Full text of Commercial and Financial Chronicle : September 19, 1963, Vol. 198, No. 6300, Section 1

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

!

TfWKttHUiUf ;M«wr

* iJN Y

The COMMERCIAL and

Reg. U. S. Pat. Off.

Volume

EDITORIAL

INFORMATIVE

MOST

New York 7, N. Y.,

Number 6300

198

AND

LEADING

THE

Government go

by

New York

try's

which labeled a tax cut "on borrbwed money"
"fiscally wrong—a time bomb for inflation." This

group

as

question,

or

is necessary,
the

forecasts

just

few

years

ago

deficits

were

often, if not

money.

We hear

How

'

and still

It is
much
tax

must

of

inevitably suffer

so

curse

long

under

as we

moment that

we

can

solely by
greatly
The

area.

as

is

that

redeem ourselves from these

we

are

(Continued

must

at

me

for

in the $2

Each

remain

itself.

More

more

largely

Municipal

were

term

loans.

ceptions.
written
Such

on

off

were

past

finance

dealing

larger

larger

purchase

there
the

is

on page

22)

related

de¬

industry

But

that

will

out

ithe

of

by

early 1970's.

It is this

very

except

Selig Altschul

influences

financial

was

fh

this

evolved

for

frameworks the

V
of

capital

large

base

cash

of the

throw-offs

industry

and

the

would have

continuing aircraft acquisi¬

for

two

positions.

and

significant

developments.

jet transports

ran

This represents quite

First,

around $6 million

a

jump in require¬

stepped-up from

try during the intervening

the

termine

its

years

ability to meet the

will largely de¬

challenges of the

per copy.

$2

years

Lester, Ryons

•

623

^U\£i

Underwriters
Dealers

So. Hope

million

unit

cost

of

will largely determ

a

Super G

(Continued

or

7.

DC

on page

18)

State,

Co.

&

Street, Los Angeles 17,
California

Members New

York

Stock

Ty:

Offices in Corona del Mar, Encino, Glen-

-;h

Securities

BOND DEPARTMENT

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

MEMBERS

Diego,

Santa

^MIDWEST STOCK EXCHANGEjEr

Ana,

Santa

Housing
Agency
Bonds and

Exchange

Associate Member American Stock
Exchange
Members Pacific Coast Exchange

CHEMICAL BANK NEW YORK TRUST COMPANY

Monica,

Whittier

Notes
Municipal Bona Division

THE

CHASE

Inquiries Invited

Jil
w

on Southern
California Securities

135 So. La Salle Street

Chicago 3, III. FRanklin 2-1166

TWX: 212-571-1414




formations

toward
process,

ments from the capital formation

Corporate & Municipal

'

this

able to handle its growing equipment

the cost of the

policies

MULLANEY, WELLS & COMPANY

New York
770-2661

and/or
In

And the resultant financial structure of the indus¬

Chemical

•

years.

depreciation

Municipal

Distributors

770-2541

capital

been able to assimilate

fact

importantly
airline

seven

ex¬

were

tions pretty much in the past conventional manner

the

which

purchases)

acquisitions.

airlines,

pattern

broader

likely to be in scheduled
service

individual

This

emerge

commercial
'

to

through

requirements.

unknown.

SST

a

and

op¬

doubt

no

haze

and is

and

con¬

price,

four

of

aircraft

and Public

fTfibt

York 8, N. Y.

periods

isolated

were

previously applied in an almost con¬
toward retiring debts (created in

to

years

debts

throw-offs,

cycle

supplemented

piston-powered

over

charges,

and

an

earn¬

equity financing plus short-

Long-term

These

cash

"

Limited

capital.

reinvested

aircraft

remain

$750,000,

:

more

time to time by

as

Securities

P. O. Box 710, New

and

subsequent

with

around

equipment transitions required

ings

surrounds

currently

at

with

4

by the

million, the DC 6B at about

million class.

of these

from

development

DC

thereafter

$1.5 million and the Super-Constellation and DC 7

airline financing program

any

rapid

accelerated

the

of

soon

Constellation

Housing,

State and

phones:

Lockheed

the

was

been

growth of the in¬

introduction

discussion

This

has

progress

tag, followed

PUERTO RICO SUPPLEMENT: SECTION TWO

U. S. Government,
Public

$450,000

first

the

saw

tinuous

mist

ments

leave it intact, and

the right sort of action is needed in that

truth

^

nine years later,

the DC 6 at around $1

Favors

finance the acquisi¬

transports?

directed

the

as

erating costs

-

adequate in
whose spell we
or

sort of action in the matter of taxation

any

its

Mr. Aitschul

later.

current

sins
—as

transitions

struction,

regardless of whether or not the total tax take is
sufficient to cover actual outlays. But let us not suppose
a

1

initial outlay of about $100,-

an

Some

copy.

Essentials

that

for

SST's

the ' plane

this

certainly bad enough to persist in spending more,
than we are willing to give up in taxes. The

economic

per

the ultimate outline of the SST.

system through which we, collect whatever funds the

Section

—

Equipment development, starting with the

3, represented

000

expected

permitting industry's^-but not all airlines'

initially

nebulous

more

an

supersonic transports.

At this point,

the

for

A

amount—is

Sections

the tremendous

DC

planes, and its ability to finance the

supersonic

question

stop to think at all about swollen

in—be it too little

the

and

now

the airlines going to

of

today.

swelling outlays and about real tax reform.

government takes

between

long respite before meeting costly re-equipment

a

are

tion

much about reducing

so

2

Technological

age.

has fueled

infusion of

despite all the smooth talk these days by govern¬
spend¬

taxes that all too few

SST

for ailing carriers unable to afford SST challenge.

mergers

ment economists and advisers about the merit of

ing borrowed

1839

In

Copy

a

and

City

equity ratio and to finance interim jet purchases.

regularly, met out of borrowed money while that party
was in office at least at one end of Pennsylvania Avenue
and

ESTABLISHED

.

Cents

—improving profit-posture to act on current excess debt-

ponder and ponder prayerfully. This

notwithstanding the fact that members of

a

prospects

needs of 1970-72

party roared much more like suckling doves

same

when

financial

shift from subsonic to

the equivalent of it, is certainly one which

be well advised to

50

provided regarding the airlines indus¬

are

advent of supersonic

only the wage earners but all the rest of us should

not

Price

.

.

dustry.
Expert answers

and Means Committee of the House of
a

FIELD

By Selig Altschul,* President, Aviation Advisory Services,

of Republican members of the Ways
Representatives,

group

a

FINANCIAL

Impact of Supersonic Airplanes

(wage earners) willing to have the

into debt at the rate of' $10 billion per

lent of

week

THE

^resent and Future Financial

for the foreseeable future to give them the equiva¬
'cigarette money' "? This question was asked last

year

IN

Thursday, September 19, 1963

As We See It

"Are these taxpayers

PUBLICATION

New York

Correspondent—Pershing

MANHATTAN
&

Co.

BANK
Net Active Markets Maintained
To
'

T.L. Watson &Co.
established

'4:;'

::A

Canadian Securities
Block

New York Stock Exchange

Stock Exchange

Inquiries Invited

BONDS & STOCKS

Commission Orders Executed On All
Canadian

CANADIAN

Exchanges
DEPARTMENT

Teletype 212-571-1213
25

BllOAD STREET

NEW YORK 4, N. Y.

•

PERTH AMBOY

Dominion Securities

IMtECT VIRES TO MONTREAL AND

Goodbody
MEMBERS

BRIDGEPORT

Human Resources

CANADIAN

1832

Members

American

California's Diversified

Dealers, Banks and Brokers
; A'.

2 BROADWAY

NEW YORK

&

NEW YORK STOCK

TORONTO

Grpokation

Co.

EXCHANGE

40

Exchange Place, New York 5, N. Y.

1 NORTH LA SALLE ST.

Teletype 571-0880

CHICAGO

Area Code 212

WHitehall 4-8161

Bank

of

America

N.T.&S.A.

MUNICIPAL BOND
SAN

DEPARTMENT

FRANCISCO* LOS ANGELES

2

The Commercial and Financial Chronicle

(1102)

Brokers

You

The Security

jind Banks,

Where you

Dealers

or

A continuous forum in which,

I Like Best...

Forum

JOSEPH

trying

are

small, if

or

buy

to

von

Their

will find "HanseaticV*

you

New York

service

to

ad¬

your

&

St., New York 4

60 Broad

Telephone: 363-2000
Teletype: 212-571
Boston%

Philadelphia

San Francisco

•

Wide

World

Los Angeles

•

in

the

investment.
in

of the

in

shares

L. A. DARLING

to

in

moved

into

shares

barreled—as

adjust, and

MORELAND & CO.
Members

Building

Penobscot

1051

by

Office

Branch

—

City, Mich.

Bay

and

at

to

share

with

price
by

Founded

Co., Inc.
mestic

the

seasonings,

STREET

WALL

9 9

YORK

NEW

cent

growth

been

do¬

demand

consumer

for

in

SUGAR
Raw

Refined

—

the

past

increased

—

Liquid

Exports—Imports—Futures

30

to

and

taxes soared to $1.2

4-2727

1962, from

1932, the last loss

of
2SSSSSES!
illl WhwA—

«AV

m

the

1951-62

increase

were

■

has

pace

yearly

span,

in

sales

and

2.)%

sedate

a

respectively,

ON

and

but

picked

the

of

NEWSSTANDS

about 7%

period.
spice

spicy

usage
more

spices
the

seasoned

MAJOR CITIES

hotels,

.by

strong

which

freely;

grew

of

spread

institutional

An

interesting anomaly emerges,

however,

when

currently

applied

trical

are
•

•

pleased to
•

announce

\i '

...

that the "Chronicle" is

•'

000.

3.3%

to

of

debentures,

be

of

$9.6

also

available

in

in

the

on

news¬

yet

major

20

to

million,

demands,

soon

of

quarterly

there

chance
the

for

current

dividend

rate.

were

interest

and

are

held

now

by

the

nually

has waned

because

Leece

The

COMMERCIAL

and

dications

25

Park

Place,

New

York

renorts

company

and

results

are

only

In

my

belief,

the

an¬

currently

shares

pace.

repre¬

high

quality
and

I

restricted

at

an

unusual

recommend

will

be

last

year,

168%

$1.26

when

profit




the

Pretax Profit

Taxes?

The Monday Issue

and

Cleveland

SI.30

'

.

; *-'>./■;

■

•

I

•

•

,

of the CornChronicle

Financial

contains the

price

range

on

more

than 5,500 stocks

traded

on

the

vs.

exchanges and in the

Over-the-

Other

include

the

most

comprehensive

record

of

dividend

ments,

redemption

features

as

ap¬

by invest¬

simply

facilities

got

announce¬

squeeze

feet

square

had

increased
to

by

meet

dislocation

calls,

and

be

to

sinking fund notices.

100,000

continued

expansion
opment

and

and

important
largely

facilities

by

concurrent

marketing

devel¬

of

products

new

★

This, plus the

caused

The

COMMERCIAL

and

FINANCIAL

two
CHRONICLE

was

responsible for the sales25

earnings contraction.
Three

Cleveland

300,000

square

plants
feet

Park

Place, New York 7, N, Y.

now

of floor

A plant in Gainesville, Ga.,

77,000.

Employment has been

this

further

is

1,200 to 1,500.

expected

Share*

$695

.]

they

happier circumstances—

on

of

Net Per

(000)

3.8%

•

•'

burgeoning sales themselves.

of

Margin

■

much-

squeeze,

assumed

was

Management

quickly

has

.

increased

to

due

not

sales

take

to

increases

All
care

up

to

$30,000,000.
Much

of

1.33

772

1.48

48,647

4.5

1.061

2.04

the

high-demand

company's

has been from

success

50,430

5.0

1,126

2.13

developments

and

52,261

5.4

1,229

2.26

ing

year

—

54,000

2.35

policy.

the

past

past

aiming for

markets.

—_

Product

additions

followed

dur¬

this

They included windshield

National

Quotation
Bureau
Incorporated

Established 1913

wipers, outright essentials to safe
Before

preferred

dividends,

motoring, and transistorized igni¬

dividends.

tion systems.
The

(This is under
a

they

caught in another kind of
the

In¬

1963

for

'

'

share.

was

parently

based

;•

Counter Market.

This

ors.

'

earnings

1961—perhaps $1.30

over

per

increased from

(doo)

t After

as

as¬

only slightly higher than

discussed

their

marketability.

$36,539

preferred
$ Estimated.

7, N. Y,

1963

that

are

3.6

FINANCIAL

false

a

failed to keep pace with sales.

43,050

CHRONICLE

5,500 Stocks
v;•

mercial

709

*

of

Neville's

-

3.7

1963J*

stock

in recent months, pre¬

38.913

1962

1963

Price Range on Over

Yet public

company's

growth in volume.

slightly ahead of last year's

in

Sales

1961

—

healthy

•

the

1959

country.

Year

1963 fiscal

—

2,000 stockholders.

The

better-

wtyich

in

I960.

throughout

Our 74th

1961.

suggests solid growth.

split

ll-for-10,

Summary of Sales and Earnings

___

—

25%.

space.

1958

1889

only $4,430,-

Certainly this sales performance

have

cities

were

to have increased another

with

—

1950

its first nine months, they appear

purchase in accounts able to live

1957

INC.

CO.,

St., New York 6, N.Y.

Telephone: WOrth 4-3033

ending July 31 have not as;
been released. But, based on

use

Nov. 30

stands

130 Cedar

year

with

Considering

little

they

assets

compare

1.74:1.

cash

5%

of

and $2.1 mil¬

Current

million

liabilities

shares,

over-the-

Net After

\

PRINTING

very

in the price of its stock.

sumably

shares

1967.

6-for-5,

some

more

eating

7,381

2-for-l;

fairly sophisticated seasonings.*

Years Ended

doing

Final figures for the

discount,

1

is

They had increased four-fold

sent

now

APPEAL

Company. This pio¬

$17,880,000 by 1962, 27% higher

in¬

foods,

is

Cleveland's

this fact is not entirely

but

use

convenience

yardstick

to

equipment

clubs, restaurants and

of

We

this

producer of automotive elec¬

neer

dustry; and the sharp rise in

''

up¬

com¬

a

is doing well.

pany

voting

1949, the shares

several

used

sharply

sumption.

non-voting

are

ratio

Since

foreign cooking, in
are

the pattern continues

no-par

(119,691

4-for-l,

in

upsurge

from

triple-A-

a

interchangeably

cent

is

oppor¬

527,123

shares

appears

of

sauces

expansion

in

the

liberalization

sales

stems

factors:

IN

profit

of

$16.7

a

of

industrial park.

prospective

annually in the 1957-62

The

for

of

for

20

spices and

statistics have

ward, it's usually assumed

born.

was

serial

and

retail

for

room

407,502

current

17%, respectively.

Industry-wide

acres,

here, apart from

maturing by

5.6%,

8%

280

lion

1958-1962

to

up

branch offices

our

measuring growth potential. When

recent

McCormick's

year,

par,

rates

in

Baltimore Industrial

counter)

earnings

and

to

Exchange

per

manufacturer

preferred, $100

McCormick has experienced.

way,

In

wires

Co., Inc.,

basic yardstick for

one

Sales in

purchased in 1962;

was

of

traded

by the

year,

212 571-1425

by

profit

undertaken

on

common

deficit of $14,000

a

margins

certain

same

Ahead

million

in
DIgby

the

,tenanted

profits

after

un-

and the Baker Extract Co.,

tunities

equity

increased

been

afforded

from

$3.5 million. Stockholders'

in

long been

to

Plenty

have

million

fourfold,

bulk,

rather than per dollar of

Greater

greater

sales

years,

$52.3

Exchange

Company

Year-to-year sales

reflected

Park,

convenience, nutrition and flavor.
In

Exchange

f Associate)

well,

year,

stabilize
a

Stock
Stock

City

York

Leece-Neville

The

is big

to

York.

American

.and American Stock Exchange

50%—but the company

flavorings,

satisfy

to

New

fallen

a

long-established

herbs

stimulated

developed

they

in

viciously

are

New

Mobile, Ala.
Direct

&

Stock

Neiv York

or

years,

by new seasonings, products, and

packaging

5, N. Y.

has

and,

W. Pizzini

H.

Members

than

well. Re¬

as

Members

A number of important mergers

selling hun¬

foreign lands,

many

important;

food

largest

spices,

of

Steiner, Rouse & Co.

B. WINTHROP PIZZINI

President,

Cof¬

once.

sales.

quality.

is today the

at

in

users.

of

shooting for

dreds of items in this country and

LAMB0RN & CO., Inc.

inside

pound,

1889, McCormick &

processor

food

and

in

merchan¬

introduced

on

are

prices

enough

modest

other

comparable

few.

a

bottled

stable—pepper has quadrupled in

earnings

distinctly

City.

NewOrleans, La.- Birmingham, Ala.

Leece-Neville

pros¬

times

of

and

spices, is im¬

retail,

institutional

Spice

take shape.

13.5

York

Members

the

includes

and

were

tea

sold

have

3*3 222-5012

962-3855

of

These

1959, and caught

for

a

1963,

comparison

shares

DETROIT 26, MICII.

$2.35

fiscal

in

Exchange

Stock

dised.

Co.,

at

tinned

fee

the long-term

sell

New

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

quite

tapioca,

line

styled

are

&

company

shares

estimated

Midwest Stock Exchange
Detroit

The

than

aginatively

and

lands,

also

Gourmet

rather

earnings evaluations

as

pects of the

Inc.,

sauces

peanut butter, to name just
The

50%

opportunity

an

Co.,

(Page 2)

extracts,

and

many

catsup,

more

McCormick

offers

line

mayonnaise,

I

en¬

herbs

(new,

In

investment

line.' An

of

seasonings

company's

too

some

up

the ratios came

as

Winthrop

the

is

business,

flavorings,

successful).

About

far

market

consumer

seeds,

and

profit, I believe, which is double-

QUOTED

—

closely
Inc.

COMPANY
SOLD

price,

&

Bought—Sold—Quoted

HAnover 2-0700

spices dried and foilpacked

Kitz, Inc. at 19, feeling the
was

Co.—B.

important

compassing

in¬

column,

this

also

are

seasonings,

recommended purchase of Charles

the

—

Louisiana Securities

Inc.—Joseph

Pizzini, President, B. W. Pizzini

commercial

end of MCCOrmick's

com¬

shares

McCormick

ago,

Leece-Neville

dominant, and the most complex,

of

and

of the

makers

The

Co.,

diversity

users

single

a

year

and

Co.,

North, Analyst, Goodbody &
Co., New York City. (Page 2)

packers

sausages

&

industrial customers.

"buy the food industry," in effect,
with

of

Canners,

users.

low, comparatively; subsequently,

BOUGHT

Selection^

E.

processed

bakers, pickle packers and condi¬

seasoned

—-enables

processors

company's

meat

ment

processor

price-earnings ratio

Service

Wire

universality of

a

1231, 32, 33, 34

—

Chicago

•

The

items.

vestor

Exchange

Stock

the

that at

are

been

world's largest

these

to

Member

Associate

with

frozen,

mashed,

has

is

cured,

pany's products—from housewives

Eitabluhed 1920

American

it

food

your

roasted,

smoked,

point

Inc.,

CORPORATION

whether

sauteed,

the

of

luncheon meats) being the largest

flavored by McCormick &

or

HANSEATIC

City

whatever—the odds

or

some

NEW YORK

foods,

Co., Inc.

matter

stuffed,

"HANSEATIC'

Just Call

No

pickled,

1

vantage.

40%

output is consumed in

(particularly
McCormick

nationwide contacts and fast
reliable

McCormick

About

NORTH

E.

Analyst, Goodbody & Co.,

sell,

or

Alabama &

Participants and

participate and give their reasons for favoring a particular security.

"HANSEATIC"
Large block

Thursday, September 19, 1963

.

This Week's

e^ch week, a different

group of experts
in the investment and advisory field from all sections of the country

usually find

.

.

no

circumstances

solicitation of

an

offer

to

to

be construed

buy,

as

an

offer

to

sell,

or

but

latter

are

new

in

concept

already enjoy strong demand

Over-the-Counter Quotations
Services for 49 Years
46 Front Street,

New York 4, N. Y.»

~

SAN FRANCISCO

CHICAGO

any

security referred

to

herein.)

Continued

on

page

8

'■

^

Volume

6300

Number

198

.

.

The Commercial and Financial Chronicle

.

(1103)

CONTENTS

France's Inflation Hedging

Thursday, September 19, 1963

i.s.

France

provides

protect the

private,

excellent

an

of

cost

the

to

nationalized

and

government

linked

illustration

of

living

index

taken

(

Present

Dr.

Bond

of which

none

other

to

unique

_-Bernard

Issues

(Profits

OWNERS
demand

3
5

Seligman

Ira U. Cobleigh

,-Yoshizane Iwasa

Economy

ind.xing

N

Y

.

.

.

representation
in

the

United Nations

Financing and Other Vital Changes in Japan's

was

A

A

M

OBSOLETE

1

Airplanes

Belt Conveyed

O

«

of

Selig Altschul
France's Inf.ation Hedging Experience With

to

inflation.

Future Financial Impact

and

Supersonic

of protections built into

bonds,

but

PAGE

York. A. Y.

measures

the inroads of price

holder from

bond

L niversity. New

reviews the bewildering variety

Seligman
y.

York

Finance. New

jcHTtnsTfin
AND

Articles and News

By Bernard Seligman. Assistant Professor. School of Commerce.
Accounts and

3

7

'

until

arrangements,

ended

stabilization program.

-

•

consistent

a

yield

linked

on

under

decree

Planning in Puerto Rico: Purposeful and

Gaulle's

De

Profitable

Hindsight shows that indexed bonds produced

available

that

above

believed

is

this

and

bonds

ment

official

by

issues

well

as

conventional

on

reflect

to

additional

risk

greater

as

9

Santiago

Systems

paid

entailed.

Payment Balance

similar

tory

when

were

Following the end of World War

STREET,

Telephone:

NEW

WHitehall

YORK

4-6551

^_Roger W. Babson 10

Moderate Rate Rise to Aid

Economy and

Crisis

J.

James

II

O'Leary

PANACOLOR INC.

Retaining Our Rote in World Securities Markets
•

WALL

99

Garcia

Educating Investors About Expanding School

govern¬

income

Ramos

William

C.

12

used, notably Germany after

arrangements

Cates

'

II,
the

particularly

countries,

many

those

in

Europe

World

faced with

were

the

of inflation and the

problem

1958

necessity of
g

savings

to

offset

aging
the

provide

to

as

funds

the

of

price level.

struction

rose

by the

concommitant

was

Bernard

in

induce

to

Seligman

linking

this

overcome

the

was

development

_

linking,"

or

financial

instance,

change

gold,"

reference

or

such

It

form.

forced

postwar

period

such

widely adopted
Finland, where

were

like

dexed"

the

to

Israel where
terest

of living,

cost

wages,

principal were

and

linked

ilar

the

age

however,

France,

pensions.

old

was

and

contracts

only major country which ex¬

tensively applied the value link¬
ing device to bond 'issues.
The
value

reason

linking

for

in

bond

France seems quite
occurred

Just

'

As We

Bank

have

specialized in

System

'Carlos J. Lastra

'

■

and

..(Editorial)

Insurance

to

Stocks

14

32

Investment

Recommendations

From Washington Ahead

of the

News.

5

23

value

.

.

and You

.

the

(The)

they

between

the dominant

were

4

Reporter

Public

Securities

Security
Security

in

Like

10

Registration.

Security

Corner

Tax-Exempt

comprised

over

government
and 1958.

market

90%

issues

in

for

the

of

1952,

Bond

De-

The

(The)

16

Market...

6

32

COMMERCIAL and

Published

official

contracts,
decree.

were

Park

CLAUDE

D.

by

in

many

as

outstanding and offer not only

of the bond issues

WILLIAM

Continued

on

page

REctor

2-9570

DANA

GEORGE'J.

MORRISSEY,

135 South La Salle

All

PREFERRED STOCKS

*;.

Founded

BROAD

New

York

written

permission

is

strictly

or

in part

prohibited.

Second class postage paid at New
York, N.

Y.

In

United

Union

Stock

States, U. S. Possessions

$80.00

other

per

countries

in

year;

$87.00

per

> ills

members

of

Canada

In

Exchange

United

Union

$20.00

other

Y.

States,

U.

per

countries

Possessions

s.

year;

$23.50

TELETYPE 212-571-0785
■

Boston

Chicago

Newark

"Schenectady

Glens Falls
Worcester

Bank and Quotation
Postage extra).
Note—On

account

remittances
made

in

for

New

in

per

Pan

$83.00

per

per

members

and

Dominion

year)

American
per

year;

of

of

Canada

WC V. FRANKEL & CO.
INCORPORATED

year)
Pan

$21.50

American
per

year;

39 BROADWAY,

Record

PUBLICATIONS
—

Monthly,

.

$45.00

per

year

WHitehall 3-6633

(Foreign

Teletype

of

NEW YORK 8

year.

the

fluctuations

foreign subscriptions

York

of

year.

OTHER

Albany

and

Dominion

/

RATES

THURSDAY EDITION ONLY (52 issues

1

■"

.Nashville

Co.

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

rights reserved. Reproduction in whole

without

1868

ST., NEW YORK 4, N.

TELEPHONE HAnover 24300
rf

Editor

Copyright 1963 by William B. Dana Company

Spencer Trask & Co.
25

Nitrogen

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

MONDAY AND THURSDAY EDITIONS (104 issues

Members

9576

SEIBERT, Treasurer

SUBSCRIPTION

-

to

Thursday, September 19, 1963

an

14

Southern

Office

COMPANY, PUBLISHER

still

are

Patent

s.

SEIBERT, President

Nevertheless,

of

DANA

Place, New York 7, N. Y.

cer¬

ended

Reg. U.

WILLIAM B.
25

FINANCIAL CHRONICLE

Twice Weekly

stabilization program, all

wage

Washington

new

new

indexing practices, except for

St. Louis

16

Industry

1956,

Gaulle Government and the adop¬
a

and

By 1959, however, after

inauguration of the

tion of

Trade

Los Angeles

San Francisco

2

Washington and You

bond

of

to

29

(The)

Salesman's

they

ernment

State

Cleveland

Philadelphia

24

Offerings

Best

Direct Wires

Chicago

15

Securities

Now

I

Governments

on

Utility

Prospective
(

Exchange Place, W. Y.

13

20

Our

in

40

Teletype 212 571-0610

17

Observations

pegging-

years

HA 2*9000

31

News About Banks and Bankers

that

market

sMackie, Inc.
'

Market

Request

4

Indications of Current Business Activity
Letters to the Editor.

ex¬

on

Singer, Bean

Euro-Dollars"

or

*Prospectus

8

Einzig: "Muddle & Misunderstanding Abput

gov¬

the

1

Events in the Investment Field

Dealer-Broker

important, that in

so

Tektronix, Inc.*

15

No. Amer. Life 6* Cas.

See It

Coming

Office:

For many years we

.v

Marrud, Inc.

Regular Features

to

were

periods of his¬

other

in

issues

clear.

14

Balanced Distribution

a

They

' tain

the adoption

Toppel 13
14

signifi¬

a

foreign

bond

J.F.Reilly&Co.,Inc.

12

Store

Harold

markedly significant in the

countries, too,- sim¬

techniques were used for in¬

surance

of

the

of

1952-1959

the

In

rate.

exchange

foreign

Lopez-Garcia

Aqueduct-Sewer Authority Moves

Aiming for

public's savings

form of security issue.

either the cost of living or the

-■v'; Scandinavian

no

retained

background

use

in

several

and

and bond in¬

the

became

sue

12

Sam H. Casey

France, and this type of bond is¬

deposits and loans were "in¬

Urrutia

V.

Economic,

Mutual ' Funds
this

was

devices

ar¬

10

Juan Labadie Eurite
The Prospects for Heavy Industry in Puerto Rico

or

gold hoarding
of

Trott

Ahead._—

change.

traditional 'bond

the

to

accumulation

the

fixed

countries

bank

diverted

than

rangements

to

cant share of the
was

Jose

Expansion—
Island's

its

restricted

became

Rafael

Consumer Market Potential Lures Chain

re¬

New business develop¬

then

10

I.

govern¬

from

existing companies and

be¬

interest,

as

rather

capital

get

ment

"free

points that have been

variable

the

in

Growing

Tourism Joins Puerto Rico's Series of

cap¬

forced

was

E. Pullen

W.

Donald

eve n

or

The

8

Roca,

Puerto Rico's Electric Power Output Keeps

mainly from the banking

earnings.

variety

number of

bonds

new

Jr.

Gaspar

Industry

other

practically

France.

therefore,

only

base,

of

for

Quing N. Wong

Changing Tastes: A Boom to Puerto Rico Rum

the

lend

STORES

Important in the

are

Successes._—

to

KING'S DEPT.

Rivera

Sanchez

Economy.,..

the

government

was

Business Firms

Enterprises—

investment

public

CHEMICAL

Commonwealth Banks and the Puerto Rican

Thus

the

HYDROCARBON

4

Investment Opportunities in Puerto Rico

mar¬

sources

Manuel

Economy

system and private industry could

By adopting this system,

payments
in

price

the

any

devised.

In

Small

a

the

of

2

Durand

Rafael

Industrialization

market.

either

in

borrow

be a cost of liv¬

may

rate,

f

of reference

as

from

II, there

ment,

the
sort of refer¬
to

adjusted

The

index.

come

90%

for

TEKTRONIX, INC.

New Industrial

Herald

Growth
,___Ruben Sanchez Echevarria
"Bootstrap's" Financial Arm Accelerates

1948

about

reflected

the

to

stocks

ing index number, the foreign ex¬

.

of

market

whereby

contracts,

are

movements of some

for

to

over

markets

War

"indexing,"

called, refers to the

often

payments

ence

1950's,

savings

con¬

provision which has been inserted
in

-

to

capital

dates

provided

fusal

Investments

is devoted

of Puerto Rico:

Sea and Air Gateways Give Measure of Island's

business, and by the end of World

it is

as

the

the capital

ital

value

of

financial

in

clauses

"Value

..

1939

Obviously this trend in the

problem

tracts.

••>■-■

of

purposes came

than

strument. One of the solutions de¬
to

the

of today''s "Chronicle" which

Rafael Pico

depreciaton

Consequently,

France

funds

form of fixed income financial in¬

vised

in

by

numerous

savings from

public reluctant to invest in any

a

between

40%.

indicated, in

pages

Puerto Rico's Catalyst—The Development Bank

to

averaged 8%

UNITED NUCLEAR

TWO

SECTION
on

Phase

in

back

beginning of World War I.

difficult

very

countries

to

ket

it

inflation,

Record

date, for between

annual

deterioration

its

and

dates

power

and

year,

caused
war

earlier

purchasing

de¬

Two

to the Commonwealth

other

year

IN

appear

Furthermore, this

trend

the

a

following articles

Section

of

of the franc measured in terms of

because

ever,

increase of 7%

1914-1939

How¬

poses.

France

any

ARTICLES

i

The

European country, aver¬

an

much

a

vestment pur¬

MORE

been

inflation

an

inflationary

in¬

for

has

In the 1948-

period, for example,

western

well

as

inflation

greater magnitude than

in¬

the

flation,

I,

experienced

ing

en c o u r a

War

motivating force.

in

and

the

rate

of

advertisements

212-571-0500
212-571-0501

exchange,
must be

funds.

4U>£Lj>«is HT if-..:




i v 2'

r

f,

"

••

•

;•

.

"-s

•

•'

•*

•

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■: ?•

>

■

*

' ■"•

rrr'f r "T" r i ^

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A

/

"• '>■<***

4

The Commercial and Financial Chronicle

(1104)

tail in my

Muddle & Misunderstanding

International

of

by

year

London

Macmillan
and

about Euro-dollars and whether they help or
international acceptance are cleared up in simple,

Misconceptions

the

"

what

Euro-dollars

serve

to strengthen

have

dollars

Although Euro¬
been in exist¬
years, very few

for

ence

—

Incidentally,
somewhat

some

'

understand what

people seem to

what they are sup¬

they are and

posed to do. Every now and again
I come across evidence of muddled

is a

about it, and there

thinking

a

great, many of them to sell their

dollars

What Mr. Was¬

outright.

serman

does

is

so

not

realize

to

seem

accentuating
selling pressure on the dollar, the
working of the Euro-dollar system
tends in given circumstances to
that,

far from

deplorable lack of knowledge on
the essential facts on the function¬

rates

cidence,

Wasserman,

of

issue

29

thinking.

muddled

favor of cur¬

out in

comes

a

of
such
Mr. Wasser¬

instance

characteristic

man

provides

Chronicle,

Financial

tailing the use of Euro-dollars
means
of taxation.
That is,

by

lars

are.

the following
dollars consist

indicated by

is

so

Euro-dol¬
That he had failed to do
what

ascertained

first

sentence:

in

United

the

the

States,

"Euro

—

-

other forms of short-term invest¬

ments,

quite unattractive. The

was

fact

that

lars

had

the

of dol¬

foreign holders

prove

opportunity

ket

their yield by lending their

finds

their dollars instead

switching into

other cur¬

some

it not been for the
the Federal
authorities might have

Had

rency.

Euro-dollar

Reserve
had

mar¬

to

system,

in

TAXATION AND POLITICS

and

Relief

characterized this area. There is
just not enouSb money in the
world to relieve the poverty of all

income

(contended

double

ters)

the taxation of dividend

on

taxation

is

Stix

certain

writing

and

the

on

the

Finance

senate

quar-

in

tax

bill's

threat.

floor

All

we

margin

the

of

a

rea11^ wish to do

unlimited

of

ment.

entitled

Interna-

Charles

man,

Laszlo

W.

Zsoldos,

lowing Strang

Wasser¬

Hultman

contains

fol-

*

'

the

which

transact

Euro-dollar

business

market

dividends

have

been

gen-

help

^ must
grant

to

broad,

govern-

any

Aid and help in the matter

a 4% credit granted of techniques is a different
the balance. (The exclusion is But as some of our recent

has $50 0f dividend
their

stock

is

income,

they

so-

thing,

exe™pt

$100 for married couples, if each

.

Banks

annual

on

nassacrp-

is

"Our resources are not limit-

and

the

do

can

them achieve that freedom if

the

has

^ay

e^'ing arrangement enacted $50
m
1954
under which
the
first

book

centuries

further

sheer coin-

himself

for

millions of this world who
he threatened by Commufull House, nismWe should not attempt to
Committee
huy their freedom from this

entail

the

by

Senate

constitute

many

to

with

consideration

being

to

in

that

want

single vote radically uPset

if

or

expedemonstrate, mere grants

riences
°f money,

are
debilitating and
Moreover, we ought to

wasteful.

jointly held.)

Thlt' tZt

The Pending'bill would reduce know that mere expenditures
the dividend credit to 2% in 1963 br'nS 110 last™S results — people
nosits
in
Tk<f" and abolish U entirely in 1965; who are Wlth us merely because
(Our italics).
Thejomt authors
the benefit of small
seem
to be unaware that Euro- stockhoiders the exclusion would weak reeds to lean upon,
dollars
dollar deposits pure be
\ncreased to $1($200 for
'The vision of a bottle of milk
and simple, in no way different couPles)for every Hottentot is a nice one,
nated

in

usuallTLJeredbTdoUsr

are

de

are

from

the

other

hundreds

dollar

United

States

of

billions

by

ply

deposit
stead

held

in the United

of

dollar

States, in-

being held by

A,1 is

now

by B to whose account with
American

rates

certain

a

con-

firm tbe pending proposal's favor-

but
not only is beyond our
Srasp, but is beyond our reach.

iRS the small shareholder; and to Because of a naive belief that the

banks

that

means

The "population statistics"

of

held

deposits

A Euro-dollar transaction sim-

an

interest

their

raise

-

controversy

William
alone

tional Finance by Max J.

induced many of

have

must

them to keep
of

im¬

to

of deposits in the Euro-dollar

matter of opinion. But,
surely, before
putting forward
such a proposal he ought to have
course, a

Con-

Until the recent rise of interest

Mr.

by

advise

and

confused when

he

MAY

published

on

William Stix yield on foreign short-term funds
held there, whether in the form of
appearing in the Aug.
time deposits or Treasury bills or
The Commercial and

letter

A

Mr.
not

WILFRED

M^PTVfssehrmanamAarecenTy

mitigate it.

ing of the system.

is

about Euro-dollars. By

would itself be sufficient to induce

for

need

Government

S.

Wasserman

the dollar and, further, why proposals to tax
to our disadvantage.

now

I think, suf-

the

what to do about them.

gress

them would redound

LONDON, Eng.

U.

A.

Martin's

St.

about Euro-dollars

more

BY

in

Co.

before feeling qualified to

thinking on the subject, Dr. Einzig explains
are, who supplies and holds them, why they

muddled

indicating

knowing

explicit terms by one of the foremost experts on the subject. Using
a recent letter to the Chronicle, and
a recently publishzd book to
illustrate

for

Thursday, September 19, 1963

But the above

observations should,
fice

hurt the dollar's

and

the

by

Press in New York.

By Paul Einzig

.

OBSERVATIONS...

Interest

Rates, to be published early next

About Euro-Dollars

.

forthcoming book "The

Euro-dollar System—Practice and

Theory

.

bank

it

is

trans-

* suggesting its final 3£°*.do*he
£°r'd
fth
Approximately 4,800,000 people f? d
th.e Possibilities
receiving less than $50 in annual ba
® ln encouraging the export

cynif

enactment

.

dividends would continue to be
entitled to exclude all their divi-

01 tecnmclues-

ferred for

a
limited period.
The dend
income.
Added
thereto
much earlier, and they might have
borrowed on short-term
deposit is not "covered" by a dol- would
be four million shareto raise their interest rates much
from American banks by both
lar deposit in the United States holders receiving dividends totalEuropean and Canadian banks." higher in order to retain the for¬ —it is a dollar
deposit held in the Bng from $50 to $100. These four
eign
short-term
funds
in
the
(Our Italics.)
United States.
The transactions million holders would be better
United States;?
Yva;
Whatever
Euro
dbllars
may
do^s not mean that the money is
than they are now by $48
The existence of Euro-dollars
consist of | they most certainly do
takln out of the United States, annually ($50 additional exclur

of money

T)

T^ipViqtvI HP/x
XVLLlld/I U. i. U

*

•

"n

j

AQITIlL

P

OUT

-

..

not

of

consist

-

banks" by Euro¬

American

from

borrowed

"money

Although the Euro¬
dollar
deposits
are
owned
by
American
corporations (not by
banks.

pean

them

owned

are

Central

other

most of
by European and

it be noted!)

banks, let

other

and

Banks

non-American

dol¬

of

depositors

It

lars held with American banks.

is not the American banks which
these

the

European

and mother
of

holders

American

Europe, but

dollars to

lend

non-

dollar

the

Had

ized

monetary
though
it
may
mean
transfer
circumstances from one American
bank to anto abstain from penalizing domes¬
other. If only this elementary fact
tic borrowers by raising domestic
were realized there would
be

interest rates for the

of dollars

ers

Euro-dollar

Mr.

Wasserman

the

that

only real¬
concerned

dollars

outside

United

the

I

States,

am

he would not have suggested

sure

that

Euro

should

transactions

dollar

-

the

made

be

discriminatory

of

subject

Foreign

taxation.

holders of these dollars

are

fully

entitled to sell their holdings out¬

right

moment

any

choose,

they

it is difficult to imagine

and

any

justification for trying to prevent
them from

lending their dollars to

whoever pays

the highest interest.

Any such attempt would be looked
upon
of

by

them

policy

a

tions.

of

This

as

beginning

the

restric¬

exchange

would

generate fears

that their holdings might eventu¬

ally be blocked. Their natural

re¬

action would be to get out of dol¬
lars

at

once.

Euro-dollars,

To
so

impose

a

tax on

far from strength¬

ening the dollar, would inevitably
cause

flight from it by foreign

a

Central Banks

and

other holders.

.

This

Euro-Dollars Help Strengthen
'

The

borrowers

that

the

dollar

of

not

does

a

mean

qf the

of

about

losing deposits

the operation

less

American

as

a

result

of the Euro-dol-

lar system.

removfes altogether

the

in

rates

dollar.

order

Euro-dollars

of

cost

interest rates

For the

bringing down

defend

to

do

assist

not

in

keeping down

or

production

in the

subject to the approval of the New

making up the estimated increase
of $300 million in the levy on

York Stock Exchange, the admis-

dividends

Fourton, George R. Canty, Jr. and

before allowing for
enacted in individual

—

cuts to be
tax

rates.

OVER
The

To Hear Tabell

United

THE

restraint,

manifested

because

inevitable
sistent

of

adverse

The

ments.
on

might

To

the

not

do

extent

which pressure

on

to

dollars is due,

not to the adverse balance of pay¬

ments,

withdrawals

to

but

holders

of

funds dissatisfied

by

short-term

foreign

with the inade¬

appointments

provides

system

Concourse

of

the

chairman

own

early

and

Room
Ph

of

W.

a

to

worlds.

get

the

Money rates

relatively low for
rowers

best

while

of

payment

can

holders

satisfied

higher

bor¬

by

altogether from feargfof

Dr.

ment that would be caused by dis¬

criminatory

taxation

Tabell,

on

of

interest

Needless

to

say,

all

this

a




a

Con-

stitutional
Payment,
him many
$ r ° u n d>
ebarge of

by

Victor

Lasky,*

up

whole

and director of

Con-

Kennedy not only voted

concept

aid abroad,

vigorously
of

but

against

foreign

the

assist-

for

Reporting

Edmund W. Tabell

Sales & Research De¬
similarly brings with
years of street backas Vice-President in
Research for Hayden,

Stone, and thereafter,

ance.

institutional
research

on

"inspection

an

as

partner in

charge of Research for Delafield &
Delafield.

Walston & Co.;

trip

Inc., New York City, will be guest

the Boston Chamber of Commerce

speaker.

on Nov. 19, 1951 is quoted by Mr.

Assistant to NYSE Executive Vice-

Lasky

President Edward C. Gray, will as-

The interested
to

public is invited

attend.

to

as

"We

role

J. S. Clark With

Merrill, Turben
—

they

JohnS.

.

dollars

Europe

reform

Sugar is

.

.

yet

made

in that area;

-

the New York and Midwest Stock

ministration and management. Mr.

for

Uncle

as

billions

spending

to

prove

in

that

self-defense

the

a

South

activities. He

*j. f. k.—-the

man

Mr.

Schroder,

will
r

<<We cannot abolish the poverty

and

the

^p.'-^7.95!ct°r Lasky""Macmillan~"

was

formerly

Western Union financial

Pacific

is

of the

flrm s new business and syndicate

Partner

L

...

wU1 aIs0 take cha

t

.

procedure

gross

693

c

but whatever is true

impossible.

of

or

sist Mr. Richard in the firm's ad-

thirty

are

G.e?rgf, C^T^' "ow Executive

world,

play

The

we

have

have

to

us

in Asia

members

to

dangerous

the

as

there, to repeat such

Building,

talk

follows:

for

Shylock.
of

Kennedy's

cannot

Uncle

...

a

Asia,

Commerce

is

as

current

Merrill, Turben & Co., Inc., Union

Forthcoming Book

its

Leslie FourtorT, who will become

the

in

spoke

Vice President

over-simplification of an ex¬ Exchanges. Mr. Clark was forby non-resident depositors tremely involved argument which
merly Vice-President of Fahey,
dollars lent outside the U. S. I have tried to
develop in full de- Clark and Company.

earned

had

request,

to slash economic

CLEVELAND, Ohio
Einzig's

his

')artner in ehar2e of the firm's In"

gression

Euro-dollar

On Euro-Dollars

exchange restrictions, the resent¬

Flo

Myth"

of
the

iirm'o

rno

pub-

cited

As

both

be kept

domestic

foreign

be

can

of

nno vrld

lished "J. F. K.—The Man and the

the

iladelphia

solution which enables the United
States

of

cut-back

Clark has become associated with

Apart

middle-of-

gressman

Conference

quate yield—the operation of the
Euro-dollar

^rc^id,en*in, cbarge of ^£Ponn?J|
Co-,s Park Avenue office, will

penence' as mutual Iund sales
mana«er <>f KiddeU Peabody and
thereafter, as branch sales manager with Shields & Co.

National

however,

Vice-

of aunties sales management ex-

Bank. Edmund

that

his

currently

his

meeting

per¬

rates

in

Morgan,

members

pay¬

cure

Mr.

to the Clay survey committee, and

of

higher interest

Stock

the-road

a

the

balance

Euro-dollars

ill.

become

New York Stock

American

and

delphia will

In-

roots in his "findings"

rates

general

as

hold

The

in

interest

Schroder,

take chaige of the firm s Sales DePartment. He has had many years

—

at 5:30 p.m.

achieve

Morgan, Leslie E.

116 year-old

tolr

Pa.

the

that end, a further rise in domes¬

announces,

vestment Women's Club of Phila-

PHILADELPHIA,

States and do not therefore assist

goods more

City,

Exchange member firm.

nedy's attitude toward foreign aid
with

M.

Exchange

DECADE

in

tic

Robert

larding of President Ken-

appropriation

In order to

sion of John G.

the

AMBIVALENCE

Phila. Inv. Women

New York

partners, effective Oct. 1, 1963, in

30

competitive.

of C. B. Richard & Co., 50 Broad-

balance of shareholders would be

September

making American

H. Van B. Richard, senior partner
way,

income

necessity for raising domestic

interest

thereon

beginning-in 1964). The wealthier

Euro¬

rates.

Dollar

banks

talked

credit

kept

are

course

operation

system

dollars 1

»

earn

relatively low.

on

by depositors resident

owned

are

to

nonsense

sion less the 4%

if interest rates

even

domestic

for

enabled by the

are

system

higher yield

of de¬

sake

Foreign hold¬

fending the dollar.

the

deposits.

American

the

enables

authorities in given

for

assume

b

^^

Richard

upwdUUI

He
r

■

d " "

the

Operations

now

Coggeshall
similar

on

staff,

Hicks

&

with

duties

has

been

also

* u

'

lard & Smyth, and earlier, was on
the NYSE investigations staff.

Volume

198

Number 6300

.

.

The Commercial and Financial Chronicle

.

million

$83

Belt

Conveyed Profits

double

has

of the attractive

resume

t<r the

1957

capital spending plans of U. S. business, and the advance
in almost every phase of industrial production.

corporate capital invest¬

should

transmission machinery, which

er

ment outlays in the United States

totaled

and

for

accounts

billion.

$37

this

billion

$40

approach

may

figure

The

of sales,

75%

about

systems, such as
described above, which

engineers

the

ones

Individual
lion in 1964. These new altitudes production
items include trans¬
in corporate spending augur most missions, chain drives, speed re¬
favorably for sustained vigor in ducers, dumpers, elevators, drag
pur entire economy during com¬ lines, cranes, power shovels, rec¬
and perhaps reach $41 bil¬

year,

ing

months,

and

special

of

are

of sales.

provide 25%

tifiers

and

convertors;

derives

import to the major manufacturer

Company

of

sales from parts and

capital goods

This

pany.

have selected

we

for review today,

is

16%

of

distin¬

Link-Belt

service.

The

in

and engineered

in the United States and 3 in Can¬

Chicago and operates 15 plants
Division

international

The

that

good

has

dividends
makes

outstanding,

paid
75

for

equipment, but for the fact that it

ada.

has earned net profits in 49 out of

includes

the last 50 years.

in

a

row

who

years

respect staying power in the in¬

Sales

Switzerland.
Automated Material Handling
When

we're

think

we

inclined

minds

electric

electronic

data

automation

of

to

picture

in

and

processing,
We

out

computing

and
seldom

consider

how extensively the old fashioned

line,

assembly

made

famous

by

Henry Ford, has been streamlined
and

automated.!

be trained

can

or

the world. Foreign sales

Canada)

cluding
in

1962.

to

pected
this

up

Link-Belt

of

on

the

room,

but

item

from

kind

transistors

and

doughnuts to A frames

of

jelly

and

car¬

trial

military

cans

on

TV

a

stages

raw

march,

like

beer

commercial,

to

finished

from

products,

time

million,
has

the

but

been

most

the

South.

The

launched about

first

Using

half

was

$1.98.

for

1963,

estimate

$4

a

Link-Belt

figure

common

sells

now

at

no

proven

so

sustained

extravagant

earning

If

dis¬

a

tinguished corporate record, and
the

advance of automation inter¬

est

you,

further

you

want

may

into Link-Belt

look

to

Company,

1963

year

flows

has

en¬

that

newsprint rolls from dock-

side

to

waukee

Journal.

the

for

pressroom

For

the

Mil¬
motor

industry, Link-Belt has perfected
hydraulic lift that transfers

an

bodies from
to another.

one

Other massive and al¬

most

completely

tems

designed

Link

-

for

Belt

for

coal,

Elects Officers

but

per

share

net

to

equal

the

$5.95

F.

has

Deventer

Van

been

elected Senior Vice-President and

barge

a

high

Vice-President

Executive

of

unloader,

pusher, and
fer systems

and

used in the

car

trans¬

new

this

thinking
and

houses,

well

as

may

systems
the

as

shortly^ lead

pushing

to

ware¬

distributing and packag¬

ing centers that will take in

and

store, account for, and deliver out,
a

wide

assortment

products just

by

of inventoried

pressing

but¬

a

ton.

The

ment

department at Link-Belt is

research

steadily at work
gineering

of

on

this

operating

crease

that

systems

profit

with

and

develop¬

advanced

order,

to

en¬

cut

from many

tion.

produc¬

counts

for

sales, and

the

■'

horse

on

rollers,

is

either
or

over

10%

in

are

trolleys

handling

broadly

ap¬

plied.

It

be

can

earning

the

pressive. In

said

years

a

wide assortment of standard
pow¬

living

poets,

Negroes,

These
the

colleges

11

half century except

has earned

pany

the

last

10

tion)

the

share

a

shares

of the past

1932, the
net

years

aged about $4

893,491

that

the

Old

leads

in

the

number

(sole

outstanding.

has

Donald A. Young

John F. Van Deventer

Chemical

Fund

announced by

been

Francis S. Williams,

current assets

March

ex¬

of $80

31, 1963, and

then

of better

a

than

1. For the last four years the

share

dividend

which,

has
on

been

$2.40

current

of

55,

provides

a

Deventer,

Vice-Presi¬

a

dent of Chemical Fund since

is also
ber

of

the

committee

investment

Distributors,
York

Inc.,

Managers &

Broadway,

65

the

investment

of the fund.

manager

Mr.

1953,

Vice-President and mem¬

a

of F. Eberstadt & Co.,

Previously,

City,

Bankers Trust Company

are

Vir¬

and

South

Missis¬

and

than

The

25,000.

annual cost to the student

less

than

tuition and books

$1,000

year—half

a

has

Young

been

Their schol¬

More

the students obtain
to

than

half

part-time work

help finance their education.

rection

of

1956

is also

and

member

and

committee

of

of

Vice-President

investment

the

Eberstadt &

F.

Mortimer,
Foods
the

chairman

committee

heads

of

of

ness

leaders, with

tion

for

are

stitutions.

and

these

include

available

and

students.

people.

young

program

colleges

allots $28 million for im¬

cial

members

Richmond
Oct.

the

The

Anderson &

New

Stock

York

Exchanges,

and
on

1, will admit Garnett O. Lee,

price

yield

W.

Grove
to

A.

Edwin

partnership.

and Mr. Lee

Appeal

Bracey,

and

are

Jr.,

James

magnitude

scored

$12
and

faculties

includes
in

the

about

only

that

gifts

College

to

Fund

Bracey

to

This

$17 million raised

other

drive launched in

Mr.

Richmond.

fact

Negro

total only $47.1 million.

ago

Foundation

Mr. Grove is Charlottesville man¬

special

this

since its founding a score of years

Meade,

nicipal department in

of

campaign is under¬

the

by

United

the

B.

in the firm's mu¬

for the firm.

and

projects,

better

for

development

capital

1951.

already

funds

The Ford

has

pledged

give $15 million on a matching
This is an excellent start.

basis.

Funds

ager

$10 mil¬

"indispensable" scholarship aid.

/

will

be

sought from other

foundations, corporations and
dividuals.
last

is

also

fact

a

lege

in

their

if

to

large

they

States.

own

students

North

to

numbers.

The

cannot

college

The

in

answer,

to have the education

are

they require, lies in improvement
and extension of these Negro col¬
leges in the States of the South.

Hertz, Neumark &
Warner

Forming

Effective

8, Hertz, Neumark

&

Oct.

Warner, members

York

Stock

formed

will

be

York

at

2

City.

Exchange;

New

will

be

Broad¬

Partners

Irving E. Hertz,

the

of

offices

with

New

way,

of the

Exchange,

member

Ronald

Neu¬

mark, Henry Warner, Norman F.
Carney, Morton H. Bohrer, Irwin
L. Axelrod, Robert A.

Flint, Jerry

Perlman, and Stanley Kroll, gen¬
eral partners, and Arthur S. Manand Louis S. Adler, lim¬

partners.

President

Hertz

Mr.

Lieberbaum

of

of which

&

is
Co.

Messrs.

Neumark, Warner and Carney are
officers.

also

of

member

Exchange

Mr.

the

is

Axelrod,

Vice-President

a

a

Stock

American

of

Reuben Rose & Co. Inc.

William R. Staats
To Admit Two
LOS
R.

Calif.—William

ANGELES,

Staats &

Co., 640 South Spring

Street, members of the New York
Pacific

and

changes,
Alden

on

Jr.

Walker

is

will admit F.

1
and

Damon

Walker,

Ex¬

Stock

Coast

Oct.

William

T.

partnership.

to

manager

Mr.
of the firm's

syndicate department. Mr. Alden
has

with

been

time.

Prior

the firm

thereto

for

he

some

Los

was

Angeles manager for Glore, Forgan

& Co.

immediately needed spe¬

education

million

913 East Main Street,

of

for

million

$50

The

Strudwick To

lion for

—

the

as

educational

proving plant facilities;

Strudwick,

he

And

instruments

Anderson,

RICHMOND, Va.

stu¬

white

some

improved

bringing

acute;

most

faculties

described
best

is

fully accredited in¬

The

bodies

in the south

quality educa¬

Negroes

that they

out that

pointed

these colleges are all
where lack of high

It

sprinkling of

a

opportunity to thousands of Negro

'

problem.

are

men.

Mortimer

professors

Illinois Glass Company.

Admit Four

the

country's

the

largest industrial firms and busi¬

dent

with Owens-

in

membership

many

Co.,

joining the firm in 1952,

General

of

Included

Corporation.

Inc.

Distributors,

&

Managers

a

national

35-member

a

the South.

that, throughout the country, 80%
of all college students attend col¬

Incorporated,

committee, headed by Charles G.

Mr.

Vice-

a

of

ited

high.

are

and Gen¬

President of Chemical Fund since

Clyde

growth of sales from

Florida,

The colleges' student bodies
more

en¬

This fact indicates the seriousness

delbaum

eral Aniline and Film Corp.

Jr.,

Investors may well be attracted

in

Arkansas

(Van Deventer had been with professional

a

by the quality of Link-Belt prod¬
ucts and the

of

The fund drive is under the di¬
Mr. Van

Jr.
Investor

each

one

are

predominantly white col¬

Other

Tennessee,

Texas,

rolled at

arship aid and loans to needy stu¬

Chairman.

sheet

position has been consistently
cellent with

1,-

capitaliza¬

Balance

Alabama,

Supreme Court decision

South.

colleges

six;

decade

a

regarding integration of students,
only three out of every hundred

dents

has

it

Inc.,

aver¬

the

on

these

the national average.

com¬

profit; and for

a

in

of

with

the

facilities

Almost

go

located

States

Carolina,

after

acute.

the

and

are

most

States that the need

any

advance

still

Negroes

educational

afford

judges

to

themselves,

is

college

the

tribute to the

a

is in these

the

of
in

lawyers and doctors. What the
done

of

Negro

two

Mission

have

majority

live in the 11 States of the South.

Southern

are

whites who have aided them.

is

has been im¬

every year

of

source

Among
director

a

States

average

of Link-Belt Com¬

power

over

pany

truly

of 4.4%.

profusion, both kinds. It offers

farther

college graduates

for board, room,

Mr. Young had been

hill

is motor

main

a

mem¬

these col¬

leadership.

number

Prior to

conveyor

driven. Link-Belt makes, in
great




as

where

automated

material

yet been

not

chemicals,

of

have

(NYSE)

down

or

in

up

merchandising

and

assembly

the

runs

much

Negro

anniversary

Fund, leges and universities in

and

record,

leges have been

sippi.

of

markets

new

many

efficiencies

cash

Conveyor Belts and Transmissions

automation

than

more

product

4 to

-

which

diversi¬

coming not only

industries, but all

ratio

belt

well

quite

the world. No single customer ac¬

on

up

date

the

Carolina,

New

orders

current

line

and

higher

create

may

is

Business

fied

million

work

efficiency,

margins.

efficiency and speed

The

improve

by specially developed engineered

labor and handling costs, increase

i.'

''profit

a

to

Earning Power
the

On

four;

con¬

do

colleges

back.

with

College

years ago,

North

un¬

figure

by innovations that in¬

year

tinuous steel casting process.
run

Negro

100th

Negroes attending college

allied

are

and

the distillation from gross into net

opened

railroad

a

conveyor

Computer

felt

has

and

coal

in the

ago

1963

industries,

but expects

drugs

speed

ber

Donald A. Young has been elected

an

In common

year.

heavy

many

being

Com¬

United

organized 20

colleges

Sales

is

total,

miles,

The

the

colleges

Negro education is
John

was

the fund.

Sudan, ^Novelists,

$86 million

were

likely

products,

rock

These

and

Mr.

lumber.

makes

pany

by

conveyors,

several

of

sys¬

produced

include

transport

cement,

automatic

and

running

some

car

system

conveyor

week

a

it

in

Kennedy strongly urged

Congressmen,

top the 1956 sales

may

Link-Belt

Company

Unnoticed,

contributions to

United

Chemical Fund

possibility that results for the full

squeeze"

conveyor system

colleges

UNCF

against $80.8 for the same period

with

a

Negro

a

ginia, three each; Louisiana, two,

in

upsurge

for the first half

role.

gineered

currently

White House flower garden, when
President

mul¬

equity.

an

power,

32

is

$158

was

impressive.

de¬

$3.20 per, share reported in 1962.

aid

States

reached

the total

reported in that

Link-Belt

it

The

It

high of $163.9 million in

Link-Belt Company plays a major

Engineered Product Propulsion

education,

Proclamation's
year.

for

loads of strip-steel. In creating this; in
1962, a gain of 6%.%. There is a

■pbipuitous and inexorable indus¬

there

Negro

to

Sales Volume

Sales

stages

to the shipping

that

Georgia

1956. Last year

in

of

the

these colleges, with seven.

being

together

way

controversy

for

do

lars

year

1962.

over

the

to

should gain substantially over the

ex¬

million

in

what

price/earnings ratios, net this

to

half million

a

about

velops

engi¬

engineered

every

are

$2%

about

be

1963,

year

products

way

outlays

Capital

all

almost

(in¬

believed

are

represent about 20% of total sales

to handle not only manufactured

put

offices

representatives through¬

have learned that conveyor

neers

belts

Industrial

and

tors

accountirig,

sales

In the midst of all the

drive underway for 50 million dol¬

handled

are

district

38

in the United States and distribu¬

our

typewriters,

recording,

machines.

through

BARGERON

vestment values they select. About

Brazil, Mexico, South Africa and

Australia,

in

operations

CARLISLE

continuous

real appeal to those

a

BY

sensitively

The fact that the

news.

company

Ahead of the News

...

with

shares,

quite

respond

tiple for
office

home

its

has

in mechanical power transmission

material handling

11,352

about 13.7 times current earnings

Manufactories

guished not only for its leadership

FROM WASHINGTON

company

and

million

2

—certainly

Link-Belt Com¬

company

the

and

some

than

less

5

almost

to

The

employees

increase.

well

position of Link-Beit Company in relation

to

In

9,505

1950

year.

the number of stockholders might

autbmafion

of

in

this

stockholders. It would appear

By. Dr. Ira U. Cobleigh, Economist
A

(1105)

in¬

The drive comes in the

ouarter

of

the

Emancipation

Downey Joins

Sey, Brown Firm
John

F.

Downey

has resigned

Senior Vice-President and
tor

Inc.

of J.

to

as

Direc¬

Maxwell Pringle & Co.,
become

Executive

President of the Mortgage
Firm of Sey, Brown

Vice-

Banking

& Zimmerman,

Inc., 26 Broadway, New York

City,

according to an announcement by
President
William
F.
Sey. Mr.
Downey,

a

Brooklyn, is

lifetime
a

resident

of

retired U. S. Army

Lieutenant Colonel and saw serv¬
ice in World War II and the Korean

Conflict.

6

The Commercial and Financial Chronicle

(1106)

He

Tax-Exempt Bond Market

ruled

for

an

the

out

strict

domestic

curb

inflation,

credit

discussing

nicipal

market

bond

that

intimated

we

they are at present, any general
investor demahd should be well
serviced by the varied schedule
of new issues ahead.

week,

last

but

developed

Moving

immediately following'

to business

Day might better relax

Labor
the

seashore

for

at least

Even
be

another week

would

there

then,

two.

or

sue comprised of approximately
$46,230,000
serial
(1974 - 1993)
bonds and approximately $137,-

to

seem

plenty of time to prepare for

that quixotic

fall demand for tax

'

.

,

A

770,000

hnnrk

pvpmnt

,

mand

for

shown

itself

v

municipals

has

de^]ers head'

not
be-

investors

£

of

forth

little in

but

tractive

issues

new

or

has

broug

the way

t

of at-

stimulating offer-

even

in§s-

has

influence

suspenseful

bond

the

over

operation

refunding

its

spread

vast

Treasury's

market

for

ten

a

day period climaxed with yester-

day's -Treasury
well

was

of the

statement

it

that

with the

pleased

to.

serve

Slightly

Up

operation

help

This should

clarify

the

bond

have

yields

hoth

long

pas|.

weeh}

im-

been

and

during

short

the

available

yields

the

from state and municipal bond of-

increased

have

slightly.

The Commercial and Fi-

ket has recently shown no

been over-shadowed by the Treas-

3.081%

from

creased

the past week

Index in3.095%

to

indicating an

sell-off for 20

average

rpjle

however,

marhet>

generally

-

appears

due

steady

issue bidding.

new

market

ondary

to

The sec-

continues

to

be

inactive with spreads tending

very

wjcjen

ivfe

not

Offerings, however, do

Profits

easily<

way

stm difficult to

come

'

r

Inventories

.

A

r

Depressing Issue

The presence

by.

State

unsold

California

remnant

000,000
had

of

the

of

issue

new

late

$100,-

flotation,

sombering effect

a

the

bonds,

has
both

upon

» Street inventories would appear
to be little changed from a week

basis

bonds

traded

points

less

at

!•>

down

15

interest

but

has since been curtailed consider-

ably under the sheer
With

ally

in

supply,

market

could

present
be

well

as

this

circum-

costly

a

underwriters

state may

perenni-

rebuilding

under

stances
The

bonds

affair,

competition in

an

over-

market at-

easy

mosphere.

t^o niarket which has resulted

on

The

the

issue

new

month

broaden

for

ahead
it

and

Investors

calendar
has

now

^counts. For example, the New
Housing Authonty account cut

uled,

as

uled

well

total

about

October.

for

begun

to
a

The sched-

tentatively sched-

as

competitive

offerings

$500,000,000

now

through

The largest single offer-

ing involves $47,500,000 Baltimore,
Maryland bonds offered for sale
Qct

The Bine List total of state and

municipal bond offerings has been
reduced some from recent levels
mid now totals $499,689,000. Howit would

market's

actions

recent

are

undesirable

apparent from

seem

a

impedimenta.

technique,

-progressively

properly

but

necessary

it

more

distribute

has

for-

a

become

difficult

the

to

growing

volume of state and municipal financing.
oped

We

really

have

devel-

chronic secondary market

a

problem.

'

Actually, the wide assortment of
of only moderate size

pattern.

relatively steady price

With prices

as

generous

The

Administration,

Treasury

Secretary

through

Dillon,

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

Maturity

Bid

and

Chronicle's

New York

apparent

last

of

point

a

week

and

The

y4

most

the

the

011

shows

of

Index

it

point

a

stands

week.

;

Important
follows:

changes

and Tunnel

Chicago
111 y2

show

Chesapeake

up

Bay

as

Bridge

53/4s-112V2 bid, off %;

O'Hare

bid,

off

4%s-

Airport

2;

Grant

County,

Washington P.U.D. 37/8s-10iy2 bid
off

%:

bid,

Illinois

off

V2;

Toll

Road

Indiana

3 V2s-90

bid,
4s-102

Toll

s/4;

I

a.m.

.

Water

Calif

3,500.000

8:00 p.m.

2,600,000

1964-1983

10:15

a.m.

11:00

a.m.

September 24 (Tuesday)
Corpus Christi, Texas

3,750.000^

1964-1983

Honolulu, Hawaii

8,000,000

1966-1983

Huntsville Hosp. Bldg. Auth., Ala.

2,936,000

Knoxville, Terjin.
Monroe, La.

3,000.000

1964-1983

Noon

6,500,000

1965-1993

10:00

2,285,000

1964-1998

New Castle

County, Dela.___

North Carolina Cap.

Imp.

bid,

off

New

York

Richmond

.

2:00 p.m.

1966-1993

a.m.

3.45s

and

Yz

or

Recent

4.20s,

3s

offered

Competition
investor

of

can

be

Last

to

buy

be

these

to

way

1964-1983

2:00 p.m.

1,200,000

1964-1995

10:00a.m.

1,100.000

1966-2003

10:30

5,120,000

1964-1993

Noon

3,500,000

1965-1989

Ind.

S.

D.,

Oklahoma Colleges Bd. of Regents,
Orleans Levee Board, La

Southwestern

State

College, Okla.
S.

Co.,

Buena

Vista, S.D. No. 9, Mich

Southwest

Missouri

Wolfeboro,

Etc.,

State

Gov.

11:00

a.m.

2,525.000

1964-1983

11:00

a.m.

1965-1978

3:00

p.m.

a.m.

2:30 p.m.

Went worth

Reg. Sch. Dist, N. H.„l________

September 30 (Monday)
Hopkins Indep. S.D. No. 274, Minn.

October 1
Baltimore, Md.
Grcsse

lie

1,580,000

(Tuesday)
47,500,000

Tp.

S.

D.,

Mich

2,370,000

Milwaukee County, Wis

7,255,000

1964-1978

11:00

a.m.

Westchester

County, N. Y

5,670,000

Worcester,

Mass

8.455,000

1966-1986

3:30

p.m.

bidding.

loans

Unified S. D., Calif.__

but

and
con¬

before

October 2 (Wednesday)
Ann Arbor Sch.

they

Dist., Mich

3,750.000

Douglas Co, P. U. D. No. 1, Wells

Hycro-Elec.

un-

Rev.

Bonds,

Wash.

1^4,000,000

[Negotiated purchase to be underwritten by syndicate headed by: Blyth &
Merrill Lynch, John Nuveen, Kidder, Peabcdy, A. C. Allyn, F. S. Smithers,
J. Van Ingen, Wm. P. Harper & Son & Co, and Foster Marshall, Inc.]

two

were

of

brief

Huntington Beach, Calif

3,750,000

Mississippi

3,545,000

(Port Bonds)

Vanderburgh County, Ind

Library
&

of

Co. at

3.0934%.

bid,

First

a

which

cost,

Las

Vegas, Nev

Riverside Jr. College

associates.
of

the

Harriman

are

Paine,
&

Cross,

is

Hayden,

&

Co.

to

yield

off

from

33/8%

a

to

a

2.15%

coupon,

slow

totaling $2,030,000.
sold $2,r

3.20%

3.10%

185,000

3.35%

3.25%

ply

System .(1967-2002)

1981

3.35%

3.25%

Tax

i980

bonds to the syndicate

3.26%

3.20%

Metropolitan

Lehman
cost

of

Water

p.m.

11:00

a.m.

1964-1990

8:00

p.m.

1966-1988

9:00

a.m.

17,250,000

1965-1999

Noon

12,000,000

1964-1993

10:00 a.m.

Peninsula

USD, Cal.

October

Kansas

9

(Wednesday)

Ohio__;

City,

Los Angeles

Mo
Dept. of W & P, Cal.

October 10

-

12,000,000

Sup¬

Butler Sch.

on

12,000,000

Worthington
Sch.

at

a

The

State College

Hwy. &

page

31

Bridge Au, Pa.

Bethlehem
Orleans

11:00 a.m.

1965-1984

11:00 a.m.

1966-2012

10:00

35,000,000

1964-1983

(Tuesday)

1,000,000

La._

1964-1983

a.m.

11:00 a.m.-

30,000,000

City Area S. D, Pa.___

8,000,000

1965-1985

3,500,000

1964-1983

Parish

School, La

11:00 a.m.

(Wednesday)

—

Rouge,

..j

3,800,000

County, Nev
October 16

Baton

1967-1999

3,000,000

15

Tucson, Ariz.
Washoe

8:00 p.m.

33,000,000

1,200,000
October

State

1965-1984

Exempted Village

Dist, Ohio

East Texas

1964-1983

1,520,000

Dist, N. J

man¬

3.5655%.

(Thursday)

Buffalo, N. Y

Limited

Brothers

Continued

2,000,000

1,600,000

Pa.

Mich,

7:00

1964-1983

(Monday)

3,500,000

Verdes

start

with the present balance in group

Wayne County,

p.m.

Palos

Detroit-Metro Wayne Airp't, Mich.

Cartwright & Co,

3.20%, bearing

2:30

Webber,

Fahnestock

Co.,

a.m.

1964-1982

4.947,000

Dist, Calif.__

7:30 p.m.
10:00

Lapeer School District, Mich

Cincinnati,

members

1965-1983

October 8 (Tuesday)

National

j

2,500.000

October 7
North

Curtis, Dean Witter &

Reoffered

by

1965-2002

a.m.

keen

Blyth

Co.,

interest

4,390,000

8:00 p.m.

a.m.

runner-up

and

Sweney,

aged

1986-1985

9:00

Public

group

issue

College

1965-1988

1,800.000

1964-1988

successful

the

Roosevelt

the

2,500,000

25,000,000

un¬

a

interest

by

&

&

7:00 p.m.

(Thursday)

Los Angeles

worthy

major

Ripley

Mich.

a.m.

11.00

spotty

cost

the

net

winning

D.,

Galveston, Texas

winning bid compared favor¬

made

12,500,000

September 26

B.

interest

with

Iowa____.

Co,

headed by

Other

net

2.600,000

City

11:00

have

go

considered

City Bank

to

a.m.

Mason

1964-1974

new

is

issues

$3,000,000

This

11:00

1964-1988

Building (1965-1984) bonds to the
net

1964-1983

1.785,000

mention. The City of Akron, Ohio

a

2,495,000

issue

very

Thursday there

group

a.m.

Lincoln School & Town Hall, R. I.

2:00 p.m.

3,877,000

but $66,591,000 of

awarded

sold

11:00

Linden, N. J

derwritings.

issues

1964-1980

Fla

Huntington Beach Union HSD, Cal.

fpr public

to

siderable

1964-1983

1,700,000

Maine

Myers,

mediocre

a

new

demand

of

most

1,000,000

Falmouth,
Fort

made

Awards

the field

continued

1966-2003

Turnpike

Toll

This past week was
in

1965-1986

1,110,000

College, Ariz

3.30s,

in this period.

more

S.D., #241, Minn

3,410,000

State

and

Power

Virginia

2:00 p.m.

Maine

Tur npik e

State

gains of y4

one

Albert Lea Indep.

Consolidated

bid/; off

Noon

September 25 (Wednesday)

Warren

y2;

Petersburg

-

Calif.

County, N. Y

off 3/4 of a point and several

Massachusetts

Bldg., N. C._J

S. Hart U. H. S. D.,

Suffolk

Maryland and Delaware Turnpike
4V8s-106 bid, off 1. Several issues
were

William

Road

1981

\

10:00

1,250,000

Municipal

Mackinac

off

4s-102

3%s-91

1981

>

Minn

Virgenes

Arizona

3y4%

availability.

Burnsville,

at

against 3.53%

as

3%




The

Index,

3V2%

September] 18, 1963 Index = 3.095%
*No

bond

3y2%

City

_

of

another

week.

3.05%

Illinois

1968-2003

September 23 (Monday)

a.m.

this

3.15%

•Chicago,

the

for

easier.

23

3.549% this week

1981-1982

Pennsylvania

2,860,000

Arizona, Board of Regents______

a.m.

2.75%

£^C1™ati'. °hi0

a.m.

of

9:00

2.90%

3.15%

Colleges

a.m.

11:00

3.05%

3.25%

State

11:00

10:00

1964-1983

3.15%

1981

&

1965-2002

1964-1978

1965-1985

y4

last

off

2.85%

3y4%

Universities

2,220,000

1,275,000

1,500,000

be

3.00%

Maryland

Revenue

Hammond, La.

1,250,000

to

1981-1982

Philadelphia,

toll
other

averaging the avail¬

from

off

average

1974-1975

•Baltimore,

Control, Univ. of

Dormitory

1.988,000

Pennsylvania, State
3%%
Delaware, State
,_2.90%
New Housing Auth.
(N. Y., N. Y.) 3M>%

3.20%

of

Florida

Wilkes County Sch.

1981-1982

3.00%

So.

market

3%
3y4%

3.30%

'

1964-1980

and

3.15%

a.m.

1964-1993

3.10%

1981-1982

Noon

1,200,000

3.20%

1981-1982

196^-1983

2:00 p.m.

21,985,000

1981-1982

3%%

11:00

Perinton Central S.D., No. 1, N. Y.

3%%

California

1967-2002

Palatka, Fla.

yields

Miller

Angeles,

1966-1993

actively traded issues, showed the

3.20%

Los

been

revenue

derived from
able

issues

revenue

part have

3.30%

——

2,241,000
15,000,000
1,100.000

refunding, the
road,

1982

State

Ind.

Salinas High Sch. Dist., Calif

utility

3%%

York

Mixed

public

Jackson &
Asked

D.,

Wash.*

Westwood, Mass.

District,

Bonds

toll

an

Rate

Con.

Seattle,

re¬

payments

quoted

made

interesting statement yesterday
concerning credit and bond prices.

Metropolitan

Las

3.1085%

MARKET ON REPRESENTATIVE SERIAL ISSUES

New

of

to

dollar

was

offerings

Flood

Since the Treasury's announce¬

v

ably

,

September 19 (Thursday)

rate,

reforms

ment of its advance

With

realistic pricing seemingly
gotten

that

Dillon's Prescription

a

recommended

balance

Dollar

bonds

board.

i

makes for

Bank

rediscount

Pnc®s 10 basis points across the derwriting with

inventories

assumes

closer to normal total.

the

ln additional account closings and
important repricing in other

ever,

"Fare"

with

J]e unwelcome inventory rather

the
Good

themselves

f°und

than joint account liability. This
tias put some additional pressure

the

as

suffer prolonged effects

from this classic example of

City

some

•

-

California

of

pressures

"

volume

had

other

with

we
list the bond issues of
for which specific sale dates have been set.

or more

Jeffersonville

president

were

dealers

following tabulations

the

unchanged.
A few
issues
a®0',
breaking
"P
the California account, many including, Florida Turnpike 43/4s,

dealers and professional investors.

few

National

York

Turnpike

Problem

a

,

of some $50,000,000

before; the

Bridge

are

offering.

ury

all

Thursday. September 19, 1963

.

September 20 (Friday)

Reserve's

duce

high

year

grade bonds of about Yk of a point,

bright-

enmg influence since its orbit has

also

nancial Chronicle's yield

^

of

deficit.

most

proved for jj. S. Treasury issues,

result

The corporate bond mar-

market.

A

Index

while

pre-refunding and advance.

refunding

New

long term
Yield

over,

investment

more

bridge,

ferings
the

Moreover,
advance

of

expected Cc-

J

and

partly because the September calendar

underwriting

is

the

$1,000,000

said.

First

2018.

are

never

October

early

or

due

the

Flotation

much in evidence before late September

bonds

term

lower

another small increase in the Fed¬

Blyth & Co., Inc. and eight other

de-

partly

yet,

as

large

cause

T

post-Labor Day

general

of

negotiated one, contin-

a

in¬

to

.

Larger Issues Scheduled For Sale
In1

Fla. State Bd.

the

ues to be the $184,000,000] Douglas eral
County, Washington P.U.D. ^1 is- along

mountains

the

in

or

offering,

at

lead

lessen

need,

day

of

iuoving Closer
The most interesting proposed

indicate that those that rush back

the

only

and
we

Secretary

Closer

and

exactly

as

unemployment,

profits
when

The

records

The

re¬

consumption

would

creased

as

mu-

usually

September.

during

and

business

volume

little

state

the

remedy

international

remedy. To sharply restrict

wrong

In

of

payments, tightening credit to

MACKEY

D.

DONALD

BY

classic

imbalance

.

——-

10:00

a.m.

Volume

198

Number 6300

.

.

The Commercial and Financial Chronicle

.

(1107)

outstanding

Financing and Other Vital

feature

commercial
differ

of

Japanese

banks, in which they

sharply

in the

from banks

rect

bank

United States and Europe, is their

Changes in Japan's Economy
Ltd., Tokyo, Japan
A

liberalizations
tional

and in
upon

Light is

thrown

its

unique

being cut back

now

as

like

of

development.
the

at

main

First,

nies

us

ca

left

p

it a 1

anced

that there

and

to

unable

of

per¬

hard¬

Yoshizane

national

saddled

with

heavy

a

jumped

burden.

tax

the

from

prewar

high

consistently

sion

to rehabilitate

tion's strength;

J

.

i

the

supply

of

in

inflationary

on

inflation pre¬

severe

the

poli¬

immediately

years

of

Such

a

and

as

trol.

mestic

Japan's

cies, the crisis
By

turing production,
national

level.

in

year

manufac¬

well

as

as gross

1951

which the

also

memorable year for Japan,

litically

oped favorably.
d

n

a

level
an

four

1956

to

the

prewar

national

1961

actual

from

product
to

amounted

period, _the

same

is,

of

that

the

low

in

2.2%

growth

8.5%.

rate- of

rate

the U.

should

S.
be

mature

the Untied States,

as

country like Japan,

a

recovering from the ruins of

war.

Nevertheless, the fact that Japan
could regain her prewar level in
sixT years and then achieve

a

the strong growth

potential of the

Japanese economy.

these

developments,

ticularly

in

satisfying

fund

demand

tries.

It

the

was

of

and

the

par¬

huge

"growth" indus¬

impossible to provide
funds

necessary

accumulation

of

tional income.

an

increase

than

funds

raised

through

debenture

sues.

00:01

.

,

•

r,




-J..

is¬

are

for

the

time

one

contrasts

of

mental effects.

In

industrial

case

banks

funds

are

through' overloans,

provided

lending

operations

require

high

a

the

the

of

to

quantity

city

degree

ful

of

success¬

a

Japanese bank manager, busi¬

judgment is by far the most

ness

essential.

Given Japan's peculiar postwar

conditions,

overloans

avoidable; in
economic

At

brder

growth

were

to

with

longer.

United

States

and

Continued

on

development,
tion

of

the

un¬

combine

that

so

an

overloan

share

SEPTEMBER 26, 1963.

purchase all shares of Tung-Sol

common

stock tendered up to

received by the Depositary, Bankers Trust Company, before 5:00

Eastern

more

than 200,000 shares have been

so

Purolator
so

will

tendered. If

received before that time, Purolator may

accept for purchase all or any part thereof

on a

pro rata

basis, but in

no

event

less than 200,000 shares.
As to shares of

Tung-Sol common stock received by the Depositary after 5:00
Daylight Saving Time on September 14, 1963 and before the ex¬
piration of the Offer, Purolator will accept such shares in the order of receipt
by the Depositary until it shall have purchased 200,000 shares under this Offer,
unless it elects to purchase a larger amount.

P.M. Eastern

Payment will be made for all shares purchased promptly after acceptance of
shares in accordance with this Offer,
To accept

the Offer, stockholders of Tung-Sol should either:

1.

Complete and send the prescribed Transmittal Letter accompanied by their
stock certificates in negotiable form, to Bankers Trust
Company, Corporate

Agency Division, 16 Wail Street, New York 15, New York,
2.

Request

a

bank

or

or

broker to effect the transaction for them.

Purolator will pay to any member firm of the New York Sloek Exchange and to any member of the National Association of Securities V
Dealers, Inc., whose name appears on the Transmit tal' Letter accompany¬
ing a tender, a fee of 43%? per share for each share tendered and pur¬
chased under the Offer.
Forms of Transmittal Letters and copies of the Offer
may be obtained

by writing
wiring collect either Bankers Trust Company, Corporate Agency
Division, 16 Wall Street, New York 15, New York (212 577-2345)' or Dillon,

or

by calling

or

Read & Co.

Inc., 46 William Street, New York 5, New York (212 422-2828).
Facsimile copies of the Transmittal Letter will also be
accepted.
Dillon, Read & Co. Inc. is acting

as

Manager in soliciting lenders under

this Offer*

PUROLATOR PRODUCTS, INC.

economy

fairly high level of

a

'

stability.

present, the national

has reached

per

September 4, 1963

aggrava¬

situation

in

order to stimulate further growth
no

longer appears appropriate.

Under

overloanl

monetary

malcy,

as

distortions

far

as

this

in

liquidated. More¬

Japan expects to

assume

spring

as

regular

a

autumn.

and

As

the

in

approaches

full

will

mem¬

nation

membership

the

tic monetary system have to
form

quickly

to

Purolator will continue

to purchase shares of
Tung-Sol common slock
5:00 P.M. Eastern Daylight Sa\ing Time on September
26, 1963, pursuant to the foregoing Offer, until it shall have purchased
200,000 shares under the Offer unless it elects to purchase a larger

tendered up lo

amount.

All shares tendered will

by the Depositary.

of

the

brings
main

be

accepted in the order of receipt

con¬

All shares tendered
of business

on

pursuant to the foregoing Offer before the close
September 14, 1963 have been purchased.

The Federal District Court in
Newark, New Jersey, on September 17,
1963, vacated the temporary restraining order obtained by Tung-Sol on
Friday, September 13, 1963, enjoining Purolator from acquiring any
Tung-Sol common stock pursuant to the Offer. The Court also dis¬
missed Tung-Sol's
complaint.

international

standards.
This

now

|

the

Eight of the IMF

next

join the OECD
ber

nor¬

appear

possible, overloans

be

duties of Article

agreement

its

the

of interest rate. Here¬

have to

over,

loses

system

and

the system

will

conditions,

PUROLATOR
me

to

an

appraisal

characteristics
of
Japanese commercial banks.
One

September 18, 1963

de-^

deposits, and most

year or

re¬

quality.

and

$22

all

commercial

This

sharply with deposits in

ratio

Daylight Saving Time on September 14, 1963,
purchase all of such shares if less than 200,000 shares have been

detri¬

international
community,
Japanese banking and the domes¬

for

•.

beneficial

more

na¬

growth ..capital, and as a rule,
long-term equipment funds should
be

As to shares
P.M.

balance, have

on

savings from

internal

banks
are

60%

Japanese

200,000 shares.

highly

as

this

in

Purolator will

United

the

Europe

the

Naturally, business

today,

in

THIS OFFER WILL EXPIRE AT 5:00 P.M., EASTERN DAYLIGHT

"over-

through

firms should rely in the first
place
on

in

in

and

abnormal, may,

after,

country's financial institu¬

tions played a very important role
in

the

but

regarded

States

four¬

fold expansion of her production
in - the next 11 years testifies to

The

economy,

loans,"

in

surprising

economically

an

high in

in

not

course,

cofintry such
and

as

Even

posits

stock of

SAVING TIME, ON

"overheating"

an

gard

OEEC and

It

the

Occasion¬

system.

trebled.

The

of

not financed

selectivity and judgment with

economic growth came to 4.2%

the

expansion

yearly rate of growth of Among the qualities of

gross

In

the

inflation

an

Gross national prod¬

almost

average

the

production

times

of

readily adjustable

supply

money

had

using 1934 through 1936

average.

uct

the much more

1962, mining

manufacturing
to

came

po¬

devel¬

economy

By

in 1962.

fact, Japan's

short, the

of

economically.

and

Thereafter, the

100 %,

unheard

is

economy was

the

was

Peace Treaty was signed, so it was
a

deppsits,

even

of

ally, this Jed to

Francisco

San

The

market is under tight con¬
In

the

regained

product,

prewar

a

is character¬

("Purolator") offers to purchase 200,000 shares of com¬
Tung-Sol Electric Inc. ('Tung-Sol") at $22 per share. Any brokerage
commissions and transfer taxes applicable to the sale to Purolator will be
paid
by Purolator.

through fiscal deficits,"but through

overcome.

was

mining and

1951,

poli¬

situation

matter

a

money

monetary

to

exceeded

often

but it does not mean

economic aid and appropriate do¬
and

expan¬

in the United States and Europe,

after the war. Thanks to American

fiscal

loans

bank

it stood at 97%

and

funds for economic reconstruction

rather

Compared with

part of! deposits

Purolator Products, Inc.

mon

sav¬

the central bank.

therefore,

a

corre¬

'

at

supplied through credit

was

created by

ratio

however,

rapid

Japan's

for

the economy and restore the na¬

cies,

balances

that

istic of Japan.

in¬

14% to somewhat over

Despite

quired

Iwasa

en¬

tire nation worked

vailed

deposit

even

est

Tung-Sol Electric Inc.

provide industry with the neces¬
sary
funds, and the capital re¬

based

investment

increased, but

The fact

Buy Shares of Common Stock of

bal¬

a

20%.
*

ex¬

form

sponded to 65% of Gross National
Product.

Offer to

the

Under

was

other

high.

and

Japan's

time deposits account for the larg¬

policies

fiscal

sound

ings, deposits were insufficient to

Since,

direct

w^tr, people

still

States

Germany,

the

procure

market,Moreover,

average of

a

al¬

the

to

is

United

compa¬

annihilation.

ship,

very

little di¬

funds in the long-term

chaos

come

most complete

sonal

was

was

market

capital

the

The ratio of taxes to national in¬

Japan's

treme

1962,

budget after the initial post¬

come

War

in

so

the

hanks

National

I;

its

of

in

per

deposit

the

West

next

Vllt

the strict adherence to

and

second

state

saving and
securities

the

Gross

After

of

the

Japanese

gradually shifted

in

was

in

in

exceeding

expected,

were

war

economy

of

be

adoption

ment.

The

low,

Product.

times.

prewar

this

To

all

situation

same

in

for

War.

postwar Japan no rapid

necessary

characteristics

bank manage¬

World

in

could

eco¬

let

Article

overloans

expansion

briefly

J[ apan's
and

reason

pronounced

47%

21%

industry is able to obtain capital.

postwar econ¬
omy

of

use

But

discuss

to

OECD

of

acceptance

on

the role of banks in Japan's

look

of

equaled

capita national income

capital

regulations effecting trade and

Introduction

nomic

balance

World

the

prevailed

One

Japan approaches full membership in the interna¬

as

community

deposits

I -should

degree,

had

days,

roughly

vital, far-reaching changes scheduled to take place in the

are

domestic economy

spring.

some

Second

of

ratio

deposits.
those

securities, and

toojv the form of

of

suppliers

particularly

the

In

usually

This situation

chief

industry.

after

revealing insight of the uniquely different role Japan's banks
played in decisively assisting that country's amazing growth is pro¬
vided by the head of Japan's
largest commercial bank. Discussed,
also,

the

as

funds to
became

fly Yoshizane Iwasa,* Chairman and President, The Fuji Bank,

V

v

role

investment in

saving

7

PRODUCTS, INC.

Europe,
page

18

n

8

The Commercial and Financial Chronicle

(1103)

Also available is

94106.

DEALER-BROKER

*

INVESTMENT LITERATURE

UNDERSTOOD

THE

THAT

INTERESTED

SEND

MENTIONED

FIRMS

PARTIES

WILL

New York, N. Y. 10005. Also

available

Fairchild

Instrument,
G

Survey—Comparative

analysis of the first-half results of
40

Blyth & Co., Inc.,

Department

kers

Stocks—Com¬

figures—Equitable

Limited,

Toronto

Yonge

60

Bro¬

Street,

between
used

stocks
C

a n a

d Ian

with U. S.

Stocks—Comparison

counterparts—Bulletin

—Wills, .Bickle & Company Lim¬
ited,

Street,

King

44

To¬

West;

SS

ronto, Ont., Canada.

:

Averages

National

period

chure

Bureau,

of

using the Free Zone for expansion
of

export trade—U.S.Office, Colon

Free

CFG, 247 Park

Zone, Dept.

Avenue, New York, N. Y. 10017.
Consumer

Credit-j-B

Goodbody

&

New

Co.,

11

u

2

t i

e

n—

Broadway,

National Quotation

—

Inc.,

46

Copper Stocks—Analysis with

particular reference to Anaconda
Co., Copper Range Co. and Phelps
&

dustry—A

study

College

vate

Car

Lines—Burnham

Company,

60

Broad

Savings
reference

Inter¬

Scott

Peabody,

Ferro,

Swasey and Beam Dis¬

tilling.

Utilities—Report-—Salo¬

Brothers & Hutzler, 60 Wall

mon

ton

&

Co.,

particular
Federation

Wall

14

E. Hut-

Street, New

York, N.-Yf 10005.

&

tions

&

articles

tries,

Scott Index of

Industries
on

and

Corpora¬
Index

—

corporations,
general

jects taken from

of

indus¬

business

sub¬

200 financial

over

publications, 350 broker's reports,
and

speeches

before

analysts

societies —1962

Stocks-—List of

i

s s u e s

135

South

La

Forgan

Salle

Selected

which

&

Street,

Illinois

231

Company

South

La

issues

interesting—The

appear

Incorporated,

Salle

Street, Chi¬

of

11

o u

Hentz & Co., 72 Wall

nade

k—H.

Street, New

Cyanamid,
Tax

o o

Bonds.

Building, Cleveland 6, Ohio.

Japanese Market—Survey—Daiwa

Securities,
New

Ltd.,

York,

available

N.

are

149

Y.

Broadway,

10006.

reviews

of

Matsushita

on

I

on

W.

R.

Grace

and

Exempt

com¬

Steels—Review—Halle

litz,
N.

52

Y.

Wall

10005.

Street,
Also

&

&

an

analysis of Electric Utilities.
Television

Industry

—

Bulletin-

Dean Witter & Co., 45 Montgom¬

Street,

ery

San

Wall

42

Street,

York, N. Y. 10005. Alo avail¬

able

reviews

are

of

Chrysler

Companies

Citizens & Southern Capital
Corp.
Electronic Capital Corp.
Franklin Corp.
Greater
Inv.

Washington Industrial

Inc.

W.

R.

Corp.,

Grace

Unilever,

Co.

&

Boise

and

Corp.

American

N. Y.

Refining

&

10005.

Addison-

Bouzan-Prospectors

Airway

Merger

—

Discussion

—

s

Doherty

Roadhouse & McCuaig Bros., 335
Bay Street, Toronto, Ont., Canada.

Also

available

analyses

are

Natural

Gas

of

Corp.

and

Famous Players Canadian Corp.

Northwestern

^00 Montgomery

Co.,

Chicago

Pneumatic

1401

Walnut

Pa.

of

Power

&

&

Anal¬

Company,

Street, Philadelphia,

Interchemical

Co.,

Light,

re¬

are

Corp.,

Pennsylvania,

San

Diego

Im¬

perial, Union Carbide and United
States

Techno Fund

Inc.

Westland Capital Corp.

Rose

&

New

Co.,

Inc.,

115 Broadway,

York, N. Y. 10006,

N.

Y.

74

Security Dealers Association

Trinity Place, New

HAnover 2-2400




York 6, N. Y.

Teletype 212 571-1780; 1781; 1782

Company

of

on

New

Resistance

Co.—

reduce

use

wear

line

company's
special

high

of

AC-DC

purpose

-

output

alterna¬

This revolutionary automo¬

tors.

designed and devel¬

was

system failures.

New

York,

Owens

N.

Illinois

10004.

Y.

comments

are

Aerospace Stocks,

Sterling Drug,

Glass

and

oped by

on

Paper

Stocks.

The

is true with its

same

ventional

DC

con¬

generators, voltage

regulators, switches, cranking

mo¬

tors and mass-produced fractional

International Resistance Co.—Re¬

horsep ower

view

biles and trucks. Small AC motors

N.

Edward A.

—

Viner & Co.,

Broadway,

26

Y.

10004.

New

York,

available

Also

Illinois

Iowa

—Review

of

America—

Also

Parker

available

&

are

Dayton Malleable

Iron

32

A.

Company

Kemper

Ludlbw

North

&

St.,

Seagrams—R

e v

i

Gellermann, Dept.

comments

e w—

CFC,

and

the Rails, Delta

on

North

Kennecott

motors

for

also manufactured

are

for

the

automo¬

in volume

appliance

ever-growing

American

Incorporated

Richards

South

Blower

—A.

C.

La

&

Spring

Calif.

Car,

—

Co.,

Anal¬

Inc.,

Street,

Los

90014.

Financial—Review—I.

Rennert &
New

N.

are

Instruments

Y.

10004.

Also

reviews of Computer

Corp.

and

House

of

Vision.

are

Telephone

&

Electronics

W.

Baird

&

analyses of Consolidated

Foods, Louis Allis Company, and

Weyenberg Shoe.
Georgia

Pacific

Fahnestock

10005.

&

122

Co.,

South

Chicago,

Street,

Also available

is

111.

anal¬

an

ysis of Lockheed Aircraft Corp.
Life Insurance

&

Douglas

Fitzhugh, Inc., Stahlman Bldg.,

Li'l General Stores, Inc.—Bulletin

Witt

been

is

&

Co., 65

Broadway,

not

Conklin

Organization,

Broadway, New York, N. Y.

R. H. Macy
Graham

Co.,

York,

N.

are

American

Also

10004.

Aviation,

reviews

North

of

Olin Mathie-

and

Corp.

Phelps

Dodge.

Major

—

Hill, Thompson & Co.,

—

Wall

70

Inc.,

Corp.

Equipment

Pool

Street,

York,

New

&

Rader,
Wilder
Planters Bank

Report—

Co.,

&

Union

Memphis,

Bldg.,

38103.

Northern

ysis

—

Therefore

in the passenger car
is

market

Lerchen

Watling,

—

Ford

Railway—Anal¬

Co.,

&

Detroit,

Building,

Mich.

48226.

Priced

—Low

Steuben

I n c.—Bulletin

Investments,

Albany,

Street,

is

It

obvious

expanding

the

—Butcher &
nut

Analysis

Sherrerd, 1500 Wal¬

Philadelphia,

Street,

Pa.

of the basic

dend

H.

Oliphant & Co., 61 Broadway,

New

York, N. Y. 10006.

Sun

Oil

Walston
New

Company
&

Co., Inc., 74 Wall St.,

York,

available

is

report

a

Also

10005.

Y.

N.

Tonka

Toys

Splaine

40

North

Inc.

Marshall,

Inc.,

—

800

Milwaukee, Wis.

53202.

—Analytical

Life

Insurance

brochure

—

Co.

Hecht,

Weingarten & Co., Inc., 125 Maiden
Lane,

New

Western

Lines
&

New

N.

York,

Textron

N.

York,

Air

Schweickart

World

in

.

payments

mented

by

in 1956 and
a

Co.,
Y.

2

and

Broadway,

10004.

Airways.

Pan

1957, 5% in 1959 and

split in 1962.

two-for-one stock

1,500

shares

500,000

over

owned

now

supple¬

were

stock dividend

3%

a

are

approximately

by

stockholders.

Traded over-

the-counter, the stock is currently

bid

12%

around

12%

—

asked.

is

What

my

opinion of Leece-

Neville V immediate prospects?

needed

rially

disruption of currently-

expansion will not mate¬

future

it has in fiscal 1963. Man¬

The

its

es¬

continue to ex¬

high-demand

new

being strongly promoted

are

through

operating
for

markets

tablished products

Two

all

over

unusual

its

exerqises

control

factors.

items

in

earnings

affect

years as

a

well-seasoned sales or¬

ganization.
All

of

these, to

me,

logical conclusion

add
—

an

up

to

early

along

with further

In sum,
stock

in

sales

growth.

I believe Leece-Neville

represents

especially at¬

an

investment

at

this

point

time, definitely offering above-

average

capital appreciation pos¬

sibilities.

10038.

comments

are

Inc.

Y.

1963, it

be paid during the calendar

may

year.

Named Boston

Comment—

—

1962; and in

cents in cash with the

possibility that an extra dividend

tractive
States

the United

resumption of increased earnings

Analysis

—

record achieved

It succeeded in increasing

cents

one

Frederick,

&

divi¬

made

dividends from 20 cents in 1960 to

United

on

Company.

has

tion for 40 years, a

pand.

Analysis—

—

production

products themselves.

by few companies in

tight
Company—Analysis—Jas.

are

trans¬

payments without i interrup¬

agement

19102.
Singer

dynamic

exceed

needs

market

Cost and
—

These

markets.

within

Leece-

constantly

portation and appliance industries

12207.

Company

all

that

where combined O.E.M. and after-

11

N. Y.

profitable

highly

a

Neville products go to

quoted
Industries

competing

replacement

reality.

Slightly

Pacific

established

has 300 alternator models in

production.

Cash

Hyde, Inc.

pas¬

O. E. M. sales. The company, how- \
ever,

will pay 40

Report

its

disturbing

States.

Chemical

son

Broadway,

Y.

available

Purcell,

—

50

lately

to

But Leece-Neville

Leece-Neville

Review

—

&

have

adapted

specialized market to compete for

10005.

available

Corp.—Review—

alternators

generally

areas

Nashville, Tenn. 37203.

-De

AC-DC

Company of Ken¬

tucky-—Analysis—Berry,

United

Co., 731 North Water Street, Mil¬
waukee, Wis. 53201. Also avail¬
able

Analysis-

—

L.

Co., Inc., 56 Beaver St.,

York,

available

York,

Company—Analysis

Allyn

Salle

Fruit

Empire

New

com¬

of Defense.

ment

&

About 15 % of the

senger car use.

Copper

Lau

Varian Associates.

Ducommun

Broadway,

Richardson

Bache & Co., 36 Wall Street, New
York, N. Y. 10005. Also available
are

Co.

Rothschild

Van Alstyne, Noel & Co., 40 Wall

Ramer

Corp.

Airlines,

Electric

&

F.

10005.

are

analyses of Norton Company and
Ferro

Y.

Gas
L.

—

120

Tenn.

Company

10004.

General

Members New York

60603.

tive item

Malone

Cinerama—Report—Reuben

—Analysis—Robert

Troster, Singer & Co.

111.

report

a

and

High level sales continue in the

N. Y. 10005.

Steel.

Angeles,

Sierra Capital Co.

Oil

is

available

New
—

19102. Also available

Marine Capital
Corp.
Midland Capital

Mid-States Business Capital
Corp.

Chicago,

electricity

ignition points and condensers.

on

La

pro¬

Street,
Also

120

Rail¬

Street, San

Tool

ysis—Newburger &

621

Narragansett Capital Corp.

South

They

performance,

Leece-Neville following
World War II to reduce electrical

60603.

Huronian-Kerr

,

ysis—Hill

Corp.

Analysis—

120

Street, New York N. Y.

Smelting

Co.—Analysis^—Harris, Upham &
Co., 120 Broadway, New York,

Growth Capital Inc.

We trade

Standard

N.

Poor's

&

Henry

—

available

Collier, Socony Mobil Oil, Stand¬
ard

Distillers

Capital for Technical Industries

Street,

Co.,

Dayton, Ohio 45402.

Boston Capital Corp.

Salle

less

—

Co.,

Also

Corp., Upjohn Company, Crowell

Company,

Investment

Vision

improved

pany's output goes to the Depart¬

Co.,

Francisco, Calif. —Analysis—John

Small Business

of

vide

phone and Arden Farms.

&

Redpath, 2 Broadway, New York,

is

and

Rhoades

York,

New

Corp.

replacement market—may

be O. E. M. items.

industry.

Analysis—Auchincloss,

available

House

Inc.,

Foundry

Stieg-

s u z u

Electric.

French.

and

Revenue

Manville

American Seating Co.

the

soon

reviews of Anglo Canadian Tele¬

Controls

Also

Motors, Yashica, Nippon Electric,
Nippon Express, Takeda Chemical
and

reports

are

Also available

analyses

are

Continued from page 2,
in

Company—Survey—Carl M. Loeb,

Koehring

Steel—Survey

ments

request—In¬

Machine

views

111. 60604.

cago,

vestment Index Co., 206 F Colon¬

on

Kline &

American

Canteen

Francisco, Calif. 94104.

Stocks—List of

American

available

Automatic

and. Smith

are

ways-Analysis—Schwabacher

industries—Glore,

issues

monthly

available

Also

on

ad¬

request¬

by

York, N. Y. 10005.

or

when

Chicago and

Annual Cumula¬
tive Volume $30. Further informa¬
tion on the

weekly

copies).

comments

stamped

asks

envelope

Quebec

Chicago, 111. 60603.
Funk

Corp.

which appear interesting arranged

Co.,

Street, New York, N. Y. 10005.

Com¬

Holding
i th

w

and Wesco Financial—W.

Selected

Electric

Street, New

Financial

to

ing

Anglo

Loan

&

are

on

and

York, N. Y. 10004.

Paper,

Rayonier,

the

in

States—Study of the Pri¬

Car

available

&

H.

Morgan-

Leasing

national

Cluett,

Richard

(firm

dressed

Cascade

panies—Report

Warner

by

Commerce,

of

02109

New

town, W. Va.

Weeks, 1 Chase Manhattan Plaza,
York, N. Y. 10005.
Also

New

Paper,

Street

Pressed and Blown Glassware In¬

Railroad

comments

Front

New York 4, N. Y.

United

Cor p.—Hornblower

in

Bureau

Slavin—West Virginia University,

York, N. Y. 10004.

Dodge

used

Averages, both as to yield and
performance over a 25-

year

advantages

stocks

Quotation

market

Colon Free Zone—Illustrated bro¬

discussing

Jones

-

Johns

I Like Best

Analysis—Hirsch & Co., 25 Broad

Addressograph Multigraph

Inc., 85 State Street, Boston, Mass.

over-the-

35

of

The Security

Company, 5

10004. Also available

International

—Comments—Colby & Company,4

Dow

the

the

industrial

counter
the

in

and

&

Hanover Square, New York, N. Y.

and

Airways,

industrial

listed

the

World

Company—Anal¬

Jersey.

compari¬

up-to-date

an

Folder

—

&

H. Blair

Pan

Singer Co.

waukee, Wis. 53202.

showing

Minnesota,

Stores,

Manufacturing,

&

Mil¬ American

Street,

Over-the - Counter Index

son

1, Ont., Canada.

Michigan

Co.,

Interstate

Telegraph,

&

Mining

East

&

Harvester Co., International Tele¬

Optical Company and House of
207

Camera

Motor

Ford

Vision—The Milwaukee Company,

Common

parative

i t h

patricular reference to American phone

Corp.

Heath

C.

ysis—D.

Also

10006.

Y.

Thursday, September 19, 1963

review of Rockwell

Pacific, International Freehling &

a

banks—

New York, N. Y. 10005.

Canadian

w

i

org

14 Wall Street,

commercial

leading

Optical Industry—Analysis

e

N.
a

reviews of Amerada

are

Petroleum,

Bank Stack

Dept.

Graham,

CFC, Reynolds & Co., 120 Broad¬

PLEASED

BE

Re¬

—-

LITERATURE•

FOLLOWING

THE

S.

York,

Standard
D.

way,
TO

New

available is

■

.

Addressograph Multigraph

AND RECOMMENDATIONS
IS

*

*

view—Richard

IT

analy¬

an

sis of J. C. Penney Company.

.".

.

Also
on

American

BOSTON,

Mass.

Manager

—

Marshall F.

Campbell, Jr. has become associ¬
ated with Richard J. Buck & Co.
as

manager

of the
RlrlfJ

Boston office,

Number 6300

198

Volume

The Commercial and Financial Chronicle

...

Planning in Puerto Rico—

twicie

almost

at

mainland

(1109)

U.

the

rate

of

the

rOptimistic

1964

industry, which has consecutively

where

set

S.

Zone

has

other

Hilton

continues

years,

Outlook

records for the past seven

newr

value of

Purposeful and Profitable

The Board's

of

rate

before.

as

one

measure

in the
Rico is

important tool for insuring
smooth functioning and steady

of

progress

based

in

legislature,

yearly

investment

investment
has

basis

as

Board's

yearly

the Governor
the

for

into the

go

being

constantly

the Planning Board
the

as

decisions

four-year

the

However,

Santiago

pro¬

of

results

the

also

economy,

the

of

profitable

offer

Economic

the

together

goods.

Spanish)

are

"blue

chip"

General

now

them

of

many

Development

(called

Ad¬

Fomento

in

in

operation,

subsidiaries

of

corporations such

Electric

Union

and

as

Manufacturing
of them

in

plants recruited from

U.

businessmen,

More than 100

S.

employs al¬

now

workers, two-thirds

100,000

companies
new

Fomento.

by

factories,

em¬

and

year

to- rise

to

$368

by the end of 1964.

is

million

coast is

Home build¬

of

the

building

high levels.

industry

counted

for

The

which

ac¬

only $108 million in

1953-54, has tripled its activity in
just ten years.
Commonwealth

government

alone

is

expected

reach

$67 million

above

last year, with

ear-marked

for

Agriculture

in

value,

to

16%

$30 million

roads.

is

to

show

a

Hotel

Puerto

the

Rican

reports

of

However,

to

economy

reports

indication

omit many
that have

south

for those

common

these

to

con¬

third year.

offer round-up

progress,

tinue

an¬

under

on

in its

now

who

strong

is

The plush Ponce Inter¬

that

say

give

growth

a

and

tend

we

to

of the human factors

contributed,

contribute

and

to

con¬

that

prog¬

dedicated public officials,
enterprising private citizens, even

ress

—

hard

due

established,

hotel

It has become
us

all at

been

continental

works

are

duty-free Foreign Trade

struction.

of

headed

-

businessmen

have opened unknown

who
of

avenues

modest gain with net income ris¬

profit and employment in Puerto

ing

from

$231
of

$220

million,

continued

stock,

million

mainly

tries. A

new

and

to

about

Rico.

a

result

part of the pride—and the profits

as

growth

poultry

in

the live¬

dairy

indus¬

$30 million program

just launched to speed mechaniza¬

—of

shared

to
are

itself

felt

for

at

least

another

is expected

year,

1963-64. The

of visitors is

well

go

by

of

50

and

has

been

citizens

fellow

the

mutual

our

industrial

from

states, who found
advantage that

we

just beginning to tap the wells

opportunity

Puerto Rico.'' '

income, which reached

$80 million last

to top $88 million in
number

Rico's

progress

and open the doors to
in

Tourism

Puerto

most

industry is not expected to make
year.

Suffice it to say that a good

economic

tion of the Island's sizeable sugar

over

expected to

last year's half mil¬

Sterne, Agee to
Be Corporation

lion mark.
New

hotel

almost

most

last

ing, hotel construction and public

Car¬

bide.

information to investors and other

bring

agricul¬

on

impressive production

ministration

studies, which constitute a

constant pulse-reading
Ramon G.

the

tra¬

a

Some 900 factories recruited by

studies

well

from

dependence
its

new

This

converted

economy

to

in

enterprises.

of manufactured

objectives of the Government

these

pri¬
to

capital

ture

gram.

industry.

strives

a con¬

ditional

that

govern¬

ment and

It

industries, and encouraging

new

revisions.

its

on

as

serve

for

growth

vate

rising output of Puerto Rico's

Island's

the

to

Economic Report to

plots

both

maintaining demand for the

local

million

scheduled

tinue to grow moderately in 1964,
thus

as

as

function

sive

con¬

Public hearings are held on the
four-year program before it is

The

comprehen¬

that

will

economy

manufacturing

conducted by

Puerto Rico is
a

assumption that the

States

$325

construction
are

and long-range needs in a coordinated and democratic fashion,

the

is that

planning

the

on

United

of Puerto Rico.

of

One

mean

projections

and

ding

economy.

reasons

Board's

The document embodies the goals

prisein an
p a n

also

tinuing high rate of mainland and

well

private entere x

would

It

submitted

planning

most

the

world.

The

optimistic about next year's outlook, hopes that the un¬

Commonwealth of Puerto
a

give Puerto Rico

billion mark by June, 1964.

employment rate will succumb to new measures being instigated, and
reviews sector-by-sector the noteworthy growth of private enterprise.
Government

1964

that net income will reach the $2

explains how his agency works and sketches the accomplishments
of more than 20 years' successful coupling of concepts and prac¬
tices. He is

to

fiscal

for

ac¬

of the highest growth rates in

the

Mr. Garcia here

municipalities, and private industry.

porations,

as

The nine per cent

predicted

will continue

growth strides, Puerto Rico's

reflects the efforts of its
Planning Board. While the results of the Board's planning are well
known, little publicity has been given to the Board itself and to how
it effectuates coordination between the government and public cor¬
puissant performance in large

continuing

(9%) rise in national income
tually

Possessor of one of the world's fastest

increase

The

grow.

construction reached

new

con¬

tinued growth this year, with the

high

By Ramos Garcia Santiago, Chairman, Puerto Rico Planning
Board, Santurce, Puerto Rico

outlook is for

to

a

9

$20

pleted
other

projects
million

during

at

com¬

and

year

worth

of

the

Among

year.

Ala.

Sterne,

—

effective

formed

Oct.

them

are

$12 million, 420-room Shera¬

offices

in

Building.

the

First

of

As

the

with

1,

an¬

hotel

projects will be completed in the
coming

BIRMINGHAM,

Agee & Leach Incorporated, will
be

the

$30 million

valued
were

National

same

date,

Sterne, Agee & Leach will

cease

doing business

as

partnership.

a

Officers of the firm
will
be
inrpjle B0ar(j>s periodic economic ploying an additional 7,000 work¬ ton,
the
$8
million,
288-room
Mervyn H. Sterne, chairman of the
vestment, manpower, initiative-— ancj sociological projections, while ers, are scheduled to go into op¬ Ponce de Leon, and the $8.5 mil¬
board;
Rucker
eration
within
Agee, president;
the
next
six
and help them work efficiently originally
lion, 200-room Tishman-Howard
designed to help deMortimer A. Cohen, senior viceand soundly for the benefit of the termine public needs and govern- months.
Johnson Hotel.
of rapid expansion-

resources

society
A

whole.

as a

mass

States has

United

in meeting

ment

like the
great difficulty

land

large

such a goal

impact
of planning can be felt rapidly
in every corner of the economy.
Exactly what does this planning

—100 by

35 miles—and the

consist of?

feel

We

0f

an

the Plan-

Coping

become

business

—

well

as

0£

be

whole;

a

determinants

partners

and

consumer

considered

they
in

have

than

more

two decades of valuable

as

all

experi-

With

Puerto Rico
a

serious

ment,

government and

as

WOrker—should

par^

range future.
all

that

economy

become

On the economic side,

have

in their own planning for the im-

efficiently, mediate and long

is a small island

But Puerto Rico

expenditures,

invaluable aid to businessmen

an

problem

about

11%

of

unemploy¬

the

of

labor

force,

and steps

the recruitment of outside

capital,
but
and

being

taken

mainly

also

from

from

Europe.

New

incentives

are

training

being

are

offered

investors

to

the

states,
tax
also

to encourage local
undertake

joint

in the development of a manufacturing ventures with out¬
siders who have production and
sound economy.
j
ernment, reviews and determines
The other side of the Puerto marketing know-how, and a new
million-dollar Marketing
Corpo¬
priorities for public improvements Rico planning coin, physical planBoard,

ning

agency

coordinating

out by government

agencies and public corporations,
the expansion of

ning, also plays

ment to
schools, roads, hospitals and other markets,
into

fitted

workable four-year

a

important role ration

in helping business and govern-

Master plans for

vital services are scaled down and

an

clearly where future
manpower
and trans-

see

portation facilities will be needed
and located. Public hearings here,

program

too, are relied

tion

local

has

been

staffed

to

help

enterprises expand existing

markets

and

develop

around the Caribbean

new
area

ones

and in

Latin America.

The

Puerto

established
tan area,

construction

Juan

San

vice

gain¬

is

metropoli¬

trend that is expected

a

continue.

to

Puerto

Rico's

expe¬

rience is that good tourism facili¬

ties

constitute

new

industrial

attraction

an

for

investors, and

result

usually

in

speeding

an

area's economic growth.
The

opening

Hotel

has

the

-

Alonzo

H.

president

document

important

dent

and

treasurer;

Armstrong,
William
C.

Arthur

K.

time

above the previous year's record,

deliberations and plans of private

spending

for

four-year

a

at a glance,
planned public incentives to

period
and

lagging

along

move

economy

are

them

for

available

are

in

announced
part

become

to

of the

areas

and we saw net income

plans of private industry.

pass

Alonzo

This

also allows

document

economy

meet

to

PUERTO

Rican

its

the

immediate

RICO:

history.

wealth's

Lee,

Arthur

dents;
troller;

and

Jr.,

M.

C.

income

net

has

Judson

summer

H. Hentz & Co.

time

tq

Puerto

Rico's

northeast

On the northwest coast the

Dorado

Hilton

facilities

to

Rockefeller's

the

Hotel.

port

added

those

On

the

city

of

class

To Admit Florin
H.

Hentz

Laurence

New

Dorado

of

nearby

first

New

west

coast

Mayaguez,

&

York

Sept.
Florin

York

30,
to

Co.,

72

Personal

Fixed

Gross
Net

Consumption

National

Internal
Income

Stock

will

prices—millions

of

$)__

1960

partnership.

S.

______

Government
———

1.362

149

188

Stock

432

237

293

175

241

78

486.9

_—_____

1,346

LAZARD

528

1,759

562

2,534

70

71

475,465

718.454

12,734

24.023

686

625

82

698

968

60,727
32,294

179,657

251,456

75,794

147,227

723,221

September 19, 1963 f

31,300
695

r

—

FRERES

New York, N. Y.

946

2,350

61

'

___^

undersigned assisted in the negotiation of this transaction.

570

270

—^

——

The

97

393
441

638

—

Vehicle?, Registered




Common

1.740.0

1.811

2,211

Population
(thousands)
Expectancy (years)
Total School Enrollment
University Enrollment
Labor Force (thousands)
—_____
I'Fomentp." Factories Opened
Life

Telephones

Minerals & Chemicals Piiilipp Corporation

2,193.1

225

Property of fncome (millions of $)__
w
Disposable Personal Income (millions of $)_________.
Bank Deposits
(millions of $)—
__________

New

Shares

220

291

70

.

___________

Government

614

.89

—

348

46

-_—-—

1,353

111
:

1,645

158

Motor

acquire

1963

755
663

Expenditures (millions of $i__
Investment (millions of $)
:
(current prices—millions of $)

Commonweajlth and Municipal
U.

1,000,000

to

i—

•

&

CO.

Street,
of

Exchange,

admit

SELECTED INDICES OF PROGRESS

(current

Agriculture
Manufacturing

has contracted

Wall

City, members

been

102

National

Gross

comp¬

Carlisle,

80-room

last

Engelhard hanovia, Inc.

years

vice-presi¬

Lyons,

assistant secretary.

Common-

growing for the past several

1950

Product

The

E.

Durkee,

McHenry, Jr., Charles

H.

$1.8

billion for the first time in Puerto
Public Hearings

Ernest
B.

Hubbard, Will Hill Tankersley,

that

assure

of the

the

in

industry, since details on government

to

remains an expression of the important elements of the community.
The results of such planning
over the past twenty years have
shown how successfully the concept can work. Economic growth
diiring the last fiscal year 19621963, for example, was 10.6%

published four-year plans become
an

on

senior

secretary;

Henry S. Lynn, senior vice-presi¬

master planning in Puerto Rico

of island-wide construeand
public financing.
The

Lee,

and

brought visitors for the first

coast.

at

of

Conquistador

Beach

Rico

development

ing ground outside the now-well-

ence

for the Puerto Ridan Gov-

carried

be

to

the

as

Newest Rewarding Activity

Tourism

coping with

to

up

president;

Unemployment

is still

Donald

the
on

M.

-Wr~r

10

The Commercial and Financial Chronicle

(1110)

Wiliiston & Beane

Educating Investors About

way,

exchange

more

Mr. Babson ticks off some

look.

meets the initial

of

the

New

said

the

acquisitions

Board

educational

The

levels.

scope

Savannah.

of this demand can be graphically

approximately 50,000,000

when

demonstrated

steel,

will

and

mothers

with

What

the

About

Dt,on|

u

2.

exceeded

—

intentjons

by

.

in

school building

in

letdown

more

business

radically

swift

growth

powerful

A,

.

,

for

school

tilt

books but for

have

processes

greatly,

and

preaches

are

-

agers

This

means

book
for

Men ill, Turben & Co

great

last year's by
Recent

stead_
i

to

the

figures
best

sire

hard to

estimates

has

come

indicate

ment

&

office

as

Special,,

upon

trend

Wallace

today

W

toward

sizes

of

standardiza-

materials, equipment and

0f

capacity " is

generating

record-keeping, etc.
With

summer with a sales quota of 1,000
units, and while this

sav-

sale at

on

Brunner

will

holdings

issue

be

President
in

available

limited

date

22%

on

to

$10,000

will

and

be

com-

the funds invested

.

respect

Power

like

other

utilities

strong play for

a

space

heating. Effective September 1
this year new incentive rates ber
came effective which should save
station and by mid-1965 Central customers about $1 million a year.
pro-

motional rates for water heating
and has a 29% saturation compared with the industry average
of 21%. but hopes to do better. An
aggressive campaign began this

lty comPanies, including Bangor water heating

"/"Athire PUb"C

hed

W3S

Hampshire.

AugUSt

the campaign will be continued.
The next maj°r generating plant New incentive rates have also

are

maturity.
'
.

addition

service

into

come

may

favorable

1

e^or flve years>
spite
fact that interest rates
may

provided

office

the five-year

134

at

otif

,

,

0

.

the

.

^!lzat>etR Securities

feeling that-many people and
to invest

to

eager

are

find

portion of their

a

certainty

that

their principal

will not shrink."

Fifty

of the bonds may redeem them

five-year

maturity,
of the

notice,

or

date

at

at

or

of

any

any

issue

other

Each bond is insured by thh Fed-

.t

'

'

situated

1

^

^

T

new

and

Wyman

Station

sites

units

new

million
It

is

with

are

kilowatts

more

also

totalling

fortunately

relation

to

hydro

development: At existing stations,
jf

provide

can

ditional

year.

It

are

more

incremental

also

by

units at

been devised for farm customers

owns

control

or

put-

cost

has

pumped

per

under

stor-

gravity hydro sites which

1.5

over

when and

fof

kilowatts

categories of study,

branch office in Duncan, Okla.

about

Maine
$2

a

rates

in

earn

5.9%

as

Power

million

1959-60

compared

obtained

increase

enabling

in

it

to

net plant last year,

on

with

4.6%

earlier.

This

earnings

permitted

a

decade

improvement
two

in

dividend

increases in 1961 totaling 20 cents
share, placing the dividend on

a

an annual basis of $1.60.

is allowed to

clauses

use

all

on

highway and
result,

that

the

area

earnings i

A favorcompany

fuel adjustment

sales

except

lighting;

are

no

for
as

a

longer

subject to wide fluctuations

due

to water conditions, fuel

and

needed.

use,

,

capacity —
"r—has.

v

been

quotedov.er-i

recently around 4Q yield-

been changed to Parker, Bishop &
a

Central

Afuel prices..^; ,
A
,- i-/
there is a third pos- .i. As noted above, accounting ,is
future additions to on the liberal side,., with J low
atomic power.
The^ through for most tax savings. The

as

However,

sibility

million

is considered somewhat bleak, but

very-able-factor .is

a

capable of being developed to

well
-

145,000 kw of ad-

capacity simply

ting in two

age and

firm
H

a

1965.

$410, $1,000 bonds at $820. Hold-

without

Parker/Bishop &,■
Avenfe Aas'
Avenue, has

least

after

for

substantial

time after 90 days written notice,

of

room

$41, $100 bonds at $82, 500 bonds

ers

the

ordy partially developed and there

at

OKLAHOMA CITY, O k 1 a.—The
natne

Steam

attractive

dollar bonds will be sold

position to add

Both

at

at

Changes Firm Name

Mason

depositors

maturity date. It is

organizations
ways

A!len

privileges

capacity.

redeem their bonds prior to

may

anniversary

,

whereby

hag

Welsh, Inc. The firm maintains




controls,

cost
of

include

connections with neighboring ut.l-

placed

was

of

account, and with 4% interest

are

com¬

classes

special

strict
tion

would

life of each bond. Interest at

District

of

fluctuate.^ Meanwhile,

Calif.-Olm-

groups

and

These

generating stations, mechanization

Central

_

varying

for different

and

economy.

procedures, further automation of

Maine's

Monday, Sept. 16, accord-

bonds

of the

Inc-

by, but

emphap^irf 'placed'

is

and

anticipated gains of about 5Vz%

in peak demand annually.

capital for maximum return with

v-,,.

that

movable furniture^since the

5%

service

efficiency

The company has long had

a.m.

r

A

panies which make school chairs,

ly.

about

improve

greater

Maine wiU have completed its
ne™ 125.°00 kw steam plant,
This unit, now under construction
Y1 be about 13%;cmore efficient
than any "ow on lbe h"e'. Jhe
company has a number of inter-

become

d,esks' -,ta*''e„s: „UC'' ar® selling
about $100 000,000 worth annual-

increase

management
policies
described which were ex-

based

.,

c

branch

a

of

M

that

manage-

annual

gix

pany>

will make

issue

assured when held to

Plaza Terrell under the manage_

to top

show

HILLS,

Allen

opened

10%-20%.
reports

assigned

BEVERLY

ap-

boopi tor text-

furniture

of

revenues

on

pounded quarterly. Thus earnWgs

ELIZABETH, N. J. — The firm
a
tremendously important busi- name °f Elizabethtown Securities
ness as a result of the big
splurge Co., .Inc., 1 Broad Street, has beeii
in school construction.
Definite Ranged .to
Elizabeth Securities
schoolroom

in

growth,

an

c*m_

by fhree tQp officials of the

Maine

1 of

Olmstead, Allen Office

changed

year

future

to

New

the rate of 4% per annum will start

registered representative,

Educational

current fiscal

As

ment expects

the

•j

been

to

houses, and they expect sales

the

Philadelphia-Baltimore-

guaranteed during the entire five-

books

teaching

increase

before

iST?7^r0a^t0SaVingl1?
19,70 or laler depending on the to increase farm mechanization
°Pened a branch
part of D. C. National s program of
amourd; 0f economy power which
("electricity is the farmer's cheapSeverance
Center
under
the
c^ea ive planning for the advan- may be available from other New est hired hand.,")
mana§ement of Robert D; Thum.
S
f
r"n^r
The regulatory climate in Maine
William O. H. Freund, Jr., has said. <?mi_ bank guarantees the 4% England utilities. The company is
The

is

generally employed.

a

ex-

The expansion, he said,

Inc. has
office in the

but

time

talks

put last year was generated by
hydro. About 15,000 kw more capacRy will be available next year
from New England Electric's new

year

^klSVELANl} HEIGHTS, Ohio

rela-

a

new

been

new

>

stock

,

the

by

recent

to

ing to Carl B

A.

h

In

pected

d'

ratiQ

York Society of Security Analvsts

achieve

ings bonds

the staff

Turben g

196g

half steam generating; 47% of outr-

added

Merrilj

Qf

in 1959-60 plus flow
through of tax savings from the
use of accelerated depreciation.

a n

financing

pr0bably be required until

end

were

a

^

1965

additional

no

reflected a rather moderate rate

initial

with

to

of

in

about 35%.

m-

years

convertible)

a

issued

promotional

per

been

the past five

crease over

the

perhaps

be

sales, Central

Ohio—Richard

has

have shown an average annual

(or

^ight

to

The

the

that has

the

all

modern slant.

a

25,000

programs to increase

at

with the need not only

up

more

with

9,000,000

member of the New York

they

as

Columbia National Bank 4%

Seasongood & Mayer, Security
Savings Building,

the textbook companies have

keep

1968—

'25,000

550,000 kw, about half hydro and

The

have

conservative business,
full

secu-

Issues Savings Bonds

.,

9:00

effect

textbooks. This used to be

run

Georgia

in both

to knQW

x„.':b.

.

0f

over

changed

of

of the

.!*}
build- D. C. National Bank

With Seasongood & Mayer

look for

One line

ahead.

been

to

30,000

9,000,000 '

dustry, including paper and pulp,
very little financing will be retextiles, metal trades, lumber and qujred other than bank loa^g t

of population and industry in New
purchase England, the company's revenues

Washington Stock Exchanges

CINCINNATI,

general

in

years

now

9,500,000

1967-

would

denominations from $50 to $1,000,

to come.

school costs to

in

steadily

tively

Maine, in addition to its farmin§ and resort activities, has a
considerable amount of light in-

_

about 6% per annum and earnings
per share about 4/0. The latter

west and

in

or

supplies

school

of

matter of fact, I

the climb

on

280,000

will add memberships in the Mid-

you mlght easlly have shared-

Ripples Widening Out

a

12,000,000

1966.

Reflecting the rather slow growth

Exchange and other lead-

Sena

purchase

for many years

a

210,000

Llght ComPany in 1958-

discontinued

business with

commodity

his you will simply watch others
walk ™aywltb tbe markets that

spendable in-

consumer

My studies of population

As

$60,000

18,000,000

1965__

.

firm

changes.

^ of putting up new school
buildings. If you are too shy to do

trends show that there will be no

the

$10,000,000

1964__

...

which

Stock

.c,°'lt[actor.s m^t likely to land

in the field are
topp ng those of last year by approximately 5%, reflecting the
purchases

come.

on

1963_

dustnal and 11% miscellaneous.

which;

a

ing

you/ municipal offacials and the

This

Christmas and Easter sales.

.

stances to watch for school

f—

only

be w0ltb ™blle m

W1

for

event

mer^andising

stores

climb

li0n. serves some two-thirds of Power's 6% participation in this
as plant will help take care of adtwo-thirds of the manufacturing ditiorial power needs until 1969,
Plants in the state. It ranks num- it is estimated,
".slze m N®w England. ^Construction expenditures, and
Electricity is served to 289 com- the resulting interest on construc!?}u"
1, ln central and southern tion credited to earnings are foreMaine, Portland being the major cast as follows:
Est. Credit for
"ty s,e,rved' In Vs.64 years' hisEst. Construction
Interest
Year
Expenditures
Construction
tbe, company has taken oyer

the population of Maine as well

was

joined

mnro,

back-to-school buying is the third

year,

the

that is

buying a vast
More billions are going to be
variety of back-to-school essen¬
spent in the years just ahead, and
tials: pencils, notebooks, typewriters, shoes, raincoats, dresses, suits,
gt
Tn font
the largest slices of this pie.
It
sportwear,and many more. In fact,
™

such

fU!

issue

commodities

and

will be doing

youngsters

mnnv

firm,

clients

assure

rities

Ahead?

Years

Evans

offices full services

also find markets in this innportant field,

chain stores

and

variety,

crammed

i

ame

f

,

revenues are 46% residential and
rural, 17% commercial, 26%-in-

Mr. Beane said that the

department, dis- may

At this season,

largest

in

BOane

business.

its

So I advise my readers
who manufacture goods to look
into the possibility of selling them
to those constructing, furnishing,
or running schools. Many services

glass, gravel, tile,
wealth of additional
items
involved in building,
furnishing, and operating schools,

their

country

offices

founded in 1932, has

cement, stone, rectly.

to dealers in

lumber, and a

are

the

in

11

when

five

from

The

nation's school system that a tre-

what mendous number of products are
expenditures absorbed, either directly or indi-

unending

count,

has

now

the firm in 1958.

Think

citizens.

young

16

that the gain will persist, i
So wide ate the needs of the

public schooling, try-

on

bricks,

firms

brokerage
and

of the oldest

T

'

every

ing desperately to keep up with
the enormous increase in the total

mean

Beane, estab-

the education

up

Union is

of

&

lished in 1889, is one

Company

ladder, some 90,000 annually; at present United States and a branch in Sao
state in the the rate of growth is 200;000 per Paulo, Brazil. This p u r c h a s e.; woodyorkmgv- boots^ and shoes, Carry this construction program
spending more and more year.
There is every indication brings the number of branches to and shipbuilding. The company s through 1963-4; a $10 million bond

moving

Practically

these

•

Wiliiston

J. R.

of

set

one

youngsters going to school, some figures is shown: Back in 1947 the
for the first time, most of them school population was increasing

money

were

Four former

Power

grosJ? eration in 1967, is expected to
$300 million and produce power at less than 6V2
revenues of about $51 mil- mills per kwh. Central Maine

c

.

a®

T

lie

ELY

...

what is going on there. As of now, voting stockholders of JR. Wilthe Californians are laying out liston & Beane. They are: James
m0re than $2,000,000,000 a year T. Beeson, Augusta; John R.
trying to keep up with the de- Kable and Trvin T Raesdale At- some seventy smaller companies,
^ the last of which was Rumford
mand for school space at all pub- lanta
and
Arthur
B.
bimkins,

this season

is estimated that

It

completed Sept. 16.

faster than any other officers of the Evans organization
state, it is interesting to look at have become Vice-Presidents and

,

will see

adding

now

people

Sales Bonanzas

Back-to-School

California

With

York-based

Maine

„

banking

located in At-

are

AlphC. Beane, Chairman of the
firm,

Central

Georgia

Company,

nah

California a Prime Example

interested all
over again in
the continuing expansion of our school system, affecting every part of our country.
Being an economist, I am
particularly fascinated by the impact of the "school explosion" on
many different business fields.
Every Fall I become

OWEN

taken

lanta, Augusta, Macon, and Savan-

in the years ahead.

spending of billions of dollars

&

They

company.

buildings which requires the

of school

Evans

securities and investment

almost new publishing and equipment industry,

construction

the

of

A.

of the revolutionary approach to teaching

implications in terms
which has created an

and

expansion than
of the investment

1o the phenomenal school population

has

firm,

four offices of Clement

the

BY

City, New York

New York

stock
over

There's

SECURITIES

J. R. Wiliiston & Beane, 2 Broad¬

By Roger W. Babson

Thursday, September 19, 1963

.

PUBLIC UTILITY

-

Adds Ga. Offices

Expanding School Systems

..

.

National.', Bank,
order.

or.

upon

written

the proposed lar^Cf
in

Based on, estimated 1963
share
the P-E ratio is 17.4.

^Yankee Plant ! earnings of / about $2,30

Connecticut, scheduled for

op-

Volume

198

Number

6300

.

.

The Commercial and Financial Chronicle

.

(1111)

market

Moderate Rate Rise to Aid

pricing

legislation

mechanism,

must

contain

raise

the

certain

exemptions which weaken its ef¬
fect.

nomic

Vice-President and Director of Eco¬

rates

in

This results in difficult leg¬
islative decisions as to types of

loans that should be exempt. Thus

also.

that

be

can

unfair

discriminatory

between

as

different

This has not occurred, how¬
because the Administration

ever,

est

It

also

presents

extremely

taken

com¬

plicated administrative problems,

steps to prevent it on
the ground that higher
long-term

in

interest-equalization tax proposal advocates moderate interest rate

rates would

the

rise

mercial bank loans to insure that

O'Leary's statement
as

better way to

a

ther states this would

the Life Insurance

what is wrong with the Administration's

on

handle the capital-outflow problem.
aid the economy

He fur¬

they

and not retard it, and that

not used

are

(3)

reducing unemployment and

lion for all of 1962 to $857 million in the first half of 1963

Canada

deficits

payments

capital outflows

mostly

traditionally

adversely affect

policy

since

decline

rate

1959

has

been

interest in

responsible for U. S.

;

My testimony is in behalf of the
and

Convention

Life

the Life Insurance Association

of

America, two associations with

investors'

a

annual rate of $4.2 billion.

pronounced

rise

in

ship

sinterest

of

302

Con-

been

equalization

;

recommended

com;p am i e,s

rary

which

long-term

abroad.

The

tax"

as

a

has

tempo-

opment.

98%

have

of

total

assets

all U.

S.

Jump in Life Insurance
Foreign

legal

reserve

panies. I shall

half,

present

relatively

the

interest

as

rates

restrictions

exports.

It

have

In

long-term

home.

credit

interest

This

and

rates

credit in this country
and moderately higher long-term

their

expanded

1962

life

After three and one-half

years

mortgages increased bv $764 mil-

ing has reached the point of excessive ease in certain areas of
the long-term credit market This
is not good for the health of our

Inasmuch

required by statute to

the total of Federal Reserve

cover

notes-and

deposit liabilities

standing,
been

"free

our

reduced

addition,

as a

to

eigners
have

short-term
to

S.

liquid

holdings

than

more

$25

1961

but
in
in

,.

.

and
as

,,

1962

f.

.

deficit

in

Kennedy stated
the
tne

on
on

balance
balance

of
ot

the
tne reduction

of
ot

was

utable to
advance
advance

renavments
repayments

of
ot

debt
ugbt

bv

by

foreign governments. The Administration

deserves mucn credit
aeserves much creait

imaginative

efforts

??* ^oreign investments
pay-

•

companies have increasfd their holdings of foreign

to

and

for
tor

constructive

the5 problem.

meet

The

Hfe

insurance

Q+rnnffiv

business,

0f

'lr1j

0,,™c

strongiy supports sound
bf

?•

gteDS

?•

tl0ns

Paymentswhat

is

w

^

about

our

h

The only
the

are

If

cprio,,,-

best

the

true

under

Effective Oct.

in

which

members

circumstances

of

1, Cohn & Delaire,

the

New

York

Stock

Exchange will be formed with of¬

of

intprpt:t

te est equalization
to
correctJ

measure

n0rtfnlin ,wRWntc
portfolio investments

oc,

tax

the

at 50 Broad St., New York
City. Partners will be Maurice J.

loans

at

interest

in the past year.

expansion
want

of

s

as
rise

the
„

a
of

ber

and
our

growth

rate

of

general price

to

of

our

Joins Jas. H.

We

Jas. H.

sustainable

level.

the

in¬

An

in long-term interest

In

with

best

equalization tax
.___

New

would

the

thev

Dunn,

strongly

correct the

supports

effectiveness

of

1%

has

become

Stanley

associated

Mr. Dunn has specialized in

institutional portfolios. Previously
was

Vice-President and

direc¬

a

Mills, Woon-

socket, R. I.

action

deficit in the U.

S.

B. P.

Gay Opens

BROOKLYN,
Gay

is

N.

Y.

—

conducting 1

Bryan

P.

securities

a

the

of

business from

proposed in¬

roll

offices

at 749

Car¬

Street.

In

au-

This announcement appears as a matter of record
only.

a moderate rise of domestic longterm interest rates. Under exist-

i/2

II,

approach

be for the monetary

a

Exchange,

the management of individual and

the life insurance

summary,

thorities to encourage and permit

|ng conditions

Stock

the firm. For the past seven

with

economy.

terest equalization tax as a meas¬

investments

best

York

have announced that Ervin

rates,

_—

to check

way

portfolio

Oliphant & Co., 61 Broad¬

tor of Dunn Worsted

to

interest

Oliphant

New York City, members of

way,

long-

deal

are

eco¬

basis—consonant with stability of
the

mem¬

Both

Company.

encouraging-

a

Delaire,

Exchange.

reducing

economy.

on

the

of

partners in Kahn & Peck, Cohn &

government

toward

improved

an

nomic

t

su p p o r

directed

business

judgment

our

New Issue

September 18, 196$

rise in the order

would

in

accomplish the

our

judg-

desired

re-

$30,000,000

' The

approach

ine approac" we advocate
aavocale

would
ijned

>in

avoid

the

earlier

we

difficulties

which

out-

Beneficial Finance Co.

inherent

are

ea.;e r wnicn are innerent

the

interest, equalization

tax

and would be effective in meeting

^

reserva

the soundness

rates

rising

abroad, what should be done?

w°uia Deeitective in meeting

serious reseiva- the

«

and

_____________

nnvmonic

.

question

expansion

unjustifiable.

sults

act10n to correct the deficit in

hnismoo

Forming

Exchange.

We have, however, serious reser¬
vations about the soundness and

of

of this

Canadian obligations.

pniircp

,61

City,

York Stock

international balance of payments.

ment

in

York

the New

Cohn & Delaire

Ac¬

Interest Rate

million. Again, nearly all

attrib-

reduction^s^tmb
special measures such as

its

Moreover, ■. the rising

steadny a*ds to reduce the
i f
.e

was

Incorporated.
New

rise

a

Advocates Freeing Long-Term

of

payments problem, a considerable
nart
part

interest

term

the

encouraging

was

President

his message
his. message

,

the

in

be

particularly

unemployment

there, the problem.

securities and mortgages by $857
'

v

decline

tool

not

evident.
The

reinvested

monetary

o w

billion.

to

us

mortgage

policy

Reserve

event to employ the*

any

is

The seriousness of the situation is

Dodge

1, A. G. Paine will

Co.,

members of

he

.

1"C0??1e

that

&

forced in

fI

of

father's

Vice-President of Clark,

Street,

years

equipment and other goods in the

the

in

Dodge

(5) There is real question about which
reduces the balance of pay¬
effectiveness of the interest ments deficit
and also helps to
equalization tax. We believe that maintain
price
stability,
would
there is a definite possibility that
make an important contribution
the Administration will shortly be to sustainable
long-term growth

Regarding the other part, our fore^>n investments in Canada and
°?11er countries have made it posS1^ f *or... them to buy capital

Payments.

construction.

a

Wall

the rate

the

u- S. which has strengthened the
exP°rt ®uri™s in our balance of

governments

assets

jimply

Federal

crease

In

deficit, for-

their

up

™ere

of

economy.

has

billion.

further result of the

foreign

and

built

out-:

gold"

$3.2

continuing payments

U.

billion.

$12.4 billion of these

as

is

reserves

$15'.6

to

is

strongly

policy, the availability of financ-

lion- About 83% of this increase
preciates the vital importance of. wai in new issues of Canadian
determined'governmenf measures: obligations. A large proportion of
to reduce and ultimately eliminate thls total represented the net inthe persisting deficit in the U. S. crease
in holdings of Canadian
international balance of payments, obligations by life insurance comSince 1958 we have piled up an Panies in connection with their
aggregate
payments
deficit
of insurance business in Canada,
$15 7 billion. The deficit is con-. This portion did not enter into
tinuing this year at a rising rate.
deficit in our balance of payAs a result, during the past five ments because Canadian savings
and one-half years we have lost dollars received by U. S. co.mpaabout $7 billion of gold lowering n*es on their Canadian business

company

The life insurance business ap-

stock

become

accom¬

The life insurance business

as

credit availability largely

gold

interest

on

concern

rates prevailing

of

result

our

Effective Oct.

interest rates would be desirable,

easy

8000.

Of Glark,

financial institutions already have

This fails to recognize that

the

R

to

today's

at

holdings of foreign securities and

by H.

the

business

general

seems

of maintaining

long-term

easy

low

the

depart¬

in

countries,

companies

holdings of foreign securities and
mortgages.

policy

to

his

to

in long-term rates would reverse

long-term

without

of

unable

due

Paine To Be V.-P.

on

ments, has little effect
residential

personally

Convention

was

Death.

panied by sounder credit arrange¬

reducing

to

costs

our

of

a

in

mortgages

cordingly, the

of

be

American

Association

O'Leary

Cohn and Alvin J.

with regard to

raised

rise

home

it

present

Insurance

Dr.

make

insurance

U.- S.

eco¬

moderate

l-ife

America.^

long-term

life

questions

borrowing

profit expectations

under the Trade Expansion Act.

outflows

the

appreciably de¬

rising

mate for broadening world trade

means

in

expansion

would

r*^e American Life

li

andtne

has

di¬

as

con¬

rise

fices

the

general

It

the

(4) The proposal is advanced

of

huge backlogs of forward com¬
mitments to buy securities and to

the

nomic

rates.

against

worsen

advantage

under present conditions less easy

associations

James J. O'Leary

became

not

are

as

in

are

economic

country and

attractive in Can-

other

the

one-

may

but also

retard

foreign

more

and

of

possible

very

and

year

ada

views of these

some

a

area

we

moderate

a

♦Statement filed with the House
Ways
Means Committee
by Dr. O'Leary on

investment expenditures are,
promising, as we expect them to

approach is be-

Finally,

that

this

j

new

rate

ing from

Securities Held

During the past

com¬

The

believe

check

and

adversely affected

experience that business

by

Jong

so

in- the capital funds

capital

of

terred

tion by other countries, not only

a

the

be

by^ foreigners. be in the foreseeable future. It
may provoke retalia-. has also been our experience that

Thus the tax

to meet this devel¬

measure

our

concerns

changes

problem.

in

now

questioned

ing

,

tributing to this increase has been
portfolio investment

insurance

the
tax

a

been

monetary

rate

not

byi higher interest

Britain—have

interest

of

by

example,

employed

with

cope

for

ex¬

progress has good momentum arid
would

to

way

economy in the long run.

The business expansion

.

<

.

of the year it has been running at

a

and

wisdom

jointmemberlife

to

higher yields abroad.

^

American

He says that the interest

occasioned

—

Great

and

because of expanded Canadian operations of a nature said not to

balance of payments.

substitute

a

hamper economic

than

pansion.

Other countries faced with

encouraging expansion. The economist takes note of the jump in the
industry's holdings of foreign securities which rose from $164 mil¬

our

as

com¬

for long-term securities issues,

industry, except in this matter, supports the other

governmental policies directed toward

policing of

portfolio

We

long-term rates would aid rather

the

for example the:

Dr.

best

rates.

vinced

participants in the capital market. and the monetary authorities have

City

the

abroad.

the
outflow of long-term
capital would
be
to
permit and
encourage
a
moderate rise in
Ibng-term iiiter-

dency for long-term rates to rise

effect

to correct the rise of

ure

investments

the rise of short-term
rates, there
would have beeff a natural tend-

and

Research, Life Insurance Association of America,
New York

interest

its

Economy, Payments Crisis
By Dr. James J. O'Leary,*

short-term

order to check the continued
large
outflow of short-term funds.
With

11

4.60% Notes Due March l, 1989

problem.
Investing mstitutions in this countrv have a nat1 s counuy nave a nat
uraj preference for placing their

funds domesticallv
The decline
7.
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jn long-term interest rates
(V2 to

if

ahrnad
abroad.

•

Through such
of

foreign

U.

S.

means

loans

as

and

•

the tying

grants

....

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of

roooeration

,

.

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.

Administration

%

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from

their

drawine

the

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eold

on

«

■control,

for

1959)
u,

increased interest in

con-

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is

in

"s

other ways,

the danger; -SohitionsUo

this'-

has been negotiated

poh-^f &&ura#n£!2^&ter ^iinterest-.iates

by the undersigned.
.

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Eastman Dillon, U nion Securities •& Co.

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NEW YORK

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CLEVELAND

the

deficit

the

worse.

has

taken

During

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the

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first




year

for

half

bihty of euroencies.
(2)

Since

it

approaches direct

control, and departs from the free

ettpanston.

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authorities

have

with

PHILADELPHIA

Federal
already

Administration

Reserye

moved,

blessing,

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BALTIMORE

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long-term domestic inter-

capital out-;, est rates would go fa,r toward
Administration, versing,this trend.
,,

over

wa

placement of these Notes with institutional

higher-yield-

p" arrangements flows< « the
the Adminis-'
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ing foreign securities. A moderate
in

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since

y

responsible

;

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s

to

exports, the gold pool, the

develonment

.

to

HARTFORD
SAN

LOS
DIEGO

ANGELES

NEWARK
SAN

FRANCISCO

<">'
•

.

12

The Commercial and Financial Chronicle

(1112)

curities when

Retaining Our Role in

paying

Foreigners have in recent years
been

1

World Securities Markets

buying

Executive Vice-President. United Inter¬
Bermuda. Sponsored by Waddell
Reed, Inc., Kansas City, Kans.

securities

what

outstanding

of

foreigners

from

Americans

by

purchases

tax

to

tax

the

to

degree

as

constitute

the

himself

ask

To

control?

it does

as

earn

rencies.

transfer

country

the

a

forms.

of

inevitable

control

result

is that

of

ex¬

two

mar¬

foreign currency—the official
"free"

Under the proposed tax, a citi¬
will

zen

of the tax, according
Dillon—yield only a flat

Mr.

to

his

remain

property

free

interest return.

to

transfer

abroad

Treasury limits

the

but

what he

do

may

with it when he has it there. That

Capital Markets

Free

July

on

18

it

two

was

not

with

free

kets

in

the

far

mar¬

Thus

proposal, since it is to be

Atlantic

in foreign secu¬

trading

virtually

trans-

brought

has

retroactive,
rities

capital

securities.

foreign

to

degree,

A world-wide securities market

requires that individuals be free
buy and sell in any major fi¬

nancial

If

center.

this

at

markets

different

—

one

one overseas.

not

find

buy

among

If

foreign

a

have to pay a

American

an

another

from

security,

bonds

cies.

15%

too

likely

first

a

control.

15%

loss

for

4

on

of

deficit

far

cumbersome

July

and

narrower

such

18.

normal

than

it

has

have

been

un¬

The

This

time

first
to

freedom

denied

being

outside of this
sum

some

This

up:

tax

The

are

at any

our

*'

the

in

following

graph sums

price

to

of

foreign
be

to

the

hands.

supply

certain

the

for

in

premium,
widely

securities,

both

of

price

purchased

barometer,

on

a

which

at

This

of

given

a

sides

will
highly

of

foreign

the

of

securities

given moment.
will

"Why

buy

ing effect

to

them¬

American

on

CHRONICLE

billion.

se¬

we

will send you complete

information regarding our special trial
subscription offer,to
the Commercial and Financial Chronicle without
obligation.

the

reduced,

to

total

;

:

negligible

entire

the
a

saving

fact

the

for

ceed $100

and where

1962

of

is

World

Europe

as

control.

form

Under

a

are

to

not

same

available

citizens.

to

mercial
i

Role

the

United

circumstance

a

—

banks

under

increased

to grant such loans to

pressure

foreign customers.
Loans

(b)

to three years

up

These will

exempt.

unques¬

Free

(c)
are,

money

also

corporations

American

of

free

course,

free

borrow
and

will

be

are

funds

transfer

tq

It

abroad.

to

long-term

at

difficult,

if

not

foreign

issues in the

float

eign corporations from borrow¬

of

lower

interest

The

rates

as

will

it

and

here

the

transferring

pre¬

proposed

Possible

tax

center for foreign¬

financial

because

seriously

im¬

Alternatives

Possible alternatives to the pro¬

almost

posed

tax,

would

serve

of which

any

the purpose more

ef¬

fectively with smaller risk to for¬

placed in New York, whether

eign confidence and to the func¬

tioning of international securities

foreigners.

by

primarily

the

under
for

one

—

tax,

any

trading

markets, include:

<1) Creation of a Capital Issues
Corhmittee with representa¬
tives

among

of

the

Treasury,

the

Board and

and the other for

the

investment

banking

foreigners.

among

Such

community participating to

impairment of the subsequent
expected

new

issues

make

these

dis¬

both

attractive,
and

foreign

to

on

on

financial center.
A

second

to

arbitrage

in

exchange
their

firms

in

non-American
any

repatriated
S.

of

foreign

rities

the

securities.

American

of

such

tax

This

porations
port sales;

give to European banks
the

latter

to

(5) A
pur¬

chase American securities for their

stimulating

Therefore, rather than

foreign

purchase

of

as

secu¬

removal

of

liabilities;

ciprocal business which American

customers.

of

(4) Tax incentives to U. S. cor¬

firms

encourage

earnings

withholding and inheritance

American

in turn reduces the amount of re¬

to

an¬

corporations;

holders

tax will

dramatically

activities

can

issues

their

(3) Tax incentives to foreign

effect of the

reduce

of

A two-year tax moratorium
U.

an

as

basis

of payments;

ance

(2)

international

New York

the

ticipated drain on the bal¬

to

pur¬

foreign

new

screen

can

of
to

less

Americans

Step

which

tax

impossible,
to
prevent
American subsidiaries of for¬

tendency

to

the

for

price that these

The premium,

commercial

exempt from the

which will place American com¬

market.

the

here.

tinctly

purchase foreign secu¬

rities at the

proposed

are

obvi¬

,

Long-term

chasers, thereby reducing the role

use

more

are:

Federal Reserve

be

tlie tax, American
free to

II,

center

marketability

by

regarded
of

Among the

of

abnormal

affidavit of Amer¬

an

(1) Confidence Factor. The pro¬
is widely

diversion

into

not these issues would be pur¬

be

tax

loopholes

ican citizenship

travel

Next

Interest

proposed,

cum

Equalization Tax include:
the

the

cause

of these

(a)

is

of

role

capital

War

The

to

a

of

Over

The
as

trading

$2.9 billion in 1962.

Concern

gap

encour¬

generally.

Tax,

bank loans

what the

Financial

the

on

States

Americans

the single

foreign

on

ous

are

America's

Effect

kets

billion

expenditure

tax law

financing

channels.

foreign issue will have two mar¬

the

where

picture

foreign

be.

may

Henceforth,

of

balance

concern over

American

obvious

numerous

and

ness

a

the bal¬

are

report

which would vitiate its effective¬

nonetheless

which

to
an

Loopholes.

Equalization

JThe

step

Such

to

violation, not only of this law

(4)

$300

drastic

transactions

but of the tax laws

likely to

$3.5 billion.

country

securities

obligation

no

the proposed

ages

payments, has awakened

step

chased

$100 million potential saving
a

in

pay¬

a

foreign

still

can

proceeds to the parent.

or

foreseeable future. This

negligible in

of

securi¬

out of the

purchase

under

and

than

more

a

that

taken,
of

sues

million per annum

are

and

contains

balance of

of

outstanding

through foreign banks, which

pede the marketability of any is¬

unlikely to ex¬

are

is

of
un¬

-

ing

as

past

judgment,

is not

tax

financial

ers

of

and which, in our

years

dollars

of

transfer funds

pre¬

1961

on

be

(3) Evasion. Americans

on

the

partial,

Based

coun¬

control

reason,

alone, would

ties.

will effectively weaken New York

have

fects magnitudes which

Interest

this

purchases

figures, the maximum effect

of

it

issues, af-.

from new

however

step.

has

likely to lead to greatly increased

15%,

a

out¬

offerings in this

issues

however

control,

and

vailing

in 1962.

to tax purchases

pay

This is

of

to the broadness of this market

OUTSTANDING securities, as

was

new

buy certain of ours?"

Exchange
named

to

for¬

securities

New York market is due as much

sharply
purchases

of H. R. 8000 which

proposes

citizens




mium

borrowers

having been approxi¬

That part

item

issue

new

For

himself, "Why

willing

are

World.

new

is

mately $300 million

in

of

for

least,

very

purchases

foreign

try.

buy American stocks if the Amer¬

a

of foreign securities liable to
tax

the

selling

new

been substantially below the level

States has moved to first place as

the

Canadian

impact

posed

City

At

United

$1

over

with

However,

issites, the

is

standing

flights of short-term

foreigner will ask

(2)

all purchases of

of

been

American

of

authorities.

even

on

the major reason why the amount

7%%

of

the

as

ing outstanding securities.

currency.

level

top

result

the commission available for sell¬

these

Reduce

Possible effects of the proposed

Address

the

at new for¬

available

there may occur waves of foreign

dampen¬

a

exemption

the

and

economy

selling concession

tionably increase.

NEW YORK 7, N. Y.

•

towards

next

testimony

slightly

to

Americans

Firm

own

com¬

eign issues is vastly greater than

times, when this premium rises

ance

which purchases in 1962

amounted

payments

The COMMERCIAL and FINANCIAL

Name

their
At

desired

concession

part of American investors in

widespread

The

foreign securities by Ameri¬
cans,

the

a

negative confidence factor

a

Since

two

say

have

to

distinct

preference

SUBSCRIBERS

Fill out the coupon below and

of

the

is

the

on

eign issues would achieve most of

indication

as an

of

market

directed purely

ures

seems

currently

the

is¬

new

securities

any

or

for¬

premium

of

in

at

available to stimulate sales. Meas¬

existing

will have little impact on

to

follows in full:
R. 8000 was originally

of

them.

contain

15%,

will

add

con¬

inevitably
for

may

the

out,

dollar"

citizens,

being

eight pages of
Rep. Wilbur

up

statement

H.

presently

sold

mission

a

8%, will be widely regarded in

to

very

Mills, Chairman, House Ways

purchase

markets

Foreigners

•

"investment
British

premium

amount

dependent

of

of

purely

usually

This premium, anal¬

the

to

ogous

ments deficit

au¬

para¬

a

warrants

type

allow

one

creation

security

million, out of

NOTE: The

EDITOR'S

then

on

cur¬

*

*

annual deficit was $3.6

PARK PLACE

re¬

incalculable.

j.

thor

to

exchange

the

ostrich-like.

be

in

confidence

to

rency

the

any

securities.

refusal

that
to

avoid

visible

sets

his

Special Trial Subscription Offer

25

out¬

on

equities

precedents.

grave

poses

foreign

that

of¬

and

meas¬

it should be borne in mind

Dutch,

for bids

opposed to

as

sues,

foreign

Royal

as

Tax,

directed

eign security for another without

icans

country.

foreign

standing

in the

NEW

belief

new

purchase certain kinds of assets

To

such

other

principle in this perhaps
tax is that Americans are for the capital.
The other

Cates'

up

a

Atlantic,

selves:

FOR

our

regrettable

a

of Mr.

case

visible

result.

to

new

a

pointed

ization

selling of American securities and

sets

and

country

is

rest

foreign

become

of

tax

how

billion

over

to

the

this tax but it will surely be the

r

of

kind

$4

shares

traded

the

individual's

an

Committee.

security

abroad

may

intention

the transfer of

capital from one form to another.

Means

American

point

in

but simply

—

and

two

anywhere

before

with

on

inheritance

on

traded

reverse.

appraising the Interest Equal¬

ures

of the

one or more

broadly

not on investment Circles

—

million

securities

foreign

become

One of

income, not on capital gains and

are

this

exchange

see

$100

tax,

a

or

American

mechanism
the

towards

been

Americans
not

curren¬

long,

step.

a

trols,

more

Interference

market

capital tax

a

intended

The

was

is

these

Repercussions

being

far

ods have been exhausted.

balance of payments

a

now

creates

it.

security

divided in two will thus

and

interpret

cannot

some

out of

foreign

capital tax to

reselling

each

with

to

step

We

saving

get- it from abroad and thus risk

market

stocks

happy experience in this field
all

premium

a

of

expressed in these

Europeans

to

will

he

in

1962

purchase

only

can¬

whom

nation

this

hope

we

payment'

set the tone

tively negligible, and the risks it

tax does not

price

Americans,

will

purchase of foreign currencies

As

levels

of principle.

not

most

serious

will be

enacted, however, there
two

is

tax

differ¬

a

the

sults to be achieved are compara¬

year

to

is

In

equal

tax, it is likely nonetheless that

con¬

but

as

halt.

a

of

The proposed

trol

to

intended

tax

interfere

this

which

principles of taxa¬

avoid unless alternative meth¬

can

rather

tax

absolute ban

that

stressed

was

capital

a

an

ence

the Balance of Payments

on

imposes

than

Special Mes¬

In the President's
sage

it

as

precedent.

prices.

the

objective

bill,

applies to outstanding equities,

it

not

develop with two prices for

and the

profits of the foreign, concern
whereas bond issues — the main

cur¬

Such control may take

multitude

kets

share of

a

to

the

of

out

through purchases of foreign

change

part-"because di¬

in

tax

the

investments

rect

citizen

a

property

The

explained that direct
investment
had
been
excluded

Committee,
from

his

Currency

and

Banking

House

of

freedom

Interest
Equalization Tax Act of 1963. Fur¬
ther more,
Secretary billon, in
testimony
July
23
before the,
title:

proposed

the

Finally,

tion

intended,

of

securities, the proposed

will do the

tax

new

pool

in

another

without

amounts

tively

This

be

American

"What payment of the tax bill will effec¬

question

the

for

of Americans

balance

the

next?"

embodies

to

before
the

to

added

abroad securities,

seen

payments deficit, everybody must

at 15%. Broadly speaking, exchange con¬
part of the tax did not really trol means some limitation of the

seem

is

tax

in

dent

foreign equity securities

not fall under the

to 15%

up

are

could premium price for

step towards exchange con¬

a

cant

proposed

exchange

will

American investors

foreign price, will range

curity

trol, and if, on top of it all, the fers
proposed tax makes no signifi¬ The

question:

does

theirs.

in

confidence

If this

sions.

Exchange Control
leads

corporate

our

have

obviously have serious repercus¬

and suggests possible alternatives to the
proposed tax which, he says, would be as effective but not as dam¬
aging to the functioning of international securities markets.

This

in

we

as

their

Jarring

portant "confidence" factor,

which proposes

shares

the

double

about

have

amount invested

investment analysts pin¬
points what are believed to be serious errors in the proposed Interest
Equalization Tax of 1963 insofar as they apply to taxing purchases
by Americans from foreigners of outstanding equity securities. Mr.
Gates' critique evaluates what may happen to the delicate but im¬

to confine these re¬

its

over

security

foreign

among

equities,

eigners

Spokesman for a group of international

I would like

enjoy

Thursday, September 19, 1963

.

producing an ex¬ those already in American hands.
change inflow which could well If freedom is not given to Ameri¬
be
reversed.
Furthermore,
for¬ cans to exchange one foreign se¬
ican

By William C. Gates,*

marks to that part

net of Amer¬

year

a

individual

and anywhere

$200

between

$300 million

national Fund, Ltd., Hamilton,
&

Americans are

the

premium to buy ours?"'

a

.

.

tax

stimulate

to
•

on

ex¬

.

foreign

travel,

possibly imposed on the pe!■"

riod
are

during

which

tourists

out of the country.

(6) Allowing long-term interest

I

♦•»? iy4#n£p raw**^ssu

Volume

198

rn'mmsMtm

Number

liB^itgip^ww^p'lttis(irtw** •&

*WJBWWWWS^^t^

6300

.

.

The Commercial

.

Financial Chronicle

a rid

(1113)

rates to

rise while design¬
ing appropriate tax cuts to

offset

the

anticipated

fects of such

rise

a

domestic economy;

(7)

Reduction

of

ef¬
the

on

foreign

how

and

holdings

of

advent

present

before

the

forced

to

shoals

on

change

the

control

and

In

payment

imbalance

nation

de

is

the

Great
of

life

de¬

of

alluded

Mr.

behalf

on

Investment

House

the

Ways

York

not

City,

to

II

^associated
with
before the
Committee,

on

man,

in public

"The / Forgotten

as

all

these

any

understood

growth stock

a

the

or

home

tion

the

at

for

and

serve as a

folks

tion

Associa¬

ment,

Sept. 13 mailed to member

on

banks

the

first

publication,

issue

of

a

new

Market

"The

the

Re¬

search Newsletter."

citizenry,

has

this

--—x,

The

been

no-senti-

a

fellow

to

Remembered

Man.

is

he

known

the

to

Financial

The

newsletter, produced by the District has become an obsession
Department of Automa¬ of marketplace students. As the
tion and Market Research, will be
Investment
Company
Institute
published quarterly.
It will con¬ states the situation: "More than
A.B.A.'s

tain market research

in

Conducting

studies,

case

statistics and data of

to

market

the

in the

vast

figures
the

Associa¬

is

and

New York Securities Co., 52 Wall

Street, New York City, members

age

his

Mills Ito limited partnership.

firm

of

Edwards

North Franklin
of

mutual

&

funds

for

the

11-office network. In his

firm's

post,

new

Mr. Wilder's

principal responsibil¬
ity will be to develop mutual fund

Hanly,
Plains

Wilder

of

Bache

aver-

d'scourballot,

would

i

sentiment

and

f

then

recipe for

odd-lot

n/j

ingredients

success

in

in

political

findings of the In-

Company
the

little

men

have

us

Institute,

fellow

—

of

Wall

or

—

Edwards

resident

was

&

&

Co.'s

White

office.

Street

Janecke is
ment

7321

Calif.—David

Taking note of

more

selling than buying, the

continuing his invest¬

business
Kiernan

from

offices

Drive

under

I.

C.

I.

fulid^hav^fared indicates^taU

Mr.

Janecke

was

formerly

to the present, the sale of

up

fund

maintained

the

turn-in

For
.are

has

shares

redemption

or

than

more

informed,
averaged

reported

stock

But in June of

Securities

ing declined to

Wash.-,';

of

Moses
-•

■

Lake,

16.8%

;

cajn
gam

a

'

.

•

wm
will

_

■ ■.

.

.

and

all-time

market

1070

Joins R. S. Dickson
CHARLOTTE,

N.

C.—James

Atkins, Jr. has joined
R.

S.

ovia

Dickson
Bank

&

evident

the staff of

Co., Inc.} Wach¬

Building, members

the Midwest Stock Exchange.
vi/J
ieA

W'i-si.

M.

.)

.•

of

says

-that

selling

nature,, but
out of

a

of;

seems

decline in

Selected

V

a °V.,1.nv'^a. 1??s aJk,

~

July

31

net

assets

amounted

american

to

Ices ™th'n th®

iie1/ ,What he $166.6 million, or $8.52 a share,
longt has ff.ared 18 that govern- a inst SU7 3 mMion and $7.47 '
"?entf investigations might impair share
ear]ier Fiscal
!he faith of investors and what ends Jul 3I
he
long

has

wished

that

is

shares
l»J

the

INC.

#

trade might attain

status of trust

a

Robert Kaufmann has been elect¬

surance compames'
His fears and wishes are shared
hy colleagues who recognize that

director of

a

Canada. Hie is

Scudder

a

Fund

Prospectus from

your

dealer

135 S. LaSalle St.,

partner of Scud¬

Chicago 3, III.

der, Stevens & Clark.

the mutual funds may be destined
Two Hallmark Branches
t° P^ay a role in our economy
that will dwarf everything that CLEVELAND, Ohio
Hallmark
has gone before.
Securities Company has opened
—

two branches in Cleveland,
rTVL^

JL li.0

Jl U.IIQS

InC

income

operatjng

$8>657>099j

Moroff, and

0':

per

FUNDAMENTAL

°f Howard

R„bin

net

amounted

$5 95

or

£

subsidi-

combined

that

report

at

Services,

wholly-owned

and

)

IXBjjOTL management of Sam

Diversified

,nVestors

one

4143 Mayfield Road, under the

DnvkA-wf

INVESTORS,

to

XT

0

Investing in common stocks
selected for possibilities of growth

Now Security Planners

share? for

the first six months of 1963. This BOSTON. Mass.—The

firm

,

name

in income and capital

compares with $8-652,902, or $5.95 of Delta Management Corporation
share, 3t the 1962 year-end and has

a

695,

$6.06

or

share, in the

a

been

Planners

^ hfllf q£ lagt year_ Net

are

now

gain

St.

The

on

to

Come

investment

total

$6

transactions

combined

share

per

in-

net

in Fall

share

a

1

.

.

,

Total

,

asfts "nder
of

c0„;pared

394

the

c°mPany
$4 511

been

255"

of

the

Bowdoin

branches

and

Providence.

first

Waters

&

Co.,

formed with

f

tu

0

half

,

e

1962.

of

122

sto

k

,

Jth

INVESTMENT

irm*

FUND,k.

A balanced investment

in bonds, preferred stocks and

R°bb'e 15 3 prlnclpaI

common

stocks.

_

G. HL Crawrord Branch

Fund

s.4

reports

31

249y936>

DIVERSIFIED

has

offices at 545

K<,ystone Lower-Priced Common GREENVILLE, S. C.
,

Inc.

Fifth Avenue> New York city. to
5_ngage ia aRnShegUritieS bUSinCSSi

with $4,113,077,193

close

at

the years.

Offices

maintains

River

Robbie,

„

at the end of 1962 and $3,685,365,at

located

over

Security

Form Robbie, Waters

June 30 1962.

™

to
Inc.

June 30,

on

1963^ compared with $6.10
on

changed
Associates,

firm

m.

01

.

that

otaled
or

$4.16

a

share,

*

a

G. H.
a

branch office in the South Caro-

com;are'd

$148 221575, or $3.66

-

Crawford Co., Inc. has opened

at

$182,-

Una National Bank Building,

un-

der the management of James F.

share,

•

DIVERSIFIED GROWTH

Gallivan.

STOCK FUND,

*

Investing for long term growth

{possibilities in securities of companies]
•

•

in many

•

fields of scientific arid

economic

development.

Fund

an

investment

for

its

seeking
possibilities

company

shareholders

of

sales

lohg-term
growth of capital
an(j a reasonable current income.

r

any

'

determined

'

'-"V*'

"

;;V.-./v

1

jAvA.A

;

Prospectus

'

upon

■

■

•

i r\

•, *

request
'f'

-

:

to have grown

buying enthu-

Since L C. T. Sprinkles its

11

*;

,

study

•1

New York

•

Lord.'Abbett
'Atlanta

—

^Chicago

—

& Co.

Los Angeles

—

—
San Francisco

Hugh W. Long and Company
Incorporated
Westminster at Parker

•

Elizabeth, New Jersey

j;

Au.VOif.A.




,

\

-

"'t

or

Selected Investments Co.

of

A Common Stock Investment Fund

'siasm.1'''
^

,

u

of

to

current

a

,

Many fundmen have been quiet- ing was doubled (now approxily saying this sort of thing tor mately 3% of the fund as a
many yealis- At 'east(°"e '"v
wh°le)'
mant <;hlet w(ho, fo,:etolf of f ck
*
•
*
a development also has been fretJ Puritan Fund announces that at

I. C. I., "it becomes

-

f

.

deficit has not resulted from

heavy

convertible

•

*

,

18.5%, in July to

the

Address.

the General Motors hold-

s*ze

,

T+

An

"Thus,"

Indus-

volume.

in<;November

_ST R E F'L _N K W _Y O R K 5

Name,

we

20%

BULLOCK, LTD.

Established 1894

1973. It also reported that

1962, odd-lot trad¬

low of 14.9%.

Fruehauf

Electronics

the

toward

uVv

CALVIN

dealer for

your

mail this ad to

^ Nati°nal Acme' St: Regis
PaPeL Scovill Manufacturing and
American

or
c

a As,
.

investment dealers. Ask
free prospectus or

ports purchases of American Can,

funds

'

owning stocks selected
quality and income
possibilities. Sold only through registered

share.

a

fund

investment

ONEWALL

king oi Borg-Warner,

day
da^

one
_ne
one

o

increasingly

$13.40

or

mutual

for

CF

th
investors-thi^

r

A

^SC9I ^Gar (Oct. 31) of

turnover

than

more

oyer

rate."

decade,

a

odd-lot

proprietor of the Columbia Basin
Sales

consistently

healthy balance

a

31

~

—

capjtal
capital

^urn

w«..

:i:

at

the

firm name of D. C. Janecke Com¬
pany.

f t
tat

Wall

M

a

says:

new

C.

odd-

would

beU little d.U"ng tbe P,ast.year
g"<;y
the
fellow to do

and

re-

July

g
generation

dren

....

through the market break of 1962

Now D. C. Janecke Co.

v

many

o± small myesto s

the

as

funds have fared indicates that all

CARMICHAEL,

funds,"

buying

new

a

vear

believe.

at

.

$90,003,088,

worrit

ofsmall

be

not

may

wrong-headed

as

wise

what

brought
the

investor

nearly

rich

got

streeter is that

$

basic

are,

f

vir-

+v,

But

however,

was

mutual

either."

aries

the^arthlv

aU

of
+

on

buying

ever

lots

973

joining

Mr.

manager

as

all-time

of

Hanly organization.
to

tj

Based

sales for the entire Edwards and
Prior

stock

new

„m °pen

^

vestment

100

as manager

on

even

enterprise.

member

Hanly,

Street,

scene

the

on

naraeon

tues.

Wilder, Jr., has joined the New

rich

got

his de-

and

wrong

the

(based

place

any

York^ Stock Exchange

that

you

_C, _C.U

nonsense

L.

The

politician worth his salt, or

+

Henry

tell

reaching

was

fZerr+°x?
a

—

analyze

this conclusion.

No

Exchange,
will admit Dudley H.

HEMPSTEAD, N. Y.

to

never

ed

trading

of selling.

will

from

_g i!S

of the New York Stock

H. L. Wilder Joins
Edwards & Hanly

odd-lot

proceed

always

the market

ages)

who

comparable to the banks and in-

market."

this is good because the little l'el-

N. Y. Sees. To Admit

1

he is an

as

stock

the

diagnosticians
low

Streeter,

tires of sneering that "no one ever

a

longtime trend that discloses

parture

Oct.

the

preponderance

a

tion, 12 East 36th St., New York,
N. Y. 10016. There is no charge
for-the publication."

on

economy

in

consult

ers

Research,

Bankers

the

much

as

Each working day, Wall Street-

mailing list for the newsletter,

American

in

influence

should write to the Department of
The

fraternity who is

force

desiring to be added to

Automation and Market

shown

being

small investor, a member of that

function.

research

is

research

market

bankers engaged

Those

interest

these days in the behavior of the

programs, and current items of in¬
terest

casual

to banks

use

Wall

always

Indeed, of late, the little fellow,
as

a

who

approach

this

assets

s"are>. compared with assets at the

workable defini-

no-nonsense

net

inspecting the other

farmers,

adopted

that

a Year earlier.

entirely distressing to the trade.

Forgotten Man. Odd-

has

ports

erable appetite for mutual funds,

sars,

of The

Life Insurance Investors, Inc.,

the

at

consid-

a

Holiday Inns of America.

side of the coin. He admitted: "No

salaries,

-

Bankers

Refining, Burlington Industries

show

to

investor,

individual

iast week

ly enough, in Wall Street, which

always

American

The

small

Largest

Avco, Champlin Oil

were

blue

a

directed

and

wages

owners

might

•

politicians

appeal

worked

Newsletter

time, has retained

one

Since
their

Market Research

the

designed

made

were

con-

what

is

chip.

A. B. A. Publishes

that
same

18

*
*
*
Loomis-bayles Mutual Fund reP°rts that on July 31 net assets
were $106,571,536, or $15.50 a

than it

more

stitutes

Washington, D. C.

statistics

it is

years,

quite clear who was The ForMan

with

in

totaled $59,188,535; or $17.26 a
the virtues there is an, understandable suspi- share. This compares with assets
frequently cion that this development is not of $38,804,641, or $14.27 a share,

precisely

Means

the

work-

a

success

dwell

After

gotten

a

institutions,
and

onset

testi¬

International

New

individuals

I

financial

major

dates'

C.

of

Analysts,

of

group

William

War

common

Man."
mony,

to

was

the

the

Depression and

World

ing formula for

valuation.
*From

between

years

the

ex¬

of

facto

&

Man

textiles.

and

to

the

Remembered

in

can

any case avoid resorting to one or
more of these or similar measures
correct

major increases

aid

The

we

issues

machinery, metals and mining,

not

are

123

is oil and gas at 10.2%.
During the
year,

POTTER

C.

in

tied to U. S. exports.
see

JOSEPH

BY

has

industry groups, largest of which

and

expenditures which

It is hard to

Company

MUTUAL FUNDS

13

s.

14

Chronicle

The Commercial and Financial

(1114)

,

.

Thursday, September 19, 1963

,

BANK AND INSURANCE

of

premium volume.

provided by the
government.
Since stock prices
rose from the 1949 average used
at least par was

approximately 25-35%, leaving a highly

dicated in'a loss ratio of

satisfactory profit margin.

STOCKS

Week

This

AND, DEPOSIT COMPANY OF MARYLAND—

Fidelity and Deposit .Company is a relatively small well-estab¬
lished insurance company specializing in fidelity and surety cover¬
with

ages

outstanding record of underwriting profitability and

an

I

The company, which

s

was

formed in 1890, conducts operations

throughout the United States and Puerto Rico through representa¬
tion

approximately 15,000 agents and brokers. Underwriting has

oc

been

reflecting the com¬

consistently profitable over the years,

underwriting risks.
In 1962 57.4%
in surety

of net premiums written of 19.7 million were

which guarantee the fulfillment of construc¬

tion contracts for both

of the surety

public and private interests. The remainder

volume is largely judicial bonds which guarantee the

financial responsibility of
treme

litigants. Despite the existence of

ex¬

competitive conditions in the construction industry which

has resulted.,iaioinprofitable bidding by several contractors,

has maintained

company

the

profitable underwriting record in this

a

field.

Fidel-'ty volume represented 23.2% of 1962 volume. This busi¬

55 cents per

losses through embezzlement of employees, has been disappointing

1962

to the company

and the industry in recent years due to a substan¬

tial increase in losses. In 1961 the nation had

a

record high loss of

months of last year,

six

share,

drop in the company's loss ratio from 53% to 33%

a

This

by a

favorable

development

somewhat

was

and larcenies.

Overall, the company's loss ratio in these areas has

been below the industry average.

Fidelity and Deposit is

insurance

with

premium

August the

income

million

of $4.5

in

1962.

Annual

the

demption values

posit

million shares of

Deposit is prepared
affiliate to

new

dominated
recent

stock of Fidelity and De¬

common

estimated premium of 10%

yieldjof 2.8%

a

on

of

potential is¬

as

realize

to

the

that

be

tapped if safeguards against infla¬
tion

year

the

the $2.20 annual dividend.

provided, indexed bonds

were

to become prominant after

began

Pinay

in

loan

1952.

issued

bonds

widespread adoption of three,, year policies. Last year was a low
year in the three year cycle but was about even with the corres¬

tionalized
vate

ponding period in 1959. A substantial increase in writings is being

years as a

matter of fact

experienced in 1963 through considerable renewal business.

dominant

form

The company's

surance

remaining 20% of volume is equally divided

has been

consistently profitable to the

record in other fire

and

casualty .insurance industry average
successful specialization', in its. fields ,of interest;
Profit

margins have not dropped below
have been as

high

trast with the

as

10%

the past decade and

over

16.2% in 1954 and last

15.2%, in

year

industry's unsatisfactory record

contrast with most
on

Selected

expenses

Assets

Expense

Surplus

Ratio

$48.6

32.6%

Margin

(000)

1958__ $78.6
1959

$19.6

81.1

18.7

51.9

10.9%

60.1

82.0

20.7

52.1

33.2

55.1

93.1

19.9

62.9

30.6

58.1

11.3

19.7

59.1

27.5

Underwriting

57.3

Investment
Income

Total

$1.97

2.91

1960—

'

15.2

Li<f<:diitin£
Value

Range

$40-32

"r'nii

Paid

$2.79

$1.60

$56.11

3.06

1.70

57.96

54-42

1.80

61.00

49-40

1.95

2.04

3.27

2.27

2.20

3.23

3.20

2.29

1.95

3.66

71.73

2.00

74-43

69.18

71-46

•

'

-

V

-

of

maintain

hedging

movements.

security

the

through

t

e n

a

i 1

cutting

e

d,

other

among

the

tax

for

government's
am¬

delinquencies

were

Furthermore,

widespread

at

since

that capital

was

the

In

asked"

could

also

on

basis,

the

these

value
a

question of how the

a

demoralized

loan

public.

devised

was

as

The

a

Pinay

answer

to

regarded

as

an

was

broad anti-inflationary

a

this

ment

increased

have

and

•*;* f *

;

■'% f<

f '

1

.

•

,

J

Laird,

ZANZIBAR

Branches lp,.,.■,c
fr,f
INDIA • PAKISTAN • CpYLQN V BURMA
fDEN 'SOMALIA- EAST AFRICA
'V

AND THE RHODESIAS

DV

Members

Exchange

120

BROADWAY, NEW YORK g, N. Y.

u,:.

Telephone:] B Arclay

.7-3500

"[■4[ jBrti Teletype
''f;
Specialists

212 571-117o
tit" Bank Stocks

*

|

The
was

r«4.

-v

'*

^Equalization

market

Fund

Ex¬

inter¬

issued

years,

'5

^
so-called Pinay
at

terest, c and

was

V

to

for

* run

in¬
60

subject to annual drawings

part

of

Intrigu¬

The fhost

the

issue,

>wv.fM .H .-wT

however,

v?

.




yyf s.w sat

ta&JF&va

**•

id it?

wp to

wsAslM11

ai."

.'..sr.'v

validate

the

France

has

to

to

cor¬

from

purely "monetary" index,

a

the

as

price of gold

or

the

non-monetary reference bases,

such

in

achieved

inhibited

foreign exchange rate, and turned
industrial production

the

as

index, sales volume, the price of
product sold, and other indexes.

experiment in govern¬
France

the

were

(

Nationalized Companies

a

Public
is

ownership of enterprise

in

important

round

of

wage

increases,

France

and

ac¬

administration

preferred to raise
their

higher

*

ures

would

taxes

to

vate,

have

more

once

issue

linked

bond

new

Ramadier)
r

to

again

was

v

puted by

n

being i
gold

ues

traded,$

on

a

government agency. A

salient
better

features

The

i

A"

of: the

1

ICa i

s s e.

oft. the

will

make

.Vil'iH.l'

J^Nationale'

*b-".

.

some.'-

0 .r

r

(JSL

.of

issues

known

this cleari

the; (Bourses Interests
•

complex

highly

to

description

A

was.,

S;A(

m

the

simple -.plans
formulas.:

touthe average of stock priced

*

of

.

the previous in-U
dexed? bond, tied redemption val-0
Louis,sjas

is

to the per¬
company itself,

variety,of schemes in both sectors
have been used which range from

u

of) the

that

index

rather than rely on an index com¬

ingenious

t h a

.price

an

use

closely related

formance

issue,.',(Emprunt

rather

the

an

devised,

to

have

corporations

sector,

tended

meet

ments, but the National Assembly

bond

national in¬

a

as

dustrial average, while in the pri¬

would not approve of this action.

Hence,

employed meas¬
to the

external

are

such

company,

require¬

budgetary

which

,

Under these circumstances,

prices.

the

dexed bonds have

the

.e!

N

par¬

stability, and the government did
counts for about 20% of industrial
not have to tap the bond market.
But by 1956, once again the threat capacity. Most of the nationalized
of inflation Was renewed due to companies which have used in¬

The

loam then,

with 3Yz%

par

for retirCihent;

ing
1

this

vened in the market from time to

time." '.

Exchange'

Stock

In

restrictions, although the

change

'1

pp..

American

1948.

terms of francs by the public with
no

•• ••/

STOCKS,

in

gold market estab¬

such

in

finally evolved was cost of the Algerian War, and had
novel loan utilizing the weather which pushed up farm

free

using

period of relative prosperity and

a

a

Special

of this legal restraint,

cause

s s u e

during 1962 traded

finance

in

by

approved

porations

price range of 127-146.

after

of

such

and

where it is carefully screened. Be¬

by

at least par

Since their i

bonds

issue

bond

be

During the following few years

savings of the public rather

government could sell bonds to

guaranteed

and

law,

to

necessary

ate

buyer

provided

hedge

the bond.

on

monetary

Pinay gold loan, and each corpor¬

price of the gold Louis, the gov¬

the

than by taxation, the problem re¬
solved into

was

linking redemption values to the
ernment

opposed

was

nominalism

Ministry of
the penalty of
Finance prior to public offering,

escape

inflation

by

doubtful

liamentary approval, for instance,

price

"no ques¬

the

utilized

the

was

sur¬

bonds

contracts have been held to be il¬

protection

a

effectively

legal by the courts.

addition, since the

sold

was

tions

ex¬

penditures should be financed out
of

bearing

gold

indexed

traditional

French

Accordingly, an tax evasion and be rewarded for
policy was adopted his possession of wealth. Besides

gold bullion, tanjsTFrench an<| for¬
eign goldcoins Were traded in

Members, Nev* York Stock

|

which

lished

■

■

INSURANCE

Telex Nos. 22368-9
the Government in

—

#!*•

BANK

M.'fi

UGANDA

-

..

MINERVA LONDON

to

had

still

and

invited

was

issue

that had to be

sliding scales

the

to

security with income

a

Governments.

"•internal

Primary Markets In

.J

Telegraphic Address

KENYA

cop¬

helped to destroy previous French

to float
-

■'

Bankers

ADEN

into

thus

be

tice of

gold market.

non-income

a

the

were

security

law had long held that the prac¬

Louis

The plan as

.TTT.

'

of

program.

Bank Limited
Head Office

the

which

inflation

with

part of

BISHOPSGATE, LONDON, B.CI

%

problem

this dilemma and

National and Grindlays

M

the

faced

time.

Dividends

in

in France with

which

Earnings

1.94

linking

Pinay administration in 1952,

Pinay theory

$1.87

1959—

the

nesties

Net

-Profit

1958—

vlaue

Paris

na¬

legal status of these issues. French

the

to

gold

of

before

corporations

redemption

of

franc

20

the

on

convert

asset

budget, and the granting of

Data
Adjusted

Financial

bond market began

things,

11.7

1961—

88.9

traded

the

The gold hoarder

Government Bonds

14.1

I960..

1962—

may

seeking

linking

(but not interest)

price of

to

anti-inflation

56.5%

25.8

to investors

concern

the

,

Profit

Ratio

investment

of

investment opportunity.

ing

Underwriting Results

Loss

Policyholders'

Written

be of

which

,L*

r'

story

hedging against inflation, but

run

Statistics

Net
Premiums

values,

this period. In

over

underwriters, whose losses and

60%-40% basis, the company's expense ratio is usually twice
loss ratio. The considerable expenses required in
carefully

Admitted

interesting

con¬

a

its

could
was

These

both

enterprise, and during several

One problem

Continued from page 3

by

companies and by pri¬

mounted

casualty lines has been in line with in¬

Fidelity and Deposit's over-all underwriting profit margin has

were

for both types of companies.

while its

been well above the fire and
due to its

France's Inflation Hedging

Burglary in¬

company,

dustry experience.

*

the

could

public

premium volume tends to be erratic in this field due to the earlier

between burglary and other fire and casualty lines.

have

capital market in

but

years,

savings

issues

bond

the

began

suers

June 30 liquidating

over

value, at approximately 20 times projected earnings for the

government and semi-

government

in the over-the-counter market. At that price, the slock is

provides

were

by the government.

Corporate Bond Market

presently trading at the top of the year's $78-61 price

an

Shortly

bonds

indexed

In France,

orderly growth of the life insurance operations.

one

are

range

and

forbidden

of life insurance in force at

substantially increase the capital funds of the

The

tied to the

were

stock cf Maryland (Life In¬

end. The management of Fidelity and

assure the

repeated in 1958,

was

price of the gold Louis.

insurance industry

life

the

common

April, 1962 and had $2.2 million

selling at

j^e: nation's largest writer of fidelity

entered

company

Accord¬

and like the orginal gold loan, re¬

Company of Baltimore. The acquired concern was formed

surance

offset

sharp increase in bank losses due to robberies, burglaries

used in 1952

afterwards,

In

in

borrowing operations.

a

ingly, the gold peg technique, first

$2.06.

with the purchase of all

had

government

similar technique in

employ

its

The

from $1.07. Total earnings for the period, adjusting for

up

the

so

to

recorded in this

was

permeated the French capital

market,

the increase in the unearned premium reserve, rose from $1.77 to

to

recorded.

profit

time, value linking practices

had

year's second quarter. Net investment income rose to $1.12 per

cut in half last year. Therefore, substantial improvement in

writing with

23.8%

a

as

January, 1958. Furthermore, by

this

underwriting profit margin rose to 18.6% from 16.1% in the past

year

was

to

period

benefiting from the cyclical bulge in fidelity volume.

1958,

from June, 1957

risen almost 25%

For the first six months, premiums written

$11.3 million from $10.2 million in the comparable

to

rose

of 1962,

in

power

lem, for wholesale food prices had

decade. Present

past

share.

for the company.

$13 million through embezzlements, which is believed to have been

under¬

the

over

present year is expected to be another highly profitable

The
one

which largely protects banks and other institutions against

ness,

doubled

than

more

into

came

too, had to face the inflation prob¬

payment has increased in each year since

quarterly payments, which were increased earlier in the year, are

lines. Approximately two-thirds of this volume repre¬

sents contract bonds

has

and

administration

DeGaulle

The

which

the form of cash

in

guaranteed.

was

Deposit have passed on to stock¬

investment income

net

of

dividends. The dividend
1958

pany's-conservative practices involving the careful selection of

bulk

gov¬

capital bonus

10%

eral in that a

surplus through the rise iri common stock values.

the

carried out by the

was

ernment, but was even more lib¬

has provided consistent growth in
investment income and substantial expansion of policyholders'
The Directors of Fidelity and

small issue that was sim¬

year, a

curities. This investment policy

holders

borrowed under
following

In 1957, the

this issue.

ilar

the govern¬
96 francs for

to

50 francs

every

purchasing has concentrated on tax-exempt se¬

total assets. Bond

close

owed

ment

in this issue,

1962

of

end

the

by

base

reference

a

as

pursued an
aggressive common stock purchasing policy in recent years with
monthly purchases on a dollar-averaging basis from underwriting
earnings. Common stocks are now slightly in excess of one-half of

net

consistent record of growth of Investment income.

a

to

equal

while highly liquid, the company has

Nevertheless,

FIDELITY

bonds

and

cash

with

has consistently been maintained
130% of liabilities at year end.

strong financial position

A

Insurance Stocks

—

of

%, and a guaranty

set at 5

was

55-60%
However, the benefits of this expense is in¬

analyzing fidelity and surety risks traditionally consumes

•
•

• v

eu'i

ISU"

.

.

de

OA-1
..

..

fu

•; j.

•

HSJTW

^.t^" *.

Volume

198

Number

6300

.

*a-»*3«. r^<*H^n»^f¥>«ppL'i>rtf W^wPWwnu"'.

^www-«»fflw■»

The Commercial and Financial Chronicle

;.

.

.

yj

(1115)

L'Energie bonds, for instance,
created

Act

in

accordance

which

electric

not related

were

with

the

to

the

profitability of

have

been

of turnover.

rate

or

The other type is di¬

The bonds provided for interest at

rectly related to the profitability
of the

based

the

1 % deduction from the

issuer and thus resembles

income

bond

combined gross receipts of the two

United States.

nationalized

of

Electricite

de France and Gaz de France.

1%

same

the

deduction, and the

two amounts

for

year

fixed

interest

payment

and

the

value of the debentures.

extra

interest

is

on

Since

in the

1

v o

nominal
Thus the

"coefficients

Pechiney,1 f
bonds

of

in

5.5%

bonus

and

mental

the

the

rate

of

been

6%

de

bonds, too, offer
vestment

vehicle,

principal values

the

average

the

tied

ing

price

kilowatt hour.

per

gain

would

of

have

the

has

a

Bons

that

d'

half

to

par

Equipement

of

the

each

one

extra

In-

increase

of

1

point

Finance

the

.

increase

bonds reached

The

return

uses

point

calculated

also

bonds

principal

and

ticket.

The

1956

able in annual
drawings with

demption

a

prices

the

pegged

re¬

1600

at

times and 1500 times the price
per
kilometer for a ticket for the 1956

rubber.

of

francs

25

and

are

of

S.

the

A.

calls

1952

de

of

the

on

by

the

Io,

where

value

for

the

the

bonds

formula

of

Ik

is

total

is

and

1957

-

Privately Owned Corporations
,In the private
bond

sector of the

-f

the

ratio

(Ik

to

One

rate in the base year

may

have

due

to

narrow

the

-

■1953.

159

,

v't-1954.

; 1214

1955.

302

.

y 1956.
.L-1957.

7,

.«■

1958.

1960.

v.

1962.

390

\

114'

127

*•■'127

350
y

466'

128:
&

i

these,

public markets

difficulty

of; under¬

appraise these features.

surpassed

conventional

their price

movements

-

a

linked

securities

of

ment

income
as

well
on

.>141

State Guar
Bonds

value

have

been

issued

117un.f

.

'

J

IV.'*'

r,J

104

118

i'

;

:

123'-:.':.,

^
'

■<f

"jd r

.H05
107
•

T16

~

,

'
l

108

-

bewildering free

the

in

securities

France

bondholder

monetary depreciation.
of

to

than

ticism

simple

•

The

original indexed loans

regarded

' Jty

ment

assumed

which

this

on

the

in

po w e r

matter

stabilization

114

=122

v

'•*

,

achieved

in

j'skiq

nv

by

success

anti-inflation going

the

se¬

tent

130

139

122

258

151

129

275




136

143

128

265

operation

is

still

and

money

specialists

this

more

the

to

as

skepcapital
abil-

policy of

theirs

work

ness

disappeared.

bonds

issued

prior

to

-The
the

are

the

de-

Gaulle period.

as

ed,

&

Co.,

30, Alan C. Seskis will

York

Inc.,

City,

61

Pasquier, Seskis
Broadway,> New

members

of

the

New

Exchange, and the firm

will be changed to du Pas¬

quier &

Company, Inc. Harry W.

O'Connor will become President of
the

firm,, and Thomas R.

a

if

the

Mr.

Muncy,

Muncy

at all

cause

Consecutive

rise

not
and

be

very

the

busi-

accomplished

investible

funds

be-

over

is

It

these

pointed

two

money,

the

being

separate

the

near-term

proposed
cost

too

rate,

reduc-

of

borrow-

expensive

declared

of this

development,
terest

kind

the

the

on

econ-

However,
pected

if

there

are

unex-

developments, such

of

sharply

would

put

higher

complexion

on

as

whole.

a

very

the

There

different

the

is

economy

evidently

interest

economy which is always

for

believe

helped

most

ment.

that

by

will

They also believe that the
of

interest

if

rates,

high

enough, will not only keep the
readily movable funds

here

but

R will, in addition, attract other

funds to this country so that
balance of payments problem
be greatly alleviated.

This type of operation whether
R be "twist" or "nudge," or the
favor

^ higher interest rates for long,

On the other hand, there is a
growing group of opinion in the
country that the

of

pools
funds

of

the

a

be

and

And,

natural

in-

moved

keep funds, in its

money

pool

way to

solve

attractive that funds will

s°

to the United States

of

where

the

come

irrespective

interest

rate

may

be because the profit possibilities
will be so very favorable^ here,

alonS-

that

so

are

The

"pre-refunding"

and

"ad-

vance refunding" operation of the

Treasury

was

a

with $6.5 billion,
publicly

held

successful
or

one,

28.3%, of the

securities

■

being

turned in for the refunding issues,

The most favored issue in the
change

was

ex-

the 4% bond of 1973.

share om the Com¬
stock,: both
payable

holders.,, of
rmj f.>

record,Sppte^nL-.

btxih

a rU

* •

Dividend

Notice

on
•'

the

6.00% serial preferred stock, $1 25,per share

on

the

i5.00% serial preferred Stocky $1 35 per share on the 5.40 %
Serial preferred stock,
7ft cents per share on the 4.72% serial
"
'

cents per

of{ issue

to end oFquarter and 25

share on. the common stbcl^ 'dLPacific Power ^ Light
Company have been declared for payment October 10, 1963,
•■lv.-l.
September
..-1.1.

.1

1

'

"

1

"1

vj -m 4

John H. Meyer,
Treasurer

September 77, 1963

,

& LIGHT COMPANY

preferred stock from date
e

n, r

POWER

Quarterly dividends of $1.25 per share on the 5% preferred
stock, $1.13 per share on the 4.52% serial preferred stock,
$1.41 per share on the 5.64% serial preferred stock, $1 75
per share on the 7.00% serial preferred stock, $1.50 per share yr
f

PORTLAND. OREGON

September 11. 1963

our

balance of payments problem, as
well as our economic problems is
,to make the business pattern here

DIVIDEND NOTICE

dividend

.October t AO,; ql 963; to; stock-1,

our

will

{This kind of thinking is of the
PosRive type and will most likely
of
J1101*6 forceful as times goes

capital needs of the nation

y

per

mon

be

develop-

a

'

Directors^
of,

a

the

because

they

such

in

pushing

higher interest rates

they

and

money

and

large vested

this

rates,

entirely

an

capital markets

PACIFIC

cents per share on the \l
Preferred ' stock
and
'621
1

the

as

that

long-term

rate will have to

in order to

sector

the

out

to the other.

one

Machinery

a

for

omy.

long-term funds, will in time

flow from

up

a

;

will

37Yi

f

ex-

long-term

of the attraction that higher

all

Quarterly Dividend

;.,b The ...Board

1

of

period of time.

©

.

not

noted

tax

Exchange.

United Shoe

1 •

same

will not be retard-

recovery

DIVIDEND NOTICE

cents

being

membership in the New

York Stock

has

funds

opera-

appreciable

will

any

because

York Stock
name

any

that the cost

cannot

for

withdraw from du

the

its purpose the

short-term interest rate will have

To Be du Pasquier Co.
As of Sept.

to

up

borrowings

dexed

bonds

is

income

kind of thinking which is in

capital

some

problem, while at the

so

much

only issues available thus

is

*erm ones as well as short-term
°nes> is considered to.be the negakeeping of short-term rates on
e approach to the balance of
the high
side in order to give Payroabts problem as well as the
some help to our balance of
paycondition, of the economy,

curities, and the rationale for in¬

'-'

257>bs U

131

there

tion which has

shifted.

ing to invest in conventional

'-'189

149

152

V

'in ~>&1Q* *'£' od242> zva

17-i!

successor to

but

market followers that

program

With the

with

"level

It is the opinion of

,

1958,

the public became will¬

program,

233rd

c.f, 116
•.^U21s^..'228i^P-t
1071ft'/ .rt^llflttshsri 109" -bri
&
113

balance of pay-

our

ments

119:!;

126f r/at.c; 1123

This is sup-

of the monetary authorities to

Corporation

153

man-

time keeping long-term rates from

1952

137'

f

debt

the

tion arrangements were ended by

//.W142"J

110*

from

and

for the benefit of all concerned.

adopted bond indexa¬

was

its

centers.

among

make

were

anti-inflationary

as

help

passing amount of

a

market

de¬

that they would promote sayings,
but when the, DeGauile Govern¬

the

that be

through

"nudge,"

dexing arrangements which have
from

any

great. Our short-

with

become the

living index; instead

gamut

it

high

tions, makes the
ing

how-r!for

mone-

under

Operation "twist" has evidently

No issue,

they have been linked under in¬
the

in

problem.

against

vices to complicated formulas.

is,

powers

posed to help

however, has been directly tied to
cost

the

even

long-

stable

remembered,

very

money

ments

protect

for

agement, are still high enough to
be competitive with those of other

Indexed
>'

'

the

Treasury

linked

be

rates,

both

a

value

because

quite

are

authorities

term

It is apparent from the preced¬

of

rates

conditions,

govern¬

bonds.

ing discussion that

rather lim-

a

something of

capital market

tary

Conclusion

——Industrials
Fixed Income

doing

It should

the

as

the

term

-

addition,

that

that

the

ever, that the power of the

the

on

risk

credit

a

paid

Long

In

*

supply

spite of the skeptics who continue
worsening of our balance of payto say it can't be done.
I ments problem, which should call

This probably reflects the

100)

==

157

721

Indexed

conventional government

on

additional

France, 1952-1962

562

___

ly

in

bonds

since

659

___

practice.

because

and

ample

by the economy,

retarding influence

theoretical

consistent yield above that avail¬

when they began to come into in¬

Consols

'!116 l"-

'

-

(1952).

as

'vPrice Trends land Bates of. Return

114

308 fc-' v,<j 132 v

1959.

1961.

-

a

conven¬

term

in

rates

the

,

needed

monetary most corporations so that
any
authorities continued to
give sup- modest increase in interest rates
port to that sector of the market.! will
not
have very
much of a
Thus "operation twist" is evident-

hedge

though, have also shown

Vice-President.

,

111

!-

to

in

needs in spite of the

short-term

range

true

acquire

General

>

inflation

This

long-term borrow-

rates have moved in

bonds

As indicated in the. accompany¬

Bond Index

143

bonds

ordinary ited

ing table, indexed bonds have far

type of index is

Stocks

.

bonds.

may be
acceptable to financial institutions
can

higher

ently

run

CHIPPENDALE, JR.

ample enough to take

of their

care

the

standing these terms, but

(Average 1949

G1952.

num¬

preceding payment; Io is the

Price Trends of Common Stocks
and Bonds in

Common

the

cor¬

have basically used two
types of
indexes as a basis for
adjusting
payments.

of

the

Io)

—

companies

market,

tional

and

still

higher discount rate.

than

compared

is

ers

concept has proved to be consist¬

the

T.

supply of funds for both the

near-term

common

feature should cost the investor

ber of hours of direct labor in the
year

The

a

et

calculated

157

sales

the

who

1956
"■

the

Mecaniques Saviissue of 1953, the

Complicated issues such

for

extra

In

cement.

supplemented by an amount equal

150

Monod

Vehicules Industriels

(SOMUA)

em

The

bill, the price of steel

price

d'Equipements
return

in

non-linear function

a

of the wage
and

indexed

even

indicated.

in

indexed

less

since

premium

lack

JOHN

official decree.

francs.

10

same

issues.

Cor¬

complicated fashion than

more

1957

bonds recently were
selling at 160

Vz %

capital

011

issue respectively.
Similarly,,; the, 5 Vz % interest is
to 64 times and 56 times the
price
per kilometer for the 2 issues. The

of

case

cent increase

per

price

return to be

.

1957

bonds,

thinking

heretofore

interest

redeem^

In the

Some bonds of privately owned

which

and

are

yield

Under

corporations

nation¬

issued

issues, for example,

b

the

on

bonds, for instance,

each

in¬

about

period. They

same

Theoretically

tonnage sold, the 82 V2 cen¬

are

system,

is

this basis.

showed

stock prices in France.

for

issue

railway

which

has

both

porate

Nat¬

which

responding, premiums

I

to the price of a second class rail¬

y

com¬

reference

a

is

Michelin

in

high of close to

a

French

(S.N.E.F.)

and

in

too, have

involve

firm

BY

from

indexed

increase

great

times

in

Minister

.

122 last year.

the

array

indexes.

as

while

bonds

in the

the gross national product." These

and

the

coupon for each per cent increase

stockholder whose dividends
vary
in proportion with the
growth of

road

as

reserves.

of

infla¬

an

1959, simi¬

55 centimes are added to the 5

Haemadier described investors in
these bonds as
"a kind of

link

re¬

well

as

of

that

any

come on

interest

5%

1962,

94% gain in the

holder is entitled to any extra in¬

is

cent

per

basic

index.

alized

franc

automatically combined price
volume, but frequently an

and

similarly link
interest payments to the industrial
production index in such a fash¬

the

princi¬

basis of each index and the bond¬

The

for

a

six

and

corporations,

sales volume

dustriel et Agricole

added

and

bonds

urally,

value of 320 francs.

ion

1956,

of

cost

realized

from

in

bonds

function

a

binations

At the recent

25%

over

dividends

issued

issued

high of 402 for these bonds the
investor

that

million

one

in

French

For instance, one issue
pegs • -interest
at
200
times and
year.

times the

the

with

The Citroen and the Simca

dividends

electricity for the preced¬

principal at 4,000

to

dustrial

pay interest at a given rate,
adjust interest and principal

but

to

kilowatt

per

1953

larly

interest

are

each

Wendel

as

hour of

■

for

increase

indexed

since

and

in

bonds

required

GOVERNMENTS

conven¬

price of their
As

in¬

than

living increased about 46%

bonds.

serves.

interesting in¬

an

but

earnings

Sidelor,

issued

a

of the

in

have

more

on

effective, since the cost of

able

bonds

France

issued

called for

increase

year

rate,

pal

range of 298-340 per 100 francs.

Electricite

example,

o r!

by

hedge they have also proved

centimes Were to be added to in¬

very

Our Reporter

bonds

.

indexation."

1953 which

value

counterpart.

be

to

issued, they

in

the

terest and three francs to

supple¬

favorable to bondholders, and re¬
cently these bonds traded in a

-

tion

calculations

of

dividends.

same

redemption

have

interest

twice
tional

indexed

have, however, been secondary to

interest rate plus

and

industry's receipts.

their issue

maturity

the practices de¬

complicated

v e

ing

its partici¬

on

the

reserve

creased

which have the effect of establish-. should

Obviously the main attraction percentage
of these bonds rests

and

scribed,some of the bond issues in-

the bonus payment on principal.

pation

some

corpora¬

payment of a premium.

In addition to

of

equal to 3%

addition,

French

right to redeem; before

assigned

are

the

In
of

does not change,

the extra interest and the
redemp¬
tion bonus in the same
proportion
as

bonds

the

though the reference base

ever),

deduction from the receipts of the
two utilities is divided between

each

the

in

used

tions provide for bonus, payments

A

redemption bonus, too, is paid out
of the

industrial

corporation

ity measure, sales volume,

utilities.

utilities,

the

vate

France's

3%, but offer additional interest
on a

In

category where most of the pri¬

and

gas

favor.

the company, such as a productiv¬

nationalized

power

vestor

15

H. W. Millay, Secretary

.

The Commercial and Financial Chronicle
16

Production

Steel

Electric

ters follows:
Week End.

Trade

Retail

Production

Boston

Business Failures

months of ex¬

Following several

pansion, industrial production for
the first time this year declined

mid-

fractionally according to the

of
compiled by

Summary

National

Conditions

7.5

+

5.6
4.3

| 537,116 +

Steel

1.6%

2.5

and

ago.

Customer Complaints Can Be Reduced

Past Four

and

lumber,

of

those

while

average

According to data compiled by
In¬

the American Iron and Steel

prices of sensitive industrial ma¬ stitute, production for the week
System.
ended Sept. 14 was 1,804,000 tons
slightly terials continued to change little.
(:!:96.8%) as against 1,775,000 tons
off in August while construction Among farm products, livestock
(*95.3%) in the Sept. 7 ending
activity,, retail sales, and nonfarm prices declined as marketing of
week. It was the largest increase
hogs expanded seasonally.
employment remained at record
since the July 13 week when out¬
levels.
The
money
supply de¬
Bank Credit, Money Supply, and put
coincidentally rose by the
clined a little after a substantial

who

individual

any

rubber,

and

declined,

hides

Compared to 1962 Period

period

recent

the

in

increased

DUTTON

JOHN

Weeks of Consecutive Rises and

fell

output

Industrial

BY

Isj
Today, record keeping is burden¬
Above Year-Ago Against
were unchanged from a year 7.2%
some
and voluminous
in every
11.8%
for
Year's
Cumulative line of business. For that
Prices of lead and steel scrap
matter,
September

Federal Reserve

the

CORNER

Ad¬

Output

Is Largest Out of

vance

early

and

August

in

+

825,450

550,668

City

Week's

+16.5

+

860,956

Kansas

SECURITY SALESMAN'S

%

1963
$18,957,228

Chicago
Philadelphia

Commodity Price Index

Business

Thursday, September 19, 1963

.

,

1962
$16,273,357
1,451,250
1,350,437
1,191,000
1,128,000

r-

York

New

Index

Price

Auto

(000s omitted)

,

Sept. 14—

Food

TRADE and INDUSTRY

of the principal money cen¬

some

Output

Carloadings

The State of

month

.

.

(1116)

his

owns

salary,

home, works for

a

acquired

system into operation, after

new

months of study and preparation.
It

like

almost

was

father

devoted

a

discussing the merits of a
child

has worthwhile
must story. Here

securities,

few

a

a

or

to

this

hear

creators at work.

were

keep a comprehensive set of rec¬

When I asked him about errors,

ords, just to prove to the Internal

told

Revenue

annually

Department

that he is not

"guilty of misrepre¬

that

me

but

able

some

there

will actually

that

Cut-offs

are

he

unavoid¬

were

stop the equipment,

taxable if such things as this happen.
to the Say for instance, you as a sales¬
Federal Income Tax: every citizen man place an order for a stock
senting his
income."

gross

proper

it

When

comes

Reserves
!
same 1.6% figure.
must prove his innocence—but in that is very well known, actively
in July, but time and
This
slim
week-to-week
up¬ a court of law the state must prove traded, and you make the mistake,
Seasonally adjusted commercial
deposits at commercial
is NOT GUILTY.
But or your wire operator does so, and
ward change in output was the that he
banks rose sharply. Bond yields bank credit increased $700 million
fourth net gain in a row out of enough of that viewpoint, which puts the order in at 100 when the
increased in early September, re¬ in August, less than the average
has never been sufficiently ex¬ stock is selling at 90. He has per¬
the
past
16
weeks. The four
earlier this
flecting in part announcement by monthly expansion
week's
gain
amounts to 2.4% plored in our "shotgun version of fected a method of adjusting this
the Treasury of a large advance year.
Holdings of non-govern¬
tax injustice as applied under the equipment so that the order is
ment securities continued to ex¬ which portends a 100 million ton
refunding.

increase

savings

loans in¬ year—highest since the 112.7 mil¬
mainly lion tons in 1957. A decline had
The
Federal Reserve Board's because of decreases in loans to set in since last May 25 and, ex¬
index of industrial production in security dealers and finance com¬ cept for July 13 week's 1.6% gain,
August was 125.6% of the 1957-59 panies. Holdings of U. S. Govern¬ there was an uninterrupted de¬

16th

pand rapidly, but total

Production

Industrial

record

the

below

0.9%

average,

creased

ment

the

what

reached in July and 5% above

last

of

half

second

the

through

prevailing

level

In

year.

declined

securities

following

further,

reduction

in

large

a

The

July.

average

which

supply,

money

some¬

in¬

had

cline

week

until the

ending Aug.

24. The industry had hoped for

a

vigorous upturn in the past

more

weeks

four

will

but

be

not

un¬

amendment."

automatically challenged and

experience of watching the elec¬
tronic
a

processing
handle

less

in

statements

customers'

30,000

time

fantastic

these

thinking

ma¬

of chines will do this.

department

large New York Stock Exchange

firm

of

re-

The memory department

Recently I had the enlightening j ected.

than earlier,

less

it

than

would formerly take hundreds of

There

several

are

taken

steps

the

before information is fed into

machines, that is done on a semimechanical and manual basis that

clerks to produce

this volume of is designed to eliminate normal
;would be a helpful error. If a run of thousands of

work.
It
substantially in July, de¬ happy if the succeeding, weeks
make up any disappointment felt method of educating every secu¬ transactions is completed and the
and savings
so
far while living up
to last rity buyer, investor, speculator, figures don't balance, the equip¬
put of autos declined from a high deposits
at
commercial
banks
trader, or even Mr. Average Mr. ment can be set in motion TO
rate
while
production of most rose $1.2 billion, a larger amount quarter bullish expectations.
other materials and final products than in other recent months.
Last
week's
output
was
3.2 Public, if he could also have the FIND THE ERROR, and the ma¬
opportunity that was afforded to chines tell you that the errors
changed little.
Required and total reserves de¬ percentage points below the 1957me.
I spent a meagre forty-five exist. Millions of transactions are
Auto assemblies were down 9%
clined more than seasonally in 59 base period's average weekly
minutes with the young man who
figures don't balance, the equip¬
from July and 13% from the June
output and was the lowest pro¬
August,
due to
a
larger than
had
charge of this battery of ment to department heads, man¬
peak; production schedules indi¬ usual reduction in U. S. Govern¬ duction since Nov. 10, 1962, when

and

iron

of

production

August,

steel fell sharply further and out¬

cate

rise in September. Output

a

goods changed

of other consumer

August. Among business

little in

production

equipment,

of indus¬

continued to

trial machinery

ex¬

creased!

clined slightly. Time

ment

a

machinery declined.

an

rose

absorbed

were

pand while output of commercial
Production of iron and steel de¬

somewhat

bank borrowings
Reserve

reserves

and

output

member

Excess

deposits.

declined

the

from the Federal

tops)—ignoring the Dec. 29, 1962

float,

that

increase in circulation, and an
of

was

this week's (1,800,000

as

slightly.
Reserves holiday week's tonnage. The latest
above
principally through week's output was 7.2%

decrease in Reserve Bank

outflow

coincidentally,

again

same

and

gold

they

were

for

The

the

2,626,000

high

weekly

every

other

more

or

clerks

and

customers

and

salesmen,

Think of the work

week.

helpers who checked information

tha,t is being done, and remember
this the next time that some customer
amazing collection of wire, metal tells you that your firm has a col¬

before

and

it

to

processed

was

by

machinery.

it

Today,

was

tons achieved May

net

agers,

fifty

week.

year-ago

year's

equipment, his assistants, and the

lection

would

handle

the

be

impossible

massive

volume

living

in

lunk-heads

of

in

1963.

has

He

its

that

department

counting

ac¬

is

he

con¬

no

of security transactions without ception of the accounting prob¬
was 20%
below
supplied mainly through an in¬ 25-ending week unequalled in the
lems of a large investment firm,
After mid-August crease in Federal Reserve hold¬ past two years and last equalled mechanized electronic equipment.
Here are a few facts that I learned. the great mass of paper work that
steel ingot production leveled out.
ings of U. S. Government securi¬ in mid-March, 1960.
The young man who heads this must be expedited EVERY DAY,
Output of other durable materials ties.

12%

clined

and

the May peak.

and

materials

nondurable

of

construction

New

in

August—at

ingots
Security Markets

in

put

place

After

changing

ad¬

seasonally

a

cumulative total output of

The

re¬

mained at record levels.

little,

and

since

castings

1

Jan.

topped the year-ago period with

in

late

August, yields on corporate and
justed annual rate of $65 billion— state and local
government bonds
was
unchanged from the June- and on

total

a

of

tons

net

11.8%

which is

(*115.6%)
the Jan.

79,695,000

above

1-Sept. 15, 1962 produc¬

department had
the

of

this

country.

with

years

degree from

a

technical

best

He

in

several

spent

of the nation's top

one

accounting firms.
learning

years

one

schools

He worked two

what

he

could

and the records that must be kept

for

clients, the state government,

the federal government,
even

and

yes—

salesmen.

us

When

about

asked

I

the

per¬

here are his
July level.
Residential activity increased somewhat in
rough figures.
.
before this effi¬
early Sep¬
In
the
comparison
with
last operate at the factory level, then
declined somewhat further from
ciently managed electronic equip¬
tember,
reflecting
in part an¬ week's cumulative index total of
he went to work for this broker¬
its high in June, but other private
ment whs installed; the normal
nouncement by the Treasury
of
116.1, this week's tally faltered age firm.
construction
continued
to
rise.
a large advance refunding. Treas¬
margin of error was over 4% and
long-term Treasury issues

tion of

71,301,000 net tons.

the

about

he

equipment

to

was;

centage

of

errors,
.

construction

Public

at 115.6

increased

bill yields

ury

appreci¬

somewhat, following an
able upward

revision for the

pre¬

vious two months.

advance.
was

July,

changed

Common

little

,

in

months of

seven

compared
5.7%

and

over

the

pe¬

was

close to

in

5.6%

to

August,

stock prices

in

declined

manufacturing,

mainly

September

prices

average

were

production
usual

and

impact

model

greater-than-

a

in

August

of

auto

above
in

the

December

Rank

Clearings

Above

1962

Bank

Surge

crop

108%

production
of the

was

average,

1% from the estimate of
earlier

and

equal

levels of 1962 and

to

a

the

up

in

the

latest

forged ahead of

a

dustrial

commodities




were

for

say

ex¬

ample) processing customer's
ders

into

FULL

confirmation

.

..and there is much

.

keeping that must be

or¬

me

He told

done than ten years ago.

for

form,

YEAR, then operated

that

mechanical

of

errors

some

purely

a

cannot

nature

be

.

93

the

80

88

the existing manual operation for

scopically minute particle of for¬

another

eign material happens to adhere to

98

95

141

147

100

92

104

109

108

90

102

108

Western

110

105

Preliminary figures; compiled

by the Chronicle, based upon tele¬

graphic

advices

from

chief

the

the

week

ended

the

United

States

possible

to

•

were

Our

10.5%

it

is

clear¬

those

504,950 for the

totals

against
same

comparative

80-

-

industry__.

the

of

were

$30,164,-

week in 1962.
summary

for

side-by-side

equipment
month

batch

first

whatever

it

before

of

with

they

put

statements

was)

avoided.

eral

average

cedures

such

as

monthly

recording

ments,

and

that is fed into

certain

a

machines,

now

this happens
the

state¬

verifying

No.

Steel

1

up wrong,

wonders

scheduling

By
fourth

quarter

production,

makers have taken
term

a

auto¬

strong short-

position that will go

a

toward adding zip to the

way

product

breaking

record

long

move

about
year,

by the leading

expressed
business
even

their
the

though

man's

the

are

to

create,

MATICALLY

DOLLAR

unbelievable

ARE

AUTO¬

FIGURING

PRICE

ON

EMPT BONDS WHEN

THE

TAX

EX¬

ON

SOLD

A YIELD TO MATURITY BASIS.

users

of

1964
on

of

'the

models
page

21

checks

This

With

was

a

a

Creator's Drive

dedicated young man

that

'his

three

three

days

snatches

of

and

assistants

nights

sleep

me

worked

with

when they

only

put

to

finds

Then

the

Afterward

re-fed into the

.

.

.

is

cor¬

item

equipment.

this

it

typist for

a

the

and

operates,

ERROR.

over

rection.

ma¬

come

automatically

OWN

turned

itself

red light flashes, the

a

equipment
ITS

against

switch

cutoff

be wrong on
Work

optimism' with whom I talked.' He told

rest

Continued

of

en¬

tire economy, Steel magazine said.

steel

that

Users,

Output

think

you

The totals that the

chine

in

confir¬

or

do

or

When

error

an

report,

what

and

happens?

dividend accounts, and now these

capacity

Record

there is

statement,

mation,

character

be obliterated.

may

electronic

Automakers,

micro¬

the magnetic tape

pro¬

different

many

a

(or

the equipment is

years

processing

if

For instance,

the

through

computer, printer, etc. After sev¬ figure

95.3

96.8

of

production based on
production for 1957-59.

weekly

The

preliminary

$33,345,318,802

Our

♦Index

Saturday,

weekly
above

_

Schedule

for which

obtain

89

84

Louis_____

Total

ago.

ings

stable

record

us

82

Coast

year

the corresponding week last year.

Commodity Prices

1%

more

(let

prpcess.

Southern

p
.

month

Average wholesale prices of in¬

than

OF

WORK

to

work

less

was

Today, that margin is down to less

Cincinnati

record

1960.

there

St.

estimated at

1957-59

a

ran

90

East

Chicago

10.5%

Sept. 14 clearings for all cities of

Sept.; 1 -conditions,

was

Pittsburgh
Youngstown

Week's Volume

clearings

statement

for

on

there

this firm

the equipment on only ONE TYPE

Sept. 7

Sept. 14

sure

error,

Buffalo

peak

1961.

Agriculture
Based

of

ONE

Week Ending

District—
North

previous

cities of the country, indicate that

changeovers.

Ingot

Production for

Detroit

1962.

steel

July, and 7.1 million in August,
♦Index of

in

reflecting
in

in

against 8.7 million

as

minimum

Cleveland

1%

somewhat

curtailment

the

million tons

In order to be

7.8

about

was

advanced

services, and state and local gov¬
but

output

further in active trading. In mid-

Employment increased in finance,
ernment

(1957-59pl00).

August's

1962.

The unemployment rate (reached

5.5%

rose

mid-September the rate

three-month bills

on

k

Employment in nonagricultural
August following

in

3%%.

Employment

establishments

riod;

is

I may

possibly the

correction is made immediately by
the machines and then the manual

is

correction

report

ords,

thlat

or a

prepared

it

if

is

a

is for permanent rec¬

client. This was a fortyguided tour.
I tried

five minute

.

.

Volume

International

to learn what I could, which was

nothing except
the

for

The Market... And You

great admiration

a

who

people

dedicated

the

and

minded

to

people who operate it.
I asked the manager

to

over

me

what would

He took

set of books.

a

detail of every

operation

lined by code, numbers,

Every

out¬

was

and hiero¬

glyphics I couldn't understand in a

other

lifetime of study. Three

he

not present. Everyone was

was

trained

these

B.

A.

Was

understand

equipment

to

C.

them, they had

mastering its many
and are constantly studying

spent

years

uses,
new

and

The

read

to

manuals.

of making these mar¬

ways

stock

The
face

collective

order from

a

the

the

Dow

rousing

Industrials.

Jones

of

groups

stocks. At least that has been

slow

Trading Volume Heavy

share

garded
is

good to spend

in

Volume remains sizable. A five

million

longer

any

for

that

be

day cannot

good

as

turnover

trading

enough to generate

firm, then several more hours in

If

operated

are

you

manu¬

customer or a

a

salesman of securities, such an ex¬

will make you humbly

perience

appreciate

the

have made in
With

the

will

be

that

work

paper

are

errors

our

Mistakes

demands.

made,

we

business to cope

our

life

modern

strides

great

public

costs.

currents

of

:

to

range

interest

savings
of

higher

among

many

4.8

is

rate

This

expected

also

to

•error

in

statement,

a

confir¬

a

or

mation, doesn't also have a prob¬

follow.

lem of living with BIGNESS.

tinues to

Mis¬

you

Chrysler. It

con¬

Witness

set

takes will be corrected, sometimes

constantly

it may take a few days or even a

some

the favorites

upon

deposits.

b j e

profit-

to

few

of the

early 1950's in the banking

field.

Yet

the

outlook

earnings

zoom

"What kind of

some

firm is this.

a

Where are last

statement.

my

dividends?"

month's

Look

It

be

may

American

Ford,

but

cases,

Motors,

although only Ford could be con¬
sidered

member

a

of

The banks best regarded as top

blue

the

by

this

buying

can

Possibly those great machines will

action.

Technicians

be

could

they

wrong

•credit their account the following

month when

they are actually en¬

titled to them.

public

There is

dqgsn't

lot the

a

this

them don't know where to sign a

bunch

the

But

is

fact

ordinarily

fection

the latest report by

minutes

out

of

hour.

every

for

progres¬

a

sive, well managed organization,
you can be sure that they want
their service to

best they

the

be

can

offer to your clients.

one

enterprise, sink
world

have

to

of

put

...

shut

or

up

That is

swim, competi¬

or

business

The

what

some

of your

competitors

are

in

see

offering.

or

of

climb

$20.8

to

retail

in

the

pace

post¬

of the

★

The moral to

Wall

many

new

investors, accord¬

members
Pacific

of

the

New

the

highs

as

one

Stock

Coast

and

Exchanges,

will admit Theodore R. Seton and

Harvey

D.

White

to

'■(

Oct. 1.

partnership

by

Streeters

is:

a

major market-

decisive

old

the

clears

margin,

churning

Meanwhile,
influence

it

evident

seems

★ A

list

training

of

operations

F.

volume

of

statistics, and

entries,

Stock

Broadway,

Exchange,

Idris

Sadik-Khan, Edward

and Howard M. Brenner.

auer,
i

:

of shares handled

association
is conducted

organizations

individually by firms,

With little or no formal

For

time

some

Katz in West Newton

daily by the 500

member

training

WEST
J.

association

is

Mass.—Ecfward

continuing his invest¬

ment business from offices
Ruane

an

NEWTON,

Katz

ducted

Circle.
a

office
been

procedure
considering

committee
the

has

problem.

Boston

business

securities

under

Security

the

Planners

firm

our

1963

OVER-THE-COUNTER MARKET

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

stocks

on

under the

which un-

5 years or longer. It

which have paid

to 179 years of

up

Bank in this

opportunity to advertise your Firm, Corporation or

important issue. Forms close September

30, 1963.

Regular advertising rates will prevail

t

for space in

this important isjsue.

gineering

Control

most

and

active

.

list

Data

quite

hit

regu¬

But their

becoming

range

more

of swings

The COMMERCIAL and FINANCIAL

CHRONICLE

25

PARK

limited.

the

overall

Stocks such

outlook
as

is

favorable.

Polaroid and High

PLACE, NEW YORK, N. Y. 10007
RECTOR

,

2-9570

(Area Code 212)

name

Associates.

consecutive cash dividends.

the

'at 1Z

He formerly con¬

in

sub-committee of the business and

corporations and banks

miss

'

activities involved in the millions

interrupted cash dividends have been paid for

★ Don't

on

Wrightsman, Leonard G. Han-

Note

&

management of John E. Coleman.




Today,

employees who deal with the vast

Ill

members of the

1, will admit to partnership

Oct.

Exchange Firms.

OVER-THE-COUNTER MARKET

of

major

activity.

the

on

a

Some brokers say an aggressive
Co., invested position is warranted in
branch office at 228 speculative accounts as long as

Street,

York

New

of

Association

the

by

City,

market.

world's largest

Freehling Opens Branch 1

Salle

launched

Co.,

&

York

.

CHICAGO, 111.—Freehling
La

Haupt

High Voltage En¬

is

North

Ira

or

the

that stocks like

larly.

has opened a

office"

recent

of

that hestitation will exert

the
-

"back

phrased it: "Un¬

market

high-volume

Street,

York

as

peak does not assure a

Calif.—Sutro

Montgomery

to

Fall1 edition of

1963

T^e

days will continue."

460

Co.

To Admit Four

per¬

New

ISSUE will present an

includes

era.

letter writer has

Admit Partners

has

sales

match

to

expansions

prior

war

til

on

close

came

summit. Or

Co.,

for

slightly ahead of July's

managed

ing. to

Sutro & Co. Will

&

of

total, the previous peak. Yet the

less efficient

FRANCISCO,

clerical

and

Lamont;

&

Ira Haupt &

in¬

courses

Jesup

Lindberg, Assistant

Secretary, ASEF.

i
establishing

Manager,

Charles A.

eco¬

'

August

One

SAN

major

But

up.

should

You

other

and

Co.;

&

body & Co.; Frank X. O'Hara, Of¬
fice

Will Be Published October 3,

for

billion

don't apologize or try to

.

yourself.

Forgan

consumer

you

current

.

in

gains

study adds that retail sales

not

.

Glore,

busi¬

looks

g r o u p,

the year.

fort to give the best service pos¬

defend

Partner,

THE OVER-THE-COUNTER MARKET ISSUE

Even

nomic barometers for the rest

When you are exerting every ef¬
sible

Committee;

DeMarco,

Prentice-Hall,

conservative

and

continued

spending

recently.

good

study

ness

of the advantages of the free

tive

careful

a

When you work

J.

eco¬

nomic indicators have been extra¬

Ham-

Procedure

Favorable

that most

•of idiots because they expect per¬

sixty-one

Shearson,

Co., Chairman, Business &

category.

Economic Indicators

stock power but they will tell you

that your firm consists of a

Training,

of

Some

know.

Zarb,

G.

Operations

Partner,

Michael

operations employees—has been

particular

be attributed to chart study include Wells 'Fargo, Marine
like to talk
Midland, Bank of America and
about technical patterns and
First Natipnal City.
chart-buying certainly falls under

too.

that

of

sub-committee

Frank

Office

material available.

chip clan. Obviously some of the performers

the

sonnel of stock brokerage firms—

result, is

as a

match the growth

and looks favorable and banking is
let
notably
Studebaker have still regarded as a growth indus¬
your
blood
pressure most
everytime
someone
saysj recently attracted much attention try in many respects.
in

weeks

don't

at

t

c

expansion,

on

mill &

those of the

training

administrative

Stock

|

not expected to

taking.

s u

Tuyl,

Orhan

Profit

highs yet it is

new

of

departments

Josephthal & Co.; John H. Kirvin,

toward

move

referred

depends

living, but don't think every¬
who has a complaint about an

that

is

peak

activity,

Goodbody & Co.; Robert C. Van

only.]

dustry-wide

one

tape-watchers

during

market

Chairman,

Director

time coin¬

Program
A

paying

5%.

the de¬

training

firms.

Serving

more

and loan in¬
to

years,

stock

operations

are:

"Chronicle."

as

of

member

Launch Training

higher

on

currently

are

dividends

excuse

any

formal

brokerage personnel has been in

article

the

derived

facilitate

of

recent

the

Exchange Firms

bank costs is laid to the fact that

Coast

to

Joseph F. Neil, Jr., Partner, Good-

„

influence

information

Partner,

to

expected

%

The

Com¬

remains

requirements

stitutions

point

is

Pressure

in the future.

West

at

of

presented

are

author

the

among

those

with

They
group

hecessarily

not

cide

com¬

the most acute shortage of trained

reduction in bank interest

main

The

busi¬

as

pinpoint

used

be

In

and

good

a

to

ex¬

member

material.

or

[The views expressed in this

and

designed

velopment

merger,

a

association

will

lowers.

blue help speed the growth of time de¬
chips have become bluer, but that posits as a percentage of bank

•Of

without

even

present

do

strong

3.5%

everyman's market."

"an

levels

of

periods

But

con¬

exhaustive survey

an

dustry.

have

followings.

shotgun

the

training needs within the in¬

mon

DX.

1960-62

d epos its

for

Another

able

without

speculation

need for the so-called

the

of

boost

speculation

amateur

willing to absorb the cross¬

and

or

improvement

this

for

2%

for any

tape-watchers like

current market appears

the

the

major banks of the nation.

better days are ahead. Yet

means

part

a

that

firms

Oil,
such

also

Paget,

ecutives

Cities

Jersey,

from

questionnaire has been sent to

Kerr-McGee, and Sunray

Signal,

accelerates.

petition

lot of company. And some even

a

feel

of

better

to

continue

from

active

of

are

keen, yet little likelihood is seen

Some of the

vtiiat part of the cashier's depart¬
ally.

exclusive

market

of

&

an

otherwise, many of
earnings these so-called sellout candidates

bank

respond to

Yields

participation.

of

accounts

general business last year, has

ness

fact

healthy type

a

to

should

among

the professionals has been

hour in the mechanical
hack-office of a large investment

re¬

The

that

to

advanced

major

a

ill.

or

in

trend

management

The more
merger-minded favor Amerada,

renewal of the up¬

a

tions

many

Old standbys

Sinclair

or

strong

insurance

to

among

meetings

of

recommenda¬

sulting firm of Cresap, McCormick

reasonablythe period. The recommendation also
priced venture, in the opinion of
cites the fact that loan demand,
many
petroleum
industry fol¬

reaction of many investors.

I

look

sees

similar

certain

by

Service,

Yet bank stocks,. One widely-regarded

only be measured in service

recorded

one

ment that is still

to

picks

Standard

as

Favored

ward

Conclusions

It would do you

Just

Best

series

a

by

wary

-

17

supplemented

appear

inflation

and

and Marathon.

Stocks

and Bank

More conservative

of urged

barrier

Oils

services include Texaco, Gulf

highs is not discounted.

odds

terms of what advances have been

omen

Don't Jump to

current

new

through

advance

750-760

progress can

the

yet

individual

like the

still

supposed

customer.

a

set

mentioned,

are

possibility of some back-off from

Insurance

Technicians

salesman take an

a

as

to

about

what

for

behind the scenes every

time you

Voltage

to

performances?

work, of almost every nature that
on

ability

highs but

vels of our age do more and better

goes

continues

market

real test. It has shown the

a

Following

attractive in

especially

market.

men

behind him to take over if

were

be

Liked

aggressively

portfolio pickers lean to

uptrending

happen if he became ill.

Oils

more

the international oils.

WALLACE STREETE

BY

of

group

of the

Some

this

made

equipment, the firm that installed
it,

(1117)

Commercial and Financial Chronicle

The

6300

Number

198

of

1

18

,i"v

(1118)

The Commercial and Financial Chronicle

/ '

■

.

>

J.!*

.

*

„

.

\

_1

^

"\ T\

s\xv

llJ.^IlClll K 3/IlCl \J LIlv/I
°

;

,V

..

**'

1

V l ldl

Q. J (X •L
L/ctll

The

Continued from page

7

Banks

these

lend

denosits

funds

as

investment
is

of

Dart

but

loaned

the

Eauioment funds

15*7

of all

for

eauioment

Dart

capital,

constitute about

loans.

bank

'

In

view

bank

of

the

deposits

composition

such

of long-term loans

of

proportion

a

perfect-

seems

bank Recently, the so-called

the

became

spectacular

in

Japanese

ly^ leafibL ^nd implied noThreat

between

the

creased

particularly
Due to a
expansion, an

somewhat excessive

has

consumer

-J'v.

consump-

greatly

spending.

At

in-

vent

inflation.

Banks

have

is

purpose

to

even

must

0my
sume

ported

At the

to

be

these

and

full line of

work

Together
of

the

by

with

trade

reorganized

international

an

the

they

than

necessary

liberalization

While

time,

are

and

capital transactions, Japan's econ-;

equipped to provide
same

:

there

urgent

made

liberalization.

deposits. On the one hand, banks
maintain large branch offices well
services to business firms.

more

the

in-

accumulate

a

time,

the

in residential districts, whose primary

same

reorientation

creased their small branch offices

head

the

tasks

This

may be unavoidable, but it makes
it increasingly necessary to pre-

1960.

adjustment was thought necessary
office and the branches.
which was carried out smoothly
In view of the great number of in 1961 and 1962, and at present
branch offices, a thoroughgoing Japan enjoys economic stability,
rationalization, or streamlining of
Thanks to the high rate .; of
the banking business, based on a growth, the modernization and
scientific and modern structure, rationalization of industrial plant
*s also required in order to reduce and equipment made rapid progcosts. In recent years, mechaniza- ress. The major part of industry
tion has received considerable oday is in a position to cope with
emphasis.
. he effects o
trade hberahzatmr,

fixed

largest

of

Thursday, September 19, 1963

;

.V '

..

•

tion. revolution

growth

economy

v

understanding

working

as

T?/iAr» avv^tt
i
i( >( ) I I ( ) i I 1 V

O

*n

management.

I

!

develoPment

//'.'•

::

■

efforts

by

must

financial

liberalization

international

to

as-?

structure,^
be

sup-

measures,

should

serve

development

of

an business ventures and give full

main-

pjay to the advantages of private

tain close contact with the public

enterprise, it should

through unpretentious neighborinfusing Japan's
hood branch offices. But in the

global

truly

also

aim

outlook.

:

A

at

with

economy

new

a

era,

J" April of this year the rate of future, banks will have to enlarge 0pens before us, in which bank
first contemplated in 1956.?
»«•«■■«* from directors;
and today modernization, with its ®£indlt »dl rfeach 9C)% ths,fuirther. The growing internation- through every single
employee
play a very important role in the ensuing
improvement
in
eifi- month. With two or three excep- al aspects of Japans economy will
have to display initiative infinancing of key industries, such eiency, has reached the internac°>"P1
probably will result in a series of
spired by international vision. To
as
the chemical and heavy in- tional level in all banking operaf
principle changes in the country s indus-, iead our
to

bank

liauiditv

-Japanese

this

In

commercial

The

way

use of

electronic computers

and'was

banks,

in particular the large city banks,

'

country's

.

tl0ns-

dustries.

A

system
[

Importance for Japan's Economy

r-'

From

•suring

the

point of view of

the

growth

and

speeds

stability

communications

all

to

withdraw

deposits

branch office. Television is

every

of the economy,

the functions per-

utilized,

formed

■

banks' in

allows the concentration

ipg

by

the

industrial

funds

supply-

and

computer

a

center

of

busi-

their

accumulation of deposits and their

With the expansion of foreign

loans

policies

portance

The

omy.

mulation

^vin

an

for

national

to

order

deposits is
guard

>tion, while batik

progress

of

trade

opened

accu-

branch

overseas

in key cities to be in

necessary

offices

position

a

infla-/to handle foreign transactions.

against

this

must

managers

they

way

are

prepared

due attention to the national, cope

pay

economy

if their loans

stabilized

port

/-This

requires

to sup-

are

economic

with the international
phasis in Japan's economy.

growth.

°f

growth

top management, but
lower

of

ranks

bank

lng:.

employees.

greatest

responsibility,

nf

these

ban^

'ces pI!ev

ilces

numerous branch

a,
the

through

which

they

make

economic development of the
cities as wel1 as the countryside,

and

SB* zurzs ss
■trzzs znusm
fl^f

engage

m

tcTwork unti^his

retirement age for the

same

which first

/Banks

siders,
jpin

that

so

the

bank

fixed

graduation

college,

most

from

moving

c*ass and

pincers after

importance

J*;,

personnel

to

added

develop

v'r

«

u

i

^

n

Sixth,

•

service
most

employees -.; remain
for a long time, and

the

entire

Aspects

•

2 000

Jaoa'n

banks

'

.Seventh,
been

1.

.

stay

|aa"s' ™u<:
..

Pv^nrS

in

nnnnh

the

has

mechanization
In

.electronic. computers.

Elghth' much thought

'A#

w

x

insfruntinnc

3c sm°1°t,

I..

.

-J

*

L

t

1

Hi

at

the

Tit &n3f.er"

f 11

1

J?v UvUI

#

I

rliTH 0"n/^lQ
[H

y!

Impact of Supersonic Planes
Continued from page

im-

t

"f~

i t/bfc/Il

orders

desire

,n

came

numbers.
.

^as be®"

1

The motivation

by

Earnings power—past and

/

individual

large
the

was

the individual

carriers

ent

pres-

is the fulcrum upon which,

-

Jhe financial fortunes of the air-

lines rests.

ehT-ZZto meet their rehigh unit costs of jet ioans or equity rJ

bv banks which not
transports and their numbers
ered by banks, which not onlv troduced greater e j e m e „ t s in- quirements. fundamental
only
o£
Once this

.

.

.

..

.

hankc

Nowadays,

mnQt

banks

*nt

must

act

as

long-term debt to make their

fi-

;

.

ti°n of

of

nancing possible.
'
.

.

^cial consultants; for indiviTo bring a full flowering of jet
duals as well as corporations. To transportation on trunk routes in
this end, "thought service" made and beyond the United States has

01

aircrait

ana

expec a- ,

earnings passes the muster

creditors

would be

1 o

repayments

a n

anticipated from cash to

subsequentIy

generated

moreyof%he

or

pahsion

of

from

lowing

sourc

•« —«

ss°

sstsusfts'ssss
uous

.

supporting

.
invp^tmpnt

^

affair? on

economh;

^asis

the

of

entail further capita! outlays

^a^me%1 oXfdSttcurities

ap-

Sale of surplus equipment

wWchrithe
|nfnrmafiOT1

+,*

ftn

eigli economic trends
^

customers
ent

,

of

continue

sociai

structure

of

small

not

but

economy

the

Jccudv

to

imp0rtant position

japan's

Excessive Debt to Equity Ratio

,

their

among

Furthermore

riseg

f

gathered°hv

departments

researcu

banks is disseminated

economic
uani,c

only

also

the

a

in

coun-

This big jump in airplane price
ta&s and numbers has completely
transformed, the capital structure
of the industry. For example, at
the 1957 year-end, the U. S. trunk
airlines and Pan American World
Airways combined, had outstand^ng long-term debt of $566 mil•

Generation of funds from these
sources is by no means an auto-

matic

operation.

Further,

there

are very definite and delicate in-

terrelations between the various
of funds to be made
available.

sources

,

A number of carriers have

tered

into

extensive

en-,,

lease

ar-

and

^on supported by stockholder's rangements covering aircraft enequilibrium.' ectuity or net worth of $763 mil- gines and other equipment. This-

social

mnnprafp

lion.

_„oVi

terprises

by

providing the funds

required

for

their

rationalization

This

resulted

in

debt-

a

equity ratio of °-74 to 1
Five

the

amounts

capital required.

later, at the end

years

minimizes

of

mask

requirement

a

of

new

While this
for

.may

.

capital,

;

Centers". have / been

set
up
by
order to comply with the
requests of customers.
Here, ad-

Japan's economy and,

gregate of $1,728 million in long- ble in nature
term debt,

an

increase

of

205%

appear and have t0
be serviced, /-/v/v;

business

since the 1957 year-end. Stockholder's equity mounted to $882

problems,
including
financing,
taxation, law, foreign trade, man-

million, a mere 16% gain during
the same five year period. This

agement

resulted in

depreciation

<

been and remains the substantial

vice

on.

is

available

These

work

with

tion

by

the

information

4

uui

for

and

on

so

centers
research

thus^are

nese^ hanks0 fulfill

function

all

information

closely

furnish

on

modernization,

departments and

•

^ may be Worthflovy °, while to examine the recent ex-

mplete mutual




the

is given banks in

i

ensure

iwasa

and modernization as well as by 1962, .with, the bulk of new Jet and
"eliminate" the , carrying,
of- advising their management
Soe- equipment
delivered, this - same charges
involved, -heavy
lease,
operations cial
"Management
Information grouP of carriers now had an ag- rentals sometimes more fqrmida-

i

Orepni^ation

Mr.

lar^e number of branch

as

order to

by

try^ and their stability is vital to

'1-?

i

address

-y—■ #

1_)

ex-

offered

very

*

r

however,

>

al-

to tralnmS employees. A training
and
65 local
bank J
Th
tP ceoter has been established in
banksnoq<?p« n„mJ110
?y which lecturers from both inside
throughout the rrtnntrv Th".3nd outside <the ■ banking profestheir hrannh nph,mrt
slon contribute to the education
deposits and sunnlv
fu
bank emPloyees' 80 that their
economic development ^
iucJSment in matters of daily
ban as well
the nuti
i
business Practice-may be based
tricts
' r
r;''■ %
*■•QftlX on an-.understanding of
todav

*An

like banks in the

ates and Europe. As

.

with

special / attention

given to

fices, centralization of
d

m

"were

welcome

?

P*amed before, Japanese bank
lending originally served almost
exclusively the financing of. production and distribution. This left
no funds for other purposes,

in

order to eliminate the complexity
and-inefficiency connected with

of

u

re-

the bank until retirement.

on-

to

staff

and modernization of
business.

,

Japanese Banking

•

ex-

for

construction
and
economic
growth, and even today, the ratio
of loans to deposits is very high.

or

man-

of

years

training

Management
.

the

they provided funds

ar,

upon

becoming bank

order

in

young talent.

<Jn the postwar period, in particu-

out-

school

gives

pianagement and

in

employees

to

many

This

perience.

hire

high
up

V

managers.

we

wholeheartedly.

de-

Fifth, banks are important fund
suppliers for business enterprises.

firm

immediately

japan's bank

assignment

an

into

fascinating

s ad 0 P ace more emphasis
on consumer credit and personal

T* ?-»•—
"on of the banks.

long-term

fsriSe rPll°ymenV S A"'"! I" °r 6°% 0t t0tal

never

is

advance

the

economy/

conditions,

foreign transactions.

Fourth,

the characteristics of the

particular almost

It

sa&«g s Bswisrssfsz

training

hired him.

task given

These developments will

is

era

ban

•

ployee continues

new

.

an important contribution to the

he

emDlovees

.

Secondly,
leading
city
a[ '
particular, possess a
"atlonwide network of branch of-

measuies

of

changed

Recently,

a"d a system of

°

hnnir

mXeement Various
therefore have been 'taken ^or
training

this

,

possess a clear personal comprehension of economic issues and a
understanding

policies.

neces-

adjustment in monetary

an

,

branch managers and other echeIons of middle
management down
to
the
ordinary
clerks
must

sound

sitate

now
serve'"both^business firms to maintain and achieve competi- Wlthout the hope of earnings,
F^stly, there is a great concen- ,X7thrnnhlt Thk rwTnn!l^f tive gains while meetinS antici" ^ 'nduftry c/ld
htardly expcc
but'tratlon in the bankln8 business, a"d the public. This development pated £uture traffic demands
to attract capital in the forms of

Top management naturally bears
.

has

years

t^ial structure, which will

increase, 4n require management policies dena"onal
mcoipe.
Accordingly, signed (to facilitate industrial reconsumption
rapidly
assumed organization and conform with
growing importance To conform structural change in the

which characterize Japanese bank-

in the

even

to

em-

recent

m

Summary of Features
provement in productive capacity
mhe s«mmarize the features has resulted in a rapid expansion

high level of in-

a

In

.

be^.n a considerable

„

•tellectual competence not only in

the

the

and

liberalization, the city banks have

econ-

largest possible

of

trade

im-

enormous

the

u

Another effect of the high rate

ness operations in the head office.

i

give

at

^ p

yA

branches

business and makes it

up

possible

en-

Telex

connecting

able to
a

wide

196 to 1 at the 1962 year-end.

charges.

There

most airlines

avoid

d&uci,

debt
are

dim

rhust

:

be

defaulting

ligations.

-

/

positions

-of

excessive.,

maintained

outstanding
U /;

r-r-M

to

ob-

betome

are

are

a

be

and

from,

no

bland

that

such

automatically
an

-Vu*

number of

simply

the nature

in
has

amortization

can

pi>3j tu|

There

who

picture

however,

occur./ To

wuiiviug

elements

resulting

and

cash throw-offs will

uus

deposits,

throw-offs

practice,., the

ratios

accumulating

strong

financial

assurance,

ah'"important
stabiliza-

By

cash

the

of

airline

aH standards of prudent financial

Cciiuci,. oapa-

economic

debt equity ratio of

a

One
the

effective

riV'i

analysts

enamored

with

size of •deprecia-'

Volume

198

Number 6300

.

The Commercial and Financial Chronicle

.

(1119)
tion "cash throw-offs." It is repre-

outwardly

sented in

which currently pervades the in-

circles

some

elixir capable of

miracles.

Old

performing

debts

tired, funds for
equipment
a

magic

a

as

will

be

Heavy Interim Financing

cas-

to

stockholders—all

possible

by

"cash-

depreciation

flows."
If

do

while

have

at

retire

rently

Cash

old

lines for

their

divi-

capital

heavy

creaks

The

introduction

proved,

of jet

two

nancmg

to

the

acquire
u

This

by

the
are

each

funds

to

major

turbine

course, to be a
tremendous stimulus to air travel.
o

ad(Jitional

to

ex.

penditures wi]1 be required in the

intervening

addi

al

are

The

years.

airlines

to and

payments

modify.

ing their equipment and facilities,

Board

old debts

the

super-sonic

which

ex-

being retired,

are

obligations

being

are

lies

As
we

I

property

new

age

af PrlOT „debt

period

a

—

that

assume

operational

the

at

in

for

acquisi-

tions

the

and

hurdles

"

respects,

many

aircraft

jet

speed, reduction in noise and vibration levels, and improved pas-

comforts—at

senger

fares—

low

year,

by

years

BAC

starting

late

111

first

the

of

and, later, of the DC 9.

Deliveries

of

jets

all-cargo

to

^0

American

contend

be

held

itself

Air

with

France

recalled
TT

and.

aZI
it

u

.

ni™^ch+ase jhe

"and"

Aviation

L

in

frniml

that

Pan

nntirmo

tw,

Republic

was

surround-

never

7

•?

h

completed

Comet

~

III

at

jng the SST.

time

the

did

Cost Hurdle for Unknown
SST .n 1970

not

the

7,

A

and

the-

out

But

work

both

of

were

mitments"

e

th

IT

c

surance.

developments

Very little is known as to the
are( "rolled-over" and lease com- ultimate design, construction and
mitments are converted to prop- operational characteristics of this
erty purchases.
upcoming aircraft. Then there are

lines involved.

Pan

of

-

ad-

to.

considers-

obligations

plans of all of the individual air-

will

by

Concorde

fy

u

this

their problems will be satisfactorily overcome. But at what cost?

permit

^rward

to

will

deliveries,

it

Comet

this

this

carriers

number of

a

must

Rainbow

and

These cross-currents make most related problems such as the efdifficult any accurate long-range feet of the sonic boom and radiarepresented a radical departure begin to accept deliveries of the projections
of debt retirement, tion exposures of various types—
from the piston-powered airplanes
medium-range 727's. This will be and related elements—even if we to name a few of the unresolved
which they largely replaced. The followed
within
the
next
few were
privy to the confidential factors. It is presumed that all of
For-example>

In

'

most

infppnatinnai

nn

as'

ing World War

acnuire

noW

to

such

prospect

how the air-

technical

is

arrangement

acquiring Concordes should
the aircraft prove satisfactory '

commercial

WlS.
divorce

the

outset,

Poking at the economic

$125 000

BOAC

SST will X

an

the

recover

vantageous

of

service by the early 1970's.

tionsMoreover,
concurrently.
various refinancings may take

Place

to

immediately ahead.

indicated

may

be

in

new

created

failed

This

which

quent years.- And as debts are financial
equation of
amortized, lower annual interest H
.
.

as

in-

airlines to meet the demands

these

on

the

the

can

plane paid at the outset

per

carrier

1996. However,

as

and

by

holder

anticipate the needs of individual

It must be recognized that even

that

capita,

dustry

in volume for subse-

up

specific

assume

far

of statesmanship

charges should result

order

in

necessary

errone0uS

—

obligations
begin to
op the schedule for 1964

and step

equipment.

new

js

lack

long-term

averaging

million

short-term

maturities

company

appear

carriers

large

programs,

$100

obtain

nQ

structures.
aircraft

come.

to

air-

and

capital

airline

the

among

groans

trunk

readying their individual fi-

pay

of debts and

re-,

now

concur-

outlays which led to the massive
creation

fund

no

be

that

The .lets were introduced in late
was

sinking

charges,

fact

about

It

as

complacency is shattered

dends

1958.

tend to

may

major
time

some

surance

available

debt cannot

to

the

for

cur-

objective

one

made

utilized

be

but

quired

financing

the

mainly from insurance companies

generation

cash

depreciation

additional

and

can

effect

beneficial

a

throw-

cash

formidable,

time.

a

to

such

accomplish only

can

heavy

through

covered,

offs,

these circumstances and with

rent

to

—aye slated for retirement in the
that under period ahead. A number ,of in-

It would thus appear

made

addition

bank credits, long-term loans

.

ee e

sions geared to the piston-aircraft
age. It would be ironic indeed if

op-

erations.
In

.

and

flood of cash dividends will

burden to be absorbed by

a

,

.

,T

provided

cade

atmosphere

re-

facilities and

new

will

dustry.'

many

be

favorable

19

Pa

'oh

this

eauioment

annual

an

'

struct
th

rate

;pan

im

about

bp ahl_

$6®

nanitai

nbP

to

w

aAniiisitinn

conrordp

providing> of

ami

running

now

of

Amprinan»«

shouid

initial

h£

depreciation

amortiZation charges
at

W

readilv

can

With

urogram

Lnendihire

, capHal

handled

the

on

Amerir,™

there

course>

are

no

In the meantime, airline man- other abnormal demands made on
group may be ex- agements, their stockholders and the
company's
resources
arid
nologically advanced and efficient uled during the next two years,
pected to cut down their moun- lenders can hardly be expected earnings are maintained,
operating jets, have established Further, more and more ground tain of debt.
Depreciation and to write blank checks for equipTh
^
.
J' . r I
all

made

possible

the

by

tech-

number of carriers

also sched-

are

Nevertheless,

a

airlines,

as

balance,

the

for the

on

do-

a

,

sharp

contrasts

powdred

obsolescence
It

this

was

coming

of

the

hastening
latter.

the

resenting

aircraft

current

been most

cial

to the

exposure

industry.
Financing-

Until
,

now

.

over

m

have

is

industry

la

im

quar e

ur

main

s

is

an

es

1

,

®

jets have been outstandingly

.

tne

sive

of.

waves

orders

so

dustry's

e2rar

Wo

sue-

a

i

new

exxen

equipment.

peculiar^ to the now
indevelopmen

early
t

72

halted- WltJj the
period6at^le earliest it

v'j.wvlu
felt that the

■

is

repeaxea

-

\

A

Vit'

industry will have

long respite before it will sub-

nut to another stremious

wave

costly re-equipment programs.
This

is

largely

true.

With

big jets being written-off
10

12

to

is

using

14

a

of this

the

over

span

residual

a

with

value)

equipment should be

down

close

values

by the time the SST

to

at

or

the

appear

an

in,

as

,a

grouPj a net profit 0f $25.9 million
£Qr

1952.

However,

teristics
as

we

and

is

it

«Lwky.Four"
Northwest

the

found

that

Delta, National.

-

Western

and

the

contributed

and

-

21.6%. of

some

in<^ustry's domestic

revenue
miles—earned $33 mil-

passenger

combined

losses

of

TWA.

Eastern and Northeast reached

°f $28'4

American,
counted
mestic

now

preclude

their

markets which

by
;

the

sonic

can

existing

jets.

s

family

Under

of

these

sub-

circum-

dustry

as

of

present-day

:

-

they
enjoy

greatly

is

long

as

economically

remain

as

jets

Therefore,

fleets

as

serv-

f1? ff ma+y 7
life
extending

-useful

considerably

beyond

a

10

to

12

tai

year

On

-

"

V

;■

financial postures.

process,
tions

r

this " premise,

should be rapidly

are

.internal

2

improving their

financing
win

can

and

a

jet

guide-lines

on

well

were

their

upon

acquisitions
this

established.

clearly

the

airline

in-

The
gen-

in

on

11

augmented.,(Pan

$80

Airiinp

trunks,

'

whole.

a

And

*endors and others. A basis is thus,
established for measuring the extent of caPltal resources to be
committed and- how any

™1^nt°bl;gatlons mcurred are

to be repaid.

The aircraft manufacturers and

in-

for

the

separate

.1

•

•

such

erratic

an

to expect

any significant commercial orders for the SST, whether
built in the United States or else-

1962,.
bill

tho

per

tbp blli

nnPratine*

required

SST.

substantial

to

of

expenditures
extent

of

in

in-

entail

by

this

the

canita?

arid"

i. e., support facilities
not

are

tainable at this time.

ascer-

,

in the economics of the operations
of

„

aircraft
be

able

Subs0nic

itself

to

basis'?

jets

Can

costs

or

the

will

operate

on

ail

it compete

exTsting

of

attract

sufficient

^

onprationq

has led to this disjointed state 0£

ho^prpd inPthp
ind;ca|ivp
ranacities

that
are

economic

()f

waste

Board's

Qn

ot long
:.y,

While

-

not

answers

available,

erational

presently

are

technical

and

will

problems

be

op-

over-

t

.

ing

will

become

definable

and

The same terms of purchase for'feasible.
the Concorde extended to Pan'.
Obviously, 'under those circunjAmerican (and Continental) have

and

stances,

been

cer-

courageous

or

come and. hopefully, a SST will
time become an economic
rigid specifications ; reality. At that point their financ-

some

when flown.

compe-

Northeast's

!Lrt

sumably has the requirement of in
meeting

position

both

was

a

amortized over a short

from the des'8n sta?e and Pre-

good

present

renew

Tmorhzed oveT

SST s can be approached by the
individual airlines,

sub-

acQ^ire three Concordes.) But
aircraft is only emerging

maj0r trunk route by

a

(Continental

sequently announced its intention

majority

.

? ?.

These are bqt some of the economic
questions
that
require

^he Concordes for fu-

in-

excessive

tt

months ago, announced its order a"swers before financing of the
f°r s*x

■+:

eliminating

if

beini?

a

fr

mentcanLTvwideWdmendin?

com-

Concorde^-a Mach 2.2 SST. Pan
American World Airways, a few

efficient

There'is

extent possible.

^

n n gma. Will a Mach II, for
example, have a short or long
usetuUhfe? Depreciation charges

Insurance Orders for llie
Concordes

lo^w_ ture delivery.

the

not

.a,.

mitments have been made for the ^

over-certifi-

rornnPt;tivp

n,

„

'

capacity

tions will dictate that SST's be in

made

available

to

other

competitive

major U. S. trunks. They

are

re-;'widespread

ported

by

the

Nation's airline network. Mergers

considera-

earner

essential

to

remains

more

correct

industry

upon

squeezes.,

In this process, more efficient and
economical

eventuate

operations
under

tive conditions.

Back
the

in

1955

A;

1956,

jetg rWejet-appesaring

^

while

x>n

the

payment

t

carriers.

To

operation
meet

trunk

by

this

challenge

of $125,000 per airplane and to wrest tlte fullest economic
signing of the option agree-' gains from the- SST,/there is an

ment. Another $125,000
is

competi-?

77

and

be

is to be paid when

..would

highly

to

flown.

ensues,

-

If

a

the

per copy
airplane

^successful

flight

the option holder must

forward with the purchase
mitment

or

per'pliant

-

pro-

Further, train-

training expenses,

(

where

condition

imbalances and financial

for

be

the

to be done in strengthening the

aggre-

interest

na^t

jCOnstructive, Much

ftphk

in

from
-

tificate

SUpp0rt

economical

resolve these elements. But until,

It is known, however, that

over-abundance

..

tition

addition

will

to^^rTeat mi^

pre-

million
rnn(?

vide extensive ground facilities to

plane

airlines currently find themselves
of the in an economic vacuum trying

as

$12

noted, wide variations in they do it is virtually impossible
prevail

P

refusing to

of substantial

million

American's

posi-

the

Tn

carrier

type of data generally expected ,ajrbne
of
airline
managements
by outlay,

stable, healthy basis.

The

earn-

Interest;' charges

domestic
some

of

Competitive State of the Industry

jn

r

.

the

7

dea|

some.

are

financial

on

fullest

financial muscle.

gated

as

.

real opportunity is at hand
airlines to develop
Si,^hip

of

the aggregate resources

gr0Up

,

programs.

of sustained

debts

acquisition

as

nasspnupr

respect to

for

Airline

maior capi-

a

capacities

'*"a

may

an

the

on

industry's

in the 1970's such

made

rMnltimr

period

a

Given

era

,1

the

jiere

noted,
into

re-equipment

major

in

around

CODy__jf arid wbpn ;+

erate specific productive capacity jng and integration costs
at defined operating costs were troducing this aircraft will

airlines involved and not

financial

their

entering

increase

ma

r0urse

Capital

known.

were

annuX This
claus®
°the purchase price of^the

Concorde

the

equipment

nhnt

5%

place

ability of the equipment to

is indicative that not all
by tbe elements of the industry are on a

,ive

of

previously

material

the

and

An

of relative stability

forma-; the

being strengthened and

be

tions

The group, subject to the quali-

Further, in this magnitude;




ratios

embarked

subsonic

.illustrating exists

Bdh®itb9f?

Rpdiirinir

.

program

That

oimon ax tne iyoo year-ena.

the, airlines

Capital

airlines

costs

SST'S, the ultimate determinations

are
,

any

miles

°ns.,1^s t i

indeed be

mmimized.

for

sizable reduction

a

appraising

results

....

Nevertheless,

making

extensive

carriers

years.

abilities to take

whole.

a

_

fications

obsolete

from

rcnnrt^H

,

of

Some eight years ago when the

own

annually for

of

group

ment having an1 uncertain purchase price and undefined operat-.:

ing costs.

1961

may range

dividends.)

in

airlines

experience

stances, the likelihood of the SST
4

cash

ac-

year-end..This compared with $1

them, will

ticipate

do.

1962's

passenger

airline

n0 one

average

are

SST's,

into

in

throw-offs

cash

debt/equity

together

only be served

entry

the

of

44.6%

All this is by way of

that

a

many

understand

in

™ and vipusly

which

for

revenue

residual

the

same

lion last year For the same year>
the

Total system resources of the domestic trunk airlines aggregated
alm°st «3

of

range

that

(It will take

close

upon

n g on
sepaiate capital structures, have
commercially operational in the emerged on the highest plateau
early 1970's. Operational charac- ever
attained by the industry.
;

in

the next five

in

American

million

$375 million

to

; the

of reported net profits of but $17
mUUon;
"

(one airline

life

year

nominal

most

a

most

period

year

for

$340

Pan

$364 million for 1962. My

$350

periods. After recording

which
lmporxanxiy,

and

and

from this source

better

analysis,

clear sailing ahead. The

group has

turned

-system-wide—turned

.

the

re-

aggregated
estimate

Earnings for the airlines
to

charges

aggregate loss of $34.6 million in period of sustained earnings be1961, the domestic trunk airlines fore airline stockholders may an- indicated in advance. This is the

Sailing-

1970-7?

'
happily,

But

capital

A Closer Look at High
Industry's Profits

recent

ripur

rep-

\

disturbing to the finan-

community's

growing

in

which has

types

major elements

quirements.

superseding and, making obsolete

amortization

expanding air freight mestic trunks

are

de-

probability

a

and to meet

up-

of

technological

as

facilities to accomodate passengers

demands

past pattern

major

velopments

piston-

with

aircraft

go

com-

overriding requirement that U. SA
airlines be strengthened. This can
besi

be

accomplished

solidation

process

con-

a

S.

trunk

carriers through mergers.

sacrifice the $250,000

paid." However,' absent

by

of U.

M*An

.'j
address

by

Mr.

U

r/

^ )v>

Aitschui
ird

Annual

Newt'York

Ne>n
Air

City,

20

The Commercial and Financial Chronicle

(1120)

bert

NEWS ABOUT

E.

Shaw,

who

served

as

PEBBLE

The

BANKS AND BANKERS
Consolidations

Branches

New

•

New Officers, etc.

•

Pennsylvania

N.

George

Beckwith,

*

9,087,248 shares of the par value

McGreevey, Charles P. O'Beirne, and

Otto

Charles
have

Schoeppler

V.

been

of

(2)

moted to Assistant Vice-Presidents

stock

of

Manhattan

Chase

the

Bank,

at

New York.

Assistant

James

were

M.

James

loughby

J.

William

and

Jr.

H.

Board

has

Temple

member

a

*

.

St. and

125th

Sdpt.

York

Albert

are

*

Craig

ufacturers

He

Trust

Hanover Bank

Company in 1944 and
a

Vice-President

bank

changed

Hanover

a

The

in

1951

B.

Trust

has

Bank

As¬

an

Sioux

H.

Chicago

Backers

Trust

Chairman

Company,

of

N.V.

of

The

that

The

be

operated

jointly

ficer

*

*

Company,

White

Plains,

Title

in

the

Trust

estate

Street Bank

ing

business

National

office

of

of

that

First

continue

quisition

the

time

of

Company,

1961

with

and has

the

Title

division

Finley

from

1958

until

its

The

Stock

Live

Chicago,
Hearn

S.

Sobwick,

also

has

elected Assistant Vice-Pres¬

ident.

111.,

•I*

Bank

of

elected

charge

formerly William

First

Farmingdale,

a

has

Co.

of

the

will

and

Farmingdale

N. J.,

*

.

Of¬

*

Bank

*

of

Hackwitz

elected

ingdal

has

Chairman

of

Advisory

Bankers Trust

also
the

been

Committee

Company.

bank,

of

have

the

of

Messrs.

elected

bers of the Farmingdale

Committee

dress

*

111.

The

York,

approval

Trust

on

given

Amendment

Sept.
to

Company,
9

*

of

Certificate

of

Detroit,

Mich,

Mewhort

providing

value

of

creasing

for

the

of

stock

111,804

having

shares
a

1950,

The

the

Calhoun

as

ident and

Newark,

this

bank

became

a

and

$10.00 each, thereby in¬
the itotal of issued and

of the

par

value of $10.00

each, to $90,872,480

consisting of




also

*

Bank

of

'

First

and

Director

a

National

Bank

of

of

Vice-President since December, 1962.
The Association will act

the

Dec.

Oshkosh,

James

J.

Saxon

Sept.

on

10

ap¬

Moss,

Robert

into

Ottumwa,

National Banking

a

tion.

The

will

bank

Iowa,

First

P.

National

and Albert P.

'■

of

Bank

.

The

"5: \*v.'

that

liminary
new

Redpath

became

Brinkley,

Jr.,

Execu¬

of

Union

Planters National Bank, Memphis,

Chairman

•!*

The Comptroller of
Saxon

J.

*

First

Sept.

Union

13

to

National

ap¬

Carolina,

Bank

Scottish

effective

C„

Lumberton,

Bank,
on

after Sept.

or

s

nounced

preliminary
a

new

an¬

approval to

bank will amount to

mercial

Banking

Division,

Pitts¬

it will be operated

National

County.

.

*

'•

under the title
Bank

of

Dade

*

l/

*

■'

v.

Five

officers

Bank

in Dallas, Texas were elec¬

ward

T.:/ Clute
Treasurer,

Vice

-

Ed¬

President

and * Leslie

A.

ted

Senior

The'

•

of

>

First

National

Vice-Presidents.

five,

•

are:

J John

First

y...

of

Libby,

of

to

converted

*

r

■A

The

notes:

of

interest rate

annual

an

through,

was

a

that

King, Chairman, stated,

stock

capital

a

will

warrants

sent

to

Sept.

13

of

stockholders

share.

at $62.50

stockholders

to

of First

offered

being

was

of

issue

rights

corollary

a

be

record

*

Boise, Idaho

Idaho,
E.

and

Fulghum

Bither

J.

Preston

,

Vice-Presi¬

for

Mowry

K.

additional share for each.

one

12 shares held.

be

431,014 shares,

rights offering,,

has

been

ap¬

will

There

22.

of

Bank

E. Atwell

Robert

San

California.

Francisco,

elected

California,

has also been
the In¬

}*t

jjj

The

First Western Bank

Co.,

Vice-President in

Angeles,

Los

tion, it

Department.

Bank

Stubbe

as

Assistant

in the Business

Vice-President

Development De¬

partment..

.

••
.

The

United

£

jrrv

*

ident.

*

A

V

elected. Fred

The

Ahmanson

*

,.

Sept.
at

.

Los

S.

Executive Vice-Presi¬

;

Hills,

.opened

16

Wilshire

3701

of

New

Serrano

branch

E. Lawrence

and

Bank

Beverly

of

Co.

corner

V;

,

California Bank,

Calif.,

an

*:-J

Trust;

elected.

In addi¬

announced that Rich¬
has, joined the

was

K.

&

Calif,

Raymond F. Talbert a Vice-Pres¬
*

ternational

subscription,

aggregate

an

price of $26,938,375.

pointed Senior Vice-President at
The

Rights expire Oct.

issued through the

dents.

Huber,

-

carry

notes

placement.

Frank L.

Bank

*

Erie

Angeles,

t

com¬

giving each the right to subscribe
Bank

elected

Jr., oil loans division;

.

of

Bank

in Libby.

*

Fulgham, Jr., and Leo Patterson,
Horace E.

Sept..

successfully

the

of

Sale

private

The

Hoffman Vice-President and Sec¬

4AV

State

Montana,

retary.

Both succeed the late 'Al-

had

capital notes.

*

*

National Bank

.!•

Rawles

Bank, Los.

announced

4V2% and mature in 25 years.

.

Bank,

elected

National

national bank under title

ard

: Ay:;"

The Girard Trust Corn Exchange

Philadelphia

operated under the title

*

Initial capitalization of the new

$500,000, and

Calif.,
it

that

17

with

16

National Bank in

been

Fidelity

$400,000, and

Powell.

Glenn

Sept.

on

Com¬

-V-

Powell

*

Comptroller

has

'

Angeles,

a

%

Cashier,

.y $

it will be

20, 1963.
The

*

California

United

The

of

and

*

an¬

capitalization of the new

merge

Charlotte,

elected Vice-Presidents.
*

11

in

Bank

L. King, Jr. and
Jr., were-

Varennes,

pleted the sale of $35,000,000 of its;

American

The

North

De

organize

to

bank will amount to

The

Miami, Fla.

Clifford

Initial

Ex¬

the Currency

on

application

the

proved

approval

Albert

was:

Vice-President,,

Fiske, Jr., Lyman P..

Frank

given pre¬

has

he

National

Libby,
James

Sept.

$

v

Assistant

A'jj. \

Chief

and

ecutive Officer, effective Nov. 1.

R.

' //v -

&

was

Vice-President

*

Bank

Vice-President

tive

\

Wyoming.

Fidelity

Trust Co., Louisville, Ky., elected
M.

Saxon

J.

converted bank remains the same,
:!:

v..7:\Vy/.:

*

.

Comptroller of the Currency

nounced

for

*

*

Winfrey

H.

Senior

a

Juckett,

the

Albert

elected

division; and John P. Poulos, cor¬

structure

$

Victor

dent;

respondent banking division.

James

Citizens

Murphy,

Associa¬

Ottumwa.

capital

loans division;
investments

commercial

operated

be

by its present management under
title

Dec. 5.

on

*

the Currency

Savings

N.

1963, at the Hollywood -Beach Hotel, Hollywood, Fla.
The new President and five

1-6,

Nomination is tantamount to election.

proved the conversion of Fidelity
Bank,

-

the slate at its Annual Convention,

on

Vice-Presidents will be installed
s|:

The Comptroller of

the

Pierce, Rauscher, Pierce & Co., Inc., Dallas.
he has been

C.

Mr. Hatcher has been nominated for second term;

Wis.'iwas elected Executive VicePresident

Company, New Orleans.

Milwaukee,

.

Paine, Webber, Jackson & Curtis, Boston.

Labouisse, Howard, Weil, Labouisse, Friedrichs and

P.

Charles

Controller of First Wisconsin

National

Davids, Lester, Ryons & Co., Los Angeles.

Albert Pratt,

President

-

following nominees for Vice-

Lloyd B. Hatcher, White, Weld & Co., New York.
John

Vice

David

'

Mark

C.

:!:

Koehn

11-13, Del Monte Lodge, Pebble

Sept.

Governors,

Named with Mr. Harris were the

an¬

John

of

of

Board

President:

Director.

a

organize

He

*

and

IBA

Beach, Calif.

Executive Vice-Pres¬

❖

Mr.

1955.

Pa.

Roland

succeed¬

bank

election

*

The

promoted to Assistant Vice-Presi¬

par

outstanding* capital stock. f r o m
$89,754,440 consisting of 8,975,444
shares

ad¬

same

burgh National Bank, Pittsburgh,

Issuance

capital

at

He launched his

part of the National State Bank of

in

elected

President,

Committee.
nounced

The IBA

Nominating Committee made its report at the fall meeting of the

Chairman of the Executive

comes

Amyas Ames

Charles C. Pierce

John P. Labouisse

managing partner, Kidder, Peabody & Co., New York.

The Manufacturers National Bank

charge of

Orange office

of In¬

following;
(1)

in

has

1907, when the building

received

Certificate

Redpath

banking at the

in

In

■;

Ray¬

*

elected

of

corporation

of

State's

in

dent.

Bankers

New

vA-v

Park,

elected

Salm Vice-President.

C.

Tenn.,

Mr.

tional Bank.

Advisory

*

Newark,

occupied by the Orange Na¬

was

mem¬

well.

as

of

than 56 years in

Vice-President

career

Farmingdale

been

Bank

more

282 Main Street.

Hilliard J. Coan, Lee O. Karp and
W.
Dwight
Nostrand, formerly

Directors

Redpath will retire
Vice-President of the

1955,

National

Farm-

J.

*

Highland

Highland Park,

The

State

after

Since
been

Bank,

Francis

❖

banking.

in

fice.
Mr.

as

National

been
be

F.

Sept. 30

National

Vice-President of Bank¬

Trust

ers

the

of

National

elected

:!:

million.

Ernest Hack witz,

M.

di¬

trust

Vice-President.

The

*

president

Co.,

$1,047,152.03.

Donald
been

ac¬

Albert Pratt

Lloyd {B. Hatcher

Richard

Harold

and

Vice-President,

Rock-

1961.

approximately $37

were

Trust

into State Street Bank in

merger

The total assets of the Farm¬
at

Mass.

ton,

St., Farmingdale, Long Island, as
Farmingdale Office.

ingdale bank

and

land-Atlas National Bank of Bos¬

the
:

and

associated

been

the

170 Conklin

bank,

analysis

business section of the State

Boston, Mass. since

Farmingdale,

will

and

bank¬

The

of

Bank

New York

the

Trust

&

elected

Wis.

Officer.

new

acquired

David J. Harris

:J;

L. Martin Vice-President, Illinois

and

Vice-President and

as

York, announced that Bankers
has

the

Division.

Bank

Illinois

Richard

Mr. Sleeper has been Trust Of¬

New

was

in

ing Arthur J. Fushman, who be¬

*

Sleeper, has joined the

York

Trust

*

Moore,

National

Iowa,

Vice-President

:!:

William

City,

:j:

A.

Department of The County

Trust

New

Bank's

has been presi¬

Security

*

Amsterdam,

-

would

Alden

of the combined institution.
*

of

*

*

*

with Manufacturers
Mr. Bartlett was

*

Bank

mond

of New York.

elected Vice-President and Treas¬

v

the

with the First National City Bank

Trqsjfcr Company.
urer

as

Officer.

announced

in

and

serve

Rotterdamsclie Bank

treal

The

the

of

who

of

The

Mercantile Bank of Canada, Mon¬

elected

to

name

of

Treasurer.

Netherlands

later. The

year

its

Bank

1961 .merged

17.

Trust

and

was

value

Savings

*

then

the

of

capitaliza¬

elected Edward M. Walsh

Rotterdam

joined

Bank

par

*

Excelsior

Com¬

Sept.

the

profits.

Executive

sistant

old.

Bartlett

Central

Vice-

of Man¬

York,, died

65 years

was

Mr.

retired

Hanover

New

pany,

Chief

The

Treasurer

organize

Irving B. Altman will

*

Bartlett,

S.

President and

Walcott,

The

including 60,000
at

*

*

Chi¬

of

Associate

elected

dent

Chicago,

ap¬

under

Initial

St.

Spence.

v

Bank

stock

of

undivided

Giannetti, Daniel Fernandez, and
Albert L.

Counsel

$10, $600,000 surplus and $300,000

J.

"•
Bank

vision.

125th

shares

Managers

to

group

tion is $1,500,000,

As¬

Co-

L.

proposed location is at 275

West

cor¬

Eighth Ave.,

Assistant Secretary.

was

General

10 gave

Freedom National

The

Manager of the office is Alfred
sistant

a

of

National

new

Co., Hyatts-

Royal

•••
"
National

I

McKay,

the

to

New York.

Hanover

16.

Lerner,

Vice-

a

Sept.

on

approval

title,
New

Saxon

J.

announce¬

Illinois announced that Neil

cago,

elected

plication

*

Company,

of

Cusack

preliminary
a

*

;'yy-yy:-;
First

The

Comptroller of the Currency

James

City

opened new quarters at the
ner

New York,

President.

ap¬

an

Law Department, and Mr. Charles

Maurice

made

Trust

National

Manufacturers

The

Trust

of

America, according to

ment by Amyas Ames, current President of the Association and a

Vice-President.

a

Correspondent

been

the

of

First

of

value

par

Di-1

a

Co., Chicago, has been nominated for President of the Invest¬

*

Trust

elected

Md.,

burn

H.

Bank, New York.
■

the

of

Irving Trust Co.,

The

pointed

capital

heretofore,

as

,

.

Alan

authorized

remain,

shares

The

Cowan,

F.

to

Blair

E.

Brown,

is

$10.00 each.

Treasurers

Kenneth
J.
Perry,
Tiernan, Keith G. Wil-

McCaslin,

Total

$93,575,440 consisting of 9,357,-

544

Appointed

each.

$10.00

pro¬

*

Suburban

ville,

Farber,

&

BEACH, Calif.—David J. Harris, Resident Partner, Bache

ment Bankers Association of

rector.

The

Hilliard

Na¬

Pittsburgh, Pa. elec¬

ted

Revised Capitalizations

•

Western

Thursday, September 19, 1963

.

IBA Receives 1964 Slate

Secretary and Treasurer.

tional Bank,

.

.

Trust.

Calif,

on

branch.,

a

Blvd.,

-Av&.

manager

on
;

the
•

.

is

Alva

Jr.; a Vice-President

formerly in charge of lending op¬
erations

at

the

home

office.

Number 6300

198

Volume

.

.

The Commercial and

.

and INDUSTRY

STATE of TRADE

of

rate

peak

the

of

16

Continued from page

reached in May.

the
metalworking

the

marketplace,

in

tested

been

not

have

weekly noted.

steel

noted

Age

21,832 trucks were made,

and

in the year ago

and

ing to last week, 116,282 cars

flects

and

The

Economics.

port

report

handled

tonnage

at

re¬

more

"Automakers have record of 516,000 tons in May.
than 400 truck terminals of com¬
22,014 trucks were counted.
carriers
of general freight
to set their sights When1 July's imports were added
In passenger car production last mon
high. In the first eight months, to the domestic shipments in that
t
week, all producers showed gains throughout the country.
new car sales totaled 4.88 million
The
terminal survey for last
month,
the total shipments from a week ago when a Labor
units vs. 4.45 million a year ago. reached
seven
million tons to Day holiday curtailed output. At week showed increased tonnage
At this
pace,
autodom appears U. S. steel users.
1 the same time, each producer from a year ago at 25 localities,
headed for a 7.5 million unit sales
Domestic shipments during the showed an increase in daily rate with 9 points reflecting decreases
Truck ter¬
year, and that's what most of the third quarter of this year were of output as their '64 operations from the 1962 level.
Steel:

Said

good

cause

forecasted."

leaders

industry

million tons.

18.2

about

at

put

minals

broadened.

five

at

registered

points

its gains of 10% or more, while one
5 to 10% improvement in ship¬ off of imports in August and Sep¬ new model making over a month terminal area showed a decline in
ments for October, reversing a tember, the amount of steel going ago, last week was maintaining excess of this amount.
Compared with the immediately
downtrend that started with the into the U. S. economy far ex¬ optimum production, and for the
preceding week, all 34 metro¬
second week, planned some Satur¬
June labor settlement.
ceeded most expectations.
Iron Age said this has resulted day overtime work. It introduces politan areas registered decreased
The automakers'
optimism is
Steelmakers

anticipating a

are

assuming

Even

in

substantial drop¬

a

the autumn re¬

of

setback

only one reason for the upturn
•predicted by the steelmen. Other covery timetable. But it also re¬
a
better - than - expected
factors:
Construction activity is flects
expected to continue at a high third quarter. These two develop¬
level for weeks; smaller custo¬ ments tend to offset each other in
who

mers
ness

enjoying good busi¬

are

expected to step up their

are

buying to fill holes in inventories.
Steel

increased

mills have

op¬

a

terms

The

Chrysler Corp., which began

its

to the public tomor¬

cars

new

Stpdebaker Corp. programmed
of industry car making last
week, working at a full assembly
of production for the year. rate; American Motors, at Ken¬
forecast
still
remains
at osha (Wise.), planned a new in¬
order rate con¬

The day-to-day

its

in

last

operations

expected to account
5.9% of the 118,593 cars sched¬

week.

It

was

disappointing for
to the steel mills. There has been uled; General Motors slated 51.1%
weeks, lifting the tonnage poured
and Ford Motor Co. 23.3% of the
little real improvement, although
to the highest level since July.
both
producers
yet
to
the outlook for the fourth quarter total,
Steel predicts ingot production in
achieve normal outflow. Chrysler
remains good.
the week ending Sept. 21 will be
Orders from the auto industry Corp.'s share of last week's opera¬
slightly higher than the 1,804,000
tions was 17.6%.
tons
turned
out
in
the week are running at about 65 to 70%
of what
would be normal for Rail Ton-Miles Gain 3.9% Over
■ended
Sept.
14.
Output
then,
production schedules. The lag is
Year-Ago
■equal to about 59% of unofficial
attributed
largely
to
General
■capacity, was 2% above the pre¬
Loading of revenue freight in
Motors. This big steel user did not
vious week's.
the week ended September 7, to¬
resort to drastic inventory cut¬
taled 494,208 cars, the Association
Record Volume of Steel Imports backs during the summer months. of American Railroads announced.
Consequently, it will be taking
This was a decrease of 88,633 cars
Steel imports into the U. S. set
less than
its normal buy until
or
15.2%
below the
preceding
a
record in the first half, the
late in the year.
week due to the Labor Day Holi¬
metalworking
weekly
reported.
In
contrast, other automakers
day.
Net tonnage was 2,368,375, valued
are in for normal or near-normal
The loadings represented a de¬
:at $280,043,825. The tonnage fig¬
tonnages for October. One major crease of 197 cars or four-hunure was
15.2% above that in the
automaker
is
making
supple¬ dredths of one
percent below the
like
period of 1962 and 6.8%
mental
buy s for
October de¬
corresponding week in 1962, and
above that in the previous record
livery of cold-rolled sheet, giving a decrease of 20,012 cars or 3.9%
year,
1960. While the imports a lift to the market for next
below the corresponding week in
were only 5.8%
as large as U. S.
consecutive

four

for

erations

tinues to be mildly

month.

mill

they

shipments,

felt

were

keenly in some geographic

areas

that weakness
steel pipe was

by

such
wire

supplier of imports to the U. S.:

Japan. Top three receiving ports:

'Galveston, Tex., Los Angeles, and
New York, in

that order.

move

may

not be the last.

While there was criticism

industry

most

move,

and 5.4%

of 1962

of the

sources

1962

Over

hauled

during

showed

There

were

over

1961.

15,602 cars reported

loaded with one or more revenue

an

July

of

this

year

increase of 11.3% com¬

of
the American Trucking

last year,

Associations reported today.

reported

nage

basis

cumulative

a

on

period

the

for

Ton¬

January

through July of 1963 increased by
6.2%

the

over

July traffic increased 1.9%

year.

that reported

over

last

period

same

light

Saturday, Sept. 14,

was es¬

timated at

18,107,000,000 kwh. ac¬
to the Edison Electric

cording
Institute.

kwh.
week's
and

total

868,000,000

was

than
of

the

previous

17,239,000

1,270,000,000

total

kwh.

kwh.

corresponding 1962 week

After hitting a
in

the

1963 low of 208

holiday week, commercial

industrial failures climbed

and

288 in the week ended

reported

Dun

Casualties
than

merous

&

Bradstreet,

were

a

in

more

nu¬

when

ago

year

level of 269 in 1939. As well,

the

toll

close

came

to

1961

the

level of 292.

substantial jump

A
ures

to 49 from 30 last week and

more

37

lifted fail¬

with liabilities of $100,000 or

last

and

178

from

239

to

$100,000

under

losses

rebounded

casualties

Smaller

year.

involving

edged ahead of their year-earlier

i

Wholesale

Price Index

Food

Remains Even With Last Week

according to reports received from

compiled

dex,

by

Dun

Brad-

&

street, Inc., remained on an even
this

keel

at the

17,

Sept.

week,

This in¬

$5.93 of the prior week.

regional lumber associations.

In¬

Food Price

The Wholesale

the

in

207,718,000 board
week ended Sept. 7,

levels dex, while not exceeded since
July 30, trailed the $5.95 of a year
ago and the $5,99 chalked tip in
the
comparable week of 1961.
After running highet than 1962
figures in

1962

with

Compared

pre¬

war

However,

production

the

to

September

toll of 233.

country totaled
feet

or

year-to-year gain of 7.5%

Failures Rebound in Latest Week

13.5% Over 1962 Week
Lumber

the

above

output of 16,837,000,000 kwh.

in the
a

Output

more

Since

Down

Leaps

Week,

Last

for June.

Production

Lumber

production advanced 13.5%, ship¬
ments rose 11.0% and new orders
13.9%.

rose

Following
weeks

are

the

board

of

thousands

feet

for

the

dex now has fallen
ago

Aug. 31

Sept. 9

1963

1962

Production

207,718

227,252

182,941

Shipments

201,522

241,632

181,440

207,475

232,778

182,083

1963

A

__

billion board feet

record 10

forest during

flour and rye made
followed by lesser
increments in corn, oats, barley,
gains
and

oil.

cottonseed

Off¬

setting these rises were price de¬

the nation's

clines
cocoa,

ing last June 30.

in

bellies,

hams,

cheese,

steers and hogs.

The

or

a* year

Wheat,

sharp

fiscal year 1963 end¬

of timber was cut in

behind

for the past four weeks.

butter

orders

New

of May, the in¬

the middle

from

indicated.

According to Secretary of Agri¬
highway con¬
Steel's composite price on the been made
culture Orville L. Freeman, the
(piggyback) in the week
barometer grade of steel scrap, basis. In this
timber harvested had a total value
case,
the official
ended Aug. 31, 1963 (which were
No. 1 heavy melting, remained at
of $134.4 million. The harvest was
move recognized going price con¬
included in that week's over-all
$27 a ton for the third straight cessions.
one
billion board feet over the
total).
This was an increase of
week. It said not enough domestic
preceding year, and 600 million
1,551 cars or 11.0% above the cor¬
business is developing to provide
New Model Autos Pace End of
board feet over the previous rec¬
responding week of 1962 and 3,336
a
thorough test of quoted scrap
Year Rise
ord harvest of 9.4 billion in 1960.
cars
or
27.0%
above the 1961
prices at most consuming points.
The volume of timber sold in
week.
Output of passenger cars and
Midwest buying continues slug¬
fiscal 1963 came to 12.2 billion
trucks in the U. S. since Jan. 1
Cumulative piggyback loadings
gish, but exports are giving some
soared
over
the
6,000,000 - unit for the first 35 weeks of 1963 to¬ board feet. This was 1.9 billion
market support in the East and
mark
two
week's
ago,
Ward's taled 526,436 cars for an increase board feet over the 1962 sales.
•along the Gulf and West Coasts.
It indicated that in addition to
Automotive Reports said.
of 61,606 cars or 13.3% above the
the 1963 production, sales also in¬
The statistical agency said pas¬ corresponding period of 1962, and
Record Imports Set Back
Steel
cluded some timber on hand.
senger
cars produced
since the 141,301 cars or 36.7 % above the
Market Recovery
A strike in the Pacific North¬
first of the year reached the 5,- corresponding period
in 1961.
A record of steel imports has
west at the close of the second
000,000-unit level Sept. 12, and the
There were 61 Class I U. S. rail¬
Cttfr into the
recovery
of steel
quarter 1963 idled nearly 10%
one-millionth truck of 1963 was road
systems originating this type

concessions had
highway trailers
before on an informal
tainers

that the

agreed

energy

electric

industry for the week

power

ended

electric

the

270 occurred in the similar week

pared with that hauled in July

car-

loadings in the week ended

and

of

by

Intercity motor freight tonnage and they exceeded by 7% the

Sept. 7

generated

Ton-miles

Sept.
recognized
last week
when a 7, 1963, are estimated,at approxi¬
as
nails, barbed wire, and
major producer dropped certain mately 10.5 billion, an increase of
rods,
Steel said. Leading
length and quantity extras. The 3.9% over the corresponding week
product categories,

and in various

•

Age noted

Iron

11.3%

Up

Tonnage

of

excess

1962 Week

amount

distributed

12

Truck

July

1961.

in the market for

Over
The

Inc.

2.1%

crement

million tons.

better than 106

tonnage for the week of the Labor
Day holiday.

(Sept. 20).

row

in

were

totals by 13%.

Electric Output Shows 7.5% Gain

partment of Research and Trans¬

period correspond¬

and

ago

the

of 34 metropolitan

survey

quarter
year

conducted by the ATA De¬

areas

Two weeks ago 66,949 cars

trucks.

imports
reached
about
600,000 tons in
July, to cap the previous monthly
Iron

and 28,200 weekly

passenger caps

holiday.

These findings are based on

including

units,

146,793

totaled

the

for

years

week of the Labor Day

Output programed for last week

production 118,593

earlier

in

found

by September.

produced

been

21

(1121)

Financial Chronicle

Bradstreet,

&

Dun

Inc.

Wholesale Food Price Index rep¬

resents the
per

total of the price

sum

of 31 raw foodstuffs
in general use.
It is not

pound

and meat

cost-of-living

a

function

is

to

trend of food

index. Its chief
the general

show

prices at the whole¬

sale level.

Wholesale Commodity Price Index
This

Rises

Continues

But

Week

To Trail Year Ago

Although following a generally
downward trend for the last few

months, the wholesale

commodity

level rose every day this
past
week reaching 265.69 on
Monday, reported Dun & Brad¬
production in the U. S., Iron Age produced Sept. 13.
of softwood lumber producing ca¬ street, Inc.
The export market
traffic in this year's week com¬
reported.
Ward's said the passenger car pared with 61 one year ago and pacity. The impact of the labor provided jthe main boost for this
The national metalworking
dispute at major producing mills increase. Buying by the United
total leads all years since 1955. 58 in the corresponding week in
weekly said the flow of steel into
was reflected in a 26% decline in
Arab Republic and Pakistan,
A year ago, the comparable mile¬ 1961.
the United States during the sum¬
the average weekly lumber pro¬ along with demand from elevator
mer

came

top of higher-than-

on

shipments

expected

from

U.

S.

~

mills.

stone

the

factors

two

strength

dustry

the

of

Iron

economy,

Age

able

was

underscore

to

domestic

stated.

In¬

absorb

this

relatively high rate of total ship¬
ments at

a

liquidating
as

a

excess

strike

-v*

year.

Instead

industry
and

time when it

of

also
up

hedge

earlier

...;'.• ;•;.,

>v^v.-,

.•

collapsing,

continued

August

was

stocks built

at

the
■

estimated

cars

some

models.

the

the

date

same

model

year

by

8.3%.

On

a

basis, production of

'64's by Dec.

31 will pace all

history,

if current pro¬

years

in

schedules

duction

are

realized.

production

steel

1,006,655.

July

history
have

—

as

to

date

Only
in

this

twice

war-time

many

as a

year

before
1950-51

Fir sawmills houses, caused wheat prices to
compared to aver¬ skyrocket.' Reduced crop produc¬
age July production in the years tion in Western Europe, Poland
Intercity truck tonnage in the
1958-1962, reported the Lumber and Russia brought prospects of
week ended
Sept. 7 was ' 2.7 %
Survey Committee to Secretary of enlarged overseas needs for rye
ahead of the volume in the cor¬
Commerce, Luther H. Hodges.
from the United States, boosting
responding
week
of
1962, the
Truck

at

in
—

millibn trucks

Tonnage

Trucking

American
announced.

months.
below
ous

for

which

nearly

15.7%
volume for the previ¬

Truck tonnage was

the

week

of this year.

The ATA

stated that the week-to-week

cline

,

3

was

consistent

with

de¬

that

lumber

Total

Associations

This continues a long

lasted

Douglas

during July, as

series of tonnage increases
now

at

duction

2.7% Over

Year-Ago

has

Meanwhile, Ward's fixed truck

the

two-thirds

until Oc¬

made to date this
260,000
are
1964
Output of these cars al¬
ready leads record '63 output to
5,028,467

through

about




in

the

of

Also,

year,

These

not reached

was

tober.

price

clined in volume
of

of

shipments

both

orders

over

resulting in a 0.4%
gross mill
stocks.

in¬
By

second quarter, un¬

order files

its

quotations to season

had gained 8%

levels at the close of the

first

highs.

wholesale commodity
advanced to 265.69 on Mon¬

The daily

and incoming index

in

the end of the

filled

de¬

during the second quarter

1963,

crease

production

below the level

day, Sept. 16, up
264.41
when

264.11.

and
it

from last week's

from

a

sank to the
However,

month ago
1963 low of

the index con-

Continued on page

22

22

The Commercial and Financial Chronicle

(1122)

.

.

Thursday, September 19, 1963

.

STATE of TRADE and INDUSTRY
tiriued

trail

to

1962 level of

the

»k.

tola

Coniinutd ftom »« 21

jl.tiM,y »«tog«d """"J,
g .

a_year

comparable

gain q£ 3%

a

y"

Buying

Holiday

Post

ties,

Slows

the

buying

Com-

The

ad^lel1

Office

trading

day

rrs«'s,iiwo&srs««-•«
the

strong

ceptionally
Back

in

year
ex-

an

purchases

of

some

South

unevenness

activity. Warm

the

in

peratures
fall

and

sag

goods

chalked

were

seller,

total

the

in

were°

ing

most

re.

the full sample, season-

on

the

in

stores

Com-

of

July

1963

volume

^

of

+3

the Bureau of the Census, U, S.

public,

,

$110

6",000 in 1960; those born in the

.

taxes),

of

se-

.

they, m"stf "0t
it
falls

called
short

from 80% in 1950'• '
4" the. Uaited ®tate?
of Puerto Rica.n birth numbered

including
social

to

just United

billion.

States

by'

to

'from

1

1 1

•

unfortunate and

com-

parable 1962 levels by the follow-

a
0niy three States other than
New York had more than 25>000
lonS {4me ana ls sim moving p
t
Ricans amnm? their re«i
Continued from page 1
,
upward, but we do not recall dents in i960-New Jersey had
it at
any time in the past 55,000; Illinois, 36,000, and Calipart numbers of voters of largesse reaching this huge sum. Here fornia, 28,000.

It
a

1

i.1.

J

-

TTrillAcl

_

1 d be effectiveness

w o u

if all such outlays

even

were

reduced as to

so

leave the "underprivileged"

ing^ percentages; West North paid in as taxes or loaned out at the mercy of predatory
Pacific rTtnA New Envland of Senulne savings. It is all wealth, But, of course, to
4-1

and

the more to ,be regretted if desist for such reasons as this

Central

+2

to

+6;

ai^y

Central

+3

to

+7;

financed by

Middle Atlantic

+5;

to

West

South

East

South

East

North

Atlantic

Central

+6

to

Nationwide
Sales

South

into

Store

Department

store

on

a

Federal

Reserve

dex

were

with

week

gain

,

marked

the

11

In

year-ago

7,

1963,

last

over

a

for

the

leading department

So far this year

jtricts'

12
3%

com-

store

thTUnited States^^u"

(Jan. 1 to Sept.
dis-

in

Z/fk
over

New

for

TJ

•

1S

store

the

sales

four

City's

were

week

flash

doubt if

we

administration

"tight" budget

a

tb

n

figure

for

up

y

,

hg
e

J

period

New

we

may

of

t

well

—

b

in i960

not

case

were

these

living in the U. S.

on

the average 27.9

thls cou"lry of Puerto Rican

official statis-

same

.

entage, 125,000

.

.

show

to

approximately
became of all this

what

of the entire group

age

+4.-2.-1.

i-

1

.

t

was

1

so

States

the

in

rpn„„.

sales

tax

hike

from

3%

commencing last June

1.

Y.
to
No

City
4%
one

thivdn

expedient
tJxpeaienx

tibon the head

delights the government

matter
would

of
oi

WOrse

or

of the

unwarv

inevitable/we

so

profusely detailed

make

it

a

whole

which

.'.A

y

anneir

hetfpr

the

not

a

Rico in 1955.

Pr°bability resulted

+

business

own

like

figures
We

u

and

have

tne like. We now have

tlJe1JJnit^ ?tatTfTs; mT the Stat,®s
of New .York, New Jersey, Illi-

f

process was

nois, and California; in the New

?

urY-

»

areas,

and

the

in

cities

of

,

,

.

.

the longer defer t a c k 1 i
longer deter t a c k 11

n

the

**

n g the

that

so

iarge

a

„art

days

...T,

tSSS/i &

Census,

alleged to have
that
^

anv

s

that

effect,

one

the

ness

these

,h-

other
so

of

of them does not

fears

the

often

the

nr

be

some

made

1

,

^ewark' Jersey; City, Hoboken,
and Paterson.

"°W 110ws lnt0 the hands of

tendent
ment

we

ton
.

have

ItJUlIld/Ii 1U DU

rj"? Viner V.-l'. ■■■■■'
i;1

"Gross National

Producti" "G r O S s Saving,"

t

deP"ves substantial specialists
really know-and

Harold ^-Friedman + Will

1

Inc.

26

Broadway,'

York CUy> members Qf
York Stock Exchange.

United

c.

D

Offices.
-

'

Documents,
Office;

20402,
of

Govern-

Washing-

and

Commerce

U.! S.
Field

Price 70 cents.

.-'V+1 1.;:

'i

■ f

5'A

"ir'T

becorpe

vice-president of Edward A. Viner

Co.,'

PC(2)-

the

Brady, Garvin Admits
d
Y

+

&

of

Printing

Department

TTriorlmQri^"-TV* Tin

Ricans in

States is for sale by the Superin-

fbe politicians.

to

radnntiJ "Trust Fund" Contributions,'"
b
and 3 b°st of others, the exact'
all but m- meaning of which Qnly a few
a

,

or the uneasi-

unwary,
can

Meanwhile

as

uneasi

substantial

PZniZ^

.Yutthe^n'rt -Commerce, -expenditures
V
the SePt 7'endlng week
eVltab'y



m

our

.

either designed to help do

'h";

broader set:of8 data encom-.
passing total retail sales, compiled
the

of

1

ment ln the population lot5 is words

A

Bureau; of

is

vices. If

other merit. It is true

no

absence of the sales tax rise. The

the "

—

.

ablepoliticaleffectiveness. lt
has

§overnmerdaL-, Outlays

by

-

New

as rePorted by the Treas- York, Chicago, Philadelphia,
We
simply must
no Miami, Los Angeles, Bridgeport,

the

now

social and economic

on

procedures characteristics of Puerto Ricans in

transactions that the total
*

Thg Cengus Bureau report pre.
sents data

greater by far than the actual York and Chiaa8° metropolitan

with

ratine

in so dis-

ranging from $3,055

^alifornia to ?2'510 in New

some instances at least m all

tpa

been 4bewitched

and was $2,533,

penny,

as a matter of fact in

for rupting

possible

fh"' very elect seem f0™6 f
P01int / f3Ct to us to
the

proposed, they the
I

was

wors® aPP^ar tne better rea- COst of the whole

their

actual

It

suppose, that, such technical

have

can
surmise, however, how much
higher it might have been in the

parison with last year's period.

1960

Pllprfft

economist these
wou^ probably

Confusing Figures

pre-

nins 4%

„

N.

only

Census had been living in Puerto

+

Note: 1960 Census report

the

un-

median

years.

the United

in

1

func- statistical juggling which
i

par-

children

but it would require
Almost 16% of all Puerto Riof the sort of tiresome cans 5 years old and over counted

some

n

were

der five years of age, and

1D—Puerto

notwithstanding

among

It would not be difficult to years old. Of the 275,000 born in

admit money, borrowed and other- 5.9

can

females)

Puerto Rico and

b

i

the

y^°

,.

•

i

the

rose

in

Wasted Wealth

tics

as

Treasury debt

100

per

higher than in 1950 and 1940.

was

Treasury itself.

nearlv nine billion

that democracy is not func- wise,

cisely' which expenditures,

York

City's sales for the Sept. 14-enda

After all

usu- the demagogues to make the and

quieting crit-

in

think

asking them to indicate

ins sales week revealed

The median age of Puerto Ricans in the United States in 1960
214 ^ars as c^Pared w.lth

use

see
.

alm°st unbeliev- tion helpfully.

° m

ally succeed

York

else

+•

^

circles about

ending Aug. 24.
A

.

v/or<^

City for the

New

i

i

teetb TU take 4°°- S^10f?ly

store

comparable

figure.

department
8%

gov-

t-.

Sei)t" 1, Sained 5% for 1965. The spenders
year-ago

the

week's

York

we

any°ne who has cut his eye- citizen.

According to the Federal Resales

curtailing

Till,

everywhere. And

:

department

that

assume

f.O.U.'s of the

that

to

receipts

Puerto Ricans in the U. S. in 1960

over ignorance

-i

women

males

damage.

difficult

too
+u

,

of more than 2Vz million

jn I960, and to Puerto Rico, where
femaiJThe efratio ?n7mher n?

—

dis-

dollar volume in(adjusted) over that

System,

it

«1

Gf course, these trust funds
have no assets other that the

in-

us

0£?1

days, and
Puerto Rican males 14 years old
tion is
being given to this
There are of course many
leave the and over 'in the United States
task
and we say this notdifficulties in the nath'nf the reader
tired and/no longer <both Puerto Rican born and na~
withctsmdinrt
a
CU1 es n tne pa n 01 tne iri+&rnctorl WV,o+
tives of Puerto Rican parentage)
withstanding rather oblique advocates of fiscal reform. Crested. What, we can be had on the
average completed 8.4
a.n. ' we are a^raiu? often po- Many of them arise out of sure
ls that vast f u n d s years of school, females 8.2 years.
htical, references to the mam- the enormous mass of statis- we/e expended for purposes
The median income in 1959 for
moth outlays of governments tical vdata now
poured out wbich enriched the people as Puerto Ricans in the U. S. in 1960

rZraJo" COrresPOnding peri0d
serve

do

outlays, particularly tioning and probably

leveL lt

country's

department store

retail

creased

will

/ A A Cl

and trust fund expenditures.

Real
statesmanship should not find

able how little serious atten-

7%

tricts.

7), the

must

,

,

period ended

year's level for the

,

and

can

estimable

firm ground again— and willful demagoguery

on
we

,

real

.

who

well

as

talk about trust fund

C+

S"wh?wK ^

selves to become muddled by

to those

us over

but not solely at the Federal in the nature of the

row.

sales-gained

period

parable

,

The
,

in

the rest of

as

wish to get truth prevails

we

do—is that of

encourag-

in

desirable.

or

is

really turn

in the "underprivileged"

eco-

an

Neither

.

ernment

-

a

four-week

the

Sept.

12

4.

and

1962. The

16th

weekly uptrend

mg

in

into

t

back

compared

the

over

least

the

in-

7

the like period

weeks

Board's

Sept.

anemia.

Problem, if

3% for the statement

up

ending

ourselves

taken from

the

week

of inflation

morass

a

can

ourselves

plunge

nomic

sales

as

funds created demagogue—and

bleed

Level

country-wide basis

§way

^

3% Above Last

Year's

substantial part of it is is to abdicate in favor of the

through the banks. We

+10.

Department

Rise

;

and

Rican

.

reaI well being.
■_
•
control devices and activities all the people for the period.
This state of affairs is very are bein§ dismantled or their And we must not permit 0ur-

ft^BradstreiT IncRe

Dun

Puerto

|ong j->me an(j js stjii movinff

to

gional estimates varied

of

parents numbered 275,000.

The

our income and our wealth to which they have long been js a fact that can and should
The sexes were almost equal in
government to he ex- told they are entitled, or else be taken to heart by US all. number among Puerto Ricans in
pended in ways that contrib- gives the spenders an oppor- It represents a
very sizable
,"""ed S,tat,es<446:361.males>
ute little if anything to our tunity to say that extended
portion of all the income of
over to

re-

1

from

1

.,

1% above June.

T4~

^

turning far too great

tail trade in the week ended this

ranged

O

\\ 0 £)00

ap-

hardly

e

figure has been rising for

1

TTT

A

wear.

for

demand

g e n e r a

about

were

*

fairly

a

™.

311 ° 'c'a^ f'gllre— Department of Commerce.
The
of the total take of the Fed- percentage living in New York
eral Government from the had dropped to about 70% in 1960

lines,

soft-goods

® an

:============================^

North

men's

was

dollar

Wednesday

in

-

wa^extr^elv^^tt^H^1611^ **emS
The

Based

*

for

furnituie

steady

July

Department

solid gams

some

for

While

Sma„

t

and

up

especially

East,

Au

corded

?

goods

hmh in

new

a

+vhoni.lived in

•»s»g&.'ssjrg&ti

^

caiPa of nondurable

Unchanged.,

billion,

«

in

enthusiasm

dampened

apparel,,.but

year-ago

statistics. The current issue of "M"'uwdfimd

most

Total sales ot retail stores in ally adjusted sales of a11 retaiI "contributions"

tem-

mid-West

But

From

a

set

differoucos,

—

stores increased to

Yeai-Ago

TnvSeKanpaceSTnPd ^aruXTflively pace and partially oit

home

the

over

August Rctail Sales Up 6% From

performance.

school

to

last

turned

retailers

when

s
at

period

comparable

3%

gained
week.

managed to stay above volume in

them to prove

virtually unchanged

ly stated and are included,
U IllieU GLdXco
of Business Eco- often without much emphasis, There were
about 900,000 Puerto
data nomicnotedI that
af er adjust- in the
deluge of governmental Ricans in the United States in

of

retail sales

over-all

n<V

are

lostsome

was

AuSust 1962-

statis-

Department

on

, point
RuertO RlCSnS in
There are, however, still a L Ut;i 1<J TVlLdllb 111
from July'1963 and 6% above few facts which can be plain- fPUp TTrii+pr] .Qfofpo

Un_

store

department

merce's

Slightly
Consumer

the

like

„*?,"»

changes,

^

,272.80 on the similar
,

Census Reports

the

Otto B. Reinier has been admitted
to partnership in Brady, Garvirr

New Co.. 115 Broadway, New York City,
New

members

Exchange.

of

the

American

Stock

r'.FWHWlwWKV 'iyii#FHXW\ *n*>n •» vfWVWBpr*'*

198

Volume

Indications of Current

The

Index

castings (net tons)
production based on average

of

steel-operations

this

in

data

AMERICAN

1960

Kerosene

Residual fuel oil

(bbls.)
(bbls.)

output

output

gasoline
(bbls.)
(bbls.) at

Kerosene

fuel

Distillate

fuel

Residual

Unfinished

at

at

OUTPUT

(U.

BUREAU

S.

3,059,000

2,955,000

14,631,000
4,859,000

13,741,000

5,234,000

4,816,000

13,151,000
5,552,000

36,024,000

184,139,000
35,971,000

187,472,000
34,147,000

165,828,000

161,726,000

"142,879,600

163,906,000

52.637,000

52,723,000
87,235,000

49,997,000

53,486,000

89,313,000

85,342,000

183,450,000-

86,455,000

coal

and

lignite

anthracite

Pennsylvania

NEWS-RECORD—NEW

Total

advance

Sept.
_—Sept.

(tons)

PLANNING
SERIES

8,110,000

7
7

=

Total

Electric

(in

output

568,424
469,586

460,461

9,680,000

9,085,000

7,390,600

396,000

Retail

586,626

,

271,000

INC.

BRADSTREET,

t

IRON

Total

steel

iron

(per

399,200

344,100'

407,100

steel

Scrap
METAL

(per

198,900

248,000

(E.

PRICES

Electrolytic

1

—

168,600

219,100

87,409

6,100

30,300

28,900

J.

M.

refinery

Lead

Zinc

Louis)

(St.

*127

104

105

(East

18,107,000

17,239.000

18,713,000

208

264

270

Louis)

St.

U.

S.

BOND

at

at

DAILY

PRICES

of

6.279c

6.279c

$63.11

$63.11

$66.44

$26.83

$27.17

$25.83

$26.50

6.279c

9

_

30.600c

30.600c

30.600c

28.400c

28.450c

13
13
13
13
13
13

11.500c

11.500c

11.250c

1

(DEPT.

;

Group

Group

Winter

U.

S.

YIELD DAILY

9.500c

of Sept.

as

Sept.

9.300c

12.000c

Flaxseed

12.500c

12.500c

12.500c

11.500c

Rice

22.500c

22.500c

22.500c

24.000c

Sorghum

115.750c

114.750c

115.250c

108.375c

88.81

88.81

final

91.34

91.77
90.20

89.37

88.95

89.09

87.18

84.30

84.30

84.43

81.90

96.78

86.78

87.05

83.79

(100

89.51

89.78

8</51

89.64

—

MOODY'S

COMMODITY

bag)

Early

Late

summer

4.32

Fall

4.48

(tons)

Percentage

of

activity

orders

(tons)

at

of period

end

OIL, PAINT AND DRUG REPORTER PRICE

INDEX—

4.62
5.03

Tobacco

4.88

Sugarcane

FOR

ACCOUNT

-

7
7
7
7

326.890

Transactions

of

284.732

specialists in stocks

OF

Pears

381,004
100

98

72

Cherries

514,740

Apricots

2,221,120

2,923,900

479,910

632,710

1,733,790

2,173,370

2,213,700

2,806,080

Other

sales

Aug. 23

2,082,760

Aug. 23

2,640,250

3,043,360

Aug. 23

initiated

off

the

floor—

Other

sales

sales

Total

Other

!

transactions

Total

the

on

Total

account

of

purchases——

1,067,985

1,081,743

1,223,420

219,910

230,560

141,120

938,482

1,036,876

684,219

;

.

LOT

DEALERS

Odd-lot

sales

Number

Dollar

—

by

AND

SPECIALISTS

SECURITIES

dealers

ON

EXCHANGE

(customers'

Y.

N.

Customers'

1,158,392

1,267,436

825,339

1,180,650

4,477,823

4,840,220

3,458,781

4,678,615

1,017,350

2,672,230

Customers'

other

Round-lot

sales

Number
Short

of

dealers—

by

3.553.072

3,945,226

4,380,472

4,962,576

-

Round-lot

purchases by

ROUND-LOT

EXCHANGE

3,404,039

1

FOR

Total

ACCOUNT

round-lot

SALES

ON

THE

STOCK

1

Other

MEMBERS

N.

Y.

f

1,359.620

1,600.511

$70,242,663

$77,531,548

$65,446,196

»,All

7.

.>

U.

A»g. 23

._L

_

—

S.

DEPT.

OF

4

*

1,783,643

1,363,787

1,578,678

13,998

21,254

29.913

'

^2-^2

1,769,615

1,342,533

Group—

$65,640,288

95.0

49.4

47.1

59.2

58.9

55.4

12.7

12.6

12.1

37.7

*37.6

36.6

12.6

12.4

652,250

466,740
466740

498,520

and

—

___

professional
„

of

S.

12.0

12.0

17.8

*18.2

16.4

ll—

32.6

32.3

30.1

36.5

*36.4

34.4

11.8

10.3

447.1

*445.8

426.0

$59,009*500

$304,377,300

09,000.000

$309,000,000

$308,000,000

06,534,617

—.—

interest

income

304,834,516

301,841,941

674.131

647,394

469,830

;

payments

MARKET

contributions

for

social

incomes-!

TRANSACTIONS

GUARANTEED

AND

IN

DI¬

SECURITIES

A.—Month of August:

S.

purchases
GOVT.

13.2

12.1
___>_

persons-

employees'

U.

77.0

11.8

income

nonagricultural

397,740

337,830

513,100

As

of

33,534,000

STATUTORY DEBT

ooi'rro

321,660

at

Aug.

face

Total

1,243,270

919,970

LIMITATION

(000's omitted):
that may be outstanding

31

amount

time
Outstanding—

1

any

public debt-

gross

obligations

not

owned

:

by

the

—

16,036.850

19,773.040

23,344,940

16,956.820

where freight

public debt
obligations
—

1,395,770

22,101,670

1.018.650
19.972,110
20,990,760

21,168,810

?.

-/

100.3
95.3 7*
101.8

100.3

95.5,•

0
i

100.4
,

from East St.

Louis

exceeds

one-half cent

101.7

a

pound,

!)■

'gations

100.5
103.2

95,1

r

y

10Q.8

.

Not

available.

Zinp

total

face

guaranteed
Y

As

of

"

v

■

:■

$307,208,749

$305,481,910

Y
$302,311,771

367,054

367,324

3.73,961

outstanding—$306,841,694

$305,114,585

$301,937,810

of obligations issuable; ;
authorityL^iY_'_Y_-^_ii.;_iL__• *

amount

STATES

GROSS

DEBT

DIRECT

GUARANTEED—(000's omitted)':
Aug. 31
„
funds balance

' '

AND

'

i

'

LJ—iil—1"

$307,208,749
-» 6,845,784
$300,362,965

,

YijlYI

t

J

2,198,305

3,885,414

6,062,189

('«

li_i.-i.Li_/iiii_L/

General

100.8

fPrime Western

not

&

outstanding public debt obli-,
subject to debt limitation—J

iunder-^febove

UNITED

105.7

:t?o' ') ,-hOv..
(a)

i'

ioi:i

96,6
101.4

i'.y

gross

Deduct—Other

Balance

T

.




income

labor

sales

Net

498,520

652.250

Sept. 10

centers

receipts,

industries

/.Grand
>

at

$443.5

40.8

Net

------

commodities

basis

*$462.6

STATES

119.5

OF

$79,971,767

659,610

Sept.TO
7
Sept. 10*7

foods

delivered

UNITED

COMMERCE)—Month

79.8

RECT

1,548.765

$87,379,508

S81.095.o51

95.1, ,,,
.T.^—
—.Sept. 10 r,7 i94.8
r
j
other than farm and foods.
100.7
—..Sept. 10
100.7 7
//h'J'fct IS
\VIJ' "a f / '/■
*'L- *(j j'd 777"I')rv
"
♦Revised figure.
tNumber of orders not reported since introduction of Monthly Investment Plan.
on

3.50

80.0

TREASURY

—T7

•old

3.23

299.0

Total

X;

Meats
All

THE

OF

Treasury '

Aug. 23

products.—

Processed

IN

salary

Guaranteed

Aug. 23

commodities....—

Farm

3.08

•

3.32

*99.0

$79,561,191

STOCK

!

NEW SERIES
LABOR—(1957-59=100):

Commodity

2.63

99.1

Total

PRICES,

3.43

2.54

(SHARES):

Total sales
WHOLESALE

3.12

[241)_

*124.7

sales—

sales

3.02

Tel.

&

*312.9

Rental

TRANSACTIONS

Short sales
1-

5.65

3.13

$464.3

Tel.
-—

Dividends

1,229,478

Au&- 23

ROUND-LOT

OF

3.53

4.42

3.00

2.48

Amer.

125 0

Business

4,578,920

1,528.043

Aug- 23
Al,S- 23
AuS- 23

sales

STOCK

AND

3.25

4.21

YIELD—KM

314.1

Total
TOTAL

70,800

_

dealers—Number of shares

sales

166

278,800

3.10

AVERAGE

Farm

U.

sales

Other

287
'

1,324

293,700

insurance

,

«U

'

1

shares—Total

'

;

inch

and

Other

3,624,091

AuS- 23
Aug. 23
AuS- 23
Aug. 23

sales

143

220

1.318

Government

.

954,823

2,731,809

827,400

„

Dollar value

;

(in billions):
personal
income—

Less

purchases)—t

sales

3,210

143

220

—

:■

(10)

Personal

Aug. 23
Aug. 23

short

29,294

3,562

(125)

Transfer

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

75,789

20.112

(25)

Service

STOCK

shares

of

72,988

19,722

total

COMMISSION

value

125,425

Commodity producing industries
Manufacturing only
Distributing
industries

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDEXCHANGE

117,930

July

Total

955,63]

Aug. 23

sales

sales

26

44,231

73.077

(DEPARTMENT
of

225,019

Aug. 23
Aug. 23

;

18,249

25
50 981

122,183

(bushels)

crop

—

PERSONAL INCOME

;

sales

21,689

26

(200)

Wages

Aug. 23

members—

21,828

19,009

52.301

(15)

Average

592,190

859,491

Aug. 23

_

transactions for

10,097

(barrels)

(not

Insurance

495,090

651,780

Banks

97,100

313,800
365,000

Aug. 23

:

;

sales

Other

51,200

529,170

Aug. 23

Total round-lot

Total

122,610

Aug. 23

sales

Short

686,730

378,170

659,340

50.000

531,830
581.830

Utilities

floor—

sales

Other

Total

initiated

purchases

Short

/

632,620

Aug. 23

Aug. 23
Aug. 23

:

sales

2,309.055

13,311

.____

WEIGHTED

Railroads

2,957,460

664,180
2,379,180

purchases

X

16.623

2,236.889

COMMON STOCKS—Month of August:

Aug. 23

transactions

33,710
191.025

266.703

13 634

____JL

(pounds)

Industrials

sales

Short

31.637

189,667
266.950

16,601
(tonsi_;

;

(tons)

Short

Total

12,685

2.202.057

seed

(tons)

615,224

in which registered—

/

12.471

3,576

574,454

MOODY'S

Aug. 23

sales

3,433

21.690

31.900

—

(tons)

75

*98.63

4,160

5,196

(tons)

Pecans

3.952

24 027

268,097

(tons)

Cranberries

675,197

12.714

and

sugar

615,842

2,763,460
557,490

Total

3.952

(bushels)

Grapes

98.03

1,809,830

5.196

(bushels)

301,263
257,064

99.12

723.178
1,838 230

—

(cwt)

for

beets

402,763

MEM¬

purchases

:___

,

(pounds)
Apples, commercial

382,958

99.22

4,947

728 2C8

Hops

365.8

370,057
^

2,942
18,827

4.710

j

.

1,859.900

_:

(pounds)

Broomcorn

4.45

e.

SPECIALISTS

BERS, EXCEPT ODD-LOT DEALERS AND

Other

Sugar

4.5)

4.43

2,835
18,962

5.009

24 027

(cwt)

Sweetpotatoes

4.83

4.65

Sept. 13

TRANSACTIONS

2 845

190 3n8

4.63

4.44

21,986

—

(cwt)

4.84

~

AVERAGES 00

ROUND-LOT

Total

Total

4.65

359.2

71,651

19,735

31,952

19,915

(cwt)

4.45

10,899

63.774

20.551

(cwt)

summer

4.61

4.45

121,034

9.180

:

(cwt)

4.46

358.0

14,867

108.358

64.681

______

—

(tonsi

(cwt)

4.50

4.46

Sept.
Sept.
Sept.
Sept.

(tons)

Production

1959

Early

ASSOCIATION:

PAPERBOARD

received

Unfilled

spring

spring

4.40

4.45

13,984

110,607

_

(cwt)

winter

Potatoes,

4.29

359.6

509,137

9.399

—

(cleaned) (100 pound bag)
(cleaned)
(100 pound bag)
Soybeans for beans (bushels)
Peanuts
(pounds)

4.51

4.49

64,458

497,069

______

(tons)

4.41

vYKV-

64,462

14,310

(bushels)

41,175

31,453

66,754

"_!

..

429,495

29,828

30,556
517,875

—

388.430

29,828
__

203,599

1,031,743

field

dry

71.809

202,386

974,977

395,574

;

___

lespedeza

4.31

Sept. 17

INDEX_

52.604

975,068

______

Peaches

NATIONAL
Orders

Group

Group

275,403

50.663

.___

___

(tons)

4.84

Sept. 17
Sept. 17
sept. 17

Group

817,154

254,990

187.484

wild (tons)
alfalfa (tons)
clover and timothy

3.87

3.93

3.98

4.50
>."■

Sept. 17

Utilities

Public

Industrials

1,092,562

895.537

_;

—

(bales)

4.42

Sept. 17

Railroad

3,643,615

1,150.527

___

1'.

grain

4.52

Sept. 17

:

1

~_I

Baa

3,861.640

1.134.051

238,147

_

(bushels)

pound

4.32

J7

A

3,938,720

thousands):

(in

______

all

Peas,

89.51

4.00

Sept. 17

j£Pfc* 17

Aa

14,864,180

Beans, dry edible

88.81

89.37

AVERAGES:

Aaa

13,964,000

—

89.51

.

14,310.000

___

Hay,

91.34

90.06

3ept. 17
Sept. 17

1

__i

Hay,
Hay,
Hay,

87.32

v

1,497,573
i

——

(bushels)

Cotton

88.71

89.20

88.67

1,327,551
COM¬

OF

REPORTING

(bushels)

Barley
(bushels)
Rye
(bushels)

11.050c

88.74

5,445.000

AGRICULTURE—

(bushels) "...

spring
(bushels)

13.000c

91.48

corporate

Average

$88,493,000

895.9C4

OF

1

(bushels)

Other

'Oats

11.300c

89.92

Bonds

Government

$118,274,000

—

(DEPT.

(bushels)

spring

Late

MOODY'S BOND

13,627.000

COMMERCE):

(bushels)

all

13.000c

88.54

OF

bales

DEPT.

S.

of

as

13.000c

Sept. 17
Group

Utilities

9,535,000
27,065,000

19,828.000
14,502,000

$86,151,000

bales,

U.

grain

11.3o0c

88.81

—

Baa

Public

$32,821,000

11,157.000

39,291,000

liabilities

running

1,

gross

Corn,

28.650c

Sept. 17
.—Sept. 17
Sept. 17

i

-

Industrials

$33,496,000

9,559,000

=_.

liabilities

PRODUCTION—CROP

Wheat,

30!600c

28.400c

Sept. 17

-

A

Railroad

1,281

11,925.000

i.

PRODUCTION

Crop

6.196c

$63.11

9
9

Sept. 17

Aa

113

1,303

20,697,000

___

:

GINNING

BOARD

Sept. 17

corporate

'Aaa

111

$30,552,000
13,418.000

liabilities

service

Sept.

lb.

500
CROP

AVERAGES:

Bonds—

Government

Average

194

120

number

Hay,
MOODY'S

217

1,211

service

liabilities

Durum

Sept.
Sept.
„__Sept.
Sept.
Sept.
Sept.

at)

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

131

606

158

MERCE):

16,837,000

288

Sept. 13
Sept. 13

Aluminum

139

595

number

liabilities

COTTON

All

at

at

(delivered

237

136
591

liabilities

Total

1

QUOTATIONS):

Export refinery at_
Lead (New York) at
tZinc

241

BRADSTREET,

number

Commercial

copper—

Domestic

&

June:

598,300

108

7

Sept.
Sept.
Sept.

ton)

&

of

685,70,

&

ton)

gross

$632,254,316

number

Construction

147,900

183,900
177,800

Sept. 12

DUN

—

lb.)

(per
gross

131,269,484

$676,316,161

number

Manufacturing

PRICES:

COMPOSITE

AGE

Finished

Pig

— ____

$763,523,800

36,843,112

number

Commercial

$833,600

$655,100

$543,000

Sept. 14
INDUSTRIAL)

AND

$713,159,273

62,266,994

;_

City

FAILURES—DUN

Construction

As

Sept.

100

kwh.)

000

(COMMERCIAL

FAILURES

37,756,327

206

York

New

INC.—Month

INSTITUTE:

ELECTRIC

45,206,758

128,572,194

$783,880,970

:—i_L_,

City

Manufacturing

COTTON

EDISON

52,045,521

30,775,515

$846,147,964

States

outside

BUSINESS

RESERVE

INDEX—FEDERAL

AVERAGE

York

New

57,857,948
146,075,145

159,507,948

36,429,000

"

417,000

:

$583,100

■

Sept. 12

-

SYSTEM—1957-59

United

Total

178,749,000

498,359

363.000

Sept. 12
_Lept. 12

SALES

128,943,302

199,460,825

Retail

Municipal

STORE

1

582,841

V

432,699

Sept. 12
Sept. 12

Federal

v

179,836,450

74,773,983
124,278,574
123,731,830

134,453,628
53,642,264
51,407,707

_

Central

Wholesale

Public

DEPARTMENT

$39,275,676

105,227,256

130.334,644

;

Centra]

Mountain

omitted):

planning by ownership

and

Central

Pacific

ENGINEERING

—

(000's

Private

State

,

_.

$42,818,646

123,196,274
83.178,014

_

MINES):

OF

(tons)

ADVANCE

CONSTRUCTION

Ago

CITIES—Month

$70,474,608

Atlantic
Atlantic

Wholesale

494,208

7
7

Sept.
(no. of cars)—Sept.

•

Bituminous

Year

Month

&

3,225,000

15,118,000

INC.—>17

DUN

—

England

West

8.616,000
31,474,000

RAILROADS:

freight loaded (number of cars)
freight received from connections

Revenue
COAL

(bbls.)

8,699,000
30,849,000

6
6
6

Sept. 6
Sept. 6
Sept. j6
Sept. 6
Sept. 6

at

AMERICAN

OF

8,934,000

32,517,000

VALUATION

in transit, in pipe lines

at—

(bbls.)

(bbls.)

oils

ASSOCIATION
Revenue

oil
oil

9,012,000

32,343.000
3,469,000

6

of that date:

Previous

July:

South

7,320,860

7,605,560

7.634,960

7,574,760

6
6

Sept.
sept.
Sept.
Sept.
Sept.

;

Stocks at refineries, bulk terminals,
Finished

0.57

0.57

of

(bbls.

average

(bbls.)

oil

fuel

Distillate

of

South

Sept.

output

0.58

0.57

PERMIT

BRADSTREET,

East

(bbls.)

average

(bbls.)

output

BUILDING

90.3

93.5

either for the

are

are as

Month

Ago
1,682,000

Middle

Sept. 14

output—daily

stills—daily

to

runs

Ago
1,742,000

95.3

96.8

of quotations,

cases

Latest

New

gallons each)

42

Crude

Gasoline

Week

23

production and other figures for the

cover

Year

INSTITUTE:

condensate

and

I

Dates shown in first column

that date, or, in

on

capacity).

——

PETROLEUM

oil

Crude

late

month ended

production

cent

(per

month available.

Institute discontinued issuing

Steel

Iron &

or

Month

1,775,000

1,804,000

Sept. 14

indicated

The American

•

weekly

or

Previous

Week

s

Sept. 14

and

1957-1959

lor

Unofficial

'

INSTITUTE:

STEEL

AND

IRON

ingots

following statistical tabulations

week
Latest

Steel

**-••

*

(1123)

latest week

Business Activity
AMERICAN

*****

.u.,,

The Commercial and Financial Chronicle

6300

Number

Wi <iwii»«ir« vjiWiwtiMiw*■».,«■.

'■"'

.

$305,481,910 $302,311,771
s 6,988.174 I ,.v) 8,530,303

/
Net

debt

Computed

annual

average.

3.403%

$298,493,736
3.375 %

$293,781,466
3.263%

The Commercial and Financial Chronicle

.

.

Thursday^ September 19, 1963

.

(1124)

24

* INDICATES

Securities Now in Registration
selling stockholders. Office — 2727 West Chicago Ave.,
Chicago. Underwriter—Dean Witter & Co., Chicago.

Registration statements filed with
SEC since the last issue of the "Chron¬

NOTE
the

icle"

end

carried separately at the

now

are

"Securities Now in Registra¬

of this section

parenthesis alongside

tion." Dates shown in
the

company's

Life

Associates

Insurance

Co.

not, in general, firm offering dates.
shown under the caption "Effective

Also

Registrations"

those issues which became
offered pub¬

are

this week and were

effective

Aug. 26, 1963 ("Reg. A") 8,300 common.

licly.

Price—$5. Busi¬

ness—Writing of life, accident and health insurance, and
the sale of annuities. Proceeds—For investment. Office
Monument Circle, Indianapolis. Underwriter—In¬
dianapolis Bond & Share Corp., Indianapolis. Offering—

—111

Atlantis International Corp.

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

repayment, property improvement, and workingOffice—700 Park Ave., Plainfield, N. J. Under¬
writer—S. Schramm & Co., Inc., New York.

debt

capital.

Atlas
March

Management Co.

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

bentures

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

and air pollutants; and development, produc¬
sale of an electronic vaporizing unit for dis¬
pensing such chemicals. Proceeds—For debt repayment,
tion

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

working

Office—403

capital.

Magnolia

Underwriter—Trulock &

Ark.

St., North Little Rock,
Co., Pine Bluff, Ark.
Airway Hotels, Inc.

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

shopping center. Proceeds—
repayment, expansion and other corporate
Office—901 Fuhrmann Blvd., Buffalo, N. Y.

apartment buildings and a
loan

/ For
1

purposes.

Underwriter—None.
•
"

Allegheny Ventura Corp.

outstanding common being
offered for subscription by stockholders of Allegheny
Airlines, Inc., parent, on basis of one Ventura share for
each 25 Allegheny shares held of record Sept. 13. Rights
will expire Oct. 14. Price—$9.60 per share. BusinessJuly

12,

1963

37,231

filed

Proceeds—Allegheny will receive the pro¬
ceeds and loan them to Ventura.
Address—Washington

Car rental.

National Airport,

Amerel

Washington, D. C. Underwriter—None.

Mining Co. Ltd.

July 31, 1961 filed 400,000 common shares. Price 50£.
Business—The company is engaged in exploration, de¬

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

Office—80 Richmond St., W., Toronto.
writer—E. A. Manning, Ltd., Toronto.
penses.

American-Israel

World's

Fair

Corp.

Under¬

pating debentures due Dec. 31, 1965. Price—At par. Busi¬
Company will operate a pavilion at the New
York World's Fair for the purposes of depicting the his¬
—

tory and culture of the Jewish people, and promote and
sell arts, products and services of Israel. Proceeds—For

landscaping, construction and later demolition of the
building, and working capital. Office—3 East 54th St.,
New York. Underwriter—H. S. Caplin & Co., New York.
American Vitrified

Products Co.

equipment, sales promotion and working capital. Office
St., Chicago. Underwriter—Price In*
vesting <po., New York. Note—This company formerly
was named
Chemair Electronics Corp.

—221 N. La Salle

Chestnut Hill

Industries, Inc.
29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders.

Price—$5. Business—Design and manu¬
women's, misses' and j unior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla.
Underwriter—Clayton Securities
Corp., Boston, Mass. Offering—Indefinite.
facture of

facture of various clay and
—For

debt

concrete products. Proceeds

repayment, plant improvement,

inventories

and accounts receivable. Office—700 National City Bank

Bldg., Cleveland. Underwriter—None.
Ameriine

'i

Corp.

(10/1-4)

Sept. 5, 1963 filed 100,000 class A. Price—By amendment
(max. $26.50). Business—Development and manufacture
of magnetic tape reels, dust-proof containers and endless
magnetic tape cartridges for producers of computers,
business

machines,

tape

etc.

recorders,

Proceeds—For

D. Co.,

Inc.

1963 filed 10,000 $1 par capital shares to be
certain acceptable securities on
the basis of one share for each $25 of deposited securi¬
ties. Exchange is believed by counsel for the Fund to
be tax-free for Federal income tax purposes. Business-—
A closed-end investment company seeking long-term
May 29,

growth of capital and income. Proceeds
For invest¬
ment. Office—35 Congress St., Boston. Underwriter—
Kidder, Peabody & Co., New York. Note—The exchange
will not be consummated unless $25,000,000 of securi¬
ties are deposited and accepted. This means that the
Fund expects to issue a minimum of 1,000,000 capital
shares. Offering—Indefinite.

for

subscription

new

Aircraft, Inc.
July 16, 1963 filed 600,000 common. Price—By amend¬
ment (max. $3). Business—Company is engaged in the
design and development of several airplanes, including
a light sports plane. Proceeds—For debt repayment,
product development, working capital and other cor¬
porate purposes. Office — 350 South Fountain Ave.,
Springfield, Ohio. Underwriter—Consolidated Securities
Corp., Pompano Beach, Fla. Offering—Indefinite.
Standard

Life Insurance Co. of N.

Y.

June 28, 1963 filed 200,000 common. Price—By amend¬
ment (max. $4). Business—Writing of life, accident and

Proceeds—For general corporate pur¬

health insurance.
poses. Office—122
—None.

East 42nd St., New York. Underwriter

Corp^

(10/1-4)

July

22,

1963 filed
of

held.

819,024 common to be offered to
General Industries, Inc., parent,

Atlas

the basis of

shares

one

Bradford share for each two Atlas

Price—About

$9.44 per share. Business—
Company holds a 40% stock interest in Maryland Log¬
ging Corp., which conducts logging operations in Liberia
and will acquire from Atlas, Kliklok Automated Pack¬
aging Division, engaged in the manufacture and leasing
of packaging
machinery. Bradford also owns 69,509
shares (9.59%) of Foster Wheeler Corp. Proceeds—For
selling stockholder, Atlas General. Office—62 William
St., New York. Underwriter — Burnham & Co., blew
York.

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

(max. $26).

....

share

Price—50

held.

cents.

Business—

BOUGHT- SOLD

-

investment.

Office—8401

W.

Dodge Rd.,

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

asNEW
for

a

Omaha. Underwriter—None.

specializing in

club

and

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

QUOTED

Banks, Brokers, Institutions

Castle
Dec.

£/lcht&u> S$. SIEGE!* V
0

:v'.

^

Broadway, New York 6, N. Y.

TWX* 212-571-0320
Direct Wires

to

„

J

Chemair

/

R.J. HENDERSON & CO., INC., los Angeles
r
WOODCOCK, MOYER, FRICKE& FRENCH, INC., Philadelphia




($1,000).

Business—Company

plans

to

corporate purposes.' Office—1068 S. Ocean Blvd., Pom¬
pano Beach, Fla.
Underwriter—None.

'

Dlgby 4-2370

par

offer management and consultant services to motels and
furnish them with equipment.
Proceeds—For general

Members of New York Security Dealers Association
39

Hospitality Services, Inc.
14, 1962 filed $500,000 of 8% debentures due 1969.

Price—At

ESTABLISHED 1942

the

basis

of

two

disability insurance, and annuities. Proceeds—For
expansion. Office—444 Madison Ave., N. Y. Underwriter
Offering—Indefinite.
Coleridge Press Inc.

June

19, 1963

Business

("Reg. A")

Corp.

50,000

common.

General book publishing.

—

Price

Proceeds

$5.

—
—

For

working capital and purchase of equipment. Office—60'
East 42nd St., New York. Underwriter—HanniJbal Secu¬
rities, Inc., New York.
Colorado

Sept. 20,

Imperial Mining Co.

1962 filed 200,000

ness—General

operating

mining.

expenses.

common.

Price—$1.

Busi¬

Proceeds—For

exploration and!
Office—Creede, Colo. Underwriter

—None.

Commercial

Life

Insurance Co. of Missouri

Nov.

26, 1962 ("Reg. A") 46,000 common to be offered,
for subscription by stockholders on the basis of one share
for each

3.36

common

shares held.

Price—At-the-mar—

ket.

Business—Sale of health, accident, life and hospital,
insurance. Proceeds—For working capital. Office—3570'
&

Blvd., St. Louis.

Co., St. Louis.

Underwriter—Edward D. Jones.

Offering—Indefinite.

Common Market

Fund, Inc.

March 7, 1963 filed 2,000,000 capital shares. Price—Net;
asset value plus 8.5%. Business—A new mutual fundi

specializing in securities of foreign and American com¬
panies operating in the European Common Market.
Proceeds—For investment.
Co.

Office—9465 Wilshire

Hills,

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

Beverly

Blvd,t.

Cabot

&-

Community Health Associations, |nc.
April 12, 1963 filed 150,000 common, of which 100,000'
are to be offered by company and 50,000 by Harry E,.

Wilsqn, President. Price—$15. Business—Sale of hospital,
surgical insurance contracts. Proceeds—For invest¬
ment, sales promotion, and other corporate purposesOffice—4000 Aurora Ave., Seattle, Wash. Underwriter—
None.
•

Computer

Sciences

(10/1-4)
/;■//•'
f
*> >
Dec. 28, 1962 filed $150,000 of 0% subordinated income
debentures due 1973 and 30;000 common shares to be
offered in units consisting of one $10
debenture,and two
common. Price—$12
per unit. Business—Production and
sale of chemicals designed to control
odors, bacterial

Corp.

filed 200,000

6,

shares

1963

(9/19)

of which 175,000'
by the company and 25,000*
shares by stockholders. Price — By amendment (max.
$13). Business — Company provides various computerservices to industry, government agencies and scientificinstitutions. Proceeds—For working capital and othercorporate purposes. Office—650 N. Sepulveda Blvd., El.

Aug.

to

are

be

common,

offered

Segundo, Calif. Underwriter—White, Weld & Co., Inc.,,
New York.

Continental Reserve Corp.
May 13, 1963 filed 45,000 class B
Business

—

Company

40th

to

in

subsidiaries.

Office—114-

St., New York. Underwriter—None.

Defenders
Jan.

common. Price — $40acquire, organize, and.
health insurance concerns-

plans

manage life, accident and
Proceeds — For investment

Proceeds—For

Proceeds—For

on

—Alex. Brown & Sons, Baltimore.

Bridges Investment Fund, Inc. (10/1-4)
July 25, 1963 filed 200,000 capital shares. Price—Net
asset value (max. $10). Business—A new mutual fund.

over-the-counter securities

stockholders

Price—By amendment
Business—Writing of life, accident, health

East

of

by

shares for each three held.

light two-place helicopter. Proceeds—
For
debt
repayment, product development, working
capital and other corporate purposes. Office—1129 Club
House Road, Gladwyne, Pa. Underwriter—None.

Production

York

and

Bradford Speed Packaging & Development

stockholders

of New

26, 1963 filed 40,000 capital shares to be offered

Lindell

Bede

Beneficial

Life Insurance Co.

Citadel
March

offered in exchange for

on

Aug. 6, 1963 filed 79,137 common to be offered for sub¬
scription by stockholders on the basis of one share
for each three shares held. Price—$19. Business—Manu¬

B. V.

Bay State Exchange Fund, Inc.

(10/7-11)

Aug. 26, 1963 filed $500,000 of 6% subordinated partici¬
ness

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

and

and

writer—None.

(10/1-4)

Adkins-Phelps Co.

ISSUE

ITEMS REVISED

growth

company

•

•

ADDITIONS

PREVIOUS

Nov.

Imminent.

and in the index, re¬

name,

expectations of the underwriter but

flect the
are

•

—

SINCE

Insurance Co.

30, 1963 filed 100,000 common. Price—$12.50. Busi¬
Company plans to write automobile insurance-

ness

—

general

corporate

purposes.

Office—146;

Old Country Rd., Mineola, N. Y. Underwriter—None.

Denny's Restaurants, Inc.

(10/1-4)
of which 111,110 are
to be offered by company and 55,890 by certain stock¬
holders. Price—By amendment (max. $10). Business—••
Operation of 71 Denny's restaurants located in the west¬

Aug. 26, 1963 filed 167,000

ern

common,

United States. Proceeds—For general corporate pur¬

Office —'7051 Monroe Ave., Buena Park, Calif.
Underwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
poses.

Deuterium Corp.
Sept. 28, 1862 filed 120,000 common with attached war¬
rants to purchase an additional 120,000 shares to be of¬
fered for

subscription by holders of its stock and deben¬
(of one share and one warrant) on the
basis of 3 units for each 5% prior preferred share held,
one unit for
each 5% preferred A stock held and 40
units for each $1,200 face amount of non-interest bear¬
ing subordinated debentures held. At the same time, the
company will offer the| securities to the public. Price—
tures

To

in

units

subscribers, $20; tq public, $22.25. Business—Com¬
plans to erect a small size, production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a generaVresearch laboratory. Proceeds-—For working capital, (
construction equipment * and other corporate purposes.
Office—360 Lexington Ave., N Y. Underwriter—None.
pany

Doman

Number 6300

198

Volume

Helicopters,

.

.

The Commercial and Financial Chronicle

.

holders.

Inc.

April

19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held. Price—By amendment (max.
Business—Research, development and construc¬
tion of experimental helicopters.
Proceeds—To obtain

$1.25).

certification

of models, train service personnel, repay
Address—Municipal Airport, Danbury, Conn.

debt, etc.

Underwriter—None.
order
•

SEC has issued

Note—The

a

July 25, 1963 filed $3,500,000 of subordinated convertible
debentures due Aug. 1, 1975. Price — By amendment.
Business—Production of natuiral gas and its various by¬
products. Proceeds—For debt repayment and working
capital. Office—1501 Taylor St., Amarillo, Tex. Under¬
writers—A. C. Allyn & Co., Chicago; Allen & Co., New
York; Metropolitan Dallas Corp., Dallas.
•

Dow Chemical

Co.

(9/24)

Sept. 4, 1963 filed $100,000,000 of debentures

due Sept.

15, 1988.

Price

Manufac¬

ture of

diversified line of organic and

a

By amendment.

—

Business

—

inorganic chem¬

icals, plastics and metals. Proceeds—For loan repayment.
Address—Midland, Mich. Underwriter—Smith, Barney &
Co., Inc., New York.
t_Corp.
May 29, 1963 ("Reg. A")

115,056

Price—$2.50.

common.

Business—Manufacturer of dri-zit (a home product used
to absorb odors and moisture); a cleaner for oven and

barbeque grills; and
—-

For

diaper garment for infants. Pro¬

a

repayment! and working capital. Office—300 N.
St., Pasadena, Calif. Underwriters — White,
Co., Inc., and Kidder, Peabody & Co., Inc., N. Y.
Note—This statement may be withdrawn. Xerox; Corp.,
Halstead
Weld &

has agreed to purchase the company's
Electronic

assets.

Dispenser Corp.

ness

processing of tray-forming and chip-covering mate¬

rials.

Proceeds—For

operating expenses, equipment, in¬
Office—118 E. 28th St., New
Of¬

ventory and advertising.

Underwriter—L. D. Brown & Co., New York,

York.

fering—Postponed.

of America
Price—By amend¬
ment
(Max. $6.50). Business—A holding company for
firms selling life insurance and mutual funds. Proceeds
—For new sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles. Underwriter—To be named. Offering—Indefinite.
Equity Funding Corp.

March 29, 1962 filed 240,000 common.

Fedco Corp.

Oct.

29, 1962 filed 20,000 common, of which 17,500 are to
and 2,500 by a shareholder. Price
—By amendment (max. $15).
Business—Design and
manufacture of tools/dies, molds, beryllium castings and
the distribution of plastic, metal and glass products for
home Use. Proceeds—For a recession offer to stockhold¬
ers and reduction of accounts payable.
Office-—3600 W.

expansion, inventory and debt repayment.
-— First

Office—2 Ryland St., Reno, Nev. Underwriter
Nevada Securities Corp., Reno, Nev.

Pratt Ave., Chicago.

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

July 1, 1963 filed 64,000 common to be offered for sub¬
scription by stockholders. Price—By amendment (max.

ness—Manufacture

of

electronic

for

devices

Price—$1.

electro-mechanical
medical

Federal

and

Busi¬

vehicles

marine

and

purposes.

Proceeds—-For working capital, equipment and debt re¬
payment. Office—2222 S'. Centinela Ave., Los Angeles.
Underwriter—None.
Eberstadt

Income

Fund, Inc.
May 31, 1963 filed 2,000,000 capital shares. Price—Net
asset value plus 8^%. Business—A new mutual fund
seeking current income, Proceeds—For investment. Of¬
fice—65 Broadway, New York. Distributor—F. Eberstadt
& Co., Managers & Distributors, Inc., New York.

Electro-Optical Systems, Inc.

Underwriter—None.
Finance Corp.

Services

,

$20). Business—A holding company whose subsidiaries
engaged in the sales finance business and the writ¬
ing of marine and credit life insurance. Proceeds—For
redemption of outstanding second preferred stock,
working capital, and other corporate purposes. Office—
1701 Pennsylvania Ave., N. W., Washington, D. C. Un¬
derwriter—Mackall & Coe, Washington, D. C.
are

Aug.
terest.

to

15, 1962 filed 2,750,000 shares of beneficial in¬
Price—$10. Business—A mutual fund which plans

primarily in equity type securities of Israeli
Proceeds—For investment. Office—-141 Milk
Boston.
Underwriter—Paine, Webber, Jackson &

invest

companies.

June 11, 1963 filed 403,000
common, of which 140,000 are
to be offered by company and 263,000 shares by stock¬

St.,
Curtis, Boston.

28,
—

Alai, Inc.
1962 filed 300,000 common. Price—$5. Busi¬
Operation of Jai Alai games and pari-mutuel

betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital. Office — Fern

Park, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla. Offering—Indefinite.
•

Florida

Power Corp.

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

will

10,

1963

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

Frazure, Hull, Inc.
Aug. 21, 1963 ("Reg. A") 133,333 common. Price—$2.25.
Business—Fruit growing, publishing of a farm news¬
paper, citrus fruit brokerage and operation of a retail
store. Proceeds—For expansion of the newspaper, work¬

ing capital and debt repayment. Address—West Highway
Underwriter—Prudential Invest¬
ment Corp., Miami.
50-Winter Garden, Fla.

Garden State Small Business

(Williani

(Thursday)

(White,

Weld

Common
Inc.)

&..Co.,

investment.

Office—1180 Raymond Blvd., Newark, N. J.

Underwriter—Godfrey,

R.

$32,800,000

Co.)

&

Staats

200,000 shares

Monarch Marking System Co

Artists

General

(McDonald

September 23

Co.)

&

Continued

C.

Allyn

&

Allen

Co.;

Corp.)

&

Debentures

to

Key

Finance

Lewis

Co.)

Business

(Reynolds

&

Inc.

and

Stiver & Co.)

Inc.)

Common

$875,000

Reid

September 24

&

Chesapeake & Ohio Ry
(Bids

12

(Smith,

&

Inc.)

Co.

(A.

C.

Allyn & Co.)

Common

Hawaiian

Rogers

Brothers
(Dean

534,000

Co
&

Co.)

shares

Co

105,458

Shoe

Common

1
$300,000

Class
Witter

&

Co.)

____

(Offering to

100,000

by

Atlas

of

Burnham

General

Co.)

(No

underwriting)

October 10

Restaurants,

(Dempsey-Tegeler

General

Stone
(J.

&

C.

Co.)

$180,000

&

167,000

shares

Corp...

Co.)

130.000

<B.

C.

Morton

11

a.m.

14

EDST)

Morgan &

General

Recording Industries
(Tennessee

Research Capital

Artists

(E.

Co.)

Inc.)

Common

Common

$1,485,000

Corp

(Hensberry <fc Co.)

(Tuesday)

19

New

Bonds

England Power Co

$10,000,000

received)

Preferred

1
$10,000,000

Smith)

Common

Union

Plohn

Hutton

150,000

& Co.)

Co.,

&

$450,000

Inc.)

79,477

$20,000,000

Bonds

11

$30,000,000

EST)

a.m.

Corp.)

Guerin

&

$2,000,000

Units

Turner,

Stone

Inc.)

12,000

Co.,

Inc.)

(Bids

200,000

a.m.

EDST)

to

(Bids

Debentures

$50,000,000

be

Bonds

received)

$10,000,000

(Thursday)

December 5
Columbia

units

Gas

System,
be

to

December 10

(Tuesday)
11

EST)

Co

Electric

(Bids

shares

Pacific

Debentures

Inc

received)

$25,000,000

Debentures

12

Equip. Trust Ctfs.

noon

EST)

Virginia Electric & Power
(Bids

$9,000,000

(Tuesday)
Ry

(Bids

Jersey Central Power & Light Co
(Bids

Tel. Co....

a.m.

(Wednesday)

December 4

Massachusetts

Northern

15

11

Common

—

&

(Tuesday)

December 3

shares

Debentures

Products, Inc

October

named)

shares

—Common

Securiies

Nebraska

(Hayden,

be

Electric Co

Common

—

Co.)

&

Industries, Inc

(Eppler,

Preferred
to

(Underwriter

Pacific Northwest Bell.

110,000 shares

_

(First

(Wednesday)

November 20
Union Electric Co

$4,800,000

Bondf

Co

to be received)

$30,000,000

$3,000,000

Common

Inc.)

Peabody &

$10,000,000

$900,000

Co.)

Common

(Bids to be received)

Common

F.

Ramo, Inc.

__Ben. Int.
Co.,

(Wednesday)

England Power Co

shares

shares

Corp

(Charles

Wen

Corp...

Securities




125,000

Lines, Inc

(Burnham

Bonds

O'Malley Investing Corp
(O'Malley Securities

|

$18,525,000

Underwriters

$7,000,000

received)

be

to

stockholders—Bids 11 a.m. EST) 716,000 shares

November

Common

(Hornblower & Weeks)

Redman

Natural Gas & Oil Producing Co
(Peter

(Bids

November 13

(Monday)

Truck

Associated

Common

shares

Realty Trust

Funds

Preferred

(Bids to be

Inc.)

Co.,

&

$30,000,000

received)

New

(Thursday)

Weld

Bonds
be

to

(Bids

Common
Inc.)

Co.,

$6,420,000

EDST)

Equip. Trust Ctfs.
$3,750,000

EDST)

Pacific Southwest Airlines

Jersey Central Power & Light Co
Morton (B. C.)

noon

Heck's, Inc.

shares

Inc
&

Materials

Wheat

(Bids

12

11

Units
Investing

noon

(Thursday)

(Bids

(Offering to

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

Capital Shares

200,000

12

Pacific Power & Light Co

Savings & Loan Assoc.__Guarantee Stk.

(White,

Inc.

shares

Corp.
(Pricb

Denny's

Industries,

819,024

Bridges Investment Fund, Inc
Chemair

$5,000,000

Georgia Power Co

Common

(Wednesday)

October 9

October

..Common

&

...Bonds

received)

be

Equip. Trust Ctfs.

7

November

A

shares

—

stockholders

—underwritten

shares

Corp

457,265

Bradford Speed Packaging & Development

Corp.

120,000

Inc.)

Co.,

&

(Friday)
Florida Power Corp

Co., Inc.)

to

Co

shares

Corp
(Dean

Common

__—

Weld

Columbia

(Tuesday)

(Trulock &

Amerline

200,000 shares

Lynch, Pierce, Fenner & Smith Inc., Blyth <85 Co.,
Inc., and Fahnestock & Co.) 225,500 shares

October

October 1

Ry.

shares

60,000
__

Georgia Power Co

Co

States

United

Common

Witter

Adkins-Phelps

(Bids

Southern

(Bids

Louisville & Nashville RR

..Common

stockholders—no underwriting)

Preferred
received)

be

to

(Bids

(Wednesday)

Telephone Co

(Offering to

(Tuesday)

29

Brockton Edison Co._„

$100,000,000

600,000 shares

Bonds

Edison Co

Common

(Tuesday)

Power

(Bids

September 25

October

Brockton

(Merrill

Western Financial Corp.

1
$7,000,000

CDST)

a.m.

Dillon,

$300,000

Sons')

&

and Sanders & Co.)

Boston Corp.

Debentures

Barney

Eastman

stockholders-underwritten by Ferris & Co.)

(White,

$3,780,000

Dow Chemical Co

First

Edwards

G.

October 8

___Equip. Trust Ctfs.
EDST)

noon

____...Debentures
Curtis;

&

10

Republic National Life Insur. Co.—Capital Shares

Nevada

(Tuesday)

$40,000,000

(Wednesday)

(Bids

National Union Insurance Co. of Washington__Com.

(First

$1,800,000

Debentures

Gas Co

EDST)

a.m.

Tail Power Co

Common

Underwriters, Inc

Aviation

to

shares

shares

Common

Inc.)

Co.,

11

October 23
Otter

i

Co.) 600,000

&

Jackson

Webber,

National

100,000

(Tuesday)

October 22

Public Service Electric &

$768,000

Co., Inc

Co.,

Summit National Holding Co
(Fulton,

$500,000

Acceptance Corp

(Paine,

(Offering

$1,250,000

Securities

Fair Corp.———Debens.

World's

Co., Inc.—______

(A.

Debentures

Saunders,

National Fence Manufacturing
(Netherlands

D.

Co.) 80,000 shares

Forms, Inc
Co.,

"

Union Securities & Co.) $20,000,000

Common

Lomasney

V.

General

$300,000

Corp.

(Myron A.

Bonds

$15,000,000

CDST)

received)

be

(Monday)

(Drexel

Common
&

B.

Dallas

Metropolitan
$3,500,000

Anderson

E.

a.m.

(H. S. Caplinl & Co.)

Juniper Spur Ranch, Inc
(V.

10

American-Israel

Co.;

page

Preferred

Utilities Co..

(Bids

October 7

(Monday)

on

(Monday)

October 21

Debentures

Dorchester Gas Producing Co
(A.

(Bids

$2,500,000

(19/14-18)

Corp.

1963 filed 150,000 common. Price—By amend¬
ment (max. $7). Business—Company acts as represen¬
tative of actors, performers, writers, directors and pro¬
ducers in all areas of the entertainment industry. It also
acts as sales representative for television programs and
6,

Gulf States

Corp....

Service

Public

Wisconsin

Co., N. Y.

Hamilton, Taylor &

Offering—Postponed.

(Thursday)

October 3

y

Computer Sciences Corp

Investment Co.

Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company.
Proceeds—For

(Bids

September 19

Price—By amendment (max. $42).

expire Oct. 31.

Business

Offering—Indefinitely postponed.

Subscription Television, Inc.———Common

NEW ISSUE CALENDAR

(9/24)

Florida Jai

Sept.

Fund

Mutual

Israel

First American

Corp.

15,

June

and

be offered by company

Dri-Zit

ceeds

For debt

Financial

Western

25

1963 filed 600,000 common, of which 150,000
will be sold by company and 450,000 by stockholders.
Price—By amendment (max. $25). Business—A holding
company for First Western Savings & Loan Association
and Nevada Bank of Commerce. Company also operates
insurance and real estate agencies. Proceeds—For ex¬
pansion. Office—112 Las Vegas Blvd., South, Las Vegas,
Nev. Underwriter—A. C. Allyn & Co., New York.
Aug.

Jan. 29, 1963, filed 50,000 common. Priced—$2. Business
—Manufacture of the SAFER Butter Chipping machine,

(9/23-27)

Producing Co.

Department and for private industry. Proceeds—

fense

First

Business—

(max. $10).

amendment

Price—By

Design and manufacture of optical systems for the De¬

stop

suspending this registration statement.

Dorchester Gas

(1125)

Common
$5,000,000

October 16
Nevada

Power
(Bids

December 11

(Wednesday)
Bonds

Co.
11:30

a.m.

EDST)

$11,000,000

(Wednesday)

Consolidated Edison Co. of New
(Bids

11

a.m.

EST)

York———Bonds

$60-$75,000,000

26

26

The Commercial and Financial Chronicle

(1126)

Continued jrom page

Diversified Fund,

American

Israel

25

Inc.

Lord Jim's

22, 1963 filed 550,000 common. Price—Net asset
value plus 8%%- Business—A new mutual fund special¬
April

Proceeds

series.

program

For loan repayment and
New York. Un¬

—

securities. Proceeds—For

worKing capital. Office—640 Fifth Ave.,

izing in Israeli and American

derwriter—Burnham & Co., | New York.

investment. Office—54 Wall St., New

Aug.
are

stock¬

company

10,000

by a

BusinessCompany is engaged in the sale of terrazzo and quartz
aggregate, marble, granite and related items and in the
production of certain marble and quartz aggregates.
Proceeds—For debt repayment, working capital, equip¬
ment, and other corporate purposes. Office—1401 Frank¬
lin Rd., S. W., Roanoke, Va. Underwriter—J. C. Wheat

& Co.,

also

Real Estate Investment Trust

be

—inauotrial

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

Greater

Nebraska

&

— Foi
duPont Plaza

>

Corp.

Proceeds—For gen¬

banking, insurance, finance, etc.

Lincoln,

Hawaiian

Telephone Co.

Offering

Co., Inc., New York.

Aug.

>

Fund,

^—

Indefinitely post¬

•

(10/1)

1963 filed $18,525,000 of first mortgage

15,

bonds

1, 1993. Proceeds—To refund outstanding 5%%
first mortgage bonds due 1990, and reimburse company's
treasury for construction expenditures. Address—Madi¬
son Ave., at Punch Bowl Rd., Morristown, N. J. Under¬
writers—( Competitive). Probable bidders: Halsey, Stuart

(9/25)

20, 1963 filed 534,000 common to be offered for
subscription by stockholders on the basis of one new
share for about each 10 held of record Sept. 25. Price—

(max. $23). Proceeds — For expansion.
St., Honolulu. Underwriter—None.

&

Co/Inc.; White, Weld & Co.; First Boston Corp,; East¬
man Dillon, Union Securities & Co.-Salomon Brothers &
•
Hutzler
Merrill Lynch, Pierce, Fenner & Smith Inc.
Heck's, Inc. (10/14-18)
June 12, 1963 refiled 180,000 class A common.
Price—
(jointly); Kidder, Peabody & Co.; Harriman Ripley &
Co. Bids—Oct. 1(11 a.m. EDST) at 80 Pine St, New
$2.50. Business—Operation of discount stores. Proceeds
—To provide fixtures and inventory for a new store, and 1 York. Information Meeting—Sept. 26 (10 a.m.
EDST) at
for working capital. Office—6400 MacCorkle Ave., S. W., j% same address.
"
"
'*
St. Albans, W. Va.
Underwriter—Charles Plohn & Co.,
Jersey Central Power & Light Co. (10/15)
New York,
Aug. 21, 1963 filed $9,000,000 of debentures due Oct. 1,
Office—1130

Alakea

-

>

v

Hill Street Co.

Oct.

16,

1988.

filed 2,265,138

1961

to be offered

common

for

nia

on

share-for-share

a

Office—760

vestment.

basis.

investment

management

S.

Price—$3.

Hill

St., Los Angeles.

in¬

Under¬

writer—None.

Holiday Mobile

Home Resorts,

Inc.

March 27, 1963 filed $1,250,000 of 6V2% Conv. subord. de¬
due 1978, and 75,000 common to be offered in

units

consisting of $50 of debentures and 3 shares. Price
•—S68 per unit. Business—Development and operation of
mobile home resorts throughout U. S.
Proceeds—For

Juniper Spur Ranch, Inc.

not

be

withdrawn

as

Key Finance Corp.

June

amended.

7,

ment
Horace Mann
Feb.
to

1963 filed

1,

offered

be

Life

health

Insurance Co.

200,000 common, of which

80,000 are

...

120,000 by stockholders.
Business—Writing of life, accident and

writer—Horace Mann
International

Investors Inc.,

State

Telephone Co.

Sept. 5, 1963 filed ^983 common to be offered for sub¬
scription by stockholders on the basis of two new shares
of

record

Oct. 21. Price—$100.

Busi¬

ness—Company, 36.8% owned by Illinois Bell Telephone,
furnishes telephone service in Illinois. Proceeds
For

International

purposes.

Fund,

common.

Inc.
Price

—

Net asset

plus TVi%. Business—A new mutual fund which
will acquire assets of Keystone International Fund, Ltd,
a Canadian corporation, and invest in securities
through¬
out the Free World.

50

loan

repayment,
North

None.

and

Cherry

other corporate purposes. Office
St., Galesburg, 111. Underwriter—

—

Congress St, Boston/ Underwriter—Keystone

Boston.

/

<

4

Krasnow
June

Co.

of

• >

Industries, Inc.

28, 1963 filed 125,000 common. Price—By amend¬
(max. $5). Business—Volume manufacture of in¬

ment

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

—For

New

York.

July 3,

1963

value

asset

which

Inter-Continental

will

Fund,

Inc.

• Lewis Business
Forms, Inc. (9/23-27)
July 22, 1963 filed $1,250,000 of convertible subordinated
debentures due Sept. 1, 1975. Price — By amendment.

forms.

filed
plus

3,000,000 capital shares. Price—Net
7V2 %. Business—A new mutual fund

succeed

to

business
of
Investors
Group
Canadian Fund Ltd., and invest in securities
throughout
the Free World. Proceeds—For
investment. Address—
1000 Roanoke

Bldg., Minneapolis. Distributor—Investors
Diversified Services, Inc. (same
address).
Investors Realty Trust
real

struction

estate
and

investment

investment.

trust.
Office

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

—

Proceeds
_

3315

$10. Business
—

For

con¬

Connecticut

in

securities

of

Israeli

enterprises. Proceeds—For
investment. Office—17 East 71st
St., New York. Under¬
writer—Israel Securities
Corp., (same address).




of

a

diversified line

of business

plant

expansion loan repayment
and working capital. Office—243 Lane Ave, North, Jack¬

sonville, Fla. Underwriters—Reynolds & Co, Inc., New
York, and Saunders, Stiver & Co, Cleveland.
•

Life Insurance Co.

Aug.

of

Medic
Feb.

$1.25.

Offering—Indef¬

named.

be
•

■

,

-

/- •

•

-

Corp.

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

Proceeds—For

firms.

ance

operating

repayment,

investment in other insurance concerns.
Address—714 Medical Arts Bldg, Oklahoma City.
Un¬
derwriter—Lincoln Securities Corp. (same address).
and

expenses,

Industries

Medical

Fund, Inc.

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

medical

industry and capital growth situations. Office
Lafayette St, Denver. Underwriter -4 Medical As¬

—677

sociates, Inc. Denver.

"

Medical Video Corp.

13, 1961 filed *250,000 common.

ness

Manufacture

—

Proceeds

For

—

medical

of

corporate"

general

Calif.
Corp., Los Angeles.

Underwriter

City,

Price

$1. Busi¬
equipment.

—

electronic

Office—

purposes.

—

Financial

Equity

-

Meridian
March

Fund, Inc.
196j3 filed 500,000 capital shares.

4,

asset value plus 5%.

Business—A

new

Price—Net

mutual fu.id to be

initially to members of the medical profession.
investment.

Office—714

Underwriter—Centennial

Boston

Management

Bldg,

Re¬

&

search Corp, (same address).
•

Middlesex Water Co.

5/1963 filed 35,000
in

water

debt

certain

Price—By amend¬

common.

Business—Collecting and distributing

(max. $36).

New

of

areas

Jersey.

Proceeds—For

Office—52 Main St., Woodbridge, N. J.

repayment.

Price—By amend¬
ment (max. $6). Business — Writing of industrial
life,
accident and health insurance as well as ordinary life
Proceeds—For

common.

investment

and

eventual

ex¬

pansion. Office—2960 Coral Way. Miami. Underwriter—
Pierce, Wulburn, Murphey, Inc./ Jacksonville. Offering—
Temporarily postponed.
:
-

Logos Options, Ltd.
11, 1962 filed 250,000 capital shares. Price

April

amendment

(max. $10).

Industries Corp.

1963 ("Reg. A") $300,000 of 7% convertible
sinking fund debentures due 1975. Price—At par. Busi¬
ness—Manufacture of small pleasure craft.
Proceeds—
For

13,

debt

capital.
Houston

repayment, equipment, research and working
Address—Harlan, Ind. Underwriter—Smith,
& Co., Inc.. Fort Wayne, Ind.

Midwest Technical

Development Corp.

1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
for each two shares held.
Price—By amendment (max.
Feb.

26,

e S S—A closed-end management investment
Proceeds—For general corporate purposes.
Office—2615
First National
Bank Bldg, Minneapolis.

$7).

BUs i n

company.

Underwriter— None.
Mobile
Jan.

and
For

Home

-Jj ,/.■•>/

.

Parks

.

//

\

"

b-

Development Corp.

128, 1963 filed 1,250,000 common. Price—$2.50. Busi¬
plans to develop" mobile homes, parks
residential and commercial real estate. Proceeds4—
general corporate purposes.
Office—82 Baker St,
/Underwriter—Overseas
Investment Service,

Atlanta.

Seville, Spain.
•

Monarch

''

'

_

Marking System Co.

(9 19)

Aug. 14, 1963 filed $2,500,000 of convertible
debentures due Sept. 1. 1983. Price — By
Business—Manufacture

and

subordinated
amendment.

distribution of price-mark¬

machines for imprint¬
Proceeds—For a new plant
— 216 South Torrence St.,
O. Underwriter—McDonald & Co, Cleveland.

ing and affixing such tickets.
and moving expenses. Office
Dayton,
•

Morton

By

Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y. Note—This company formerly was named
Logos Financial. Ltd. Offering—Indefinite.

(B.

C.)

Realty Trust

(10/1-4)

1963 filed 1.000,000 shares of beneficial inter¬
est. Price—$10. Business—A real estate investment trust.
Proceeds—For investment. Office—141 Milk St, Boston.
Underwriter—B. C. Morton Funds Underwriters Co,
June 21,

Inc.
—

Business—A diversified closed-

end investment company. Proceeds—For investment. Of¬

fice—26

Midwestern

Aug.

ing tickets, tags and labels, and

Florida

16, 1963 filed 400,000

Underwriter—None.

Israfund-lsrael Fund, Inc.
July 29, 1963 filed 300,000 common. Price—$10. Business
—Fund plans to own stock of
companies which will invest

Proceeds—For

insurance.

May 31, 1962 filed 200,000 shares. Price
—A

Underwriter—

Atlanta.

ness—Company

.

Business—Manufacture

Investors

Underwriter—To

initely postponed.

Proceeds—For investment. Office—

—

—100

Bldg.,

Offering—Indefinite.

corporate

value

Data

for each five held

Federal

common

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

other

Aug. 13, 1963 filed 200,000

(same address).

Systems, Inc.
Aug. 2, 1963 ("Reg. A") 11,000 common to be offered
for subscription by stockholders of record Oct. 23, 1963,
on
a
pro-rata basis. Price—At-the-market. Business—
Development, design and manufacture of electronic de¬
vices. Proceeds—For a selling stockholder. Office—2925
Merrell Rd., Dallas. Underwriter — A. G. Edwards &
Sons, St. Louis.
Intra

Y.

N.

ment

repayment,
Address—Rio
Piedras, Puerto Rico. Underwriter—Myron A. Lomasney
& Co, New York.
and

Keystone

Office—216 E. Monroe St., Springfield, 111. Under¬

poses.

2,000

Marshall Press, Inc.
May *29, 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sales
staff and working capital.
Office—812 Greenwich St.,

Jurie

80,000 common. Price—By amend¬
Business—Operation of a small loan

Investment

1962 filed

Fulton

offered

filed
$5).

York.

expansion

Proceeds—For general corporate pur¬

insurance.

1963

(max.

Ingram,

New

None.

Studio

(9/23-27)

St,

Corp.
(with attached war¬
rants).
Price—$500. Business—Company plans to fur¬
nish equity capital to firms in the atomic, space and
missile fields, and provide advisory and management
counseling services on a fee basis. Proceeds—For re¬
payment of loans, and general corporate purposes. Office

Fen¬

Bldg, Salt Lake City.

Broad

50

—

business in Puerto Rico. Proceeds—For loan

by company and

Price—$12.50.

Management

Aug. 29,

Denver.

•

Underwriter

Mahoning Corp.
July 26, 1963 filed 200,000 common. Price—$3. Business
—Company plans td engage in the exploration and de¬
velopment of Canadian mineral properties. Proceeds—
For general corporate purposes.
Address—402 Central
Tower Bldg, Youngstown, Ohio. Underwriter—Nonie.

Proceeds—For

Anderson & Co, Newhouse

York. Note—This statement will
previously reported, but will be

New

Inc.,

Office—

capital.

working

and

Ave, New York.

&

biepnen,
Offering—Indefinite.

Nov.

("Reg. A") 300,000 common. Price — $1.
a gasoline and diesel oil fill¬
ing station, a restaurant and allied facilities. Proceeds—
For general corporate I purposes. Underwriter — V. E.

Office—4344 East Indian School Rd., Phoenix.
Underwriters—Boettcher & Co., Denver, and J. R. WilBeane,

production

and

Madison

543

May 27, 1963

poses.

&

filming

Price—$5.75. Busi¬

common.

production of television films. Proceeds—For

ness—Tne

bid¬
First
Co.-

(9/23-27)

1981 iilea

Lamoeri

■:

>

Films, Inc.
125,000

31,

Angeles...Underwriter

Canyon Rd, Los

Co, Los Angeles.

Business—Construction of

repayment, construction, and other corporate pur¬

liston

Aug.

Bowl Rd, Morris-

Har¬
riman Ripley & Co. Bids-^Oct, 15 (11 a.m. EDST) at 80
Pine St, New York. Information Meeting—Oct. 10 (10
a.m. EDST)
at same address.

bentures

debt

at Punch

town, N. J. Underwriters— (Competitive). Probable
ders: Halsey, Stuart & Co. Inc.; White, Weld & Co.;
Boston Corp.; Eastman Dillon, Union Securities &
Salomon Brothers & Hutzler-Merrill Lynch, Pierce,
ner & Smith Inc. (jointly); Kidder, Peabody & Co.;

Business—A

Proceeds—For

company.

Price—By amendment. Proceeds—For construction.

Address—Madison Avenue

subscription by stockholders of Union Bank of Califor¬

lVIandevine

^-130

Inc.

due Oct.

Aug.

By amendment

teacning maeiunes

of

Jersey Central Power & Light Co.

Office—1107 Federal Securities
Neb. Underwriter—None.

corporate purposes.

Building,

Price—$3. Business

design of

tne

uesigmng,

production

Janus

20, 1963, filed 3,000,000 common. Price—$2. Busi¬
ness—Company plans to operate subsidiaries in the fields
eral

the

April 10, 1963 filed 500,000 capital shares. Pric: — Net
asset value plus 8!/2%. Business—A new mutual fund
seeking capital appreciation. Proceeds—For investment.
Office—467 Hamilton Ave., Palo Alto, Calif. Underwriter
—Mutual Fund Distributors, Inc. (same address).

Feb.

of

Inc., New York.

poned.

development of real estate. Proceeds

general corporate purposes. Office—811
Center, Miami, Fla, Underwriter—None.

Address^Tel-Aviv, IsraeL Underwriter

teaching programs. Proceeds—
For expansion, new facilities and working capital. Office
—315 Central Park W., N. Y. Underwriter—R. F. Dowd
and

eubscnption
sition and

citrus plantations. Proceeds—For general cor¬

Jaap Penraat Associates, Inc.
Jan. 30, 1962 filed 100,000 common.

Greater Miami Industrial Parky Inc.
Feb.

A real estate development company

—

—Rassco of Delaware

trust.

Co., Ltd.

ordinary shares. Price—$55.
which

1963 filed 60,000

28,
owns

porate purposes.

Note—This firm, formerly was known

named,

Continental Real Estate Investment

Hayward Ave., Baltimore. Underwriter—Inves¬
Corp. of America, New York.

Business

1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment;: Office—530 St.. Paul PI., Baltimore. Underwriter
as

to

Proceeds—For investment,- Office

"Isras" Israel-Rassco Investment

Aug. 3,

—To

wnicn plans

tors Planning

June

1601

(' Reg.

1903

Lunar

invest in Israeli firms.

—4200

Systems, Inc.
A") 100,000 common. Price — $1.
Business—Operation of drive-in restaurants. Proceeds—
For
leases, equipment and working capital.
Office—
14,

—Keon &

Price—$12.50. Busi¬

company

investment

Service

Jan.

Inc.

ciosea-end

ness—a

Richmond, Va.

Great Continental

York. Distributor-

(same address). ///.'

July 18, 1963 filed 500,000 common.

(max. SB).

Price—By amendment

holder.

Fund,

Israel

120,000

and

by

offered

be

v

130,000 common, of which

1963 filed

26,
to

(10/1)

Materials Corp.

Stone &

General

Israel Fund Distributors, Inc.

Thursday, September IS, 1963

...

.

(same address)

Municipal

Investment Trust Fund,

Series B

April 28, 1961 filed $15,000,000 (15,000 units) of. interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of states, counties

municipalities and territories of the U. S.

Proceeds—For

Volume

193

investment. Sponsor

Number

6300

.

.

.

The

and

Commercial

New York. Offering—Indefinite.
•

National Aviation

Underwriters, Inc. (10 7-11)
("Reg. A' ) 24,000 common. Price—$12.50.
Business—Company represents National Insurance Un¬
derwriters, a reciprocal insurance exchange. Proceeds—
For expansion and working capital. Office—8030 Forsyth
Blvd., Clayton, Mo. Underwriter—A. G. Edwards & Sons,
.

-

.

ated

stores.

a

ment,

debt

repayment,

National

Fence

welded

concrete

products.

of

reinforcing

chain

fabric,

gates

store

ex¬

link
and

Busi¬

fence,

related

ment and

to

operate

$1.

Busi¬

Mining Co., Inc.
//'
900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
PMA

on

dress—Plankington

of

ment

Washington

the basis of 1.78 shares for

Nevada Power Co.
(10/8)/,
Sept. 6, 1963 filed 120,000 common. Price—By amend¬
(max. $40). Proceeds—For .construction,, and loan
repayment. Address—P. O. Box 230, Las Vegas, Nevada.
jUnderwriter—White, Weld & Co., Inc., New York.

construction.

Power

Jan.

to

EDST) at 55 Wall St., (5th floor), New York.
Campbell Island Mines Ltd.
Oct. 13, 1961 filed 475,000
common, of which 400,000 are
to be offered
by the company and 75,000 by a stock¬

Provident
value

New

World

Aug.
vates,

Fund, Inc.

Nordon Corp.

July 29,

1963

New

/

World

gas

natural

3,

—

Hydrofoil,

White-Henry-Stuart Bldg., Seattle,
—Henry D. Tallmadge Co.. Seattle.

—

Wash.

Underwriter

Nuclear Science &
Engineering Corp.
March 29, 1962 filed 100,000 common.

Price—By amend¬

(max.

un¬

Fund,

Inc.

1,000,000

8V2%. Business—A
—

Provident Management Co.

27,

1963

filed

400,000

(max. $3,166).

processes and

ordinary shares. Price—By
—
Company culti¬

Business

markets citrus fruits in Israel. Pro¬

of

$15). Business—Research




and

development

Inc.
("Reg. A") 75,000 common. Price — $2
; Business—Sale of travel and entertainment. Proceeds—,
For capital
investment, and working capital. Office—
411 West 7th St., Los Angeles. Underwriter—Costello
Russotto & Co., Beverly Hills, Calif. Offering—Indefinite,

-

23,

1962

Republic National Life Insurance Co. (10/7-11)
Aug. 30, 1963 filed 200,000 capital shares. Price—By
amendment (max. $80). Business—Writing of life, acci¬
dent, medical and pension insurance.
Proceeds—For
selling stockholders. Office—3988 N. Central Express¬
way,

Dallas,

Texas.

New York, and

filed
to

Underwriters—First

Sanders & Co., Dallas.

Boston

125,000

class A

purchase

80

writer

1,250

common

class

A

three-

and

shares

to

be

land

for home sites.

Office—3615

'

Olive

St.,

St.

Proceeds—For

Louis.

Under¬

R, L. Warren

Co., St. Louis. Offering—Indefi¬
■!////./Vr'V*
' '
'
\ '
'

—

nite.

of

acres

/

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

private

other

and

rent-free |

and apartments by members
upon their
Proceeds—For working capital, construction

corporate

purposes.
Office—235 Lockerman
Underwriter—John D. Ferguson,
Dover,

St., Dover, Del.
Del.

of

use

homes

retirement.

Offering—Indefinite..

Rogers Brothers Co. (9/25)
Aug. 7, 1963 filed 105,458 common, of which 70,000 will
be sold by company and
35,458 by a stockholder. PriceBy amendment (max. $18).
Business-*-Processing of
potatoes, and
sweet

the

dress—P. O. Box

Satawa

raising of

seeds.

corn

high

grade?pea, bean and

Proceeds—For

working capital.

2188, Idaho Falls, Idaho.

Ad¬
Underwriter

Co., Los Angeles.

Gold

Mines

Ltd.

Aug. 9, 1963 filed 1.000.000
ment

ceeds—For

debt

expenses.

Feb.

28,
to

Financial

filed

1962

be

B and

B

repayment, construction of a mill and
Address—Port Arthur, Ontario, Can¬

Underwriter—None.

Selective

are

common.
Price—By amend¬
Business—Gold prospecting. Pro¬

(max. 30 cents).

offered

Corp.

500,000

for

on

common,

subscription

C stock of Selective

by

of which 405,000
holders of the A,

Life Insurance Co., an affili¬

the basis of 4 company shares for each class A

share

and

Selective

two-thirds

Life

share

for

each

class

C

share

or

of

held.

Remaining 94,822 and any unsub¬
scribed shares will be offered publicly. Price—To public
$6; to stockholders, $5. Business—Company plans to en¬
gage
in the^ consumer finance, mortgage, general fi¬
nance

and

related

businesses.

corporate purposes.
nix.

Proceeds—F

general

o r

Office—830 N. Central Ave., Phoe¬

Underwriter—None.

Oct.

19,

1962 filed

Price—$15.

\

Properties
215,000

shares

of

beneficial

interest.

Business—A real estate investment trust.

Proceeas—For

investment

and

working capital.

Office

—1956 Union

Commerce Bldg., Cleveland, Ohio. Under¬
writer—McDonald & Co., Cleveland.
O f f e r i n g—In¬

definite.

'if'

i

Squire For Men, Inc.
July 9, 1963 ("Reg. A") $135,000 of 8% convertible de¬
bentures due 1969. Price
At par ($100). Business —
—

Manufacture and sale of custom hair pieces. Proceeds—For new products and working capital. Office—328 S.
Beverly Dr., Beverly Hills, Calif. Underwriter—Samuel
B. Franklin & Co., Los Angeles.
'

Stein Roe & Farnham Foreign Fund, Inc.
July 1, 1963 filed 1,000,000 capital shares. Price—Net as¬
set value. Business—Company was recently formed and
will succeed to New York Capital Fund, Ltd., a Canadian,
corporation. It will provide investors a means of in¬
vesting in Canada, Western Europe and other foreign
Proceeds—For investment.

Office—135 S. LaSalle

St., Chicago. Underwriter—None.
•
Subscription Television, Inc. (10/1-4)
Aug. 22, 1963 filed 1,900,000 common. Price—$12. Busi¬
ness—Company plans to establish and operate a sub¬
scription television system in the Los Angeles and San
Francisco
metropolitan areas. Proceeds—To complete
developmental work, and establish the initial system.
Address—Room 2600, One Wall St., New York. Under¬
writer—William R. Staats & Co., Los Angeles.

•

Summit

National

(9/23)
Price—$12. Business
—Company plans to buy ail the outstanding stock of
Summit National Life Insurance Co., organized in Feb¬
ruary 1963 in Ohio as a legal reserve life insurance com¬
Aug. 9, 1963 filed

Recreation Industries,

Nov.

Inc.

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

hydrofoil vessels. Proceeds—For
working capital, office
expansion and other corporate
purposes. Office — 428

ment

chiefly

phonograph records, and the publishing of
offices, work¬
ing capital, and other corporate purposes. Office—801
•Sixteenth Ave., South Nashville, Tenn.
Underwriter—
^Tennessee Securities Inc., Nashville.

Underwriter—Greg-

1963
—

property,

•
Recording Industries Corp. (10/1)
July 19, 1963 filed 297,000 common. Price—$5. Business
—Company plans to engage in the recording and man¬

ory-Massari, Inc., Los Angeles. Offering—Indefinite.

Business

real

-sheet music. Proceeds—For construction of

60,085 capital shares. Price
By
(max. $3.25). Business—Acquisition of oil
properties, and the production of crude oil and
gas. Proceeds—For selling stockholders. Office

Northwest

plus

ufacture

Ltd,

filed

—5455 Wilshire
Blvd., Los Angeles.

Sept.

of

selling stockholder/ Address—Tel-Aviv, Is¬
rael. Underwriter—Rassco of Delaware, Inc., New York.

Distributing Co.

<

amendment
and

sale

sell

areas.

ceeds—For

21, 1963, filed 250.000 common. Price—Net asset
value plus 8M>%. Business—A new
mutual fund. Pro¬
ceeds—For investment. Office—4680
Wilshire Blvd., Los
—

Stock

1963 filed

amendment

St., Boston.

Feb.

Angeles.' Underwriter
(same address).

we

Rasscc Plantations Ltd.

—

Franklin

and

marck, N. D. Underwriter
(same address).

share, for each 12 held of record
Aug. 27. Rights
Sept. 23.
Price
S45.
Proceeds
To
advances from parent, A. T. & T., and for other

new

185

Hence,

common. Price—Net asset
new mutual fund. Pro¬
ceeds—For investment. Office—316 North Fifth St., Bis¬

England Telephone & Telegraph Co.
/Aug. 1, 1963 filed 2,089,857 capital shares
being offered
if or subscription by common stockholders on the basis of

—

Price—$4.75

the company or its underwriter.
drop this statement from future issues.

April 11,

New

Office

shares.

improved land. Proceeds—For debt repayment, and ac¬
quisition of additional properties.
Office—195 Nassau
St., Princeton, N. J. Underwriter—None.

Business—Exploration, develop¬
mining. Proceeds—General corporate purposes
Office—90 Industry St.,
Toronto, Canada. Underwriter—
A. C. McPherson &
Co., Toronto.

purposes.

Corp.
1963, filed 200,000 capital

ness—Purchase

ment and

corporate

Cam

Princeton Research Lands, Inc.
March 28, 1963 filed 40,000 common. Price—$25. Busi¬

holder. Price—50 cents.

Underwriter—None.

Yancey Rd., Charlotte, N. C,

contact

will

a.m.

—

Office—4301

Un¬

units

Shaker

equipment, and working capital. Office — 2604
Leith St.,
Flint, Mich. Underwriter—Farrell Securities
Co., New York. Note—The "Chronicle" has been unable

New

repay

28.

1962

construction.

Inc.

—For

Lehman Brothers-Salomon Brothers & Hutzler
(jointly).
Bids—Oct. 16 (11:30 a.m.
EDST) at 20 Exchange Place
(Room 1709), New York. Ihformation Meeting—Oct. 4

expire

Co.,

Business—Company plans to manufacture a new type of
brake unit for heavy duty automotive vehicles. Proceeds

Probable bidders:

White, Weld & Co.; Eastman Dillon, Union Securities &
Co.-Kidder, Peabody & Co. (jointly); Halsey, Stuart &
Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith Inc.-

one

Gas

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

Sept. 6, 1963 filed $11,000,000 of first mortgage bonds due

will

Natural

erect

ate,

Powell

1993. Price—By amendment.
Proceeds—For construction
and loan repayment. Address—P. O. Box
1230, Las Vegas,

(11

Underwriter—None.

Underwriter—White, Weld & Co., Inc., New York;

(10/16)

Underwriters—(Competitive).

Office—1218 N. Central

Bay-to-Bay, Tampa.
St. Petersburg, Fla.

consisting of four shares and one war¬
Price—$32 per unit,
Business—Company will
and operate a
luxury hotel and resort facilities,

mining

Aug. 19, 1963 filed 139,940 common being offered for
subscription by stockholders on the basis of one new
share for each 10 held of record Sept. 9.
Rights will
expire Sept. 25.
Price—$16. Business—Distribution of
natural gas in North and South Carolina. Proceeds—For

ment

Nevada.

warrants

ada.

operating expenses.

Piedmont

working capital and, ether cor¬
Office—Tekoil Bldg., Oklahoma City

Power Co.

Underwriter-

Philippine Oil Development Co., Inc.June 11, 1963 filed 325,000,000 capital shares to be of¬
fered for subscription by U. S. resident stockholders on
the basis of one new share for each two held. Price—By
amendment (max. 1 cent). Business—Exploration for oil
and gas in the Philippines. Proceeds—For debt repay¬
ment, and operating expenses. Address—Manila, The
Philippines. Underwriter—None.

purposes.
Underwriter—Peter Morgan & Co., N. Y.

Nevada

and

Ave., Phoenix.

to be offered for sub¬

expenses,

porate

Bldg.v

Ad¬

July 24, 1963 filed 100,000 common. Price—$1.50. Busi¬
ness—Company plans to explore iron deposits on its
property. Proceeds—For mining operations, debt repay¬

-Natural Gas & Oil Producing Co.
(10 1-4)
Sept. 7, 1962 filed 180,000 class A common. Price—$5.
Business—Production of natural gas and oil. Proceeds

drilling

Proceeds—For investment.

Pacific Mines, Inc.

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

—•For

21,

—Dean Witter &

Milwaukee.
Fund Management, Inc. (same address).

,

Co.

common

ing in insurance stocks.

only in the State of
.

Insurance

(10/7-11)
Aug. 12, 1963 filed 64,000
scription by stockholders

i

made

Insurance Fund Inc.

April 8, 1963 filed 200,000 common, Price—Net asset
value plus 4%. Business—A new mutual fund specializ¬

1962 refiled $8,000,000 face amount certificates
(series 20) and 300,000 common shares. Price—For cer¬
tificates, $762; for stock, $1.15. Business—A mortgage
loan company. Proceeds — For general corporate
pur¬
poses. Office — 113 S. Hydraulic, Wichita, Kan. Under¬
writer—National Mortgage Agency, Inc., (same address).

Union

company.

Outlet

National Mortgage Corp., Inc.

National

development

Feb. 28* .1962 filed

a

Dec. 28,

be

investment and

address).
—

in cemetery develop¬

life and disability
insurance concern. Proceeds—For general corporate pur¬
poses. Office—13 Si. Broadway, Red Lodge, Mont.
Un¬
derwriter—Security Brokerage Co., Billings, Mont.

Note—This offering will
Kansas.

estate

(same

engage

establish and

real

Office—2909

Resort Corp. of Missouri

Nov.

and

Proceeds—For investment. Office—1802 N. Central Ave.,
Phoenix. Underwriter — O'Maliey Securities Co.

.

Company plans to

•

rant.

—A

National Memorial Estates

—

investment.

offered in

•
O'Maliey Investing Corp. (10/1)
Aug. 9, 1963 filed 300,000 "common. Price—$10. Business

Proceeds—For construction of

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

Rum Co.

subscription by common stockholders in units of one
share and one warrant, on the basis of one unit for
each two shares held. Price—By amendment (max. $4).
Business—Company is engaged in the production, of rum
and other alcoholic beverages. Proceeds—For working
capital, loan repayment, sales promotion and equipment.
Office—1035 N. W. 21st Terrace, Miami. Underwriters—
Pierce, Wulbern, Murphey Inc., Jacksonville, and Con¬
solidated Securities Corp.,Pompano Beach, Fla. Offering
—Temporarily postponed.

and

_

Old Florida

(10/1-4)

derwriter—Hensberry & Co.,

for

a plant in Ire¬
working capital.
O f f i c e—4301
46th, St.,
Bladensburg, Md. Underwriter—Netherlands Securities
Co., New York.

land,

For

1963 filed 338,755 common, and warrants to
purchase an additional 338,755 common, to be offered

Business

Price—$8.75.

common.

galvanized

equipment, debt repay¬
capital. Address—P. O.

July 29,

Manufacturing Co., Inc.

1962 filed 100,000

ness—Manufacture

working

capital corp.

common. Price—$12.50. Busi¬
small business investment
company. Proeeeus—

ness—A

year
•

(9/23-27 J.'"';"'
Nov. 29,

and

Kesearcn

27

Sept. 3, 1963 filed 400,000

withdrawn.

pansion |and working capital.
Address—Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.
Note—
This registration will be withdrawn.
•

Proceeds—For

expansion

109Q1, Pittsburgh. Underwriter—Johnston, Lemon,&
Co., Washington, D. C. Note—This registration will be

cleaning and pressing plant and affili¬

Proceeds—i?or

(1127)

Box

.

National Equipment & Plastics Corp,
Sept. 28, 1961 filed 105,000 common. Price—$5.

—Operation of

services.

ment

Aug. 26, 1963

St. Louis.

Chronicle

on
contracts using radioactive tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬

Ira Haupt & Co., Ill Broadway,

—

Financial

pany.

Proceeds

—

Holding Co.

150,000

For

common.

investment

in

above

stock,

*

andv;
CL

working capital. Office—2003 West Market St., Akron,
Underwriter—Fulton, Reid & Co., Inc., Cleveland.
Sutro

Mortgage Investment Trust

Feb.

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

investment.

Office—4900

Wilshire

Blvd., >'

Angeles. Underwriter—None.

Teaching Machines, Inc.
April 1, 1963 filed 150,000 common. Price—$5 Business-*.

Company develops and sells teaching machines ex¬
clusively for Grolier Inc. Proceeds—For loan repayment
and other corporate purposes. Office—221 San Pedro,
N. E. Albuquerque. Underwriter—S. D. Fuller & Co.,
New York.
Offering—Indefinitely postponed.
Tecumseh

Investment

Co.,

Inc.
Price—$100.
—A holding company which plans to organize
surance
company.
Proceeds—For investment
Jan. 21, 1963 filed 48,500 common.

Government Bonds and

/Lafayette
Amosand

Life
Inc.

Bldg.,

in

new

subsidiary.

Lafayette,

Ind.

Business
life in¬
in U. S.

a

Office—801

Underwriter—

(same address).,

Corp.,
Conitnued

on

page

28

28

The Commercial and Financial Chronicle

(1128)

ital.

Continued from page 27

Office—71

writer—Shields
Hue*

SP*ci'f'iQ

tion

July 27, 1962 filed 313,108 common. Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and

packaging products.
Address—Elsa, Texas.

Proceeds—For working capital.
Underwriter—To be named. Of¬

fering—Indefinite.

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

Business—Operation of a chain of self-serv¬
selling clothing, housewares, etc. Pro¬
ceeds—For expansion, equipment and working capital.
Office—2220 Florida Ave., Jasper, Ala.
UnderwriterPrice—$6.
ice

Noel &

Alstyne,

Offering—Tem¬

Co., New York.

porarily postponed.
Transarizona

Inc.

Resources,

1962 filed 500,000 capital shares.
Business—Exploration, development and
the Lake Shore copper deposit near Casa
Proceeds—For equipment, exploration and
ital. Office—201 E. 4th St., Casa Grande,

Price—$1.50.

May 28,

production of
Grande, Ariz.
working cap¬
Ariz.

Under¬

Transpacific Group, Inc.
July 26, 1963 filed 155,000 common. Price—By amend¬
ment (max. $15). Business—An insurance holding com¬
pany. Proceeds—For expansion. Office—520 S. W. 6th
Ave., Portland, Ore. Underwriter—None.
Trans World Life Insurance Co.

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

capital and surplus. Office—609

Sutter St., San
Francisco. Underwriter—Alex. Brown & Sons, Baltimore.
crease

Offering—Indefinite.

(Minn.)

unlimited

Price

basis.

—

At

Business—

par.

A holding company for United Investors Fun'd Corp. (a
broker-dealer which sells mutual funds) and United

Capital Life Insurance Co. of Minnesota. Proceeds—To
increase capital and surplus of United Capital Life
Insurance Co. of Minnesota. Address—1300 First National
Bank Bldg.,

Minneapolis. Underwriter—None.

U. S. Controls, Inc.
Aug. 8, 1963 filed $210,000 of 6%% debentures due 1973
and warrants to purchase 31,500 shares to be offered for
public sale in units of one $100 debentures and 15 war¬
rants. Price—$100 per unit. Business—Development and
manufacture of heating equipment and automatic control
systems. Proceeds—For inventory, sales promotion, note
prepayment and working capital. Office — 410 Fourth
Ave., Brooklyn, N. Y. Underwriter—M. H. Meyerson &
Co., Inc., New York. Offering—Expected in November.

Unified

Mutual

Shares, Inc.
1963 filed 750,000 capital shares. Price — Net
plus 8V2%. Business—A new mutual fund.

Aug. 22,
asset

Steel, Inc.
("Reg. A") 245,000 common. Price—$1.
Business—Company plans to erect a mill to produce cer¬
tain types of iron by the new "Taylor Process." Proceeds
—For
plant construction and general corporate pur¬
17,

poses.

Wyo.

1963

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

Note—The

pending this issue.
Western
March

value

Proceeds—For investment. Address—207 Guaranty Bldg.,

Indianapolis. Distributor
(same address).

—

Unified Underwriters, Inc.,

Union

International, Inc.
filed $4,000,000 of 6V4%

subordinated
and 400,000 common. Price—For
debentures, at par; for stock $3.50. Business—Company
will take over and operate Western Union Telegraph's
international telegraph operations.
Proceeds—For sell¬
ing stockholder, Western Union Telegraph Co., parent.
Office—60 Hudson St., New York. Underwriters—Ameri¬
can
Securities Corp., and Glore, Forgan & Co., New
29,

debentures

York.

1963
due

1983,

Offering—Indefinite.

I

Penn

Racing Association
March 8, 1963 fited $1,000,000 of 6%% sinking fund de¬
bentures due 1978 and 100,000 class A non-voting com¬
mon shares to be offered in units of one $100 debenture
and 10 shares.

Business—Company
has been licensed to conduct harness racing with parimutuel
betting.
Proceeds—For debt repayment and
working capital. Office—3 Penn Center Plaza, Philadel¬
phia.
Underwriter—Stroud & Co., Inc., Philadelphia.

Price—$220 per unit.

Offering—Indefinite.
Winslow
Dec.

Electronics, Inc.

28, 1961 filed 125,000 common.

—Design

United Investors Corp.

an

Western

Jan.

electronic

July 29, 1963 filed $500,000 of 6% convertible debentures
due 1973 to be offered for subscription by stockholders
on

Under¬
Note—This registra¬

withdrawn.

be

William

writer—None.

•

Joseph St., Mobile, Ala.

Co., Inc., N. Y.

stores

retail

Van

will

Saint
&

ceeds—For
poses.

Price—$4.

Business

and manufacture of precision electrical and
measuring devices and test equipment. Pro¬
debt

repayment and other corporate

Office—1005

First

Ave.,

Asbury

Park,

pur¬

N.

J.

Public

Service

(10/3)
Aug. 27, 1963 filed $15,000,000 of first mortgage bonds
due Oct. 1, 1993. Proceeds — To repay bank loans and
either for refunding of outstanding 5J/4% first mort¬
gage bonds due Nov. 1, 1989, or for construction. Office
—1029 North Marshall St., Milwaukee. Underwriters—
(Competitive)., Probable bidders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; East¬
man Dillon, Union Securities & Co.-Salomon Brothers &
Hutzler (jointly); First Boston Corp.; White, Weld &
Co.; Kidder, Peabody & Co. Bids—Oct. 3 (10 a.m. CDST)
at 231 South LaSalle St., Chicago. Information Meeting
—Sept. 26 (10:30 a.m. CDST), same address.
Corp.

("Reg. A")

Business—Production
Proceeds—For

120,000 common.

and

sale

debt repayment,

of

Price—$2.50.

petroleum

products.

construction and work¬

Address—P. O. Box 670, Thermopolis, Wyo.
Underwriter—Northwest Investors Service, Inc., Billings,
ing capital.

Mont.

Not e—The SEC

business

acquisition of above stock, loan repay¬
working capital. Office—2201 Northwest 41st

Proceeds—For
ment

and

St., Oklahoma City. Underwriter—Equity Underwriters,
Inc.

(same address),

i Otter Tail Power Co. (10/23)
Sept. 16, 1963 filed $7,000,000 of first mortgage bonds
due 1993. Proceeds—For loan repayment, and construc¬
tion. Office—215 South Cascade St., Fergus Falls, Minn.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co. Inc.; Glore, Forgan &
Co.-Kalman & Co. (jointly); White, Weld & Co.; Mer¬
rill

Lynch, Pierce, Fenner & Smith Inc.-Salomon Broth¬
& Hutzler (jointly). Bids—Oct. 23 (10 a.m. CDST)
at office of Fiedly, Austin, Burgess & Smith, 11 So. La
Salle St., Chicago.
ers

^ Pacific Southwest Airlines (10/14-18)
Sept. 13, 1963 filed 79,477 common. Price—By amend¬
ment (max. $40). Business—Company provides daily air
passenger service between the Los Angeles, San Fran¬
cisco and San Diego metropolitan areas. Proceeds—For
selling stockholders. Address—3100 Goddard Way, San
Diego. Underwriter—E. F. Hutton & Co., Los Angeles.

★ Pocono Downs, Inc.
Sept. 10, 1963 filed $2,500,000 of 6V2% subordinated sink¬
ing fund debentures due 1978, 375,000 common and 250,000

warrants

to

purchase additional common, to be of¬
consisting of one $100 debenture, 15 shares
and warrants to purchase an additional 10 shares. Price
—$175 per unit. Business—Company plans to operate a
harness racing track in Luzerne County, Pa. Proceeds—
For construction, and loan repayment. Address — 504
First National Bank Bldg., Wilkes-Barre, Pa. Underwrit¬
er—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.
fered in units

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

common.

Price

—

$5.

subsidiary life in¬

a

company. Proceeds—For general

Office—2904 Georgian Court,

corporate

pur¬

Lincoln, Neb. Un¬

derwriter—N one.

★ Ramo Inc. (10/14-18)
Sept. 16, 1963 filed $2,000,000 of
sinking fund debentures. Price—At

.

61/4%

subordinated

par. Business—Com¬
domestic and imported nutmeats for sale
distributors, supermarket chains and other

pany processes

to

food

wholesale outlets.

Proceeds—For construction of

new

a

plant, and working capital. Address—84th St., and West
Dodge Rd., Omaha, Nebr. Underwriter—First Nebraska
Securities Corp., Lincoln, Nebr.

it Redman Industries, Inc. (10/14-18)
Sept. 16, 1963 filed $1,200,000 of 6% convertible sub¬
ordinated debentures due 1975 and 204,000 common to be

Wyomont Petroleum Co.
May 10, 1963

Thursday, September 19, 1963

.

through the formation of two subsidiaries, or through
the purchase of stock in an existing insurance company.

poses.

Wisconsin

.

Company plans to engage in the life insurance

surance

Underwriter—To be named.

.

has issued

an

order temporar¬

offered

in

units

of

one

Price—By amendment
Manufacture

sale

and

$100

debenture

(max. $168
of

mobile

and

17

shares,

unit). Business—

per

homes.

Proceeds—For

general corporate purposes. Office—7808 Carpenter Free¬
way, Dallas. Underwriter — Eppler, Guerin & Turner,
Inc., Dallas.

★ United States Shoe Corp. (10/8)
Sept. 17, 1963 filed 225,500 common. Price—By amend¬
ment (max. $37). Business—Manufacture and retail sale
of shoes. Proceeds
For selling stockholders. Office—
1658 Herald Ave., Cincinnati. Underwriters — Merrill
Lynch, Pierce, Fenner & Smith Inc.; Blyth & Co., Inc.,

ily suspending this letter.

Unimed, Inc.
Sept. 3, 1963 filed $300,000 of 5Vz% convertible subordi¬

—

nated notes due 1973. Price—At par. Business—Develop¬
ment and manufacture of ethical drugs and
pharmaceu¬
ticals. Proceeds—For

marketing of existing products, and
development on new preparations. Address

research and

—Route

Issues Filed With SEC

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

Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For

Universal Moulded Fiber Glass Corp.

Aug. 23, 1963 filed 738,408
subscription by stockholders

to be offered for
the basis of three new

common
on

shares for each four held

of record Sept. 19. Price—By
(max. $2.50). Business — Production and
molding of plastics or related materials reinforced by
fiber glass. Proceeds—For loan
repayment, and working
capital. Address — Commonwealth Ave., Bristol, Va.
Underwriter—None.
amendment

Urefhane of Texas, Inc.
Feb. 14, 1962 filed 350,000 class A and
250,000 common to
be offered in units of one share of each class.
Price—

$5.05

unit.
Business—Manufacture of urethane
Proceeds—For equpiment, working

per

foams.

leasehold expenses and other corporate purposes.

capital,
Office

—2300 Republic National Bank
Bldg., Dallas. Under¬
writer—First Nebraska Securities Corp., Lincoln, Neb.

Offering—Temporarily postponed.
Valley Investors, Inc.
23, 1963, filed 328,858 common. Price—$1. Business

Jan.
'—A

new

mutual fund.

dress—Sidney, Mont.

Proceeds—For

investment.

Underwriter—To

be

Ad¬

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

posited

securities.

mutual

fund

Business

which

plans

—A

to

new

continue

exchange type
indefinitely to

exchange its units for additional contributions of secu¬
rities, and to seek long term growth of capital and inPhiladelphia Pike, Claymont, Del.

gistributor—Wellington Co.,
This

Inc., Philadelphia.

statement is expected to be withdrawn.

Waterman steamship Corp.
Aug. 29, 1961 filed 1,743,000 common.
ment.

B

u s

i

Note—

amend¬

working

cap¬

(max, $10). Business—Manufacture of electrically
powered hand tools, including electric saws, soldering
guns, sanders, planers and drills. Proceeds—For selling
stockholder, Nickolas T. Anton, President. Address-—
5810 Northwest Highwav, Chicago. Underwriter—Hay-

ment

★ General Acceptance Corp. (10/7-11)
Sept. 12, 1963 filed $20,000,000 of senior debentures due
1983. Price—By amendment. Business—Company is en¬
gaged in the consumer finance business, also does gen¬
eral commercial financing. Proceeds—For loan repay¬
and working capital. Office — 1105 Hamilton St.,
Allentown, Pa. Underwriters—Paine, Webber, Jackson &
Curtis and Eastman Dillon, Union Securities & Co., New
ment

York.

^ Israel Baby Food Co. Ltd.
Sept. 12, 1963 filed $190,000 of 8% subordinated deben¬
tures due 1975 and 14,000 8%

preferred ordinary shares.
debentures, $100; for stock $10. Business—
Company plans to prepare and market baby food in

Israel

den, Stone & Co., Inc., New York.

★ Western Transmission Corp.
Sept. 16, 1963 filed 1,162,537 capital shares to be offered
for subscription by holders of the capital stock and 6%
convertible
Natural Gas

subordinated

Corp.,

on

debentures

the basis of

and abroad. Proceeds—For loan repayment,

con¬

struction, equipment, and other corporate purposes. Ad¬
dress—Givat Brenner, Israel.
Underwriter—Brager &
Co., New York.

$1.

Business—Company plans

to

due

one

Transmission for each U. S. Natural

★ Gulf States Utilities Co. (10/21)
Sept. 17, 1963 filed 100,000 preferred (par $100). Pro¬
ceeds—To repay short-term loans. Office—285 Liberty
Ave., Beaumont, Tex.
Underwriters — (Competitive).
Probable bidders: Stone & Webster Securities Corp.;
Lehman Brothers-Equitable Securities Corp. (jointly);
Glore, Forgan & Co.-W. C. Langley & Co. (jointly); Lee
Higginson Corp.
Bids—Expected Oct. 21.
Information
Meeting—Oct. 15 (11 a.m. EDST) at One Wall St. (47th
floor), New York.

1977

of

S.

U.

share of Western

share held. Price—

operate

a

natural

gas

gathering system in the south central part of Wyoming.
The gas to be sold initially, will be purchased from U. S.
Natural, which has agreed to guarantee the payment of
all expenses approved by U. S. Natural for the company's
organization, financing and other start-up costs. Proceeds
—For construction, working capital, and other corporate
purposes. Office —• 1907 Chamber of Commerce Bldg.,
Houston.

Underwriter—j-None.

.

Effective Registrations
The following registration statements were de¬
clared effective this week by the SEC. Offering

details, where available, will be carried in the
Monday issue of the "Chronicle."

★ Midwest National Life Insurance Co.
Sept. 17, 1963 filed 160,000 common. Price—By amend¬
ment (max. $7). Business—Sale of life insurance. Pro¬
ceeds—For

working capital.
Address
Springfield, Mo. Underwriter—Stifel,
Inc., St. Louis.

—

Empire Bldg.,
& Co.,

Nicol'aus

★ Okliana Corp.

Price—By

s—The carrying of liner-type
cargoes.
Proceeds—For the purchase of
vessels, and
n e s




(10/14-18)
Sept. 13, 1963 filed 200,000 common. Price—By amend¬

Price—For

named.

Co., New York.

★ Wen Products, Inc.

This Week

United Variable Annuities Fund,

investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.

and Fahnestock &

Sept.
ferred

12,

1963 filed 500,000 common and 500,000 pre¬
($6 par); to be offered in units of five preferred
Price—$35 per unit. Business—

and five common shares.

Atlantic Coast Line RR.

i

first mortgage bonds due Oct. 1,
1988 offered at par by Halsey, Stuart & Co. Inc., New
York, (issue was exempted from SEC registration).

$20,000,000

of 4%%

International Book Distributors,

66,500

common

offered

at $4

Johnson, Fort Lauderdale, Fla.

per

Inc.

share by

Roman

&

{

198

Volume

Northern

States

Power

6300

.

.

.

The Commercial and Financial Chronicle

at

4%%

of

(1129)

determined. Business

Co.

—
A savings and loan association
engaged in the business of making loans, principally se¬
cured by first liens oh real estate. Proceeds—For
selling

bonds due 1993 of¬
99.875% and accrued interest to yield 4.38% by

$12,000,000
fered

Number

first mortgage

Halsey, S'tuart & Co. Inc., New York.

Co.; Eastman Dillon, Union Securities & Co.-Equitable
Securities Corp.
(jointly); Morgan Stanley & Co. Bids
—Expected Nov. 7, 1963.

stockholders. Address—5420 Wilshire Blvd., Los Angeles.

United

Underwriter—White, Weld & Co., Inc., New York.

California

431,014

Bank

(Los Angeles)

each

held

12

Oct. 22. No

record

of

share

13. Rights will expire

Sept.

underwriting is involved (issue
registration).

was

Hartford Electric Light Co.
April 30, 1963 the company announced plans to sell
$15,$20,000,000 of securities in 1964 to help finance its $26,-

Communications Satellite Corp.
Feb. 20, 1963 it was reported that
papers of incorpora¬
tion have been filed for this
company, in Washington,

being offered for subscription by stock¬

common

holders at $62.50 per share on the basis of one new
for

D.

exempt¬

C.

Company's

voting

common

without

shares,

000,000 construction program. Office—176 Cumberland
Ave., Wethersfield, Conn. Underwriters
First Boston
Corp., New York; Putnam & Co., Hartford; Chas. W.
Scranton & Co., New Haven,
—

par

value, will be divided into two series. Series I will be

ed from SEC

issued to the public, firms that produce space
explora¬
tion equipment
and
other non-communications con¬
cerns. Series II will be issued to
FCC-approved com¬
munications

ATTENTION UNDERWRITERS!
Do you have an issue you're planning to
Our

to

Corporation

know

about it

that

so

can

we

register?
like

prepare

an

item

similar to those you'll find hereunder.
Would
write

telephone

you

us

2-9570
Y.

REctor

at

us

or

at 25 Park Place, New York 7, N.

be

Business—Company is

B. Homer, Chairman, announced
will embark on a $750,000,000 capital
improvement program to be completed by 1965.
He
said that approximately two-thirds of the financing for
the program will be generated internally and the bal¬
ance
secured externally.
Mr. Homer added that this
Would not be required until at least 1964. O f f i c e—25
Broadway, New York. Underwriters—To be named. The
last public sale of securities in May, 1955, was handled
by Kuhn, Loeb & Co., and Smith, Barney & Co., New

•

Sept.

1963, it

Oct.

Edison Co.

(10/29)
Sept. 3, 1963, it was reported that the company plans
to sell 60,000 shares -of preferred stock
($100 par) at
competitive bidding. Proceeds—To refund a like amount
of 5.48% and 5.6% preferred stock. Office—36 Main St.,
Brockton, Mass. Underwriters—(Competitive). Probable
bidders: Kuhn, Loeb & Co.-Salomon Brothers & HutzlerWood, Struthers & Co., Inc. (jointly); Stone & Webster
Securities Corp.; Kidder, Peabody & Co. Bids—Expected
Oct. 29.

26,

to sell

1963

it

Consumers

that

the

of

cameras

a n

d

other

a

Proceeds—For

loan

repayment,

Address—C hie ago,

working capital.
Underwriter—Walston & Co.,

111.

and

Chicago.

total

$10,305,000 issue. Address — Terminal Tower,
Cleveland, O. Underwriters — (Competitive). Probable
bidders: Salomon Brothers &
Co.

Inc.

Bids—Sept.

24

Hutzler; Halsey, Stuart &

(12

noon

EDST)

at

above

address.

Columbia

Gas System,

Inc.

(12/5)

Aug. 27, 1963 the company stated that it plans to sell
$25,000,000 of debentures in early December to raise
money

York.

for construction. Office—120 E. 41st Street, New
Underwriters

—

(Competitive).

Probable

bid¬

ders:

j

Morgan Stanley & Co.-First Boston Corp. (joint¬
ly); Merrill Lynch, Pierce, Fenner & Smith Inc.-White,
Weld & Co. (jointly); Halsey, Stuart & Co.
Inc.; Blyth
& Co.-Lehman Brothers-Salomon Brothers & Hutzler.
i—Bids—Expected Dec. 5.
★ Columbia Savings & Loan Association

\
j

Sept. 12, 1963 it
to

sell

;•

Corp.

1963 it

reported that the company plans
the sale of $25,000,000 or more of securities sometime
was

in 1964, A company spokesman stated that the
timing
and type of issue, will depend on market conditions at
the time. Office — 8100 34th
Ave., South, Minneapolis.

Underwriter—To be named.
oh

Aug. 28,
Chicago.
•

Duke

1962

Power

was

The

last sale

handled by

of debentures

Dean Witter & Co.,

Co.

Sept. 17, 1963 it was reported that the company has ten¬
tative plans to issue $50,000,000 of first
mortgage bonds
in

the

second

quarter of

1964.

Office

—

30

Rockefeller

New

York. Underwriters—(Competitive).
bidders: Halsey, Stuart & Co.

Prob¬

Eastern Freight Ways, Inc.
Oct. 9, 1962 the ICC authorized

100,000

common.

the

company

to

issue

Price—By amendment (min. $5). Busi¬

ness—A motor vehicle

common

carrier

operating in nine

working capital, debt repayment and advances to sub¬
sidiaries.

Office
Moonachie Ave.,
Underwriter—Allen & Co.. New York.
—

Carlstadt,

N.

J.

April 3, 1963 Attorney General Robert F. Kennedy

an¬

that the Justice Department had reached an
out-of-court agreement with Interhandel, a Swiss hold¬
ing company, designed to settle the 20-year old dispute
over control of the
540,894 class A and 2,050,000 class B
shares

of

General Aniline seized
1942

as

a

German

by the U.

asset.

The

S.

stock

Govern¬

represents

98% of the voting control of the
company. Mr. Kennedy
said that if General Aniline should be sold for
$200 mil¬
lion, the Government would receive about $140 million

was

125,000 shares

reported that the
of guarantee




(10/10)

company

stock.

by the U. S. District Court

at

Wash¬

ington, D. C. Business—Company is a leading domestic
producer of dyestuffs, chemicals and photographic ma¬
terials. Office—111 W. 50th St., New York. Underwriters
—(Competitive). Probable bidders: Blyth & Co.-First
Boston Corp. (jointly); Lehman

Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly); Bache & Co.

Georgia Power Co. (11/7)
Jan. 22, 1963 it was reported that this
subsidiary of The
Southern Co., plans to sell $30,000,000 of first
mortgage
bonds and $7,000,000 of preferred stock in November,

be

The

last

by Horn-

5-year construction program. Office

—

250

Old

&

Co.

Louisiana Power & Light Co.
20, 1963 it was reported that this subsidiary ol
Middle South Utilities, Inc., may issue $25-$30,000,006
Feb.

,

of bonds early in

1964. Proceeds—For construction. Of¬

Delaronde

St.,

New

Orleans.

Underwriters—

(Competitive.) Probable bidders:'Merrill Lynch, PierceL
Fenner & Smith Inc.- Kidder, Peabody & Co.-Harrimaii
Ripley & Co., Inc. (jointly); White, Weld & Co.-Blyth
& Co., Inc.- Shields & Co.
(jointly); Halsey, Stuart &
Co.
Inc.; First Boston Corp.-Glore, Forgan & Co.
(jointly); Salomon Brothers & Hutzler-Eastman
Dillon,
Union
Securities
&
Co.-Equitable
Securities
Corp*
(jointly).
★ Louisville & Nashville RR
(10/9)
Sept. 17, 1963 it was reported that this road
plans to
$3,750,000 of 1-15 year equipment trust certificates.
Office
220 E. 42nd
St., New York. Underwriters—•

sell

—-

(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Oct. 9 (12 noon
EDST), at above address.
Massachusetts Electric Co. (12/4)
Aug. 27, 1963 it was reported that this
company plans to
sell $10,000,000 of bonds in the
fourth quarter. Office—
441 Stuart
St., Boston. Underwriters
(Competitive).
■—

Probable bidders:
Halsey, Stuart & Co.

Inc.; First Bos¬
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
Eastman Dillon, Union
Securities & Co.; Kidder, Pea¬
body & Co.; Blyth & Co.-Whtie, Weld & Co.
(jointly).
ton

Bids—Expected

Dec. 4.

Lynch, Pierce, Fenner & Smith Inc.
Aug. 19, 1963, Michael W. McCarthy,
Chairman, stated

that the
company has held informal discussions with the
staff of the New York Stock
Exchange as to the feasibil¬

ity of "going public." He added that, "when the time is
appropriate," Merrill Lynch will request the governors
to

reepmmend that member firms approve the
required
in the Exchange's constitution to

changes

Industry
away.

sources

believe that the

Business—Company

move

permit this.
is several years

is the largest brokerage house

in the U. S. with 139
domestic offices and
count executives. Office—70
Pine

over 2,300
St., New York.

Mexico

ac¬

(Government of)

July 16, 1963 following the public offering of $40,000,000 of external
bonds, it was reported that the Govern¬
ment

is

authorized

of bonds in the U.

Loeb &

S.

to

sell

and

an

abroad.

additional

$65,000,000

Underwriters—Kuhn,

Co., Inc., and First Boston Corp., N. Y.

New England Power Co.

i

(11/19)

July 10, 1963 it was reported that this utility plans to
sell $10,000,000 of bonds and
$10,000,000 of preferred
stock in the fourth quarter. Office—441

Proceeds—For construction. Office—270 Peachtree Bldg.,
Atlanta. Underwriters
(Competitive). Probable bid¬

Stuart St., Bos¬
Underwriters
(Competitive). Probable bidders:
(Bonds) Halsey, Stuart & Co. Inc.; Lehman BrothersEquitable Securities Corp.: (jointly); Kuhn, Loeb & Co.Eastman Dillon, Union Securities & Co.-Salomon Broth¬

ders:

ers

—

(Bonds): Equitable Securities Corp.-Eastman Dil¬
lon, Union Securities & Co. (jointly); Blyth & Co.-Kidder, Peabody & Co.-Shields & Co. (jointly); Halsey,
Stuart & Co. Inc.; First Boston
Corp.; Harriman Ripley

plans

Price—To

Interhandel about $60 million. The settlement
terms,
recently approved by Interhandel stockholders, also

must be approved

named.

Merrill

General Aniline & Film
Corp.

ment in

be

underwritten

was

Weeks, New York.

fice—142

and

Chicago Burlington & Quincy RR.
Sept. 5, 1963 the company announced tentative plans to
sell $5,000,000 of equipment trust certificates in
early
December. Office—547 W. Jackson
Blvd., Chicago. Un¬
derwriters— (Competitive). Probable
bidders: Salomon
Brothers & Hutzler; Halsey, Stuart & Co. Inc.
•

Sept. 16,

Data

000.000

bidders: Halsey,
& Co.

v

ic Control

stock

Country Rd., Mineola, N. Y. Underwriters—(Competi¬
tive). Probable bidders:
Halsey, Stuart & Co. Inc.; Blyth
& Co., Inc.-First
Boston Corp. (jointly); W. C. Langley

Co -Shields

nounced

Chesapeake & Ohio Ry. (9/24)
July 16, 1963 it was reported that the company plans
to sell about $3,780,000 of equipment trust certificates in
late September. This will be the second instalment of
a

&

eastern states from Vermont to
Virginia. Proceeds—For

1963 it was reported that the company plans
registration statement shortly covering $1,700,sinking fund convertible debentures due 1978.

28,
of

Weld

Busi¬

photographic

Capitol Food Industries, Inc.

000

Inc.; White,

Inc.; First Boston
Corp.; Morgan Stanley & Co.; Stone & Webster Secu¬

Proceeds—For expansion. Address—Tokyo,
Japan.
Underwriter—Yamaichi Securities Co.
of
New York, Inc.
Aug.

Co.

rities Corp.

equipment.

to file

1

&

(jointly); Harriman Ripley & Co. Inc.-First Boston Corp.
(jointly); Morgan Stanley & Co., Salomon Brothers &
Hutzler-Blyth & Co.-Lehman Brothers-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly).

Underwriter—To

Long Island Lighting Co.
Aug. 29, 1963 the company announced plans to issue
$25-to-$30,000,000 of first mortgage bonds in each of the
years 1964 to 1.968
inclusive, to help finance its $285,-

Power Co.

plans

company

$5,000,000 of convertible bonds in the U. S.

ness—Manufacture

(12/11)

Place, New York. Under¬

Underwriters—(Competitive). Probable
Stuart

common

Japan (Government of)
May 1, 1963 it was reported that the Government
plan®
to sell an additional
$35,000,000 of external loan bond®
in the U. S.
during the fiscal year ending March 31, 1964.
It is expected that the
majority would be sold by Dec.
31, 1963. Underwriter—First Boston
Corp., New York.

Aug. 16, 1963, it was reported that the company plans to
sell $20,000,000 of
straight debentures in the 4th quarter
of 1963. Office—212 W. Michigan
Ave., Jackson, Mich.

able

reported

was

York

New

Ky.

offering of
blower &

Co.

Plaza,

Canon Camera Co.
June

of

registration statement shortly covering $1,600,-

Lexington,

Inc.; Morgan Stanley & Co.; First Boston Corp.
Bids—Expected Dec. 11 (11 a.m. EST), at above address.

was

29.

Co.

a

000 of convertible debentures
to be offered for subscrip¬
tion by stockholders.
Office — 1315 Versailles
Rd.,

.

&

—•

Brockton

Edison

construction. Address—4 Irving

to sell $5,000,000 of

pected

to file

writers—(Competitive) Probable bidders: Halsey, Stuart

(10/29)

reported that the company plans
bonds at competitive bidding. Pro¬
ceeds
For refunding purposes. Office — 36 Main St.,
Brockton, Mass. Underwriters—(Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; Stone & Webster Se¬
curities Corp.; Kuhn, Loeb & Co.-Salomon Brothers &
Hutzler-Wood, Struthers.& Co., Inc. (jointly); Kidder,
Peabody & Co.-White, Weld & Co.-Shields & Co. (joint¬
ly); Eastman Dillon, Union Securities & Co. Bids—Ex¬
3,

White,
Co.; Halsey, Stuart & Co. Inc.; Equitable Securi¬
Corp.; Kidder, Peabody & Co.; Eastman Dillon,
Union Securities & Co.; Lehman
Brothers; Blyth & Co.
Irving: Air Chute Co., Inc.
Sept. 11, 1963 it was reported that the company plans
Weld &

Sept. 17, 1963 the company stated that it plans to sell
$60-$75,000,000 of bonds in December. Proceeds—For

York.

Co.

Consolidated

&

ties

was formed in December,
1962. to own and operate a
500,000 kw. atomic power
plant at Haddam Neck, Conn. Proceeds—For construction
of the $70-$80,000,000 plant. Office—441 Stuart
St., Bos¬
ton. Underwriters—To be named.

1963, Arthur

Edison

'

bidding. Business—Company

that the company

Brockton

i

writer

Bethlehem Steel Co.

•

early part of
•.

Peabody

reported that the company plana
$10,000,000 of bonds in the first half of 1964. Ofr
fice-823 Walnut St., Des Moines.
Underwriters—(Com¬
petitive). Probable bidders: First Boston
Corp.;

bonds. The request has been opposed
by a major under¬
who wants the bonds to be sold at competitive

in

Weeks, New York.

•

the

V-

Kidder,

to sell

public

a

April 23, 1963 it was reported that the 12 utilities which
own this new firm, have petitioned the SEC for
exemption from the Public Utility Holding Company Act
to permit the negotiated sale of
$55,000,000 of the firm's

a short haul motor
Michigan, Ohio, Indiana
retire outstanding 6% cumu¬
lative preferred stock. Office — 15 Andre St., S. E.,
Grand Rapids, Mich.
Underwriter — Hornblower &

'

than

make

—

Iowa Power &
Light Co.
Jan. 16, 1963 it was

jointly

and Illinois. Proceeds—To

26,

later

to

secondary distribution. Business—Com¬

Bldg., Minneapolis. Underwriter
Co., Inc., New York.

Connecticut Yankee Atomic Power Co.

(10/14-18)
On Sept. 18, 1963 it was reported that the company
plans to sell 110,000 common shares, of which 40,000
will be sold for the company and 70,000 for certain

Feb.

"not

1964."

^ Associated Truck Lines, Inc.

operating

hopes

company

a

pany is one of the world's largest flour millers with
op¬
erations in five countries.
Proceeds—For expansion, re¬
search and debt
repayment. Address —1200 Investor®

—

the

offering of its stock

Prospective Offerings

carrier

that

a

primary and

Rd., N. W., Washington, D« C. Underwriters
Note
Leo D. Welch, Chairman, has

named.

announced

common

company announced that it expects to
registration statement covering its first public
offering of common stock. The sale will include both a

file

common

3029 Klingle
—To

stockholders.

International Milling Co.

July 8, 1963 the

carriers, with the provision that
no
more
than half the company's total shares can be
held by these carriers, and no individual or
group may
hold over 10% of the remaining 50%. Price—Maximum
of $100 per share.
Business—Congress has authorized
the company to provide satellites and
ground facilities
for the international transmission of
telephone, tele¬
graph, television and other communications. Office—

would

Department

News

29

& Co.; Morgan
Stanley & Co.; Lehman Brothers. (Pre¬
ferred): First Boston Corp.; Lehman Brothers; Blyth &
'

•

'

ton.

—

&

Hutzler-Paribas

Corp.

(jointly); Merrill Lynch,
Inc.-Kidder, Peabody & Co.White,
Weld
&
Co.
(jointly);
First
Boston
Corp.
(Preferred)
First
Boston
Corp.;
Dean
Witter
&
Pierce,

Fenner

&

Smith

Continued

on

page

30

30

The Commercial and Financial Chronicle

(1130)

29

Securities

Co-Smith
Barney
& Co.-Wertheim & Co.
(jointly);
Vnintable'Securities Corp.-Kidder, Peabody & Co.-Lee
Hig^inson Corp.-White, Weld & Co. (jointly); Lehman
Brothers; Merrill Lynch Pierce, Fenner & Smith Inc.Eastman Dillon, Union Securities & Co. (jointly), mas

-Expected Nov. 19.
York State Electric &

New

Gas Corp.
•

for 1964 and 1965. Office—108 East Green
New York. Underwriters —"(Competitive).

Ithaca

Kidder,,Peabody & Co. - Salomon
Brothers & Hutzler (jointly); First Boston Corp.-Glore,
Probable

bidders:

Forgan & Co. (jointly); Halsey,
Ripley & Co.; Blyth & Co.
Northern

Pacific Ry.

Stuart & Co.; Harriman

(12/10)

.

n

$4,800,000 of equipment trust certificates m De¬
Office—120 Broadway, New York. Underwrit(Competitive). Probable bidders: Halsey, Stuart &

Inc.; Salomon Bros.
Dec. 10 (12 noon EST).

&

Bids—Expected

Hutzler.

(Minn.)

1963 it was reported that the company plans tc
offer about 771,110 additional shares to
a l-for-20 basis in 1964, to raise an estimated $25,000,000
Office—15 South Fifth St., Minneapolis. Underwriter—
14

sto^k^^sn<?"

last rights offering m

To be named. The

July 1959 was
Smith

Lynch, Pierce, Fenner &

underwritten by Merrill

Inc., New York.

Co.

Otter Tail Power

reported that the company plans
to sell 30,000 shares of $100 par preferred stock, some¬
time in 1964. Action is subject to approval by both cornmon and preferred stockholders. Office—215 Sa Cascade
St., Fergus Falls, Minn.
H
hv
last sale of preferred on March 8, 1950 was handled^by
Glore, Forgan & Co., New York and Kalman & Co., Inc.,
1963 it was

10

Sept

St. Paul.

1

Electric Co.

&

Pacific Gas

Aug. 19, 1963 the company announced plans to sell $70,000,000 of first and refunding mortgage bonds m the

245 Market St., San Francisco.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co.; First Boston Corp.
fourth

quarter. Office

—

Pacific Northwest Bell

Telephone Co

Business
—Furnishing of telephone service in Washington, Ore¬
gon and Idaho. Proceeds—To reimburse the^ company's
treasury for construction expenditures.
Office — 1200
Third Ave., Seattle.
•

be announced later.

Underwriter—None.

(12/3)

announced plans to sell $50,000,000 of debentures due Dec. 1, 2000. Proceeds—To re¬

Aug. 27, 1963 the company

$48,700,000 debt due Pacific Telephone & Telegraph
Co., former parent.
Office — 1200 Third Ave., Seattle.
Underwriters—(Competitive) Probable bidders: Morgan
Stanley & Co.; Halsey, Stuart & Co. Inc. Bids—Dec. 3
(11 a.m. EST) at 195 Broadway, New York. Information
Meeting-—Nov. 26 (2:30 p.m.), same address.
pay

16, 1963 it was
offer stockholders the
000

common

shares

(11/13)
reported that the company will
right to subscribe for about 716,-

Light Co.

Sept.

on

the basis of one

each 20 held of record Oct. 30. Rights will

new

2

Rector

St.,

New York.

share for

.

Information

Meeting—Nov. 7 (3:30 p.m. EST), same address.
Pacific Telephone &

Telegraph Co.

June 19, 1963 the company stated that it will need $650
million of new money in the years 1964 through 1966 to

help finance its $1.3 billion construction program. This
that the company must sell about $217 million of
a year, it was stated. Office—140 New Mont¬
gomery St., San Francisco. Underwriters—To be named.
The last issue of debentures on Feb. 16, 1960 was under¬
written by Halsey, Stuart & Co. Inc. One other bid on
the issue was tendered by Morgan Stanley & Co.

means

Pennsylvania Power & Light Co.
March 18, 1963 the company stated that it expects to sell
1963

through

1967.
Proceeds
For construction and the retirement of $8,000.000 of maturing bonds.
Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
—

lasc

sale

petitive

of

bonds

bidding

by

Nov.

29, 1961
White, Weld &

on

was

won

at com¬

Co., and Kidder,
Other bidders were Halsey, Stuart &
Co. Inc.: First Boston
Corp.-Drexel & Co. (jointly).

Peabody & Co.
*

Philadelphia Electric Co.
Sept. 18, 1963 it was reported that the company is con¬
sidering the sale of $50,000,000 of first mortgage bonds
in. mid-1964. Office — 1000 Chestnut St., Philadelphia.

Underwriters—(Competitive). Probable

'

bidders: Morgan

"Stanley & Co.-Drexel & Co. (jointly); Halsey, Stuart
& Co. Inc.; First Boston
Corp.; White, Weld & Co.
Potomac

Edison

Co.

1963 it was reported that
this-subsidiary of
Allegheny Power System, Inc., plans to sell $12,000,000

-bonds

in

the first




j

i

.

quarter of 1964. Office—200 East

#-ynon

Office—929

were

construction.

Office—-900

15th

stock. While the size of the offering has not
determined, it is said to be a relatively small deal,
involving over 50,000 shares, Business — Manufacture,
common

"

been

St.,

Denver, Colo. Underwriters — (Competitive). Probable
Halsey, Stuart & Co. Inc.; Harriman, Ripley &
Co., Inc.-Eastman Dillon, Union Securities & Co.-Mer¬
rill Lynch, Pierce, Fenner & Smith Inc.-Dean Witter &
Co.
(jointly); First Boston Corp.; Lehman BrothersKidder, Peabody & Co.-White, Weld & Co. (jointly);
Blyth & Co., Inc.-Smith, Barney & Co. (jointly).

rental and service of the

Didders:

unit

•

the preferred on

itive
St.

•

stockholders later

for

firms

in

this

year,

rities

(jointly); Kuhn,

ers

the right to sub¬

&

Co.

Inc.; Blyth & Co.; First Boston Corp.Eastman Dillon, Union Securities & Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Lehman BrothersSalomon Brothers & Hutzler
.

■

/:

(jointly).
/ /

■

Feb.

19, 1963, Allstate Enterprises, Inc., subsidiary, an¬

mutual

that

fund

it

had

until

it

delayed
received

its plans to form
clarification

of

Southern California

21,

1963

it

(Los Angeles)

12

tal

funds.

Office

—

600

South

Spring St., Los Angeles.

Underwriter—None.
:

Utah

Power &

Light Co.
reported that this utility plans to sell
$20,000,000 of bonds and $10,000,000 of preferred
stock in the second quarter of 1964. : Office—1407 West
July 2, 1963 it

was

about

North Temple St., Salt Lake
City. Underwriters—(Com¬
petitive). Probable bidders (bonds): Salomon Bros. &

Hutzler; Halsey, Stuart & Co., Inc.; Kidder, Peabody &
Co.; . Merrill Lynch, Pierce, Fenner
&
Smith
Inc.
(jointly); White, Weld & Co.-Stone & Webster Securi¬

Corp. (jointly); First Boston Corp.-Blyth & Co.
(jointly); Eastman Dillon, Union Securities & Co.Smith, Barney & Co. (jointly); Lehman Brothers-Bear,

a

new

Stearns & Co. (jointly).

an

SEC

& Co.-Stone

ruling which "has been construed by some to mean that
registered investment companies could not purchase
Sears' stock or would be required to divest themselves
of it, if Sears' itself owned a mutual fund." Earlier, All¬
state said that the fund would be in operation late in
1963 on a "very small scale," and would be started on
a state-by-state basis as approval was granted. Office—
925 So. Homan Ave., Chicago. Distributor—Allstate En¬
terprises, Inc., Chicago.

Aug.

16 Wall St., New York.

California Bank

ties

i(

Sears, Roebuck & Co.
nounced

-

Trust Co.,

United

each

and equipment"
leasing fields. Office — So. Bayshore Bldg., Miami, Fla.
Underwriter—Blyth & Co., Inc., New York

Stuart

Co.

shares held of record Sept. 13.
Rights will ex¬
pire Oct, 22. Price—$62.50. Proceeds—To increase capi¬

manufacturing

in mid-1964. Office—861 Sixth Ave., San Diego, Calif.
Underwriters—(Competitive). Probable bidders: Halsey,

&

Sept. 17, 1963 it was reported that the bank is offering
its stockholders the right to subscribe for
431,014 addi¬
tional common shares on the basis of one new share for

plans to

/ San Diego Gas & Electric Co.
Sept. 10, 1963 it was reported that the company is con¬
sidering the sale of about $20,000,000 of debt securities

(jointly).

(11/20)

Salomon Brothers & Hutzler
(jointly);
White, Weld & Co.-Shields & Co. (jointly); First Boston
Corp. Bids—Expected Nov. 20 (11 a.m. EST) at Bank¬

$5,400,000 of convertible subordinated
debentures due 1983. Business—A holding company for

trucking,

Electric Co.

Probable bidders: Halsey, Stuart & Co.
InC; Lehman
Brothers-Blyth & Co., Inc.-Eastman Dillon, Union Secu¬

about

the

Union

Sept. 17, 1963 the company stated that it plans to sell
$30,000,000 of first mortgage bonds due 1993. Office—315
N. 12th Blvd., St.! Louis.
Underwriters—(Competitive).

•

its

of preferred in
by First Boston Corp. If the

& Co.-Salomon Brothers & Hutzler

Loeb & Co.;

offer

won

competitively, the fol¬
are expected to bid: First Boston Corp.Weld & Co.-Shields & Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.-Lehman Brothers
(jointly); Blyth & Co.-Eastman Dillon, Union Securities

Rochester, N. Y. Underwriters—(Competitive). Probable
bidders: First Boston Corp.; Eastman Dillon, Union Se-

company

was

lowing groups

—

Ryder System, Inc.
Sept. 10, 1963 it was reported that the

negotiated basis instead of by compet¬
in the past. Office—315 N. 12th Blvd.,

a

White,

(28th floor), New York.

Co.-Kidder, Peabody & Co.
Halsey, Stuart & Co. Inc.

as

Underwriters—The last issue

company decides to sell the stock

Rochester Telephone Co.
May 7, 1963 the company announced plans to sell $16,000,000 of debentures in the first, quarter of 1964, but
may do so earlier if market conditions are favorable.
Proceeds
For construction. Office
10 Franklin St.,

curities &

bidding,

Louis.

November, 1949

(jointly); Blyth & Co.; Goldman, Sachs
Ripley & Co. (jointly); First Boston
Corp. Bids—Expected Oct. 22 (11 a.m. EDST) at above
address. Information Meeting—Oct. 17
(2 p.m. EDST)
One Chase Manhattan Plaza

Union Electric Co.

(11/20)
17, 1963 the company stated that it plans to sell
$20,000,000 of preferred stock. It added that it may sell

Co.-Harriman

at

on

Sept.

Hutzler

&

"Ultronic Stockmaster," a desk
brokers with instantaneous

provide stock

stock and commodity market action of
Proceeds—For working capital. Address
—Pennsauken. N. J. Underwriter—Bache &
Co., N. Y.

Fenner & Smith Inc.-Lehman Brothers-Salomon Brotherg

to

selected issues.

July 23, 1963 the company announced plans to issue
$40,000,000 of debentures due 1983. Proceeds—To redeem
$36,000,000 of outstanding 3% debentures maturing Nov.
1, 1963 and for construction. Office — 80 Park Place,
Newark, N. J. Underwriters—(Competitive). Probable
bidderg: Halseyj stuart & Co> Inc>; Merrill Lynch, Pierce,

&

used

information

(10/22)

Public Service Electric & Gas Co.

St.,

Ultronic Systems Corp.
May 28, 1963 it was reported that a registration will be
filed shortly covering the first public sale of this firm's

Service Co. of Colorado

Proceeds—For

Pine

March, 1927, was handled by Kuhn, Loeb & Co. Offer¬
ing—Indefinite.

Corp.; Halsey, Stuart & Co.

june 4^ 1903 it was reported that the company plans to
sell $35,000,000 of 30-year first mortgage bonds in April,
—
-

70

—

writer—To be named. The last issue of
Tokyo bonds in

Kidder, Peabody & Co.—Mer¬

Lynch, Pierce, Fenner & Smith, Inc.—White, Weld
(jointly); First Boston

Public

Office

Tokyo (City of)
May 1, 1963 it was reported that the Diet had authorized
the sale of
$20,000,000 City of Tokyo bonds in the U. S.
during the fiscal year ending March 31, 1964.
Under¬

& Co.—Salomon Bros, & Hutzler

•securities

$75,000,000 of bonds in the period

..

a

proposed $12,840,000 offer¬
New York. Underwriters—
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Oct. 29 (12 noon
EDST) at 70 Pine St., New York.

ing.

it has not determined the
L/t

However,
o

the issue

on

expire Dec. 5.

Portland, Ore. Underwrit¬
ers—(Competitive). Probable bidders: Kidder, Peabody
& Co.; Blyth & Co.; Ladenburg, Thalmann & Co.; Leh¬
man Brothers-Eastman Dillon, Union
Securities & Co.Bear, Stearns & Co.-Dean Witter & Co. (jointly). Bids
For Compensation — Nov. 13 (11 a.m. EST) at Ebasco
Inc.,

is the second instalment of

E St., N. W., Washington, D. C. Underwriters—To be
named. On Feb. 19, 1963 the company sold $50,000,000
0f bonds to Dillon, Read & Co., Inc.; Lehman Bros.,
Eastman Dillon, Union SorMiritioc & fin.
Co., Strmp Rr WebS'tone & Web¬
run™ uni™ Securities
ster Securities Corp., and Johnston, Lemon & Co.
Other

Office—920 S. W. Sixth Ave.,

Services,

year.
a

.

scribe

Pacific Northwest Bell Telephone Co.

■Pacific Power &

stated that it will need $50,-

—

Aug
27
1963 the company announced plans to offer
stockholders the right to" subscribe for additional common in mid-November. The number of shares, price and
the ratio to shares held will

Power Co.

company

amount or type of security to be offered.

1964,

Power Co.

Northern States

May

of the

part

cember.

Co.,

Electric

1963

rill

about

ers

Southern Railway Co. (10/29)
Aug. 5, 1963, the company announced plans to sell $6,420,000 of equipment trust certificates in October. This

Pierce, Fenner & Smith Inc (jointly).

bidders

reported that this road plans to selJ

July 2, 1963 it was
v

(jointly); Lehman Brothers, Eastman Dillon, Union Se-

A.

A

program

St.
'

Co.; Blyth & Co. Inc.; Merrill Lynch, Pierce, Fenner
Smith Inc.; Halsey, Stuart & Co.
Inc.; First Boston
Corp.

curities & Co.-Harirman Ripley & Co.-Merrill Lynch,
Potomac

Thursday, September 19, 1963

.

&

&

000,000 of new money in 1964 for its construction pro¬
gram and expects to do permanent financing in the early

U
^
Apni Oj J.wUO it was reported that the company plans to
3, 1963 it Waa
sell $20 000 000 of debt securities to finance its construe-

tioi

Weld

White,

Corp.;

.

&

& Co. Inc.; Equitable
Co.-Shields & Co.

Halsey, Stuart

(jointly);

Corp.

?Q

frnm
Continued fi om 'nnnp
page

.

(Preferred Stock) White, Weld

& Webster Securities

Corp. (jointly); First
Corp.-Blyth & Co. (jointly); Kidder, Peabody &
Co.; Eastman Dillon, Union Securities & Co.-Smith, Bar¬

Boston

ney
man

& Co.-Salomon Brothers & Hutzler

(jointly); Leh¬

Brothers.

Valley Gas Co.
Aug. 28,1963 it was reported that the SEC had scheduled
a hearing for Oct. 10 on a
plan under which Blackstone
Valley Gas & Electric Co., would sell its entire 400.000
shares holdings of Valley Gas to stockholders of Blackstone and

Edison Co.

Eastern Utilities Associates, the latter' parent.
Price—At book value ($11.15 per share on Apr.
30,

reported that the company plans
to sell $50,000,000 of first mortgage bonds in the first
quarter of 1964. Office—601 West Fifth St., Los An¬
geles. Underwriters — (Competitive). Probable bidders:

1963).
Company was formed by Blackstone to take
properties. Proceeds—To the selling stock¬
holder, Blackstone Valley Gas. Address—Pawtucket, R. I.

Halsey,

Underwriters—(Competitive). Probable bidders: Kidder,
Peabody & Co.; Stone & Webster Securities Corp.

Witter

was

Stuart

& Co. Inc.;
First Boston Corp.-Dean
(jointly); Blyth & Co.-Lehman BrothersLynch, Pierce, Fenner & Smith Inc.-Salomon

&

Merrill

Co.

Brothers & Hutzler

(jointly).

Southern Co.

Aug. 12, 1963 the company stated that it is considering
the sale of $35 to $40,000,000 of common stock early in
1964 to help finance its $570,000,000 construction pro¬
Office—1330 West Peachtree St., N. W., Atlanta,
Underwriters—To be named. The last sale of com¬

gram.
Ga.
mon

on

Feb.

15,

1961

was

made to

a

group

headed by

Eastman

Dillon, Union Securities & Co., Blyth & Co.,
and Equitable Securities
Corp. Other bidders were: First
Boston Corp.-Lehman Brothers (jointly); Morgan Stan¬
ley & Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce,!
Fenner & Smith Inc.

(jointly).

Southern Counties Gas Co. of Calif.
Jan. 2, 1963 it was reported that this subsidiary of Paci¬
fic

Lighting Corp., plans to sell $27,000,000 of first mort¬
gage bonds in the fourth quarter. Address—P. O. Box

Business
over

—

its gas

Virginia Electric & Power Co. (12/10)
July 30, 1963 the company announced plans to seH $30,000,000 of securities, probably first mortgage bonds, in
December.
Address—Seventh and Franklin Sts., Rich¬
mond.

Underwriters—(Competitive). Probable bidders:
Halsey, Stuart & Co., Inc.; Salomon Bros. & Hutzler—
Goldman, Sachs & Co. (jointly); Eastman Dillon, Union
Securities & Co.—Merrill Lynch, Pierce, Fenner & Smith
Inc.—Lehman Bros, (jointly); White, Weld & Co.; Stone
& Webster Securities Corp.
Bids — Expected Dec. 10.
Information Meeting—Dec. 5 (11 a.m. EST) at One Chase
Manhattan Paza, New York.

Washington Gas Light Co.
July 2, 1963 it was reported that this utility plans to
sell $20,000,000 of bonds in the second quarter of 1964.
Office—1100 H. St., N. W., Washington, D. C. Underwrit¬
ers
(Competitive). Probable bidders: Eastman Dillon,
Union Securities & Co.; Equitable Securities
Corp.; Kid¬

der, Peabody & Co.; First .Efoston Corp.; Halsey, Stuart
/

& Co. Inc.
■:/l '•

•

'X

-i.\z:

f: :•

-.:i*

'J'

Volume

Number

198

6300

The Commercial and Financial Chronicle

.1

.

.

highest bid,

TAX-EXEMPT BOND MARKET
second

cost,

bid,

headed

count

net interest

3.5889%

a

submitted

was

order

6

page

by

the

ac¬

Hornblower

by

&

Other members
ful
&

Co.,

Merrill

Fenner
Pont

&

&

C.

The

bonds

Pierce,

I.

Francis

Merrill,

du-

Co.

&
to

yield

from'2,50%; to $.65% with various
about

k

$680,000.

Oil

balance

Press-time

coupons.

''

of

SI

,-

1988

and

one-quarter of 1% cou¬

a

by The Northern

for

Detroit

bonds

totaling

$5,-

450,000, The group's bid for $4,100,000

Motor

Funds

annual

the

Street

issue,

bonds

Public

Railway

the

a

cost.

Utility

(1964-1973)

interest

net

set

interest

net

$1,350,000
and

Highway

Vehicle

(1964-1973)

3.04%

successful

bonds

1.90%

cost

was

at

in

bidders

to

be

1964

to

3.00%

in

1983.

Authority

There

are

flotations
ahead.

Readies

Trust Co. account
hattan

ties,

Chase Man¬

are

of

The

Port

Oct.

of

York

New

public offering

a

1,

Although

1994.

no

sale may

near

future.

Purchase Offer for

a

tional Bank and Trust Co., Kuhn,

N.

The

Loeb & Co. and Lazgrd Freres &

to

Co.

associates

interest

bid

runner-up

this

for

at

cost.

issue,,

a

The

3.41% net interest cost, was made

by

the

John Nuveen

&

ac¬

Other

major

winning
Bosworth
Arthur

Co.,

Kansas

Commerce
and

Trust

Manley,

strongly

speech.

to

3.45%

the

to

totals

yield from 2.00%

with

unsold

various

presently

Monday

Bank

bidder

dlesex County
New

Jersey

of

made

purpose
a

The

dollar

a

at

2.95%

bid,

runner-up

3%

a

coupon,

was

by the Glore, Forgan & Co.

syndicate and there
ditional

bids

nine ad¬

were

for

made

this

well

In

with

the

First

The

this

in

Harris

Trust

First

financing

and

Savings

Boston

National

Island,

to

Corp., Fidelity-

Bank

of

the

count

yield

balance

of

(1966-1984)

general

bonds of the

in

bonds

were

The

from

by

the

and

the

and

best

bid

&

Co.

an

an¬

of 3.3588%.

bid for this issue,
cost,

headed

came

jointly

Co.

&

and

Co.,

with

National

Stone

Corp.,

&

First

Becker

Halsey,

&

Bank

Webster

of

Hornblower

Stuart

and

Weeks,

Co.,

Weeden

Bank

and

Corp.,
A.
&

Trust

G.

Co.,

Co.,

Fahnestock

&

Co.,

Falion

and

National Shaw-

mut

&

Bank

Scaled
1964

Co.

to

of

to

attracted

a

Bramhall,

Boston.

yield

3.50%

District

bonds.

No.

The

5

account

Trust

&

of

Co.,

16

York

43 V2

of

or

Dillon,

William

St.,

will

pay

of

fee

a

cents per share to any mem¬
firm

ber

of

the

New

York

of

Union

lon,
the

Securities

high bidder at

of

100.213

for

&

Co.

coupon.

3.40%

coupon,

Meadowbrook

West

National

the

Beneficial Finance

Other members

Co.

and

Scaled

winning

Bacon, Stevenson

R. D.

to

of the

White & Co.

nounced the

$30,000,000

ties &
the

$1,085,000.

Co.,

has

Bonds

'

V

,

notes,

March

due

Dillon,

Union

Securi¬

Co., New York negotiated

placement

of

used

with

notes

"initially to reduce short-

term

Del., Beneficial is

Public

Improvement

bonds

terest

The

Chase

at

group

of

cost

cate

to

Bank

(1965Man¬

in¬

net

a

3.279%. The syndi¬

headed

by

the

Morgan

in

terest

in¬

net

cost.

major

winning group
Co.,

Trust

members

Loeb
Co.

Bank of

Ripley

&

Co.,

St.

of

of

borrowings.

Headquartered

pany

for

small

loan

in

firms

Wilmington,
holding

a

engaged

and

and

nesses,

com¬

the

in

busi¬

acceptance

in the operation of

a

Louis,

&

National

Commerce, New Orleans,

lecture

and

The

from

2.05%

1986,

this

Hallgarten &

in

1988

as

we

the

in

loan

for

various

to

go

on

Portland,
bor

press

Maine,

ro we

Mellon

Ave.




balance

a

of

r,

^offered

$1,750,000

bonds at public

National

sale.

jointly by the

Bank

and

Fenn

group
&

Co.

a

headed
made

Trust.

high bid,

3%

couppni,;

by

Phelps,

the

of

of

New

the

Hirsch

&

York

Co.,

Stock

second

will

of

the

cover

Put

and

margin

trading in

ture

no

but,

ment,

an

1

the

basic

Call, the

and

them.
charge for the lec¬

due

to

limited

advance

enroll¬

reservation

is

the

belief

by Mr.

in

The

your

Dollar

"Today,

Di¬

character

For

the gold

his

from

offices

New

York

name

is

investment
at

3477

City,

of Mosholu

now

busineess

Knox

under

con¬

Place,

the -firm

Enterprises Inc.

economy.

.

Haven,

Conn.

men

value in

"that

held

are

their

in

equal

was

claim,

own

Wasserman

"A nation's wealth
its gold supply but

its productivity."

But, what

monetary

economist

nation's

"a

based

ori

its

gold

it

was

not

United

States

com¬

supply"?
held

so

and

is

Cer¬
the

by

Britain

Great

throughout the 19th Century; for,
in

addition

to

using

it

settle

to

international imbalances of trade,

they primarily used it
for

of-value

reliability
monetary

as

basis-

a

giving meaning and
t h

t o

e

i

currencies.

a

The

It

becomes

to this one back in 1834 when

the

told

U.

S.

Senate:

"Paper

which cannot be exchanged

gold and silver at the will of
holder

is

miserable,

recipient,

sophomore

with

at

$1,500

abomi¬

a

for

Exchange
of service.

Richard

at

the

was pre¬

scholarship

a

A.

Allegheny
valued

a year.

Richard,
Bronx

17,

graduate of

a

The

High School of Science, is
of William R. Lake, an

son

ployee,* of

the

Exchange

em¬

for

45

years.

The

Buttonwood

Club

was

es¬

tablished in January 1962 for past
and present members of the Ex¬

change who have owned Exchange
25

seats

almost

years

400

or

the

It is

more.

strong.

of

purpose

now

Although

club

is

the

foster

to

comradeship

among its members,
philanthropic and educational ac¬

tivities

also major objectives.

are

The club's emblem is the buttonwood

tree, under whose branches

ducted

an¬

of

years

College in Meadville, Pa.,

York

best

launched

year.

a

the

Webster gave the

York

program

daughters

first

Lake,

respective

r

of

group

New

Individual awards will range
up to

$1,500

ever

wealth

has

scholarship

and

a

the

of

employees with 25

flat. To bol¬

is not based

that

Exchange,

college

on

goes on to say:
on

members

sented

"myth" of his

a

Mr.

petent

Club,

senior

well-being, and

avalanche of inflated

an

his

said

Scholarship
The Buttonwood

the

that

says

with that held by those who

par

Buttonwood Club

sons

held

once

situation

without it their money would lose

first

ficers
&

transactions

Stock
back

are

of

Exchange
in

Mr.

1792.

the

New

were

con¬

Present

Samson

of

of¬

Carlisle

Jacquelin, President; Samuel W.

West of

Beauchamp, West & Stava,

Vice-President;

John

Charles

of

son

F.

C.

Hender¬

Henderson

&

Sons, Treasurer; and Jacob Bleib-

nable, and fraudulent."
Mr. Wasserman says:

"Most

peo¬

treu of Abraham &

Co., Secretary.

ple fail to realize the great inher¬
ent

strength

of

dollar."

the

lar

"inherent

possesses

regardless of whether
backed

with

strength"
not it is

or

That,

specie.

has joined the staff of Harris, Up¬
ham & Co., 44 Broad St., N. W-

on

Johnson, Lane Adds

his part.

Finally, Mr. Wasserman
mends

the

"An

agreement

Central

Banks

that all

of

THEIR

amongst

appears

that

a

recom¬

between
free

the

dealings in

themselves."

He

to be overlooking the fact

free

gold

market plays an

important role in helping to keep

national currencies s
honest.

;•

ATLANTA, Ga.—William A. Toms

of

is just another "myth"

course,

Joins Harris, Upham

He

leaves the impression that the dol¬

tions

Enterprises

that

state¬

gold will be restricted to transac¬

Spinogatti

answer

"The

several

flat'Yw.hen he

was

world

A.

my

"myth"

monetary

Stock

likening

necessary.

Form Mosholu

are

2009 Chapel Street,

entitled:

questionable

on

requirements

our

FREDERICK G. SHULL

Myth

Tuesday

.

There is

ducting

stipulating

held

be

office

and

same,

Trust Co. submitted

the

subject of Puts

advantages and risks attendant
for

infrequent

an

will

talk

Mario

The

to

and

The

function

Co. and the Connecticut Bank and

101.043

1976

coupons

Wednesday, the City of

(1964-1983)

bonds

1986 and, at the end of the initial

bonds to

$4,900,000 remains in group.
Also,

His

for

Exchange.

Ingen & Co.

priced

grouo

Co.

yield from 2.15% in 1965 to 3.40%

buyer which purchased all of the
from

Co.,
Van

29,

contains

of

money

evening, Oct. 1, at the 655 Madi¬
members

&

J.

the

on

Calls

son

B.

No

example:

the
A

of

And that is the way

Wasserman's

the world's

that deserve careful scrutiny.

swer

Subject of Talk

fraction

a

of

back

was

gold has outlived its usefulness in.

Daniel

Puts and Calls

matter

a

price

above facts

Mr.

'Mr. Wasserman with the "myth."

Co.,

Mercantile

The

apparent, therefore, that it is again

chain of retail stores.

Philadelphia National Bank, Bear,
and

Myth

lemma,"

the

Glore, Forgan

are

Harriman

Kuhn,

Gold

he

Other

&

3.287%

a

The account headed

large commercial bank

maturing

bid,

runner-up

Is

tainly

the

Proceeds from the financing will

"r:' be

Delaware,

Wasserman

Aug.

an¬

institutional investors.

{

of

thought the earth

(

Strong Demand for New Orleans

States.

to

Bank

ster

private placement of
of

Eastman

to
ac¬

Stix

of

a

1989.

1,

yield from 2.00%

Finance

that

aware

in

and

market

within

Scrutiny" Holds Gold's

paper" is

Private Note Sale

as

the

it should operate.

essential to

Beneficial

became

when

in plentiful supply they

the

down

bondage by the myth that gold is

Bank,

Hempstead, New York.

account include

&

from

came

scared;

days

and

official price.

issue

earth

was

dollar price

a

3.40%

a

William

to

the Transmittal

Ex¬

little above

a

DEAR SIR:

Dealers, Inc., whose
on

was

New

National Association

appears

gold

Usefulness

or

name

Dil¬

'speculators

the

Stock

Letter.

Eastman

and

above;

spoils

NEIL AN

to

On the way up gold

of the United

Securities

Exchange

price.

case:

being fed into the market

indicated

Chairman of the Board of

ments

N. Y.

5,

country

The Letter-to-the-Editor

Transmittal

Co.,

ounce.

an

was

Chamber of Commerce

N. Y.

15,

of

$40

Trans¬

Trust

Co., Inc., 46

Purolator

managed jointly by the Franklin

are

Trust

Securities

Michigan

&

Connecticut

Brookhaven,

Letters

Bankers
Read

in¬

sales

Bankers

re¬

from

ran

"Careful

and

Loiidob

the

on

was run up

expo¬

P.

actual

an

price of gold

my

EDWIN

official

our

change

President,

by

Letter

be obtained at the offices of

may

New

$1,070,000.

ne¬

St., New York

Such

Stearns

major underwriters

as

yield

Islip^ New York

School

Wall

to

in

accompanied

form,

Following is

must

certificates

prescribed

National Bank

purpose

Lehman Brothers.

Mellon

gotiable

in¬

Their

to

Tuesday's

and

(1964-1992)

1988)

setting

Barney

Associated

3.4854%.

$1,250,000

hattan

$12,-

Co., Inc.

cost

account

Smith,

net

reoffered

of

Smithtown

Central

revenue

a

to 3.50% and the bal¬

Another

volved

for

1

market,

level just frac¬

a

the

Wilmington, Del.

stockholders

their

000

City of De¬

interest

net

at

in account is

ance

featured

various

bonds

interest

3.361%

a

&

submitted

runner-up

forward

that

above

"sophisticated

the

sale

Guaranty Trust Co. submitted the

$5,950,000
net

bidder

of

of¬

the

ounce,

time the market price

of

the

the-

our

Some two years or more ago the
run¬

letters

to continue

All

the

into
no

have

I

of

throughout
me

p.m.

1963.

to

addition,

paid by Purolator.

Wednesday, the City of New
Orleans, Louisiana sold $14,700,-

obligation

Halsey, Stuart

nual

of

from 2.55%

ac¬

troit, Michigan.

(1964-1988)

bonds

cost

of

was

total

a

revenue

for

high

to

Going Well

700,000

associates

Co.,

On

Tuesday's calendar
sale

the

was

count is

2.00%

$1,436,000.

the

Loeb

&

be

applicable

Accepting

Ira

3.50%, the present balance in

from

present

Detroit's

by

Co.

Rhode

3.15%, bank buying has been good
with

Pierce

$1,300,000 Detroit Airport

are

Bank,

Providence.

Scaled

Newburger,

Rauscher,

will

mittal

Philadelphia Trust Co. and Indus¬
trial

including

taxes

&

Na¬

tional City Bank as major under¬
writers

and

Co.,

26,

favor

hundreds

brokerage commissions and trans¬
fer

by Good-

Sept.

on

the

a

Associated

EDST

balance

offer expires at 5

in

of

The runner-up bid, 100.18 also for

bond.

regarded

Co.

&

Co.,

Mid¬

$3,431,000

bonds

for

success¬

(New Brunswick),

100.299- for

coupon.

100.558

the

various

(1964-1982)
price

the

the First Na¬

was

for

week

this

of

account managed by
tional City

&

terest

$770,000.

On

ful

coupons,

balance

to

unsold

American

system.",

up

shares

common

The

McDougal & Condon and Martin

Bennett, McDonald & Co.
Reoffered

&

share.

account managed

body

200,000

of¬

$2,950,000.

Haupt

J., is offering to purchase

2.10%

from

the

the

an

gold

run

States and other countries

gold

in almost

people.

sure

were

issues

yield

and

An

Kenower, Mac-

City,

to

totals

of

include

Co..

&

&

the

Braun,

members

group

fered

3.10%

1

count.

Co.,

Co.

combined

to

to

above

$35

tionally

urging

Inc., Rahway,

United
feed

message

Tung-Sol Electric Inc., at $22 per

and

net

Au¬

your

of

entation of the "seduction by sub¬

citizens

Tung-Sol Electric
Purolator Products,

Corp.

Club in

publication of this speech

ceived

Bank, First National Bank

Trust Co., Continental Illinois Na¬

gan

price

somewhat

is back down to

ning

(Nashville) School District (1964-

3.381%

ficial

Editorial reaction has been

1992) bonds to the First of Michi¬

Valley

Maple

up

attempt

has contributed greatly to the pres¬

sidy"

be set for the

price

before the

speech

my

Press

and

re¬

gust 29 issue.

ma¬

definite date has been announced,

thank you for the

printing of
National

For example,

when speculators
go into the

market

Your

term bonds to

Chicago,
Harris
Trust
and
Savings Bank, Morgan Guaranty

Michigan,

ating gold standard.

SIR:

I wish to

important

scheduled for the week

of $50,000,000
ture

Offering

large

no

Authority plans

the

"Seduction by Subsidy"
DEAR

3.0104%.

$1,420,000 Eaton and Barry Coun¬

•

Letters To The Editor

offered

prices to yield from

$590,000.

Port

31

3%

a

The balance in account is reported

Trust Co. submitted the best bids

Other members of The Northern

Friday there Were awarded

the

sold pre-sale.

were

The group led

';

v

■

was

1987

maturing

and

On

Co.

scaled

were

Ball,

Turben

Loeb

Ashmun

S.

Devine

Ohio Co.,

The

Kraus.

the

J.

C.

Newburger,

Co.,

and

bonds

carried

success¬

Lynch,

Smith,

Co.,

Burge &
&

include

account

the

of

balance

a

300,000 remained in account. The

pon

Weeks.

period,

100.74 also for

coupon.

The

Continued from

(1131)

Such

a

o u n

d &nd

free market is'arf

essential part of a

properly

oper¬

ATLANTA,
witz
of

has

Ga. —Jack M. Horo¬
added

been

to

the

staff

Johnson, Lane, Space and Co.,

Inc.,
bers

Commerce
the

of

New

change.

Building,

mem¬

York Stock

Ex¬

Y

Pacific Northwest Adds
PORTLAND,

Ore.

Fletcher

has

staff

Pacific

of

Wilcox

—

been

Building.

Douglas

added

to

C.
+he

Northwest
--

j

The Commercial and Financial Chronicle
32

.

.

.

Thursday, September 19, 1963

(1132)
fall

ciation

MR. CACKLES

WASHINGTON AND YOU

party—dinner

the

at

Top of the Mart, Oct. 17; outing
and dinner at the Standard Club
Oct. 18.

BEHIND-THE-SCENES INTERPRETATIONS

Oct.

1963

17-18-19,

York

(New

City)

CAPITAL

FROM THE NATION'S

Association

National

Invest¬

of

ment Clubs annual Convention at

the Statler Hilton Hotel.

WASHINGTON,

C.—House¬

D.

country,
hotels and restaurants from

wives from all over our

and

Fifth Avenue to San

New York's

Francisco's Market Street, are go¬

ing to

of the finest
and roasts
ever

some

serve

steaks

sirloin

this

table

on a dinner
Autumn and Winter.

placed

countryside

the

great

Belt cattle

coun¬

to

down

Black

and beyond raised such fine
herds for the market as this year.

try

will

and

chuck

and

steaks

roasts

reasonable in

be

Crow1-

Conservation

again

needed

Association

resources.

the University

would be

Dec.

big subsidy in helping

a

establish

people

industry

big

and

up

generally have been making

men,
a

little

both

of

made

industry,

cattle

The

profit for their livestock efforts.
of the livestock people

But many

sidize

set

"mess"

a

of the

out

Most school boys know

the

terms

of

areas

in

other

The cattle industry is a

dustry.

plum and the bureau¬

tremendous
have

crats

plight

in gen¬

great agriculture in¬

our

would

Castro

with

be ended and the

healthier if the

stock market would be

Dec.

Kennedy family

been

eyeing

for

it

a

long time. It sounds good on paper

if

that

cattle

Federal

the

population prices are

and then there would be a clamor

put

a

floor on the price of a
Uncle Sam providing

a

with

steak

to some.

would

people

subsidy to

great industry that

a

is growing at a clip

beef industry

There

paved

Bond

fall

amounted

Club

of

outing

annual

Pittsburgh

at

Allegheny

the

125.8

to

feed

Section April 30.

22-23-24,

Apr.

Louis,

(St.

1964

Mo.)
St. Louis Municipal Dealers spring

Sept.

The total

lots constructed in 1960.
area

CHRONICLE'S Special Pictorial

Country Club.

42,000

were

at the Hotel Commodore.

Sept. 20, 1963 (Pittsburgh, Pa.)

of Census.

Bureau

the Shamrock Hilton Hotel.

nar

Many in¬ that meets the demand is shown
go
broke, by a survey conducted by the

going to be depressed.
dustry

the

that

indication

marked

A

Association Annual Convention at

tion 14th annual investment semi¬

the industry in any way.

great an increase in

Group Investment Bankers

Texas

New York State Bankers Associa¬

subsidize

to

Government

Federal

(New York City)

Sept. 20, 1963

if( it lets down the fences for the

control it will be detri¬
mental to the whole industry.
If
the livestock

Mutual

17th Mid-Year

April 8-9-10, 1964 (Houston, Tex.)

people
Govern¬

there is too

of

Association

meeting at the Commodore Hotel,

Industry

by

established

The

to

2-3, 1963 (New York City)

Savings Banks

Principle'

ment gets

cattle and livestock industry?

eral

in¬

problems

National

Demand

Convention

Hollywood Beach Hotel.

Supplement Dec. 19.
"Our

chipped in and BOUGHT Cuba!"
and

Association

Annual

CHRONICLE'S Special Pictorial

sub¬

the

into

newcomers

Supply

feel

Club.
(Hollywood Beach,

Bankers

America

at the

dustry?

getting

Government

make

to

but why

good,

Favored

Federal

of

Washington and

Is

The reason:
the

and

1-6, 1963

Investment

cropland

the

have

that

well

worried.

are

and

Dinner at

Fla.)

and

pastures

green

available want to raise cattle that
is

officers

new

Department plan obviously

The

to

Meeting of members

of

Governors'

governors;

butcher provide for grazing for livestock.
and the packer will make a profit The cattle people do not want it.
If the
before the beef is transported to They are doing all right.
the store.

election

Exchange

Stock

of

Firms Annual
for

The

ahead.

months

the

Con¬

City)

Nov. 20, 1963 (New York

more

and water

time conserve soil

Automation

ference at the La Salle Hotel.

at the

and

farmer

the

for

come
same

Association

Bankers

National

First

and will provide in¬

uses

(Chicago, 111.)

13-15, 1963

American

Program

into

land

the

move

Hotel.

the Americana
Nov.

the

that

contend

Bank

of

Women 41st annual convention at

The Department's dreamers
schemers

Harbour,

(Bal

Association

National

castro

n

140,other

cropland into

of

acres

Cropland

and por¬

price of T-bone

terhouse

rib

C00

Daily

U BLAMES US,

the Department

Agriculture moved about

will

across

Under

overflowing.

the pilot program
of

c=

agricul¬

time when our

tural bins are

the vast

Alabama

The

a

20-24, 1963

Miami Beach, Fla.)

available for crop produc¬

tion at

and

Wyoming

tana and

Oct.

will

become

uses.

cattle

dous

con¬

reserve

Of course these acres

tracts.

befojre has the tremen¬
industry from Mon¬

Never

from

released

be

22-26,

(Colorado

1963

Springs, Colo.)

million

National

Security

Hotel

Traders

the

at

party

and

Park Plaza
Country

Chase

Glen

Echo

Asso¬

subsidy.
Club.
square feet, or approximately 14,ciation Annual Convention at the
000,000 square yards of concrete.
The stockmen want only a law
shaping
Broadmoor Hotel.
May 16-24, 1964 (New York City)
This much paving would be the
up.
The question is should your of supply and demand. The Ken¬
Association of Mutual
CHRONICLE'S Special Pictorial National
equivalent to a 24 - foot ribbon
tax money and your neighbor's nedy
Administration, however,
Savings Banks 44th Annual Meet¬
Supplement Oct. 17.
of concrete
(four inches thick)
tax money be used to help build proposes to increase grazing lands
reaching from Chicago to New Sept. 23-24, 1963 (Salt Lake City, ing at the Commodore Hotel.
a
much larger beef cattle indus¬ by about 90,000,000 acres by the
York. Many feedlots with 10 acres
Utah)
Dec. 7-8, 1964 (New York City)
end of this decade.
It predicts
try in this country?
of paving are being built across Association
of
Stock
Exchange
that as things now appear there
Government
A

The

industry

need

we

is

Administra¬

bigger beef

a

will be

a

that all the people can

this

have

been

grazing lands by

1970.

cattle

want

normal increase of only

40,000,000

beef.

so

more

The

battle

Frontier

New

tion thinks

have

Subsidy Resisted

farm

new

does not want a

acres

i

There

with

Firms fall meeting of

is

more

one

than 40

and it is still

industry

plan.

not

does

For

they

years

The

the

experts

Department

estimates

and

statistics

feed

lot in Texas

acres

a

Bond

[This column is intended to reflect
the scene"

of

calculation that the United States

the "behind

subsidy although it had been sug¬

will need nearly 100,000,000 head

from the nation's Capital and may or

gested

resisting

type

any

times from

many

the De¬

partment of Agriculture to Capitol

with

74,900,000 at the present.

Hill.
The

Senate
few

a

hearings

that

industry.
is

a

like

Agriculture

proposal

The

foot-in-the-door
most

big

cattle

the

concern

actually

proposition

Federal

own

programs

American National

The

Association

men's

do

"Cattlemen

get started.

Cattle¬

views.]

Municipal

COMING-

to

38th

Attention Brokers and

Bond

Club

of

New

Botany Industries
Head Mills

Sports Out¬

Indian

ing at the Sleepy Hollow Country

Scarborough

Club,

-

on

-

EVENTS
IN

Oct. 2, 1963
New

York

ner

Electronics

Maxson

Hudson,

Official Films
Waste

(New York City)
Group

Investment

Bankers Association Annual Din¬

INVESTMENT FIELD

Dealers

TRADING MARKETS

New York.

en¬

object

not

Philadelphia

Sept. 27, 1963 (New York City)

said:

osition

of

Huntingdon Valley, Pa.

coincide with the "Chronicle's'"

pastureland subsidy prop¬

larged

Club

Huntingdon Valley Country Club

expressing

in

opposition to the greatly

its

not

meeting at the Commodore

Hotel.

annual outing and field day at the

York 2nd Annual Fall

Com¬

days ago conducted

may

interpretation

Use Tax Dollars?

Why
mittee

compared

of beef cattle in 1970 as

(Philadelphia, Pa.)

Sept. 27, 1963

Mutual

Savings Banks 18th Annual MidYear

of paving,

being expanded.

base
on

the Board of

Governors at the Hotel Utah.

of

Association

National

land.

our

at the Waldorf-Astoria Hotel.

bur

New

King

York, telephone

number is

CAnai 6-4592

free, vigorous competition or in¬
"New Deal"
One

of

the

bills

the $10,000,000

carried

grams

called "land
visions
Act.

of

It

.

The

would

limitation
under

out

the

vestment of risk

remove

pro¬

on

the

so-

New

Dealish

now

this is the

but

proposes

big far-reaching
it

be

to contract for

an

equal

amount

serve

A

by

.

land

adjustment

use

so-called,

Congress

provided
the

will

that

Program for 1963 and 1964.

program,
ized

authorized

amount of land

out of the Conservation Re¬

pilot

a

was
year

$10,000,000

to

author¬
ago.

It

conduct

test.

By the

7,400,000

Spokesmen

end

of




this

of

year,

cropland

about

for

cattle busi¬

——

Sept.

18-20,

1963

(New

Orleans,

La.)
Thirteenth

Annual

Tulane

Tax

Oct. 6-9, 1963

(Washington, D. C.)

American Bankers
Annual Convention.

Association

Investment

Oct. 17-18, 1963 (Atlanta, Ga.)

people

had

Georgia

Institute.

Security

Dealers

Asso¬

aid

the

establish

Therefore,
all
the

it

would

concerned

set

unfair

be

others

cattle

a

subsidy.

association
show

that

says

at

operated

The cattlemen's

its

records

now

the cattle numbers are

increasing all the time. The breed¬

stock

is

ample

HUbbard

Teletype
617

2-1990

451-3438

Equipment

to

industry, unlike the

various crops, has never
with

up

Corporation

of the taxpayers.

expense

The

to

Boston 9, Mass.

Telephone

Major Pool

subsidies.

Federal

of

Securities

10 Post Office Square,

beef

the

to

buy their grazing land without

or

LERNER & CO, Inc.

association

the

most of

out that

industry

ing

acres

to

the al¬

into

newcomers

crowded beef

point

Department

the

dollars

tax

use

=•

ness."

enough.

to

to

subsidize

Conservation

Soil

provision-—that

come

proposals
ready

that in addition to the $10,000,000
—and

capital, but they

strongly oppose administration

do

adjustment" pro¬

use

sounds

innocent

Proposal

to

supply an

adequate number of calves.

will v'-. Congress would make

a

mistake

Carl Marks & Co. Inc.
FOREIGN

SECURITIES

20 BROAD STREET •

TEL: HANOVER 2-0050

Bought—Sold—Quoted

SPECIALISTS

NEW YORK 5, N. Y.

Memorandum available

on

request

TELETYPE 212-571-1685

HILL. THOMPSON & CO.,
TO Wall Street, New
Tel. WH 4-4540

-

INC.'

York 5. N. Y.

Tele. 212 571-1708