFF.
Mullaney, Wells & Company
Ohio's
Inc.
A.
&
ARTHUR
Cruttenden
Of#.
partment.
Swift, Henke & Co.
Reynolds & Co.
Blunt
MERTON
Jr.,
William
SACCO,
W.
SIMMONS, RICHARD
Stuart &
Halsey.
& Co.
Harrison
BRADFORD
SHERWOOD. DONALD B.
J.
Harris,
&
Bros.
RUSSELL,
HENRY P.
Blair
CLARKE
ROOB, EDWARD
MIEHLS, DON G.
William
SHAW,
Hickey & Co., Inc.
MEYER, JULIEN L.
MEYERS,
Carter H.
Wis.
ROGERS, JOHN C.
McNulty & Company
Goldman, Sachs & Co.
Address
SHALES, GLENN S.
Milwaukee,
Company,
Fairman
Company,
Byllesby and
Incorporated
Sills, Fairman & Harris, Inc.
Salomon Bros. & Hutzler
Pittsburgh
-
H. M.
ROBINSON, ELDRIDGE
Co.
MELL, HERMAN G.
Smith, Barney & Co.
in
SENNOTT, WILLIAM J.
HERBERT A.
Sills,
Jr., WILLIAM J.
Aurora, 111.
SELLERS, PAUL A.
The Illinois Company
Inc.
Thomson & McKInnon
McHUGH, JOHN D.
CLEARINGS
&
ROBERTSON,
Co.
Forgan
Co.,
Inc.,
SCOTT, MORTIMER W.
Scott & Wyandt, Incorporated
LEO
&
First National
SCHWANZ, F, DAVID
Schwanz & Company,
Inc.
Co.,
P.
WILLIAM T.
Riley
W.
Incorporated
Co.,
The
Chicago
M. Rice & Co.
RILEY,
Co.
JOHN A.
&
McGREGOR,
SPECIALIZED
&
GEORGE
of
RICE, ROBERT M.
McFARLANE, LAURENCE B.
McGHIE. Jr.,
T.
Emerich
Ames.
FRANK J.
Bank of Chicago
SCHUERINGS,
G.
&
* >
Co.
CLARENCE R.
Barclay Investment Company
Company
EDWARD
Company
GIRARD
SCHOLZ,
REVELL, RAYMOND F.
White, Weld & Co.
ERNEST A.
Cruttenden
Emerich
Ames,
RENIER.
F.
Wayne Hummer &
REED, ROY S.
Co.
&
Co.
SCHOETTLER,
Securities
First
Milwaukee
T.
Rothschild
&
T.
Company
RANDALL, RALPH
H.
Company,
CHARLES
F.
MAYER,
Bennett
WILLIAM
Marshall
Illinois
G.
Dempsey-Tegeler & Co.
SCHMITZ, JOHN F.
Daniel F. Rice and
RAMING. H. PHILIP
Glore, Forgan & Co.
HENRY T.
Doyle, O'Connor & Co.
RALPH S.
Tracy,
The
MATHEWS,
Curtis
&
PHILIP A.
James
Inc.
The
SAWERS, ARTHUR R.
Chesley & Co.
SCHEUER, CHARLES
Hutchinson
FRED
RAHN,
F.
Co.
MARR, LAWRENCE N.
Ames, Emerich & Co., Inc.
Inc.
Co.
&
Co.
P.
HENRI
McMaster
Incorporated
JEROME
&
&
A.
Swift, Henke <fc Co.
PULVER,
Fuller
A.
Harriman
JOHN P.
POLLICK,
L.
Byllesby and Company,
MARQUARDT,
LIENING, EDWARD
Mrs.
SANDBERG, LAWRENCE
Norris & Kenly
W.
GEORGE
ROBERT
Cruttenden & Co.
Incorporated
Co.,
MAHER, RAYMOND A.
A. C. Allyn & Company,
Sachs & Co.
Goldman,
Co.
&
Mr.
Welch, Sincere and Company, Chicago;
Hammell, Taylor & Co., Chicago
Brothers
Brown
Company
Incorporated
LANNAN, J. PATRICK
H.
PODESTA,
MAGEE, MARTIN
ROSTER OF MEMBERS
Edward
PETRIE,
H.
Trust
MADARY, HARRY
(Continued from page 83)
Mrs.
Elmer W.
LEAN,
The
&
October 8, 195J
Thursday,
F.
Co.
A.
Carlton & Co.
MOFFAT, DONALD L.
C.
F.
Chllds
and
Company
MONTGOMERY, THOMAS R.
Glore, Forgan & Co.
We
pleased to
ure
MOON, RUSSELL F.
Shearson, Hammlll
announce
&
Co.
CORPORATE AND MUNICIPAL
MORRIS, ORION
that
have
we
now
started
our
Continental
32nd year
Trust
at
the
same
address ivith the
firm
same
name
MORTON,
The
and the
same
Co.
business
IN
UNLISTED
of
National
FRED
SECURITIES
G.
Company
HOWARD
C.
&
Co.
|
Members
Nat'l
Members
New
ESTABLISHED 1922
Association
York
of
Security
Securities
Dealers
DIgby 4-6320
42
&
HOURWICH
MULLER, DONALD R.
Harris, Upham & Co.
JOHN J. O'KflNE JR. & CO.
i
Wis.
McMaster Hutchinson
SECURITIES
Bank
Chicago
Milwaukee
Milwaukee,
MORTON.
SPECIALISTS
Illinois
NEW
SECURITY DEALERS
YORK
ASSOCIATION
MURI'IIY, ROBERT A.
Blair, Rollins & Co., Incorporated
Dealers
27 WILLIAM
NELSON, HARRY L.
Blyth & Co., Inc.
Association
Broadway, N. Y.
CO.
Members
MURPHY, JAMES H.
Dempsey-Tegeler Co.
HEW YORK 5, N. Y.
STREET
WHitehall 44185
NELSON, WILLIAM A.
Bear, Stearns & Co.
Bell
System Teletype NY 1-2815
NEWELL, EDWARD F.
Langill & Co.
NEWPART, CHRIS. J.
Merrill Lynch, Pierce, Fenner & Beane
NIEBUHR,
Leason
MARKETS in ALL
and
Co.,
Inc.
SPECIALISTS
Inc.
O'BRIEN, EDWIN P.
Sincere
BANK
>
LOWELL
&
NORTON, LAWRENCE H.
Remer, Mitchell <fc Reitzel.
and
Company
O'CONNOR, HUGH J.
Betts, Borland & Co.
INSURANCE
I N
'
OLDERSHAW, HALLOCK B.
Blyth & Co., Inc.
STOCKS
O'ROURKE,
J.
P.
JOHN
O'Rourke
Uranium
Securities
P.
&
Co.
O'ROURKE, Jr., JOHN P.
J.
P.
O'Rourke
PARKER.
EDWIN L. TATRO COMPANY
50
Telephone DIgby 4-2420
c.
PECK,
&
ARTHUR
Falrman
PEARSON,
W.
BROADWAY, NEW YORK 4, N. Y.
Teletype: NY 1-3430
Sills,
Co.
W.
&
Harris,
Inc.
TELLIER & CO.
DON C.
Gibson
EDGAR
W. C. Gibson
&
Co.
1
A.
EXCHANGE PL.,
Telephone DElaware 3-3801
Direct
BALTIMORE
—
BOSTON
—
Telephone
HARTFORD:
PERRIGO,
ENTERPRISE
7846
CHARLES
Hornblower
PETERSON,
Kidder,
&
Jr.,
JERSEY CITY 2, N. J.
& Co.
R.
GEORGE
Peabody & Co.
N. Y. Phone DIgby 4-4500
Teletype J Cy 3887
Weeks
A,
i
\
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
*
Vr
•
Frank
C.
White,
National Quotation Bureau, Inc., San Francisco; Elmer L. Weir, J. Barth
Francisco; Tom Price, McAndrew «£ Co., Incorporated, San Francisco
San
STEFFES, JAMES W.
Swift, Henke & Co.
WEBER,
STEPHENS, DONALD B.
WELCH, EDWARD H.
Cruttenden
&
A.
Co.
G.
WARREN
J.
Mr.
Co.,
&
The First National Bank of Chicago
and Company
Incorporated
STEWART, JOHN C.
The First Boston Corporation
WERNECKE. RICHARD A.
STONER, HARLEY H.
Halsey, Stuart & Co. Inc.
WIERENGA, RICHARD
Smith, Barney & Co.
WORTMAN,
STRAIT, WALTER L.
WILKIN, JOHN N.
WOUK, THEODORE E.
Swift,
Henke
&
Ames,
Co.
Baker,
STRAUS, FREDERICK W.
Straus, Blosser & McDowell
Rice
F.
&
Walsh &
WOOLARD, FRANCIS C.
Kneeland
Inc.
Co.,
G.
Company
Weeden
&
National
Aurora, 111.
Bank of
Chicago
A.
Jr.,
A.
Woolfolk
The
RAYMOND W.
Remer, Mitchell & Reitzel, Inc.
Co.
Company
WILLIAM
Incorporated
National
Villere &
J.
MINETREE, JOS. P.
Steiner, Rouse & Co.
WEIL, JOS. H.
MORSE, RICHARD
WEIL,
Well Investment
C.
in New
Investment
Co.
Friedrichs
and
Labouisse, Friedrichs
and
Company
WHALEN,
J.
THOMAS
Howard, Weil,
Company
Inc.
WHEELER,
Wheeler
MACRERY B.
&
Woolfolk, Inc.
RODDY,
WOOD,
TORNGA, HERMAN
DeYoung-Tornga Co.
SANFORD, J. B.
TRITSCHLER,
Reynolds
TRUE,
White.
Mich.
Schwelckhardt
FRED
shober
&
ZOLLINGER,
Scharff
Company
&
M.
Jr., JOHN
Jones, Inc.
J.
G.
Co.
&
EDWARD
Meulen
JOHN
&
Weeden
&
Wis.
^
Co.
Secretary-Treasurer: C. Homer Kees, Ducournau & Kees.
National Committeemen: Wm. Perry Brown,
Members
of the New
York Stock
Exchange
Newman, Brown &
Co., Inc.; Arthur J. Keenan, St. Denis J. Villere & Co.
THOMPSON
M.
Allyn and Company, Inc.
WALKER,
Pflugfelder & Rust
Vice-President: John J. Zollinger, Jr., Scharfj & Jones, Inc.
W.
Co., Racine,
WAHLQUlST, GEORGE R.
WAKELEY.
Weil, Labouisse, Fried¬
President: G. Shelby Friedrichs, Howard,
richs & Company.
V.
Co.
&
Nuveen
MEULEN,
John J. Zollinger, Jr.
Shelby Friedrichs
C.
Harry O. Valleau & Co.
C.
Woolfolk
Co.
E.
Simpson
VALLELY.
A.
ROBERT
Co.
VALLEAU, HARRY O.
Ver
FRANK B.
Smith-Wood
P.
JAMES
Webber,
John
&
M.
WOOLFOLK,
Sanford
&
SCHWEICKHARDT, ERWIN
Co.
Rogers & Tracy, Inc.
Ver
Hattier
A.
Inc.
Lynch, Pierce, Fenner & Beane
UNGEHER,
VACHA,
E.
& Jones,
ALEXANDER
&
CHAS.
Merrill
JAMES
Scharff
GEORGE R.
&
Orleans
Co.
RAPIER. EDWARD D.
McCormick
New
OGDEN, FRED N.
Glore, Forgan & Co.
TORREY,
New
Co.
WEIL, Jr., WALTER H.
Howard, Weil, Labouisse,
LESTER J.
Rapids,
in
ROSWELL J.
Weil
TORGERSON, FRANK 8.
Link, Gorman, Peck & Co.
Grand
Bank
ERNEST C.
Denis
WILLEM, MICHEL A.
Beer & Company
THORSEN,
F.
A.
Whitney National Bank of
St.
NUSLOCH, GEORGE H.
Nusloch, Baudean & Smith
and Company,
Hibernia
VILLERE,
W.
Lynch, Pierce, Fenner & Beane
NEWMAN, MORRIS W.
Newman, Brown & Co.,
H.
JAMES
Orleans
NEWMAN, LEON
Kohlmeyer & Co.
Security Traders Association
Shober
THIBODEAUX, PAUL J.
Orleans
New Orleans
&
LAWRENCE
STOUSE,
M.
CHARLES
Merrill
Tegtmeye*»*& -Co.
Allyn
SMART,
National American Bank of New Orleans
ROBERT J.
C.
KINGSTON, WALTER D.
W. D. Kingston & Co.
Newman, Brown & Co., Inc.
The National Bank of Commerce
&
Carter H. Harrison & Co.
TERO,
SHOBER, JOHN B.
MANION,
YOUNG,
SWIECH, STANLEY
Stanley Swiech and Company
Wm. H.
SCRANTON, JACK
Barrow, Leary & Co., Shreveport
SWANSON, KNUTE G.
TEGTMEYER,
KERRIGAN, JOHN E.
Newman, Brown & Co., Inc.
KINGSBURY, J. W.
Jackson, Miss.
LOUQUE, WM. N.
SUNDELL, ROY B.
Julien Collins
Caughlin, Edward J. Caughlin & Co., Philadelphia;
Oetjen, McGinnis & Company, New York City
Mr. Henry
&
LEARY,
WYANDT, OWEN H.
Scott & Wyandt, Incorporated
Langill & Co.
WILLIAMS, ROBERT C.
The First National Bank of Chicago
GLEN R.
R. Wortman & Co.,
CHAPIN N.
Stifel, Nicolaus & Co., Inc.
WILLIAMS, GEORGE P.
and
Mrs. Edward J.
WRIGHT,
Rogers & Tracy, Inc.
STRONG, ORVILLE H.
Co.
&
The First
Co.
WILLIAMS, ANDREW R.
\
STRAUSS, ROBERT
Daniel
Emerich
&
Mrs.
WOLF, LEONARD J.
A. G. Becker & Co.
35
i,
WINTERHALTER, LEROY F.
Becker & Co., Incorporated
Sincere
.**■'
Alternates: Gilbert Hattier, Jr., White, Hattier & Sanford; G.
Price
61
BROADWAY,
NEW
YORK
6,
N.
Y.
Crane, Arnold & Crane.
FRED M.
Chesley & Co.
WALLACE,
RICHARD
J.
Doyle,
O'Connor
&
(Members
O'Connor
in New
Orleans unless otherwise
ADAMS.
&' Co.
LEON
Nusloch,
ALVIS,
and
Arnold
Smith
Jackson,
Telephone BOwling Green 9-4900
Miss.
H. WILSON
ARNOLD,
Baudean' &
LESTER
Comany,
A.
Alvis
indicated)
Co.
WAUCHOP, RAYMOND C.
Doyle,
ROSTER OF MEMBERS
-
& Curtis
Paine, Webber, Jackson
WALSH, THOMAS D.
&
Crane
BOUCHE, LOUIS J.
White, Hattier & Sanford
BREAUD, Jr., J. CHARLES
Newman, Brown & Co., Inc.
New Issue
BROWN, WM. PERRY
Newman, Brown & Co.,
G.
CRANE,
Inc.
PRICE
Arnold & Crane
For
DANE, HAROLD
CORPUS CHRISTI REFINING COMPANY
Banks, Brokers and Dealers
John Dane
DANE, JOHN
DE
LA
&
Co.
FRANCIS
DOYLE,
FOREIGN
CLAUDE
Derbes
(Par Value 10 Cents Per Share)
Crane
&
DERBES,
820,000 Shares Common Stock
.
VERGNE, J. H.
Arnold
C.
SECURITIES
National Bank of Commerce in New
The
Orleans
DUCOURNAU, JAC. P.
Kees
Ducournau &
Price
$L50 Per Share
FEIBLEMAN,
T.
T.
JEFF
Company
J. Feibleman &
FRIEDRICHS, G. SHELBY
Howard, Well, Labouisse, Friedrichs
and
Company
JEREMY
GLAS, R.
Glas
&
HARDY,
Prospectus relating to the
stock of Corpus
Christi
Refining
may
52 Wall Street
Equitable
DIgby 4-8040
KEENAN,
St.
■
"
KEES, C.
Securities
Corp.
ARTHUR J.
Denis
J.
Villere
HOMER
Kees
Ducournau &
York
Stock
120 BROADWAY
NEW
YORK
5,
Exchange
WORTH 4-5300
TELETYPE NY 1-2525
N. Y.
LONDON:
HAWLEY, JACKSON A.
New York 5, N. Y.
New
Pierce, Fenner & Beane
HATTIER, Jr., GILBERT
White, Hattier & Sanford
V1CKERS BROTHERS
Com¬
be obtained
from the undersigned.
pany
Members
T.
Merrill Lynch,
common
MODEL, ROLAND & STONE
Company
FORD
20-24
Private
<Sa Co.
NORTHGATE HOUSE "
MOOREGATE, LONDON, E. C.
Teletype to
London,
2.
England
»j(-
i«
i
Thursday, October 8,
THE COMMERCIAL and FINANCIAL CHRONICLE
36
Mr.
Mrs.
&
Lex
Jolley,
Robinson-Humphrey
The
Company,
Inc.,
Atlanta,
and
Malinda
&
Josef
Mr.
C.
Pacific
Phillips,
M.
M. Freeman & Co., Inc.; Rubin Hardy, The First Boston
Corporation; John M. Hudson, Thayer, Baker & Co.; Robert
McCook, Hecker & Co.; Wallace H. Runyan, Hemphill, Noyes
& Co.; Joseph E. Smith, Newburger & Co.
Investment Traders Association
Of
Mrs.
Jolley
Philadelphia
JOSEPH
DORSEY,
members of Governing Board elected September 30th,
new
but
names
National
not available at press
were
Committeemen:
time.)
CHARLES
DOWNS,
Oakes
&
Smith,
E.
Newburger
&
Co.
E.
Company
FORREST
DUBLE,
&
Co.
H.
i
Jr., RUSSELL M.
ERGOOD,
Stroud
Co.;
John M. Hudson, Thayer, Baker & Co.; Charles L. Wallingford,
H. M. Byllesby and Company, Incorporated; R. Victor Mosley,
Stroud & Company, Incorporated; George J. Muller, Janney &
Joseph
R.
Merrill Lynch, Pierce, Fenner & Beane
Parrish
(Ten
'
Seattle
Company,
Northwest
&
Company, Incorporated
CHARLES
EULER,
Euler
J.
Hart
&
FAHRIG, Jr.,
Reynolds
HARRY
&
Colket
Penington,
Harold
F.
Scattergood,
Boenning & Co.; Henry C.
Welsh, Jr., Lilley & Co.; William J. McCullen, Hendricks &
M.
September 30,. 1953:
Expires:
Took Office:
October 1, 1953; Term
September 30, 1954.
&
ROSTER OF MEMBERS
Chas. L.
Wallingford
Edgar A. Christian
Joseph R. Dorsey
H.
A.
Riecke
&
Inc.
Co.,
ANDERSON, TOWNSEND
Bioren
Lewis
LEWIS
Ripley
8s
Incorporated
Co.,
AYRES,
PERCY
Merrill Lynch,
BAILEY, JR.,
,§
i/
George
Pierce,
Fenner
8s
Beane
A.
GEORGE
LEONARD
Weld
BARBER,
W.
Co.
&
Son
&
F.
P.
JOHN
Ristine
CRAM,
BENDER,
Charles L. Wallingford, H. M. Byllesby and Company,
^resident:
Incorporated.
J.
Joseph R. Dorsey, Merrill Lynch, Pierce,
,
Second Vice-President:
Edgar A. Christian, Stroud & Company,
Incorporated.
Samuel M.
Kennedy, Yarnall & Co.
Charles J. Brennan, Blyth & Co., Inc.;
Schmidt, Poole, Roberts & Parke; John P.
Kidder, Peabody & Co.; Albert H. Fenstermacher,
Governors:
Robert Brooks,
Dempsey,
&
SAMUEL
BORTNER,
Hallowell,
H.
&
BROOKS,
Blair,
J.
DICK,
DOERR.
Co.
Henry <B>.
Trading Department Invites Your Inquiries
On All Rhode Island Securities
Co.
Blyth
IOWN, LLOYD B.
L. Wright 8s
GEORGE
A. Webster
Open-end Phone to Boston
—
Lafayette 3-0610
Co.,
CALL, THOMAS
Lilley & Co.
The
Established 1900
NEW YORK &
AMERICAN
MIDWEST
STOCK
STOCK
EXCHANGE
Inc.
CAMPBELL, ROBERT J.
The
First Boston
&
HARRIS, RUSSELL A.
Inc.
HARRISON,
HART,
LEWIS
8s
Co.
C.
&
Hart
HEFFELFINGER, HARRY L.
Samuel
K.
HENSHAW,
First
CRAIG
HESS,
JOHN
E.
WILLIAM
Woodcock,
TELEPHONE UNION
1-4000
HEWARD,
Hess
&
Co.,
bell teletype pr 43
Sherrerd
RICHARD
Plymouth Cordage Co.
Electric Controller & Mfg. Co.
Arthur G.
Chapman Valve Mfg. Co.
McKee
& Co.
Scovill Manufacturing Co.
Ludlow Mfg.
Nicholson File Co.
Stanley Works
& Sales Co.
R.
&
We distribute buf do
not trade these issues. Others with
similar records are
always of interest to
us.
Co.
I
DIRECT PRIVATE WIRES TO
NEW YORK.
ST. LOUIS,
BRIDGEPORT.
HARTFORD AND WHITE PLAINS OFFICES
A.
J.
ALBERT J.
Caplan 8s Co.
&
„
;
,
CAROTHERS, Jr., JOHN C.
H. M. Byllesby and Company,
Incorporated
CARSON,
Rambo,
Inc.
Janney 8s Co.
Corp.
(ASSOC.)
PROVIDENCE 3, R. I.
change
JAMES
Butcher &
A.
Stoc
M.
Service)
HEWARD,
Inc.
Co.
Corporation
Phila.-Baltimore
(Armed
First Boston
Phillips &
WILLIAM
Securities
HEPPE,
Corp.
Co.
Co.,
R.
F.
B.
WILLIAM
&
GEORGE
ROBERT
CAPLAN,
15 WESTMINSTER ST.
Co.
Corp.
Company, Incorporated
CANTWELL, JOHN
Walston
Crouter 8s Bodine
FAVORITE ISSUES IN OUR CUSTOMER PORTFOLIOS
Henry B. Warner & Co.
EXCHANGES
JOSEPH
Close
8s
R.
Kerner,
& Beane
Incorporated
Inc.
GRANT
CAMPBELL, CHARLES J.
Dawkins, Waters & Co.,
Stroud &
Fenner
Nj
Company,
D.
CAMPION, RICHARD
MEMBERS
ROBERT
S.
Janney & Co.
G. H. Walker & Co.
Inc.
Company
HARDY, RUBIN
Co.
C. Dick Co.
DORSEY,
Dougherty & Co.
CAMPBELL, A.
8s
DONOVAN, ROBERT F.
ROBERT
Arthur
and
Montgomery, Scott & Co.
E.
Jr., JOHN H.
Rollins & Co., Inc.
Dolphin
BROWN, J. DORSEY
nJ. Dorsey Brown & Co., Baltimore
BURGESS,
Kuch
DeHaven & Townsend,
Co.
DOLPHIN, LEO M.
A.
Schmidt, Poole, Roberts & Parke
Our
Inc.
Laird, Bissell & Meeds
American Securities
Warner &
G.
Co.,
Eastman, Dillon 8s Co.
WILLIAM
JR.,
Lewis
N.
BENJAMIN
BROOKS,
G.
Euler
Co.
WILLIAM
8s
WM.
HAGER, MALVIN R.
Eastman, Dillon & Co.
BRENNAN, CHARLES
Blyth & Co., Inc.
Meter
M.
HAINES, FRANCIS J.
W. H. Newbold's Son
Riecke 8s Co.,
DERRICKSON,
&
ROBERT
DEMPSEY, JOHN P.
Kidder, Peabody &
F.
BROCK, ALEXANDER B.
Biddle, Whelen & Co.
RHODE ISLAND SECURITIES
A.
BRADLY, CHARLES C.
Drexel
Van
GRIFFITHS, W. LAWRENCE
&
Sulzberger
DENNEY,
BRITTON,
Hlscox,
GOODMAN,
B.
C.
Rambo, Close & Kerner, Inc.
Co.
Clark
E.
GREEN, HARRY
Merrill Lynch, Pierce,
DAVIS, EDMUND J.
Jones, Miller & Company
W.
Dana
CHARLES
GREENE,
Co.
BRADBURY, JOHN L.
Dolphin & Co.
E.
GESING,
8s
WALTER
Sherrerd
&
Harper & Turner,
DAVIS, ALBERT J.
H.
JR., ALFRED
BRACHER,
^
GORMAN, FRANK J.
HARRY
&
Incorporated
J.
DARBY, DONALD W.
Co.
Stein Bros. & Boyce
&
P.
Co.
JR.
Harrison
Dillon
Company,
Cluett
Burton,
Butcher
Dackerman
C.
DAFFRON,
BOWERS, THOMAS A.
Secretary: James G. Mundy, Stroud & Company, Incorporated.
of
Harry
Co.
Eastman,
Yarnall
G.
H.
BOOTHBY, Jr., WILLARD S.
Fenner & Beane.
Board
HERBERT
&
&
M.
Co.
B.
FRANK
GEMENDEN,
CHAUNCEY
DACKERMAN.
Armed Service
Drexel
Co.
HAROLD
Kennedy & Co.
Co.
BODINE, PAUL W.
First Vice-President:
Treasurer:
&
&
FOX, HOLSTEIN DcHAVEN
A. C. Wood, Jr. & Co.
CUNNINGHAM,
J.
Bender
BLIZZARD,
&
Stroud &
ARTHUR
Arthur
JOHN
Clark
JAMES
Brooke
Inc.
GABLE, ALBERT G.
CUMMINGS, JOSEPH
Reynolds & Co.
Samuel M. Kennedy
2nd,
W.
Stroud
Wurts, Dulles & Co.
Co.
Co.,
D.
Sparks & Co.
FOG ARTY,
H.
G.
&
&
WALTER
FOARD, ALLAN
CORSON, SPENCER L.
Elklns, Morris & Co.
BELL, WILLIAM
James G. Mundy
E.
Incorporated
Merrill Lynch, Pierce, Fenner & Beane
COMPTON, GEORGE S.
Compton & Wharton
Co.
BARNES, JOSEPH O.
Kennedy & Co.
BARTON,
&
COLWELL,
NEWTON
B.
Newbold's
H.
Company,
COLFER, LAWRENCE J.
Rufus Waples 8s Co.
Walston
M.
Yeatman
FLYNN,
COLLINS, Jr., JOHN T.
(Honorary)
Co.
&
'
BAILEY,
White,
&
Co.
(Honorary)
8s Co.
COLLINS, JOHN PATRICK
Bailey
A.
Caughlin
J.
CHRISTIAN, JOHN
Janney & Co.
EUGENE
Harriman
Edward
Stroud
Armstrong 8s Co.
ARNOLD,
EDWARD
J.
&
H.
Inc.
S.
FLEMING, GEORGE N.
Geo. N. Fleming & Co.
CAUGHLIN,
CHRISTIAN, EDGAR A.
Co.
&
ARMSTRONG, J.
J.
C.
W.
Co..
FREDERICK
Nash
Suplee,
Co.
ALBERT
8s
EDWARD
FIXTER,
J.
RAYMOND T.
Freeman
N.
FITCH,
Elected:
ALLEN,
M.
FISCHER,
H.
Eastwood.
H.
Co.
FANT, JOHN FITZSIMONS
FENSTERMACHER,
Alternates:
Inc.
..CARTER, Jr., FREDERIC P.
DeHaven & Townsend, Crouter & Bodine
1953
E. W. SNYDER & CO.
120
E.
Washington St.
SYRACUSE, N. Y.
Convention
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
&
Mrs.
Robert
W.
HISCOX, ARTHUR G.
Hiscox,
Van
Inc.
Lilley
HOERGER, CHARLES E.
Merrill Lynch, Pierce, Fenner & Beane
love,
E.
MANEELY,
MANN, NEVIN
L.
Charles
McATEE,
F.
Wood
&
Hecker
Co.
St
McCULLEN,
JOHN
National
Yarnall
Sheridan
(Honorary)
Bureau
FREDERICK
Paul
Bogan
Haven
&
W.
Co.,
St
Weeks
KLINGLER,
KNAPP,
Wurts,
St
Crouter
St
JOHN
and
B.
Company,
Incorpo¬
St
The
DONALD
First
Incorporated
RANDOLPH,
JOSEPH
McNAMEE,
ALFRED S.
Dulles & Co.
A.
JOHN
Woodcock,
Drexel
&
MEANEY, THOMAS J.
E.
THOMAS
KRUG,
Bioren
St
MILBURN,
B.
Hecker
Co.
MORLEY,
FRANK
MORRIS,
Stroud
St
Compton
J.
Company,
JOHN
Hess
Eastman,
A.
L.
RAYMOND
Co.,
C.
San
WHITLEY, FRANK L.
Francisco;
GEO.
Kennedy &
H.
Low
H.
Inc.
Company,
F.
Wilson,
GEORGE C.
C. Collings St Co.,
C.
Co.
MORRISSEY,
M.
F.
Penlngton, Colket St Co.
F.
LA
Ristine
P.
RASH,
W.
E.
WOOD, 2nd, RICHARD
Aspden, Robinson St Co.
Wright, Wood & Co.
St
St
Co.
MOSLEY,
R.
St
Stroud
Co.
ROBERT
Miller
RUDOLPH,
Inc.
VICTOR
Company, Incorporated
RUNYAN,
MULLER, GEORGE J.
Janney St Co.
ST. C.
Klrkland & Grubbs
JOSEPH
Jenks,
LAWRIE, WILLIAM N.
First Securities Corporation
MUNDY, JAMES G.
Stroud
&
Company,
LESCURE, JAMES H.
W. H. Newbold's Sons
MURPHY, JOHN A.
Reynolds St Co.
&
Co.
WALLACE
Hemphill,
H.
E.
J. Sailer
St
The
Co.
Bankers
Butcher & Sherrerd
SCATTERGOOD, HAROLD F.
Incorporated
Boenning
St
C.
Boston;
Southwest
(New
York)
Hole:
Tie:
One
Hole—
William
Patten,
on
York
George
Reuss
Hunt,
New
Egan,
First
City.^
Securities
Corp.
WALTER
Blind
,
Bogey:
Jack
California Co., San Francisco;
K.
liam
J.
Burke,
ZUBER, ETHAN G.
May
&
Inc., Boston.
Suplee, Yeatman St Company, Inc.
SCHULER,
The
RUSSELL
C.
Boston
Corp.
First
PERRY N.
SELHEIMER,
MARKETS for Dealers everywhere
First
Securities
SERVICE,
E.
Battles
We
Industrial-Utility
Insurance
-
Bank
particularly invite
inquiries in:
HARDWARE
SPRING
ASSOCIATED
CONN.
LT.
POWER
&
Municipal
EMHART
LANDERS
Securities
MFG.
HARTFORD
NEW
F.
CO.
ELECT.
&
LIGHT
C.
Corporation
Merrill
SMITH,
1891
ARNOLD
Company,
CHARLES
Lynch,
your
AMERICAN
CONNECTICUT POWER
State &
SHAW,
St
SOUTH'N NEW
Pierce,
JOSEPH
Fenner
&
Beane
E.
Newburger & Co.
HARRY
SNYDER,
Yarnall
St
STREET,
B.
UNDERWRITERS
Co.
PHILLIPS
CO.
ENG. TEL.
COBURN & MlDDLEBROOK
B.
SULZBERGER,
Hollowell,
SUPLEE,
GEORGE
Yeatman
A.
TALCOTT,
N. Y. Tel. DIgby 4-6713*
Niantic
Norwich
Worcester
Boston Tel. HUbbard 2-3780*
Manchester, Ct.
•Direct
Hartford-New
Boston
DISTRIBUTORS
W.
Chas. W. Scranton
Co.
&
Co.
Members New York Stock Exchange
Z.
St
Company,
Providence
Springfield, Mass.
Portland, Me.
W. Wardsboro, Yt.
TERRELL,
York-Boston' 'Phones
THOMAS,
F.
P.
TILGE,
Inc.
NEW HAVEN
St Co.,
Inc.
New York REctor
2-9377
•
Bell Teletype NH 194
Co.
CLAYTON
St
H.
Co.
Danbury
ROY C.
Ristine
St
LEWIS
H.
Hemphill,
7
Taggart
RAYMOND L.
St
Drexel
Reynolds
New Haven
•
S
Sulzberger & Co.
WILLIAM
Suplee,
Charles
Trumbull Street at Pearl
Teletype HF 464
DEALERS
TAGGART, CHARLES A.
INCORPORATED
New York
•
First Boston Corporation
SUNSTEIN, JR., LEON
Gerstley, Sunstein St
Bell
1953
P.
VEEDER-ROOT
Hartford Tel. 7-3261
Sixty-Second Year
Inc.
BRITAIN MACHINE
RUSSELL MFG.
100
Our
Noyes
Co.
St Co.
Bridgeport
New London
Wil¬
Gannon,
SCHREINER, WILLIAM McE.
F. J. Morrissey St Co.
CONNECTICUT
First
Co.,
&
SCHAUFLER, CHARLES A.
Schaffer, Necker St Co.
Primary
San
A.
Co.
SCHAFFER, RUSSELL W.
Schaffer, Necker St Co.
One
on
Winton Jackson,
Co., Dallas.
McLaughlin,
Company
JOSEPH
ZERRINGER,
Score
Booby Prize:
HOWLE
Wellington
Steward,
Higgins,
Blyth & Company, Seattle; James
Maguire, J. B. Maguire & Co., Inc.,
Co.
Smith Co.
ZELLER,
RUDOLPH
SANDER,
W.
YOUNG,
JACKSON
Score
Lowest
YEATMAN, Jr., POPE
Suplee, Yeatman St Company, Inc.
J.
&
Three-way
YEAGER, WILLIAM F.
Hecker St
James
Johnson
Rahn, The Illinois Company,
Chicago.
/
St Co.
Noyes
A.
SAILER,
mu¬
List):
Fred
YEATTS, ALBERT H.
A.
LAUT,
MICHAEL
a
Blue
Birdies:
Highest
D.
Stroud St Company, Incorporated
P.
Company
&
the
Francisco.
WURTS, JOHN W.
White, Weld & Co.
Inc.
MICHAEL J.
Biddle, Whelen & Co.
J.
Morrissey St Co.
Jones,
ALLYN R.
Hutton
J.
MORRISSEY,
LAND, C. EDWARD
FRANK
Most
Incor¬
ROSS,
JOHN
LAMB,
(awarded to
by
Winton Jackson, First Southwest
Company, Dallas.
WILLIS,
J. LESLIE
Rollins & Co.,
man
WILLIS,
G.
ALFRED J.
M.
Byllesby
and
Walter
Walter Gorey,
Gross
nicipal
COIT
Blum,
E.
Co., Inc., San
Co., San Francisco.
Co.
E.
John
Company,
Ernest
&
—
Johnson
Francisco;
California
Slocumb
C. Gorey
Co.
Bu¬
Team
Wilson,
Francisco;
Brush,
(cup given by
Francisco
San
First
WHITEHEAD, WILLIAM
Camden, N. J.
St
Stone,
Quotations
Stewart,
Higgins,
Egan,
porated
&
San
James
D.
Schmidt, Poole, Roberts St Parke
St
Daily
reau):
&
WILLIAMSON,
ROGERS, H. WHITNEY
Elkins, Morris St Co.
A.
Low Team Prize
National
Co.
ROBINSON, ELLWOOD S.
Blair,
cago.
Third Low Net: Ernest E.
Wright &
ALFRED
Bioren
RODGERS,
JOSEPH E.
& Wharton
U. S. Army
Incorporated
Inc.
IRWIN
Dillon
John
Net:
Stone, Moore & Co., Denver.
Inc.
B.
Company,
St
CLIFFORD
WILLARD
RICE,
Inc.
Co.
St
LACHMAN, Jr., CARL
Eastman, Dillon & Co.
LAIRD,
Fund,
Wellington
Co.
Incor¬
Company,
Company, Inc.
WELSH, Jr., HENRY
Lilley St Co.
G.
JOSEPH S.
Miller & Co.
Jones,
and
Low
Clarke, John W. Clarke, Inc., Chi¬
L.
Company,
RENNEISEN,
KNOB,
WELLS,
WISTER
Incorporated
L.
St
REMINGTON,
Soliday St Co.
Hopper,
&
Arthur
REILLEY,
Inc.
CHARLES
Co.
Corporation
Net: r;Pete
KosterWilliston, Bruce &
R.
Second
Inc.
WELLER, JOHN F.
WILLIAM
Stroud
Co.,
HENRY B.
Henry B. Warner St Co., Inc.
Co.
Kerner,
ROMEYN
&
Higgins,
&
Co., Portland.
Byllesby
WILLIAMS,
M.
Boston
Co.
Warner &
Co.
&
Low
J.
mann,
Lilley & Co.
Yeatman
Raffel
First
WILLIAM
WARNER,
Co., Inc.
McLEAR, WALTER B.
Woodcock, Hess St Co.,
F.
Suplee,
M.
Swain
Incorporated
CHARLES
Close
QUINTARD,
RAFFEL,
McGARVEY, Jr., JOHN N.
McLEAN,
f
Co.
Company,
Rambo,
JAMES
3rd,
Byllesby
Martin
KIELY, Jr., JERRY J.
Stroud
M.
rated
S.
Townsend,
&
H.
Stew-
James
porated
C.
&
PREGGEMEIR,
Co.
Gross:
Johnson
San Francisco.
WARNER, ALFRED S.
SAMUEL K.
Phillips St Co.
Fahnestock
St
H.
W.
FRED
Low
art^Wilson,
Co.
WALLINGFORD,
Jr.,
PniLLIS,
Lynch
Barney
McFARLAND
Inc.
Bodine
Baker,
&
m.
McFADDEN, JOHN P.
Smith,
KETCHEM, WILLIAM
De
Paul
Valley, Idaho
First
DAVID W.
Henry B.
Inc.
EDWARD J.
Phillips St
K.
Samuel
St
WALLACE,
Inc.
K.
PHILLIPS,
St
VOORHEES,
Company,
PHILLIPS,
J.
William
Mcdonald,
Co.
KERSLAKE,
JOHN
Wellington Fund, Camden, N. J.
M.
SAMUEL
St
St
Sun
Devine St Co.
C. J.
T.
GORDON
PFAU,
Samuel
Co.
JOHN
St Co., Incorporated
VEITH, FRANK H.
M.
PARSLY, L. FULLER
Parsly Bros. & Co.,
WILLIAM J.
& Eastwood
Hendricks
B.
Quotation
KENNEDY,
Co.
Stroud
McCULLOUGH,
F.
PARKER, JOHN E.
H. A. Riecke & Co.,
Co.
JOYCE, THOMAS J.
Woodcock, Hess & Co., Inc.
Boenning
Schmidt, Poole, Roberts & Parke
McCOOK, ROBERT
JUSTICE, FLOYD E.
Kidder, Peabody St
KEARTON,
PAIRMAN,
Co.
NSTA Golf Tournament
Incorporated
UNDERWOOD, J. FREDERICK
Co.
Drexel
R.
St
McCAULLY, ARMOUR W.
Hallowell, Sulzberger & Co.
E.
Peabody
Kidder,
R.
Co.
&
GEORGE
ALFRED
Wright,
St
Co.
&
Co.
,
Harriman Ripley
Company
HENRY
O'SHEA,
McCANN, THOMAS J.
Gerstley, Sunsteln &
WILLIAM
Ristine
P.
O'Brien
Carr
ROBERT A.
Ripley St Co.,
St
TYRRELL, LEO D.
THOMAS
O'ROURKE,
Winners in the
Co.
Brothers Harriman
TREVINE, ROY
Inc.
Dackerman
C.
Harry
Sherrerd
St
McBRIDE,
Inc.
JOHN E.
Reynolds & Co.
JONES,
Collings & Co.,
Drexel
A.
JOHNSTON,
C.
JAMES J.
Butcher
STANLEY W.
Taggart St Co.,
JEFFRIES,
C.
&
HAROLD
Harriman
Co.
Jackson, First Southwest Company, Dallas
H.
TORRENS,
Necker &
Schaffer,
A.
BERNARD
Brown
Co.
O'BRIEN, JOSEPH F.
Newburger & Co.
JACOBY, Jr., LEWIS P.
Thayer, Baker & Co.
JENNINGS,
Co.
&
markman, joseph
Peabody St Co.
Kidder,
Scott
Stuart & Co., Inc.
Halsey,
&
NOWLAN, LAWRENCE J.
HARRY 5.
Montgomery,
ALMON
HUTCHINSON,
Incorporated
Company,
HUDSON, JOHN M.
Nash
N.
NECKER, CARL
FELIX E.
St
HOLMAN,
Thayer, Baker & Co.
H.
Winton
Gerstley, Sunstein
TODD,
NASH, HAROIJ) N.
j.
Snyder & Co.
Stroud
ROBERT O.
Smith, Barney & Co.
Hornblower & Weeks
'
Mrs.
&
TOBIAS,
MURPHY, JOHN W.
WILLIAM
Co.
MAGUIRE,
Weeks
St
&
thomas
Geo.
M?
HOLDSWORTH, ROBERT
Hornblower
Jr.,
LILLEY,
Co.,
St
Meter
Mr.
Reis, Seasongood & Mayer, Cincinnati
37
Waterbury
38
THE COMMERCIAL and FINANCIAL CHRONICLE
Leonard
J.
San Francisco
Wolf,
A.
G.
Becker
&
C<^ Incorporated, Chicago
Mrs.
Mr.
&
Thursday, October 8, 1953
Sidney
J.
Sanders,
Foster
&
Secretary-Treasurer: Maury J. Kessler, Wells Fargo Bank & Un¬
Security Traders Association
MORAN,
ion Trust Co.
J.
San
Francisco
Holt
ABRAHAMSON,
VVeeden
&
ACHAKD.
RICHARD
Bacon
Co.
William
Dcnault
Staats
WILLIAM
BAKER, Jr.,
Thomas
Walter
Vicino
Maury J. Kessler
FRED
&
J.
J.
A.
hawk,
BENJAMIN
Bank
J.
H.
E.
William
R.
F. S. MOSELEY & CO.
Staats
Walston
&
J.
R.
Boston Stock
Midwest Stock Exchange
Exchange
Stone
Co.
ALBERT
MUNICIPAL
Strauss
Hooker
Si
Wells
Davies
&
COMMERCIAL
PAPER
BOSTON
>
NEW YORK
CHICAGO
.
INDIANAPOLIS
•
.
WORCESTER
G.
Si
Schwabacher
Oakland, Calif.
SCHAG,
WALTER
SHAFFT, CONRAD 0.
Shafft, Snook Si Cahn
SMITH, ROBERT L.
Hill, Richards Si Co.
J.
S.
Strauss
Si
SPULLER. Jr., LOUIS J.
Elworthy Si Co.
Co.
Company
CHARLES
Walter
C.
B.
Gorey
STEWART,
Co.
Wells
Fargo Bank
& Union
Trust
First
LAMPERTI, ANGELO
Lawson, Levy Si Williams
CHARLES
Co.,
LARKIN,
Incorporated
California
THOMAS,
FAULKNER.
TOWNSEND, DABNEY <Sl TYSON
ESTABLISHED
Members
New
York
Associate Members
and
1887
Boston
American
Stock
Stock
Exchanges
Exchange
MAY,
WILLIAM
Wulff, Hansen &
C.
EARLE
Wells
Fargo
Pierce, Fenner & Beane
BROOKS. D.
Davies & Co.
•'
*
Bank & Union
J.
Trust
ELMER
Barth
&
L.
Co.
Co.
WHITAKER, EMMET K.
FAZACKERLY, KENNETH
Irving Lundborg & Co.
Mclaughlin, jr., william
Blyth & Co., Inc.
FINNEGAN, JOHN FRANCIS
MoMAHON, J. B.
Merrill Lynch, Pierce, Fenner & Beane
STREET, BOSTON 5
Inc.
Co., Palo Alto, Calif.
McCLINTICK, JAMES E.
Co.
Co.,
Merrill Lynch,
WEBER,
WEIR,
Hannaford & Talbot
30 STATE
J.
J. Earle May &
&
WATTS, WILLIAM F.
MACRAE, Jr., COLLINS L.
Wulff, Hansen & Co.
Co.
Witter & Co.
Blyth
William R. Staats & Co.
WILLIAM
Company
EARL
VICINO, WALTER
LARZELERE, JOSEPH
E. F. Hutton & Company
M.
A.
Douglass, Vander Naillen & Co., Inc.
ENGLISH, GIFFORD M.
&
EMMETT
JAMES
Wilson, Johnson & Higgins
SULLIVAN, JOHN F.
Company
First California Company
Davies
B.
Co.
KAMMERER, GEORGE G.
EGAN, JOHN F.
FARRELL,
&
E.
Co.
jordan, hi, james o.
Heller, Bruce & Co.
Co.
&
Co.
SANDELL, RUDOLPH T.
Shuman, Agnew Si Co.
Company
WILLIAM
JR.,
Co.
Davis, Skaggs Si Co.
LEONARD
Becker
Trust
r.
Dean
A.
Union
Hooker Si Fay
JENKINS, ROBERT
Davis, Skaggs & Co.
First California Company
DREIFUS,
Bank &
ROBERSTON, Jr., BENJAMIN
Corp.
KESSLER, MAURY J.
DONDERO,
Fargo
RICIIMAN, ANTHONY J.
„
SECURITIES
Fay
MILTON
RICH, LOUIS
Co.
Boston
PAUL
Sutro
DAVIDSON, H. HODGE
Bailey & Davidson
MARTINI.
&
REINER,
leslie
First
KANE,
De
J.
Youngberg
RABER, WILLIAM
Frank Knowlton & Co.,
COSTELLO, JOHN S.
Trust
&
A.
Davies & Co.
of
JOHN
Stone
A.
Youngberg
American
AND
Company
Co.
CARSON, GEORGE F.
CORPORATE
S.
The
BUICK, JOHN E.
Underwriters and Distributors
Trust
Incorporated
HOWARD, McBURNEY
K.
RALPH
Trust
Co.,
QUINN,
HENRY
RICHARD
imhof, james
American
Co.
Hooker & Fay
Brush, Slocumb & Co.
FRANK
&
Si
HEFTER,
ISAACS.
BROWN,
McAndrew
Co.
QUINN, HUBERT J.
Williston, Bruce & Co.
Schwabacher Si
American Stock Exchange
&
HECHT, Jr., JOHN C.
Brush, Slocumb & Co.
J.
MEMBERS
New York Stock Exchange
Bruce
Schwabacher Si
&
&
HILL, Jr., HOUSTON
V
ROBERT
BOWYER.
Staats
A.
TOWELL, JAMES
Harris, Upham Si Co.
B.
Co.
Brush, Slocumb
Swift & Co.
EMIL
PRICE. THOMAS W.
Williston,
howard,
BOURNE.
Co.
Gorey Co.
F.
William
g.
Co.
BLUM, ERNEST E.
ESTABLISHED 1879
Henry
First California Company
&
&
RICHARD
TIKICH,
Co.
WILLIAM
II.
Bruce
I'ERENON, HENRY
Co.
Blyth & Co., Inc.
&
JOSEPH
BELLIZI,
&
howard
R.
HEWITT,
BELKNAP,
Pont
george
American
Youngberg
Strauss
S.
Williston,
Barth & Co.
HENNIG,
BEEBE,
du
HARKINS, CHARLES
Blyth & Co., Inc.
Higgins
J.
Stone
I.
gumbel,
Co.
&
J.
&
Dean Witter <5s Co.
BAUM, Jr.,
R.
PAYNE.
Walter C. Gorey Co.
Crocker First National
Vice-President: Walter Vicino, Blyth & Co., Inc.
J.
Co.
g.
gorey, walter C.
BARKER, STEWART 8.
President: Earl Thomas, Dean Witter & Co.
Si
JACKSON
Walter C.
Wilson, Johnson
Earl
Ford
herman
Francis
WILLIAM
R.
BAILEY,
WILLIAM
Collins
&
GIANTI, RICHARD
ELIZABETH
I
Co.
&
PALMER.
Carlos
San
Elworthy & Co.
(Honorary Member)
ACKRIDGE,
&
frese,
W.
Co.
O'REILLY, JOHN J.
ford, jack
unless otherwise Indicated)
&
MURPHY,
..
in
FRANK
Barth
Walston
ROSTER OF MEMBERS
located
Seattle
MORRILL, CLIFTON W.
Directors: John C. Hecht, Jr.,
Brush, Slocumb & Co.; William J.
Bailey, Wilson, Johnson & Higgins; William C. Faulkner, Wulff,
Hansen & Co.; Frank Bowyer, Schwabacher & Co.
(Members
Marshall,
Davis, Skaggs Si Co.
WOOD, LEWIS J.
First
Boston
'
Corporation
-
\
ORDERS EXECUTED ON ANY EXCHANGE OR MARKET
UNLISTED SECURITIES & MUNICIPAL BONDS
J. B. MAGUIRE & CO., INC.
31 Milk
Private Wire
New York
Telephone CAnal 6-1540
PRIMARY MARKETS
Teletype BS-346 for Trading Department
BS430
for
Street, Boston 9, Massachusetts
System
Municipal
Utility and Industrial Stocks
Direct
Private
A. M. Kidder &
Branches:
Lewiston, Me.
Augusta, Me.
Bangor, Me.
Fitchbnrg, Mass.
Greenfield, Mass.
Lawrence, Mass.
Keene, N. H.
Phone
CABLE
t
Co., New York
New York Bank &
Insurance Stocks
Manchester, N. H.
Open-end Telephone Wire
TELEPHONE
England Securities
to
for
Branches:
Portland, Me.
New
Department
BOSTON:
ADDRESS
LAFAYETTE
3-7010
"SENDANTHY"
New York—CAnal 6-1613
Providence, R. I.—Enterprise 2904
Bell System
Portland,
to New
York
Teletype—BS-142
Maine—Enterprise
2904
Boston—HUbbard 2-5500
Hartford,
Conn.—Enterprise
6800
1
Convention
L.
Wallingford,
Dallas
.
H.
M.
Byllesby
Incorporated,
Company,
and
Security Traders Association
39
FINANCIAL CHRONICLE
THE COMMERCIAL and
Number
Charles
^
'
Mrs.
Philadelphia
&
Mr.
Wilbur
Krisam,
Geyer
BERNET, Jr., ALBERT E.
Schneider, Bernet & Hickman
BROWN, E. KELLY
E. Kelly Brown Investment
BIERDEMAN, WM. R.
First National Bank
BROWN,
of
Garrett
Worth
Ft.
EDMOND
and
&
BURT, C. NESOM
C. N. Burt & Company
Co.
CADE,
L.
SID
Lynch,
Merrill
Company, Inc.
CANAVAN,
Jr.,
BILIIEIMER.
&
Henry-Seay
BP
E.
W.
BROWN,
Dallas
Co.
JOSEPH B.
FORD.
Beer
Binford-Dunlap, Inc.
BLACK,
A.
JULIAN
BOIIAN,
IJRYCE,
Pierce
Rauscher.
Co.
&
Stayart
Hudjon,
Huguenin
Dumas,
Service
JOHN
Co.,
&
Inc.
EDWIN
CART WRIGHT,
Inc.
Merrill
F.
O.
Lynch, Pierce, Fenner & Beane
STEPHEN E.
Shearson, Hammill & Co.
CASE,
T.
U.
(Continued
Rausqher, Pierce & Co.
Boothman
&
Inc.
JAMES
Rauscher, Pierce &s?Co.
Austin & Waggener
BUCKNER,
-
Co.
Sr., EARL T.
CARROLL,
Corporation
C.
B.
B.
CHARLES
&
Carothers
Walker,
Inc.
Co.,
&
BOOTHMAN, CLAUD O.
Carothers
EARLE E.
BUCHANAN,
WILLIAM L.
CAROTHERS,
CAROTHERS,
Garrett and Company,
>
Company
R.
Company
Investment
Fenner & Beane
Pierce,
JOHN L.
Rauscher, Pierce & Co.
Securities
Union
&
I^RUCK,
C.
Henry-Seay & Company
BOBO.
JACK P.
BROWN, JIM
York City
Co., Incorporated, New
on
page
40)
(Associate)
BOSTON,
THOMAS
Beer
Company
&
B.
BRADFORD,
John W. Turner
R. B. Smith
Taylor B. Almon
Carrol M. Bennett
HUGH
Southwestern Securities Company
BRANYON, ALLAN D.
Mercantile
Rauscher, Pierce & Co.
BRENT
W.
Dallas
Company
Kidder, Peabody & Co.
RUFUS
Eastman, Dillon
Secretary: R. B. Smith, Texas Bond
at
Bank
C.
Southwest
First
Vice-President: Taylor B. Almon,
National
ROY
BREAUX,
& Son.
President: Carrol M. Bennett, Dallas Rupe
& Co.
Founded
Reporter, Inc.
in
1865
••tit
Treasurer: John W. Turner,
Eppler, Guerin & Turner.
Governors: The officers and James W.
Winton
York, Boston, Midwest and
Members New
Stock
American
Davis, Davis and Company;
Exchanges
First Southwest Company; Sam Johnson,
A. Jackson,
Southwestern Securities Company.
National
Trading markets in
Committeemen; Carrol M. Bennett, Dallas Rupe & Son;
First Southwest Company; John L. Cana-
Winton A. Jackson,
van,
west
Rauscher, Pierce & Co.; James F. Jacques, First South¬
Company; Landon A. Freear, William N. Edwards & Co.,
Ft. Worth.
?
Alternate: Hugh
DIRECT
'
75
'PHONES to
Bradford, Southwestern Securities Company.
Elected: December, 1952;
England Bank, Utility and Industrial Stocks
New
Telephone:
NEW YORK
Took Office; January 1, 1953; Term Ex¬
Federal
Boston
Street,
Teletype:
Liberty 2-6200
BS 338
pires; December 31, 1953.
ROSTER OF MEMBERS
ALEXANDER,
R.
A.
T.
R.
Underwood & Co.,
Bond
Texas
Inc.
Reporter,
Inc.
(Associate)
•
^
New England
STATISTICAL DATA
Lowell
ALLEN,
ORVILLE G.
Allen & Company,
Keith
Inc.
Rauscher,
ASKEW,
Askew
Pierce &
LESLIE
BADER,
First
First
Dallas
Company
Newport
•
Branches:
Providence
•
Springfield
•
Taunt-on
New
England
SAMUEL J.
Securities Corporation
THOMAS
Jr.,
.
Company
I
Securities
CARROL M.
&
Rupe
Son
Since
1929
BENNETT,
H. STEWART
Southwestern Securities Company
BAILEY, C. ALFRED
Bailey, Scott & Company
Company
Southwest
BENNETT,
WALTER M.
Southwest
Jr.,
Equitable
BECKETT,
AUSTIN, Jr., FRANK E.
Walker, Austin & Waggener
•
Rupe & Son
BEARD,
Co.
&
JAMES
Dallas
Co.
ELLISON
Investment
Reed
BEARD,
ALMON, TAYLOR B.
New Bedford
HUGH
BASS,
Jr.,
Lynch,
•
SAN FRANCISCO
CHICAGO
PHILADELPHIA
NEW YORK
TRADING MARKETS
,
BAINES, J. D.
•
New York
•
•
IN 1952
9
#
•
the average
New Englander
CAnol 6-2610
.
Boston
HUbbard 2-8360
Hartford, Providence, Portland
Enterprise 9830
made
more
A. T. & T.
saved
more
spent
more
had
more
than the average
We
supplied
to
Teletype:
Boston 568-569
gas
American.
and electricity
help make this possible.
Your Doorway to trading markets
©MAY
i|
New England Securities
GANNON
INCORPORATED
STOCKS
161
727 Mo>v»chus«f!&
Avenue
*
&
BONDS
DEVONSHIRE
BOSTON
10.
STREET
MASS
31
MILK STREET,
{
BOSTON 9, MASS.
Telephone HAncock 6-8200
;
Members
New York und
Boston Stock Exchanges
M*sstt<!ut**R9
Springfield
•
Fitchburg
•
Worcester
in
40
Lou
THE COMMERCIAL
A.
&
FINANCIAL CHRONICLE
and
Gibbs, Laird, Bissell & Meeds, New York City; Mrs. & Mr. Paul W. Matthews, Matthews
Company, Toronto; Miss Olga Kocurek, Rauscher, Pierce & Co., San Antonio, Tex.;
James
P.
Cleaver, Goodbody & Co., New York City
Dallas
CLAYTON,
Security Traders Association
First
(Continued from page 39)
III,
B.
Bank
RAE
M.
Axe
Securities
CLARK, Jr.,
Dallas
Company
DICK
Union
COKE,
Securities
Company
Southwest
Company
Certificates of
C.
investing
KEITII
C.
Underwood
&
Co.,
Television
COWDRY,
their capital
Merrill
Shares
J.
Cromwell
BONDS
&vBeane
City
Custodian
W.
HERRING,
Company
MERRILL
Hammill
Dallas
City
Bond
Dallas
Dallas
HILGER,
at
Bank
Rauscher,
dealer
Reporter,
Inc.
&
&
Co.
Co.
*
S
(Associate)
SHEEHAN & COMPANY
Edwards & Co.
t"'v
Investment
and
Company
of
Texas
&
Beane
79 MILK
Merrill
ST., BOSTON 10, MASS.
Company
or
Keystone Company of Boston
50
Pierce
(Associate)
DAVIS, N. R.
Tke
M.
Dallas
DAVIS, J. EDWARD
Central
investment
DERRY
HOBBS, WILL
Rauscher, Pierce
DAVIS, JAMES WALKER
local
S.
Rupe & Son
(Associate)
Worth, Texas
Davis
Lynch, Pierce, Fenner
Telephones Liberty 2-1581
-
2
DAVISON, OLIVER E.
DEATON,
Congress iStreet, Boston 9, jMass.
E.
F.
FRED
Hutton
R.
&
Company
DEATON, Jr.. FRED. R.
Dallas Union Securities
DEGENER,
Co.
ARMIN
DENNARD, R.
Dallas
E.
Rupe
& Son
DENNING, STEVE
Garrett ahd
¥J15e
Company, Inc.
DeSHONG, HAROLD E.
Dallas Rupe
Bond Fund
OF
& Son
DICKEY, ERNEST E.
Rauscher, Pierce & Co.,
Lubbock
DICKSON, JOHN H.
BOSTON
First
National Bank
DODSON, J. H.
Merrill Lynch, Pierce, Fenner & Beane
Massachusetts Investors Trust
Co.
DUDLEY, MORRIS A.
Rauscher, Pierce &
DUNLAP, HUGH D.
Binford-Dunlap,
DAYTON HAIGNEY & CO,
INCORPORATED
DOLPH, GEORGE W.
Wood, Struthers &
Massachusetts Investors
Co.
75 FEDERAL
*
EDWARDS,
William
Ft.
WILLIAM
N.
Worth,
First
PJjodion PIand
Teletype BS
N.
Edwards
&
Co.,
New York
Texas
ELLIS, JOE
•
STREET, BOSTON
,
Inc.
EDELMAN, EDWARD
Locke, Locke & Purcell (Associate)
Growth Stock Fund
596
Telephone—WOrth 4-2463
W.
Southwest
Company
<
EPPLER, WILLIAM B.
f
Eppler, Guerin & Turner
ESTES, B. H.
R.
J.
Edwards, Inc.
EVANS, ROGER
Century Shares Tru St
Dempsey
&
Company
FERGUSON, ROBERT
Republic
National
R.
•
\
Dealers
Bank
FERRIS, JOHN D.
Ferris & Company
Canada General Fund
Southwestern
prospectus relating to the shares of
any of these separate
he obtained from authorized dealers or
Merrill
111
DEVONSHIRE
Company
61
YORK
Broadway
STREET
Dittmar &
South LaSalle Street
/
&
Beane
new england
Company
LOS ANGELES
210 West Seventh Street
securities
FREEAR, LANDON A.
Ft.
N.
Worth,
First
v
Specializing in
Fenner
W.
Edwards '&
Co..
Texas
GILBERT, JR., ROBERT
CHICAGO
120
Pierce,
EDGAR
GENTRY, DAVID T.
Eppler, Guerin & Turner
BOSTON
NEW
Lynch,
FRANKLIN,
William
VANCE, SANDERS & COMPANY
in
general market issues
Securities
FOSTER, ROBERT K.
investment funds may
and Brokers
FOLEY, BOB
-
A
GOAR,
First
National
R.
Bank
Southwest
Carothers
&
Carr & Thompson, Inc.
31
FRANK
Company
GOODRICH, D. E.
Merrill Lynch, Pierce, Fenner & Beane
GRANOWSKI,
Worth
GROVER C.
J.
National
William N.
Ft.
(iSeries iSl-$2~iS3~iS4)
your
Ft,
Company
Rupe & Son
HILGER, ALBERT
Co.,
First National Bank
•!
of
CUTTER, FRED C.
COMMON STOCKS
.
Prospectus from
Securities
HICKMAN, J. WESLEY
Schneider, Bernet & Hickman
Inc.
F.
&
Co.,
PHILIP L.
Union
CULLER, GEORGE W.
Texas
¥unc
&
&
REX
CROWE, CLARENCE E.
McCall, Parkhurst •& Crowe
(Series K1-K2)
Burt
of Texas
R.
Edwards
IIENRY, LOUIS B.
Henry-Seay & Co.
S.
Dallas Rupe & Son
CHARLES
Mercantile
STOCKS
N.
CLARENCE
N.
T.
Company
Co.
Auditor,
CROSSON,
PREFERRED
M.
Company
IIEMENWAY, W. P.
CROSSLEY, E. LYNN
(Series B1-B2-B3-B4)
&
IIATCHER, M. M.
& Son
&
JOHN
Burt
Shearson,
Management Co.
Lynch, Pierce, Fenner
CROMWELL,
N.
HARTMAN,
COYLE, JOHN J.
IN
William
Dallas
GEORGE
Investment
HENDRIX,
HANSEN, WALTER R.
Hugh W. Long & Co.,
H.
Dallas Rupe
Inc.
Inc.
CORNELL, Jr., JOHN B.
FUNDS
A.
Co.,
HAMILTON, WILLIAM
COOPER, GEORGE
Dittmar & Company
Participation in
INVESTMENT
A.
MANLEY
Hagberg &
HAMILTON,
First Southwest Company
R.
HENDRIX,
A.
First Southwest Company
COKE, Jr., OWEN S.
CONGDON,
HAGBERG,
Central
HALL, J. C.
DONALD
First
IIEMMINGSON,
R.
Hudson, Stayart & Co.. Inc.
CHOATE, ALGIE K.
GUERIN, DEAN
Eppler, Guerin & Turner
M.
COFFMAN, HAROLD
ROSTER OF MEMBERS
Stewart, San Francisco; Mr. & Mrs. Houston Hill, Jr.,1 ./. S. Strauss & Co., San Francisco;
M. Stewart,
Wilson, Johnson & Higgins, San Francisco; A. Shane McOmber,
Revel Miller & Co., Los Angeles
James
JOHN
National
CLIFTON,
Mrs. Tudi
Thursday, October 8, 1953
MILK STREET
BOSTON 9, MASS.
Telephone: HUbbard
2-6442
•
DORIAN
Co.,
Inc.
/
*
Teletype:
BS 328
Convention
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
George Dedrick,
N. Mex.; Mr. &
Joseph McManus & Co., New York City;
Mrs. Elizabeth Quinn, Albuquerque,
Mrs. Graham Walker, Joseph McManus & Co., New York City; Arthur P. Quinn,
Quinn & Co., Albuquerque, N. Mex.; Mrs. Hugh Bradford, Dallas
HORTON,
41
Hugh R. Schlicting, Wm. P. Harper & Son & Co., Seattle; Edward V. Vallely, John Nuveen
Chicago; Sidney M. Ruff in, Burgwin, Ruff in, Perry & Pohl, Pittsburgh;
Garnett O. Lee, Jr., Scott, Horner & Mason, Inc., Richmond, Va.
Co.
&
PAUL B.
Parkhurst &
McCall,
(Associate)
Crowe
HOUSTON, B. FRANKLIN
Dallas Union Securities Company
Mead, Miller & Co.
York
&
Co.,
Inc.
Co.,
Inc.
HUDSON, ROBERT S.
Stock Exchange
Stock
INSURANCE STOCKS
K.
Stayart
Hudson,
—Members—
New
American
JOHN
HUDSON,
Exchange
Hudson,
(Associate)
Stayart
&
PUBLIC UTILITY—MUNICIPAL—INDUSTRIAL
HUGUENIN, A. B.
Philadelphia-Baltimore Stock Exchange
SECURITIES
Dumas, Huguenin & Boothman
(Associate)
HUMPHREYS, MURRAY L.
Mercantile National Bank
Active Markets in Local Issues
Jr., WILLIAM
JACKSON.
First
Southwest
C.
Company
JACKSON,
WINTON A.
First Southwest Compainy
CARL M. LOEB,
esTAansHco
MEMBERS
Direct Private Wire to New York Correspondent
JACQUES,
RHOADES & CO.
First
JAMES F.
Southwest
Company
JOHNSON,
Telephones: Baltimore
—
LExington 9-0210
Bell
Teletype
New York
BA 270
—
—
WHitehall 3-4000
Cruttenden
Wires
Co.
&
Florida Securities Corp., St. Petersburg
Securities
Union
(ASSOC.)
STOCK
EXCHANGE
NEW YORK
SAM
Southwestern Securities Company
Dallas
STOCK EXCHANGE
EXCHANGE
Direct Private
JONES, HERBERT M.
.
iasa
YORK
BALTIMORE
Judson S. James & Co.
St., Baltimore 2, Md.
NEW
STOCK
PHILADELPHIA-BALTIMORE
JAMES, Jr., JUDSON S.
Ill E. Redwood
OF
AMERICAN
•
—
to
•
Chicago
French & Crawford, Inc., Atlanta
Company
D. ACHESON
KEELER,
Street Sales
Broad
Company
HENRY
KELLER,
Keller & Ratliff
Ft. Worth, Texas
Firm
KERR, Jr., BEN J.
(Associate)
Markets In
BAKER, WATTS & CO.
KIMBALL, CHARLES E.
Distributors
Group,
Inc.
KLECKA, JOE E.
SECURITIES
WASHINGTON
ESTABLISHED
KLINE,
WALTER
Garrett
and
S.
Members
Inc.
Company,
Carl M. Loeb,
our
Republic National Bank
Southwestern
Exchange
Securities Company
Maryland County and Municipal Bonds
First National Bank of Ft. Worth
1920
Johnston, Lemon & Co.
Listed and Unlisted Stocks and Bonds
LYNCH, WILLIAM F.
Lynch, Allen & Company, Inc.
Active Trading Markets in
Local
LYNE, III. LEWIS F.
Securities
Mercantile National Bank of Dallas
MEMBERS
WASHINGTON STOCK EXCHANGE
WILLIAM L.
Rauscher, Pierce & Co.
MADDEN,
PlilLADELPHIA-BALTIMORE STOCK EXCHANGE
MAILLOUX.
DISTRIBUTORS
-
Exchange
Stock Exchange
Stock
Government and Federal Land Bank Bonds
LASSATER, H. DAVID
LEWIS, A. V. (JACK)
UNDERWRITERS
Stock
Struthers & Co.
Wood,
Correspondent
ESTABLISHED
York
Associate Members American
LANGMORE, W. BANKART
Rhoades & Co.,
New York
New
Members Philadelphia-Baltimore
LAFFERTY, J. LEWELL
Direct Private Wire to
1900
First Southwest Company
-
DEALERS
BALTIMORE 3, MD.
Southwestern Securities Company
MALONEY, THOMAS
*
CALVERT & REDWOOD STREETS
MELVIN
E.
Rauscher, Pierce & Co.
Southern
•
Building, Washington 5, D. C.
.
Representative:
MANGRUM, JOHN E.
Southland Life Insurance Co.
Bell Teletype: WA 95 & WA 28
Telephone: STerling 3-3130
Branch Office:
Alexandria, Va.
(Associate)
Clarksburg,
W.
Va.
Baltimore—Mulberry 5-2600
Telephones: New York—CAnal 6-7162
MANNING, W. K.
Jell
Struthers & Co.
Wood,
MASON,
System Teletype—BA 395
A. J.
Republic National Bank
MAULDIN,
Fort
K.
K.
National
Worth
Bank
MAYES, HARLAND
Rauscher, Pierce & Co.
McCALL, HOBBY H.
Parkhurst
&
Crowe
(Associate)
McCALL, JOHN D.
McCall, Parkhurst
&
Crowe
(Associate)
McCall,
Laird, Bissell & Meeds
DU
PONT
BUILDING
—
WILMINGTON
TELEPHONE
MEMBERS NEW
OTHER
—
DELAWARE
YORK STOCK EXCHANGE
PRINCIPAL STOCK
STOCKS
99,
8-4241
&
BONDS
&
COMMODITY EXCHANGES
—
COMMODITIES
McCarthy,
Eppler,
Wilmington & State of Delaware Bank Stocks
YORK OFFICE
—
120
BROADWAY
Ft.
Worth,
CLAYTON
First Southwest
Ft.
of
Texas
1953
1853
R.
Company
BARRON
Worth, Texas
McEWEN,
E.
Texas
Inc.
McCONNELL, HARRY N.
Central
Investment Company
F.
HAROLD
Hutton
McFARLAND,
NEW
& Turner
McCLURE, Jr., FRED L.
Hudson, Stayart & Co.,
McCULLOCH,
Christiana Securities Co.—Common & Preferred
l.
Guerin
McCLANE, JOHN S.
Barron
McCulloch,
McCULLEY,
SPECIALISTS IN LOCAL SECURITIES
g.
Stein Bros.&Boyce
Central
<fe
D.
Company
WILLIAM E.
Investment
of Texas
Company
McGINNIS, J. H.
Bell Teletype NY 1-1248-49
Telephone—BArclay 7*3500
Republic
National
Bank
McGUGAN, C. E.
PHILADELPHIA OFFICE
—
LINCOLN-LIBERTY BLDG.
Shearson,
Hamiftill
&
6 South Calvert Street, Baltimore 2,
Company
"McKINNEY, MUNSON
—
Telephone—LOcust 7-6226
Telephone: SAratoga 7-8400
Rauscher, Pierce & Co.
Maryland
Teletype: BA 393
OTHER
OFFICES
McMAHON, FRANK B.
DAY, STODDARD & WILLIAMS DIVISION
44
WHITNEY AVE.;
TELEPHONE
NEW HAVEN 6, CONN.
LOCUST
2-6151
Frank
B.
McMahon
&
Co.,
LOUISVILLE, KY.
Inc.
NEW
McNATT, GUY W.
Dallas Rupe & Son
Mcpherson, w. perry
Merrill Lynch, Pierce, Fenner
(Continued
on
page
Wabash 5331
-
YORK, N. Y.
-
Rector 2-3327
MEMBERS
<fe
42)
Beane
OF
NEW
and other
PHILADELPHIA, PA.-Pennypacker 5-5175
CUMBERLAND, MD. - Cumberland 1540
YORK STOCK EXCHANGE
leading exchanges.
THE COMMERCIAL and FINANCIAL
Mrs.
Mr.
&
John
J.
Meyers,
Jr.,
Gordon
Graves
Co.,
&
Mrs.
New York
Security Traders Association
&
(Continued from page 41)
ROSTER OF MEMBERS
PHILLIPS,
First
F. Perkins & Company
J.
E.
SMALLWOOD,
JACK F.
Jr.,
Donald
Summerell,
Wagenseller
&
WILLIAM
Southwest
Durst, Inc., Los
Angeled
TUCKER, W. ROY
Rauscher, Pierce & Co.
Eppler, Guerin & Turner
Schneider, Bernet & Hickman
PERKINS,
Mr.
Thursday, October 8, 1953
SITZENSTATTER, N. J.
JOHN
PENSON,
Dallas
CHRONICLE
P.
TURELLA, FRANK
Company
TURNER, JOHN W.
-
First
Southwest
MEER,
JULIAN
OBENCHAIN.
(Associate)
Texas
II.
Securities
&
Jr.,
OLIVER,
Co.
E.
ALLEN
Hutton
F.
Si
L.
EDWIN S.
OLSMITH,
Dallas
Miller &
Co.
,
Moody's
MILLER,
Investor's
Service
Dallas
National
Bank
O'NEIL, DONALD
RAUSCHER,
OSBORNE,
Co.
Dallas
CLIFFORD J.
W.
RAY,
&
Moore
OTT, L. A.
Company
Beer &
i
A.
Hagberg & Co.,
OTTO,
Inc.
OWENS,
A.
MOSS,
Underwood
JACK
Columbian
Dallas
R.
&
Inc.
Co.,
G.
McCall,
Securities Corp.
P.
Farkhurst
Crowe
&
(Associate)
Bank
of
Dallas
REID,
NEWSOM, Jr., WILLIAM
G.
Sanders
Si
RIVES,
J.
Hudson,
A.
Si
Stayart
&
Co.,
Inc.
Central
LEWIS
Si
LOUIS
SAMPLE,
&
Co.,
Beer
Public Utility
&
&
Ft.
Sanders
TOOLE,
at
Bank
R.
&
Jr.,
Co.
A.
E.
N. Edwards & Co.,
I.
H.
Rupe
Si Son
F.
Hutton & Company
DELBERT
D.
VVORTHINGTON, W. F.
Bank
First
ALLEN
National
WRIGHT,
Pierce
&
First
Co.
Si
Inc.
Co..
J.
of
ZIVNEY,
Underwood
A.
Ft. Worth
First Southwest Company
TUCKER, R. G.
R.
National Bank,
L.
WILLIAMS,
J.
Rauscher,
JESSE
Newsom
Waggener
WIGLEY, Jr., RpBERT
Newsom
National
TUCKER,
&
Worth, Texas
Dallas
JEROME
&
A.
Dallas
Dallas
MURRAY
&
Company
E.
Worth
WEIL,
Son
Pierce
Austin
D.
Inc.
Jr., R. BRUCE
Rupe
Sanders
Company
SANDERS,
&
B.
Texas
CLARENCE
National
Hammill
Company
Walker,
WARD,
Rauscher,
of
Company
D.
Mercantile
SAMUELL,
Railroad
&
WALTON,
L.
THWEATT, JEAN E.
DEALERS
Beane
Jr., THOMAS B.
Equitable Securities Corporation
Waggener
RODERICK
THORNTON,
GORDON
Dallas Rupe & Son
DISTRIBUTORS
&
WALKER, WILLARD E.
Austin
THOMAS,
Company
F.
Investment
RUPE, Jr.,
Fenner
WALKER,
Company
D.
Underwood
Dallas
Trust
&
TOM
RODGERS,
Newsom
T.
Dallas Rupe & Son
FRED
Bank
Texas
Pierce,
JACK
WAGGENER, NELSON
Walker, Austin & Waggener
(Associate)
Fort
Inc.
Reed,
HAROLD
Rauscher, Pierce & Co.
PENICK,
R.
Inc.
W. ALLEN
Hutton
F.
THOMAS,
Company
GRAHAM
&
Inc.
VOYLES, JAMES F.
Company
Reporter,
THALHEIMER,
R.
&
Lynch,
VAUGHN,
Co.
(Associate)
& Son
Reed
Waddell
Company
Si
KEITH B.
REED,
Co.,
TOM
TEMPLE,
Bank
National
&
ROGER
PAUL
William
National
Bank
Securities
E.
HARRY F.
Keith
ARTHUR P.
American
Pierce
Bank
TAYLOR,
Company
C.
Dallas Rupe
JACK
Republic
National
Texas
Walker.
of Texas
PEARSON,
North
First
Inc.
A.
S.
Southwest
SUTTON,
Company
PARKHURST, MILLARD
a
NAZRO,
C.
REED,
PAYNE,
MURPHY,
JAMES
Dallas Union Securities
MORRIS, JACK
R.
DAVID
Co.,
Edwards, Inc.
Beer
Son
REED,
J.
Shearson,
First
Pierce & Co.
Southwest
First
&
&
ROBERT
STORIE. WILLIAM STEWART
H.
Co.
WILLIAM E.
READ,
S.
Rupe
Jr.,
Underwood
UTLEY,
Company
Company
ED
Dallas
MORONEY, T. J.
Republic National Bank of Dallas
J.
Rauscher.
ROGERS
Rauscher,
MOORE, WILMER L.
M.
&
Securities
Rupe & Son
MURRAY W.
Miyray
Pierce
A.
UPSHAW, T.
Merrill
STONE,
II.
JOHN
Jr.,
Rauscher,
Underwood
FRITZ
Southwestern
Rauscher, Pierce & Co.
Rauscher, Pierce & Co.
MOORE, ADDISON P.
Southern Brokerage
MOORE,
JOHN
Turner
&
D.
Bank
R.
STEWART,
RATLIFF, HARRY
Keller & Ratliff, Ft. Worth, Texas
RAUSCHER,
JOHN
National
A.
UNDERWOOD,
Inc.
R.
First
A.
Guerin
Co.
W.
Stayart & Co.,
STEPHENS.
ARTHUR E.
(Associate)
WILL
Insurance
UNDERWOOD, ROBERT A.
LOUIS
Hudson,
EARL
Eppler,
Life
R.
STAYART.
A.
Rupe & Son
OLSON, A. LENNART
(Associate)
(Associate)
Henry-Seay & Co.;
FRANK
Frank
Reporter
TYSON,
Co.
Si
Eppler, Guerin & Turner
Bond
Southwestern
Company
POSTEL,
Co.
JOHN
Jr..
Pondrom
B.
STANDLEY, JOHN
Company
PONDItOM,
Trust
Si
Worth, Texas
R.
Texas
Worth
Ft.
PIERCE, CHARLES C.
Rauscher, Pierce & Co.
STANLEY
Bank
MILLER,
Fort
of
Bank
THOMAS
Union
Dallas
MERRILL, SAM
Rauscher, Pierce
METCALF,
National
First
Company
SMITH,
W.
Bank
National
First
ROBERT
NICOUD,
FEANK
MEDANICK,
HARRY
Texas
E.
Merrill
Bank
CARL
Corporation
C.
Lynch.
Pierce.
Fenner
& Be&ne
Ill, JESSE
Harris, Upham & Co.
SANDERS.
Industrial Securities
SANGER,
Beer
mm
EDWIN
&
Company
:
:
#:>
SCHERMERHORN, CARL
Active
Inquiries
on
Markets Maintained
SCHERMERHORN, STANLEY
Merrill Lynch, Pierce, Fenner
Penna. Inactive Securities Invited
§
PHILADELPHIA-BALTIMORE
STOCK EXCHANGE
Street, Philadelphia 9, Pa.
Philadelphia Telephone
KIngsley 5-2700
Bell System Teletype
City Telephone:
1
Bank
BROOKE
SEAY,
WILLIAM
&
SHEA,
JOSEPH
E.
Hutton
F.
H.
Members
Co.
&
& CO.
Philadelphia-Baltimore Stock Exchange
I
Company
SHELTON, LOCKETT
PH 771
BOwling Green 9-4818
Direct Private Wires to First Securities Co. of Chicago,
Chicago, III.
and
Beane
SCOTT, WALTER R.
Bailey, Scott & Company
Republic
New York
2:5
Si
E.
National
Henry-Seay
123 South Broad
1
m
RALPH
Dallas
Henry B. Warner & Co., inc.
1912
SCHNEIDER, JULES E.
Schneider, Bernet & Hickman
SCOTT,
MEMBER
ESTABLISHED
SHIELDS,
Merrill
National
m.
Bank
of
Dallas
N. E. Cor. 15th & Locust Sts.
300 N. Charles St.
Jr., E. A.
Lynch,
Pierce,
Fenner
&
Philadelphia 2, Pa.
Beane
Baltimore
Harry M. Sheeley & Co., Baltimore, Md.
1,
SHILG, J. ERVIN
Garrett
and
Company,
Inc.
PRIMARY TRADING MARKETS -I- RETAIL DISTRIBUTION
'
I
'
.
*
Philadelphia-Baltimore Stock Exchange
1606 WALNUT STOECT
'
*■
HOIWING
Teletype PH 30
More Opportunities For Us
•
•
—
Members
=
&
CO.
American Stock Exchange
(Associate)
PHILADELPHIA 3, PA.
Telephone PEnnypacker 5-8200
New York Telephone COrtlandt 7-1202
Md.
Mr.
&
Mrs.
Harold
CHRONICLE
THE COMMERCIAL and FINANCIAL
/
Convention Number
B.
Smith,
Pershing
&
New
Co.,
York
Mrs.
City
Boston Securities Traders Association
Alternate: Dayton P.
&
Mr.
43
Wellington
(Duke)
Hunter,
Hunter
December, 1952; Took
Expires: December 31, 1953.
Office: January
York
COGGHILL, FRANCIS R.
Haigney, Dayton Haigney & Co., Inc.
Elected:
New
Corporation,
Securities
White,
1, 1953; Term
Weld & Co.
CONARY, WILFRED
G.
Walker
H.
&
G.
Co., Providence,
R. I.
CONNELL, LAWRENCE
Wellington Fund, Inc.
ROSTER OF MEMBERS
CONNOLLY, JR., WALTER J.
(All
members
are
located
otherwise
ADAMS.
C.
Goldman,
Co.
&
BRADLEY,
H.
A.
L.
Sachs
Co.
&
W.
ARTHUR
Hutton
E.
ALTMEYER,
&
COPELAND,
Chas. A.
WILLIAM
Eastern
ROGER
C.
FRANK
Weeden
W.
BURKE, Jr., WILLIAM J.
May & Gannon, Inc.
Edward Hines
Lewis D. McDowell
William J. Burke
C.
J.
Devine
&
CROSBY, ALBERT
F.
BURNS, WALTER T.
ATKINSON, Sr., JAMES V.
Bums,
Barron
& Co.,
Co.
CANFIELD,
BAILEY, BENJAMIN A.
Dayton Haigney & Co., Inc.
New
Portland, Me.
Co.
John
Cannell
CAREW,
ALBERT
Smith,
W.
Barney &
J.
& Co.
F.
BARRETT,
JOSEPH
&
Co.,
Long & Nash
DAVIS, DONALD
Donald
CARR, JOHN F.
Barrett & Company,
BATCIIELDER,
Hayden, Stone & Co.
CARR, RALPH F.
JOSEPH M.
Carr
W. E.
Draper, Sears & Co.
BEACHAM, HAROLD
Josephthal & Co.
Mixter
Harris,
President: William J.
Burke, Jr., May & Gannon, Inc.
BOSS,
Vice-President: Lewis D. McDowell, Chas. A. Day &
Treasurer: Edward Hines, Chace,
F.
Co., Inc.
Emery & Co.,
A.
Street Sales
ASA
CLAYTON,
B.
Clayton
Corp.
Co.
DAY, WILFRED N.
Chas. A.
E.
Company
&
&
DAY, Jr., LEON E.
Chas. A. Day & Co., Inc.
DEAN,
&
DENTON,
Denton
F.
DEXTER,
Stone
CALVIN W.
Securities Corp.
Day & Co., Inc.
RUSSELL
Mixter
Inc.
Wise, Hobbs & Seaver, Inc.
Upham & Co.
CHARLES
Broad
S.
CLARK,
ROBERT
BLAIR,
Inc.
CHAMBERLAIN, RAYMOND E.
Schirmer, Atherton & Co.
Alan C. Leland
Newman
Thompson,
Hutton & Co.
CASEY, FRANCIS
R.
BERNARD, Jr., HUBERT N.
Leo
&
CARTER, HERBERT F.
BATES, CURTIS S.
Davis
DAWSON, JOHN H.
Coffin & Burr, Incorporated
Providence, R. I.
Joseph M. Batchelder & Co., Inc.
Inc.
Inc.
DARLING, RODNEY
4
du Pont, Homsey & Company
Inc.
FRED R.
Tucker, Anthony & Co.
EARRUS, Jr., CLIFFORD B.
Co.
Maguire & Co.,
F. L. Putnam & Co.,
JOSEPH
Putnam
L.
B.
D'ARCY, JOHN J.
Co.
CARR,
&
DALEY, JOHN L.
Josephthal & Co.
BAKER,
Co.
RICHARD D.
Jackson
Trust
CANNELL, JOHN
BAILEY, WALTER R.
S. Moseley &
CURRIER,
LLOYD
England
WILLIAM E.
CROCKETT, HARRY W.
Coffin & Burr, Incorporated
Hayden, Stone & Co.
Schirmer, Atherton & Co.
Inc.
ALFRED R.
Co.
Schirmer, Atherton & Co.
Baldwin, White & Co.
ATHERTON, H. HALE
&
CREAMER,
BRUGGEMANN, LESTER G.
JOHN
Securities,
CRAMPTON,
S.
Schirmer, Atherton & Co.
Co.
RICHARD
Day & Co., Inc.
COPPENS, RAYMOND V.
Goldman, Sachs & Co.
Inc.
BREEN,
ALEXANDER.
Moors & Cabot
May & Gannon, Inc.
ARTHUR L.
Albee & Co.,
Service
CONWAY, JAMES J.
2nd, DUDLEY H.
Hemphill, Noyes & Co.
BRAGDON, J.
ALBEE,
Military
BOWERS, MAURICE A.
Bowers & Company, Portland, Me.
BRADLEE,
C.
Adams
ROBERT
Boston unless
Indicated)
FREDERICK
Frederick
ADAMS.
In
&
Company
GEORGE R.
&
S.
Co.
Jr.,
WALLACE
Webster
D.
Securities
(Continued
on
Corp.
page
Whiteside, West & Winslow, Inc.
Corresponding Secretary: Leo Newman, Eastern Securities, Inc.
Recording Secretary: Alan C. Leland, Geyer & Co., Incorporated.
Governors:
Robert R.
Greetings and Best Wishes from Philadelphia
Upham & Co.; Rodney M.
Blair, Harris,
Darling, du Pont, Hornsey & Company; John L. Ingham, Jr.,
Blyth & Co., Inc.; James E. Moynihan, J. B. Maguire & Co., Inc.;
Arthur C. Murphy, A. C. Allyn and Company, Incorporated;
William S. Thompson, Carr & Thompson, Inc.
National Committeemen:
TRADING DEPARTMENT PERSONNEL
R. Victor Mosley, <v,ce president
William S. Thompson, Carr & Thomp¬
Inc.; James R. Duffy, Paine, Webber, Jackson & Curtis;
James B. Maguire, J. B. Maguire & Co., Inc.; Anton E. Homsey,
du Pont, Homsey & Company; William J. Burke, Jr., May &
son,
R. Victor Mosley
!
Frank J. Laird
Gannon, Inc.
Equipment Trust Certificates
Frank J. Laird
Allen
Railroad Bonds, Guaranteed
Leased Lines Stocks
and
B. Foard, Jr.
ku-
UNDERWRITERS
•
DISTRIBUTORS
•
Public Utility
Edgar A. Christian
BROKERS
Bonds & Stocks
Industrial
James G. Mundy
Russell M. Ergood, Jr.
MAKE OUR
Michael J.
ATLANTIC CITY OFFICE YOUR
Municipal Bonds
Rudolph
Gordon W. Pfau
HEADQUARTERS IN '54
L. Wister
Randolph
Robert J.
Campbell
Institutional Department
DeCourcy W. Orrick
Newburger
&
Company
John
Sales Order Department
Klingler
F.
Edward
Statistical Department
F. Hirsch
Members:
Field Representative
Felix E. Maguire
New York
Stock
Exchange
•
American Stock Exchange
Philadelphia-Baltimore Stock Exchange
STROUD & COMPANY
Effective Distribution
In the Nation'8
Third
Incorporated
Largest Trading Area
123
1342 Walnut Street,
New York
City
Philadelphia 7, Pa.
Lebanon
*
Atlantic
Klngsley 5*4500
City
Vineland
South Broad
Street
PHILADELPHIA 9
new
york
pittsburgh
allentown
lancaster
atlantic
city
44)
44
THE COMMERCIAL and FINANCIAL,CHRONICLE
Mr.
&
Mrs.
Albert
P.
Kibbe,
A.
P.
Kibbe
&
Co.,
Salt
Lake
City,
Utah
Mrs.
DONOHUE, JOHN J.
Boston Securities Traders Association
Donohue
(Continued from page 43)
ROSTER OF MEMBERS
DODSON,
DONNELLY, JOHN P.
H.
G.
PAUL E.
Union Securities Corporation
RICHARD
Walker
Salomon
Bros.
& Co.,
Providence,
Adams
Brown
Boston
EL WELL,
REGINALD
Richard J.
KEALEY,
Second
B.
Buck & Co.
F.
PENNSYLVANIA SCHOOL AUTHORITY
S.
Emery
Co., Inc.
FAY, NATHAN C.
FERGUSON,
F.
& Co., Portland,
Co.
Lahti
&
Co.,
Inc.
Lamont & Co.
Co.
&
LANG, HAROLD F.
Lang & Dadmun, Inc.
GEORGE
National
Bank
LARSON, N. HENRY
C.
The First Boston Corp.
Bank
Brothers
,
LAWRENCE, EDWARD W.
Hemphill, Noyes & Co.
LeBEAU, IRVING C.
Securities
Co.
May & Gannon, Inc.
LELAND, ALAN C.
Geyer & Co., Inc.
Kennedy & Co.
Me.
KENNEY, PHILIP F.
WM.
E.
Moors & Cabot
OTHER REVENUE BONDS
Matthew
Shawmut
Brittain
&
Co.
LAMONT, NICHOLAS
KELLER, HERMAN J.
Keller
Kirwan
Estabrook &
KENNEDY, F. BRITTAIN
Nathan C. Fay
AND
Thomas A.
KEANE, J. FRANK
Elmer H. Bright & Co.
ENGDAHL, ARTHUR E.
Goldman, Sachs & Co.
Inc.
LAHTI, W. HENRY
Pressprich
National
Securities,
KUMIN, EMIL
Globe
W.
Chicago
KIRWAN, THOMAS A.
JULIAN, JAMES
EMERY, FORREST S.
ISSUES
Jr., JOHN L.
JORDAN, Jr., G. C.
ELDBACHER, THEODORE
R. W. Pressprich & Co.
PHILADELPHIA
Eastern
(Honorary)
R.
McDowell,
KILNER, GEORGE M.
Brown, Lisle & Marshall, Providence, R. I.
JONES. WILLIAM
Brothers, Harrlman & Co.
&
KENT, RODNEY P.
Peck
Halsey, Stuart & Co. Inc.
Harris, Upham & Co.
OF
Blosser
JACOBS, BERT L.
EAGAN, WALTER F.
CITY
Strauss,
Blyth & Co., Inc.
DUNCKLEE, WILLIAM S.
& Hutzler
ALL
&
INGHAM.
duPont, Homsey & Company
IN
Isaacs,
DOUCET, LESTEB T.
DYKES, ALVIN A.
SPECIALIZING
I.
INGALLS, ROBERT U.
Tucker, Anthony & Co.
Paine, Webber, Jackson & Curtis
R. I.
Milton
INGALLS, JEROME M.
& Sullivan
Salomon Bros. & Hutzler
DOLIBEB,
Mr.
DONOVAN, WARBEN
Dayton Halgney & Co., Inc.
DUFFY, JAMES B.
DIAMOND, CLEMENT G.
Tcwnsend, Dabney & Tyson
&
Thursday, October 8, 1953
M.
Newton
&
LERNER, LOUIS C.
Co.
Lerner & Co.
FIELDING, JOHN S.
C. J. Devine & Co. °
FOSTER,
FREDERICK H.
Lee Higginson
Corporation
E. W. CLARK & CO.
FOSTER, Jr., HAT1IERLY
schaffer, necker & co.
Packard Building, Philadelphia 2, Pa.
LOcust 7-3646
Vance, Sanders <Ss Company
GALVIN, JAMES J.
F.
Teletype PH 864
L.
ESTABLISHED
Putnam & Co.,
Inc.
GANNON, JOSEPH
MEMBERS
May & Gannon, Inc.
PHILADELPHIA-BALTIMORE
GIBSON, Jr., CHARLES E.
F. S. Moseley & Co.
NEW
YORK
AMERICAN
GLEASON, SHERMAN
STOCK
STOCK
Bank
Municipal
•
*
DEALERS
•
Corporate Securities
Insurance Stocks
•
Mutual Funds
Pennsylvania Authority & Revenue Bonds
New
Public
We maintain active
J. H.
Authority Bonds
trading markets in unlisted
securities
Goddard
DEALER
INQUIRIES
INVITED
GUNN,
Arthur L. Wright & Co., Inc.
15TH
STREET, PHILADELPHIA 2
Direct private wire
to Burnham
&
•
Klngsley 5-1060
Co., New York
PHILADELPHIA
Telephones:
Philadelphia Klngsley 5-4000
Townsend, Dabney & Tyson
New
York
WHitehall 3-4000
GUTHRIE, ELWIN A.
&
Germantown
Company, Worcester
Lancaster
York
HAIGNEY, DAYTON P.
Dayton Halgney & Co., Inc.
HALEY, DAVID A.
Sachs
&
Co.
LEAMAN F.
Goldman,
225 SOUTH
LOCUST AT 16th STREET
Co., Inc.
IRVING E.
LLETT,
■
&
GRIFFIN, HENRY F.
A. C. Allyn and Company, Inc.
Goldman,
■
(ASSOC.)
•
GOODHUE, DONALD S.
F. S. Moseley & Co.
Reed
Housing
EXCHANGE
EXCHANGE
GODDARD, JAMES H.
DISTRIBUTORS
*
STOCK
EXCHANGE
Sherman Gleason & Co., Inc.
State
1837
•
Sachs & Co.
HALLIWILL, BIRNEY S.
F. S. Moseley & Co.
HANRAHAN, PAUL B.
Hanrahan
&
Co., Worcester
WARNER CO.
HARKNESS, ROBERT B.
Dwlnnell, Harkness & Hill, Incorporated
HARRINGTON, FRANK T.
Philadelphia
H. D. Knox & Co., Inc.
HARRIS, HOWARD S.
Baldwin, White & Co.
Morrisville,
Pa.
Wilmington,
HARSON, FREDERICK L.
Fraser,
Call
JANNEY
Phelps
&
Co.,
Providence,
R.
I.
\
Founded 1794
HART, JOHN J.
-
White, Weld & Co.
HASTINGS, FRANCIS
Bank
and
Insurance Stocks
HAVEY, JOSEPH
Boston
"Herald-Traveller"
(Honorary)
active
Pennsylvania Tax Free
trading
markets
Industrials
Common
and
Rails
Utilities
Preferred Shares
HERLIHY, EDWARD
Draper, Sears <fc Co.
HINES, EDWARD F.
Chace, Whiteside, West & Winslow, Inc.
Certified
HIXON, REGINALD T.
Hooper-Kimball, Inc.
HOMSEY, ANTON E.
du
Pont,
Homsey & Company
Central-Mix Concrete
HORMEL, EDWARD F.
Day
City-County-State-Authority Issues
.
Guaranteed Rails
Trust
Company
HOUGHTON, CHARLES G.
A. L.
Albee
&
Co., Inc.
HUGHES, FRANCIS J.
Clayton Securities Corp.
HUNT, WILLIAM P.
W. E. Sibley & Co.
New York Telephone
WOrth 4-2140
Bell Teletype System
JANNEY & CO.
PH 80
1529 Walnut
Street, Philadelphia 2
RIttenhouse 6-7700
HURLBURT, C. GRAHAM
Henry P. Brlggs & Co.
1907—Underwriters, Distributors, Dealers, Brokers
9
Serving
HURLEY, EDMUND J.
Wise, Hobbs & Seaver, Inc.
HURLEY, HERBERT E.
Hornblower
Since
Sand and Gravel
&
Weeks
HUSSEY, EUGENE R.
The First
Boston Corp.
HUTCHINSON, Jr., JAMES A.
Hutchinson
&
Company
Delaware Valley, U. S. A.
Del.
>r
Convention
Peter
Brochu,
Allen
New
LEVINE,
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
CARL
New
Company,
&
York
George
Qity;
LEWIS,
Funds,
Eastern
Inc.
Mixter
J. EL Goddard & Co., Inc.
LOTHROP,
St
R. W.
& Trust Co.
M.
Co.
LYNCH, FRANK E.
Shea
JAMES
&
E.
Paul D.
Sheeline & Co.
MUNN,
J. B. Maguire St Co., Inc.
&
Mann
Gould, Salem, Mass.
MAX, RICHARD L.
H.
C. Wainwrlght & Co.
MAY,
Frederick c. Adams &,Co.
Allyn
McCUE, GERARD
Goodbody
& Co.
Mcdowell,
Chas.
A.
Day & Co., Inc.
A.
E.
Ames
St
Co.,
J. B.
Beane
Inc.
Lee
A.
Hooper-Kimball,
Walsh
&
WINSLOW, Jr., A. N.
Chace, Whiteside, West & Winslow, Inc.
WOGLOM, ALBERT G.
Goodbody & Co.
Son
WOLL, ALBERT J. T.
C. Wainwrlght St
S.
Co.
&
JOSEPH
A.
Coffin
&
&
WOOLARD.
Corporation
Moseley
Newton
M.
&
Co.
WOLLEY. SUMNER R.
H.
C.
Incorporated
HAROLD
Wainwright & Co.
YOUNG,
Brown
Co.
Burr,
HERBERT W.
Brothers Harriman
WELLS, CARL V.
Paine, Webber, Jackson & Curtis
YOUNG, R. T.
WELLS, RAYMOND E.
Bishop-Wells Co.
ZUCCARO,
WHITCOMB, BURTON F.
Harriman Ripley & Co*, Inc.
ZUCCHELLI, LOUIS V.
J. B. Maguire & Co.
The
&
Co.
Keystone Company of Boston
First
ALFRED
Boston
G.
Corporation
F.
JOSEPH
Moseley & Co.
K.
1
Ross
Co.,
&
Portland,
Inc.,
*?»•
RYALL, EUGENE J.
C.
Devine St
J.
DeHaven
Co.
Townsend, Crouter
&
SCHUERHOFF, ROLAND H.
Smith,
Barney
Scribner
Pressprlch St Co.
&
Bodine
Members
Co.
&
New
PAUL A.
Meredith,
SCRIBNER,
PAUL J.
York
&
Philadelphia-Baltimore
Inc.
&
American
Stock
Stock
Exchanges
and
Exchange
SESSLER, JOHN G.
John
Sessler
G.
St
Co.
1500
CHESTNUT
STREET, PHILADELPHIA 2
SHEA, Jr., JOHN L.
&
Company
Sheehan
FREDERICK
Higginson Corporation
&
New
Philadelphia Phone
JR., DANIEL M.
SHEEHAN,
LOcust 4-2900
Co.
Bell
York Phone
DIgby 4-0200
System Teletype—PH 518
SHEELINE, PAUL D.
Paul D. Sheeline
St Co.
PARSLOE, GEORGE S.
St
Webster
Townsend,
Securities
Corporation
Co.
SIDES, W. RANDOLPH
Sides, Morse & Co., Inc.
ERNEST
SLIFER,
Dabney St Tyson
Distributors, Dealers, Underwriters
W.
American Securities
Corp.
SMITH, CHARLES H.
Corporate and Municipal Issues
Cabot
&
Moors
HERBERT
SMITH,
C.
Stock and Bond Brokers
Blyth St Co., Inc.
Rambo, Close & Kerner
Incorporated
SOFORENKO, MYER M.
Michael Investment Co.,
PHILADELPHIA 2, PA.
New York
Telephone
Teletype
Telephone
PH
63
C.
New York
Adams St Co.
30
FREDERICK
Townsend, Dabney & Tyson
SPENCE,
REctor 2-2820
PEnnypacker 5-2800
Inc.
Providence, R. I.
SPELLMAN, VINCENT L.
Frederick
1518 LOCUST ST.,
Phila.
E.
Co.
LOWELL A.
Boston
Inc.
Incorporated
Maine
PATNODE, WE8LEY P.
&
II
CARL K.
Carl
Maguire St Co., Inc.
Stone
Pressprlch
F. S.
ROSS,
PARENT,
Bureau
(Honorary)
W.
&
Tripp St Taber, New Bedford, Mass.
MONROE, PAUL B.
R.
Pressprlch
PARDEE, MILTON I.
MERIGAN, THOMAS F.
News
W.
Shea
Inc.
McVEY, FREDERICK V.
Childs, Jeffries & Thomdike, Inc.
Boston
R.
ROBBINS,
Fenner
OPPER, EDWARD J.
McTAVISH, WILSON C.
DONALD
Whittemore & Co.
Lerner St Co.
Day St Co.
W.
R.
F.
F. S. Moseley St Co.
Spencer Trask St Co.
lewis d.
H.
RICE, FRED W.
Nichols, Inc.
O'LEARY,
G.
First
Josephthal & Co.
NOWELL, RICHARD CARLTON
McCUE, JOHN A.
May St Gannon, Inc.
Burr,
WEEKS, Jr., ROBERT S.
N
REILLY, ARTHUR H.
Inc.
&
Kidder, Peabody & Co.
Preston, Moss St Co.
^OONAN. THOMAS H.
L.
D.
Co.
Bedford
WARREN, Jr.,
LESTER F.
REED,
Inc.
RINALDI, JOSEPH M.
R.
H.
W. E. Hutton & Co.
MURRAY, RICHARD E.
May St Gannon, Inc.
H. P.
&
WARD, FRANCIS V.
PUTNAM, JOHN A.
NEWTON, DEXTER
& Co.
Baldwin, White & Co.
WHITTEMORE,
ARTHUR G.
WARING, LLOYD B.
RICHARDSON,
McCORMIOK, Jr., JAMES F.
C.
Prescott & Co.
MURRAY, RAYMOND M.
Tucker, Anthony St Co.
NEWMAN, LEO
Eastern Securities,
McAllister, Jr., henry p.
A.
P. JUDSON
&
Company,
NEEDHAM, CARLETON
Merrill Lynch, Pierce,
WILLIAM F.
May & Gannon, Inc.
A.
S.
EUGENE F.
Wainwrlght &t Co.
H. C.
Chace, Whiteside, West & Winslow, Inc.
MANN, Jr., GEO. P.
Co.
Wadsworth
WALSH, FRANCIS P.
WILLIAM
S.
M.
Spencer Trask & Co.
White, Weld & Co.
F.
PROCTOR,
MURPHY, TIMOTHY D.
MAGUIRE, JOHN E.
May St Gannon, Inc.
EDWARD
William
REGINALD
W.
BROAD
STREET
Wilkes Barre, Pa.
Stamford, Conn.
Deposit & Savings Bank Bldg.
77 BEDFORD STREET
3-4131
4-2148
DIgby 4-0200
STANLEY
Burgess 8c Leith
SPORRONG,
STANLEY, Jr., GEORGE A.
Schirmer, Atherton St Co.
Corporate and Municipal Securities
STEMBRIDGE, ALFRED R.
Distributors Group,
Incorporated
SULLIVAN, JAMES E.
Baldwin, White St Co.
WALTER G. NELSON
EDMUND J. DAVIS
Vice
President
in
Manager of
Charge of
Jr., JOHN E.
Co., Inc.
SULLIVAN,
F.
Putnam St
L.
-
Butcher
.
A
JOHN J.
SULLIVAN,
Municipal Bond Department
Corporate Department
W. E. Hutton St Co.
&
Sherrerd
ESTABLISHED
1910
JOHN P.
SULLIVAN,
Smith, Barney St Co.
CORPORATE TRADERS
SULLIVAN, ROBERT W.
Donohue
& Sullivan
James
SWENSON, CARL J.
Dealers and Brokers in
M.
Railroad
•
•
Industrial
SECURITIES
Providence, R.
Joseph Cummings,
WALTER T.
Peabody & Co.
SWIFT,
Public Utility
I.
J. McAtee,
Manager
Walter E. Gemenden
Rudolph C. Sander
Kidder,
MUNICIPAL
TABB, Jr., HENRY E.
Townsend, Dabney St Tyson
James
ELLIOT C.
Tripp & Taber, New Bedford,
W.
TRADERS
Heward, Manager
TABER,
New
Co.,
WHITE, BENJAMIN F.
WALKER, HARRY R.
Hodgdon St Co.
MURPHY, ARTHUR C.
A.
C. Allyn and Company,
MAGUIRE, JAMES B.
WHITCOMB,
Co.
Scranton &
Baltimore
WILLIAMS, T. EDMUND
QUINN, DANIEL L.
Schirmer, Atherton & Co.
Jackson
(Honorary)
&
WAGNER, ALFRED
Moseley St Co.
Arthur W. Wood Company
Adams, Mudge St Co.
Inc., Chicago
&
Arthur G.
Coffin
JR., EDWARD
Fund, Inc.
MADARY, HAROLD
Geyer St Co.,
F. S.
POTTER. J. RUSSELL
Company, Providence, R. I.
MacDONALD, WILLIAM G.
W. F. Rutter, Incorporated
Doremus
Corporation
New
PRESCOTT,
MUDGE, JOHN G.
Devine
POPE, WILLIAM A.
MOYNIHAN, JAMES E.
J. B. Maguire St Co., Inc.
LYNCH, JAMES J.
J.
WADSWORTH,
Securities
Webster
St
MOSSOP, WALLACE L.
Boston
C.
Weston W. Adams St Co.
Stone
Pressprlch St Co.
MOTLEY.
TUCKER, LESLIE A.
VAUGHN, HAROLD F.
PILLSBURY, E. P.
Inc.
POWERS,
Company, Inc.
B.
Townsend, Dabney & Tyson
Company
Barrett &
Elder, Straus, Blosser & McDowell, Detroit; Leslie B. Swan, Chas. W.
Haven; William C. Roberts, Jr., C. T. *>Williams & Company, Inc.,
PIERCE, RALPH W.
MORRISON, JAMES A.
Townsend, Dabney St Tyson
Harris, Upham & Co.
LYNCH
&
J.
New
WILFRED
FERHAM,
J.
GEORGE P.
MOREY,
R.
GILBERT
Hutton
E.
W.
Securities,
George
Co.,
&
Pittsburgh
MOORE, GEORGE E.
LINDSAY, HERBERT N.
Boston Safe Deposit
Co.,
&
Securities, Inc.
Eastern
Weeden & Co.
WILLARD
Jr., Ira Haupt
Carrington,
Lestrange
FREDERICK S.
MOORE,
WARREN A.
LOCKE,
G.
William
Arthurs,
MOORE, ALEXANDER W.
FREDERICK T.
Jr.,
Trusteed
City;
MONTAGUE, THOMAS
Minot, Kendall & Co.
A.
May & Gannon, Inc.
LEWIS,
York
Lestrange,
E.
45
General Market Municipal Bonds
Jersey and
Electronic
and
Guaranteed
Television
and
Leased
Equipment Trust
Securities
Line
Funds
Henry P. Glendinning, Jr.
John B. Richter
TABER, RICHARD D.
Tripp St Taber, New Bedford, Mass.
Stocks
MEMBERS
Obligations
TAYLOR, JOHN R.
Bank and Insurance Stocks
Mutual
Mass.
Taylor St Co., Inc.
Shares
New
York
Stock
TAYLOR, Jr., JOHN R.
Philadelphia-Baltimore Stock Exchange
Exchange
American
Stock
Exchange
(Associate)
Taylor St Co., Inc.
Chailes A. Taggart
Members
Philadelphia-Baltimore
& Co., Inc.
Stock Exchange
THOMPSON,
Carr
St
TIRRELL,
Investment Securities
Star
WILLIAM
Thompson,
S.
Inc.
1500 WALNUT STREET
JOHN
Printing
Philadelphia
1500 Walnut
Philadelphia Phone
KIngsley 5-1716
TOOHEY, CARROLL W.
Coburn & Middlebrook,
Street, Philadelphia 2, Pa.
Teletype
PH 677
New
York
Phone
WHitehall 4-7000
TOWNSEND, CURTICE N.
Weeden
St
Co.
•
PHILADELPHIA 2, PA.
itCo.
Incorporated
Telephone
PEnnypacker 5-2700
Teletype
New York Telephone
PH-4
WHitehall 4-4927
THE COMMERCIAL
46
Mr.
&
Mrs.
Ernest
E.
and FINANCIAL
Stone, Stone, Moore & Company, Denver; Mr. & Mrs. John J. Meyers, Jr.,
Gordon Graves & Co., New York City
Mr.
&
Mrs.
CHRONICLE
Jim
Vickers,
Company,
St.
Thursday, October 8, 1953
Vichers
Miss
Louis;
Brothers, New York City; Milton C. Brittain, Scherck,
Betty Portner, The W. C. Thornburgfx Co., Cincinnati
KELLEY,
Secretary: Kenneth Moir, Chaplin and Company.
Pittsburgh Securities Traders Association
Directors:
William
G.
Simpson,
H.
Humphrey, Inc.
Byllesby
M.
and
KLIMA,
Company,
JOHN
Reed,
Masten
LEAR,
Lear
Graham
ANFANG,
Jr.
Earl E. Sweitzer
Kenneth
Moir
Paul
A.
Day
President: Frank M. Ponicall, Jr., Singer, Deane & Scribner.
Vice-President: Earl E. Sweitzer, E. E. Sweitzer
Co., Inc.
R.
C.
JAMES
Schmerz
LEATHERBURY,
Hulme, Applegate
JAMES
OF
LEADERSHIP-1953
&
H.
Merrill
BEAR,
Co.,
DUANE
Lynch,
S.
Kay,
&
HULME,
8c
&
S. K.
Co.
Corporate and Municipal
Blair F.
JOHN
P.
Lear
MATTERS,
W.
8c
Co.
HORACE
E.
Moore, Leonard & Lynch
G.
McCONNELL, W. BRUCE
Singer, Deane 8c Scribner
HUMPHREY, ARTHUR F.
Hulme, Applegate & Humphrey, Inc.
Mcdonough, e. a.
Moore, Leonard 8c Lynch
HUNTER, FRANK H.
McGUINESS, FRANCIS J.
8c Company
Chaplin
INGRAM, PAUL H.
Claybaugh & Go.
JOHNSON,
Johnson
WILBUR
&
and
McKEE, CARL
C.
Chaplin and Company
BROWER, W. BRUCE
BUFFINGTON, Jr., JOSEPH
Securities
Reed,
MARONEY, FRANKLIN
Blair, Rollins 8c Co., Inc.
Co.
MILTON
McKelvy
Cunningham & Co., Inc.
BROCKLEY,
i
Beane
BODELL, G. CLIFFORD
in
W.
LONSINGER, EUGENE W.
Hulme, Applegate & Humphrey, Inc.
Fenner
LEE
Richards
<fe
Lynch
GEORGE
Peoples First National Bank 8c Trust Co.
WALTER L.
JOHN
Parrish
Incorporated
G.
Pierce,
LEWIS, GUY
Chaplin and Company
HOY,
Babbitt
BARBOUR,
Underwriters, Distributors, Dealers
HOWLEY,
SHIRLEY
P.
Arthurs, Lestrange & Co.
Thomas & Company
Co.
GEORGE
Co.
Leonard &
LESTRANGE,
HEFREN, ARTHUR R.
BABBITT, WALTER H.
W.
M.
HARRISON, JOHN T.
Humphrey, Inc.
&
Lear &
Moore,
Company
GURCAK, FRANK J.
Thomas & Company
Co., Inc.
ARTHURS, ADDISON W.
Arthurs, Lestrange & Co.
Parrish
1877—SEVENTY-SIX YEARS
J.
8c
Co.
LEECH, FRED T.
Jenks, Kirkland & Grubbs
APPLEGATE, A LOWBIE
AUSTIN.
&
H.
8c
LEAR, JAMES C.
Reed, Lear 8c Co.
Reed,
GRUBBS, M.
Company
OWEN
EUGENE
Reed,
GRAHAM, E. W. STERLING
Reed, Lear & Co.
C.
&
Blyth & Co., Inc.
ROSTER OF MEMBERS
A'HEARN, R. B.
Butler, Pa.
Co.
EDWARD
E.
KRAFT,
December, 1952; Took Office: January, 1953; Term Ex¬
pires; December, 1953.
J.
R.
Lear 8c
KOST,
Co.
Alternate: George E. Lestrange, Arthurs, Lestrange & Co.
WM.
Inc.
W.
Graham & Company
Elected:
ACKERMAN,
C.
Co.
&
KNOCH, CYRIL
A.
National Committeeman: H. Sheldon Parker, Kay, Richards &
Stuart
KIRKPATRICK, T.
Incorporated; Harry J. Steele, Fauset, Steele & Co.; James C.
Lear, Reed, Lear & Co.; James E. Crehan, Moore, Leonard &
Lynch; A. E. Tomasic, Thomas & Company.
F. M. Ponicall,
BERNARD
Halsey,
Treasurer: Paul A. Day, Hulme, Applegate &
E.
S.
McKee
Company
S.
8c
Company
McMOIL, WM. J.
Johnson
Moore, Leonard 8c Lynch
Arthurs, Lestrange & Co.
JOHNSON, Jr., WILBUR E.
BURGWIN, HOWARD J.
Howard J. Burgwin & Co.
Johnson &
KEIR,
CARTER, ALBERT R.
HAROLD
Jenks,
Preston, Watt 8c Schoyer
METZMAIER, Jr., ALBERT J.
Mellon National Bank 8c Trust
Johnson
,
M.
Kirkland
MOIR, KENNETH
8c
Grubbs
Chaplin and Company
CARTER, SAMUEL C.
MOORE, LEONARD & LYNCH
Members:
New York Stock
Exchange
Pittsburgh Stock Exchange
American Stock
Telephone
PG
Wire
to
14 Wall Street
New York City, New York
Telephone Dlgby 9-3650
New
York
8c
Co.
S.
CREHAN,
JAMES
E.
Leonard
&
Lynch
CUNNINGHAM, ROGER
Merrill Lynch,
Pierce, Fenner & Beane
Building
Greensburg, Pennsylvania
Telephone Greensburg 3311 or 3312
Private
Powell
1-0358
397
First National Bank
Direct
E.
Moore, Leonard 8c Lynch
CULLINAN, DANIEL J.
Chaplin and Company
Pittsburgh, Pa.
ATlantic
Teletype
Elmer
CONNOR, THOMAS
Moore,
Exchange
Union Trust Building,
and
Greensburg
Office
DAY,
PAUL
THOMAS & COMPANY
ALCOA
BUILDING
A.
PITTSBURGH
Hulme, Applegate & Humphrey, Inc.
19,
PA.
DEAKINS, ROBERT G.
Reed, Lear & Co.
DeCOURSEY, JOHN A.
Chaplin and Company
DINWIDDIE,
Reed,
DIRECT PRIVATE WIRE
Municipal and Corporate
CLYDE
Lear
&
Co.
Securities
DODWORTH, W. STANLEY
DONNER, FREDERICK H.
Singer, Deane & Scribner
•
DORBRITZ, ERNEST O.
NEW YORK CITY
Mcore,
\
Leonard
DOYLE,
C.
F.
&
Lynch
ROBERT
Childs
and
Company
EMERY, JOHN L.
H. M.
Byllesby and Company
Incorporated
\
REED, LEAR & CO.
-
Members Pittsburgh Stock
American Stock
Exchange
Exchange (Assoc.)
EVFRSON. RICHARD
Reed,
Lear
&
ALL TAX EXEMPT ISSUES
Co.
FISHER, CHARLES
N.
Singer, Deane & Scribner
GOVERNMENT
—
STATE
—
MUNICIPAL
—
LAND BANK
FITZGERALD, Jr., JOHN L.
Singer, Deane & Scribner
TERRITORIAL AND REVENUE BONDS
.GAMBLE,
Jr., GUY P.
Jenks, Kirkland & Grubbs
GENKINGER, JACK
J.
M.
M.
Genkinger & Co., New Castle,
Pa.
GERNON, JAMES K.
Walston
GESSNER.
Branches
Arthurs,
NEW YORK, N. Y.
BUTLER, PA.
MEADVILLE, PA.
.
PITTSBURGH
&
Co.
W.
Teletypes
—
New York City NY 1-1420
—
Pittsburgh PGR 432
JOHNSON & JOHNSON
J.
Lestrange & Co.
GILSON. BURTON R.
Reed, Lear & Co.
GLADSTONE, R
Bell
Richter
C.
J.
Devine
&
UNION TRUST BUILDING
PITTSBURGH 19, PENNSYLVANIA
S.
Co.
GLEESON, Jr.. GEORGE H.
Walston & Co.
Teletype Pittsburgh 289
ATlantic
1-8333
Co.
Convention
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
47
M.ftlLm: aHz.
&
Mr.
Mrs.
Edwin J. Markham,
PARKER,
Kay, Richards & Co.
Kay, Richards & Co.
PARKER,
R.
C.
Schmertz
&
&
,
H.
M.
Byllesby
Mr.
William
J.
Burke,
Jr.,
May
&
Stroud
M. Byllesby and Company
Incorporated
A.
Company
E.
VOIGT,
Incorporated
Company, Inc.
SCHUGAR, MAX N.
Lear &
Reed,
McKelvy
Co.
&
Company
AUSTIN
M'asten
&
LOUIS
W.
Hemphill,
SCOTT, JAMES H.
POWELL, ELMER E.
SCRIBNER, JOSEPH M.
Elmer
REED,
E.
Powell
&
James
Singer,
Co.
&
Scott
Deane
&
&
Co.
Scribner
SHANAHAN, CHARLES V.
Singer, Deane & Scribner
PAUL
Graham
H.
Company
REITZELL, CARROLL F.
Reitzell, Reed & Co., Inc.,
SHEPPARD,
Erie,
Pa.
JOHN
Singer, Deane & Scribner
S.
Fauset, Steele & Co.
Steele &
Fauset,
STEINECKE,
Sarasota,
STOLACK,
Co.
&
Norman
(Honorary)
Jr.,
&
Bank
&
Trust
Co.
W.
FREJD
Co.
GEORGE R.
Kay, Richards & Co.
YOUNG,
B.
NORMAN
&
P.
ZINGERMAN, ROGER J.
B.
Merrill
Co.
Lyjnch, Pierce, Fenner & Beane
SYDNEY
^'111! 1111U C11E E11111111111111E111 ft III11111111111111111111II111111111111M1111111
It 111N1111111
Co.
&
LOUISVILLE
LEXINGTON
Holman R. Wilson
William B. Holton
Co.
STUREK, FRANK T.
Bank
National
Mellon
YOUNG,
Walston
Ward
STUBNER, CHRISTIAN J.
Stubner
Incorporated
Co.
National
Mellon
Ward & Co.
Jr.,
&
WOODS, JOHN
Noyes & Co.
NORMAN
Norman
WARD,
STOUT, FREDERICK L.
Stout
W.
Company,
Co.
(Honorary)
WARD,
STEPHEN W.
Fla.
FRED
&
Walston
VORSANGER, WILLIAM
STEELE, HARRY J.
PONICALL, Jr., FRANK M.
Singer, Deane & Scribner
Boston
WOLFERS, PHILIP
UMSTEAD,
SINGER, 3RD., G. HARTON
PARRY, HERBERT B.
Inc.,
Gannon,
WILLEY,
H.
G.
and
&
TUNNELL, PAUL
Company
SIMPSON, WILLIAM
SCHMERTZ, ROBERT C.
NATHAN K.
Richards & Co.
Kay,
McKelvy
SATLER, Jr., FRANK L.
Moore, Leonard & Lynch
SHELDON
H.
SHERIDAN, GEORGE W.
RICHARDS, JR., RALPH S.
NUTTALL, RICHARD V.
Singer, Deane & Scribner
Mrs.
Wertheim & Co., New York City
&
Trust
Co.
Walter Trinkle
John B. Farra
Esther Kachler
Thomas B. Kessinger
SUCCOP, JOHN C.
Kentucky
Securities
Trust Company
Fidelity
SULLIVAN, JOSEPH
R.
Schmertz
C.
&
Active Markets in All Issues
E.
Sweitzer
Retail Distributors and Underwriters of
M.
H.
SAMUEL
TERESI,
Corporate Secuiities and
Thompson & Taylor Co.
Wagner, Reid and Ebinger, Inc.
Members
Midwest
TIERNAN, FRANK
Preston,
Watt
SECURITIES
Inc.
Co.,
RAYMOND
TAYLOR,
KENTUCKY
Inc.
Company,
E.
SWEITZER, EARL
E.
H.
Kentucky Municipal Bonds
M.
&
Schoyer
„
Stock Exchange
TIERNAN, Jr., FRANK M.
415 W. JEFFERSON STREET
Preston,
LOUISVILLE 2, KY.
BELL
TELETYPE
LS
292
TITUS,
TELEPHONE
WABASH 4191
R.
C.
Watt & Schoyer
Schmertz
Ss
Company,
Member Midwest Stock Exchange
Inc.
Louisville
TOMASIC, ANTHONY E.
Thomas
&
COMPANY
KENTUCKY
THE
S. J.
Company
Qj =
Trust
Exchange Building
Building
LOUISVILLE 2, KY.
LEXINGTON, KY.
W Abash
Phone 2-1858
Bell
6818
Bell Teletype LEX KY. 476
Teletype LS 579
Tllilllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllir?
™I
BANKERS BOND ^
INCORPORATED
Member
Midwest
Stock Exchange
1st FLOOR KENTUCKY HOME LIFE
BLDG.
LOUISVILLE 2, KENTUCKY
NEWPORT STEEL CORPORATION
Bell
Teletype LS 186
Long Distance 238
NEWPORT, KENTUCKY
Kentucky Municipal Bonds
Local Securities
INVESTMENT
THOMAS
GRAHAM,
HECTOR
W.
WILLARD
E.
C.
JAMES
Manager
BOHNERT
P. McNAIR
LEWIS
M.
FETTER
DEPARTMENT
WOOD
HANNAH, Asst.
CHARLES
C.
POWHATAN M.
ROBERT H.
Mgr.
KING
CONWAY
JOHNSTON, Jr.
ROBERT E. PURYEAR
48
THE COMMERCIAL and FINANCIAL CHRONICLE
John
W.
Bunn,
Stifel,
Nicolaus
&
Company,
Incorporated,
St.
Louis
Mrs.
&
Mr.
John
J.
Thursday, October 8, 1953
Zollinger, Jr.,
Scharff
&
Jones, Inc.,
Vice-President: James W. Means, Courts & Co.
Georgia Security Dealers Association
New
Orleans;
BRADLEY,
Merrill
Secretary
&
&
Treasurer: Roy W.
Hancock, Hancock, Blackstock
co.
National Committeemen: James E. Jones, Courts &
Co.; Justus C.
Martin, Jr., The Robinson-Humphrey Company, Inc.; Edward
R. Adams, Clement A. Evans &
Company, Inc.; James B. Dean,
J. W. Tindall &
Company; Frank A. Chisholm, Varnedoe, Chis-
holm & Co., Inc.
BRANNAN,
Hancock,
December, 1952; Took
Expires: December 31, 1953.
Office:
January
1,
1953;
Term
Trust
Atlanta
unless
otherwise Indicated)
C.
Morris
James
W.
Means
Roy
W.
Hancock
i
President: Jack C. Morris, Norris &
BROCK,
Thomson & McKinnon
Clement A.
Evans
Company, Inc.
CAROLINE
F.
(Mrs.)
Courts & Co.
ALLEN,
G.
French
&
TRADERS AND DISTRIBUTORS
W.
BAKER
The
J.
H.
&
Thomson
Cleveland and Ohio Securities
H.
Beer
Beer
Clement
Evans &
JR.,
A.
A.
St
F.
W.
Evans
&
BOGGS, RICHARD L.,
&
Company,
Inc.
BOUNDS, JAMES W.
BARROW, Jr., CRAIG
Johnson, Lane, Space
BO WEN,
<fe
Co.,
Inc.
&
NORRIS
Jr.,
Jr., D.
ARNOLD
Fenner
WILLIAM
I
BRYANT, EVERETT C.
Courts & Co., Newnan
BUDD,
&
SHELTON
McKinnon
TOWNSEND
S.
Dickson
&
Co.
BUDD, Jr., JAMES S.
FRANK
HUDSON
Johnson, Lane, Space St Co., Inc.
Augusta
Brooke
St
Company
CALLAWAY, THOS. M.
Hancock,
CARSON,
Blackstock
&
Co.,
Atlanta
GORDON C.
Southern
Securities
Corp.,
Savannah
MEMBER OP
UNION
COMMERCE
CLEVELAND
BLDG.
OHIO
14,
Trading Markets
TELETYPE
—
CHERRY
CV
and
Distribution Service
565
1-5050
For
ATTENTION
OHIO SECURITIES
NASD MEMBERS
WE
INVITE
YOUR
SECURITIES
COMMISSION
LISTED
ON
BUSINESS
CINCINNATI
EXCHANGE —YOU RECAPTURE
IN
STOCK
U
40% OF COMMISSION
■
*8?
CINCINNATI'S
Wm. J. Mericka & Co. Inc.
OLDEST INVESTMENT FIRM
ESTABLISHED
1862
CLEVELAND 14, OHIO
DIRECT WIRE
GEO. EUSTIS & CO.
508
TRACTION
k
BLDG.
CHERRY 4070
CIN
560
JOSEPH
McMANUS
NEW YORK
—
&
'
CO.
Beane,
H.
£
MIDWEST STOCK EXCHANGE
&
Company, Inc.
BUCHANAN, C.
Byron
Wyatt, Neal & Waggoner
BOYD,
ARNOLD
NORRIS
Company
BRUMBACH,
BURT,
J.
Savannah
BEAVERS, J. KARY
Trust Company of Georgia
Inc.
The Citizens and Southern National Bank
Co.
LOY
Company,
STOCKTON
JR.
McKinnon
BARRETT, JULIAN N.
Beer St Company
Courts St
&
Company
Pruett and
BLANCHARD, SCOTT D.
Goodbody & Co.
Thomson
C.
Evans
Jr.,
Thomson
E.
Co.
&
Augusta
J.
Company, Inc.
R.
McKinnon
F.
BRUCKNER, JACK L.
Merrill Lynch, Pierce,
BLACKSTOCK, JERRY G.
Hancock, Blackstock & Co.
BLALOCK,
Co.
E.
&
Erooke
BROYLES,
The Citizens and Southern National Bank
Robinson-Humphrey Company
BARFORD, PHILIP
IN
Company, Inc.
BLACKWOOD, Jr., W. HUGH
HOI LIS
Tindall
Co.
Co.
BROOKS,' CHARLES
Robinson-Humphrey Co.
Clement A.
Wyatt, Neal St Waggoner
J.
&
Stoekton Broome St Co.
&
BLACKSTONE, LESTER
LEONARD
Crawford, Inc.
ARMSBY, J. W.
AUSTIN,
Eeane,
BROOKE, BYRON
BROYLES,
Evans
BLACK, Jr., GRADY
The
&
&
Co.
HENRY
Goodbody &
Augusta
ADAMS, ALLISON
ALEXANDER,
Fenner
BRAYSHAW, DONALD B.
Lord, Abbett & Co.
BROOME,
BEESON, JAMES T.
Clement A.
ADAMS, EDWARD R.
Hirshberg, Inc.
SAM T.
Blackstock
Company of Georgia
Clement
ROSTER OF MEMBERS
Jack
J.
Pierce,
BRAY, ROBERT M.
Byron
Elected:
In
Zollinger
Savannah
Courts St
Company Inc.;
Roy W. Hancock, Hancock, Blackstock &
Co.; James W. Means,
Courts & Co.; Eugene F. Willis, J. W. Tindall &
Company.
located
THOMAS
Lynch,
Esther
BROADWELL, WILLIAM F.
Alternates: Lex Jolley, The
Robinson-Humphrey
(Members
Miss
MEMBERS
MIDWEST STOCK
EXCHANGE
i
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Mr.
Mrs.
&
James
B.
CARTER, Jr., HUGH D.
Courts
&
CARTER,
Inc.,
Atlanta
J.
Co.
Johnson, Lane, Space <fc Co.,
Inc.
R.
Macon
JOHN
A.
&
Company,
Inc.
Courts &
COOPER,
Co., Athens
WILLIAM
Merrill
Lynch,
&
Pierce, Fenner & Beane
Macon
COURTS, MALON
Courts
Johnson,
WILLIAM
Merrill Lynch,
Jr.,
W.
DENNY,
Tindall
&
The
Company
J.
C.
DAVID
Johnson,
Y.
Co.
Pruett
A.
National
Bank
Clement
&
Co.,
Inc.
harry
&
Co.,
Inc.,
La
&
Grange
HARRIS,
RALPH
HEAD,
&
Co.
A.
Evans
MASON, JAMES
Johnson, Lane,
&
Company,
Space
& Co.,
Georgia
Co.,
Trust
Company of Georgia
MATTHEWS, ROBERT L.
Merrill
H.
Evans
&
Company,
Inc.
Lynch, Pierce, Fenner & Beane
McClelland, john e.
J.
Hilsman
H.
&
Co.,
Inc.
(Continued
on
page
&
Inc.
Walter, Woody & Heimerdinger
MUNICIPAL BONDS
McKinnon
e.
403 DIXIE TERMINAL
Co.
k.
Evans
GILBERT
Thomson
&
&
CINCINNATI 2
Company,
Inc.
T.
McKinnon,
La Grange
kable, john lfc
Clement
Inc.
A.
Evans
<fc
Company,
Inc.
key, r. c.
&
La
Co.
.
Grange,
kilpatrick,
Augusta
Co.
kiser,
Jr.,
marion
Courts
Co.
Ga.
<fe
andrew J.
w.
Co.
THE BINGHAM-HERBRAND CORPORATION
UNDERWRITERS
DISTRIBUTORS
AND
SECURITIES
1556 Union Commerce
CLEVELAND
1707 Union Central
Bldg.
CINCINNATI
14, OHIO
Telephone PRospect 1-2770
Teletype—CV
Manufacturers of automotive brake lever
stampings,
drop
1908
OF MUNICIPAL & CORPORATE
Toledo and Fremont, Ohio
"Van-Chrome"
50)
Inc.
Company,
Bldg.
2, OHIO
Telephone Main 3776
Teletype—CI 197 & CI 150
174
assem¬
drop forgings,
forged
hand
•*.
MATHEWS, Jr., ROBERT C.
W.
ESTABLISHED
precision
Inc.
Augusta
of
Field, Ricliards & Co.
blies,
Inc.
Pierce, Fenner & Beane
richard
Clement A.
KAAP,
DIXON
Courts
&
Inc.
WAYNE
Clement
r.
&
james
Courts
jones,
Co.
DICK, Jr., JACKSON P.
Beer & Company
guy
Thomson
W.
DOUGHTY,
Company, Inc.
Tindall
W.
MARTIN,
Company,
I.
h.
Robinson-Humphrey
jones,
M.
Company,
&
J.
Inc.
ROBERT
T.
johnson, thomas m.
Johnson, Lane, Space &
jones,
CHARLES WALDO
J.
Company,
Co.
A.
Co.
Bank
MARTIN, Jr., JUSTUS C.
The Robinson-Humphrey
Columbus
jolley, lex
Inc.
McKinnon.
JAMES
Goodbody
&
LINDSEY, E.
II.
ROY W.
Blackstock
W.
WILLIAM
W.
&
»
Merrill Lynch,
Crawford,
and
LEWIS,
Space
National
MARTIN,
LUTTRELL. W. R.
Space
Lane,
Savannah
johnson,
Southern
Bradford
Beane
NORMAN
Company
Courts
Hancock, Blackstock & Co.
JOHNSON,
Inc.
Co.,
RICHARD
JR.,
HAINES,
&
g.
jelks, freeman n.
Johnson, Lane, Space
>
Hugh W. Long and Company, Inc.
B.
Evans
LESSER,
Co.
JR., WALDO
Lane,
Savannah
&
HANCOCK,
Hancock,
Clement A.
Inc.
Inc.
Robinson-Humphrey Company
GROVES,
Atlanta
Courts & Co.
W.
Company,
Co.
&
&
Courts & Co.
Jr., HENRY W.
Thomson
Fenner
I
Robinson-Humphrey
Wyatt, Neal & Waggoner
jacobs, roger m.
&
Pierce,
E.
e.
wm.
&
Lynch,
JOSEPH
LEE, R, E.
HUME, E. STOCKTON
GRIGGS, Jr., JAMES R.
HALL,
RICHARD
cabell
Co., Columbus
Merrill Lynch, Pierce, Fenner & Beane
(Mrs.)
The
S.
&
w.
The
First
LeCLAIR, WM. F.
Equitable Sec. Corp.
Co.
&
hull, J.
Ga.
MARGARET
CHARLES
French
Courts Ss Co.
J.
L.
Johnson,
Valley
Sun
at
MANNERS. PAUL E.
JOHN T.
Merrill
LAY,
Trust
D.
and
VIRGINIA
&
Courts
Co.
Courts &
Courts
Courts
C.
MRS.
&
KONTZ,
j.
hunerkoph, clovis
Trust Company of Georgia
Evans
Hilsman
GRADY,
LLOYD
JAMES
Co.
HIRSHBERG, JULIAN R.
Norris & Hirshberg, Inc.
cullen
caricaturist
MALLORY,
KNOX, WILLIAM S.
Wellington Fund, Inc.
huger,
M.
GEORGE C.
Johnson, Lane, Space & Co., Savannah
^pace & Co., Inc.
Savannah
Pierce, Fenner & Beane
ED.
DAUGHTRY, W. L.
Beer
&
Company,
DEAN,
G.
&
KNELLER,
Lane,
hopkins,
GLENN, JOHN F.
GOFF,
C.
Robinson-Humphrey
DAVIS,
Inc.
Columbus
P.
A.
Citizens
CRAWFORD, Jr., ALLEN C.
French & Crawford, Inc.
The
Company.
GAY, Jr., EDWARD
ALLEN
Space & Co., Inc.
Savannah
CROFT,
Co.,
JAY
H.
Courts
Lane,
CRAWFORD,
&
ELIZABETH
ADRIAN
GARNER,
Co.
CRAWFORD,
FORD,
J.
W.
COX, ERNEST P.
&
&
carl
Johnson,
Ohio and Pancho Willmarth,
IIINDSMAN, Jr., d! W,
Johnson, Lane, Space & Co., Inc.
HOLMES,
A.
Evans
Parsons, Cleveland,
Cullen J. Hoffman Company, Columbus
STROTHER
Company
FLOURNOY,
FROST,
RICHARD
Courts & Co.
Courts
&
Myrtle
hoffman,
FRENCH, J. McCREA
French & Crawford,
C.
Co.
&
COURTS,
FLEMING,
Clement
Co.,
T.
Securitieso Corp.
Goodbody
CORN, THOS. L.
Courts
A.
FONVILLE,
F.
Company
RICHARD R.
Courts
COOPER, HOMER G.
Inc.
Inc.
Co.,
FLEMING, WILLIAM S.
Courts
&
Co.,
Albany,
A.
Evans
&
CLEMENT
FELKER,
Beer
CLISBY, JOSEPH
Company,
C.
Co:umbus
Co.,
Equitable
Johnson, Lane, Space & Co., Inc.
Clement
&
Clement
CLARKE. HARRISON
&
FRAZER
J.
EUGENE
EVANS,
Boston
Inc.,
hill,
Evans
LANDON
Hilsman
Courts
Savannah
Co.,
&
Robinson-Humphrey
H.
DYKES,
CLARKE, HAGOOD
Courts & Co.,
A.
DURRETT,
&
CHISHOLM, FRANK A.
Varnedoe, Chisholm & Co., Inc.
CONANT,
The
Maguire
OLIN
J.
Clement
Tindall
W.
B.
DULANEY,
CHESTNUT, J. D.
J.
J.
DREW,
Co.
SOSEBEE F.
and Company,
Pruett
Maguire,
49
tools
PRODUCERS of
"AMERICAN BEAUTY
Hams—Bacon
A
Full
—
Line
Food
Shortening
of Meat
Products
Preferred Stock and Common Stock Traded on the
Cincinnati Stock Exchange
k
.ij
•.
1
THE COMMERCIAL and FINANCIAL CHRONICLE
50
Alonzo
H.
Lee,
Sterne,
Agee
Scott,
Leach, Birmingham, Ala.; Garnett
Mason, Inc., Richmond, Va.
&
Horner
O.
Lee,
H.
Jr.,
Georgia Security Dealers Association
McNEEL, JR., EUGENE
J. W. Tindall & Co.
Courts
6c
Merrill
McGEIIEE, ELLENE M. (Mrs.)
Courts & Co.
Jr., JOSEPH A.
Lynch, Pierce, Fenner & Beane
McGAUGHEY, PAUL W.
Equitable Securities Corp.
McNAIR,
Courts
HOWARD S.
& Co.
Courts
&
MEANS,
Associate
Members
Members
New
American
Stock
Stock
York
Members
Midwest
Stock
Members
Chicago
Board
Co,
&
Exchange
The
JOSEPH
ANDREW
Pruett
RUSS
Unlisted
and
MURPHY,
KEIER, Manager
Inc.
Norris
Courts
J.
H.
Inc.
&
Company,
Inc.,
SPEAS, J. W.
First National
Norris
&
Co.
&
Company,
SLATTERY,
Inc.
J.
E.
EUGENE
M.
Hilsman
H.
Bank
R.
Hirshberg, Inc.
&
Co.,
Inc.
STEWART,
J.
JOSEPH
Lane, Space & Co.,
T. W.
Hilsman &
H.
SUMMERS,
Inc.
J.
Johnson,
Augusta
Inc.
Co.,
Savannah
B.
Evans
SITES, FRANK B.
Courts & Co.
Inc.
&
& Co.,
Co.,
Inc.
CHAPPELL
Lane, Space & Co.,
Inc.
Savannah
SMITH,
HERSIIEL
Johnson.
L.
Company
SMITH,
H.
F.
TAYLOR,
Lane.
Space &
SIDNEY
Clement A.
Co. Inc.
Fulton
M.
Evans
JR..
National
THOMAS,
&
Company,
Pruett
Inc.
MRS.
and
E.
FRANK
Bank
GRACE
Company,
W.
Inc.
Inc.
KING
&
MYERS,
A.
STEWART,
Company,
King Murphy
MURPHY,
Trading Department
Co.
STEINIIAUER,
Johnson,
Evans
&
SPACE, Jr., JULIAN A.
Johnson, Lane, Space &
Savannah
Robinson-Humphrey
MOTE,
Courts
SMITH, WILEY J.
Johnson, Lane, Space
SITES, CRAWFORD N.
JACK C.
Hirshberg Inc.
MORRIS,
Trade
ARTHUR
Clement
Norris &
Exchange
of
Inc.
ROYSTON
SIMKINS,
W.
MONK, GEORGE W.
MORRIS,
Exchange
SMITH. WALTER
Co.,
Augusta
Rome
L.
Crawford,
A.
&
MURRAY C.
Merrill Lynch, Pierce, Fenner & Beane
MILSTEAD, ANDREW J.
Merrill Lynch, Pierce, Fenner & Beane
Clement
FLEMING
J.
Hilsman
R.
J. H. Hilsman & Co., Inc.
Co.
&
H.
SETTLE,
Inc.
PHILIP
French
Collin, Norton
J.
I
MEILL, EDWARD
French & Crawford,
MILLER,
Livingstone, Crcuse & Co., Detroit; Mr. & Mrs. Patrick B. McGinnis,
New York City; Dan V. Bailey, Foster & Marshall, Portland, Oregon
SETTLE,
OSCAR H.
Jr.,
Co.,
6c
R.
SHOUN,
JAMES
Courts
S.
Company,
Co.
McWlLLIAMS,
McCORD,
&
FONVILLE
McWHORTER,
ROSTER OF MEMBERS
Hastings,
E.
McRAE, D. FINLAY
Blair, Rollins & Co.,
(Continued from page 49)
Russell
McGinnis
&
Thursday, October 8, 1953
&
Co.,
Decatur
JR., W. BARNARD
Hirshberg, Inc.
FRANK
J.
Hllsman
6c
IN CLEVELAND
Inc.
Co.,
J. ROBERT
Wyatt, Neal 6c Waggoner
NEAL,
GARDNER
BLDG., 506 MADISON AVE.
Trust
Telephone ADams 6131
IT'S
NEAL, ROY D,
TOLEDO, OHIO
Bell System Teletype TO
190
NEWTON,
Courts
III,
&
NICHOLS,
J.
C.
CHARLES
Co.,
Bradford
&
E.
H.
&
Jr.,
FOR OVER 20 YEARS
Co.
GEORGE
A.
Company
NUNNALLY,
McKEE
Courts 6c Co.
OBERRY,
Baxter, Williams
&
Co.
GEORGE
Merrill Lynch,
O'BRIEN,
C.
Members
New
York,
Midwest
W.
Pruett and
OGLESBY,
Originators, Underwriters, Distributors of
Prescott
G.
Pierce, Fenner 6c Beap*
Stock
The
LISTON
OVER THE COUNTER SPECIALIST
Macon
ROBERT
NICOLSON,
Beer
CORB
Company of Georgia
Company, Inc.
900 National
LAMAR
Robinson-Humphrey
Company,
OWEN K.
Merrill Lynch, Pierce, Fenner &
Telephone:
PRospect
Co.
Other
Principal
Exchanges
City Bank Building
CLEVELAND
Inc.
OLSEN,
&
and
14
1-6300
Bell Teletype—CV 97
Beane
PARKER, LAWRENCE C.
French & Crawford, Inc. '
CORPORATE AND
MUNICIPAL
PAULSEN,
GROVER C.
Johnson, Lane, Space & Co., Inc.
SECURITIES
Savannah
PEEPLES,
Member Midwest Stock
FRANK
Clement
A.
Evans
&
Co.,
Exchange
PENDERGRAST, T. J.
Courts
CLEVELAND
&
DETROIT
NEW
YORK
Macon
EATON MANUFACTURING
PHILADELPHIA
&
Crawford,
Inc.
PRESTON, Jr., SAM W.
Hancock, Blackstock 6c Co.
PRUETT,
CARL
Pruett
GERTRUDE
and
Sc.
A.
Pruett. and Company,
PRUETT,
Inc.
M.
Company,
'erving the automotive, aircraft,
(Mrs.)
Inc.
marine and other
PRUITT, GEORGE
Byron Brook & Co.
The
&
co., inc.
Trust
Company
H.
Courts
and coil
I
F.
Courts
iron
&
6c
&
Co.
W.
RIVES, Jr.,
S.
A.
Courts
Courts
lifters, valve
brakes and
B.
Evans
&
Company,
Phone:
TOwer
1-6550
ROPER,
Pruett
SASSER,
Teletype:
CV 652
and
seat
inserts; Dynamatic drives,
dynamometers; and other similar products.
Inc.
&
Co.
BENJAMIN
&
Company,
General Offices: Cleveland
Inc.
E.
Co.
„
CLEVELAND 14, OHIO
snap
poppet,
ROBINSON, H. ENGLISH
ROBERTS,
-
spring washers;
ARTHUR
ROBINSON, ROBY
The
Robinson-Humphrey
1425 N. B. C. BLDG.
gray
valves; turbo-jet engine blades, tappets, hydraulic
valve
Griggs 6c Richardson, La Grange
Clement
STEAMSHIP STOCKS
Free
Co.
RICHARDSON.
pumps;
rings, cold drawn steel; sodium cooled,
REYNOLDS, A. ZAHNER
Courts
springs; stampings; permanent mold
castings; rotor
Co.
REYNOLDS, JOHN C.
Goodbody & Co.
SPECIAL SITUATIONS
heater-defroster units; leaf
Georgia
of
GRADY
REVSON, Jr., ALFRED F.
CORPORATE FINANCING
motor
Robinson-Humphrey Company
REES, III. A.
REEVES,
OHIO MARKETS
important industries, including
truck axles and axle parts;
RAGSDALE, IRVIN T.
parsons
COMPANY
PERKINSON, TOM G.
French
COLUMBUS
Inc.,
•
Co.
Courts
CHARLES
and
&
Co.,
Inc.
S.
JOT
&
•
Battle
Creek, Lawton, Detroit, Marshall, Saginaw, Vassar, Michigan
PLANTS OPERATED BY SUBSIDIARY COMPANIES:
6c
Co.,
O.
Dickson
••
O.
Savannah
R.
•
Athens
SAUSSY. WILLIAM H.
Varnedoe, Chisholm
SAYER,
Cleveland, Massillon, Ohio
10, Ohio
„
Company,
HORACE
PLANTS:
Co.,
Inc.
Inc.
Kenosha, Wisconsin
•
London, Ontario
Mr.
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
Convention
Mrs.
&
Edward
J.
Kelly,
John
THOMAS,
Courts
SIDNEY
&
*
Co.
Trust
York;
Company,
Inc.
JR.,
A.
JOSEPH
Evans
J.
W.
EUGENE
Tindall
WILLIS,
&
Thomas
&
H.
Company, Inc.
SAMUEL
Chlsholm
VARNEDOE,
Varnedoe,
Courts
F.
W.
&
Co.,
Co.,
Inc.
Courts
S.
Hilsman
Lanford,
&
Ark.
&
Co.,
&
Horner
Scott,
&
ELLIOTT,
C.
A.
&
Evans
Company,
YEARLEY, IV. ALEXANDER
The Robinson-Humphrey Company,
ZIMMERMAN,
MARSHALL
Co., Rome
&
Clement
Fort
A.
WILLIAM
&
Evans
Company,
Inc.,
J.
& Co.,
HECTOR
Cedar Rapids, Iowa
C.
JAMES
L.
Co.,
MRS.
MARIE
&
BOLES,
The
WILLIAMS, HARRY <3.
and
WYLLIE,
Sons
Wyllie
THOMAS H.
Thornhill,
&
Charlottesville,
Athens
We maintain
Columbus, Ohio
&
Co.
Wis.
Moines,
in the stock
J.
C.
S.
F.
EUGENE
&
FANNER MFG. CO.
FULLER A.
Co., Jackson,
■
Miss.
G.
Harrison & Austin, Inc., South Bend, Ind.
CHARLES
HEWITT
and other Ohio
corporations
Cassell & Co.,
Inc., San Antonio, Tex.
M.
HUNT, E.
Inc.
Charlottesville, Va.
G.
WILLIAM
Jr.,
Russ & Company,
H.
E.
New Mexico
Fe.
The First Cleveland
Neb.
of Lincoln, Lincoln,
First Trust Co.
,
Member
WILLIAM
Stock Exchange
Midwest
National City E.
Wash.
Spokane,
6th Building
CLEVELAND
Dobeckmun
KNAPP, RUSSELL F.
Securities
Corporation
the processing of many kinds of transparent films,
materials, The Dobeckmun Company has grown,
wrappers
national business serving essential industries
diversified products. For instance:
to
with many
from the original creators of cellophane cigar
a
foods, confections, phar¬
maceuticals., chemicals, tobacco,
metal
products ... bags, pack¬
age material, labels, package
wraps, box covers; in flexible
films, foils, laminated combi¬
nations.
•
.
For the
graphic arts
...
high-
finish, hard-wearing,( filmlaminated cover stock, label
Kosek
ALFRED
.non-tarnishing,
Lurex® metallic yarn,
ments,
for gar¬
draperies, upholsteries,
fine decorative textile fabrics.
For the electrical
industry...
light-weight, space-saving in¬
sulation, in tape and sheet
form, for wire, cable and
motors.
Burlington,
Little
A.
LEVY, ROBERT
Robert
LEWIS,
E.
THE FANNER
&
&
Co..
Industry". The Dobeckmun Company, Cleveland, Ohio
Berkeley, Boston, Chicago, Cincinnati, Detroit, Indianapolis,
Los Angeles, Milwaukee, New York, Philadelphia, Pittsburgh, Portland, St. Louis,
St. Paul and Seattle. Representatives everywhere.
Branches at Atlanta,
C..
B.
sible
C.,
STILL
Corp.
Limited
Fanner
Securities
Co.,
Inc.
WILLIAM B.
Co., Inc., Topeka,
Kans.
Philipson and Company, Utica, N,
PHILLIPS, BLAIR A.
The White-Phillips Company,
Davenport,
Y.
the
product
&
—
Radiation Fittings
6
—
Pipe Fittings
3
—
Awning Hardware
7
—
4
—
Stove Hardware
8
—
—
Chaplets
9
—
Gray Iron Castings
Gear Hobbing Machinery
Industrial Plastic Products
Inc.
PLANT
Co.,
Milwaukee,
Wis.
LOCATIONS:
1. The
Milwaukee, Wis.
Fanner
Manufacturing Company,
Brookside Park,
Cleveland 9, Ohio.
REISSNER,
H.
L.
FRANK
Bond
L.
&
HARRISON
Shaffer & Co.,
Share Corporatiop
L.
Amarillo, Texas
SMITH, MARK A.
F.
W.
Craigie & Co., Richmond, Va.
STEWART,
increasing
thus
Iowa
RADA, RALPH
SHAFFER,
and foils
—
5
1
Indianapolis, Ind.
Creative converters of films
Organization
MAX
PHILIPSON,
Indianapolis
Dobeckmun
the last two years, three
2-Chills
Ind.
&
Bache
In
ALBERT
McGann
Bend,
PESELL,
—
lines from six to nine:
Scott, Horner & Mason, Inc.
Lynchburg, Va.
Albert
GROWING
manufacturing companies have been joined to
Canada
WALTER G.
MASON,
growth'of THE FANNER
successful
the
for
MANUFACTURING COMPANY since 1894.
Limited
Canada
IAN D.
Securities
South
products for essential industries are manu¬
factured in Cleveland, Ohio, and Berkeley, Calif. If you would
like to know more about us, write for brochure "A Typical
B.
"Security through Diversification" has been respon¬
Miss.
E.
J.
Dominion
Vancouver,
MANUFACTURING COMPANY
Waco, Texas
S.
Jackson,
EDWARD
Company,
Vancouver,
MAIN,
Inc.,
E.
Levy
Jr.,
Lewis
Inc.
Ark.
LEE, Jr., GARNETT O.
Scott, Horner & Mason,
Richmond, Va.
Estes
American
Iowa
Rock,
McGANN,
These diversified
CV 444
,
Hill, Crawford & Lanford,
other materials for utilitarian
decorative purposes.
-
Company
LOUIS
LANFORD,
For any industry . .. customlaminated films, foils and
or
Teletype CV 443
Telephone PR 1-1571
R.
Kramer-Gardner
Pemberton Securities
For textiles..
14
Company,
&
Cedar/^apids, Iowa
MacDONALD,
paper.
Cedar
Rapids, Iowa
KRAMER,
foils and other
Iowa,
of
KOSEK, ERNEST
Ernest
diversified business selling to essential industries
Corporation
HENRY G.
KELLEHER,
years,
V
THEODORE C.
Co., Des Moines, Iowa
Virginia Securities Company, Norfolk, Va.
Based upon
of
GEO.
HARRISON,
HOBBS,
Washington, D. C.
CASSELL,
Iowa
HARRINGTON,
Santa
NEWTON
Brewer & Becker
Jr.,
trading markets
E.
Iowa Corporation,
HENDERSON,
EWING T.
Rouse,
O.
GEORGE
Co., Albany
Tex.
Waco,
HARRY B.
of
ISAACS,
For
JAMES C.
Richmond, Va.
T. C. Henderson &
Ohio Company,
BREWER,
Company
WHITTLESEY.
Any
Regional Group
Albany
Co.,
Tindall
26
Jr.,
Wheat & Co.,
Inc.
Co.,
Goodman
Harrington
PINCKNEY
Tlllman-Whitaker
in
Company
J.
Canada
Que.,
Ind.
E.
Sheboygan,
Des
NSTA Members Not
Affiliated With
W.
WHITAKER,
A
and
Miss.
Fertig & Co.
J.
Kenneth
H.
J.
WEYMAN. GEORGE F.
R. S. Dickson & Co., Inc.
&
Walton
B.
Jackson,
S.
Richardson
Montreal,
Mason,
Pierce &
Wayne,
GRAEFE,
Co.
&
Courts
O.
inc.
Columbus
CHARLES F.
Athens
WHELCHEL,
W.
WALTON, OTIS B.
E.
Co.,
Inc.
WESTBROOK, LEONA
J.
Inc.
LEONARD J.
FERTIG,
Inc.
Co.,
WELLBORN,
WHITE,
B.
Company,
GLASSELL
F.
Leonard
Macon
Co.,
&
&
&
&
Rock, Ark.
ANDREW
First
Courts
JOHN
VIDRICAIRE,
OSCAR B.
DRINKARD,
Little
Quail & Co., Davenport, Iowa
Co.,
&
James
& Co.
Clement
Inc.
EARL M.
WEIRAUCH,
Courts
Mason,
GUS
Walton
WHEAT,
N.SJ.
GOODMAN, KENNETH
Courts
Taylor
W.
Cunningham
W.
Westfield,
WALTON,
Inc.
Inc.
VAVRA,
GEORGE
CUNNINGHAM,
Rauscher,
Jr., ROY W.
WALLACE,
Merrill Lynch, Pierce, Fenner & Beane
Courts
G.
Lynchburg, Va.
Newnan
WOOLFOLK, JOHN
WALKER, SAMUEL G.
Courts
Strader,
John S. Vavra
Jr., LAMAR M.
Merrill Lynch, Pierce, Fenner & Beane
WOODWARD,
WEAVER,
Walter
Lynchburg, Va.
WAGGONER, T. REUBEN
Wyatt, Neal & Waggoner
H.
Vu
B.
Crawford
Little Rock,
Savannah
J.
Mrs.
&
Va.
CLARENCE
TAYLOR,
Richmond,
D.
WISE,
L.
&
Mr.
Mason;
Strader, Taylor & Co.,
Lynchburg,
Craigie & Co.,
CRAWFORD, IRA
Hill,
Co.
Pierce, Fenner & Beane
SUSIE
Elizabeth
Anne
STRADER, LUDWELL A.
Co.
&
Iowa
WALTER W.
CRAIGIE,
George
WINKLES,
Crabbe
L.
Cedar Rapids,
F.
FRANCIS
Merrill Lynch,
of Georgia
UNDERWOOD. L. DEAN
Norris
&
Hirshberg, Inc.
Miss
Mrs.
&
CRABBE, THOMAS L.
WILLIAMSON, JAMES D.
Merrill Lynch, Pierce, Fenner & Beane
WILLIS,
Mr.
Scott, Horner & Mason, Inc., Lynchburg, Va.
Jr., A. FRANK
Co., Athens
&
Clement
Athens
Co.,
W.
C.
H.
Rhoades & Co., New
Co., Los Angeles
&
WILLIAMS,
M.
TOMPKINS, HENRY B.
The
Robinson-Humphrey
TRAYWICK.
Loeb,
Morgan
Courts
Tindall & Co.
W.
M.
WIEGAND,
S.
Tlllman-Whitaker
TINDALL, JULIAN
J.
Carl
Keenan,
Athens
Co.,
THOMAS
TILLMAN,
J.
51
Harold
Texas
S.
HAROLD
Stewart
S.
&
Company,
El
Paso,
Hamilton, Ontario^
2.
Canadian Fanner, Ltd.,
3.
Cleveland Hobbing Machine
4.
Cleveland
5.
Poly-Cyclo Products Company, Inc.,
6.
Munray Products, Inc.,
Co., Cleveland, Ohio.
Foundry Division, Cleveland, Ohio.
Cleveland, Ohio.
Cleveland, Ohio.
Va.
THE COMMERCIAL and FINANCIAL CHRONICLE
52
Thursday, October 8, 1953
■
Wm.
Perry
Brown,
Newman,
Brown
&
Co., Inc., New Orleans;
H.
Equitable Securities Corporation, Nashviile, Tenn.,
Frank
Charles
Burkholder,
^lilltitlllllllUIDIKIIiHIIIIIIIIIIIIiilllllHllillhlinilllltMillliUilillllllhilllhll^
Arizona
M.
Zingraf, Laurence M. Marks & Co., New York City; John S. McLaughlin, White,
Co., New York City; John J. O'Kane, Jr., John J. O'Kane, Jr. & Co., New York City
O'NEIL,
Security Dealers Association
Weld &
MAURICE
Lynch, Pierce, Fenner & Beane
Merrill
OVENS, JAMES M.
E.
F.
Hutton
OWEN,
BE
THE
MARSHALL
JOHN
CO.
PICKERT,
|
§
WISCONSIN SECURITIES
Milwaukee 2,
z
NORTH
WATER
E
STREET
MI
\
Wis.
1-8130
E.
&
Co.
REFSNES, JOE L.
Refsnes, Ely, Beck
&
Co.
E.
J.
P.
Ely,
P.
Hutton
&
Company
SORANSON, RANDOLPH E.
Merrill Lynch, Pierce, Fenner & Beane
STEIXHOFF,
=
Henry
E
461
Co.
&
JOSEPH
Beck
SENA,
jj
BROADWAY
•
TELETYPE
5
Beane
HAROLD
Hutton
F.
Refsnes,
WE MAINTAIN MARKETS IN
765
Fenner &
KENNETH I.
E. F. Hutton '& Company
E.
=
Company
Pierce.
PERRINE,
REFSNES,
1
&
G.
Merrill Lynch.
CARROLL
Dahlberg
&
F.
Tucson
Co.,
THOMPSON, GORDON
Kirk C. Dunbar
Henry E. Dahlberg
CHICAGO—Phone Randolph 6-5900
Dean
R. E. Soranson
Witter
TOMPANE,
&
Co.
EUGENE
F.
Refsnes, Ely, Beck & Co.
111111111111111T
TRIPP,
President:
Henry
e.
Dahlberg,
Henry
Dahlberg
&
E.
Company,
Tucson
F.
Vice-President: Kirk C. Dunbar, Kenneth Ellis & Co., Phoenix.
VER
Secretary-Treasurer: Randolph E. Soranson,
Pierce, Fenner & Beane, Phoenix.
Merrill
Lynch,
Milwaukee
::
Phoenix
in
unless
otherwise indicated)
ANDERSON,
Ed
Co.
ANDLAUER,
FRED C.
Merrill Lynch, Pierce, Fenner & Beane
BARRETT,
E.
Exchange
F.
&
MULLEN,
Merrill
Woodward
YOUNG,
HELEN
Company,
Tucson
Bank
of
Arizona
ZUBER,
C.
Zuber, Tucson
Ellis
A.
ARTHUR
Woodward
Co.
MALCOLM
&
PHIL
Kenneth
Lynch, Pierce, Fenner & Beane
Ed Murray &
v
Co.
ROBERT II.
National
WOODWARD,
MURRAY, ED
TYLER
Hutton
Huttpn & Company
McGINNIS, JAMES F.
Merrill Lynch,
Pierce, Fenner & Beane
JAMES
Murray &
F.
Co.
PETER
(Associate)
MEYERS, TOM W.
E.
&
Trust
WHITACRE,
First
Wisconsin
Member Midwest Stock
Murray
CRUISSE,
WEBSTER, ARTHUR I.
Merrill Lynch, Pierce, Fenner & Beane
ROSTER OF MEMBERS
Michigan Street
Company
KIRBY L.
Kirby L. Vidrine Company
securities
(Members located
East
&
VIDRINE,
Elected: November 10, 1952; Took Office: January 1, 1953; Term
Expires: December 31, 1953.
207
Hutton
Guardian
Underwriters and Distributors of
Investment
L.
TRUAX, VICK
Ed
The Milwaukee Company
A.
&
&
Co.
J.
Zuber,
Tucson
BECK, PAUL D.
Refsnes,
Beck
Ely,
Co.
&
CHAPPELL, JOHN W.
E. F. Hutton &
Chicago Office
135
South
LaSalle
Saint Paul Office
Street
144
Endicott
Building
Company, Tucson
Underwriters, Distributors, Dealers
CUTHBERTSON, FRED A.
Refsnes, Ely, Beck & Co.
DAHLBERG, HENRY E.
in
„
'
'**
Henry Dahlberg and Co., Tucson
DUNBAR, KIRK C.
Madison Office
First National
Kenneth
Wausau Office
Bank
Building
First
American
State
Building
Bank
Ellis
&
Corporate and Municipal
Co.
ELLIS, KENNETH A.
Kenneth
Ellis
Co.
&
Securities
ELY, Jr., SIMS
Refsnes,
Beck
Ely,
&
Co.
FICKS, Jr., ALBERT
Dean
Witter
&
Co.
,
FITCHET, SETH M.
Merrill Lynch, Pierce,
GALLOWAY,
ALVIN
Fenner
&
BURGE & KRAIJS
Beane
Members
New York
W.
Stock Exchange
Henry Dahlberg and Co., Tucson
GOLTER,
(4.
NebraskaJlrt s
First
.
m
RICHARD
National
W.
Bank
American Stock Exchange
Midwest
1790
Union
Stock
Commerce
Arizona
of
CLEVELAND
HANCHETT,
Refsnes,
HAROLD
Ely,
Beck
(Associate)
Exchange
14,
Building
OHIO
G.
&
TelephonedAin 1-2910
Co.
Teletype CV 584
HARVEY,
Dean
WILLIAM
Witter & Co.
HAUSER,
Dean
RICHARD
Witter
&
Co.
HAWKINS, GERARD
Refsnes, Ely, Beck &
HICKS,
ROLAND
Co.
J.
We
generally have buying and selling orders in the
following list of
over
the counter securities:
Hemphill, Noyes & Co., Tucson
JACKSON,
Refsnes,
KATHRYN
Ely,
Beck
&
Co.
KAUFMAN, HENRY J.
Hemphill, Noyes & Co., Tucson
KOLKOSKI,
Kenneth
LAMBUTH,
Dean
Irus^
CHESTER
A.
Ellis
M.
Witter
&
McCaskey Register
Bessemer Limestone & Cement
Ohio Leather
Bessemer Securities
Ohio Water Service
Commercial Shearing & Stamping
Peerless Cement
Co.
WILLIAM
Witter
LEE, BENTON
Dean
&
Aetna Standard Engineering
Co.
Federal Machine & Welder
Valley Mould & Iron
Industrial Silica
Youngstown Steel Car
M.
&
Co.
LEE, EUGENE S.
Valley National Bank
(Associate)
LOPER, ANDREW B.
Valley National Bank of Phoenix
(Associate)
^
MARNELL,
Kenneth
TOM
A.
Ellis
&
Co.
BUTLER, WICK & CO.
UNION
NATIONAL
BANK
BUILDING
YOUNGSTOWN 1, OHIO
Telephone Riverside 4-4351
Convention
Oriand
THE COMMERCIAL and FINANCIAL
Number
C. Mayer, Idaho Power Company, Boise,
John L. Martin, Pennsylvania
Cleveland
Mr.
Idaho; Med Ilch, Idaho Power Company, Boise, Idaho;
Railroad Company, New York City
Security Traders Association
&
Mrs.
William
Mrs.
H.
&
Oper,
Mr.
Treasurer: Robert Weaver, Hornblower &
Barber,
R.
Elton
Governors:
53
CHRONICLE
Hay den,
Walston & Co., Seattle; Arthur C. Sacco, Cruttenden &
J. Bateman, Pacific Northwest Company, Seattle
JAFFE. GEORGE E.
Jaffe, Lewis & Co.
KEIER, RUSSEL E.
Collin, Norton & Co., Toledo
L.
Liston,
Prescott &
EVERETT
KING,
Jr., Parsons & Co.,
Fulton.
Inc.; Morton A. Cayne, Gottron, Russell & Co.
Corwin
E.
Ohio
Wooster,
Co.; James J.
Miller, Braun, Bosworth & Co., Incorporated.
National Committeemen: Edward E. Parsons,
CEYLON
HUDSON,
Weeks.
Miller &
Drnek, Prescott & Co.; Howard J. Eble, Parsons & Co., Inc.;
Frank L. Marshall, The First Boston Corporation; George D.
Alternates:
Co., Chicago;
Homer
Reiri
A.
Co.
&
KOESER, OR1N E.
Blyth & Co., Inc.
Co.; Martin J. Long,
LAFFERTY, ALAN E.
Hornblower & Weeks
The First Cleveland Corp.
Elected: December, 1952; Took Office: January
1, 1953; Term Ex¬
(Continued
pires: January 31, 1953.
on
page
54)
ROSTER OF MEMBERS
located
(Members
Cleveland
in
unless
indicateui
otherwise
H. M. Byllesby and Company
FREDERICK M.
ASBECK,
Oiderman, Asbeck & Co.
L. Warren Foster
Robert Weaver
Martin J. Long
Benjamin J. McPolin
^
ELTON
BARBER,
(Incorporated)
R.
Hayden, Miller & Co.
CHARLES McGHEE
President: L. Warren Foster, Gottron,
Russell & Co.
BAXTER,
Vice-President: Benjamin J. McPolin,
McDonald & Company.
BEADLING, WILLIAM E.
Beadling & Co., Youngstown
Secretary: Martin J. Long,
JR.,
Baxter, Williams & Co.
The First Cleveland Corporation.
BELLE, CLAUDE W.
McDonald & Company
stocks
bonds
BOCK, ROY E.
Dodge Securities Corp.
WALTER J.
Cunningham, Gunn, Carey & Co.
CAREY.
Sills, Fairman & Harris
INCORPORATED
Members
CAYNE, MORTON
Gottron, Russell
A.
& Co.
Public
Utility— Industrial
Cook & Co.
Lawrence
Midwest Stock Exchange
—
Railroad
Municipal Bonds
COOK, LAWRENCE
■
■.
i
COOK, R. J.
New York
Chicago
Peoria,
Kalamazoo, Mich.
111.
Emporia,
Direct
Private
Wichita,
Wire
to
Salina,
Kans.
W. E. Hutton
& Co., N.
Y.
COVINGTON, HERBERT C.
Harrlman Ripley & Co.,
DAVIS, CLARENCE F.
The First Cleveland
DE
Miller
Incorporated
American Stock Exchange {Assoc.)
Corp.
135 South La Salic Street,
& Co.
DOERGE, CARL H.
Wm. J. Mericka & Co.,
of
Exchange
Philadelphia-Baltimore Stock Exchange
GARMO, A. W.
Hayden,
Underwriters and Distributors
Members Midwest Stock
Mericka &<Co., Inc.
J.
Wm.
Inc.
Nevvr York
—
Philadelphia
Chicago 3
Teletype CG 273-2860
Telephone Financial 6-4600
—
Pittsburgh
—
Minneapolis
DOERGE, JACK O.
Municipal, Public Utility, Railroad and
Saunders, Stiver & Co.
JOHN
DONAHUE,
T.
Industrial Securities
&
Jones
II.
R.
Co.
DRNEK, JAMBS J.
A.CALLYN"® COMPANY
Prescott & Co.
Telephone
Teletype
DEarborn 2-1421
CG 864
FACILITIES
LOCAL MARKETS
EBLE, HOWARD J.
Parsons & Co., Inc.
Incorporated
EHRHARDT, EDWIN F.
The First Cleveland Corp.
Underwriters
TRADING
COMPLETE
SPECIALISTS
IN
Curtis
CHARLES
Bros. & Hutzler
Salomon
FOSTER. WARREN
Gottron, Russell &
Co.
Hayden, Miller &. Co.
GAWNE,
& Co.
GRACE. ARTHUR V.
Gottron, Russell & Co.
GRAY, WILLIAM S
Wm. J. Mericka & Co., Inc.
GREEN,
Green,
GREEN,
Through
our own
unusual
retail and wholesale distribution we offer
facilities for placement of
blocks of securities.
ALBERT B.
Erb & Co.,
Inc.
&
Co.
Stock Exchange & Midwest Stock Exchange
Associate Member
HANSON, DAVID G.
C. J. Devine & Co.
Concord, N.H.
Nantucket, Mass.
Decatur, III.
Omaha, Neb.
Flint, Mich.
Peoria, III.
Grand
Rapids, Mich.
Philadelphia, Pa.
Kansas
City, Mo.
Lexington, Kentucky
Madison, Wis,
South Bend, Ind.
Milwaukee, Wis.
Spokane, Wash.
Minneapolis, Minn.
Waterloo, la.
'
Hawkins
Wausau, Wis.
LINCOLN
Co.
AJOAUXN&CO.
American Stock Exchange
Members of
Chicago 4, Illinois
DEarborn 2-0500
DENVER
J.
E.
STEPHEN
Mericka & Co., Inc.
HOTALING,
The
OMAHA
&
HAYS, GEORGE H.
Will S. Halle & Co.
Wm.
Street
Portland, Me.
Rockford, III.
HAWKINS, DANIEL M.
HLIVAK,
209 S. La Sall€
Boston
Moline, III.
Aurora, III.
Ball, Burge & Kraus
Cruttenden
~
WILLIAM
Green, Erb & Co., Inc.
HARDONY, MICHAEL C.
Members New York
Since 1912
HARRY J.
Merrill, Turben
Listed and Unlisted Securities
•
HARRISON C.
Jr.,
FROST,
Distributors
New York
Chicago
Inc.
Paine, Webber, Jackson &
FLEEGLE,
CREATES MARKETS
•
ALBERT
FISCHER,
DISTRIBUTION
Dealers
Underwriter CONCORD FUND, Inc.
EILERS, STANLEY M.
Hornblower & Weeks
ERB, ROBERT L.
Green, Erb & Co.,
•
First
A.
STEPHEN
Boston
Corporation
MILWAUKEE
HUBERTY, GEORGE
Goodbody & Co.
New York Stock
Exchange
American Stock
Midwest Stock Exchange
Exchange (Associate)
A
54
William
J.
THE COMMERCIAL and FINANCIAL
Foral, Union Pacific Railway, Chicago; Mrs. & Mr. G. W. Hyett, Milwaukee Railroad,
Chicago; Mrs. & Mr. John I. Rohde, John R. Lewis, Inc., Seattle
Cleveland
Security Traders Association
&
Mrs.
LISTON, CORW1N L.
Prescott
&
The
ROSTER OF MEMBERS
First
P.
Doyle,
R.
Cleveland
Corp.
Thursday, October 8, 1953
Doyle,
W.
PIERRE R.
Smith & Co.,
STIVER,
O'Connor
Clarke,
& Co., Chicago; Mrs.
Incorporated, Chicago
Saunders,
Gottron,
IRVING
&
W.
Clarke,
WEAVER,
ROBERT
Hornblower & Weeks
Co.
TAYLOR. JAMES N.
Ceylon E. Hudson, Wooster
Geyer & Co., Incorporated
John
WARDLEY, RUSSELL G.
Fulton, Reid & Co.
Stiver & Co.
Russell
Mr.
&
ULLMAN, RUFUS M.
Ullman & Co., Inc.
Elyria, Ohio
ALVIN J.
SUMMERGRADE.
MacLEOD, DONALD
Jaffe, Lewis & Co.
J.
SMITH,
Co.
LUCAS, WILLIAM
Baxter, Williams & Co.
LEWIS, MILTON B.
Leo
John
LONG, MARTIN J.
(Continued from page 53)
LAZIN, ERNEST
Blyth & Co., Inc.
Mr.
CHRONICLE
WITT, JOHN P.
John
P.
Witt
&
Co.
MARSHALL, FRANK L.
The
First
Boston
Corporation
MASTERS, OLAN B.
Butler, vVick & Co., Youngstown
McGINTY, JOHN
McDonald
COMPETE UNLISTED
&
Company
BROKERS and DEALERS
McPOLIN, BENJAMIN J.
McDonald & Company
SERVICE FOR
MELODY,
THOMAS
A.
With Own Private Wires to
Merrill, Turben & Co.
DEALERS
MILLER, GEORGE D.
Los
Braun, Bosworth & Co.. Inc.
MOLNAR, ALEXANDER E.
★
★
Hornblower
&
St. Paul, Minn,
Angelas, Gal.
Sheboygan, Wis.
Milwaukee, Wis.
Weeks
★
MORROW, FRANK W.
Morrow
NASH.
Doyle, O'Connor & Co.
&
S.
La
Salle
St.
CHICAGO
3
Ledogar-Horner
Parsons
Wooster
GEORGE
PARSONS,
Jr.,
&
Members
F.
Company
EDWARD
Co..
E.
J. F.
JOHN
209
S.
Tel.
DEarborn
Inc.
PATRICK. FRANCIS J.
Paine, Webber, Jackson
PERKO,
William A. Fuller & Co.
J.
Ceylon E. Hudson.
OrDYKE.
135
Co.
CHARLES
&
LA
of
Midwest
SALLE
Stock
STREET
2-5600
Exchange
•
CHICAGO
Teletype CG
4
146-147
Curtis
F.
Perko & Company
j
•
PLACKY, GEORGE
L.
Schultz
J.
PLASTERER,
CHICAGO
Hornblower
PROBST,
Co.
&
DON
&
W.
SECURITY
Weeks
RICHARD
DEALERS
A.
Gottron, Russell & Co.
SPECIALIZED
PROSSER. GUY W.
Merrill Lynch, Pierce. Fenner & Beane
OVER-THE-COUNTER
SPECIALISTS
ROSS. LEONARD O.
Ross, Borton & Simon,
1926
We
RUSSELL
Union
Securities
K.
Corp.
RUDIN,
HARMON
A.
RUFFING, JAMES
Wm.
Address
partment.
Devine
&
Loans
Chicago
and
-
Cleveland.
Securities
De¬
Teletype: CV 240.
Inc.
Ohio's
RUNG. EDMUND J.
J.
-
R.
J. Mericka & Co.,
MEMBERS MIDWEST STOCK EXCHANGE
C.
Pittsburgh
HQ. U. S. PAT. Off.
Ledogar-Horner Company
SWIFT, HENKE & CO.
clear for dealers in New York
Inc.
-
ROWLEY,
PROMPT
CLEARINGS
QUIGLEY, JAY L.
Quigley & Co.. Inc.
SINCE
—
Largest
Bank
Co.
RUSSELL, JAMES N.
Gottron, Russell & Co,
SCHULTE, Jr., FRANK J.
Ledogar Horner Company
SHORSHER, FREE A.
Kr&'is
Ball, Burge
STEGLER, EDWARD N.
Edward
Underwriters & Distributors
N.
MIW
'
YORK
Siegler & Co.
®T
Trading markets
PHIIAPCL?HIA
Municipal Obligations
maintained in
Chicago
Public Utility and Industrial
Corporate Securities
-e
★
★
OVER-THE-COUNTER SECURITIES
★
Stifel, Nicolaus & Co., Inc.
Founded
CHICAGO
105
W.
ADAMS
3
STREET
REPUBLIC INVESTMENT COMPANY, INC.
1890
141
ST. LOUIS
2
WEST
JACKSON
CHICAGO
BLVD.
4, ILLINOIS
HArrison 7-7727
314 No.
Teletype: CG 2721
BROADWAY
Direct
New York, Kansas
Wires
to
City, Missouri and Milwaukee, Wisconsin
Convention
THE COMMERCIAL and FINANCIAL
Number
55
CHRONICLE
a
Jf-
Martin
Mr.
York City; Mr. & Mrs. Sidney J. Sanders, Foster <fi Marshall,
Zimmerman, Bingham, Walter & Hurry, Inc., Los ■Anfgeles
&
Mrs.
I. King, Sutro Bros. & Co., New
Seattle;
Mr.
&
Mrs.
J.
William
/
Abercrombie & Co.
Lovett
Co., Los Angeles; John J. O'Kane,
Co., New York City
SHAWELL,
PHILLIPS, JR., JESSE R.
R.
J.
Investment
Phillips
TODD,
B.
LEWIS W.
POLLOK,
Eddleman-Pollok Co.
ANDERSON, R. S.
A.
SCHMITT,
Schmitt
L.
BRADLEY, RICHARD
Equitable Securities Corporation
ROBERT D.
NORMAN
Crockett
A
M
J.
J. R.
Ludwig Mosle
John
JOHN
D.
Co.,
&
WILLS, R. GLOVER
Inc.
Dunn
DeC.
Scott
&
and
Wills
,
FRANCES G.
Underwood, Neuhaus & Co.
WILSON,
Co
Mrs.
G.
Co.
&
ARTHUR
COOPER,
Rotan,
/
C.
Moreland
&
Mosle
CORDTS, EDWIN
President: J.
SCOTT,
ANTHONY L.
Berry
CHRISTIE, BYRON V.
B. V. Christie & Co.
Philip R. Neuhaus
Phillips, Jr.
JOHN S.
Co.
&
Brown
Sons
&
Edwards
WHITE, CHAS. B.
Chas. B. White & Co.
Rowles, Winston & Co.
THOMAS A.
& Co., Inc.
D.
Christie & Co.
Goodbody & Co.
Schmitt, Berry
Robert
G.
RUSSELL R.
ROWLES,
Rotan, Mosle & Moreland
CHERRY,
WALTER
WEATHERSTON,
Crerie & Co.
Rauscher, Pierce & Co., Inc.
BROWN,
V.
REESE, Mrs. Mary T.
JAMES L.
BAYNE, JOHN M.
BERRY,
WILLIAM J.
WARE, NATHANIEL
Shearson, Hammill & Co.
BAYLESS,
Jr.,
Shawell & Company
Company,
Incorporated
LOVETT
ABERCROMBIE,
H. Earnest, Fewel &
J. O'Kane, Jr. &
John
ROSTER OF MEMBERS
Investment Dealers Association of Houston
George
Beaumont
Rotan, Mosle and Moreland,
Ludwig Mosle, Rotan Mosle and Moreland.
Listed & Unlisted Securities
Underwriters—Brokers
G.
CRERIE, FRANK H.
R. Phillips, Jr., J.
Vice-President: Jesse
Company,
Phillips Investment
R.
Co.
&
GORDON
Crockett & Co.
Philip R.
Secretary-Treasurer:
Crerie
CROCKETT, A.
Incorporated.
Underwood,
Neuhaus,
Neuhaus
Straus, Blosser & McDowell
T.
CLAUDE
CROCKETT,
Crockett & Co.
MEMBERS NEW YORK STOCK EXCHANGE
& Co.
LAWRENCE
& Knickerbocker
DAVIS,
National Committeeman: A. Gordon
Crockett, Crockett & Co.
DUNN, JAMES
1952; Took Office: January 1, 1953;
December 15,
Elected:
Term
•
MIDWEST STOCK EXCHANGE
AMERICAN STOCK EXCHANGE (ASSOCIATE)
•
L.
Dunn & Wills
135
N.
RICHARD
EDDLEMAN,
Expires: December 31, 1953.
DETROIT STOCK EXCHANGE
McClung
Eddleman-Pollok Co.
SOUTH
LA SALLE STREET
CHICAGO
3, ILLINOIS
FINKELSTEIN, JACK
Hammill
Shearson,
&
Co.
FOSDICK, JOHN JAY
&
Russ
EARL
FRIDLEY,
Trading
Markets
Iowa Electric Light &
Fridley
Common
and
G.
KANSAS
Co.
Moreland
SINCERE AND COMPANY
i
and
all
MT.
CLEMENS
650-651
GOODWIN, RICHARD H.
R.
Goodwin &
H.
Exchange
Trading
Retail
ARTHUR E.
& Co
JR.,
/
Co.
\
/
OF
W.
CHAS.
IIAHN,
COAST
Rauscher, Pierce & Co.,
Inc.
Principal Stock and
Commodity
EDWARD
HARDING,
Exchanges
Crerie
&
Co.
WYLIE
J.
HARRIS,
CHICAGO
Harris-Heath
Teletype
Telephone
STate
MILWAUKEE
GRAND RAPIDS
Winston
■
Stock
TELETYPE
CITY
PRIVATE WIRE SYSTEM COAST TO
Rauscher, Pierce & Co., Inc.
Rowles,
York
3-5700
E.
JOE
GOODWIN,
New
ANdover
CG
&
Mosle
GEORGE,
Preferreds
MEMBERS
n>
FRYE, DONALD
Power Co.
Utilities
DETROIT
Hess
&
Rotan,
Southern
Iowa
TELEPHONE
NEW YORK
Inc.
Company,
CG 252-656
2-2400
& 657
HAWKINS,
Pierce & Co.,
Rauscher,
HESS,
Co.
CLYDE
E.
Inc.
WILBUR E.
Fridley & Hess
McClung
Makris
Kramer,
La
Knickerbocker
&
THOMAS
KRAMER,
Co.
Galveston
Moreland,
B.
INCORPORATED
NEILL T.
JR.,
White
W.
MATCEK,
A G. Becker & Co.
Co., Inc.
Pierce &
MASTERSON,
Chas.
Company
ALBEIFJ E.
Rausdher,
Over the Counter Securities
&
LAIN, JAMES W.
Rotan, Mosle &
MAG1LL,
P.
LEWIS M.
MASTER,
La Master &
Brokers and Dealers in
E.
WALDO
KNICKERBOCKER,
&
Co.
Established 1892
H.
Rauscher, Pierce & Co., Inc.
Since 1924
McCLUNG, CLINTON C.
McClung
Knickerbocker
&
McDONALD, JOHN A.
J.
R.
Phillips
Company,
Investment
Incorporated
CHARLES
McLEAN,
Harris,
Rogers
&. Tracy
I.
Upham & Co.
CHARLES
Jr.,
McLEAN,
Harris,
•
1 '
I.
Upham & Co.
inc.
RALPH
MILES,,
120 So. La Salle
Street, Chicago 3, Illinois
J.
R.
Phillips Investment Company
Incorporated
Telephone STate 2-4151
1
i
Direct
EASTMAN,
DILLON
NEW
&
YORK
wires to our
CO.
Members
MILLAR, ESTELLE A.
B.
V.
Christie &
1
New York
Co.
Stock Exchange
American Stock Exchange
Correspondents
SMITH, HAGUE & CO.
DETROIT
MOORE,
J.
R.
Jr.,
F.
Phillips
A.
Investment
Incorporated
MURPHY,
J.
D.
Shearson, Hammill & Co.
„
Company
Midwest Stock Exchance
San Francisco Stock Exchance
THE
56
Mr.
&
Mrs.
William
G.
Simpson,
H.
M.
Byllesby
and
Company,
COMMERCIAL and FINANCIAL
Incorporated,
Jack
Pittsburgh
CHRONICLE
Thursday, October 8, 1953
Hecht, Dempsey-Tegeler & Co., Los Angeles; Jerry Tegeler, Dempsey-Tegeler & Co., St. Louis, Mo.
Bond Club of
MARSH,
Syracuse, N. Y.
WILLIAM
Carl M.
Loeb, Rhoades & Co.
McGURK
Stone
ROBERT
T.
Webster Securities
&
Corp
MILES, JOHN P.
McDONALD-MOORE & CO.
L.
D.
Sherman
Co.
&
MULCOCK, ERNEST R.
E.
Municipal and Corporate Securities
R.
Mulcock & Co.
POPE, WILLIAM N.
William
POZZI,
1566
PENOBSCOT
BUILDING
DETROIT
WO
N.
Bishop
Co.
ROBERTS, JAMES
KARL B.
ROLLINS,
3-9565
K.
Rollins & Co.
B.
MEMBERS
DETROIT
STOCK
EXCHANGE
SCHELLENBERG, LeROY II.
William N. Pope, Inc.
MIDWEST
STOCK
EXCHANGE
SCHMIDT, NORMAN C.
Clarence
Phone
&
MEMBERS
FLINT
410 National
Inc.
Pope,
FRANK
Smith,
LANSING
Bank
BIdg.
4-8044
of
GRAND
Lansing Bldg.
Phone
810
SMITH,
RAPIDS
Smith,
Michigan National
5-7289
Bank Bldg.
Phone
Karl B. Rollins
Francis Q. Coulter
Charles T. Heaton
Treasurer: Francis Q.
Coulter, Marine
l^idland Trust Company
Marine
TURCOT,
°
J.
WARREN R.
Fayettevllie, N.
WELLES, FRANK
Reynolds & Co.
*.
M.
19, 1953; Term
WILSON, J. HOLDEN
Expires: January, 1954.
pIRST OF^flCIIIGAN CORPORATION
CHARLES
Co.
WALLACE,
\
—
Company
Reynolds &
Alternate: Edward J. Smith, Smith,
Bishop & Co.
Michigan Bonds and Stocks
J.
York
Donald L. Tiffany, Inc.
Robert T. McGurk, Stone &
19, 1953; Took Office; January
New
TIFFANY, DONALD L.
National Committeeman: Everett W.
Snyder, E. W. Snyder & Co.
Elected: January
Co.
Trust
Foster & Adams
ham, Jr., Carl M. Loeb, Rhoades & Co.; Clarence A. Goodelle,
Specialists in
Bank
TICKNER, RULAND L.
Governors: Alvin J. Grabau,
Grabau-Buchman; William G. LapDrew G. Eastman, Eastman &
Co.;
&
WILLIAM
Midland
Central
Webster Securities Corp.
H.
National
Bishop
THORNE,
,
)
Co.
&
GILBERT
Smith,
Secretary: Charles T. Heaton, William N. Pope, Inc.
MUNICIPAL BONDS
ROY
Merchants
SUITS.
of Central New York.
CORPORATE SECURITIES
Co.
V.
Smith
STOKES,
Vice-President: Karl B. Rollins, K. B. Rollins & Co.
*
J.
&
SNYDER. EVERETT W.
E. W. Snyder and Co.
President: Edward J. Smith, Smith,
Bishop & Co.
Active Markets Maintained in
V.
Leo
8-1507
Bishop
LEO
SMITH,
Edward J. Smith
Goodelle
A.
EDWARD
Grabau-Buchman
ROSTER OF MEMBERS
BICKELHAUP, ALBERT C.„
Cohu
&
Co.
BILLINGS, PEARNE W.
Cohu & Co.
Member Detroit <£ Midwest Stock
Exchanges
BISHOP, WESLEY
Smith, Bishop &
BUHL BUILDING, DETROIT
NEW
YORK
Grand
CHICAGO
Rapids
CLEVELAND
Battle Creek
Lansing
Co.
Campbell, McCarty & Co.
BULLOCK. EDWARD J.
Reid-Bullock Co.
Bay City
Reid-Bullock
Flint
INCORPORATED
BULLOCK, JR., EDWARD
Co.
BUHL
CANDEE, HORACE F.
Carl M. Loeb, Rhoades & Co.
Port Huron
BUILDING
DETROIT
CARY, DANIEL W.
Reynolds & Co.
COPELAND, HARRY C.
Reynolds
COULTER,
Marine
&
Midland
Central New
BUHL BUILDING
Detroit
<8>
Co.
/
FRANCIS Q.
Trust
Company of
H.
York
CUMMINGS. ERNEST M.
George D. B. Bonbrlght & Co.
SCHOLLENBERGER
Mgr. Trading Department
DAY, MARSHALL W.
George D.
An Address of Distinction
EASTMAN,
B.
Bonbrlght
DREW
Eastman
&
&
Co.
G.
Co.
EMMONS. EDWARD I..
Reynolds
FINANCIAL TENANTS
ENGREN,
<te
Co.
GEORGE
M.
Orders
FELDMAN, RICHARD:
IN THE BUHL BUILDING
Baker, Simonds & Co.
Blyth
&
Granbery,
Marache
Co.
&
N.A.S.D.
Carlton
Michigan
Hentz
M.
Wm.
C.
Shannon
White,
Corporation
of
&
Noble
Co.
Co.
Detroit
Roney &
&
Exchange for
rates
less
40%.
WE COVER MICHIGAN'S
GRABAU. ALVIN J.
Grabau-Buchman
GRAY,
DONALD
William
Co.
&
Bank
Miller
Corporation
Bennett
McDonnell
National
&
&
Higbie
Manley,
Stock
regular
GEORGE W.
First Trust & Deposit Co.
GOODELLE, CLARENCE A.
H.
at
Co., Inc.
Ferriss, Wagner
of
Detroit
on
members
GEHM,
Campbell, McCarty & Co., Inc.
First
executed
Co.
N.
GRIMES. WILLIAM
Barrett
HEATON,
William
Herrick
&
CHARLES
N.
UNLISTED MARKETS
A.
Pope,
Inc.
H.
C.
Co.,
Inc.
WM. C.
T.
MEMBERS
Company
JOHNSON, ORLIE D.
George D. B. Bonbrlght & Co.
LAPHAM. BEVERLEY H.
B. H. Lapham &
Company
LAPHAM, Jr.,
Carl
M.
WILLIAM
G.
Loeb, Rhoades & Co.
STOCK EXCHANGE
Teletype DE \ 00
BUHL BLDG.
Company
&
RONEY 6- CO.
NEW YORK
Pope, Inc.
Grand
Rapids
Saginaw
•
-
101
DETROIT, MICH.
Battle
Creek
Kalamazoo
of
Convention Number
Donald
L.
THE COMMERCIAL and FINANCIAL CHRONICLE
Patterson,
Boettcher
and
Company,
Denver,
and
his
dog
Chris
William
F.
57
Belknap,
William
R,
Staats
&
Governors:
Harold I. Dyer, Eddy Brothers &
Co., Hartford;
George L. Austin, G. L. Austin & Co., Hartford; Robert A.
Bligh, Fahnestock & Co., Torrington; Robert B. Calvert,
Security Traders Association of Connecticut
Committeemen:
George A.
McClure
STARKEL,
Dockham, Hincks Bros. & 1
'
SWAN,
Chas.
December 1953.
RYBECK,
AUSTIN, GEO. L.
G. L.
Gordon H. N.
Libby
Adoiph G. Starkel
N. E. Fon Eisen
Eddy
President:
Gordon H.
N.
BRUCE
BLIGH,
H.
-
ANDREW
Si
L.
Co.
WEISKE F. RICHARD
A- M. Kidder & Co., Bridgeport
WILDE, RICHARD W.
Conning & Co.
H.
ROBERT A.
& Co..
Fahnestock
Second Vice-President Nicholas E. Fon
New Haven
Kennedy-Peterson, Inc.
Libby, Coburn & Middlebrook, Incor¬
porated, Hartford.
First Vice-President: Adoiph G. Starkel, Putnam &
WILLIAM
SAMUELSON, ARTHUR O.
George C. Lane Si Co. Inc., New Haven
Brothers & Co.
BEAL,
Haven
B.
W. Scranton Si Co.,
Putnam
Griggs Company, Waterbury
William H. Rybeck & Company, Meriden
Austin & Co.
BEAKEY, EDWARD
Edward G. McNulty
F.
LESLIE
TACKUS,
PAZERA, ALPHONSE L.
The R.
inc.
FREDERICK T.
Weld Si Co., New
SWEENEY, WILLIAM J.
Sweeney Si Company, New Britain
ROSTER OF MEMBERS
unless
G.
Jackson Stelner & Co.,
White,
Hartford
ADOLPH
STEINER, 8. JACKSON
SUTTON,
Elected: October 1952; Took Office:
January ,1953; Term Expires:
In
Inc.
Shaw
Putnam & Co.
porated, Hartford.
located
and
SHURE, JOSEPH
Bache & Co., New Haven
Alternates: Gordon H. N. Libby, Coburn &
Middlebrook, Incor¬
otherwise indicated)
Francisco
SHAW, JOHN H.
Co./ Inc., New Haven.
(Members
San
SCRIBNER. WYLLIS
Eastern Securities,
Schirmer, Atherton & Co., Hartford; Donald E. Hungerford,
Robert Buell and Company, Hartford!
National
Co.,
Torrington
BOWMAN, ALFRED H.
Co., Hartford
Fahnestock
Eisen, Fahnestock & Co.,
Co.
&
MANLEY, BENNETT & CO.
BRADLEY, E. HOLBROOK
Edward M. Bradley & Co., Inc.
Hartford.
New
Haven
BRESLAV, WALTER
Secretary-Treasurer: Edward C. McNulty, Chas. W. Scranton &
Walker
H.
G.
Co., New Haven.
&
Bridgeport
Co.,
Retail and Trading Interest
CALVERT, ROBERT B.
in
Schirmer, Atherton & Co.
Detroit and
C1LENTO, FRANK E.
Shearson, Hammill &
Michigan Bank Stocks
Co.
CLAPP, CLARENCE B.
Whaples, Vierlng Si Co.
Ed
11
11
CLARK, MYRON H.
—~
Estabrook
INDIANAPOLIS BOND AND SHARE
R. L.
Eras I
M
•
IfrSP.
J
EAST
MARKET
Members
Co.
ROBERT
York Stock Exchange
American Stock Exchange (Associate)
New
H.
Day & Co.
Haven
New
•
COHAN.
129
—
CORPORATION
&
CLEMENCE,
Detroit Stock
HARRY
Exchange
D.
Denton & Co., Inc.
BUILDING
I
*
1100 Buhl Building
WOodward 5-1122
'
INDIANAPOLIS
4
»
CONNER, EARL W.
Maples Si Qoldschmldt. South Norwalk
INDIANA
Detroit 26, Michigan
Teletype DE-92
COOK, AARON
★
★
★
Putnam
Co.
Si
COX, FREDERIC R.
Investment Dealers and Underwriters. Specialists
New
Haven
DOCKHAM.
in issues of Indiana Tax
Exempt and Corporate
Hincks
GEORGE A.
Si Co., Inc.,
Bros.
Bridgeport
DYER. HAROLD I.
Securities.
Eddy Brothers Si Co.
Teletype IP-298
MEMBER
ENGLISH, JAMES P.
Cooley Si Company
Telephone MA-4321
MIDWEST
STOCK
FON
EISEN.
GRAHAM,
G.
'
DEALERS
E.
CORPORATE AND MUNICIPAL
Co.
JOHN E.
Walker
H.
GRAHAM.
New
Si
DISTRIBUTORS
Corporation
NICHOLAS
Fahnestock
WATLING, LERCHEN & CO.
UNDERWRITERS
FAUST. HAROLD E.
Equitable Securities
EXCHANGE
Co.
&
REGINALD
E.
SECURITIES
,
Haven
HEGEMAN, ARTHUR W.
Hegeman Si Co., Stamford
HOLMAN.
WILLIAM
ACTIVE TRADING MARKETS
D.
Putnam A Co.
IN
HUNGERFORD, DONALD E.
Robert C. Buell
Investment Bankers
T.
Andrews
MIDWESTERN UNLISTED STOCKS
C.
Co.,
West
Hartford
B.
Conning & Co.
Members
New York
Si
DONALD
JACOBS,
Company
GORDON
HURLBERT.
E.
and
Stock Exchange
American Stock Exchange
(Associate)«
JOHNSON. A. MAURITS
G. H. Walker & Co., Bridgeport
KNABLEIN, RUDOLPH L.
Hincks Bros. Si Co., Inc.,
GORDON H. N.
Coburn Si Middlebrook,
Bridgeport
LIBBY,
Detroit Stock Exchange
Midwest Stock Exchange
MAIGRET. NORMAN
Coburn Si Middlebrook,
Incorporated
S, R, LIVINGSTONE, CROUSE
Members
Detroit
Stock
& CO,
Exchange
Incorporated
PENOBSCOT BUILDING
McNULTY, EDW. J.
Chas.
MUNICIPAL AND CORPORATE SECURITIES
MELIA,
The
Scranton
W.
Si
Co.,
New
Haven
THOMAS F.
R.
F.
Griggs
.
DETROIT 26,
WOodward
Company,
MICHIGAN
Teletype
5-6202
Waterbury
.
.
Ford
<
MORGAN, DANIEL J.
T. L. Watson Si Co., Bridgeport
,
Building, Detroit 26
Ann Arbor Trust Bid;.,. Ann
Arbor
to
MORRIS, ROBERT S.
Robt.
s.
Morris Si
Co.
DEMPSEY-TEGELER
MURPHY, WILLIAM A.
120 W. Michigan Ave.,
Jackson, Michigan
DIRECT PRIVATE WIRES
Hegeman Si
Co.,
Stamford
MURRAY, FRANK J.
Laird,
New
Bissell & Meeds
Haven
CHICAGO
DE-336
\
•»
•
THE COMMERCIAL and FINANCIAL
CHRONICLE
....
George
T.
Grady, Cincinnati Municipal
Corporation, Cincinnati
|
Mrs.
Bond
&
Thursday, October 6, 1953
;
•
Patrick B. McGinnis, McGinnis & Company,
New York City
Texas;
Mr. Landon A. Freear, William N. Edwards & Co., Ft. Worth,
Mrs. & Mr. Roy V. Jackson, First National Bank in Dallas
.iLUZBERG, BERNARD F.
Alabama Security
Dealers Association
Marun
oaess,
Inc.,
Herzberg,
<5?
Bir-
mxngnam
HILL,
SIXTY-THREE YEARS
HOWARD
E.
& Investment Co.,
Crescent Finance
Inc.,
Montgomery
(lui.LLj.vIAN,
OF
BROOKS
S.
Montgomery
Hugo Marx <54 Co.,
HUBBARD, CHARLES C.
iienui'ix <& Mayes,
Inc., Montgomery
INVESTMENT
UyDINGER, EB S.
Carisou <54
BANKING
Co., Birmingham
JEM1SON, Jr., JOHN S.
Marx & Company, Birmingham
KNIGHT, Jr., ROY
Broanax
Stifel, Nicolaus & Company-
Sterne,
LEE,
INCORPORATED
MEMBERS
MIDWEST
STOCK
W.
Knigiit, Inc., Birmingham
<54
LEACH, EDMUND C.
EXCHANGE
Leach,
<5c
Agee
Montgomery
H.
ALONZO
Agee <54 Leach, Birmingham
sterne,
LESLIE, OWEN C.
ST.
LOUIS
2
N. BROADWAY
314
Bell
CHICAGO 3
MOLINE, ILL.
First Natl. Bank
Bldg.
Teletype SL 392
105 W. ADAMS ST.
Bell
Teletype
CG
Odess,
Nolan C, Darby,
Ogden Shropshire
George M. Wood
Jr.
Herzberg,
&
Martin
inc.,
Tus-
caioosa
LOMBARDO, JOSEPH P.
697
Stubos,
Smitii
Lombardo,
<54
Inc.,
Bir-
mingnam
LONG, KENNETH
Carlson
&
Birmingham
Co.,
LYNN, HENRY S.
Agee
sterne,
Birmingham
Leach,
&
MARTIN, ELBERT U.
Martin
Odess,
PRIMARY MARKETS IN
Herzberg,
<54
Inc.,
Bir-
nungnam
MARA,
V. HUGO
Hugo
Bank, Insurance, Industrial
Company,
&
Marx
Birmingham
MARA, Jr., V. HUGO
Hugo
and Public Utilities Stocks
&
Marx
Company,
Birmingham
Company,
Birmingham
MARA, WILLIAM
Hugo
Marx
&
MASTERS, ERNEST
of the Nation
Merrill
M. A.
Watkins, Jr.
Lynch,
Pierce,
Fenner
&
Beane,
Birmingham
Ralph E. Adams
MAYES, HAROLD B.
All Midwestern and Local Issues
Hendrix & Mayes,
President:
Nolan
C.
Darby, Jr., Merrill Lynch, Pierce, Fenner
Beane, Birmingham.
&
Carlson & Co., Birmingham
MOHR,
First Vice-President:
White & Company
Midwest Stock Exchange
—
American Stock Exchange (Associate)
Mississippi Valley Building, Saint Louis 1, Mo.
Telephone—Central 0282
Teletypes—SL 25, 26, 27
Private wires to:
New
El
George M. Wood, George M. Wood & Co.,
Second
Vice-President:
Ogden Shropshire, Shropshire &
Com¬
E.
Adams,
Berney
Perry
&
Company,
Branches: Bioomington, 111.; Tulsa,
Okla.
ADAMS,
Bfewiey
ralph
Perry
&
Company,
Inc.,
Bir-
agee.Arucker
National Bank
Mobile, Mobile
&
Perry
&
Company,
Inc.,
Bir¬
& Leach,
SCHULHAFER.
Birmingham
Fenner
&
Beane,
Jr., NOLAN C.
Lynch, Pierce, Fenner &
Birmingham
Pierce,
Fenner
&
Beane,
Inc.,
Bir¬
SHIVER,
JR., JOHN R.
Lynch, Pierce,
Birmingham
Merrill
Birmingham
Fenner
&
Beane,
WELDON
ED DINS,
Mobile, Mobile
Herzberg,
SELLERS, PHILLIP A.
Sellers, Doe & Company, Montgomery
Sellers, Doe & Company, Montgomery
Birmingham
&
B.
Beane,
HARRY
Lynch,
JOHN
Montgomery
Merrill
DOE,
LOUIS
Martin
mingham
SHROPSHIRE,
OGDEN
Shropshire & Company,
O.
JOHN
Merrill
of
NELSON
Lynch, Pierce,
Crumpton & Co., Inc. Birmingham
DENSON,
Beane,
Lynch, Pierce, Fenner
Birmingham
*
<Ss
Beane,
Mobile
SMITH, HENRY M.
Stubbs,
Smith
&
Lombardo,
Inc.,
Bir¬
mingham
BAXLEY, MARION
Merrill Lynch, Pierce,
Montgomery
ELIASBERG, JULIEN
Fenner & Beane,
Knight, Inc., Birmingham
Cumberland
Securities
First
National
Birmingham
Bank
of
Birmingham,
-
FRAZER, FRANK B.
'
Corporation,
mingham
CARLISLE, JUDSON
Sterne, Agee & Leach, Birmingham
CARLSON, Jr., Robert H.
Carlson & Co., Birmingham
Bir¬
Lynch, Pierce, Fenner & Beane,
HECHT,
National
Bank,
Mobile
Lynch,
Birmingham
Pierce, Fenner
HENDRIX, JAMES
Hendrix
&
GEORGE
&
H.
Lombardo,
Inc
Bir¬
THORNTON, J. MILLS
Thornton, Mohr & Farish,
Montgomery
THORNTON, Jr., J. MILLS
Thornton, Mohr & Farish,
Montgomery
TURNER, LEO C.
GEORGE
Merrill
Jr.,
Stubbs, Smith
mingham
H.
Birmingham
Merchants
Company, Birmingham
STERNE, MERVYN H.
Sterne, Agee & Leach, Birmingham
STUBBS,
Shropshire & Company, Mobile
HAWORTH, HOWARD
HAYLEY, FRED
BROWN, C. BLYTHE
&
ROBERT B.
Merrill
BRODNAX, MARION J.
&
STANSEL, ARTHUR
Courts
BOYCE, MILTON S.
Merrill Lynch, Pierce, Fennere & Beane,
Birmingham
Brodnax
Selma
FORE,
BONHAM, JOHN A.
Sellers, Doe & Company, Montgomery
T. U.
Merrill
Fenner
BACON, ROBERT S.
r
Merrill
CRUMPTON, TOM U.
DARBY,
of
ARMSTRONG, ERNEST
Bank
ROANE,
SCOTT,
ANDREWS, O. L.
Merrill Lynch, Pierce,
Birmingham
St. Louis, JMo.
Berney
mingham
Odess,
Bir¬
ANDREWS, J. WARREN
First National Bank, Montgomery
First National
Inc.,
Birmingham
ANDRESS, JAMES
Peltason, Tenenbaum Co.
B.
PERRY, W. BERNEY
COHEN, MORTIMER A.
Sterne, Agee & Leach, Montgomery
CROW, Jr., JAMES S.
Hendrix & Mayes, Inc.
ALLISON. Jr., CHARLES J.
Equitable
Securities
Corporation,
mingham
Agee
TUNSTALL
IH,
Berney Perry & Company,
Birmingham
Birmingham Trust National Bank,
Birmingham
Sterne] Agee & Leach, Birmingham
Sterne,
Bir¬
COX, JOHN B., Jr.
ALEXANDER, GEORGE
Conville & Company, Birmingham
First
Inc.,
#
PERRY
E.
Herzberg,
mingham
OF MEMBERS
minghan^
Birming¬
DRAYTON
ODESS, LEWIS J.
Odess, Martin &
Inc.,
Birmingham.
ROSTER
Montgomery
First National Bank, Birmingham
York, Chicago, Cleveland, Kansas City, Los Angeles, Detroit, Dallas,
Paso, Houston, San Antonio, New Orleans, Denver, Toronto, Ont.
Farish,
&
ham
NABERS,
Ralph
J.
Mohr
MORROW, Jr., Hugh
Watkins, Morrow & Company,
Secretary: Miles A Watkins, Jr., Stubbs, Smith & Lombardo, Inc.,
Birmingham.
Treasurer:
SIDNEY
Thornton,
Montgomery.
pany, Mobile.
Members
Inc., Birmingham
McREE, S. A.
&
Beane,
&
Company, Birmingham
TUTWILER, ALLEN
Merrill Lynch, Pierce,
R.
Mayes,
Marx
Inc.,
Birmingham
Birmingham
Fenner
&
Beane,
Convention
Mr.
&
THE COMMERCIAL and. FINANCIAL CHRONICLE
Number
Mrs.
Alfred
A.
Harmet, A. A. Harmet &
J.
W.
Tindall
John
Co., Chicago; Mrs. & Mr. James B. Dean,
Company, Atlanta, Ga.
'
^
&
W.
59
Bunn, Stifel, Nicolaus & Company, Incorporated, St. Louis; Esther Zollinger,
Phillip J. Clark, Amos C. Sudler & Co., Denver—on the rink
New Orleans;
1
ULMER
T.
Courts
&
CLYDE
WATKINS,
Company, Birmingham
Watkins,
WARNER
Morrow
S.
&
Company,
Directors: Everett M. Clayton, Merrill
Lynch, Pierce, Fenner &
Beane; M. F. McDaniel, Webster & Gibson; Ray G. Martin,
Birming¬
ham
VINCENTELLI, JOHN
1
Merrill
Lynch,
Pierce,
Penner
&
Beane,
Montgomery
WATKINS, Jr., WARNER S.
Watkins, Morrow & Co., Birmingham
>
WALKER, JOSEPH
Equitable
Securities
Corporation,
WOOD, GEORGE M.
George M.
Wood
Bir-
mingham
WOOD,
Inc.,
Bir-
JR.,
George M.
GEORGE
Wood
&
Cumberland
Temple Securities Corporation; H. Laird Smith, Equitable Se¬
curities Corporation; Buford G.
Wilson, Jack M. Bass & Com¬
STEMPFEL,
pany.
STERN, SOL
Company,
Spencer Trask
Burkholder, Equitable Securi¬
ties Corporation; William Nelson II,
Clark, Landstreet & Kirk-
M.
THOMAS, MARION F.
Elected: December 19,
1952; Took Office: January 1, 1953; Term
1953.
W.
Bradford
C.
JACK
BASS.
Jack
NELSON, II, WILLIAM
Clark, Landstreet & Kirkpatrick,
Co.
M.
Bass
M.
BELL,
&
M.
&
NIELSEN,
Company
J.
Trask
Co.
Equitable
PILCHER,
C.
Bradford
&
HAROLD
Merrill
READ,
Kirkpatrick,
&
EVERETT
Inc.
C. EVAN
Securities Corporation
President:
Everett
Clayton,
Merrill
Corporation
Co.
Read
WILLIAMS,
Investment
L.
J.
LEE
J. C. Bradford & Co.
Co.
SHARP, ALFRED D.
WILSON, BUFORD
SIIILLINGLAW,
Inc.
G.
Jack M. Bass & Company
RICHARD
WORKE, Jr.,
ROBERT^,j/
Cumberland
Securities Co.
SMITH, H. LAIRD
Hermitage Securities Company,
Lynch,
Pierce,
Fenner
&
ZEITLER,
Equitable Securities Corporation
Securities
JOHN
National
Third
Corporation
R.
Bank
SELDING, EDWARD B.
DOUGLAS.
N. JAMES
ST.
LOUIS
MARKETS
EASTON, PORTER L.
Vice-President: M. F. McDaniel, Webster & Gibson.
•
Secretary & Treasurer: Ray G. Martin, Temple Securities Corpo¬
Mid-South
Securities
Our Trading: Department Is Active In All
Co.
ELKINS, O. C.
Mid-South
ration.
Securities
EVANS,
N.
Local Listed And Unlisted Securities
Co.
And Invites Your Inquiries
EVANS, JESSE H.
Cumberland Securities
Corporation
"If
PEYTON
Cumberland
Securities
Paul
is
We
offerings,
want
UNLISTED TRADING
New
300
HALE, Jr., R. WALTER
SPECIALISTS
J.
ALBERT
KEITH,
RETAIL OUTLETS
W.
Missouri
D.
O.
Municipals
JONES & CO.
1871
Stock
North
4th
St.
Bell
Direct
>
Saint Louis 2, Mo.
7600
y
Josephthal &
Private
Co., New
Wire
Connections
Teletype SL 593
with
York, and James E. Bennett & Co., Chicago
Co.
&
PORTER
Estes
N.
&
Company,
KEY, MARTIN B.
Spencer Trask &
Inc.
Co.
Bought
KINGINS, MERVYN J.
M.
Jack
Lots,
S.
Bradford
C.
York
Central
Bradford & Co.
HALLIBURTON, GUS G.
Equitable Securities Corporation
HILL,
it"
Exchange
Midwest Stock Exchange
Chicago Board of Trade
American Stock Exchange (Associate)
GREENWALT, BUFORD W.
Wiley Bros., Inc.
C.
find
can
MEMBERS
Gibson
*
J.
we
ESTABLISHED
GIBSON, Jr., JO
&
Odd
EDWARD D.
FARRAR, RUDOLPH S.
Temple Securities Corporation
Webster
Market
a
In Orders For Banks And Dealers
Co.
&
Eve
there
We Specialize
Corporation
PAUL F.
EVE,
ft "
Inc.
J.
J. C. Bradford & Co.
ROBERT R.
Clark, Landstreet & Kirkpatrick, Inc.
•N
Wiley Bros.,
WILKERSON,
B.
Spencer Trask & Co.
Beane.
WITH
Gibson
&
WILEY, DAVID W.
Securities
Mid-South
DERRYBERRY, LOUIS
DE
Webster
Corporation
Alfred D. Sharp & Company
M.
Lynch, Pierce, Fenner & Beane
Equitable
Ray G. Martin
Bank
C.
Co.
DAVENPORT,
Clayton
National
ROBERT
W.
Landstreet
CLAYTON,
Securities
MATTHEW,
Robert R.
CLARK,
Clark,
WEBSTER,
Mid-South Securities
CARRICO, CHARLES B.
M. F. McDaniel
First American
Co.
Inc.
H. FRANK
Securities Corporation
Equitable
v yR
WARTERFIELD, CHARLES W.
&
PETTEY. HERBERT
BURKHOLDER,
J.
C.
JAMES
Third National Bank
EINER
Bradford
Cumberland
&
BERRY, WILLIAM I.
Clark, Landstreet & Kirkpatrick,
■
Inc.
W.
Inc.
PAYNE, CARE
BENEDICT, E. B.
Spencer
A
Company,
WALTER E.
Equitable Securities Corporation
m
C.
&
J. C. Bradford & Co.
WARD,
MELVILLE
Esteg
N.
TUCKER, JAMES
ROSTER OF MEMBERS
BARNES,
J.
Everett
Co.
patrick, Inc.
Company,
Nashville Security Traders Association
-
Corporation
Co.
TEMPLE, THOMAS H.
Temple Securities Corporation
Expires: December 31,
s|||P
&
National Committeemen: H. Frank
Mont-
Montgomery
\j-'
Securities
ROBERT
Spencer Trask &
&
gomery
WATKINS, Jr., MILES A.
Stubbs, Smith & Lombardo,
mingham
SMITH, MARION
&
Bass
—
Sold
—
Quoted
Company
KIRKPATRICK, Jr., EDWARD L.
rf
Clark,
**
Landstreet
Kirkpatrick,
&
KIRTLAND, FRED K.
Hermitage Securities
*2?
Company,
Inc.
Inc.
LANDSTREET, III, BEVERLY W.
Clark, Landstreet & Kirkpatrick,
LAUPER,
INC.
OLIN
INC.
INDUSTRIES,
Inc.
And Other St. Louis Securities
RUDOLPH
American
First
ANHEUSER BUSCH
National Bank
LEDYARD, QUITMAN R.
J.
Bradford
C.
LUSKY,
Merrill
IRA
&
Co.
Newhard, Cook & Co.
L.
Lynch,
Pierce,
Fenner
&
Beane
Members New York Stock Exchange
MADDEN, BERT F.
SCHERCI4, RICHTER COMPANY
Member
Midwest
Stock
Landreth
Bell
Teletype
SL 456
St. Louis
Mid-South
Co.
FOURTH
MARTIN, RAY G.
Temple Securities Corporation
Exchange
McDANIEL,
Building
M.
AND
OLIVE
CEntral 5585
ST.
F.
LOUIS
Webster & Gibson
Bell
Garfield
2, Mo.
Securities
MCLAUGHLIN,
0225
L. D. 123
THOS.
Wiley Bros., Inc.
MITCHELL,
T.
Cumberland
NELSON.
First
E.
First Natl. Bank
H.
Securities
Corporation
FINIS
American
Teletype SL 151 & SL 152 —L. D. St. Louis 340, 341 & 342
National
Bank
Alton, III.
Bldg.
61
Wall
St.
New York, N. Y.
Commercial Bldg.
Belleville, 111.
■lr
r-
THE COMMERCIAL and FINANCIAL CHRONICLE
60
Thursday, October 8, 1953
,V5,
'MS
-■•■■■■
John
Latshaw,
Uhlmann
Latshaw,
&
Kansas
City,
William
Mo.
THOMAS S.
Maryland Trust Company
Security Traders Association
Stein
C.
JR.,
Stein
BRADLEY,
John
C.
BRADY,
Mead,
Miller
WATTS, Jr., SEWELL S.
Equitable
Trust
Stein
Co.
SUNDERLAND, EDWIN P.
A.
John
C.
Bros.
&
Boyce
WHITE, GEORGE M.
Merrill Lynch, Pierce, Fenner & Beane
WILBUR, LeROY A.
Legg & Company
Sjtein Bros. & Boyce
WILHELM, F. OSBORNE
C. T. Williams & Company,
BRUCK, H. MITCHELL
Baumgartner, Downing & Co.
WARREN, ROBERT A.
Baker, Watts & Co.
YEAGER, G. THOMAS
Baker. Watts & Co.
Inc.
WILMER
J.
Watts & Co.
CHAPIN,
Merrill
C. Herbert Sadtler
Baker, Watts & Co.
ALFRED
TAYLOR. PRESTON A.
Mead, Miller & Co.
Baker,
David H. Gilbert
C.
STROHMER, JOSEPH G.
John C. Legg 8s Company
CHAMBERS, ROBERT P.
John C. Legg & Company
H. L. Kellermann
WATERS, CLINTON C.
Kidder, Peabody 8s Co.
Co.
BROWN, J. DORSEY
J. Dorsey Brown & Co.
BUTLER,
Berry
&
City
York
New
WHITAKER, HAMILTON T.
Merrill, Lynch, Pierce, Fenner & Beane
Allison M.
Gregory,
SOWERS. J. CLAIRE
Mead, Miller & Co.
R. EMMET
Legg 8i Company
JOHN
&
SPILKER,
A.
& Boycc
Bros.
Bonner
Boyce
&
Bros.
BOYCE,
III,
PREVOST
CHARLES
BODIE,
V? «•
Gregory,
SNYDER, JACK
BLOCHER,
Baltimore
H.
Florida
Security Dealers Association
BEDFORD
Lynch, Pierce, Fenner & Beane
CHENOWETH, Jr., JOHN G.
Baker, Watts & Co.
WILLIAM F.
COLEMAN,
Harry M. Sheely & Co.
'
( RUNKLETON,
President: Allison M. Berry, Robert Garrett & Sons.
Mercantile
Vice-President: Howard L. Kellermann, Alex. Brown & Sons.
Secretary: David H. Gilbert, Harry M. Sheely & Co.
Alex.
Brown
ENSOR,
John
Co.
G.
&
FOUT, Jr., HENRY B.
John D. Howard & Co.
FRANK, J. CARL
Stein
Roberts, Jr., C. T. Williams
Company, Inc.
George
Legg
Took Office: December 4, 1952; Term
Expires: December 4, 1953.
ARMSTRONG,
Stein
Bros.
EDWARD J.
&
E.
BAMBERGER, E. CLINTON
Baumgartner, Downing & Co.
R.
Jones
BERRY,
Co.,
Inc.
DAVID
H.
Wm.
Harry M. Sheely & Co.
&
Trust
Co.
of
Baltimore
Garrett
&
Brooke &
IlERR,
George Carrison
William M. Courtney, Merrill Lynch, Pierce, Fenner
Beane, Jacksonville.
Vice-President:
Co.
Clinton
T.
McCreedy,
McCreedy
&
Company,
Inc., Miami.
WILLIAM J.
Alex.
Sons
H.
Clinton T. McCreedy
Courtney
President:
&
GUNDLACH, LOUIS P.
Co.
M.
GRAY, E. GUY
CHARLES
Harry M. Sheely & Co.
ALLISON M.
Robert
&
Company
GROSS.
BANEY, ARTHUR L.
Bdyce
&
FREEMAN, EDWARD B.
Lockwood, Peck & Co.
Mercantile
ROSTER OF MEMBERS
E.
Boyce
shriver
G.
C.
GILBERT,
Elected: December 4, 1952;
&
Bros.
John
&
Baltimore
R.
Sons
LAWRENCE
Jr.,
Chenoweth, Baker, Watts & Co.; William
Herr, Alex. Brown & Sons; J. Carl Frank, John C. Legg &
Company; Jack Snyder, Mead, Miller & Co.; Harry R. Piet, Jr.,
National Committeeman: William C.
of
EBERWEIN, BERNARD E.
Treasurer: C. Herbert Sadtler, Baker, Watts & Co.
Governors:
JOHN R.
Trust
CRUNKLETON, Jr., JOHN
Kidder, Peabody & Co.
&
Brown
Sons
HOFFMAN, JOHN M.
John M. Hoffman, Company
7ISISI3I3MSI3M3I3ISISJ3ISMSI3ISMSJ3ISM3J0S3M3IS
JENNINGS, ARTHUR C.
Stein
&
Bros.
Boyce
KEAGLE,
O. JOSEPH
Phil.-Balt. Stock Exchange
c/o
Kalman & Company, Inc.
MEMBERS
MIDWEST
STOCK
Alex.
&
Brown
KIDD,
EXCHANGE
Sons
C. NEWTON
Stein
Bros.
&
Boyce
KLEIN, GUSTAV
Mead, Miller &
H.
MUNICIPAL SECURITIES
Davies
Landon
KERMIT SORUM
ROBERT
LIST,
&
TWIN CITY STOCKS
Co.
KRIEGEL, LEO
UNDERWRITERS & DISTRIBUTORS
CORPORATE
STATE AND MUNICIPAL BONDS
KELLERMANN, HOWARD L.
Stein
Bros.
&
MARTIN, CHESTER
Kidder, Peabody & Co.
McCLURE, E.
Mcknight
Stein
building
MINNEAPOLIS
ENDICOTT
1, MINN.
ST.
teletype—
a
ST
P
PAUL
ST P
93
1, MINN.
117
(Corporate
Dept.)
(Municipal Dept.)
AlLison -Williams
ELWOOD
Boyce
|
MORGAN, Jr., C. GERARD
John C. Legg & Company
Robert
Company
MINNEAPOLIS, MINNESOTA
MITCHELL, C. BENJAMIN
Mitchell Securities, Inc.
NIEMEYER,
OSCAR BERGMAN
&
BLDG.
TELETYPES—
mp 120
Bros.
—
Boyce
HARRY
Garrett
&
Phone: ATlantic 3475
TWX MP 163
J.
Sons
NILES, Jr., NORMAN E.
Philadelphia-Baltimore
Stock
Exchange
PIET,
Jr., HARRY R.
John D. Howard & Co.
Piper, Jaffray & Hopwood
ESTABLISHED
PINDELL, DAVID LEE
Lockwood, Peck 8s Co.
PINKERTON,
CHARLES
Corporate and Municipal
H.
Securities
Baker, Watts & Co.
1895
FOE.
PHILIP L
Philip Li Poe & Co.
UNDERWRITERS & DISTRIBUTORS
CORPORATE & MUNICIPAL SECURITIES
RIEPE,
Alex.
NEW
AMERICAN
YORK
STOCK
EXCHANGE
STOCK EXCHANGE
MIDWEST
STOCK
MINNEAPOLIS
J.
(ASSOCIATE)
EXCHANGE
ST. PAUL
C.
T.
ROCK,
8s Sons
INCORPORATED
Jr..
WILLIAM
Williams
8s
CHARLES
Bankers
Trust
C.
Company,
BILLINGS
Members
FIRST
Company, N. Y. City
SADTLER, C. HERBERT
Baker, Watts &' Co.
John C. Legg
Inc.
H.
SENER, JOSEPH W.
GREAT FALLS
Distribution
IRVING J. RICE & COMPANY
CREIGHTON
Brown
ROBERTS,
MEMBERS
Active Retail
REIN, HOWARD E.
Equitable Trust Co.
Midwest
NATIONAL
Stocky Exchange
BANK
BUILDING
ST. PAUL X, MINN.
Teletype ST P 30
Telephone Garfield .3329
Private
BONNER & GREGORY
Wire System
—
DEMPSEY-TEGELER & CO.
& Company
Open End Telephone to Minneapolis—Midway 6262
SHEELY, HARRY M.
Harry M. Sheely 8s Co.
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
'•
(
Mr.
&
Mrs.
H. Sheldon
Secretary-Treasurer: H. George
poration, Jacksonville.
Parker, Kay, Richards & Co., Pittsburgh
Carrison, Pierce-Carrison Cor¬
The officers and J. Herbert Evans, Beil & Hough,
Petersburg; D. Kirk Gunby, Gunby and Company, DeLand;
Miller, B. J. Van Ingen & Co., Inc., Miami; Howard
S. Wheeler, Leedy, Wheeler & Alleman, Inc., OrlandoJ
St.
Boice
National
Committeemen:
H.
George
Carrison, Pierce-Carrison
Corporation, Jacksonville; George M. McCleary,
Florida
Securities Company, St. Petersburg; F. Boice Miller, B. J. Van
Ingen & Co., Miami.
Took Office: October,
1952; Term Expires; November 7, 1953.
T.
WELLES
Nelson O'Rourke,
&
ALLEMAN,
Leedy,
F.
Jr., FREDERIC C.
Beil & Hough, St. Petersburg
Inc., Daytona Beach
Co.,
Palm
BENNETT, W. K.
Merrill Lynch, Pierce,
Beach
Ft.
ALEXANDER. ROBERT U.
Oscar E. Dooly & Co., Miami
A.
Alleman,
&
Inc.,
Or¬
A.
&
Company,
ANDERSON,
Shaver
Palm
Cook
Inc.,
Company,
Beach1
Cook
Company,
Inc.
Palm
Ranson-Davidson Co.,
Inc., Coral Gables
BARE,, TRACY B.
Nelson
O'Rourke,
Securities
Van
W.
M.
Kidder
Co.,
St. Petersburg
Fenner
&
&
Leedy,
Beane,
Company,
National
DAVIS, DeWITT
Welsh, Davis &
Miami
DAVIS,
Fenner
Bank
&
LEWIS, NATHANIEL L.
Thomson & McKinnon,
Miami
Co.,
Davis
&
Trust Company
&
Beane,
Beane
&
of
Jackson¬
A.
Securities
Florida
St.
Petersburg
Company,
Petersburg
C.
McClure
C.
&
Co.,
Tampa
Miami
McCreedy & Company, Inc., Miami
M.
McNICHOL, HERBERT T.
A. M. Kidder & Co., Miami Beach
&
MILLER, F. BOICE
B. J. Van Ingen & Co.,
Company
Beach
MOHR,
Jr.,
McKinnon, Tampa
MOORE,
111.
JOHN
Clement
Co., Miami
A.
Paul
R.
Evans
&
Company,
SIDNEY
Inc.,
Miami
J.
Thornton, Mohr and Farish,
Montgomery, Ala.
JESTER, DeWITT T.
Thomson &
Chicago,
Cook
W.
Equitable Securities Corporation, Atlanta
JACKSON, EDGAR W.
Palm
PAUL
McGAUGHY,
HUKLE, JOSEPH F.
Merrill Lynch, Pierce, Fenner & Beane,
W.
PAUL
Paul
of Georgia, Atlanta
McCLEARY, GEORGE M.
HUGHES, THOMAS
Thomson & McKinnon, Tampa
KABLE,
A.
Davis &
Inc.,
C.
MATHEWS, Jr., R.
Louis
Co.,
Orlando
LOMBAKDO, JOSEPH P.
Stubbs, Smith & Lombardo,
Birmingham
GRANT S.
A.
Thomas
Co.,
Jr., LOOMIS C.
Wneeler & Alleman, Inc.,
McCREEDY, CLINTON T.
Palm Beach
Atlantic
Kidder & Co., Tampa
McCLURE, LOUIS
HUEY,
Beane,
Orlando, Fla.
HOPPER, HARRISON
Goodbody & Co., Clearwater
Paul
CROUCH, LEO P.
Thomson & McKinnon, Jacksonville
BUDD
A.
G.
Davis
&
Co.,
Miami
Inc.,
(Continued
Atlanta
on
page
62)
DeLANO, OSCAR L.
Goodbody
Fenner
&
Beane,
De
LOCA,
Merrill
H.
Ft.
GEORGE
Jacksonville
CATES, W. H.
&
Miami
Inc.,
COURTNEY, WILLIAM M.
Merrill Lynch, Pierce, Fenner
Sarasota
Co.,
CHARLES
Lynch,
H.
Pierce,
Fenner
&
Beane,
DICKSON, WILLIAM R.
Kidder
M.
&
Clearwater
Co.,
DOOLY, OSCAR E.
DUELL,
Tallahasee
&
Lauderdale
Oscar E.
A.
Pierce,
HOUGH, WILLIAM R.
Beil & Hough, St. Petersburg
ville, Jacksonville
CARSON, Jr., ROBERT B.
Thomson & McKinnon, West Palm Beach
BEATON, R. A.
Co.,
&
Cook
M.
Kidder
M.
LEEDY,
HOWARD, WILLIAM R.
Thomson & McKinnon, St.
Ingen
A.
Ingen & Co. Inc.. Miami
HOLT, WILSON C.
Goodbody & Co., Tampa
Miami
&
OLIVER W.
KUHN,
Petersburg
M.
Fenner
Pensacola
HOLDER, O. J.
Merrill Lynch,
A.
Beach
J.
B.
Company,
Petersburg
Miami
Co.,
COGGIN, ROBERT W.
Thomson & McKinnon,
A.
Company,
&
Jacksonville
Co.,
Merrill
HOLLOWELL, RALPH D.
HAGOOD
Kindred
&
Jr., PORTER
Lynch, Pierce,
KING,
HODGE, EDWARD C.
St.
Cleveland
Parsons,
Grimm
Miami
H.
Miami Beach
Co., Sarasota
Company,
Pierce-Carrison Corporation,
Petersburg
Gables
Myrt
KEEFE, KENNETH M.
Securities
B. J. Van
Coral
Thomson & McKinnon, Jacksonville
The
Beach
CARRISON,
St.
Daytona Beach
Mrs.
A.
Van Ingen & Co., Inc.,
Florida
CHURCHILL, WALTER R.
JR.,
Philadelphia;
CRANFORD, JAMES A.
Jacksonville
BARRETT, JOSEPH R.
St.
&
CARRERE, HENRY M.
Merrill Lynch. Pierce,
Inc.,
Daytona Beach
Florida
&
McKinnon, Orlando
CHRYST, RICHARD S.
Thomson & McKinnon,
Barcus,
GEORGE
B. J.
JOHN M.
CLARKE,
Hudson,
HEAGERTY, WILLIAM
Jacksonville
CARDEGNA, JOHN
Merrill Lynch, Pierce,
BARNES, DAVID
T.
Kidder
M.
Oakes
Beach
Palm
St. Petersburg
CAMPBELL, JR., ALEX
AYERS. IRA C.
Anderson
St. Petersburg
Kidder & Co.,
BRUNDAGE, CHARLES F.
A.
&
Mary
HASZ,
Jacksonville
Thomson & McKinnon,
Thomas
Kidder & Co.,
M.
CHRYST,
B.
J.
COOK, THOMAS M.
BRAYSHAW, DONALD B.
Lord, Abbett & Co., Atlanta, Ga.
Co.,
ANDERSON, WALTER T.
Anderson
Beane,
Thomson & McKinnon, Miami
Lakeland
PAUL G.
St. Petersburg
&
&
BRADY, EUGENE P.
ALLEN, J. EVERETT
Allen
Fenner
Lauderdale
M.
Thomson
Palm
BOWER, C. H.
lando
FRANCIS
and Company,
CLAYTON
COOK, ROBERT H.
BIEDER, G. L.
MONROE
Wheeler
Childress
COOK, KENNETH
Anderson Cook Company, Inc.,
BEIL,
AHBE, JOHN L.
Harris, Upham
CHILDRESS,
COLEY, MARION H.
T. Nelson O'Rourke, Inc., Daytona Beach
ROSTER OF MEMBERS
ADAMS,
Mrs.
CHRYST,
Governors:
F.
61
ROBERT L.
Dooly & Co., Miami
CLAUDE
Thomson
&
McKinnon, St, Petersburg
DUSKIN, JOSEPH
Thomson
&
MITTON, INVESTMENTS
J.
If.
McKinnon,
Palm
Municipal—SECURITIES—Corporate
Beach
EDWARDS, W. RAY
A twill
Oakes
&
ELLIOTT,
Municipal Bonds, Railroad, Public Utility
Lynch,
Pierce,
Fenner
&
Beane,
Fenner
&
Beane,
Beach
St.
Petersburg
ENGLISH.
and
Insurance
Stocks.
Key West
EMERSON, W. A.
Merrill Lynch, Pierce,
Palm
Mutual Fund Shares and Bank
Specializing in Western Stocks
M.
Company,
RAYMOND J.
Merrill
Industrial Securities
Co., Miami Beach
JACOB
ELIAS,
Dealers in
and
&
338 U. S. National Bank
EDWARD
Building
L.
Gordon Graves & Co.,
Miami
DENVER 2, COLORADO
ERICKSEN, ARTHUR C.
T. Nelson O'Rourke, Inc., Daytona Beach
ERICKSEN,
T. Nelson
A. P. KIBBE & CO.
42
W. BROADWAY
ALLEN
EWING,
Allen
SALT LAKE CITY
Bell
1, UTAH
C.
A.
C.
Ewing
Kidder
M.
Atwill
buying
or
Bay Petroleum
Big Horn Powder River
selling the securities of:
Cheyenne Oil Ventures
Equity Oil Co.
Frontier Refining Co.
Golden Cycle Corp.
Ideal Cemept Company
Kinney Coastal Oil Co.
Colorado Central Power Co.
Kutz Canon
Black
Hills
Power
&
Light
Central Bank & Trust Co.
Colorado Interstate Gas
Mountain Fuel
Colorado Milling & Elevator Co.
Cresson Consolidated Gold
Mountain States Tel. &
Daniels
&
Fisher Stores Co.
Denver-Chicago Trucking
Bank
Denver
National
Denver
Tramway Corporation
Empire
State
Petroleum
Company,
&
of
Miami
Pierce,
Miami
Fenner
&
Beane.
INVESTMENTS
W.
H.
Freeman
& Co.,
Ft. Meyers
FREEMAN, ROBERT T.
A.
Kidder & Co.,
M.
Sarasota
FREDERIC R.
Securities Corp., Tarry town, N.
Local
GAISER,
Axe
Tel.
Co.
Company of America
Sioux Oil Co.
National Bank
United States
Potash
Company
&'
DAVID
Lynch,
GERLI,
Merrill
Palm
a
Specialty
Co., Lakeland
Pierce,
Fenner
&
Beane,
JOSEPH J.
Lynch, Pierce,
Fenner
&
Beane
Beach
GIVENS,
Inc.
Municipal & Corporation
Securities
GARNER, J. FRANKLIN
Welsh, Davis
United States
Y.
GAITHER, T. RAY
Goodbody & Co., St. Petersburg
Supply Co.
Woodward Oil,
Underwriters &. Distributors
FREEMAN. HOWARD W.
Oklahoma Oil Co., Inc.
Potash
Jacksonville
Ft. Lauderdale
EMERY
E. Dooly & Co.,
FOISY, M. L.
Merrill Lynch,
St. Petersburg
interested in
Co.,
Co.,
HENRY M.
Oscar
are
&
&
FISHMAN,
FLINN,
We
O.
EWING, CLAUDE M.
Phone 4-0501
System Teletype SU 560
CARLTON
O'Rourke, Inc., Daytona Beach
EVANS, J. HERBERT
Beil & Hough, St. Petersburg
Merrill
Phone MA. 6281
Miami
GRADY,
Amos C. Sudler & Co.
First National Bank Bldg., Denver
Private
Wire
Troster,
Singer
&
DN 490
Co.,
New
KEYstone 0101
York
City
The
HENRY W.
Robinson-Humphrey Company,
Atlanta
GRIGSBY.
John
WILLIAM
Nuveen
A.
&^Co., Chicago
GUNBY, D. KIRK
Specialists Rocky Mountain Region Securities
A.
M.
Kidder & Co.,
DeLand
Inc.,
VdmWritwtrClirisknsmjM
INVESTMENT
BANKERS
SEVENTEENTH STREET
DENVER (2) COLO.
THE COMMERCIAL and FINANCIAL CHRONICLE
«2
Mrs. Margaret Arnold,
HAROLD
Lynch, Pierce,
SCIIULER,
Security'Dealers Association
Merrill
M.
PIERCE,
SHARP, NATHAN
-
Inc., Miami
Merritt & Co.,
KNEALE
Pierce,
MORGAN,
Merrill
Lynch,
Fenner
&
Beane,
Miami
A.
Kidder &
M.
T. Nelson
A.
Frank
Newman
&
ROBERT
E.
NOEL,
The
A.
Miami
Ft.
Kidder
Williams
&
JAMES
Inc., Orlando
T. Nelson
&
R.
Co., St. Petersburg
Fenner
&
Beane,
Lauderdale
Gordon
Orlando
H.
Investment
Graves
ROBINSON,
Company,
Grimm
&
Miami
SULLIVAN.
W.
&
Beane,
Lynch,
Fenner
&
Beane,
Thomson
&
McKinnon,
PETERS, JOHN N.
Merrill Lynch, Pierce,
Atwlll
Miami
Lynch,
Pierce,
.tenner
& Beane,
&
FREDERICK
Williams
Inc.,
Investment
Co.,
WINTERS,
Company,
Tallahassee
Gordon
H.
WEYMAN, GEORGE F.
R..S. Dickson & Co., Inc.,
JONATHAN
Graves
WRIGHT
Jacksonville
A.
M. Kidder
WULBERN,
R. S.
Atlanta
&
P.
& Co.,
E.
H.
Co., Miami
GARLAND
Ft. Lauderdale
B.
Dickson & Co., Inc., Charlotte, N. C.
Inc.
Fenner
&
Seattle
Beane,
Security Traders Association
M.
Miami
Co.,
Jacksonville
Co.,
GEORGE H.
&
Lombardo,
Inc.,
Ala.
JAMES
Nelson
B.
& Goss,
Inc.,
Palm Beach
SYMONS, GEORGE K.
Florida Securities Company,
St.
Petersburg
A.
McKinnon.
Miami
&
Company,
&
Miami
Co.,
Beach
TRIPP
New
SALKAY, ZOLTAN
Merrill Lynch, Pierce,
PHELPS, ORIN M.
Petersburg
&
Oakes
Fenner
&
Beane,
&
Co., Lakeland
HAROLD
&
J.
McKinnon,
Miami Beach
CO.
York
TUFFLI,
Jacksonville
Miami
Kidder
Thomson
CLIFFORD U.
Ranson-Davidson Co., St.
Beane,
M'.
THROM,
SADLER,
Fenner
Miami Beach
Gordon Graves &
&
ROGERS, ROBERT C.
CECIL B.
Thomson
Merrill
WILLIAMS,
TERRY, LINTON H.
Pierce,
ROGERO, A. C.
Palm Beach
PEPPER,
Beane,
Orlando
PEARSON, JAMES
Merrill
&
&
Smith
Sullivan,
Fenner
&
NORMAN E.
JR..
Stubbs,
Orlando
ROBINSON. HUGH B.
Merrill Lynch, Pierce,
T. NELSON
O'Rourke, Inc., Daytona Beach
Lombardo,
Pierce,
Graves
Kidder
M.
Birmingham,
Co.,
York
N.
Petersburg
St.
L.
Lynch,
STUBBS,
ALEX
Co.,
R.
STERLING,
A.
&
New
JOSEPH
Co.,
Jacksonville
Lauderdale
Gordon
Pierce,
Kidder
M.
JR.,
&
Miami
C.
Pierce-Carrison Corporation,
Company,
SOBODA, Jr.. EDWARD
E.
Lynch,
A.
WELLBORN,
M.
&
Fenner
JR., MILES A.
Smith & Lombardo,
WATSON, RAYMOND E.
I.
&
Shaver
Birmingham, Ala.
Petersburg
St.
Sanders
Merrill
ROBERTSON, LEWIS B.
Co.,
Co.,
HERBERT
SMITH,
Tampa
Co.,
Ft.
Kidder
Jacksonville
O'ROURKE,
&
Goodbody & Co., St. Petersburg
E.
&
S.
WHITEHEAD, CLINTON S.
Pierce.
Lynch,
HOWARD
Wheeler A: Alleman, Inc., Orlando
WHEELER,
JOHN
Beach
Palm
Stubbs,
C.
STANLEY
SR.,
Shaver
V.
Chicago
Co.,
Leedy,
Birmingham
ROBERTS, Jr., ALBERT
ROBERT
&
HENRY
Stubbs, Smith
I).
REMILLARD,
W. J.
M.
M.
Shaver
&
UHEELEll.
Boston
WATKINS,
STANLEY C.
Co., St. Petersburg
SMITH,
Co., St. Petersburg
Kidder
E.
Beach
JR.,
Vance,
MORGAN
W.
&
Merrill
Crummer Onmoany,
O'REILLY,
•
Co.,
Coral Gables
Kidder & Co.,
NOWELL,
M.
A.
FRANK D.
M.
SHAW,
S.
Petersburg
READ,
NEWMAN,
A.
PIERCE,
PRESCOTT, BARNARD
W. Palm Beach
NEWMAN,
SHAVER,
Shaver
Sullivan, Nelson & Goss, Inc.
D.
Jacksonville
PIERCE, ROBERT J.
Pierce-Carrison Corporation, Jacksonville
THOMAS
Delray
Co.,
&
FLOYD N.
\
Shaver & Co., St. Petersburg
SHAVER,
POWELL,
R.
O'Rourke, Inc., Daytona Beach
CARL L.
NELSON,
Corporation,
EDWARD
Nuveen
RYN,
Merrill
S.
Upham
SHAVER,
PIERCE, PAUL L.
Leedy, Wheeler & Alleman, Inc., Orlando
St.
Jacksonville
Co.,
ARCHIBALD
MORRISON,
C.
Florida Securities Company,
JOHN J.
MORLEY,
CLYDE
Pierce-Carrison
Inc., Miami
MOORE, VICTOR
John
VAN
1953
Convony^Ctadnjwti; EaH ^Hagensieker, Reinholdt £ Gardner,
VALENTINE, KIMBALL
Vance, Sanders & Company,
VALLELY,
Miami
&■ Co.,
Kidder
Harris,
MOORE, PEGGY
King Merritt & Co.,
Beane,
&
SEABER, ALFRED M.
A.
ROSTER OF MEMBERS
Fenner
Lauderdale
Ft.
(Continued from page 01)
King
J- Hudepohl, West/teW and
New York City; John F. McLaughlin, McLaughlin, Rcuss & Co., New York City
Florida
Thursday, October 8,
City
Jr.,
&
GILBERT
Company,
F.
H.
Miami
Clyde Berryman
William H. Oper
Richard Langton
Sidney J. Sanders
UFFORD, HENRY M.
Calvin
Bullock,
Ponte
Vedra
Beach
President: H. Clyde
Berryman, Merrill Lynch, pierce, Fenner &
Beane.
Vice-President: William H. Oper, Walston & Co.
Secretary: Richard Langton, J. R. Williston, Bruce & Co.
Treasurer: Sidney J. Sanders, Foster & Marshall.
National Committeeman: William T.
Growing
ROSTER OF MEMBERS
With The Intermountain West
'
'
,j
:
ATKINSON, Jr., REILLY
H.
Mountain
its scope
Fuel
Supply Company is steadily increasing
of operation in the intermountain
MACLEOD, EDGAR B.
Pratt & Co.
P.
BAIR.D,
J. R.
.
•
WILLIAM
MacLeod
D.
MacRAE,
Williston, Bruce & Co.
BARNET,
Foster
Foster
&
Marshall
occurring all along the line—in explora¬
in number of wells drilled,
number of
in
new
construction,
in
employes, taxes paid, etc.
Securities
The
Pacific
Company
K.
&
M.
Marshall
ERWIN
ROBERT
Bank
of
Seattle
A.
Lynch, Pierce, Fenner & Beane
OPER, WILLIAM H.
&
Co.
DAVID
Merrill
EDWARD
Witter
Dean
Merrill
PADEN,
.
Northwest
•
Pacific National
Walston
Exchange, Inc.
ROBERT E.
EASTER,
&
NATHANE,
BISSELL. M. LAWRENCE
DANIEL,
Co.
MOREHEAD.
BATEMAN, HOMER J.
Pacific Northwest Company
west.
&
ROBERT
MEYER, DONALD A.
GEORGE
BERRYMAN, H. CLYDE
Merrill Lynch, Pierce, Fenner & Beane
Acceleration is
tion,
Patten, Jr., Blyth & Co., Inc.
Alternate: John I. Rohde, John R. Lewis, Inc.
Lynch, Pierce, Fenner & Beane
PATTEN, Jr., WILLIAM T.
Blyth & Co., Inc.
Co.
PERRY, LEONARD
EASTER, F.
Ours is
to
meet
a
the
long-range
program,
the objective of which is
ever-increasing needs of the communities
Dean
KENNETH
Witter
&
Grande
Foster
&
Pacific
-
RAFF,
Wm.
P.
Northwest
ROHDE,
VICTOR
Hemmen
S.
Investment
the
gas
we
is
significant to note that during the last ten
population in this
area
increased 36%; the amount of
supplied increased 100%—and the number of
served increased
years
customers
HEMPHILL, WALDO
Waldo Hemphill &
John
JOHN
R.
Blyth & Co.,
FUEL
Dean
SUPPLY
COMPANY
LANGTON,
J.
Exploration, Production and Pipe Line Offices,
Rock
Springs,
Wyo.
Bramhall
Co.
Witter
LEE,
R.
J.
Bank
STEIN. WALDEMAR L.
&
Co.
&
Co.
RICHARD
Williston, Bruce & Co.
BARNEY'
Hughbanks Incorporated
LEWIS, JOHN ft.
John R. Lewis, Inc.
Ss
SWANTNER,
ANDREW A.
Witter
J.
Marshall
SOHA, Jr., ANDREW
Seattle Trust and Savings
Corp.
KEEN, BRUCE
Dean
Principal offices — Salt Lake City, Utah
&
&
SCHLICTING, HUGH R.
Wm. P. Harper & Son & Co.
HOWARD W.
Walston
SIDNEY
Inc.
National Securities
JORDAN,
MOUNTAIN
Foster
JONES, JACK E.
200%.
I.
Lewis, Inc.
Co.
JOHNSON, PAUL G.
JONES,
Company
Co.
SANDERS,
It
Company
ROBERT
Pacific
v
Harper & Son & Co.
HEMMEN,
George
Northwest
Marshall
HARTLEY, TALBOT
Si
Co., Inc.
PHILLIPS, JOSEF C.
"
FOULDS, CLINTON
we
serve.
&
Co.
...
•
Dean
Stein
OSCAR
Witter
&
Co.
TAYLOR. C. ARNOLD
Wm. P. Harper <fe Son
TOWNSEND.
Bank
of
California,
WATERMAN,
Earl
F.
CHARLES
JOSLYN
Waterman
&
&
Co.
R.
N.
A.
H.
Co.
^
YEADON,
Bai\k
GORDON
of California
Convention
I
Number
THE COMMERCIAL and FINANCIAL CHRONICLE
63
*
J
*
Star
C. Koerner, F. S. Moseley & Co., Chicago; Martin J.
Long, The First Cleveland Corporation,
Cleveland; Felix E. Maguire, Stroud & Company, Incorporated, Philadelphia; John S. Weller, Wagenseller & Durst, Inc., Los Angeles; Donald E. Summerell,
Wagenseller & Durst, Inc., Los Angeles
Twin
City Security Traders Association, Inc.
GOODMAN.
Francis
GOTH,
B.
Van
Arsdale, Blyth & Co., Inc., Los Angeles; Robert W. Pitt, Blyth & Co., Inc.»
Portland, Oregon; William T. Patten, Jr., Blyth & Co., Inc., Seattle; Harry L. Nelson,
Blyth & Co., Inc., Chicago; Charles B. Harkins, Blyth & Co., Inc., San Francisco
DONALD
I.
du
FRED
Irving J.
St.
Nieland
Pont
F.
MASEK,
&
Co.
M.
S.
JOSEPH
H.
Bishop
MATSCHE,
Rice
&
Company,
Inc.
Paine,
Paul
SHUTE,
E.
Jackson
Kalman
Curtis
&
St. Paul
ALPHONSE
First
National
HENNINGS,
J.
HENRY
Northwestern
McKENDRICK,
Bank
of
Minneapolis
B.
&
Co..
Inc.
of
Bank
Minne¬
Williams-McNaghten
SPACE,
apolis
MILLER,
HUNT, JOHN
W.
&
Merrill
JOAS.
GEORGE
KENNETH
Company,
Inc.
Beane
Mannhelmer-Egan,
First National Bank of Minneapolis.
Irving J. Rice & Company, Incor¬
Vice-President: Fred S. Goth,
porated,
S^. Paul.
John
Secretary: Joseph C. Mahoney, C. D. Mahoney & Co.,
Minneapolis
National Bank, Minne¬
GUYBERT
PLUMLEY,
&
Co..
Harris,
Inc.
KOOP,
Lynch,
Fenner
&
Beane
Minneapolis; Henry B. Hennings, Northwestern National Bank of Minneapolis.
.
First
GEORGE
National
Minneapolis.
MAHONEY,
Fred
Alternates:
J^mes E.
Rice & Company, Incorpo¬
Goth, Irving J.
S.
rated, St. Paul; Cornelius D. Mahoney, C. D.
Minneapolis.
Mahoney & Co.,
C.
D.
D.
H.
E.
St.
Minneapolis
A
Paine,
Co.
Co.
CORNELIUS
RUDD,
D.
Piper,
Mahoney & Co.
J.
it
Co.
First
Curtis
M.
Byllesby
and
Company,
Incor¬
M.
PAUL A.
Dain
&
Company
National
Bank
of
Minne¬
apolis
TARRAS, ARTHUR C.
A.
J.
Lynch, Pierce, Fenner & Beane
Tarras &
Co., Winona
WITTENBERG, WILBER W.
Jackson
&
Curtis
Blyth & Co., Inc.
WIKMAN, DALE R.
COLDEVIN C.
Jaffray &
C.
(Associate)
CHESTER M.
National
&
Stelchen & Co., Inc.
Northwestern
Merrill
Hopwood
Lynch,
WIKMAN,
SEMPF, WALTER J.
Mahoney & Co.
Jackson
TALBOT, O. JACK
CHARLES
Webber,
J.
STONER,
W.
Irving J. Rice & Company, Inc., St. Paul
ROWND,
&
Webber,
porated
Paul
IRVING J.
Merrill
MAHONEY, JOSEPH C.
C.
Moody,
Prescott
J.
RIEGER,
A.
of
Bank
Bennett
&
Woodard-Elwood
MACH, ROBERT F.
Smith, Barney & Co.,
National Committeeman: Kenneth C. Joas,
E.
RICE,
WARDWELL
Officers and George A. MacDonald,
First National Bank of
W«
Company, Inc.
STILLMAN, GEORGE H.
RAND, ARTHUR H.
Piper, Jaffray & Hopwood
MacDONALD,
&
N.
ALFRED
PRESCOTT,
Pierce,
Merrill Lynch, Pierce, Fenner & Beane
Committee: The
Executive
Company
STEICHEN, ROMAN J.
Upham & Co.
Juran
Company
WILLIAM W.
W.
Minneapolis;
M.
PREESHL, F. WARREN
G.
KLEMOND, EMIL J.,
LEWIS,
apolis.
JOHN
of
B.
STEELE, JOHN F.
Paul
Inc., St.
Caldwell, Phillips Co., St. Paul
EMIL
Kinnard &
G.
Merrill
-
Treasurer: Ernest R. Gearino, Marquette
KINNARD.
HARRY
Paine,
PHILLIPS,
C.
Johnson-McKendrlck
President: Alphonse J. Grun,
Bank
of
St.
M. H.
Paul
E.
Pierce,
Fenner
&
Beane
W.
Bishop & Co.
ROSTER OF MEMBERS
located
(Members
Minneapolis
In
unless
otherwise Indicated)
COLLINS, HOMER
Homer Collins &
Co., Duluth
(Associate)
MALCOM M.
Republic Company
ALDRTCH.
Central
DAYTON, LEONARD V.
Smith, Barney & Co.
ANDERSON, DONALD N.
First National Bank oi St. Paul. St. Paul
ARMS.
J.
JAMES
P.
Arms,
P.
Dain
M.
Smith,
CARROLL n.
& Hopwood
Piper, Jaffray
J.
DEVINE, OWEN C.
Incorporated
BABCOCK, Jr.,
BAMBENEK,
J.
RIES
&
FERGUSON,
&
FISK. WALLACE K.
John Nuveen & Co.,
Curtis
FLODIN.
CLAREY,
Keenan
COHEN,
J.
M.
JOHN M.
& Clarey,
&
Research
M.
Corp.
&
H.
EMIL
Bishop
GEARINO.
E.
&
St.
of the Snake River Valley
Oregon
eastern
a
—
—
an area
firm foundation for continued growth: These
tremendous
portion
resources
productivity of irrigated land
adaptability of soil and climate to diverse
SSSSS
of
ideal
$1.00 Each.
—
sunshine,
Issue—Prints May Be
recreational
This Includes Postage
the
—
and
absence
of
a
processing and construction industries
scenic
resources
"one-crop"
economy
LEE
plus
an
abundance of Low
hydroelectric
power
c/o CAMERA SHOP
SUN VALLEY,
sources
for livestock raising
conditions
substantial extractive,
—
BOB
crops
of water from controlled
plenty
minerals and forests
For Pictures in Convention
WRITE
a
unique combination
are:
abundance of natural
an
Co.
R.
GIESEK, WILLIAM H.
M. H. Bishop & Co.
Company
at
a
Paul
lots
Had
comprising southern Idaho and
is distinguished by several advantages which form
Marquette National Bank
Inc.
MERRILL M.
Dain
of
of assets,
Jackson
Securities
The economy
^
FIELD, HAROLD L.
Jamieson & Co.
BORIN, LEIGHTON
National
HUGH
Blyth & Co., Inc.
HOWARD
Webber.
In The Territory Served By Idaho Power Company
Company
BISHOP, MORLAN H.
M. H. Bishop <Se Co.
Paine,
& Co.
Barney.
GRANT A.
Piper, Jaffray & Hopwood
FELDMAN,
BERGMAN, OSCAR M.
Allison-Williams Company
BOOTH.
Recipe For Continued Growth
f
IDAHO
.
WALTER P.
Kalman
Barney & Co.
JOHNSON.
KERMIT
STARN,
R.
Ernest R. Gearino
Joseph C. Mahoney
Goth
Fred S.
Alphonse J. Grun
'
'
.
MYERS, THEODORE A.
V.
Lynch, Pierce, Fenner &
Smith,
St. Paul
•
Woodard-Elwood & Co.
JOSEPH R.
Kalman
Midland National Bank
JACKISH,
'
Allison-Williams
Co.
Inc.,
Company,
JACK P.
SORUM.
McNAGHTEN, ROBT. S.
National
&
First National Bank
EDWARD
Johnson-McKendrick
LLOYD
H.
.,*'•*
SMITH,
GRUN,
Co.
&
SIVERSON,
PAUL E.
Webber,
PRESTON B.
Jamieson
& Co.
IDAHO
•-
A
CITIZEN
V POWER
WHEREVER
IT
SERVES
-
Cost
THE COMMERCIAL and FINANCIAL CHRONICLE
(standing)
Bernard
Duke
F.
Carl
Marks
Angeles;
A.
Co.,
Hunter
Robert
Co., Inc., New
Shane
New
W.
York
McOmber,
York
(seated)
City;
Miller
John
Robert
N.
&
W.
Co.,
Trevor
Currie,
Wilbur
Krisam,
Baird
Nieland
&
Co.,
Milwaukee;
Van Arsdale,
B.
Angeles;
Los
Fuerbacher,
York;
Denver;
New
Inc.,
Company,
&
Haack,
Revel
City;
Corporation,
Securities
Sullivan
Bosworth,
York;
New
&
Reuss
&
Hunter,
Kennedy,
Incorporated,
Walter,
George
Woody
&
Blyth
V.
Denver,
Geyer
Barney
&
Co.,
Hunt,
Thursday, October 8, 1953
Colo.;
&
Co.
Nieman,
Inc.,
Los
McLaughlin,
Heimerdinger,
Cincinnati
James
E.
Jones,
Courts
&
Co.,
Atlanta;
David
F.
Cerf,
Ludman
AMERICAN
C.
N.
N.
Wilson,
N.
DEALERS
OSCAR
DISTRIBUTORS
N.
BURNETT
Greensboro,
CALHOUN
CO.
SONS
&
Winston-Salem,
UNDERWRITERS
TRUST
&
C.
BROWN
ALEX
C.
BANKING
BRANCH
Pacific Northwest
C.
BEMAN
E.
Laurinburg,
of
Fla.
COMPANY
TRUST
Charlotte,
Specialists in Securities
Miami,
ROSTER OF MEMBERS
Securities Dealers of the Carolinas
r
North
Corporation,
N.
&
C.
CO.
C.
CO.
&
Spartanburg, S. C.
JUNE S. JONES & CO.
CANADY
(LLOYD
Raleigh,
INVESTMENT
TRUSTS
SECURITIES
CORPORATE
•
MUNICIPAL
Securities
SINCE
U.
S.
BANK
BUILDING
AT.
Raleigh,
STOCKS
&
BONDS
&
CO.
Corporation
N. C.
SECURITIES
CAROLINA
CORPORATION
Raleigh, N. C.
BONDS
CITIZENS
1927
TRUST
Greenwood,
PORTLAND
M.)
N. C.
Carolina
INVESTMENT
4,
S.
CO.
C.
OREGON
Charles R. Vance
Ernest H. Pringle
1318
R. S.
Abernethy
JAMES
CONNER
Charleston,
COURTS
G.
R.
S.
CRAWFORD
DARGAN
Greensboro, N. C.
Secretary:
H.
S.
&
Interstate
Securities
Corporation,
R.
S.
CO.,
INC.
CO.
DICKSON
Charlotte,
RETAILING & TRADING
&
C.
Spartanburg, S.
Abernethy,
INC.
N. C.
Columbia,
Vice-President: Charles R. Vance, Vance Securities Coproration,
CO.,
C.
CO.
&
Durham,
President: Ernest H. Pringle, E. H. Pringle & Co., Charleston, S. C.
&
S.
N.
C.
&
CO.
C.
Charlotte, N. C.
EQUITABLE
Greensboro,
PACIFIC NORTHWEST ISSUES
Treasurer: Henry J. Blackford, Jr., A. M. Law & Company, Spar¬
FIRST
tanburg, S. C.
SECURITIES
N.
Durham,
CORP.
C.
SECURITIES
CORP.
N. C.
George Patten Investment Co.
SECURITIES
AMERICAN BANK BUILDING
PORTLAND 5, OREGON
Puget Sound Pulp & Timber Co.
TELEPHONE AT WATER 4389
AT
& T TELETYPE PD
?29
Bellingham, Washington
Specializing in
Welcomes Members of the
PACIFIC NORTHWEST
National Security Traders Association
MUNICIPAL, CORPORATION BONDS
to
and INVESTMENT STOCKS
our
Great Pacific Northwest
GRANDE
INCOftP
Hoge Building
SEATTLE 4
Telephone MAin 6830
OP.ATED
CO.
MANUFACTURERS OF HIGH GRADE BLEACHED
Washington
SULPHITE PULP-PAPERBOARD-INDUSTRIAL ALCOHOL
Teletype—SE 362
Convention
Mr.
Mrs.
&
Irwin
McDANIEL
Charleston, S. C.
S.
LEWIS
&
REYNOLDS
CO.
Greensboro, N. C.
VIVIAN
FURMAN CO.
Greenville,
Joseph D. Krasowich, Bonner & Gregory, New York City; Lester J. Thorsen, Glore, Forgan <6 Co.,
Chicago; Robert D. Diehl, Paine, Webber, Jackson & Curtis, Los Angeles; John M. Hudson, Thayer,
Baker
&
Co., Philadelphia; Cy Murphy, John C. Legg & Company, New York City
-
Schloss, Goldman, Sachs & Co., New York City; Mr. & Mrs. Samuel
Sachnoff, The First National Bank of Chicago
FROST, READ & SIMONS, INC.
ALESTER G.
65
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
C.
CO.
&
Winston-Salem, N. C.
We continue
MANNING
M.
SELECTED
Greenville, S. C.
INVESTMENTS
interest in
our
,
Wilmington, N. C.
E.
L.
HARDIN
Salisbury,
R.
S.
&
N.
CO.,
INC.
JOE McALISTER CO.
C.
Greenville, S. C.
FRANK
S.
SMITH
Columbia,
HAYS
&
CO.,
McCARLEY
INC.
Durham, N. C.
BARNWELL
Charleston, S.
JACKSON
Gastonia,
&
Charlotte,
HENRY T. MILLS
CO.
C.
Greenville,
SECURITIES
N.
&
CO.,
INC.
THE UNITED STATES FINISHING COMPANY
S.
INVESTMENT
CO.
Information available
C.
N.
request
on
C.
TOWNSEND, WESTON & CO.
INTERSTATE
Charlotte,
&
C.
Asheville, N. C.
SOUTHERN
HUGER,
S.
CO.
&
CORP.
.•
EDGAR M. NORRIS
C.
Greenville, S.
Charleston,
C.
J.
N. C.
LEE
PEELER
Durham,
N.
&
S.
C.
JOHN
VANCE
SMITH
SECURITIES
Greensboro,
C.
N.
R.
INC.
LEWIS,
CORP.
CO.
INVESTMENT SECURITIES
C.
SUITE 710-12-14 INSURANCE BUILDING
A.
M.
LAW
&
CO.
E.
Spartanburg, S. C.
H.
PRINGLE
Charleston,
/
S.
&
WARD
CO.
COVINGTON
&
Spartanburg,
C.
S.
SEATTLE 4
C.
TWX
State and Municipal
SE
ELIOT 3040
Years
61
Bonds
PHONE
105
CONTINUOUS SERVICE
THE PACIFIC NORTHWEST
IN
U. S. Government
"«
'
i
•
★
BOND DEPARTMENT
Binds
Seattle 4, Washington
Teletype SE 489
Telephone Main 3131
PRIVATE WIRE
WITH
TO DEMPSEY-TEGELER
TO PRINCIPAL
CONNECTIONS
Member Federal Deposit Insurance Corporation
&
Co., LOS ANGELES
TRADING
CENTERS
★
founded 1892
OMR Harper
Son & Co.
Investment Securities
1504 Third Ave*
WASHINGTON and OREGON
Seattle 1 Wash,
Yakima
Wenatchee
Tacoma
SECURITIES
California
Harbor
Oregon Power Co
PRIMARY MARKETS IN
Plywood Corporation
Pacific Power &
Light
PACIFIC NORTHWEST SECURITIES
Portland Gas & Coke
General America
Corporation
Growing with the Pacific Northwest since 1913,
Puget Sound Power & Light
the
entire
region
through offices
in
we
serve
ten
principal cities of Oregon and Washington.
Weyerhaeuser Timber Co
UNDERWRITERS
•
DISTRIBUTORS
•
DEALERS
FOSTER & MARSHALL
eAtiitUCi/wU CUtd
NEW
t/Kemiete
SBoUtfo
YORK
STOCK
AMERICAN
STOCK
CHICAGO
BOARD
Jacific Northwest
EXCHANGE
OF
(Associate)
yeeu/utM
TRADE
SEATTLE
Teletype SE. 482483
820
SECOND
Portland
•
AVEUNE
Spokane
SEATTLE
•
Company
EXCHANGE
4
Eugene
Telephone MU. 1900
PORTLAND
EUGENE
•
•
-
SPOKANE
YAKIMA
•
14, WASHINGTON
•
ABERDEEN
TACOMA
•
•
WENATCHEE
BELUNGHAM
•
MEDFORD
THE COMMERCIAL and FINANCIAL CHRONICLE
66
Fischer, Jr., Merrill Lynch, Pierce, Fenner
Treasurer: John J.
Cincinnati Stock and Bond Club
Thursday, October 8, 1953
&
Beane.
Harry J. Hudepohl, Westheimer and Com¬
Arch F. Montague, W. E. Hutton & Co.; Harold Roberts,
E. Joseph & Co.; Richard Thayer, Thayer, Woodward &
Cohle & Co.;
pany;
John
W.
E.
CAMPBELL
Hutton
Co.
John
E.
Joseph & Co.,
ARTHUR
KATZ,
Cincinnati
Committeemen: Lee R.
Staib, Geo. Eustis & Co.; Arch
Westheimer
Woody
Company; John C. Heimerdinger,
Heimerdinger; Harry J. Hudepohl,. West¬
&
C.
and
Company
FRED
and
Company
Reiter & Co.
H.
KREIMER,
H.
heimer and Company.
HERBERT F.
Kreimer
F.
&
KUEMMERLING,
Alternates:
Fuerbacher,
John
Robert W. Reis,
& Heimerdinger;
Woody
Walter,
Seasongood & Mayer.
W.
Took Office: January 1, 1953; Term Ex¬
W.
ROSTER OF MEMBERS
located
unless
Cincinnati
in
&
Company,
A.
Inc.
E.
W.
Hutton
Walter,
Co.
&
J.
HINSCH,
BECKER,
Field,
E.
Jr.,
Bennett
BENNETT,
J.
E.
Jr.,
J.
Fischer, Jr.
W.
A.
i.
L.
Co., Inc.
W.
W.
C.
W.
C.
The
Mayer
Inc.
Columbus
Corp..
E.
Pierce,
Fenner
&
Beane
T.
Browning &
CHARLES
McCune
McKIE,
E.
Cleveland
Lynch,
Nelson,
Company
& Co.,
HOYT B.
First
McCUNE,
Company
&
STANLEY
Co.
C.
Company,
Dayton,
G.
Weil, Roth & Irving Co.
MEINERS,
RICHARD
Nelson,
Thornburgh Co.
Jr.,
McCOY.
Hoefinghoff & Co., Inc.
HOWES,
and
JAMES
Madigan
Merrill
G.
and
HOOD, PAUL
Seasongood &
T.
Company
E.
MATRE, EDWARD
OSCAR
JOHN
ALFRED
Co., Inc.
&
JEANE
&
M.
J.
Municipal Bond Corporation
MAHON.
HOEFINGHOFF. LEE W.
Westheimer
Company
Westheimer
The
Hinsch
Co,
Heimerdinger
HITZLER,
and
C.
CHAS.
A.
&
MADIGAN,
Stranahan, Harris & Company
BRINK, ROBERT
The
&
HIRSCHFELD,
Co.
WILLIAM
Westheimer
John
Wellinghoff
MACK,
JEAN E.
<Sc Co., Inc.
Bennett
BERLAGE,
R. F.
Chas.
Co.
FRED II.
Richards &
BENNETT,
J.
Bartli
L.
Woody
&
FRANCIS
Cincinnati
Heimerdinger
&
Hutton
Harrison
HEIMERDINGER, JOHN M.
BARTH, JOHN L.
The
Woody
Walter,
E.
LYNCH,
HEIMERDINGER, JOHN G.
Co.
REGINALD
BARNARD,
MAURICE
MATTHEW
LOVELAND, FRANKLIN O.
Company
HEAD, Jr., HUGH
Harrison & Company
EDGAR
E. Aub &
WEBSTER
E.
HARTMAN, W. STEWART
Nelson, Browning & Co.
ARNOLD, HENRY J.
H. B. Cohle & Co.
AUB, A.
HARRISON,
Harrison, &
indicated)
ARMBRUST, JOHN J.
Pohl
F.
LEPPER, MILTON
A.
Lepper & Co.
George Eustis
otherwise
Co.
Co.
Greene & Ladd, Dayton
LENHOFF,
(Members
&
LAUFERSWEILER,
pires: December 31, 1953.
Jack L. Reiter
&
FREDERIC
Eustis
Geo.
Company
DON JU.
Gradison
D.
I.ATSCHA,
•
Elected: December, 1952;
Corporation
KORTE, ARTHUR W.
F. Montague, W. E. Hutton &
Walter,
Eond
IRWIN B.
KLEIN,
IiORROS,
Naiional
Inc.
V.
Municipal
Westheimer
George F, Oswald
S.
Co.
&
JOSEPH, JOHN E.
Richards & Co.; Herman B. Cohle,
Trustees: Fred H. Becker, Field,
H. B.
JOHNSTON,
Braun,
EDMUND B.
Bosworth
& Co..
Incorporated
Browning & Co.
MEYER.
BROWN,
President: George F.
Oswald, Smart, Clowes & Oswald, Inc.
ROBERT
Greene
&
First Vice-President: Jack L. Reiter, C. H. Reiter & Co.
Second Vice-President:
CARTWRIGHT,
George Eustis, Geo. Eustis & Co.
CHARLES
Harrison
BenJ.
Secretary: Richard F. Wellinghoff, C. J. Devine & Co.
&
HUDEPOHL, HARRY J.
J.
Ladd,
BUTZ,
Middletown,
Westheimer
O.
HUGHES,
A.
WILLIAM
CHAMBERS, JAMES
Field, Richards &
HUTTON,
A.
W.
D.
Co.
CLANCEY, W. POWER
W.
P.
Clancey & Co.
E.
H. B. Cohle
A.
Co.
Company, Inc.
&
JOHNSON,
Breed
&
Harrison,
Jr.,
T.
E.
Geo.
W.
B.
ARCH
Hutton
E.
&
F.
Co.
GEORGE
Eustis
MORIARTY,
Inc.
Co.
Lepper & Co.
MORGAN,
&
W.
&
LLOYD
JAMESON, ROBERT A.
Breed
Field, Richards & Co.
OVER THE COUNTER
MILLER,
JOHNSON, MARK T.
L.
CONNERS, CHARLES F.
Pohl & Co., Inc.
DEALERS IN
&
Middendorf
Inc.
M.
MONTAGUE,
Pohl
& Co.
R.
Hutton
Inc.
MIDDENDORF, WM. B.
J.
JAMES
Jr.,
Co.
Company
ISPHORDING, ROBERT B.
Doll & Isphordlng, Inc.
COHLE, HERMAN B.
COMPTON,
and
THOMAS
Edward Brockhaus & Co.,
Company
Bartlett & Co.
D.
ROBERT R.
Charles A. Hinsch &
C.
V.
& Co.
JAMES
Hutton
&
F.
Co.
MUEHLENKAMP, JOHN C.
Doll & Isphordlng, Inc.
Harrison, Inc.
COOPER, STANLEY
Stanley Cooper Co., Inc.
COULSON, CHARLES G.
L. W. Hoefinghoff & Co., Inc.
SECURITIES
CRUM, JAMES F.
The Samuel
UNDERWRITERS and DISTRIBUTORS
&
Engler Company
Columbus
blLBERT
DAVIS,
A.
Harrison & Company
DAVIS,
Geo.
STANLEY O.
Eustis
&
Co.
DEHNER, WALTER
Merrill
J. S. Strauss & Co.
155
MONTGOMERY
STREET
Fox,
HERBERT
Reusch
(4)
Ellis
Telephone
—
EXbrook 2-8515
—
SF 61 & SF 62
&
Beane
WILLIAM
Einhorn
ELLIS,
Bell Teletypes
Fenner
R.
Co.
&
DOHRMANN, WILLIAM F.
Harrison & Company
EINHORN,
SAN FRANCISCO
J.
Pierce,
Lynch,
DITTUS,
&
Co.
DAVID
Jr.,
&
W.
Co.
ENGLER, HERMAN J.
The
Samuel
lumbus,
&
Engler
Company,
Co¬
O.
EUSTIS, GEORGE
Geo.
Eustis
&
Co.
FILDER, Jr., HARRY A.
Ellis
&
Co.
FISCHER,
Merrill
JR.,
JOHN
Lynch,
J.
Pierce,
Fenner
&
Beane
FITZGERALD, LAWRENCE S.
Merrill Lynch, Pierce, Fenner
&
Beane
FOGEL, ROBERT
Chas. A.
Hinsch &
Co., Inc.
FOSTER, BYRON
Westheimer & Company
FRIEDLANDER, ALFRED
BenJ, D. Bartlett & Co.
trading markets
FUERBACHER, JOHN
Walter, Woody & Heimerdinger
GERDING, EDW. H.
Edward Brockhaus
GFRTZMAN.
SAM
Westheimer
and
&
Co.,
underwriters
Inc.
H.
Company
GESSING, LAWRENCE
A. Lepper & Co.
distributors
G.
GLENN, PAUL W.
Edward
Brockhaus
GRADISON,
W.
&
Co.,
brokers
Inc.
WILLIS D.
Gradison
D.
&
Co.
'
(
'
GRADY, GEORGE T.
Cincinnati
GRAHAM,
Municipal
Corporation
GORDON M.
Middendorf
GRAY,
Bond
&
Co.
WALTER
Standard
&
BRUSH, SLOCUMB & CO. INC.
U.
Poor's
Corp.,
Cleveland
GREENE, HARRY T.
Greene
First California Company
&
GREENE.
Greene
Ladd,
JOHN
&
MEMBER
Ladd,
Dayton
'
San Francisco
Members
San Francisco Stock Exchange
Midwest Stock
300
Private Wire to
Exchange
•
San Frantf sco
New York, Chicago and other leading Eaetern cities
•
§AN FRANCISCO
BELL
SYSTEM
i
TELETYPE
SF70
wire systems
GOLDMAN, SACHS & CO.
Los Angeles Stock Exchange
Montgomery Street
MONTGOMERY STREET
member
GRISCHY, CLIFFORD H.
Field, Richards & Co.
Incorporated
1
Dayton
B.
GUCKENBERGER. EDGAR F.
HALL,
Jr.,
Clair S.
HAPPLEY,
CLAIR
Hall
&
SAM rSANCISCO
STOCK EXCHANGE
Stock
S.
Company
GEORGE
C. H. Reiter & Co.
R.
HARRISON, HI, CHARLES L.
Harrison & Company
Exchange
DEMPSEY-TEGELER & CO.
O.
Convention
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
67
•H
Walter C.
MUETHING, CARL A.
Walter, Woody & Heimcrdinger
NEUMARK, J. H.
Middendorf
D.
E.
Madigan
O'BRIEN,
W.
LEO
E.
D.
M.
Bache
&
Hill
REIS,
&
Co.,
Inc.
D.
C.
&
&
&
H.
Harry L; Dillin, LinReld College, McMinneville, Ore.
Jimmy
A.
Co.
Co.
GEORGE
C.
Brockhaus
&
Co.,
E.
Joseph & Co.,
i8]8
Inc.
SUTRO o CO.
Inc
L.
ROSSBACH, KURT
J.
GORDON
Mayer
&
White
A.
Greene
Investment Dealers and Brokers
Company
Distributors
&
Ladd,
of Primary and Secondary Offerings
Dayton
Underwriters
Mayer
SCHIRMER,
Mayer
&
SCHWARTZ,
W.
JACK
D.
DANIEL
Gradison
&
D.
MEMBERS
Co.
»
SCHWINDT, PETER
Seasongood
SHAFFER,
Charles
Co.
&
EARL
Stock
Lynch,
SIEGMAN,
&
Co.,
Inc.
SAN
W.
407
Pierce,
JACK
Westheimer
Los Angeles
(Associate)
Fenner &
FRANCISCO
C.
and
VAN
YORK
SMALLEY, ROBERT
Merrill
Bache
McAndrew & Co.
UNDERWRITERS
6c
Geo.
13
STREET
HILLS
CANON
DRIVE
Direct Private Wires
& Co.
STAIR, LEE
Incorporated
NORTH
275
KENNETH
OFFICES
CORRESPONDENT
Bennett
E.
JOSE
FIRST
Lynch, Pierce, Fenner & Beane
C.
HONOLULU, T. H.
SNYDER, CHAS. H.
J.
NORTH
55
14
BUILDING
Company
BEVERLY
SMITH,
NUYS
SAN
5
WALL STREET
40
ANGELES
LOS
4
MONTGOMERY STREET
Beane
NEW
Richards & Co.
Stock Exchange
Stock Exchange
San Francisco
Exchange
Exchange
R.
Hinsch
A.
York Stock
American
Mayer
SHEPLER, LLOYD
Merrill
Industrial Brokers
Co.
New
Co.
—
CARL
Eustls
Geo.
&
&
RUTLEDGE, JOHN M.
W.
&
Relter
Field,
Boston, with Norman &
ROBERTS, HAROLD
Co.
RICHARDS, ARTHUR H.
Co.
&
Curtis,
Sinet
RILEY,
Co.
REYNOLDS, JOS. B.
BenJ. D. Bartlett &
Co.
PHILLIPS, HOWARD E.
Bache
Bache
Inc.
REUSCH, CARL H.
Fox, Reusch <fc Co.
Company
Gradison
&
ROBERT
REITER,
PHILLIPS, GEORGE
W.
Co.,
CHARLES
Field, Richards
&
DONALD
REIS, THOMAS
Seasongood &
R. CORWIN
Harrison &
Webber, Jackson
Paine,
Edward
J.
Seasongood
H.
Edward Brockhaus
&
GEORGE
Co.
Seasongood
OSWALD, GEORGE
Smart, Clowes & Oswald, Inc.
PAULY, Jr.,
Hinsch
ROBERT
&
REIS, Jr.
Co.
JOHN J.
CLETUS
Duffy,
John
REED,
Co.
Seasongood & Mayer
OLLIER,
&
Bache
Inc.
C.
HERBERT
Gradison
O'HARA,
Co.
Co.,
R.
RIFE, ROY E.
A.
RAYMOND,
&
&
James
RANSICK, NEIL
RATTERMAN,
J.
HARRY
Hutton
OETTINGER,
W.
&
Mrs.
RICHARDS,
Chas.
LOTII
Gradison
NUSSLOCH,
J.
M.
&
POOR, HENRY E.
Merrill Lynch, Pierce, Fer.ner & Eeane
Co.
&
NEWBURGII,
W.
Mr.
Gorey, Walter C. Gorey Co., San Francisco
&
MANILA,
:
P. I.
Co., Inc.
R.
Eustls
Co.
&
STEFFENS, Jr., CHAS. II.
DISTRIBUTORS
The
Cincinnati
Stock
Exchange
STENGER, ALBERT J.
1900 RUSS
Nelson, .Browning
SAN FRANCISCO 4, CAL.
BUILDING^
Telephone EXbrook 2-7900
Bell
STEVENSON,
Teletype SF 370
W.
E.
JR.,
& Co.
JUSTIN
Hutton- &
TERRELL,
3 1
J.
Co.
CHESTER
T.
Bache & Co.
THAYER,
AFFILIATES
RICHARD
TRADING MARKETS
Thayer, Woodward & Co.
in
THORNBURGH, ROBERT W.
The W. C. Thornburgh Co.
OVER-THE-COUNTER
THORNBURGH,
The
SECURITIES
W.
C.
WESLEY
Thornburgh
MEMBERS
TOBIAS, CHARLES H.
Westheimer
and
100
4
C.
Co.
Company
TRITTON, THOMAS
Direct Private
G.
A. Saxton
&
Harrison
Wires
&
Company
to
VASEY, JOSEPH H.
Co., Inc., New York-
Geo.
Akin-Lambert & Co., Inc., Los Angeles
Eustls
&
Co.
VONDERHAAR,
Westheimer
HARRY
and
C.
Company
WAGNER, ROBERT L.
The
W.
C.
Thornburgh Co.
Can you use our
WANNER,
LOUIS C.
Seasongood & Mayer
WEIL, JOSEPH B.
Westheimer
for
WEISS,
Communication
and
Geo.
Eustis
&
/
Co.
WELLLNGIIOFF,
BELL SYSTEM
CALIFORNIA RETAIL FACILITIES
Company
ROBERT
RICHARD
Our 34 years
F.
TELETYPE
WESTHEIMER,
LA
23
MEMBER-.
INC.
LOS ANGELES STOCK EXCHANGE
PRIVATE
WIRES
Asiel
&
TO:
SAN FRANCISCO STOCK EXCHANGE
Established
Co.
1921
Westheimer
Ellis
WHITE,
D.
G. A. Saxton
New
&
York
&
Trading Markets in
Inc.,
Co.,
PACIFIC
SHARES
COAST UTILITIES
Henry F. Swift & Co.,
San
Francisco
CALIFORNIA
EASTERN
LOS
and
S.
ANGELES
Phone Vandike
1071
&
OIL
STOCKS
MIDWESTERN
UTILITY, WATER AND NATURAL
GAS
SECURITIES
WHITE,
Spring Street, Los Angeles 14, California
to
place large or small
companies' stocks
P.
through
our own
retail organization.
S.
Company
&
time
you
have
the next
us
California offering.
a
AUSTIN
■
*
J. A. White & Company
WHITTAKER, DAVID
Schwabacher 8 Co.
Bache & Co.
WHITING.
Field,
CHARLES
Richards
WIDMANN,
Widmann
&
ALBERT
&
A.
Established 1919
Co.
Members
C.
New
York
Stock
And
San
Francisco
San
Exchange
Company
WOODWARD, WARREN
Thayer, Woodward & Co.
other
Francisco
Stock
Exchange
leading Exchanges
New York
4, Calif.
Wall
5, New York
Street
WOODY, MARION H.
Walter, Woody & Heimerdlnger
Montgomery at Market St.
14
SUtter
COrtlandt 7-4150
WORK, JOSEPH R.
Teletype SF-349
Geo.
639 South
us
Western
For fast efficient service call
DONALD
White
J.
of
Company
RICHARD
Co.
Co., Inc.,
City
INVESTMENT TRUST
McAndrew
&
blocks
ROBERT
WHEELWRIGHT,
experience in the California
market enables
C. J. Devine & Co.
Eustis
<fc
OAKLAND
WORTH, WILLIAM P.
Westheimer
and
Company
'
ZIEGLER, ALLEN
Merrill
1-5600
Teletype NY-1-928
Co.
Lynch, Pierce, Fenner <fc Beane
MONTEREY
SANTA
BARBARA
SANTA
ROSA
SACRAMENTO
FRESNO
THE COMMERCIAL and FINANCIAL CHRONICLE
68
Mr.
&
Mrs.
Continued
Mr.
Jolley and Malinda, The Robinson-Humphrey
Company, Inc., Atlanta
Lex
from
&
Mrs.
permit
them
lease
public
Prior
to
efforts
to
for
districts
school
projects
are
which
the
being constructed.
Financing
cedures
became
School Building Authorities
In the
lished
same
the
year
State
that it estab¬
Public
School
Building Authority, the Pennsyl¬
whereby
obtain
through the
of local municipal
use
This
authorities.
amending the
was
done
by
under which
act6
authorities
such
districts
facilities
school
required
functioned
to
MARKETS
or
systems
on
tneir
&
Mr.
Elmer W.
include
to
autnorities
sucn
extremely popular as the
through
wnich
school
medium
districts
could
obtain
the
oi
use
sells
authority
the
bonds
by
either
its
of
the
construction
trict
and
long-term
firm
the
dis¬
authority enter a
lease for the project
provides
maintenance
ment of annual rentals to the au¬
that
of the Pennsylvania
State Public
School Building Au¬
and
for
the
COLLINS MACRAE, V.-P.
w.
E.
HUTTON
&
With
CO.,
use
of
to other
N.
Y.
their
C„
wire
Members
N.
Y.
S.
ity financing the sole source of
authority's revenue is the
the
average
ability
facilities
denture which is entered into by
revenue
the
rity behind the
the
authority.
projects costing in
excess
company,
such
considered
million
the
and
that
the
of
as
of $108.5
school
dis¬
Commonwealth had
the school districts' point
the
were
local
several
authority and a bank or trust
as trustee. The lease is
assigned under the indenture by
the authority to the trustee and
than
their
than
trustee
then
applies
investments when it is an admit¬
ted fact
those
available
through
also
was
authority
thority projects
bulk
Tore
such
ranged.
than
for
to
wait
an
work
could
times
funds
the
local
capacity
which
annual
swer
they
to
of
are
this
the
districts
leased?
The
the
Investment Securities
a
be-
be
ar-
Trader
demands
far
with
school
650 S.
ex¬
McOmber
ST., LOS ANGELES 14
the
Bell
districts
System Teletype LA 155
authorities rather
indeterminate
(Mac)
SPRING
SANTA
MONICA
time
their
projects. Lastly, local
pride and control came into play
with
Russ
Building
San Francisco
Teletype SF 492
Telephone SUtter 1-5460
the
school
natural
districts
local
agencies
facilities
Direct Private Wire to Fairman & Co., Los
Angeles
of
result
that
preferred
rather
the
State
to
thah
the
use
the
organiza¬
tion.
When
school
a
Commonwealth
district
of
undertakes
the
an
TRADING MARKETS
authority
project it first obtains
the approval of such project from
the State Department of Public
Instruction.
Serving Southern California since 1927
based
the
upon
Such
approval
is
the projects' meeting
established
standards
of
OVER-THE-COUNTER
WagensellerS Durst,Inc.
Investment Securities
to
district
next
requests
authority (which
TRfnlty 5761
•
TELETYPE: LA 68—LA 35
MEMBERS
LOS
ANGELES
AMERICAN
STOCK
may
STOCK
EXCHANGE
or
its
local
be created
the
required financing
and
construction.
The
authority
first
solicits
bids
for
con¬
firm
•?' PASADENA
9.
530 WEST SIXTH STREET
struction and
•
Kra{t
&
measures
its financ¬
MINING STOCKS
LA
INDUSTRIAL STOCKS
675
LA 1678
(ASSOC.)
f REDLANDS """
SANTA'MONICA
6 Act
amended
P.
L.
Co*
LOS ANGELES 14, CALIFORNIA
TELETYPES
such
ing needs by the construction bids
CLAREMONT
UAcar
its related
OIL &
EXCHANGE
ISSUES
SECURITIES
municipal government) to under¬
take
PACIFIC C0AST
meet
by the school district
626 S. SPRING ST., LOS ANGELES 14
►
^
the
ability of the school
its lease obliga¬
tions for such project. Having ob¬
tained such approval, the school
district
Specializing in
IN
State and the
of
PHONE TRINITY
2529
of
May 2, 1945, P. L. 382, as
by the Act of June 12, 1947,
571.
/
to
an¬
question lies in the
more
necessitated
Authority
available
that
turned
Investment Securities
other
State
ceeded
result
loans
At
the
on
EXCHANGE
ing
financed by
detail
more
most
Members Los Angeles Stock Exchange
the State Au-
were
which
great deal
i
MEMBERS
SAN FRANCISCO STOCK
loans
as
of
cost
REVEL MILLER & CO
"Jt expeditious to finance through the
local
the
that
the projects exceeds the borrow¬
State
authority could
cheaper interest rates
State Authority. It
State
then, can
strong
How,
proved
the
local
at
the
be
bonds
secu¬
bonds of
reasons
authority
attractive
finance
Stone & Youngberg
its
meet
Sept. 1, 1953, local authorities in
Pennsylvania had financed school
that
j»]
district.
district's
lease obliga¬
tions which determines the
that,
credit districts in the State found
AwwwvvvHUUUHHuuwnwHUWUHHHHWHVHWy
to
school
school
under the usual form of trust in¬
reveal
Public School Building Authority.
At the outset many of the better
trading centers
is
of
Instruction
why
E.
Pennsylvania school author¬
lic
the
proper
Bonds
In
the
of
on
Security Behind "Authority"
the
120%
the
construction of the
as
it
From
to
indenture
with
more
Wire
the
Thus,
than
of
proceeds
thority.
The
records
of
the annual debt service payable on
Pennsylvania Department of Pub¬ the bonds. The bonds are issued
of view there
COOKE FAULKNER
Private
The
are
pay¬
thority by the school district of
an amount generally equal to not
less
reserves
prior redemption of
project progresses.
applications for approval of the school district pays the annual
other projects which it is esti¬
rental directly to the trustee pur¬
mated will cost another $164 mil¬
suant
to
such
assignment. The
lion to construct.
BUILDING, SAN FRANCISCO
bonds.
requisition
filed
RUSS
the
lease
tricts
WULFF, HANSEN & CO.
the
operation,
control by the
nancing
taken
for
for
and
district
and
der
au¬
school
for the estab¬
coverage
likewise deposited
with the trustee and paid out un¬
thority's revenue bond issue. This
lease
20%
bond issue
the
identical in life to that of the
guest
lishment of debt service
contracts
school
required facilities. In fact tne fi¬
which has been under¬
by such authorities now
the
or
public sale. Simultaneously with
the delivery of the bonds and the
execution
Meyer,
rental to the payment of principal
and interest on the bonds and uses
revenue
negotiation
Hammell, Taylor & Co., Chicago;
Dana
received. In financing the project
strictly for
a
Upon the broaden¬
powers
projects
exceeds
PACIFIC COAST
autnori-
sucu
devoted
financing of con¬
acquisition of water
tneir
scnooi
could
Local
of
ing
tune
basis.
revenue
buildings.
the
sewer
vania Legislature also set up pro¬
and
construct
generally
struction
and
to
school
tnat
had
ties
Current Trends in
School
Mrs.
Jr., Parsons & Co., Inc., Cleveland
Miss
6
page
Edward E. Parsons,
Thursday, October 8, 1958
Convention Number
Don
THE COMMERCIAL and FINANCIAL CHRONICLE
Charles
Sloan, Donald C. Sloan & Co., Portland, Ore.;
Strader, Strader, Taylor & Co., Inc.,
Lynchburg, Va.
M.
Zingraf, Laurence M. Marks & Co., New York City; Miss Dana Meyer,
Joseph P. Minetree, Steiner, Rouse & Co., New Orleans;
James G.
Fraser, Stern, Frank, Meyer & Fox, Los Angeles
Lud
fact that the school tax
the laws
laws and
In
controlling annual State
addition
real
tax
tricts
appropriations to the school dis¬
tricts
have
been
sufficiently
broadened to produce ample rev¬
stated
to
estate,
tion
the
able and is computed
powers to
school dis¬
both of the
carry
all school dis¬
tricts with the exception of Phil¬
adelphia
and
Pittsburgh)
may
gations.
now
school
the
for
enues
districts
to
their authority lease obli¬
On the other hand, the
school districts debt limits, being
constitutional in
been increased
a
constitutional
do
so.
reference
In
tion
it would require
amendment
the
to
powers
school
districts,
it
to
increased
should
been
is
are
that
found
required to
School
have
be
able
real
of paying
of
less
this
billion
tremendous
usual
types of
struction
also
dollars
to
will
sum
be
aid, for in¬
transportation
state
costs,
costs, school nursing services, etc.
Another
part of these budgeted
will be
funds
funds
districts
5,000 and 500,000 per¬
given unlimited
taxation against tax¬
that
tricts
have
either
the
Authority
meeting
5,000 population,
taxing powers for all
other than teachers' sal¬
such
dis¬
with
Building
their
districts
school
additional annual
an
assist
to
rental
7 The Act of June
as
school
leases
School
under such lease. The
aries.
which
with local municipal
or
appropriation
than
where
entered
authorities
authority lease rentals.
legislation
State
shall receive
purposes
paid out to school
under
provides
have limited
purposes,
Vz
over
paid out to school districts for the
Such districts, as is true of those
with
1947" 7
of
educational purposes. A great part
such rentals.
populations
the
Law
them
in
obligations
appropria-
25, 1947 P. L. 1145,
amended.
based
&
ESTABLISHED
Co.
Los
York
Stock
Exchange
San
Francisco Stock Exchange
(Associate)
pay¬
statu¬
a
the generally accepted concept of
State
the term. There is
to
question
no
as
project
weakest school
districts. In many
revenues
instances,
appropriations
debt. The lease ob¬
ligation is fixed at the time of the
sale of the bonds. Such obligation
the
so
received exceed 50% of the rental
obligation of the school district.
In
the
stronger school district
such aid, of course, does not reach
such
proportions.
A
whether
peculiar quirk of the Penn¬
the
not
or
sufficient
to
power
Bonds
that
as
Authority
School
Investment
-
After this glowing
to
the
tribute to the
Pennsylvania
school
of
merits
authority
agree
as
of the school district
upon
appropriations
its
tive
indirectly
its
district.
school
earn
retire
thereafter rests directly upon
taxing
through
the
Pennsylvania
ultimately
would
Goshia, Precision Tool & Die Co.,
Bronson, Mich.
financed
outstanding
and
bonds you are certain
that they appear attrac¬
investments. But, you
Continued
of the
on
will
page
70
sylvania law arises from the fact
such
no
provided
their
nances
of school
to
sort
fi¬
projects
the sale of their
obligation
bonds.
This fact has caused
number
is
which
school
from
general
directly
own
assistance
state
districts
for
additional
an
MARKETS MAINTAINED
districts to re¬
authority financing
even
IN
though their fiscal condition was
such that they could have readily
financed their
have
tion,
MORE THAN 300
projects with their
bonds. The districts in ques¬
own
the
that
found
ACTIVELY TRADED SECURITIES
lease
aid received from the State
more
than offset any saving which they
might
realize
where
their
manded
a
in
cost
interest
bonds
own
com¬
attractive
more
rate
than those of their local authority.
The
has
lengths
such
to
Morgan
Legislature
Pennsylvania
gone
Members Los Angeles
to
its
school
authority
that it might be said that
a school authority bond of a par¬
ticular community is more to be
desired than a general obligation
strenghen
634
S. SPRING ST.
8 Go.
Stock Exchange
LOS ANGELES
•
14
•
Ml
6421
program
bond
munity. In
a
could
be
well
the
of
same
•
SANTA MARIA
-
LONG BEACH
•
CORONA DEL MAR
com¬
a
school
serviced
within
general
taxing
district
must
limits
of
powers
of such school district. On
a school district
the
Teletype LA 146
BEVERLY HILLS
given situation this
true. The general
obligation bonded debt of
1883
American Stock Exchange
Angeles Stock Exchange
by
give the greatest assistance to the
Members
New
rental
tory formula which is designed to
school
J. ItAimi
the
on
Mr. & Mrs. Oliver
guest;
to
that
cates
with
estate for
Tax
the
Pennsylvania state budget for the
current biennium (1953-55) allo¬
been
of
powers
additional
pay
districts
of between
sons
have
Rule
of
It should also be noted that the
given
an
emergency
tax
of 5 additional mills where
power
it
districts
Such
application
State.
pointed out that all those with
populations of less than 5,000 per¬
sons
have
been
empowered to
levy taxes, over and above the
regular tax power, of 10 addi¬
tional mills against taxable real
estate
to
pay
school authority
rentals.
of taxa¬
sources
which, with certain listed excep¬
tions, permits the school districts
to tax anything not taxed by the
Pennsylvania
of
taxing
through
"Home
nature, have not
as
encompass
reach other
is
their
falling within
population categories
(which
69
be
the
other hand,
under
an
authority
service the same, not
only from its general limited tax¬
operating
Underwriters, Distributors and Dealers in Corporate, Municipal and
Unlisted Securities
FRANCISCO:
Telephone
404
power, but from
the addi¬
tional taxing powers granted the
ANGELES:
210
W.
7th
Street
Montgomery
DOuglas
district
2-6400
SF 230—Unlisted Sec. Dept.
Teletypes: SF 138—Order Dept.
LOS
Street
14 WALL STREET
NEW YORK:
Telephone DIgby 9-3780
Telephone MAdison 6-4681
Teletype
NY
1-3466
PRIVATE WIRE CONNECTIONS BETWEEN ALL OFFICES
Direct
•
Scherck, Richter Co., St. Louis
the
for
purpose
of
sup¬
have been prominently
identified with the financing of
the following
western corporations
porting such leases. Furthermore,
the
State
additional
renders
aid
to the districts which have leased
whereas
projects,
authority
no
Hoffman Radio Corp.
The Stuart Company
Norris-Thermador Corp.
Brunswig Drug Company
The Fluor Corp., Ltd.
Solar Aircraft Company
such aid is granted to school dis¬
in support of their general
tricts
To:
Leased Wires
Shearson, Hammill & Co., New York
We
may
ing
•
SAN
lease
obligation securities. And. as has
been pointed out, authority leases
usually call for an annual rental
payment of not less than 120% of
the average annual debt service
Northrop Aircraft, Inc.
Van Camp Sea Food Co., Inc.
Valley National Bank
of
Phoenix
the
authority's bonds.
The
surplus rental is used first to es¬
on
tablish
\
Croweff.Weecfon
& Co.
DISTRIBUTORS
UNDERWRITERS
PRIVATE
features
serve
school
TELETYPE LA
would
•
Long Beach
•
ESTABLISHED
district
run
into
should
a
financial*
LOS
a
ANGELES
640 So.
•
Laguna Beach
case
with
general obligaFinally, p school
bond
authority
the
bond,
interest
tributable
its
to
certainly not
while carrying
generally at¬
rates
revenue
a
revenue
bonds,
is
bond in
14
Spring St.
TRinity 4211
authority
bond
better position to
its
in
be
Thus,
INVESTMENT
1887
SECURITIES
SAN FRANCISCO 4
Ill Sutter St.
SUtter 1-7500
Members
weather the storm than would be
38
San Diego
outstanding general
debt.
difficulty,
the
Pasadena
their
R. Staats & Co.
William
financing,
for the school districts only budg¬
et the exact amount required to
obligation
650 S. SPRING ST. • LOS ANGELES 14. • TRinity 0281
not to be found
are
obligation
general
service
PLACEMENTS
bonds
redemption
prior to fixed maturity. Such re¬
in
Members Los Angeles Stock Exchange
their
for
the
for
reserve
a
then
and
Pasadena
Beverly Hills
Santa Ana
San Jose
Van Nuys
New York Stock
Exchange
American Stock Exchange (Assoc.)
Los
Angeles Stock Exchange
San Francisco Stock Exchange
Mr.
FINANCIAL CHRONICLE
THE COMMERCIAL and
70
&
Mrs.
Continued
Peter
Morgan,
J.
Pfeter
from
page
Morgan
Mr. & Mrs. Samuel E. Magid, Hill, Thompson
& Co., New York City
has
69
also
School Financing
X, Section 1 of the State Constitu¬
viding
for
annual
priations* binding
sessions
the
of
rental
appro¬
all
future
on
Pennsylvania
To
must
that it is not. Article
requires
that
shall
maintenance
this question we
Legislature?
answer
tion
Assembly
the
provide
and
General
for
support
of
efficient public school system,
the
the
an
and
Pennsylvania Supreme Court
rental
positive
no
condition
the^ JCourt has
such
session
drawn.
the
of
the
ing
school
public
system.^
Thus,
FEWEL
Member Los
S.
the
in
relies
program
State
Trading Dept.
is but
aid
tricts.
George H. Earnest
®
that
seen
so
rental
The
port.
Angeles 13, Calif.
any
heavily
upon
its
sup¬
is
It
tricts
small part of the
a
in
school
to
merely
to
the
facilities, and
the
dis¬
to
dis¬
tricts
in
tion
costs,
the
PUBLIC UTILITIES
WALTER C. GOREY CO.
Russ
Teletype SF 573
Michigan 2837
Building, San Francisco 4
Teletype LA 1086
Van Nuys Building, Los Angeles 14
constitutional subter¬
limits.
While
soundly
this
may
conceived
rendering
service
to
the
and
much
a
people of
Pennsyl¬
stitutional
attack,
and
Authority
System
by
successful
are
other states are reported
going ahead with plans for
be
local
supported in part by the State
Hayden,
(1938).
329
PA.
these
needs.
vide
the
facilities.
When
prelim¬
of
school
the
systems.
set-up
The
Georgia Authority
is
213;
9 Ga.
Laws
1951,
pp.
plans
have
been
specifications
and
completed,
tween the
Authority and the local
Board, and the State Board of Ed¬
ucation
is
made
party
a
We
hope
you
enjoyed
your
We invite you to take a look at the
■
by acknowledging the same
and agreeing to pay the rentals
called for therein. Upon comple¬
tion of these steps by the respec¬
tive Boards, bonds are then issued
241-261.
project. As opposed
Pennsylvania State School
the
very
has
Authority, it is to be
Georgia Authority
that the
successfully
marketed
building rev¬
of a total aggregate
now
two issues of school
bonds
enue
principal amount of $95,397,000.
It is contemplated that such fi¬
nancing will provide funds for the
construction of facilities in 103 of
the
State's
tems.
school
visit to the
Inactive Pacific Coast Securities
UTE ROYALTY CORP.
we
it
will
finance
additional
projects which will raise its total
borrowing to between 125 million
dollars
The
and
150
Georgia
million
bonds
are
Intermountain Area!
following Intermountain oil speculations
make
primary markets:
ENGLISH OIL
We also solicit your orders on the Salt
UTANA BASINS OIL
Lake Stock Exchange
HANNAFORD & TALBOT
SAN
519
FRANCISCO
California St.
GArfield
1-8000
Teletype SF 231-234
LOS ANGELES
634 S,
W. D. NEBEKER & CO.
Spring St.
TRinity 3771
Teletype LA
Phone
—
9-3783
309
Pac.
Nat.
Life
1124
Teletype
—
SU 394
sys¬
completing its pro¬
Authority anticipates
the
gram,
that
local
202
Before
■
in which
such
to
lease
SECURITY TRADERS:
Specialists in
lease
a
agreement is executed by and be¬
noted
While
to
v.
furnish
Building
Adopted
Georgia
regard, we should not
financing
school
projects
by
lose sight
of the fact that the
means of state school authorities,
combined financing by the State
Georgia has developed its
School Building Authority and by only
program to a point which war¬
local municipal authorities
now
rants
comment
at
the
present
approximate $200 million dollars
time. The State School Building
and there is every indication that
in the near future such financing Authority of Georgia was created
in 1951 9 for the purpose of con¬
will greatly
exceed this figure.
Inasmuch as all such financing is structing needed school facilities
and the leasing of the
same to
supported by leases which in turn
197A, 334
Over-the-Counter
by
to
inary
to
this
8 Malone
i
er.tire
its
has been approved
the Georgia Supreme Court.
program
to finance the
Commonwealth.
the
costs
is
that
needed
operation of the public schools.
In
YUkon 6-2332
the
to
pointed
program can be
debt
one
payment of instruc¬
imoerative
^school
be true it is proving itself to be a
nursing service, all of which
along with
adequate
facilities,
are
Pennsylvania
mere
a
program
aiding school dis¬
transportation
as
trict
adopted by the
once
entire
fuge to circumvent the school dis¬
necessary
and
INSURANCE STOCKS • BANK STOCKS
the
of
School
Building Au¬
thority.
Like
its
Pennsylvania
counterpart, the Georgia Author¬
ity has withstood the test of con¬
units
authority
means
school
assist
providing
lished policy of
Retail Distributor
to
thority method of financing, does
not strike me as hastily conceived
nor subject to change. To be sure,
appronriation
granted
established
for
Commonwealth, is no more likely
to change
than the long estab¬
1
pressed
that
to
State
of the school districts un¬
When such needs have been de¬
dertaking the projects with au¬
termined
and
approved by the
thorities.
The
policy which re¬
State Board, the local unit makes
sulted in the dual action of setting
application to the Georgia Au¬
up the rental appropriation pro¬
thority for funds to provide the
gram and of changing the struc¬
required facilities. When the ap¬
ture
of
taxing powers
of the
school districts, with full realiza¬ plication has been approved by
tion that the districts would take the Authority, a commitment is
widespread advantage of the au¬ given to the local Board to pro¬
Commonwealth.
be
can
Commonwealth
the
Spring St.
TRinity 4191
Teletype LA 456
it
currently
CO.
school
power
policy by subse¬
quent sessions of the Legislature
would
completely
disrupt
the
public educational system of the
Commonwealth, as such system
Angeles Stock Exchange
453
Los
&
with¬
dis¬
were
vania
The
public
school
system
of
contrary true, subse¬ weaker districts whose financial
sessions
of
Legislature solvency depends very largely on Georgia is administered through
and
city
independent
might find it impossible to make state appropriations might even county,
systems which are gov¬
such changes in the law as might default. The overall effect would school
be necessary to keep the public be so damaging that the financial erned by local Boards of Educa¬
tion. The administration of State
mu¬
schools abreast of educational ad¬ reputation of Pennsylvania
nicipalities and the State Govern¬ funds for school purposes is under
vances. This is a legal answer to
ment
would
be
damaged beyond the State Board of Education.
the above question, but I feel that
The State Board of Education,
repair.
it is hardly a practical one.
together with the local Boards of
been pointed out, the
As has
Remember
also
that
concur¬
State budget of the current bien- rently with setting up the rental Education, is charged under law
with making a survey of physical
nium allocates over $V2 billion to appropriation progress the Legis¬
needs and the ability of the local
the
support
of public
schools. lature saw fit to broaden the tax
radical change of
ISSUES
if
similar
quent
education
CALIFORNIA
can
chaotic
result
hard
be
we
Co., Denver
the
Were
in
SOUTHERN
would
Amos C. Sudler &
Phillip J. Clark,
continue their rental payments on
their
leases
and
some
of
the
This, I am advised, is approxi¬
mately 40% of the cost of public
Trading Markets
Mr.
would
that
appropriations
Many of the
tricts
Legislature can bind a subsequent
session to a fixed policy concern¬
&
appropriations,
appreciate
the
readily
Legislature to
sy^te|m\of public
that
held
Mrs.
& Co., Inc. New York
the
upon
provide such a
schools. However,
Current Trends in
ask; is the current legislation pro¬
is A
this
that
held
mandate
Thursday, October 8, 1953
Salt
Lake
City
10,
Bldg.
Utah
dollars.
issued
Convention
Mr. &
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
Mrs. John
M.
Hudson, Thayer, Baker & Co.
Philadelphia
under the usual form of trust
in¬
dentures
entered into by and be¬
tween the Authority and banks or
insure
to
reserves
the
of
success
the
Authority's
financing
pro¬
gram. While the procedures fol¬
lowed by the Georgia Authority
the
and
School
Pennsylvania
Building
the
basically
several
their
these
same,
important
made
that
least, such programs could be
by changes in State
policy.
district
rental
payments
vania
State
local
makes
authority.
municipal
of
Board
to
or
Georgia such is not the
State
lease
all
Authority
In
The
case.
Education
a
pays
the rentals, on behalf of the local
unit, directly to the Authority an¬
nually in advance out of funds
due the local
unit from State ap-
*
propriations made pursuant to the
Constitution and laws of the State
of
Georgia for capital outlay, or,
should
be
the
capital
funds
outlay
funds
other
the local unit by the
insufficient,
due
from
any
State for educational purposes. In
established
and
public
of
in
In
Legislature
which
financing
be
to
seems
Indiana.
1933
enacted
authorized
Indiana
which
were
to
be
enable the
to
poration
liquidate
to
lessor
within
of
State
this
Beane
PATTEN,
George
PHIPPS,
E.
M.
Donald
C.
C.
Sloan
Co.
&
SOMERS, HOWARD
Camp & Company
Jr., GEORGE F.
Patten Investment
SWAILS,
Co.
J.
R.
DERELE
Williston,
Bruce
& Co.
PRESTON
Adams
&
,TRIPP, Jr., CHAS. N.
Co.
Chas.
ROBERT
Blyth & Co., Inc.
PITT.
N.
Tripp & Company
VAN BOSKIRK, DON R.
Atkinson
ZORA,
&
Co.
RAY
First National Bank of Portland
pay
aside
created
to
on
a
limit,
and
have
the
the
ground
school
district
of its constitutional
excess
Indiana court
approach to
school
facilities
by
approved
thus
Securities
the
this
financing
Municipal Bonds and Corporate
novel
of
Local Industrial &
might well become even another
ingenious scheme with which the
investment
banking
fraternity
Utility Stocks
Trading Markets
must become familiar.
Retail Distribution
10 Ind.
Laws, 1933, c. 162, sec. 1, et
as amended.
Protsman v. Jefferson-Craig Consol.
seq..
is
11
School
Corp.,
109
N. E. 2d
889
(1953).
STRADER, TAYLOR & CO., INC.
Security Traders Association of Portland, Ore.
L0 39 TWX LY 77
LYNCHBURG, VIRGINIA
School
Georgia
Bond more attractive,
than the bond pf
Authority
in
&
LUNDBORG, HUGO
Handel, Lundborg & Co.
limits
the
prescribed by the laws of the
State. This would seem to make
the
it
debt
sought
set
it
and
cor¬
authorized, has only recently been
which
to
limit. The plan and the lease were
and
under
constitutional
lease
plan, and the constitutionality of
statute
was
as
deficiency from ad valorum taxes
levied by it as authorized by the
Fenner
Bank of Chicago
finance the project.
district
debt in
retire any of its
the
school
that
to redeem
stock at par
plus accumulated dividends. This
interest,
annual
to
all indebtedness with accrued and
unpaid
stated
at
Pierce,
a
taxpayers
paying
by
for
its
shall be specified in the lease and
to
pay
thqrefor / a
sufficient
amount
district
Lynch,
DONALD
SLOAN.
LUDLAM, PAUL A.
Merrill
Strong, First National
corporation an annual rental
of $16,000. At the time the school
district was only $36,000 short of
of acquir¬
ing
land
and
erecting
school
buildings thereon for the use of
the leasing school districts. Under
this plan the school districts have
right to acquire the title
the
building at such times
school
rentals
H.
the
formed for the purpose
the
building corporation was
to acquire land, to erect
thereon and to
the
building to an Indiana
The
to enter into leases with building
corporations
in
resulted
case
arrangement whereunder
an
gage bonds to
districts
school
The
OrvIIle
Meyer,
bonds and $80,000 of second mort¬
statute10
a
subject of litigation
P.
period of 30 years,
ROBBINS, J. GILBERT
with the right in the school dis¬
Campbell & Robbins. Incorporated
trict to purchase the building on
RUCKDESCHEL, RICHARD
Pacific Northwest Company
any
rental payment date.
The
building corporation proposed to
issue $200,000 of first mortgage
developing
the
the
school building
let
permanent
and
Constitution
a
facilities thus appears to be a well
medium
of Chicago; Frank
Corporation, Detroit
formed
school
needed
deficiency
in the payment of rentals on the
part of the State Board, the local
unit is o b 1 i g a t e d to pay such
the event there is any
!
much
districts
the Pennsyl¬
to
nishing
a
of fur¬
means
a
Bank
Michigan
state.11
from
authority and its
as
constitutional debt limits of school
explained, the local
school
of the
use
in
distinctions
financing programs.
As has been
The
related leases
National
of
weakened
are
are
First
First
in
the States of Georgia and Penn¬
sylvania. A new application of the
lease concept for circumventing
State
Authority
Sachnoff,
at
trust
companies and seem to be
adequately secured with proper
Samuel
71
regard
Authority,
the
Pennsylvania
the
direct payments by
agency
to
for
the State
gives
Authority
the
greater assurance that the rental
obligations will be made. On the
hand, under the Pennsyl¬
system of paying the State
other
vania
appropriations first to the school
district, it is possible that the
funds so paid could be used by
districts
the
other
for
C<Ul
current
needs in times of financial stress,
leaving them short of funds when
authority lease rentals are
their
due and payable.
is
to
noted
be
Legislature
has
the
Georgia
attempted
Constitution
General
raETWE*
nature
will
as
the
State
permit.
Appropriations
The
Act
of
Vice-President: Paul
Secretary-Treasurer: Neil D'Amico, Dean Witter & Co.
National Committeeman: Preston
L. Phipps, E. M. Adams & Co.
Elected: December 18,
While this is not bind¬
future sessions of the
Legislature it is exoressive of an
adopted policy for the betterment
on
school
Thus,
facilities
in
the
in this regard, the
State.
Georgia
School Authoritv Bonds and those
Authorities are
for, while both
the Legislatures of the States have
done all possible to establish a
nermanent program for revenue
financing of school buildings, it
must be admitted that, in theory
of
Pennsylvania
basically
on
a par.
LYNCHBURG, VA.
RICHMOND, VA.
1953
and ending June 30. 1954, and to
continue each fiscal year there¬
after until the Act is repealed or
fiscal year beginning July 1,
Pierce, Fenner
& Beane.
Alternate: Dan V. Bailey, Foster &
of
CORPORATE LY*2 S 69
A. Ludlam, Merrill Lynch,
provides for various appro¬
priations to be allocated for the
ing
Co.
President: Preston L. Phipps, E. M. Adams &
1953
modified.
D'Amico
to
appropriations to school
districts for capital outlay as per¬
in
Neil
Paul A. Ludlam
Phipps
Furthermore, it
that
make the
manent
TELEPHONE 1-2*2!
Preston L.
Sloan
&
COLLINS.
William
Co.
www#-:
BALFOUR,
Russell,
Si
BOHRER.
Walston
LESLIE
Blakeley,
HILL,
1
Bank
of
U.
Jf
Cole
Inc.
S.
Commerce
Co.
J.
McFaul
L.
National
J.
of
&
Bank
«
of Portland
SHELDON
Jones
&
Co.
FRED
of California
Portland
at
Si
*v,
Bank
VIRGIL
S.
June
Portland
COLE. VERGIL R.
Butchart
Co.
NEIL
Witter
«fe
JONES,
CAMPBELL, RICHARD M.
National
Hess
Inc.
J.
& Co.
Daugherty,
&
JOHN
HESS,
Si
BRADLEY, NORMAN
U. S. National Bank of
First
Dean
Balfour
BLAKELY, WILLIS H.
Gould
J.
Collins
J.
Canadian
D'AMICO,
DAVID A.
Stewart
Hoppe,
Blankenship,
WILLIAM
COLTON, E. L.
BAILEY, DAN V.
Foster & Marshall
ROANOKE, VA.'
BLUEFIHtD, W. VA.
ROSTER OF MEMBERS
C.
MUNICIPAL BONDS
UNLISTED SECURITIES
Expires: January 1, 1954.
Donald
NORFOLK, VA.
OANVIUE, VA.
Marshall.
1952; Took Office: January 1, 1953; Term
ADAMS, RICHARD H.
MUNICIPAL LY*2
CORPORATE STOCKS & BONDS
!te«J^AN.
Jft..
PIERRE A.
^liston, Bruce Si Co.
THE COMMERCIAL and FINANCIAL
70
Mr.
&
Mrs.
Peter
Continued
J.
Morgan, Peter Morgan
from
&
Co., New
York
mandate
provide
schools.
Current Trends in
upon
Legislature
X, Section 1 of the State Constitu¬
ask; is the current legislation pro¬
viding
annual
for
priations
binding
sessions
of
the
Legislature?
must
To
rental
appro¬
all
future
on
tion
Pennsylvania
this question
that
shall
maintenance
we
the
provide
and
the
General
for
support
efficient public school
that it is not. Article
answer
requires
Assembly
of
the
an
system, and
Pennsylvania Supreme Court
is
rental
positive
a
the Legislature to
session to
session
no
bind
can
condition
tricts
subsequent
a
Mr.
would
that
would
we
J. Clark, Amos C. Sudler & Co., Denver
can
chaotic
if
result
were
hard
be
Phillip
with¬
school dis¬
appropriations
drawn. Many of the
the
of
&
such
pressed
to
continue their rental payments on
fixed policy concern¬
a
Mrs.
appropriations,
appreciate
the
readily
such a system of public
However, the Court has
held' that
also
School Financing
this
that
held
has
69
page
Thursday, October 8, 1953
Hill, Thompson & Co., Inc. New York
Mr. & Mrs. Samuel E. Magid,
City
CHRONICLE
some
of
the
system.*5 their leases and
true, subse¬ weaker districts whose financial
quent
sessions
of
Legislature solvency depends very largely on
might find it impossible to make state appropriations might even
such changes in the law as might default. The overall effect would
be necessary to keep the public be so damaging that the financial
ing
the
public
the
Were
school
contrary
reputation of Pennsylvania mu¬
nicipalities and the State Govern¬
would be damaged beyond
repair.
schools abreast of educational ad¬
This is
vances.
a
legal
to
answer
the above question, but I feel
is hardly a practical one.
ment
that
it
has
As
been
Remember
the
also
that
concur¬
State budget of the current bien- rently with setting up the rental
nium allocates over $%. billion to appropriation progress the Legis¬
the
support
of
public
schools. lature saw fit to broaden the tax
Trading Markets
m
SOUTHERN
CALIFORNIA
FEWEL
&
CO.
Member Los Angeles Stock
453
Los
S.
ISSUES
Exchange
Spring St.
Angeles 13, Calif.
TRinity 4191
George H. Earnest
Teletype LA 456
Trading Dept.
pointed
out,
This, I am advised, is approxi¬
mately 40% of the cost of public
power
education in
thorities.
the
Commonwealth.
established
to
assist
to
dis¬
school
the payment
costs,
program
needed
of instruc¬
transportation
are
imperative
Building, San Francisco
4
While
to
Teletype LA 1086
Adopted
other states
fact
the
that
financing by the State
are
reported
be
will
near
as
this
exceed
figure.
all such financing is
supported by leases which in turn
are supported in part by the State
8 Malone
Hayden,
197A, 334 (1938). "
v.
329
PA.
a
point
The
which
the
at
School
State
Authority of Georgia
future such financing
greatly
Inasmuch
indication that
time.
to
comment
rants
war¬
present
Building
created
in 1951 9 for the purpose, of con¬
structing needed school facilities
and the leasing of the same to
local school systems. The set-up
of the Georgia Authority is very
was
213;
9 Ga.
Laws
1951,
pp.
Like
stitutional
program
its
the Pennsyl¬
Building Au¬
Pennsylvania
attack, and its ertire
has been approved by
the Georgia Supreme Court.
The
public
school
system
Georgia
county,
is
administered
city
and
independent
systems which are gov¬
erned by local Boards of Educa¬
tion.
The
administration
of
We
hope
We invite you to
Over-the-Counter
enjoyed
you
take
a
your
The
State
Board
of
Education,
together with the local Boards of
Education,
is charged
under law
with making a survey of physical
needs and the ability of the local
units
to
furnish
these
needs.
such
termined
needs
have
been
in which
UTE ROYALTY CORP.
we
241-261.
visit to the
make
approved by the
State Board, the local unit makes
application
to the Georgia Au¬
thority for funds to provide the
required, facilities. When the ap¬
plication has been approved by
the
Authority, a commitment is
given to the local Board to pro¬
vide
the
inary
facilities.
plans
have
When
been
completed,
a
lease
agreement is executed by and be¬
tween the
Authority and the local
Board, and the State Board of Ed¬
ucation
is made a party to such
by acknowledging the same
and; agreeing to pay the rentals
lease
called
for
therein.
Upon
FRANCISCO
California St.
project. As opposed
Pennsylvania State School
the
has
Authority,
it is to be
Georgia Authority
that the
successfully
now
marketed
two issues of school building rev¬
enue
bonds of a total aggregate
principal
It
amount of $95,397,000.
contemplated that such fi¬
is
nancing will provide funds for the
construction of facilities in 103 of
the
State's
tems.
i
school
it
will
finance
additional
projects which will raise its total
borrowing to between 125 million
dollars
The
and
150
Georgia
million
bonds
are
Intermountain Area!
primary markets:
ENGLISH OIL
GArfield
1-8000
Teletype SF 231-234
UTANA BASINS OIL
Exchange
W. D. NEBEKER & CO.
Spring St.
TRinity 3771
Teletype LA 1124
Phone
—
Teletype
9-3783
—
SU 394
sys¬
completing its pro¬
Authority anticipates
the
gram,
that
local
202
Before
LOS ANGELES
634 S.
comple¬
tion of these steps by the respec¬
tive Boards, bonds are then issued
We also solicit your orders on the Salt Lake Stock
519
prelim¬
specifications
and
HANNAFORD & TALBOT
SAN
de¬
and
look at the following Intermountain oil speculations
Inactive Pacific Coast Securities
State
funds for school purposes is under
the State Board of Education.
SECURITY TRADERS;
Specialists in
of
through
school
Building
program
the
not
of
School
counterpart, the Georgia Author¬
ity has withstood the test of con¬
noted
Georgia
local
of
should
we
Building Authority and by
municipal authorities now
approximate $200 million dollars
Van Nuys Building, Los Angeles 14
System
by
School
regard,
sight
combined
in the
Russ
Authority
that
to finance the
going ahead with plans for
financing
school
projects
by
means of state school authorities,
only Georgia has developed its
this
thority.
to
operation of the public schools.
and there is every
Michigan 2837
conceived and
rendering a much
service to the people of
is
successful
the
to
may
Commonwealth.
the
costs
this
soundly
that
one
While
to
State
When
constitutional subter¬
limits.
vania
au¬
policy
be true it is proving itself to be a
lose
Teletype SF 573
un¬
Commonwealth, is no more likely
to change than
the long estab¬
lished policy of aiding school dis¬
In
YUkon 6-2332
mere
as a
trict debt
nursing service, all of which
along
with
adequate
facilities,
WALTER C. GOREY CO.
The
with
fuge to circumvent the school dis¬
and
PUBLIC UTILITIES
projects
tricts
in
providing
necessary
facilities, and once adopted by the
tion
INSURANCE STOCKS • BANK STOCKS
the
which re¬
Thus, it cari be seen that any sulted in the dual action of setting
radical change of policy by subse¬ up the rental appropriation pro¬
quent sessions of the Legislature gram and of changing the struc¬
would
taxing
powers
of
the
completely
disrupt
the ture of
public educational system of the school districts, with full realiza¬
Commonwealth, as such system tion that the districts would take
currently relies so heavily upon widespread advantage of the au¬
the Commonwealth
for its sup¬ thority method of financing, does
port.
The
rental
appropriation not strike me as hastily conceived
program is but a small part of the nor subject to change. To be sure,
entire
State aid granted to school dis¬ the
Pennsylvania
school
tricts.
It
is merely
the means authority program Can be pointed
tricts in
Retail Distributor
of the school districts
dertaking
similar
309
Salt
Pac.
Nat.
Lake
Life
City
10,
Bldg.
Utah
dollars.
issued
\
THE COMMERCIAL and FINANCIAL CHRONICLE
Convention Number
Mr.
&
Mrs. John M.
Hudson, Thayer, Baker & Co.,
Philadelphia
under the usual form of trust in¬
dentures entered into
by and be¬
tween the Authority and banks or
trust companies and seem to be
I
adequately secured with proper
reserves to insure the success of
the
Authority's
financing pro¬
gram. While the procedures fol¬
lowed by the Georgia Authority
the
and
Pennsylvania
State
Building
Authority are
School
basically
several
their
the
these
same,
important
are
distinctions
in
financing programs.
As has been
school
district
makes
payments
vania
State
all
the
to
lease
Pennsyl¬
Sachnoff,
made
that
state.11
from
an
least, such programs could be
by changes in State
policy.
The
of the
use
related leases
nishing
authority and its
as
much
established
and
public
the
of
States
of
sylvania. A
lease
permanent
financing
Georgia
in
and Penn¬
application of the
for circumventing
In
Legislature
which
be
to
seems
Indiana.
enacted
authorized
formed for the purpose of acquir¬
State
Board
Education
of
pays
the rentals, on behalf of the local
unit, directly to the Authority an¬
nually in advance out of funds
the local unit from State ap¬
due
propriations made pursuant to the
Constitution and laws of the State
of
Georgia for capital outlay, or,
should the capital outlay funds
be
insufficient,
funds
due
the
from
local
other
unit by the
any
State for educational purposes. In
the event there is any deficiency
the
in
payment of rentals on the
corporations
which
to
were
land
the
right in the school dis¬
$200,000
first
of
Pierce,
enable the
to
liquidate
to
lessor
by
school
district
constitutional
to
was
lease
aside
set
that
it
debt
sought
taxpayers
cor¬
to
PATTEN,
George
PHIPPS,
E.
M.
a
the
ground
district,
facilities
school
of
ingenious scheme with which the
investment
banking
fraternity
must become familiar.
interest, and to redeem
any of its stock at par
plus accumulated dividends. This
which
it
Jr., GEORGE F.
Patten Investment
the
would
of
State
laws
of
to
seem
the
make
Co.
DERELE
Williston, Bruce
SWAILS,
Co.
J.
R.
& Co.
PRESTON
Adams
&
,TRIPP, Jr., CHAS. N.
Co.
Chas.
ROBERT
Blyth. & Co., Inc.
PITT,
N.
Tripp & Company
VAN BOSKIRK, DON R.
ROBBINS, J. GILBERT
Campbell & Robbins, Incorporated
Atkinson
ZORA,
RUCKDESCHEL, RICHARD
Pacific Northwest Company
&
Co.
RAY
First National Bank of Portland
Municipal Bonds and Corporate
Securities
Local Industrial &
Utility Stocks
10 Ind.
seq..
is
as
Laws, 1933,
amended.
11 Protsman
School
Corp.,
Retail Distribution
162,
c.
sec.
Jefferson-Craig
v.
109
N.
E. 2d
Trading Markets
889
1,
et
Consol.
(19S3).
STRADER, TAYLOR & CO., INC.
within
by
&
HOWARD
Camp & Company
SOMERS,
might well become even another
unpaid
under
C.
Sloan
limit, and
have
the
and retire
statute
C.
pay
school
on
created
financing
paying
all indebtedness with accrued and
the
Donald
Beane
mortgage
right to acquire the title to debt in excess of its constitutional
building at such times as limit. The plan and the lease were
shall be specified in the lease and
approved by the Indiana court
to
pay
therefor
a
sufficient and thus this novel approach to
poration
&
Handel, Lundborg & Co.
the
amount
Penner
LUNDBORG, HUGO
authorized by the
the
limits
as
Constitution
This
years,
the
authorized, has only recently been
prescribed
its
buildings
deficiency from ad valorum taxes
State.
annual
Lynch,
DONALD
SLOAN,
LUDLAM. PAUL A.
Merrill
First National Bank of Chicago
Strong,
corporation an annual rental
of $16,000. At the time the school
district was only $36,000 short of
the leasing
plan, and the constitutionality of
it
stated
at
period of 30
a
H.
the
be
part of the State Board, the local
unit is oblig ated to pay such
levied by
the
The
and
erecting
school
thereon for the use of
school districts. Under
this plan the school districts have
ing
for
Orvllle
Meyer,
of second mort¬
gage bonds to finance the project.
districts
municipal
authority.
In
Georgia such is not the case. The
district
P.
bonds and $80,000
statute10
a
school
rentals
issue
Indiana
school
arrangement whereunder
purchase the building on
any
rental payment date.
The
building corporation proposed to
developing
the
1933
resulted
case
trict to
constitutional debt limits of school
in
The
school
with
new
concept
subject of litigation in
building corporation was
to acquire land, to erect
building thereon and to
let
the
building to an Indiana
a
facilities thus appears to be a well
medium
the
formed
school
needed
of Chicago; Frank
Corporation, Detroit
a
of fur¬
means
a
Bank
Michigan
weakened
to enter into leases with building
to
or
National
of
at
a
Authority
local
First
First
districts
explained, the local
rental
Samuel
71
Security Traders Association of Portland, Ore.
LD 39 TWX LY 77
LYNCHBURG, VIRGINIA
School
Authority Bond more attractive
in this regard than the bond of
Tie
Pennsylvania Authority, for
the direct payments by the State
agency
to the Authority gives
greater assurance that the rental
obligations will be made. On the
other hand, un#er the Pennsyl¬
vania system of paying the State
appropriations first to the school
district, it is possible that the
funds so paid could be used by
Georgia
I
districts
the
other
for
current
needs in times of financial stress,
TELEPHONE I-2SH
leaving them short of funds when
authority lease rentals are
Preston L,
their
due and payable.
is
to
be
noted
the
Georgia
attempted
make the appropriations to
General
1953
permit.
will
Appropriations
provides for various
priations
to
be
allocated
The
Act
of
appro¬
for
CORPORATE Vim
Vice-President: Paul A. Ludlam,
Merrill Lynch, Pierce, Fenner
& Beane.
ending June 30. 1954, and to
each fiscal year there¬
LTNCH8UR0, VA
RICHMOND, VA.
Secretary-Treasurer: Neil D'Amico, Dean Witter & Co.
National Committeeman: Preston L. Phipps, E. M.
Alternate: Dan V. Bailey, Foster &
Adams & Co.
Elected:
,
December 18, 1952; Took Office: January 1,
1953; Term
Expires: January 1, 1954.
continue
MUNICIPAL LY8Z
CORPORATE STOCKS & BONDS
NORFOLK, VA
MUNICIPAL BONDS
DANVILLE, VA
Marshall.
the
fiscal year beginning July 1, 1953
and
mETTPES
President: Preston L. Phipps, E. M. Adams & Co.
to
school
districts for capital outlay as per¬
manent
in
nature
as
the State
Constitution
D'Amico
Furthermore, it
that
has
Legislature
Neil
Paul A. Ludlam
Phipps
ROANOKE, VA:
\
UNLISTED SECURITIES
RLVEFIELO, W. VA
^wj;w,y,
ROSTER OF MEMBERS
after until the Act is repealed or
modified.
While
this
is
not bind¬
future session^ of the
Legislature it is expressive of an
adopted policy for the betterment
ing
of
on
school
facilities
in
the
Thus, in this regard, the
State.
Georgia
School Authority Bonds and those
Authorities are
for, while both
the Legislatures of the States have
done all possible to establish a
nermanent program for revenue
financing of school buildings, it
must be admitted that, in theory
of
Pennsylvania
basically
on a
par.
WILLIAM
J.
Collins
&
ADAMS, RICHARD H.
Donald C. Sloan & Co.
COLLINS,
BAILEY, DAN V.
Foster & Marshall
COLTON, E. L.
BALFOUR, DAVID A.
Russell, Hoppe, Stewart
D'AMICO,
William
& Balfour
BOHRER,
Walston
LESLIE
&
Blakeley,
&
Inc.
U.
of
Portland
J.
McFaul
VIRGIL L.
S. National
Bank
of Portland
June
S.
Jones
&
Co.
JftRX, FRED
Ban.k of California
DST&tMAN. PIERRE A.
COLE. VERGIL R.
Butchart
Co.
&
JONES, J. SHELDON
CAMPBELL, RICHARD M.
First National Bank of Portland
Daugherty,
Si
Co.
of Commerce
NEIL
JOHN
Hess
HILL,
J.
Co.
BRADLEY, NORMAN
U. S. National Bank
Bank
Witter
Dean
HESS,
BLAKELY, WILLIS H.
Blankenship, Gould
J.
Canadian
Si
Cole Inc.
J.
R..
V7ihiston, Bruce Si Co.
LYNCHBURG.
VIRGINIA
DO WD ALL,
F.
Wm.
Security Traders Club of St. Louis
NEWCOMB,
St.
A.
FISCHER, JOSEPH S.
Goldman, Sachs & Co.
Co.
FIRMIN D.
Fusz-Schmelzle
&
Co.
PAULI,
HAROLD
Rollins & Co., Inc.
GIGER,
Blair,
GLYNN,
Blewer,
PITT,
Goldman,
RUSSELL H.
Wlbbing & Co.
H.
Redden
Walker & Co.
ri
A.
G.
ROBERT H.
GUION,
G.
E.
Paul
Brown
SMITH,
H.
J.
Co.
&
&
Co.
&
Inc.
Sons.
HOVEY
Slayton &
E.
Inc.
Company,
ELMER C.
Savings Bond Division
Federal Reserve Bank
U.
Inc.
S.
STAY, WALTER A.
Sachs & Co.
R.
•
TARLETON
STUEBE, EDWARD
Newhard, Cook & Co.
SUECK, ROBERT J.
The
Boatmen's
National
Bank
of
St.
Louis
Jones
IRVIN
Mills & Company
Scherck, Richter Company
and Company
D.
G.
STEIN, ELLIOT H.
ELVIN K.
& Co.
E.
Walker & Co.
REIS, GEORGE J.
Dempsey-Tegeler & Co.
1IAEUSSLER,
Ernest D. Wilier
Walter A. Beckers
William J. Blake
Co.
Edwards & Sons
REIMER,
Newhard, Cook & Co.
GUMMERSBACH, ALBERT
Theis
Albert
REIMAN, W»I. L.
Edward
Brown
SLAYTON,
REDMAN, W. G.
GREEN, JR., ARTHUR W.
Boatmen's National Bank of St. Louis
Jones
D.
SHUEY, LEE G.
M.
I. M. Simon & Co.
REDDEN,
RUDOLPH
G. H.
Paul
ROY
POPPER,
MICHAEL
SHAPIRO, SUMNER
Co.
PETERSEN, JOSEPH G.
Eckhardt-Petersen & Co.,
Jr., JOSEPH
Heitner & Glynn
GOODING,
0.
CHARLES
Peltason, Tenenbaum
GODBOLD, EARL
Dempsey-Tegeler &> Co.
GRAF.
Inc.
PELTASON, PAUL E.
EDWIN
Vogel & Co.
GLASER,
Glaser,
& Co.,
Peltason, Tenenbaum
L.
EDWARD
Cook & Co.
Newhard,
SESTRIC.
ROBERT A.
Richter Company
PELTASON,
B.
SCHMELZLE, ALBERT M.
Fusz-Schmelzle & Co.
SENTURIA,
Scherck,
GERSTUNG, WILLIAM B.
A.
G.
Edwards & Sons
Ralph M. Moberly
Haworth F. Hoch
Richard H. Walsh
GREGORY J.
Edward
O'NEILL, THOMAS
Eckhardt Petersen
GARDNER, FRED W.
Reinholdt & Gardner
Co.
Newhard, Cook & Co.
WILLIAM T.
Donnerberg & Co., Inc.
Olson,
&
Taussig, Day & Co.. Inc.
OLDENDORPH, EDWARD
Smith, Moore & Co.
OLSON,
If.
Sanders
SCHLUETER
IRVING R.
OIILSEN,
FRANK
Cook &
Newhard.
DONALD
C.
SCHIRP,
JAMES
Mercantile Trust Company
FRIEDMAN, WM. STIX
Friedman, Brokaw & Co.
SPENCER H.
Brothers
SCHERCK, GORDON
Scherck. Richter Company
<fc Co.
Nordman
O'BRIEN,
Co.
Edwin
Stliel, Nicolaus & Company, Incorporateu
Franc & Co.
FUSZ, Jr..
Hill
NOR.DMAN, JOHN
FELSTEIN, SAM
M.
Wibbing &
SANDERS.
NIEMOELLER, JOHN J.
FRED F.
Albert Theis & Sons, Inc.
FARROW,
H.
J.
Company
HERBERT
ROBINSON,
S.
Newhard, Cook & Co.
Midwest Stock Exchange
FRANEY,
O.
Edwards & Sons
NEWHARD, C1IAPIN
ESSERT, EARL
Henry,
G.
LOWELL
JAMES E.
NEWELL,
GEORGE H.
Brothers
ROACH,
Union Trust Co.
Louis
HENRY
Richter
RICHTER,
Scherck,
Company
Sc
White
4
Calvin Bullock
Hill
NEUWOEHNER, HIRAM
WM. F.
Dowdall & Co.
DRUMMOND, KENNETH
ERKER.
Thursday* October 8, 1953
FINANCIAL CHRONICLE
THE COMMERCIAL and
72
Mercantile Trust
Company
TAUSSIG, WILLIAM H.
Merrill Lynch, Pierce,
Fenner
TAYLOR, MEL M.
Semple, Jacobs & Co.,
Inc.
&
Beane
WALTER C.
& Co.
HAGENSIEKER, EARL
Reinholdt & Gardner
Newhard, Cook & Co.
President: Richard H. Walsh,
First Vice-President: Haworth F.
,
Hoch, McCourtney-Breckenridge
HARTNETT, WM. H.
UNDERWRITERS
DISTRIBUTORS
•
DEALERS
•
Morfeld, Moss & Hartnett
Co.
&
IRWIN R.
Scherck, Richter Company
HARRIS.
Second Vice-President:
Ralph M. Moberly, 1. M. Simon & Co.
Blake, A. G. Edwards & Sons.
Third Vice-President: William J.
Wilier, The
D.
Ernest
Boatmen's National Bank of
St. Louis.
Bunn, Stifel, Nicolaus & Com¬
National Committeemen: John W.
Incorporated; Earl Hagensieker, Reinholdt & Gardner;
H. Morfeld, Morfeld, Moss & Hartnett; Richard H.
pany,
NORMAN E.
HEITNER,
Blewer, Heitner Sc Glynn
HELLER, IRVIN A.
Newhard, Cook &
Secretary: Walter A. Beckers, Paul Brown & Co.
Treasurer:
HARVEY, JOSHUA A.
A. G. Edwards & Sons
Edward
TEXAS
Co.
HENRY, OLIVER B.
Henry, Franc & Co.
•
Municipal Bonds
•
Corporate Securities
WILLIAM M.
Metropolitan St. Louis Co.
HILLEY,
HAWORTH F.
McCourtney-Breckenridge
HOCII,
&
Co.
THEODORE C.
Dempsey-Tegeler & Co.
Walsh, Newhard, Cook & Co.
IIONIG,
JOHN K.
Taussig, Day & Co.,
IIOPP,
ROSTER OF MEMBERS
-
Inc.
Members Midwest Stock
Exchange
HORNING, BERT
Stix & Co.
A.
Edwards
G.
&
BAKEWF.LL,
&
H.
Pierce,
Fenner
&
JOSEPH
BARKAU, ELMER
Taussig, Day & Co., Inc.
BURNS,
BARKLAGE,
BURTCH, B. W.
I.
North
BYRNE,
Securities
&
Co.
Moss &
BITTING,
CARLTON,
BLAKE, WILLIAM J.
CARPENTER, JR., GEORGE R.
KENNETH H.
\
Merrill Lynch, Pierce, Fenner & Beane
A.
Edwards
G.
&
Sons
CLOONEY.
BOND.
Devine
Bond
COOK,
BANK BUILDING
2, TEXAS
EDWARD D.
D. Jones & Co.
JORDAN, ROY W.
G. H. Walker & Co.
KAUFFMANN, JOHN R.
FRANK X.
KEANEY,
Stifel. Nicolaus & Company, Incorporated
KELLY, FRED S.
Stifel, Nicolaus & Company, Incorporated
KENNETH
KERR,
A.
Edwards & Sons
G.
KLEIN, ELMER B.
Gardner
D.
HENRY M.
Goldman, Sachs & Co.
SHAPLEIGH
Theis & Sons, Inc.
CUMMINGS, JOHN P.
Newhard, Cook & Co.
BRAMMAN, EDWARD O.
Bramman-Schmldt-Busch,
R.
CREELY, WALTER J.
Jr., A.
Albert
&
Services, Inc.
Newhard, Cook & Co.
Co.
BOSCHERT, DANIEL C.
Morfeld, Moss & Hartnett
BOYD,
LEO
Bank
HOUSTON
Harvey, Klein & Co., Inc.
C.
& Securities
Savings
CONDIE, Jr., HERBERT
Newhard, Cook & Co.
& Co.
RAYMOND
Bankers
&
J.
Diversified
Reinholdt
BOHAN, WILLIAM
J.
Trust
Investors
BLEWER, CLARENCE F.
Blewer, Heitner & Glynn
C.
Harris
JAMES
CITY NATIONAL
JARRETT, ELMER
Newhard, Cook & Co.
Edward
CADLE, CHESTER J.
Central Republic Company
Co.
Edward D. Jones & Co.
JONES,
EMMET
Hartnett
R.
Morfeld,
Co.
WALTER A.
Brown
&
Henry, Franc & Co.
& Co.
CHARLES
American
BECKERS,
Paul
LOUIS
Simon
M.
BAUCOM,
EUGENE T.
Fusz-Schmelzle
tovitfs
KENNETH J.
JANSEN,
WINSTON
NORMAN D.
HUMPHRIES,
Keystone Custodian Funds
BUNN, JOHN W.
Stifel, Nicolaus & Company, Incorporated
Co.
TELETYPE HO-395
Midwest Stock Exchange
Scherck, Richter Company
Beane
EDWARD
TELEPHONE CA-9944
HUEBNER,CHARLES
L.
Scherck, Ricnter Company
Sons
BRONEMEIER,
AYERS, C. T.
Merrill Lynch,
Stix
BROCKSMITH
SIDNEY I.
ASHER,
Incorporated
Stifel, Nicolaus & Company,
BROCKMEYER, E. H.
Goldman, Sachs & Co.
ARNSTEIN, Jr., FREDERIC A.
DARMSTATTER, E. W.
|
Stifel, Nicolaus & Company, Incorporated
Inc.
BRECKENRIDGE, HUNTER
McCourtney-Breckenridge & Co.
DEMPSEY
BRENNAN, EMMET J.
DEPPE, RALPH
DUMONT
G.
Newhard, Cook & Co.
Brennan & Company
LAMSON, GUY
Albert
Theis
&
Sons,
Inc.
William C.
Jackson, Jr.
LAYT#N,
VINCENT
Newhard, Cook & Co.
LEVIS, EDWIN
Thomas
Newhard, Cook & Co.
Beckett, Jr.
LEWIS, HUGH W.
The
Boatmen's
National
Bank
of St.
Jackson
Winton A.
Louis
LOTTMAN, CnAS. S.
Kerwin, Fotheringham & Co., Inc.
James F.
DONALD
LUDWIG,
Richter
Scherck,
Jacques
Company
Edward D. Jones & Co.
McKEE, LOGAN
Barrett
Herrlck
&
Wm.
Co., Inc.
P.
Small wood
MAENDER, CLARENCE J.
G.
Walker &
H.
MALONE,
Paul
MUNICIPAL BONDS
Co.
VINCENT
D,
Brown & Co.
DAVID
MATTHEW,
S.
#
\
White & Company
MATYE,
JOHN
F.
Dempsey-Tegeler & Co.
CORPORATE
STOCKS
UNLISTED
LOCAL
&
&
BONDS
SECURITIES
MAYER, WALTER
Eckhardt, Petersen
& Co.,
Inc.
FIRST
MEYER, EUGENE J.
Municipal Bond Corp.
MILLS, ANDREW S.
INVESTMENT
Newhard, Cook & Co.
V
MILLS, R. G.
R.
I
Mercantile
Mills & Company
G.
MOBERLY, RALPH
1.
R. A. UNDERWOOD &
Mercantile
Bell
Bank
Teletype DL 492
CO., INC.
Bldg., Dallas 1, Texas
Riverside 9295
M.
A.
G.
Telephone
RAndolph 6461
Simon & Co.
MOREY,
Jr.,
RICHARD
Edwards &
MORFELD,
Sons
EDWARD
New
Morfeld, Moss <fe Hartnett
LESTER
Brokaw
Building
DALLAS
Wires
Teletype
DL 346
to
York, Los Angeles, Houston, Galveston, Beaumont,
Waco and San Antonio
MOSS. MORRIS
Friedman,
COMPANY
BANKERS
Bank
Direct Private
H.
Morfeld, Moss & Hartnett
MOUSCHER,
^Ollthwedt
&
Co.
fi
TEGELER, JEROME F.
Dempsey-Tegeler Sc Co.
TENENBAUM. HARRY
Peltason, Tenenbaum
III.
THELS,
Albert
Co.
&
'
LEONARD
RICHARD
sulphide, which is present in sour
gas, has in the past kept many
natural
gases
from the market,
and added greatly to expense of
such gases when marketed.
Sul¬
U.
Newhard, Cook & Co
WALSH, ROBERT A.
Dempsey-Tegeler Sc
WEBB.
FRANK
J.
C.
Si
&
'v/ ;
Jack L. Hudgins
President: Howard C. Ross,
Company
Jr.,
Si
contains
of
National
Bank
of
Saunders & Co., Inc.
Secretary: Robert M. Saunders, M. A.
St.
1953: Took
January,
Gardner
A.
9
ROSTER OF MEMBERS
Hill Brothers
Merrill
Inc.
Lynch, Pierce, Fenner Sc Beane
HERMAN J.
Dempsey-Tegeler & Co.
W.
billion
cubic feet,
in
the
and future
older
geologic section
are
reserve
part
of the country. In
area
expected
very
sub¬
four to five
above
the
in
drilled
surface
a
level.
sea
time,
present
a
well
Green
At
is
the
being
River Basin
of
elevation
10,070
feet, perhaps the highest drilling
well in the world today.
area
recovery of
feet to more than 10,-
3,000
feet
000
indicate
has
since
been
about
Oil
1867,
pro¬
in
the
and
yet
known
million long tons of sulphur. The
large
bulk
plored and deeper sediments be¬
of this lies
where
centages of
Bennett & Co.
E.
James
from
duction
Basin
GEORGE L.
square
stantially. Present reserves would
a
this brief paper,
talking about a sediment¬
are
of at
in
the
Big Horn
concentration
per¬
range
from
E. Richmond & Co.
BOYCE,
BANKSTON, Jr., W. L.
Carl M. Loeb. Rhoades Si Co.
ZINZER,
FRANK R.
BEENE,
ALLEN, HARRY
ZAEGEL, JOHN F.
Bramman-Schmldt-Busch.
largely
are
will probably exceed
to increase this
Office: January, 1953; Term Ex¬
January, 1954.
pires:
the
gas
sour
area
sedimentary
of
covering roughly 150,000
miles, with all sorts of
in the physiographic conditions ranging
presently
Wyoming. Commercial
gas reserves
Lynch, Pierce, Fenner
Securities Co.
Treasurer: Robert H. Jordan, Mid-South
S.
JAMES
largest
about one-fourth
for the production" of oil and
but that it? currently yields
than 6% of the oil 'and gas
sary
valu¬
a
in its en¬
United States neces¬
rocks of the
less
great
the
that
area,
volume
the
demand,
elevated sul¬
nuisance to
known reserves of
400
Elected:
Reinholdt
YATES,
The
asset.
discoveries
Louis
EUGENE
able
& Beane.
WILLER, ERNEST D.
YALEN,
a
confined to
Leftwich & Ross.
Vice-President: Jack L. Hudgins, Merrill
Stifel, Nicolaus & Company, Incorporated
Boatmen's
Robert M. Saunders
Robert H. Jordan
WICKMANN, W. JACK
The
phur from
Rocky Mountain
Jr.. JULIAN
Sc Company
White
tirety,
gas,
:
WHITE, JULIAN
WHITE,
and
Mountain
ary
A.
Company
Howard C. Ross
&
supply
Rocky
we
WHITE, F. HOWARD
Goldman, Sachs Si Co.
White
in
have in recent years
Co.
&
Conclusion
estimated
is
It
with
together
extraction,
changes
Co.
EDWARD
White
phur
VINCENT C.
Weber-Mitchell
WHITE,
Co.
X.
Devine
WEBER,
page
sulphur, which is obtained in the
sweetening of sour gas. Hydrogen
Glaser, Vogel & Co.
WALSH,
jrom
Rocky Mountain Area's Natural Gas Resources
Inc.
Sons,
rUOMA8, JOHN R.
Blair, Rollins & Co., Inc.
VOGEL,
Continued
Memphis Security Dealers Association
-
•
ALBERT
Theis
73
THE COMMERCIAL and FINANCIAL CHRONICLE
Number
Convention
8
to
50%
sour
gas
by volume.
areas
remain
still
unex¬
coming within reach of the drill¬
ing
bit
toward
are
forever
beckoning
unexplored horizons.
BROWN
BURCH.
Merrill
Pierce, Fenner Si
Lynch,
Beane
CROSSETT, E. GORDON
The First National Bank
CURD, H. PRICE
Federal
Securities
Inc.
Co.,
FOSTER. WALTER T.
Carl
FREDERIC, FRANK D.
Equitable Securities Corporation
When
V
*
Rhoades Si Co.'
Loeb,
M.
GRISSOM, WILLIAM
'
M.
RICHARD
Searching
Investment Bankers
S.
& Co.,
Saunders
A.
Bank
National
Planters
Union
HARRIS,
Inc.
HUDGINS, JACK L.
Merrill
Lynch, Pierce, Fenner & Beane
JORDAN, ROBERT H.
Mid-South Securities
for
Co.
KITTLE, CHARLES M.
%
LANCASTER, JAMES C.
Nat'l Bank
Union Planters
JUSTIN
LEEKER,
and GAS
OIL
trading
underwriting
★
rfAi
m
J.
R
K
E
T
&
Co.
GROOM
WILLIAM
Leftwich Sc Ross
retail
*
Bradford
C.
LEFTWICH.
S
LIMERICK, AYLETT B.
Goodbody Sc Co.
The
*
DALLAS
TEXAS
EARLY F.
MITCHELL.
First
Bank
National
PERSON, HARRY O.
Goodbody & Co.
ICITHHE/TELN
SECURITIES
SAM
RISON,
Standard Securities Co.
MERCANTILE COMMERCE BLDG.
Riverside 5471
TELETYPE
DL-334
OAUAf, TfXAS
ROBERTS, JACK D.
Bullington-Schas & Co.
ROSS, HOWARD C.
Leftwich
Sc
Ross
SAUNDERS, M. A.
M. A. Saunders Sc Co.,
TEXAS SECURITIES
ACTIVE TRADING
Rauscher, Pierce
FRANCIS D.
Bullington-Schas Sc Co.
SCHAS,
WENDELL
W. Spragins Sc Company
SPRAGINS,
MARKETS
Inc.
SAUNDERS, ROBERT
M. A. Saunders Sc Co., Inc.
R.
&
Co,
R.
Underwriters and Distributors
STEWART, MEACHAM
Houston Natural Gas, Com. &
Houston
Kirby Lumber Corp.
Pfd.
Light. & Power Co. $4.00 Pfd.
San Antonio Transit Co.
Slick
Airways, Inc.
Johnston Testers, Inc.
Longhorn Portland Cement Co.
Johnston Oil & Gas Co.
Brewing Co.
Central Power & Light Co.,
Texas Industries, Inc.
4% Pfd.
E.
Bennett &
Co.
NICK'A.
Memphis Securities Company
Welex Jet Services, Inc.
Duncan Coffee Co. Class "A"
Garrett Oil Tools, Inc.
Lone Star
James
THOMAS,
Jr.,
J.
RAILROAD
THOMPSON, EDWARD F.
Union Planters Nat'l Bank
TREXLER,
R.
INDUSTRIAL
FRED
PUBLIC UTILITY
J. C. Bradford Sc Co.
BANK & INSURANCE
WARD, B. FRANK
J.
C.
Bradford
&
Co.
TEXAS
WHITMAN, A. L.
All
MUNICIPAL
Bullington-Schas Sc Co.
San Antonio and Houston Bank Stocks
SECURITIES
WOOTEN. ROGER
R. B. Wooten Sc Company
Quick Firm Bids On All
Texas
Active
NSTA Convention
Municipal Bonds
Trading Markets
Announced for
>
Russ
The
OFFICERS
C. L. WEST
W. G. HOBBS, Jr.
D. MUIR
E.
A.
Membert
Midwest
the
Alamo National Building
SAN ANTONIO 5
Fannin
SA
Direct and Connecting
National
Association
Stock Exchange
M. RUSS
Wires to:
23
4324
&
53
annual
York dk Los Angales
has
announced
convention
for
will be held at the Claridge
Atlantic City, N. J.,
that
Telephone:
1954
Riverside 9033
Hotel,
September 22
through 26, 1954.
at
Mackinac
dates
DALLAS 1,
Security Traders
The Convention in
Dallas, Houston, Calvetton, Now
Mercantile Bank Building
1954 and 1955
& Company
Island,
HOUSTON
WACO
TEXAS
Bell
SAN ANTONIO
Mich.,
to be announced
later.
be
exact
AUSTIN
LUBBOCK
HARLINGEN
Direct Wires to New York, St.
1955 will
Teletype:
DL 186 and DL 197
Louis and other
Principal Markets
THE COMMERCIAL and FINANCIAL CHRONICLE
74
Continued
Wichita Bond Traders Club
from
Thursday, October 8, 1953
8
page
pie, but
Why Sales Are Lest
aown
tney
are
selling.
if
salesman knows what he
tne
does
he
when
thinks,
he
what the other fellow
he
thinks.
The
knows
ctoes
when
salesman
must
tactfully present his case in such
way that the prospective pur¬
a
Warren Cortner
Alldritt
H.
Mason H. Feese
Don
H.
Alldritt, Mid-Continent Securities Company,
Cortner,
The
Ranson-Davidson
When
the
their part tne smoke stacks
ao
be
Secretary: D. K. dinger, Lathrop-Hawk-Herrick Company, Inc.
wheels
better
Mid-Continent
WAR
Brooks &
CLINGER,
Company,
Inc.
O.
D.
CORTNER,
K.
SMITH,
The
Inc.
WARREN
E.
Company,
SULIIVAN, WILLIAM
&
Co.
Sullivan
White
&
A.
Co.
WILLIAM
The
GLENN
A.
Inc.
Company,
P.
Inc.
says,
"It
that
I
The
Inc.
Ranson-Davidson
Company,
Inc.
YVILKINS, C. HOWARD
Harris, Upham & Co.
Inc.
Investment
Co.
Sills,
Pairman
Harold W. Clark
&
thus giving him
the
was
of
rest
over
20
that
90%
a
his
life,
ago
years
all
human
is made positively and
negatively and is in direct
conformity to nature's laws. When
that
learned
big
truh
it
thinking and
my
foundation
for
III
suc¬
"I's"
Three
fellow he
His
is.
very
prospect for
the first time he sizes you up and
that wireless of his will come
over
they
and
impressions
many
re¬
Incorporated
Kirkpatrick, Jr.
II
DISTRIBUTORS
—
—
DEALERS
fully used his
keep himself
wares
things
big
in
of
a
—
Industrials
When
of
we
must
on
three things
MARKETS
WITH, RETAIL OUTLETS
by
three
that
Let
than he leaves.
I maintain that
and
look
must
salesman
The salesman is
part.
the
he
house
act
There
prospect.
&
Kirkpatrick, Inc.
Members Midwest Stock
315 FOURTH AVE.
N., NASHVILLE 3, TENN.
TELETYPE—NV 353
wire
to
Exchange
4-3312
&
59
uses
a
If he
represents a high-grade organiza¬
tion then he must place himself
in the attitude of a high-grade
represents.
Third, when a salesman believes
his proposition and gets the
other fellow to believe in him,
then it is a comparatively easy
matter to get the prospect to see
what he sees.
In that way the
electrical circuit is completed and
in
thing
the
persuading. The
must
be
the
or
some¬
H
Distributors
Firm
1
Dealers
Offerings
with
and
In
the
States
Securities
•
General
Market
the
proportions
most
the
part
teristics
of
indicate
charac¬
individual.
middle
line
the
"goods,"
or
services.
Take the question of the voice.
high
rarely
The
pitched
over
the
sale
a
Sell Ourselves
first
sell
himself.
thing
is
Not
conviction.
low, vibrant voice is the
which is
Let
the
more
look to the speed of the
us
any faster than the mind tells me
to make it go. I cannot
wag my
tongue
any
faster than ideas
and talks rapidly under normal
conditions and I will show you a
quick thinker.
On the other hand,
show
man
me
the
Clinic
make
us
this
of
clinic.
Will each of you
set up
in
your
where you
sition
and
tions
sales
a
right now
mind some recent
had a good propo¬
Here
Can
a
have
as
there
as
yet
We
proposi¬
many
individuals
are
Let us lay them all out
the
on
table
and
discover why we
that sale.
I believe
if
see
we
did not make
I
answer
can
the question for you.
If it is
a
he
thinks
of
two
sale
his
that
any
man
proposition
to
only services but the
is
an
true, and it is, that the
effect which is caused
coming
harmonious
do
must
one
not
be
or
together
relationship,
make
the
something
more
of
the
in
then
foot
and
If he
ask
is
to
you
he did
wants to kick you out.
interested at all he will
not
repeat it
or
tell
get you.
So
then,
successful salesmen
we
with
wrong
few minutes let
to dove-tail
our
ideas into the
speed of the other fellow's mind.
When he talks
slowly, slow down.
quickly, speed up.
If he talks
Let us say that this "lost sale
about which you are thinking was
not due to the way you handled
your
prospect.
elsewhere.
Then
Now
services"
must look
we
let
or
us
the
consider
"presenta¬
The sub¬
things
Analysis and Construction. The
biggest word in the businessman's
dictionary I believe is "Analysis."
study
You cannot answer a letter any
these three items to see why we better than
you can analyze it. If
did not make that specific sale
you can analyze the letter you can
which you have in mind. Let us answer it for the answer
is in the
discuss this question of the cus¬
analysis every time. Likewise you
tomer. The subject that helps us cannot answer
any objection to
is
here
Human
Nature
Study, your proposition, or handle
a
a
us
sometimes called Character Anal¬
problem
ysis. I have
than
never
yet seen
a
good
salesman who did not pride him-
you can
in
business
any better
analyze it, for if
analyze it completely you
you
can
WIRE SYSTEM
LD-312
—
THE
TELETYPES ME-283
BANK
WIRE
•
ME-284
YORK
HOUSTON
HARTFORD
BIRMINGHAM
GREENSBORO
Securities
H. Frank
Herbert
'
UNION
PHILADELPHIA
JACKSON.
MISS.
Burkholder, Vice President and Manager Municipal Department
Pettey, Assistant Vice President and Manager Municipal Trading Department
STREET,
as
must learn
ATLANTA
ORLEANS
you
if ject that helps here is Commercial
in
its
two
branches
of
out of which the sale is made.
For
knock
words, he
to
there Logic
sale
three
a
to
ways
In other
it. Then too, .if you
talk quickly to a slow thinker he
gets nervous, has an itching of the
you
NEW
322
•
come
to the tongue to be
wagged. Show
me
a
man
who moves quickly
DALLAS
MEMPHIS 1, TENNESSEE
LD-311
one
persuasive.
NASHVILLE
toT Mmm Uta
•
voice
nervous
carries
ever
that idea out.
Sales
Let
we
MEMPHIS
TELEPHONES 8-5193
The
'
The
Municipals
MEMPHIS
the
for
inherited
the
tion of the proposition."
NEW
OF
time
naturally I cannot go into the de¬
tails of this subject but let me
say that the color, the form and
Quotations
Government
with
limited
BONDS
United
coiur,
three
services
must
1
proportions.
do
to
form
by the salesman, the customer and
In general terms let us call
The
XMCMFHift
with
idea.
Bids
/
ARK
two
Human Nature. Two
have
them
"the
tionship.
■
lan¬
many
which they negotiate.
your case, it is stocks, bonds
and services. It may be simply an
over
the customer and the services
together in a harmonious rela¬
1
in
likewise there are jusi
elemental characters in the
seven
beats
top ^present.
The
man,
■
in
all
are
then
the customer's mind meet
Firm
we
class.
same
will
sale
a
illustrate it
us
In other words, the sale
is the result of bringing the sales¬
IN
mathematics
me
you
only
are
is made.
SPECIALIZING
therefore
and
let
point,
there
proposition (services) then
Underwriters
this
good prospect
did not make that sale.
When the salesman's mind and
Scherck, Richter Company, St. Louis, Mo.
all
guages,
voice. I cannot make my hand
go
gentleman;11
case
In
this
LONG DISTANCE
music, 2b letters in the
English language, 10 characters in
the
sample of
a
searchlight
individual sale
parallel lines.
who does the
of
the
an
bottom line is the customer
Clark, Landstreet
the
in
into just two things that are movable about
him,
Is this fellow here for such as voice, language, -poise,
the purpose of doing me good? gestures,
handshajke, walk, clothes,
Or is he here to do me good?
In etc., ail go to shotw not what the
other words, is he here to leave man
thinks, but how.
more than he takes away or is he
here trying to take away more
The Voice of the Customer
big
represents the salesman,
one
one
is
out of which
be made.
can
TRADING
surely
as
notes
questions.
true
&
that
see
do
The
true teaches
turn
we
analysis
success¬
to
way.
salesman
a
teacher and
a
Municipal Bonds
Just
seven
or
loss
at
themselves
solve
see the
hands of ail those here who have
and he should
inspired
a
these three "I's."
Public Utilities
are
is
who
speaks
slowly and acts deliberately under
salesman needs to
be equipped with three "I's" — never failed to make a sale when normal conditions and I will show
Information, Illustration and In¬ you had a good prospect and a you a slow thinker. This does not
mean that one will be more suc¬
spiration. He should keep himself proposition that the prospect
cessful than the other.
It simply
well informed not alone regarding should
have.
Hands
up!
Since
means that if you are
his proposition but the service it there is no
talking to a
showing of hands the
quick thinker and you talk slowly,
can render to the user; he should
proposition seems to be unani¬
be able to illustrate through pat mous. We have all fallen down every time you put up an idea
function
Insurance and Bank Stocks
he
and
of
teli great book of
his bearing, his attitude
approach, all have a lot to
properly starting - a sale.
Wnen you approacn a
tnere
scale
deuce of
a
presence,
At
Every good
William Nelson
UNDERWRITERS
Direct
laid
genuine
stories of those who have
,
revo¬
cess."
The
Harris,
Edward L.
B. W. Landstreet
ACTIVE
his
progress
the
YVOODBURY, T. BOWRING
Null
of
I
the sale is made.
Company,
HAROLD
Harold
2%
on
learned
lutionized
VINK, DIRK W.
L.
Small-Milburn
NULL,
Company,
THOMAS, ROBERT YV.
Thomas Investrrfent Co.
McKinney Ohmart Company,
The
Corp.
I
CLYDE
McKINNEY,
MILBURN,
A.
Ranson-Davidson
who has been
income
the service,
income for
Columbian' Securities
The
Inc.
retired
in
living
now
a man
multiplied by the
number of years he has been in
Company
MELVIN
con¬
not
Bennett
MARSHALL,
Wahler,
and
The way out is
fraternity,
annual
STAMPS, JAMES R.
Ranson-Davidson
ELLIOTT, PAUL V.
James
LAWRENCE W.
SMITH, KENNETH E.
Zahner
it cannot ail
course,
once.
Washington,
The Rittenoure Investment Co,
Company
Lathrop-Hawk-Herrick Company,
The
of
gradual development of
a
recently
Securities
prosperity and
industry will be
One of the top-most men in the
ROSTER OF MEMBERS
RITTENOURE,
coun¬
selling along positive,
sales
ALLDRITT, DON II.
the
of
structive lines.
Treasurer: Mason H. Feese, Small-Milburn Company.
BROOKS,
salesmen
belching
through
1
oi
try
be done at
Com¬
pany, Inc.
go
what
leiiuw
fine
a
in
humming. Of
Warren
otner
do
the
Inc.
Vice-President:
of
the hoarded
let
this
tfy
selling talk about nimseii to
a
tne
wealth and put it into circulation.
will
patron.
not mean that he should put up
the
will
President:
uo
on
chaser
Don
prospective
a
failed
why he
man
conclusions
real answer.
a
as
job and naturally policies of the house and the man¬
doing a poor job of agement of the concern.
becond, he must sell himself to
the
on
certain
he
why
for
ask that
you
reached
NASHVILLE 3, TENN.
TWO
WALL STREET,
NEW YORK 5, N. Y.
will find that the
FINANCIAL CHRONICLE
THE COMMERCIAL and
Convention Number
answer
tion of the
a
It is
points, not words, that
suade.
time
The
of
the
per¬
veritable
living
in
of
When
the
with
We are
"know-why"
age.
a
is
customer
the
ties
presented
of
user
much
proposition
your
it
service
will
Enthusiasm
in
what
of
it
is,
profits
"He
best."
serves
but
—
the
thusiastic
more
of
Just
most
who
little
a
a
money
more
find
the
greater fire of
to build the
way
first
must
service.
much
Too
said
be
cannot
on
this
question of the proper ar¬
rangement of selling points. Many
salesmen get the cart before the
horse.
They rush in with some
big idea and explode in the pres¬
ence
of the customer and then
wonder
of
method
mind
getting
of
the
an
idea
into
other fellow.
I
companion talk to this one
on "How Sales Are Lost" which
I
call
"How
Sales Are Made."
have
is
will permit
that talk which
quite another story.
to
give you
There
are
four kinds of peoole
students, the adepts
ters.
people are indifferent. They
and do not seem to
the
We find
and the mas¬
that about 60% of
until he aroused himself from the
is,
sleep of indifference, climbed out
of the bed of "what's-the-use-it-
they are seek¬
tive-ness" and cancelled his mem¬
They are in a grow¬
ing attitude toward life. Someone
has said, "Don't be ashamed to be
green for when a thing is green
it is growing. It is only when it
becomes ripe that it begins to get
rotten."
Our job as salesmen is
bership in the "I don't care" col¬
do
not know
care.
27%
that
students,
are
their eyes are open,
ing to learn.
to
ourselves
keep
green
our
lose
about your proposition
Enthusiasm is con¬
tagious but, like every other qual¬
ity, it may be overdone to the
point of being classified as fanat¬
We
12%
adepts, that is, they are skill¬
at their work and it is cer¬
are
ful
on
into
up
studentship.
We
alike
are
in
time.
is given,
us
Every
on
a
moment
on
these
qualities of faith and courage.
said, "If you will tell me a
thing often enough I will believe
it whether it is true or not." We
have
been told
so
many
times
than conditions are
bad, that peo¬
ple haven't the money, that people
will not buy and a lot of similar
things.
some
truth
Well, the truth is that
people have money.
The
is
that
some
people are
The
sales
being made.
are
In
depression I had a
former
a
who
man
was
opposite of faith is doubt; the
automobile
salesman over in
a
and
fear
killed
have
successes
of
killed
The
men.
all
than
world
the
more
anyone
busi¬
the
of
have
ever
him
else
making
was
the street. I asked
on
day how he did
one
than
company
it.
abused
as
will.
we
It
in
on
do
fellows
the
All
secret.
little
a
of
rest
Continued
of the
not
on
seem
page
con¬
is
not
the lack of time but it is the lack
of
will-power
utilize
organize
to
time
our
that
makes
and
DEALERS
DISTRIBUTORS
UNDERWRITERS
the
delightful thing to see a difference between men. We are
who is really skillful. told that every man is as lazy as
leaves
only 1% who are he dare be. After over a quarter
a
salesman
This
masters.
The
much
room
there
are
this:
no
so
is
there
why
reason
at the top is because
Notice
few masters.
master
became
ever
master until he was first an
adept
no
until
he
student
so
became
ever
was
ever
first
a
an
adept;
adept
student;
became
a
a
no
student
of
a
of
men
century in studying all kinds
under all kinds of condi¬
tions it is my firm
take
salesmen
conviction that
chance
more
Johnson, Lane, Space and Co.
INCORPORATED
on
this question of laziness than any
other
breed
of animals
that
I
know
of
especially true
on
men
commission basis.
a
their
they
work
can
CORPORATE BONDS & STOCKS
their
is
time
Municipal Bonds
They kid
believing
that
own and that
into
themselves
Georgia and South Carolina
This is
who sell
about.
anything
or
not as they like.
& LOCAL SECURITIES
salesmen
require
too
supervision. You show me
salesman whose supervision line
Many
much
a
is
long and
value
whose
Likewise you
that
man
the sales¬
little or no
show
BELL
me
requires
AT
AUGUSTA
SAVANNAH
ATLANTA
I will show you one
line is very short.
TELETYPES
SV
182
AU
16
supervision and I will show vou
very valuable man.
The differ¬
a
in
ence
lies in the difference
men
thev
that
stuff
the
in
board the ballast of
We
I
them
powers,
us
into
supervision.
alike in what
"talents."
like to call
call
STOCKS—BONDS
all of
are
put
Throw over¬
their 1.440 minutes.
You may
qualities,
capacities,
MUTUAL FUNDS
A
•
OVER-THE-COUNTER DEALER
us
is
man
a
four sided being. Let
represent it on the blackboard
square.
One side we shall
"ability," that is of the head,
where we know things. Ability is
by
a
thinking, remember¬
ing and imagining.
Some sales¬
made up of
think
Georgia, South Carolina
Others
think.
men
and
think
they
others just think that
they think that they think. When
the salesman knows what he does
what the
when he thinks he knows
Tennessee, North Carolina,
We
can answer
that.
sales
there
that
are
lost
that customer many
because the sales¬
himself does not know
man
STATE AND MUNICIPAL BONDS
.
in South Carolina
our
Prosperity is
—
just
a
are
that
five definite judgments
might
be
passed
on
a
busy little town
few miles from
one
Throughout the Southeast,
salesmen and net-work of
towns
That
and small.
Retail distribution
our
means
means
when you
19 offices, 100
private wires cover big
retail
we're
distribution.
good folks to call
have large blocks of stock to sell
This coverage
also enables
markets in many
us to
or
are
this
bad.
Take
this
subject
of
Memory.
Established 1925
Upon leaving a prospect did you
"Gee, if I had only thought
of that one thing I believe I could
have landed him." You have only
ever say,
The
Robinson-Humphrey Company,Inc.
one
HAVERTY
Teletypes—AT 288 and AT 142
■
ATLANTA 1, GEORGIA
BLDG.
',
-
Lonr Distance 421 and 422
rr-1
or
Members New York Stock Exchange
and Other National
Exchanges
presence
When
r-r
Investment Bankers
is in
of the prospect. All
the thinking you do afterwards
will not help that case.
It may
help the next one if you are wise
enough to use it. Memory plays a
tremendous part in persuasion.
the
RHODES
chance to think and that
you
are
most any other
selling services
tangible propo¬
buy.
maintain trading
southern and national issues.
proposition. There is only one
good judgment, the
other four
CORPORATE BONDS AND LOCAL STOCKS
of
S. C. offices.
other fellow does when he thinks.
In influencing
Alabama, Louisiana & Florida
\
Where is Prosperity?
call
ESTABLISHED 1894
'
•
what-not.
Ability
•
He
replied by saying, "I will let you
trouble
great
who
row
sales for the
more
that
is
also
truth
buying.
opposite of courage is fear. Doubt
ness
each of
dav
two
The
spend
us
armies
Importance of Time
or
about
that
find
also
moved
and
ony
Let
funny
the
Dooley,
know
You
man,
and signment, 1,440 minutes to be used
growing.
indifferent, the
in this world—the
why
we
icism.
a
Sometime maybe you
me
Henry J. Arnold, Geo. Eustis A Co., Cincinnati; Harry L. Arnold, Goldman, Sachs
A
Co.-—the oldest President present at the Convention presenting the retiring
President with a gift from the Past Officers Association
why they cannot make
tainly
There is an orderly proper
sales.
frozen
the
than you are.
fire
little heat and more fire
gives more heat; so a little service
gives little pay and more service
brings more pay. The man (or the
organization) who wishes to make
gives
is
salesman
out
thawing
yours
The Rotary Club
what it will do.
motto
is
the
to
Remember that prospect of
will not be any more en¬
the
so
proposition,
four-
this
can
like the torch which the plumber
to
Not
render.
of
properly call
"Reliability." Some of the quali¬
ties here are faith, courage, loyal¬
ty, honesty and enthusiasm.
pipe.
benefit
side
second
square-man we
uses
the
doubting and then we wonder
we
don't succeed. We doubt
Reliability
The
Service
about
keep on
and doubt and doubt and
and then we wonder why we
logical selling points, he then
what you see and
Talk
one
man
particularly in
that we doubt
us,
times like these, is
sales.
own
the
make the
which
ability.
will do his
thinking and pass his own
judgments; so the function of the
salesman today is to paint a logi¬
cal, clear, concise picture of his
proposition into the mind of the
prospective purchaser.
sees
men
of
all
with
doubt the man¬
agement, we doubt the customer's
of ability to buy. We doubt ourselves
differ in the degree
development of the quali¬
ability
talking machine in
imagina¬
constructive
in
Concerning this question of
tion.
salesmanship has passed.
Salesmen need to be
future use.
trained
verbal
cyclone and human windmill and
the
sell it to the imagina¬
prospect. It is sold for
sition you
is in the
analysis.
75
\
Atlanta
New York
LD-159
BO-9-9227
AT-188
NY-1-2370
68
76
THE COMMERCIAL and FINANCIAL CHRONICLE
76
Continued
from
page
the problem, to answer the objec¬
tion, to meet the situation without
75
telephoning
house.
Why Sales Are Lost
clear, open field and I
before and
making
am
sales than I have
more
made
ever
having the time of
am
life."
my
The
fellow
that
it
says
cannot
be done is usually interrupted by
somebody doing it. If
are
feeling of confidence so
know that
we
are
that
we
reliable and
we
thee
remembers."
us.
We
durance
to attain mastership we
must establish within ourselves a
men,
what
with
of
to
amount
Hercules
a
anything.
in
contact with
Let
have
to
hurry
us
a
similar
on
to the
We must be
sales
Endurance
do
to
with
do not keep
has
lost because
are
ourselves in the
digging
graves
our
lack
decide
to
of
and
decide
the
once
our
of action. That
our¬
You'show
the
and
act.
me
their
who
himself
for
information
is
at
hand
the
in
home
the
and
court
starts
between
the
wife
its work.
misunderstanding
There
have the wee, wee, man.
of the smallest man you
him
compare
possible and you will
the small man. if he
man
notice
the
with
that
is
the
soon
it.
I
like
the
land
ness
of
larger
One has
developed
little
ability.
reliability and the
other has
more
and
around the square.
so
on
We
hand
have
in
ence
of the
that
seen
stuff,
same
the
wish
and
that
it
breathing backwards
There are just
things to do to keep our-
pelvP-7 fit
we
are
hut the
question
is,
are
You
will
notice
on
have
we
now
built up three sides of the square
which are Ability, Reliability and
Endurance.
A-R-E
spells
Are.
That
am
of
doing them rightly?
is what you are and what I
but what we "are" does not
amount
to
much.
A
Quaker
in
you
a
the
man
man
who
who takes
has
a
lot
difficulty in getting the "name
that
time
ment.
talents.
Many salesmen lose out be¬
they lack initiative which
thing with¬
out being told.
It really is the
ability to find a way to answer
cause
is the power to do the
of
effectively.
Each
these
&
Underwriters
&
Distributors
Corporation
Securities
of
qualities or
only in the
development of
the
we move
asunder,
We marvel
be traced to
one
the
undeveloped
or
undernour¬
Lots
of mistakes
ished
qualities.
come
from
STOCK
BIRMINGHAM
nesses,
Teletype
BH
97
Long
9983
the
So
sales
himself
man
it
we
go
is
dark
And hug
Till
them close
the
as
years
Richmond
us
transgression
And
thus
men
rise
and
fall and
Not Understood.
success
has
(EVery
its
deficient
eorresoonding
aualitv.
When
light,
disappears.
ness
his perfect-
fertilized,
Understood,
measure
harrow
The
LYONS, LAURENCE H.
Allen & Company, New York
giants by their
gauge,
MAGID, SAMUEL E*
poisoned shafts of falsehood
Are
oft impelled 'gainst those who
mold the age—
Not Understood.
Not
Hill, Thompson & Co., Inc.
New York
derision
and
Understod,
make
we
much
so
MAGUIRE, FELIX E.
Stroud & Company, Incorpo¬
rated, Philadephia
MAGUIRE, JAMES B*
J. B. Maguire & Co., Inc.
Boston
of trifles;
Hast
oft
years
on
or
the
MARKHAM, EDWIN J*
destroyed a
in making
our
Corpora¬
tion, Cleveland
Wertheim
there falls
souls
&
friendship
Co.,
New
York
MARTIN, JOHN L.
Pennsylvania Railroad
a
New York
chilling blight—
Not Understood.
'Denotes Mr.
and
Mrs.
efficient
dark¬
comes,
When the soil js
sterility
memory
LONG, MARTIN J.
souls with
poor
stunted vision
Oft
nualitv
disappears,
when health comes, sickness
when
LESTRANGE, GEORGE E*
Arthurs, Lestrange & Co.
Pittsburgh
The First Cleveland
Not
bright side to it. Man's
does not lie so much in And
his nerfection but in
LEE, GARNETT O., Jr.
Scott, Horner & Mason, Inc.
virtue oft seems to
fancied slight
a
Latshaw
&
City, Mo.
Sterne, Agee & Leach
Birmingham
by,
90
not
picture but
Kansas
impressions
The Bright Side
a
LATSHAW, JOHN
gather false
we
The thotless sentence
makes
Geyer & Co. Incorporated
Uhlmlann
is
lost
are
right.
ahilitv.
so
foes
there
comes
forgetfulnec^. nnd
BETTINGER CORPORATION
Understood,
improper
like.
Manv
the
there is
Distance
digestion,
and
sales.
EXCHANGE
Branch—Montgomery 2, Alabama
indecision,
poor
feeding
ALA.
lack
of
fear,
dis-
dullness of imagination, laziness,
tardiness, sickness, nhysical weak¬
This
3,
doubt,
17
LEE, ALONZO H.
Not
of
dishonesty,
page
New York
wonder
of
thinking
judgments,
because
MEMBER MIDWEST
illogical
imagination,
Jovalty,
more
forgetfulness. lack
observation,
unsound
or
from
KRASOWICH, JOSEPH D.
Bonner & Gregory, New York
and
live and die—
may
Continued
KRIS AM, WILBUR *
creep
years.
the lost sale
or
Not Understood.
Not Understood.
62
them.
with
STERNE, AGEE & LEACH
our
some
then to Thee—
NSTA Convention
Our paths grow wider as the
the
would draw a
nearer
another, they'd be nearer
one
In Attendance at
Not Understood,
differ
That almost sale
Municipal Bonds
has
us
capacities,
We
powers.
degree
So it is with
of
men
The nations
profit
of
Initiative is another big, impor¬
tant factor in will-power develop¬
see,
God, if
By Thomas Bracken
Alonn
less harshly when they
cannot
Not Understood
it is not lack of time but it
will-power to organize
our time.
Men differ
in the degree that they use their
To
Understood."
we
utilize
Oh
you
by an
understanding of this Poem, "Not
rnpn
is lack
and
the dotted line."
Or judge
little
in busi¬
show
Many
me
Oh God, if men could see, a
clearer
might be
man
could
pass
Not Understood.
salesman in
every
every
world
seasons
differ¬
by
noble spirits
many
away—
little
seven
it.
show
you
as
the
I hope
poem.
for thpt matter.
the
yes,
breaking,
How
between
house
and don't know it.
their stomachs and don't know
the
.
the
memorized
is normal, has every quality that
the big fellow possesses. The one
has a little ability and the other
a
-
Here
Ah!
How many hungry hearts are
divorce
As
comes
and
customer
greased.
of sympathy.
today
the
man
Understood, how many
are aching
breasts
For words
un¬
misuderstanding
as
nhysically is in the
Why Ufa is life, and then
a
long time to decide and act degree of'the development of their
to sleep—
physical
parts.
We
have
seen
when he has the facts and I will
on
Not
us.
soon
comes
who
men
larger.
we
largest
quick closer
other
are
"area"
others who build it small and
has
salesman
a
quickly
There
success.
know,
Here
punctuality.
due
to
customer looks for another house.
determine the degree of
man
Think
qualities—deci¬
dispatch, perse¬
and I will show you a
of business.
On the
Many are
their liver and standing
on
his
will-power. Many
initiative,
can
us
teeth and don't know it.
sitting
a
are
we
verance
prop¬
with
of
Something
because
As
our
As
soon
as
misunderstanding
Combining the four sides of the
comes between the employee and
man, using the initials of the four
the employer the employee is on
words, we have A-R-E-A-S. In
other words, the sides of the area the toboggan and the toboggan is
not
We have not trained
some
sion,
we
phvsical condition. Many of
are
are
physical "endurance."
Lots of sales
er,
selves
our square
lost
are
action.
The third side of
is
the
build
men
from the
comes
derstand
the
then
third side of the four-square-man.
failures are
understand
other fellow and get him to
Many
to
and
A-R-E-A-S
Action
get everyone that we come
feeling.
and
punctuality
let me just
enough
is needed.
more
1
must
it
So
have
might
of
despatch but
take
of your time to consider
this treat quality of
"persever¬
ance."
r' %
to
Ability of a Socrates, the Reliabil¬
ity of an Abe Lincoln and the En¬
sales¬
we, as
importance
his
son,
"Nathan, it is not what thee eats
that makes thee fat, it is what
thee digests.
It is not what thee
reads that makes thee wise, it is
said
Philadelphia
to know that there is any business
to be had so this is giving me a
to
the
We might also discuss the
writing
or
of
inability
Thursday, October 8, 1953
"n
might
we
go
IUDMAN
world's
largest
down the list.
on
The
he.
qualities of the mind
in
fact
must
be,
rriav
developed
through two things—nourishment,
If I war>t to develop the
and use.
manufacturer of awning
windows and jalousies
physical muscle I must feed that
Progressing rapidly in various important
muscle or> wholesome, nutritious
food and I must exercise it prop¬
erly.
The
holds
same
with
development of the "mental
fields, including:
cle."
have
To
develop
proper
it
it
must
kind
nf
grow,
be
fed
mental
the
mus¬
expand,
the
on
food
that,
Ceramic Materials
"Armorply" Chalkboards
will develon that particular nual¬
Building Spandrels
"Veos" Tile
must
itv.
be
well
Heat resisting aircraft components
that
But
isn't
pronerly
enough.
It
exercised
as
Tt must be used effectivelv.
Nmirichment
plus
equals
use
PRODUCTS:—
*Makers of world famous
Patented Auto-Lok
wood
Lost
Plants:
Waltham &
Rehoboth, Mass.
Toledo, Ohio
Granted
analyses of this company's securities
have been prepared
by:—
that you
lost
are
of
nesses
Current
Sales
the
a
Window Hardware
a likely prospect,
through (1) Weak¬
salesman: (2) Im¬
Jalousie Doors
Jalousie Screens
to
close
a
talk
Goodbody & Co.
'
Auchincloss, Parker & Rednath
Eastman, Dillon & Co.
ten
a
by Thomas Bracken.
New
1890.
in
Zealander
He expressed
the poem called,
stood."
who
a
1
and Storm Sash
Bar-Lok Storm Shutters
this
of
He
|
|
"
1
Failure to understand
the customer and his needs.
like
,
Screens and Storm Sash
Windo-Tite Jalousies
proper presentation of the propo¬
I
t
Patented Auto-Lok
good
sition;
(3)
or
Industrial,
W
have
of Structural Steel
in
LUDMAN
great truth
"Not Under¬
;
Warehousing and Sale
was
died
,
Fabricators, Erectors,
character by quoting a poem writ¬
May & Gannon, Inc.
-
commercial, residential
proposition and
sales
Awning
Windows, aluminum
growth.
New York •
Washington, D.C.
Box 4541 Dept. CFC-9, Miami, Florida
Distributed throughout the world
Sales Offices
•
St. Louis
•
San Francisco
•
Boston
•
Chicago
t
Atlanta 'Houston* Miami
Convention Number
THE COMMERCIAL and FINANCIAL CHRONICLE
MARTIN, JUSTIS C.
The
NELSON, HARRY L*
Blyth & Co., Inc., Chicago
Robinson-Humphrey
Company, Inc., Atlanta
NELSON, WILLIAM, II
Clark, Land street & Kirkpatrick, Inc., Nashville
MASON, Miss ANNE E.
Lynchburg
MASON, WALTER G*
Scott, Horner & Mason,
Inc.
NIEMAN, BARNEY
Carl
Lynchburg
Marks
Inc.
New York
MATTHEWS, PAUL W*
Matthews & Company
Mountain Fuel Supply
MAYER, ORLAND C.
Salt Lake City
Idaho Power Co., Boise
McGinnis & Company
McGinnis & Company
New
New York
York
Mclaughlin, john f*
McLaughlin, Reuss & Co.
New York
&
Co.
Los
&
Co., Cincinnati
Francisco
San
Stone, Moore & Company
Denver
Angeles
STRADER, LUDWELL A.
Pittsburgh
Co.
York
PARSONS, EDWARD E., Jr.*
Parsons &
MINETREE, JOSEPH P.
Co., Inc.
STRONG, OLIVER
Orleans
PATTEN, WILLIAM T., Jr.
MORGAN, PETER J*
Blyth & Co., Inc., Seattle
Peter Morgan & Co.
New
PATTERSON, DONALD L.
York
Boettcher and
morton, fred g*
Denver
The Milwaukee Company
Milwaukee
MULLER, GEORGE J*
Janney & Co., Philadelphia
MURPHY, CYRIL M*
John C. Legg & Company
New
Mr.
and
where
There
PHILLIPS, JOSEF C*
Pacific Northwest
Wagenseller & Durst, Inc.
Angeles
Los
Company
E.
M.
Adams
&
Co.
—
He
but
education
have
W.*
to
people
him
something
what
to
have
you
lost beyond the ranges." We have
of stopped to dream dreams in Amer¬
to
ica.
do
been
We want
old
to be
and
age,
we
in
secure
not
are
He
what
is
first
10
to
said,
a
"Follow
of
concern
mine."
people that
young
apply for jobs
ested
in
the
me."
F.
work
inter¬
were
of
weakness
The
tively
came
that
you
kp$w that
three
ity
great
22.
those
the
of
one
questions
that
of
do
we
retire!
What
one
"With
got
program?
around
to
particular
my
be
the
objec¬
of
people
there is
equal¬
And like
no
slavery.
the sort
it
"When
we
thou
thou
are
Bacon
art
dead,
is
But
are
I
said,
secure,
I know
who, when they
not
know
to say.
saying,
who
finally
surely dead."
lot of people
And
no security
looking for. I
are
was
one
10
retirement
except in
think
asked was, "when do
retire?" Their average
age was
When
should
by
me
Bacon, I think there is
first
every
that
studied
America. To
organization, to be sure, or they
wouldn't have been
there, but do
only
Dempsey-Tegeler & Co.
secu¬
I
Haven
JEROME
Nuveen
&
H.
he
was
trying
That is the only time
qualifica¬
Dane
Abner
K.
Louisiana and
Continued
on
page
Northrop
John
Dane,
Jr.
Mississippi Municipals
Blyth & Co., Inc., Los Angeles
Southern Corporate Issues
VASEY, JOSEPH H*
Geo. Eustis &
New Orleans Bank Stocks
Co., Cincinnati
VICKERS, JAMES S*
Incorporated
Vickers Brothers, New York
Francisco
WAKELEY, THOMPSON M*
PULLIAM, LAWRENCE S*
Weeden &
Co., Los Angeles
A. C.
Allyn and Company, In¬
Chicago
JOHN
corporated,
Member
QUINN, ARTHUR P.*
on
RAHN, FRED
The
all issues of
Illinois
New
Williams
&
Company,
Inc., Baltimore
Active
Trading Markets
LOUISIANA BANK STOCKS
and
LOCAL CORPORATE ISSUES
R.
Lewis, Inc., Seattle
SI&NEY
HIBERNIA NATIONAL BANK
LA. POWER & LT.
LA. BANK
MID-WINTER
4.96% PFD.
SPT. ASSN. DEBS.
&
Co.,
N. 0. PUB. SVC. INC.
PROGRESSIVE BANK & TR. CO.
SOUTHDOWN SUGARS, INC.
WHITNEY NATIONAL BANK
Scharff L Jones
CARONDELET STREET,
ORLEANS 12, LA.
SACHNOFF, SAMUEL *
,
NO
180
&
181
Company,
Barrow, Leary & Co.
WELLER, JOHN
SHREVEPORT
Telephone 2-8351
—
80,
LOUISIANA
L. D. 64 & 65
Bell
Teletype SH
82 & 83
National
San
Quotation
Bureau
Francisco
Chicago, Chicago
SANDERS, SIDNEY J*
Foster &
Marshall, Seattle
SAUNDERS, WALTER F*
Tulane
0161
Jackson, Miss.
J.
W.
Tindall
&
WOLF, LEONARD J.,
A.
poration, New York
porated, Chicago
SCHLICTING, HUGH R.
Wm.
P.
Harper & Son & Co.
SCHLOSS, IRWIN *
Morris W. Newman
Wm.
Perry Brown
John
E.
Kerrigan
G.
Becker
&
Dealers in
Co.
Incor¬
LOUISIANA, MISSISSIPPI,
ALABAMA, GEORGIA and
ZIMMERMAN, WILLIAM J*
Bingham, Walter & Hurry,
Inc., Los Angeles
OTHER SOUTHERN MUNICIPALS
ZINGRAF, CHARLES M.
Goldman, Sachs & Co.
New
Company
Atlanta
The Dominion Securities Cor¬
York
Laurence M. Marks & Co.
New York
newman, brown & co.
INC.
SCHROEDER, TONY
Telephone
Shreveport, La.
Co., San Francisco
WELCH, EDWARD H*
Chicago
Seattle
Teletype
Dealers in
Municipal and Corporation Securities
WILLIS, EUGENE F*
$4.60 PFD.
NATIONAL BANK OF COMMERCE
NEW
St. Louis
Wagenseller & Durst, Inc.
Los Angeles
SACCO, ARTHUR C.
Cruttenden
Specialists in
WEIR, ELMER L.
Chicago
The First National Bank of
NATIONAL AMERICAN BANK
219
9321
WHITE, FRANK C.
& TR. CO.
MISS. POWER
Canal
louisiana municipals
WALSH, RICHARD H*
Sincere and
M*
Burgwin, Ruffin, Perry &
Pohl, Pittsburgh
CANAL BANK IN LIQUIDATION
Telephone
Byllesby and Company,
Incorporated, Philadelphia
ROHDE, JOHN I*
RUFFIN,
465
York
J. Barth &
John
NO
Newhard, Cook & Co.
ROGGENBURG, STANLEY L*
Roggenburg & Co., New York
in
Teletype
H. M.
ROBERTS, WILLIAM C., Jr.
T.
Lynch, Pierce, Fenner
New York
WALLINGFORD, CHARLES L.
Seasongood & Mayer
C.
Exchange
Joseph McManus & Company
Cincinnati
Municipal Bonds
Stock
NEW ORLEANS 12, LA.
WALKER, GRAHAM*
Company
Chicago
Mississippi
Merrill
& Beane,
T.
REIS, ROBERT W*
Louisiana &
DANE
Orleans
WALDRON, STANLEY M.
Quinn & Co., Albuquerque
Immediate Firm Bids
New
Field
ZOLLINGER, Miss ESTHER
Engineer, Los Angeles
SHARP, ELIOT H.
Investment
New
York
Dealers'
New Orleans
Scharff & Jones, Inc.
New Orleans
Building
NEW ORLEANS 12, LA.
ZOLLINGER, JOHN J., Jr.*
Digest
321 Hibernia Bank
•
Long Distance 345 & 389
a
are
going to be secure!
what
Co., Chicago
VAN ARSDALE, NIELAND B*
PRICE, THOMAS W.
our
looking
rity which made America. We are
went to the personnel
office, and looking for it in Washington, D. C.
he said, "will you
just listen to
Security in Death Only
something, and then we will go
In my way of
out. I want to see if
thinking, that is a
you observe
meant.
we
Chas. W. Scranton & Co.
John
Thornburgh Co.
Co.,
went
"You
Glore, Forgan & Co., Chicago
Cincinnati
McAndrew
I
said
VALLELY, EDWARD V*
PORTNER, Miss B. J.
The W. C.
are
be
asking anything
tonight
solicit.
Harold
ROBERT
You see, we have been so anx¬
security ious to get security, that we have
Unlike
looking for it. gone beyond ourselves.
THORSEN, LESTER J.
Blyth & Co., Inc.
Portland, Ore.
San
we
must
St. Louis
PHIPPS, PRESTON L*
tion."
the
a
college President is a profes¬ guaranteed by government fiat.
sional mendicant, but you needn't All of
you
have read Kipling,
when he spoke "about
worry, I am not
something
of
SWAN, LESLIE B*
TEGELER.
Seattle
is
a
change. Re¬ the men who followed the covered
cently I went to the President of wagons across the plains that
a
great national corporation try¬ many of you people have seen for
ing to raise some money—because the first time, we want security,
your
PITT,
Mrs.
SUMMERELL, DONALD E*
New
Portland, Ore.
York
♦Denotes
Company
and
in
The First National Bank of
Chicago, Chicago
Cleveland
Steiner, Rouse & Co.
Strader, Taylor & Co., Inc.
Lynchburg
s
New
much
me
that you and I have here
doing." And I wondered what he in here (our hearts) for the
STONE, ERNEST E*
Lee & Co.
concerns
besides
Co., Seattle
Kay, Richards & Co.
MEYERS, JOHN J., Jr.*
Graves
&
Wilson, Johnson & Higgins
PARKER, H. SHELDON *
Detroit
New
Co.
STEWART, JAMES M*
OPER, WILLIAM H*
Burns
MEYER, FRANK P.
First of Michigan Corp.
Pershing & Co., New York
Eustis
that
in America for individual
SMITH, HAROLD B*
Geo.
10
page
another
privilege, and
that
is tions, what are my opportunities
being unequal. One of the things for service in this great organiza¬
concern
STAIB, LEE R*
O'ROURKE, PAT
Angeles
Gordon
Donald C. Sloan & Co.,
Philadelphia
York
from
Sources of America's Strength
Byllesby and Company,
Inc., Pittsburgh
John J. O'Kane Jr. & Co.
Walston &
McOMBER, A. SHANE
Miller
H. M.
Newburger &
O'KANE, JOHN J., Jr.
New
Mclaughlin, john s.
White, Weld & Co., New York
Revel
SIMPSON, WILLIAM G*
SMITH, JOSEPH E*
OETJEN, HENRY *
McGINNIS, PATRICK B*
Continued
Boston
Portland, Oreg.
NIGHTINGALE, W. F.
Toronto
Los
Sheehan & Co.,
SLOAN, DONALD C.
Co.
&
SHEEHAN, DANIEL M., Jr.*
77
Teletypes NO 189 & NO 190
you
78
*
I
So I go
the fact
going to be secure.
around speaking about
are
Strength
have
1
of
have got to look some¬ mouth, by telephone, and why
besides
Washington can't you be that way otherwise?
I can see you good
for some of the security we want. (applause)
The next tmng that 1 should like Republican people are sitting back
smugly.
You
know honesty has
to call your attention to is the fact
come.
But I am going to deflate
that America, trying to give lead¬
ership to the rest of the world, you, because through history there
is no evidence that Republicans
must be strong politically, very
have
a
monopoly on decency,
that you
else
where
Because peace, like war,
strong.
It is possible for cor¬
(laughter)
political achievement in a
ruption to come again, unless you
sense.
Our pioneers had a feeling
are
alert to it constantly.
It is
that down inside of them they
not a matter confined to one party.
is
a
themselves.
could learn to govern
For too long a
has
from
gone
said, "No,
Our
it.
and we have
not capable of
us,
are
we
resources
so
that
fairs,
And
that
is
a
terrible thing
being
to confess,
centralize."
must
we
for
Democrat.
a
And I think
But I still believe it.
it is wrong.
have had another rev¬
olution recently in which the peo¬
ple of America rose to an occasion
said,
in
and
ment/'
Why
shouldn't
be
as
the
I
decency
just
years,
govern¬
gov¬
our
honorable as
with you people
and
anybody tell
never
next
The
I
have
me a
thought
never
for
had
lie, and I have
that
of
any
you
parties.
believe
the
in
great factors of production.
I don't think it is any disgrace to
four
capitalist. I am one. I only
have sixty-five cents, but I be¬
lieve in the great tenets of cap¬
be
a
labor
that
think
I
structure, of our eco¬
we must
ownership
system. I think
understand the idea of
nomic
It
lost
a
established
That is why we
labor.
our
division
dignity of all
the
and
labor
of
country.
seems
me
good bet.
a
done
to
you
people have
Maybe
you
have
it, and I don't know it, but
somebody ought to be getting out
a
it
might translate
their
fingers, to young people when I talk to
whether it be through a shovel or them at commencement because
they
minds
that
their
ideas
with
foursome. I like to give
a
to
publication
calling through
a scalpel or through a they have the impetuous urge to
to their re¬ drafting board. That is the* genius do things quickly. We adults are
like our adolescent youth. When
sponsibilities and their opportuni¬ of America.
We have another weakness that we can't do them, we get frus¬
ties instead of our thinking con¬
stantly of just our rights. It would we don't like to talk about. Today, trated and an apathy or indiffer¬
seem to me
that security dealers across America, you find the one ence develops or we go fishing,
might do that, and they might at thing that made other civilizations or we have a conference some¬
the
same
time render a
great fall, and you and I don't think where, or a convention to get
service to
America.
Because I much about it. In days of inflation away from it all. As I look back
like
would
America
to
in
everybody
see
own a
cheapest thing in America is
and break a home. For
the
share of something
make
to
these times, as I read history
over
and
I
as
to interpret it now
try
three marriages to¬ to you—and I say this rather
York Central or the New Haven day, spirtually or legally made, tritely—first, the mills of the gods
Railroad. We have a share in it there will be one legally dissolved. grind slowly and exceedingly fine.
deal They do grind slowly, and don't
but we are not conscious of it, As an educator who must
because we do not have a certifi¬ with young people, I must say that be discouraged and frustrated be¬
cate that says so.
four out of five problems I have cause you can't have peace to¬
it
had
Must Protect
Our
though
even
There is
like
America and its
time.
long
a
better recapture
We
I have stud¬
for
communism
ied
to
like
would
I
protect our liberties.
every
It takes time.
We may
arise from broken homes of our morrow.
But don't give
country. We established this coun¬ choose and use.
try for the dignity of the home. up, for then you lose, because you
Liberties
fourth point I would
a
make.
to
New nearly
be
to
politically and economi¬
be strong
abused.
have
it.
And the second
leadership must
the
whom
thought is that
would
gods
destroy,
should
they first make mad with power.
be eliminated from every place cally, as I indicated. Those are the And as you look back over many
of high responsibility in schools, "securities" with short maturity. of the leaders in the times in
and churches and government. But,
which you and I have lived, and
They are selling at a premium
to understand each
other. I think people have to un¬
derstand the capital structure, the
have
take
to
dared
have
I
minutes that
with you
conclude this 40
I
the attention of people
thing is to be strong
I
trying to devote myself to
field
of
training people's
that
Peace Takes Time
and see if I am not right.
over
am
might be distributed
that
Week"
America
economically.
security traders of America?
have dealt
22
and
honor
want
"We
dignity
ernment
"Preserve
capital
Decency
on
Now you
and
keep two strong
italism.
No Monopoly
why I hope we will
is
that
And
deteriorat¬
are
We have become so intricate
ramified in all of our af¬
ing.
and
me
time, our philosophy
dog
"preserve
Why don't we have a
indecent or dishonorable.
dealt vtfith you by word
were
I
week." We
have
"preserve
the children
week." Why don't we have a "Pre¬
serve America Week?" (applause)
have
Sources oi America's
We that
the Forest Week."
"Preserve
Continued from page 77
Thursday, October 8, 1953
FINANCIAL CHRONICLE
THE COMMERCIAL and
78
publication. You know we have
I
in
fear of communism, I hope
our
of
none
communism
that
think
there
But
now.
two
are
others that have been discounted.
tions, prove people guilty because
of their associations.
In America They are of infinite value. They
a
man is
innocent until proven are the
long range things,
the
guilty. There are too many people
"growth securities," shall we say,
all over the country who believe
modern
times.
done
through
in the doctrine of
of
tion.
may
be
and
what
guilt by associa¬
Northwest country I
because I was called a
In my
know,
American
I
because
associ¬ through
was
within
through and through
to be riddled
have
talking about.
That is what I am
This is
in
world of compensations.
a
to
like
would
needs
a
done
be
is founded
hearing
America
it.
on
We
about it
more
during these last few
will recog¬
we
now,
tives
of those who
liv¬
are
will find their mo¬
for power and control.
you
are
And you
have
and I have a feeling and
right to feel, if we do our
a
job, that in due time the gods will
destroy them because they make
with power first.
what them mad
recognition of the force
been
ing
then
And
education
to
that he who months. I hope that
say
is
It
the fabric of the spiritual.
Democracy
communism.
with
our
un-
which is said
ated with education
I
and
recently
Communist
some
even
right
will, by mass accusa¬
us
and
I
third
the
thought
one
it
of
wandered around here
what I
I
might
noticed
say
to
as
I
thinking of
tonight.
you
bees
some
comes,
today
buzzing
around out here among the flow¬
ers,
and I didn't think of that old
story
about
the
bees
the
and
slave, must consent nize that essentially that is the flowers, but I was observing the
fact that the bees were awfully
to have no slaves. We mustn't be
biggest difference between capi¬
slaves to prejudice and fear, and
busy
stealing
honey.
And
the
talism and communism. Both of us
in your attempt to find one Com¬
thought came to me, "Yes, that
munist we must not ruin the lives are material through and through.
is terrible." Korea has taken some
of two or three others who may be We are of a materialistic
would
Underwriters and Distributors
be
no
economy.
State, General Market, and Public Revenue
look
Diligently
humor.
of
sense
day.
and
The
is
Direct Wire to New York and Chicago
like
would
I
that
to
du
Pont
Miami
Bldg.
32,
chicago
DISTRIBUTORS
genius
great
timber
America. It
It isn't
of
the
and
had
DEALERS
Florida Bonds
of the
one
refined
most
my campus, a man
as
black
is
men,
as
any
coal
of
the
one
the
of
one
who
him
DISTRICTS
give
ever
is
ALL
LOCAL
Quotations
no
ISSUES
SECURITIES
Pierce-Carrison Corporation
are
Bank
JACKSONVILLE 1,
Long Distance 47; 3-8621
the
seven
I have tried to suggest
men
than
flower.
points that to
to
you
then
the fourth
tonight
me
as
I
I
looked
one
came
that between 7 and 7:30.
And light.
through the corridors of time
It
up
came
in here
was
twi¬
into
the
as
ing these times of twilkght,
educated
our
in
campus.
I
BUSINESS
different
two
Building
FLORIDA
Bell Teletype JK 181
ESTABLISHED
1924
cities of 5,000
he
because
up,
could
municipal bonds
place in which to live. He
a
medical
corporate securities
to go to medical school,
money
I
went
"Can't
to
some
we
raise
They said,
"Oh
no,
this
job. Let's train
and
send
him
Train
over
like
don't
people
and
people
for
money
a
can
white
do
man
there."
that
to
we
do
philosophy.
things
LEEDY, WHEELER & ALLEMAN
Incorporated
Because
to
genius that is America is
ity
to
translate
noggins to
great
things
me
our
from
>
for
FLORIDA
themselves.
National
more
him?"
I
Barnett
Because, you see, as the bee steals
think honey, he is also pollinating the
refined
most
most
training himself to be
said,
CORPORATE
some¬
I
you ever saw.
trod
job
a
them
no
and
UNLISTED
honey off America in the
And
Those
missionary to his people. He has
—
the
people in Oregon, and he had to
find
Firm Offerings
it.
say
have have made America strong.
I
ore.
on
cities this summer,
—
of
traveled, and I have found people if we study them and believe in heavens, and this thought came
who say, "Oh, it is so easy to give
them, they can make America to me." It has to get just so dark
these
people money. Let's feed
before you can see the stars." Dur¬
that it may go down
them. Let's play Santa Claus." I stronger,
got
Firm Bids
ought to do
do.
men
COUNTY
We
ought to work at it
He
MUNICIPAL
such
no
and
from Africa, the leader of the free world, as even of threatened darkness, I'
graduated from an English school, the one who is
trying to give an have taken these moments with
and he came to us for pre-medihonest and an objective leader¬ you to ask you to be the stars
cal work. He has been accepted in
that shine.
two medical schools. His skin is ship to Western civilization.
Fla.
telephone 3-3311
UND ERWRITERS
do.
we
the
inc.
I
thing besides just
we
isn't its physical resources.
new york
is
worshipping ourselves because of
our resources. You know that isn't
the
& Co.
there
say
stop
people
American
the
see
Ingen
they
point I would like to
next
suggest
B. J. Van
But
form of its youth. But out of times
for them, but don't accuse anyone thing as the dignity of the person.
of danger, and out of times of
because he rode in the same rail¬ It is the party. They say there is
something big can come.
road car with a Communist one no value to the spiritual. But you crisis,
BONDS
MUNICIPAL
Americans must have a
innocent.
BANK
BUILDING
the
ORLANDO, FLORIDA
abil¬
our
our
fingers. That is the
resource
of America. Think
BELL
TELETYPE OR
84010
LONG DISTANCE
27
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Why Hoffman is
in
western
a
leader
electronics
S&N
•
Two
quick facts underlie Hoffman's pre-eminence in the fast-growing West Coast
electronics
industry: 1) Widespread
Television, West's
among
of Hoffman Easy-Vision*
iftsttl
jfergest^selling TV; 2) Hoffman's
military leaders, for
apparatus
consumer acceptance
^ des^ ai0 pindudtion of
\tm
>
of all types.
yyy$M
•jaSVS-V&?'
feSSSM
>Jm
Radio
Los
Angeles
•
Corporation
,-'A"
•ym.,
*
Trademark
v,;
-:;
•
V>-^A£-
Sv;\®
1
THfflB
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Kansas City
;•:' V; ® .~v "
"'
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'
-
1858 j
Thursday, October 8,
P»go
.—..56
Campbell, McCarty & Co., Inc.—56
First of Michigan Corporation
—56
Buhl Building
Courts & Co
Haneock, Blackstock A Co.
Co., Inc
Robinson-Humphrey (The) Co.
Johnson, Lane, Space &
Hudson White A
57
Manley, Bennett A Co.——57
56
57
Roney (Win. C.) A Co.—
!
——41
C.) & Company
41
Mead, Miller & Co
——41
Stein Bros. & Boyce_—
41
Watling, Lerchen A Co—!—
Baker, Watts & Co—
Legg (John
?
east orange, n. j.
Timber Co.
Rowles, Winston A Co
Cryan (Frank M.) Co., Inc..
Devine (C. J.) & Co—..
Dominion (The) Securities
63
Fahnestock & Co......_
Pierce-Carrlson Corporation
40
Inc.
du Pont, Homsey A Company..
Haigney (Dayton) A Co..
Carr A Thompson,
..40
jersey city, n. j.
Peabody & Co
—38
los angeles,
Gas A Electric
....39
Association
chicago, ill.
calif.
Akin-Lambert Co., Inc.—
67
Crowell, Weedon & Co
69
Fewel A Co..—.....
70
Hoffman Radio Corporation
79
Kraft (Oscar F.) & Co.—
Miller (Revel) & Co...
.68
Morgan A Co—
;.
69
R.) A Co.
Wagenseller & Durst, Inc....
68
.
68
69
Staats (William
Co.—-——-—53
Incorporated..55
Byllesby (H. M.) and Company,
louisville, ky.
,-..^53
Incorporated
Bankers
Co.__————..53
Doyle, O'Connor A Co—_
—54
Fuller (William A.) & Co... 1—-54
Cruttenden A
Republic Investment Company,
Wagner, Reid A Ebinger,
Inc.—.......47
Bic.^.54
Die.——55
Sills, Fairman & Harris, Inc————53
Sineereand Company————^..55
StifeL Nicolaus A Co., Inc.———54
Scott, Homer A Mason, Inc—..
.71
Strader, Taylor A Co., Inc.....
.71
.54
memphis, tenn
First (The)
..
6
.74
National Bank.....
cincinnati, ohio
Nebeker (W. D.)
(Laurence M.)
.48
.49
Ludman Corporation
Kahn'8 (The E.) Sons Company-
.49
Van Ingen (B.
Heimerdinger.
.49
.76
.78
J.) A Co., Inc
san
.....
Russ A Company, Inc.
cleveland, ohio
san
& Co
Barth
Milwaukee
francisco, cauf.
(J.) A Co^!..—
McGinnis A Company....
Brush, Slocumb & Co., Inc.
First California Company
McLaughlin, Reuss A Co.........
McManus (Joseph) A Co.
Incorporated
Gorey (Walter C.) Co.
Merrill Lynch, Pierce, Fenner A
Hannaford A Talbot
& Co—
.50
.52
Allison-Williams Companj
60
Piper, Jaffray & Hop wood
60
67
Model, Roland & Stone
Morgan (Peter) A Co,...—
08
Strauss (J. S.) A Co—!
National City Bank of Neu
Sutro A Co—
National Quotation Bureau
Witter (Dean) & Co..
O'Kane, Jr. (John J.) A Co.
Pershing & Co...............
Wulff, Hansen & Co.
nashville, tenn.
"
i
Clark* Landstreet A Kirkpatrick, 1
74
Merieka (Win.
Equitable Securities Corporation
74
Co.——48 J*> A Co., Inc...— .!— .48
J#
Reynolds A Co..
Roggenhurg & Co
Foster A Marshall
Sherman
Grande A Co*,
(L. D.) & Co
**
new haven, conn.
,
DALLAS,
dallas,texas
lfcXAS
.
,-,T
.-a.i/.l•»>
t
t.
-.
i
i' ii" rii»i»n.i..
mx
65
Harper (Win. P.) A Son A Co....1..-65
& Co—..-.
Lewis
Stamm
Pacific Northwest Company.
(A. L.) & Co
Tatro (Edwin L.) Company
Trask (Spencer) A Co,
Troster, Singer A Co,
...
"
—
•
--
-
-
g$
shreveport, la.
Barrow, Leary A Co
Van Alstyne, Noel & Co,
Vickers Brothers
syracuse, n. y.
Snyder <E. W.) & Co.
toledo, ohio
newport, ky
'
J: ' Sjv
-./an
<
orlando, fla.
,nInc..
ameUA&
toronto, (wt, canada
78
philadelphia, pa.
west orange, n. J.
Brooke A Co.
Butcher A
V:'r ":-;v
CoUta, Norton & Co.
Sherrerd
Clark (E. W.) & Co.
westfield, n. j
an
(Charge
W.) A
washington, d. c.
x78
111
i.V;'-
new orleans, la.
•••.;',',V
1
if
,.r
'
-r
—75
Inc...!.—2!..!-:^!.—!^B4]
Singer, Beane A Mackie, Inc.
i
__68
slllll' seattle, wash.||l!<|||
Saxton (G. A.) A Co., Inc..
Boenning A Co..
(Chas. W.) & Co.
wmmm-
-^.66
..____
Johnson, Lane, Space A Co., Inc.
Registrar A Transfer Company
Shield (G. K.)
66
——67
SAVANNAH, GA.
.
Pitfield (W. C.) A Co., Inc.—
Leedy, Wheeler
Gottgon, Russell A
"
...70
Mitchell A Company
Newport Steel Corporation
G6..^.-i-5li'
..
...70
c
51
u,
_._66
..52
Company.
(The) Company.
minneapolis, minn.
.34, 54
)^3fey«4a»d,Cw
/,
Beane
JtO
) Trust Company
.-69
....66
.—
White, Weld & Co
Wood, Gundy & Co., Inc
Marshall • (The)
52
.73
.........
Wertheim & Co
milwaukee, wis.
antonio, texas
.
.
\
A Co.
::W-
......
Marks (Carl) & Co., Inc
Marks
P.) A Co.
Mountain Fuel Supply Company.
Union Securities Cori
miami, fla.
(Geo.) & Co.
Field, Richards A Co.
Eustts
Ingalls & Snyder
Josephthal A Co
Kidder (A. M.) & Co
Salomon Bros. A Hutzler
lynchburg, va.
.55
Co*
Klbbe (A.
Pflngfeider A Rust..—......
...47
47
(The) Bond Co., Inc...
Kentucky Company
Rogers & Tracy,
McDowell.
salt lake city, utah
Hutton (W. E.) & Co—.
McDonnell
Becker (A. G.) & Co.,
It
m
st. paul, minn.
Maxson (W. L.) Corporation
38
—40
—
52
First (The) Trust Company..
cambridge, mass.
Walter Woody A
'::Clonipai»y...!...i^i!!!^i.!!5S■:
Kalman A Company, Inc.
Rice (Irving J.) A Co
& Co
Lord, Abbett & Co.—...
lincoln, neb.
--.40
Townsend, Dabney A Tyson
Swift, Henke A
; White &
—
Loeb (Carl M.), Rhoades & Co-
..39
Sheehan & Co.——.
.
...
Hill, Thompson & Co., Inc
Lebenthal & Co...i
1.38
Inc
Moseley (F. S.) A Co..
May A Gannon,
!
& Co.—-
Garvin, Bantel & Co.—
Glore, Forgan & Co.:
59
Stifet, Nicolaus A Company,
Incorporated
..!...——^..58
Lalfd, Bissell & Meeds
Tellier A Co.-.
..39
Maguire (J. B.) A Co., Inc.—
Allyn (A. C.) A
.78
...
..39
..40
:v
Scherck, Richter Company
Hunter Securities Corporation
jacksonville, fla.
,
76
Bettinger Corp.
New England
.....
Hourwich & Co
boston, mass.
Co
...59
Newhard, Cook A Co.... .—.....4-59
Peltason, Tenenbaum Co—
....—58
(The)
Graves (Gordon)
.57
Corporation
hi
st. louis, mo.
Jones (Edward D.) A Co-...
Grace National Bank of New York
Indianapolis Bond and Share
.
Corporation
Goldman, Sachs & Co—.......
indianapolis, ind.
..64
providence, r. i.
Walker (G. H.) A Co.
du Pont (Francis L) & Co
Frankel (William V.)
.72
......
.64
Jones (June S.) A Co......
Patten (George) Investiimnt Co.
New York
.....—
.76
■—
Company
Vance, Sanders A
■>•.'Ki•; •-f >'».
:V'
portland, ore.
Boston Corp...__
Fox (P. F.) & Co—..
houston, texas
boise, idaho
Kidder,
•-;
Burns Bros. & Denton, Inc.
First
Idaho Power
;•'\;
Bonner & Gregory.
Estabrook & Co..
Coburn A Mlddlebrook, Incorporated .37
birmingham, ala.
Leach-!
Thomas A Company
Boland, Saffin & Co.
Ernst & Co,
hartford, conn.
Sterne, Agee &
Reed, Lear A Co...
•
Eastman, Dillon & Co
bellingham, wash.
Puget Sound Pulp A
Moore, Leonard & Lynch
Blyth & Co., Inc..
i
Edison, Inc., Thomas A.—.—— 2
pittsburgh, pa.
Johnson A Johnson..!
Baeon, Stevens & Co.
Batkin & Co.
McDonald-Moore A Co...—......—v.56
baltimore, md.
•
Company—.—16
Livingstone (S. R.), Crouse & Co
'
.
Amott, Baker & Co., Incorporated.:
Arnhold & S. Bleichroeder, Inc.
detroit, mich.
atlanta, ga.
@FedFRASER