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The COMMERCIAL and FINANCIAL rTTPONTfT P Established 1839 Volume 196 V/ Number 6196 A A A New York 7, \J V/ -JL. ^ M N. Y., Thursday, September 20, 1962 V^/ Price 50 Cents I a J Copy I J Reg. U. S. Pat. Off. In 2 Sections — Section 2 COMMONWEALTH OF PUERTO RICO Aerial view of the road network joining the Old City of San Juan with the Santurce Business District. Modern freeways connect the major commercial and residential sections of San Juan and provide easy access to the Islands outlying areas. IMPRESSIVE ECONOMIC GROWTH ' - I A PRELUDE TO A GREATER TOMORROW The Commercial and Financial Chronicle 2 Economy of Puerto Rico Is a Steadily Thriving 1 1 . , .j f ■ , ■ . By Dr. Rafael Pico, President, Government Development Bank for Puerto Rico „ Superlative gains in Puerto Rico's economic progress are seen in such figures as 11 per cent rise in net income and 14 per cent ad¬ in vance manufacturing is tourism which gains equally well. 18 per cent the chief source gain was traceable to the manufacturing activities of plants promoted by the Economic De¬ velopment Administration, the facility for so-called "Operation Bootstrap." business. indicated, of this tourist tion, in public services. growing the This by these plants, in Tourist trade in Puerto Rico this generated income, in¬ past year continued its forward creased 22% which is clear evi¬ climb. Tourist expenditures rose of dence of remarkable the expan¬ to $66 million, an increase of 18% place. The over the corresponding figure of Planning Board reports that the the previous fiscal year. The Newest flourishing industry which sion the prior year's figure. over As end of the fiscal year there were 4,116 hotel and guest house rooms available, an increase of 369 over the preceding year. restaurants have been The gains indicated by the fig¬ granted. Recently, the Government De¬ ures shown above have been re¬ velopment Bank disbursed an in¬ flected in the entire economy of Rico—in business teresting loan for a commercial Puerto gen¬ boat yard and marina, an added erally, in banking, in transporta¬ more Production previous year. Year's 21 per cent gain in exports testifies to industrial expansion. At the same time, the domestic market fared Thursday, September 20, 1962 year net income terms over the — . , with has been active in developing this than field. Loans for various tourist $381 million, a gain of more than projects such as large and small hotels as well as guest houses and 14% over the preceding year. concluded that figure of shows, 11 . has taken net annual income of the Eco¬ number of tourists stopping at of Puerto Rico five years, the annual rate of in¬ nomic Development Administra¬ hotels and guest houses this past is truly flourishing was dramat¬ crease has never dropped below tion factories now totals $233 mil¬ year was 219,000 and because of ically illustrated last month when 7 % while prices in no one of lion and represents nearly twoadded hotel construction at the the Puerto Rico Planning Board these years advanced over 2.8%. thirds That the economy to able was make of the fiscal (the year factors which produced these very substantial gains this past year have been: (1) the growth in June income rose nearly 11% (10.8% to be precise) to the reach record activities. high figure tors of $1,- in lesser per¬ Rafael Dr. Other have crease 650 million. This launched compared with 118 were contributing fac¬ been a tourist extent, substantial trade in¬ and, to increased a agricul¬ tural income. Pico a Rico can help spot business you in Puerto Rico 657 plants and factories were in under the aegis of the Development Adminis¬ tration, providing employment for 59,000 factory workers. In recent years, Puerto Rico's the greatest in the past entire economy has been altered What lends added sig¬ from one basically agricultural to nificance is the fact that per an economy where industry now capita income also shows the highest annual rate of increase surpasses agriculture as a source of income by more than 60%. in the past ten years despite the This has been largely due to the fact that the rate of Puerto Rican number of new manufacturing migration to the States has plants promoted under the Com¬ sharply declined in recent years monwealth of Puerto Rico's eco¬ and consequently, the total popu¬ nomic development program. lation of Puerto Rico operation Economic Exports Up 21 Percent has in¬ creased. Not Affected by U. S. A. Recession Rapid Growth Is Real economic directly United heels contraction in the States had just about ended, continued to advance rapidly in the course of the fiscal before that. Actually in the past year 1961-62 and, as the table of greater than the centrated an in¬ a earlier. year time, factories same con¬ the domestic market on in Puerto Rico fared equally well due, in part, to the expansion in construction and the resultant de¬ for construction materials It is interesting to note that the and, in part, to increased home manufacturing industries in Puerto Rico, which in the second consumption. quarter of 1961 had shown signs In the public sector, income of acceleration at a time when flowing from activities of the which had been declining. Quite the contrary! In fact, the 11% increase this past year came omy the 21% mand These great gains were not any result of reactivation of an econ¬ on Naturally, this industrial expan¬ sion was reflected in exports, and the volume of foreign sales of new manufactured products rose to $494 million. This figure was At of 9% in the preceding and again of 9% in the year Commonwealth and its crease Net Income by Categories (Millions of Dollars) Sector of the Economy— 1960-61 1961-62 % Change $198.3 $207.6 4.7 333.2 381.4 14.5 municipalities and wages sales Manufacturing Construction by contract & mining- 92.0 105.2 14.3 Government, state & municipalities 197.9 221.4 — total the year tween Puerto 87.0 84.5 580.3 650.0 12.0 $1,488.7 All others $1,650.1 10.8 (including rest of world) Total GOURMET PEOPLE ,v\? ./-vfei-li KWlil II GOLDEN PEOPLE FUSSY PEOPLE — you any Agricultural i V U' because of come ... to the Caribe Hilton to soak up increased meat con¬ the sun, fun, the sports, the scenery... to meet the - Indicative that in of the this year is the under fact review world'ynost interesting people. It's the most the number of head of beef cattle popular hotel in the whole bright resort world increased by 35,000 which in dol¬ lar value signifies a gain of more because everything's fun, friendly, happily Hilton! reserve single your or early! EUROPEAN PLAN: From $17 than $5 the Since then vast store of on trade be¬ readily available both to business customers through Scotiabank office. addition, the special incentives offered Rico are concisely outlined in the Scotiabank brochure Advantage of a Puerto Rican-Based Opera¬ tion. You can obtain your free copy simply by completing and mailing this coupon. Gains sumption. a on your to business in Puerto Agricultural production, last year, totaled $255 million, slightly higher than the figure for the previous year. As the Planning Board has pointed out, however, this does not present a true pic¬ ture of the gains in the agricul¬ tural sector of the economy. The plain figures do not show, for ex¬ ample, that year by year the num¬ ber of cattle keeps increasing not only to meet growing demands for milk and dairy products but also and In $12 million higher before. Another major item accounting for the in¬ crease was $3 million additional in the health budget. 2.9 established Rico and the North American mainland—all 11.9 Federal Government was than 50 years ago. experience and information to educational system of Puerto Rico, the budget for which, this past than more the bank has accumulated Rico advanced — of Nova Scotia $221 million, a payroll increase of $23.5 million. This increase was chiefly accounted for by the ex¬ pansion and improvement of the year, was some Agriculture Puerto of The first Puerto Rican office of The Bank island The Bank of Nova Scotia, Business Development Department 44 King Street West, Toronto, Canada Gentlemen: Please send a I me a Puerto Rican-Based copy of Advantages of Operation. J Name | Bank (or Company). I I Address. million. $21 double—May 15 to Dec. 14. See travel agent, call any Hilton Hotel A or Hilton Reservation Office. Cable: Hiltels, San Juan. slight decline in duction in sugar pro¬ offset by a sharp rise was other farm Island-hop to Port-of-Spain and continue the fun items such at the and agricultural coffee, livestock and fowl. exciting and dramatic new "upside-down" as hotel—Trinidad Hilton. BRINK Rising Tourist Industry One of the flourshing newer industries Rico CaJsB Ai&on is ideal year-round natural tourism. tourist and of Because climate resort now Puerto its of it area. is The Government for Puerto the Development Bank Rico, cooperating with Puerto Rico Industrial THE BANK OF NOVA SCOTIA General Office: 44 King Street West, Toronto New York: 37 Wall Street a De¬ velopment Co. and other lenders Chicago: Board of Trade Building Los re¬ family incomes in Puerto during the period. rose tories crease was So Fund in¬ centage the which How year ten years. year General ceipts totaled $247 million which was $29 million higher than the previous year. Significantly, per¬ sonal income tax revenues gained 21% which indicated the extent to manufac¬ earlier. A total of 139 fac¬ actually began operations capital investments, especially in this past fiscal year compared new construction; (2) the expan¬ with 123 the year before. sion of manufacturing activities and At the end of the fiscal year, (3) increased governmental net 1962) 30, Government's Planning Board turing income of Puerto Rico. prepared this interesting tabu¬ Here are some additional in¬ lation of net income by categories* teresting figures of new records Among the several important set: 169 industrial enterprises during ended in has the past year net total self The Puerto Rico an¬ nouncement that the expansion of the necessarily showed it¬ government income. The general economy Angeles: 611 Wilshlre Boulevard Puerto Rico Offices at San Juan, Fajardo and Santurce Volume 196 Number 6196 ... The Commercial and Financial Chronicle S managers, store owners interested persons. Less been Commercial Development By Carlos J. Lastra, Secretary of Commerce, The Department of Commerce, Commonwealth of Puerto Rico Recently Puerto Rico embarked upon a new program to improve its 3 formal given businessmen, sociations orientation to, more as and and other well than as has ment through providing new warehousing facilities and de¬ velop new shopping centers Showcase of Democracy throughout the island. 1,000 their as¬ other community groups both at the Department, and in meetings throughout the island. The work of the mittee to SAN Advisory Com¬ been the called V Puerto Rico — the "showcase has of Department, com¬ democracy" because of its success posed of leading businessmen, has in the fields of education, indus¬ assisted in the interchange of trialization, health public works. ideas between the business com¬ New Attitude JUAN munity and the government. About 2000 visitors each year are sent to Puerto Rico through the "Point Four" and other programs During the next year there will to study the Commonwealth's greater emphasis in education and training to provide the neces¬ progress and the ways it has been ments of the newly instituted Department of Commerce. accomplished. It is not unusual to tic attitude frequently character¬ sary personnel for commercial see Nigerians, Israelis, Indians, istic of local merchants and to development. Puerto Rico has become an ex¬ ployees of the Golden Cross Japanese, Venezuelans, Jamaicans, give an impetus to their efforts A to The Department has been, and Libyans and people of almost all ample to many nations throughout voluntary drug store chain. improve their businesses. will become the world because of its progress modern merchandising methods increasingly con¬ other nationalities visiting hous¬ During the year, a public cor¬ cerned with international trade to ing projects, factories, schools, art given jointly by the in industrial development, but for seminar, National Cash Register Company poration, the Commercial Devel¬ fulfill its goal of providing the galleries, refineries, hospitals and many reasons commercial devel¬ and the Department of Commerce, opment Company, was created by maximum income to the people other sites throughout the island opment has lagged behind. To was attended by about 200 store Commonwealth. legislation to assist the Depart¬ of Puerto Rico. meet this need, the Department of Commerce of the Commonwealth commercial development which had fallen behind the island's indus¬ trial development. Mr. Lastra reviews the policy and the accomplish¬ of Puerto Rico was established law in 1960 and started in The most important accomplish¬ ment of the Department has been to change the negative, pessimis¬ be by operations August 1961. commercial policy consists The of the following four points: ; (1) To develop an orderly and distribution system to efficient provide the maximum wellbeing the consumer. to (2) To develop a balanced dis¬ system which includes tribution the participation large of and small firms, voluntary and corpo¬ chains, cooperatives, and in¬ rate dependent groups. (3) develop a distribution that will make possible maximum participation of To system the local businessmen. develop To (4) distribution with a that is integrated cultural development. system The emphasis primary Commerce Department year and to the of in its first has been to give guidance to local businessmen stimulate improve their competitive posi¬ tion through management train¬ ing, employee general training, orientation, technical assistance on merchandising methods and facil¬ physical of improvement ities, and organization into volun¬ tary and of use to order in groups maximum make buying group promotional activities. Puerto Rico's Gross National Product during the past 20 years has increased by an amazing 523% I No longer does the Commonwealth dominantly upon farm income—it is depend pre¬ boom¬ now a ing industrial community. Some Highlights Establishment of A few statistical highlights voluntary Two were groups Seven, Lucky organized; plants has made it operations: the first year of now consisting Cross, of necessary new industrial for electric Fiscal Year 35 Power Production 1946 drug stores. 343,000,000 kwh 1952 202 to ments whose retailers food include stores, stores, Of these, 28 and stores hard w a r e others. drug stores were „ 1,342,000,000 „ 1962 establish¬ 685,000,000 1957 assistance was given Technical power production to virtually double and double and double again! Here are the figures: numbering 37 grocery stores, and Golden than 800 more on 2,570,000,000 „ The Puerto Rico Water Resources Authority— completely remodeled by the De¬ responsible for electrical power—is partment and 31 are in process of than all but modernization. distributors of electric energy on the United States Loans totaling $3,938,000 to 220 businessmen processed were Department the Small tion and the Government Devel¬ and granted by Administra¬ opment Bank. In a the Agricultural Extension Serv¬ ice and pany, 147 Grand food Union store now larger publicly-owned integrated mainland. Bonds of the Water Resources an A rating by Com¬ employees Authority enjoy nationally recognized bond rating services. Maximum annual debt service require¬ ments joint training program with the of the by the Business one are covered 1.95 times. Interest derived from the bonds is exempt from both Federal and State income taxes. Your bank give you or investment dealer can full information. participated in 24 courses includ¬ ing general managers, check-out supervisors, meat cutters, cashiers, store clerks, meat Wrappers and sealers, and produce supervisors. In a joint program with the Department of Education, a train¬ ing program in selling techniques was provided to about 45 em¬ PUERTO RICO WATER RESOURCES AUTHORITY The Commercial and Financial Chronicle 4 . . . Thursday, September 20, 1962 towns have sanitary facilities; the remaining Seventy Water and Sewer Services sewerage five Advancing Island's Growth Aqueduct and Sewer Authority charge. the The Con¬ struction water and sewer services traces keeping pace with the speeding rhythm of economic activity and the considerable improvement of in living standards the Aqueduct Rico, Puerto ...... September, 1960, and the Sewer and shown stant public corporation in 1945 to all public water and operate works sewer in foreseeable of require¬ Metropolitan Juan San (C) Major Water Works Improve¬ Program; (D) Rural Aque¬ ducts; and (E) Normal Routine ment Extension of Facilities. A brief discussion of each pro¬ follows: gram Commonwealth. First, Water and growth in construction Sewerage Project, (B) Sewer Sys¬ tem Expansion, Outside San Juan; the con¬ —since its ation ity, which is in charge of power irrigation) was organized as and sanitary has Authority (A) with the Water Resources Author¬ a water billed ments, may be broken down into five classifications, as follows: Authority may re-enter the market this Fall. In Authority's abreast expected to be financed with borrowed funds. The last issue of $10 million was floated are the are of charges program, which must continue at an accelerated tempo to keep planned between now and June, 19S6, is put at $76 million of which one-third is Both together, and water may be shut off for non-payment of sewer rapid of Puerto services sewer one-third Accelerated Construction Projects expansion, sound financing and rigid standards of the utility. Head for on service. By Juan Labadie Eurite, Executive Director, Puerto Rico Rico's based construction. under are Charges Sewer Facilities cre¬ All 1945 75 Puerto —in revenues, cities Rico and have towns in around-the- clock water service. Average daily water consumption is about 115 as to the San Juan Metropolitan Sewerage Project the Authority is constructing a comprehensive new system for San Juan and four neighboring towns. The project will cover an area of about 30 square miles with gallons, 56% of which is an estimated population of 815,000 In the fiscal used in the Metropolitan Zone by 1975. year recently formed by San Juan and 10 ended the Au¬ This project includes a modern neighboring towns. Of the total sewage treatment plant with an thority gained water supplied, 89% is filtered in initial capacity of 24 million gal¬ 23,795 water 37 plants; 8% is obtained from lons per and 10,841 day, which has been in deep wells and requires only a operation since November 1957. sewer custom¬ Juan Labadie Eurite slight chlorine application. The The plant is designed to allow ers. The in¬ 3% receives partial successive enlargements until it crease in customers over last remaining insure reaches its ultimate capacity of year's total was equivalent to treatment, enough to bacteriological purity, at the 60 mgd. 8.6%; that in revenues was 11.5%. without filters of three This lead of revenues over cus¬ plants Sewage flows to the plant customers and utility plant. tomers million is due to the existing cor¬ relation, within certain limits, between improved economic situ¬ ation and higher water consump¬ tion, and to the fact that of customers are 92.2% metered. The Aqueduct and Sewer Authority (not to be confused small towns of two water plants are various and rural filtration for The those three construction— under them ards the of U. Public S. Health Service. Gross Customers inde¬ works. practically finished. All the water supplied by the Authority meets the rigid stand¬ Water June 30 towns pendent four with 10.6 miles length of in and use are seven, a __ 1950 77,220 $23,433,000 $1,792,976 117,455 . 1958 _. _____ 1962 4,063,327 6,181,446 69,514,030 220,030 8,181,076 109,589,932 11,544,461 163,870,696 ing stations, of which the largest is in operation and three more are underway, also form part of this ambitious project. For the GROWING WITH already completed cost $12.4 mil¬ lion; those under construction will cost, when finished, around $10.5 million. The pumping trunk sewers station not yet 272.7 —2.0 Sales —0.50 48 Per Income —1.6 —200 Share (2) —0.40 in 1.4 in millions million. The financing of this project is being shared with the Authority by other governmental units, as follows: Aqueduct and Sewer Authority, $6.3 million (mostly from a 1960 bond issue); Com¬ monwealth government, $19.6 mil¬ lion; the five municipalities bene¬ fited by the project, i.e., San Juan, Carolina, Catano, Guaynabo and Bayamon, $12.7 million; U. S. Government (water pollution act), $2.8 million; other, $600,000. As for sewage system expansion outside San Juan although only small towns do have not .35 thousands -150 —0.30 —100 —0.20 —0.4 — 50 —0.10 '57 '58 '59 '62 '57 '58 (1) (1) For nine months ended '60 '61 (1) 6/30/57. (2) Based on '59 '60 '61 '62 of which realized is expected to between now outstanding in each period, adjusted for 6% dividend 2/5/62. These charts tell the story of Girard's growth since our company was founded six years ago. We invite you to write for a copy of our annual report for the year ended June 30,1962, published this week. Post Office Box 9237 GIRARD tive appropriations grants-in-aid. swarming to is financed from legislative appropriations: of an estimated cost of $43.5 million, about $22 million have been al¬ ready invested; $13.5 million are expected to be used during 196366 and the remaining $8 million during 1967-70. To avoid the possibility that those small projects, some of which are uneconomical, may be¬ them from the cities. The program Federal and come a drain which does the serve each pansion sions, Santurce, Puerto Rico Industries Corporation Quality Furniture its of and gram which the will be borrowed following: (a) fi¬ Plant the from 30 Loiza Filtration supply for and Cayey San Summary Summing contemplates (f) (6MG) Juan bond already Aqueduct carried Authority construction pro¬ of around $76 million from program pure issue million 1960. in was the sold amount in of will again $10 September, Most probably next fall Authority enter the the market. Puerto Rico's economic develop¬ ment during the last 20 years has steadily advanced. Per capita net income in water 1940 has to increased around government and business leaders who have made this prog¬ ress possible, and to investors who buy our bonds, we feel it is our primary obligation to maintain this has a the (5MG). Rural the up, (d) Rural Aqueduct Program The 1963-66. our wells for other six; for hy¬ exten¬ from $121 $700 in 1962 (second in Latin America only to oil-rich Venezuela). In fairness to 10 transmission mains for six towns; deep These July 1962 to June 1966 of which towns, including Mayaguez, third-largest municipality; (e) sewer of valves, slightly over one-third will be financed with borrowed money. The Authority's most recent to water ex¬ money, 45-million-gallon-per-day capacity; 48-inch sup¬ ply main, parallel to existing one; additional raw-water pumping units; and a 54-inch transmission main; (b) enlargement of six existing filtration plants; (c) ad¬ ditional and to added improve¬ Project, principal water supply for Metropolitan San Juan. These improvements include ex¬ of order routine water meters. million for program, with break which are paid from our earnings, will cost about $5 provements, some of them already under construction, to the water system. The four-year program, 1963-1966, will cost about $27,000,600. Some important items in nanced least includes installation own im¬ at the project customers new year, prises and rural any not resources, Authority's facilities in pipes, additions our subsidizes Normal routine extension of the drants major on Government to water works im¬ provement, this program com¬ reservoirs Makers of keeps and 1966. No borrowed money will be used for this program which will be financed mostly from legisla¬ pansion (1) number of shares hances their productivity, but also even. be ment '62 in rural areas, not only improves the health of the people and en¬ Authority for are '60 '61 This program is great socio-economic im¬ pact in Puerto Rico's development. An abundant supply of safe water Metropolitan Zone amounting to $12.7 million, ments to the Loiza" River Develop¬ '57 '58 '59 Commonwealth's the of a this 111.2 —0.8 54% having the Relating —1.2 to rural population. one-half $ Income 209.4 the ments outside of the $ Net Net estimate of $10.6 branch sewers, submains and house connections, $8.5 cost a million; sanitary sewers, the Authority has a program for sewer improve¬ —250 Net have five PUERTO RICO $ and started, .58 2.1 RICO PUERTO OF already are politan Sewerage Project, is esti¬ mated at $42 million. The sections 47,319,069 161,529 300,483 1954 MARIN 16 miles long, under construction. Six pump¬ The cost of the San Juan Metro¬ 1946 MUNOZ LUIS combined subdistricts. Plant GOVERNOR system of trunk sewers a which installation of branch sewers, the area has been divided into 38 Utility Revenue through of Authority in first class operation, with financial sound¬ ness and working toward con¬ tinued healthy growth. Volume 196 Number 6196 V. . The Commercial and Financial Chronicle With the continued increase in Growth of Electric Power Output in Puerto Rico By Rafael V. Urrutia, Executive Director, Puerto Rico Water tion of the United States has been power generation has gone a cor¬ responding improvement in the standard of living of the inhabi¬ largely instrumental in the de¬ velopment of this program through the purchase of special tants of the Commonwealth. Elec¬ electric issues bond revenue of Only 3.5 Hours From New York trical: household appliances are the Authority. common in Puerto Rico, the same Bonds Highly Regarded as stateside. More and more families Puerto Rico is 1,600 air miles (3V2 hours by jet) from New York, 1,050 miles from Miami, 550 miles from Caracas, Venezuela. day purchas¬ The Authority, organized more air con¬ ditioning units, hot water heaters, or less along the lines of the TVA, Head of two-decades-old Puerto Rico Water Resources Authority re¬ TV sets, washing machines, etc. is an autonomous public corpora¬ The island Commonwealth has counts electric power progress resulting in doubling output every five The smaller appliances such as tion, which issues and sells its an area of 3,500 square miles, 4,years since 1945. Finds this reflects Commonwealth's impressive eco¬ the electric iron, the hot plate and own electric revenue bonds in the 500 miles of roads, and the num¬ nomic growth and testifies to well planned provisions made to meet the table radio are very much in open market. Since its inception ber of vehicles has increased from future electrical demand. Notes, also, that the Authority has floated evidence in the remotest rural in 1941 the Authority has floated 75,750 in 1952 to 234,000 today. over $200 million tax-exempts and won dwellings to which the Authority bond issues amounting to over unquestioned acceptance has provided and continues to $200 million. Its bonds are com¬ San Juan's International Air¬ by top investment firms. provide electric service by a pletely tax-exempt and some of port, with 30,000 separate flights The extraordinary growth of its judge living conditions in a spe- crash program of rural electrifi¬ the best known investment firms a year, now handles 1.4 million economy is one of the outstanding cific community. Puerto Kico is cation now in its tenth year. The in the United States participate passengers annually, expects 4.1 Rural Electrification Administra¬ in their purchase and distribution. million travelers by 1970. aspects of the Commonwealth of no exception. Resources Authority Puerto Rico. that are every ing refrigerators, ranges, It has been asserted other no common- has wealth Rafael V. Urrutia continued growing Partial at accelerated an credit this for pace. growth is claimed by the Puerto Rico Water Resources Authority, a publiclyowned electric power corporation, which is the sole supplier of elec¬ tric service in the Commonwealth. Originally created by act an of the legislative assembly of Puerto Rico in 1941, to develop the hy¬ droelectric the of the Island, resources Authority nine-tenths of generates therm¬ developed all now its power after having principal available ally, the of power sites. The availability of electric one of the important incentives in the launching of the well-known Operation Bootstrap. This is the name given to the in¬ dustrialization program of Gov¬ power was Luis ernor Marin Munoz which began in earnest around 1947. Annual Increase In Generating Capacity have To electric avail¬ amounts, of good quality, has been the watch¬ able the in word of power needed the Puerto Rico Water Resources Authority through the years. During the last ten years the Authority has been adding generating capacity to its system This, not only to pro¬ existing demand but in anticipation of future demand as shown by continuous studies to find out the trend of growth of the economy. In 1952, for ex¬ ample, total installed generating capacity amounted to 175,560 KW. To this 24,000 KW was added in 1953, 8,000 KW in 1954, 34,500 KW in 1955, 60,000 KW in 1956, 44,000 KW in 1957, another 44,000 KW in 1958, still another 44,000 KW in 1959, 102,500 KW in 1960, a second 102,500 KW in 1961, and 82,500 KW early in 1962. Another 82,500 KW unit is in the prqCess of being added at this writing to every year. vide the for Coast South plant the of first went on thermo-electric Authority, the line which with a 44,000 KW unit in 1956. Present installed capacity of the system totals 656,420 KW. Since 1945 the Authority has been practically doubling its power years. production every five In 1946, total generation IN PUERTO The Ever In the fiscal year 1961-62 (which ended on June 30) this figure had increased to 2,570 mil¬ lion kilowatt-hours. In the modern world electric production may be con¬ sidered a fairly reliable index of power economic that it is growth. also a One may say good means to THE LAMP KNOWLEDGE OF lamp of knowledge burns bright in Puerto Rico. Public education gets more the largest share of the budget and better schools! Ever more year after year. and better students! The bonds of the Commonwealth of Puerto Rico are exempt from both U. S. federal and state Consideration for their sound security and liberal yields. Your amounted to 343 million kilowatthours. RICO own bank or investment dealer can income give taxes. you They merit full information, GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO 1311 Ponce de Leon Avenue, San Juan, Puerto Rico 45 Wall Street, New York 5, N. Y. 6 The Commercial and Financial Chronicle Puerto Ricans and Puerto Rico's Success Story this to of Is Far From Ended be "Operation Bootstrap" here average wage rates lower than in the States, are Puerto Rico Plant Sites in most ad¬ Western Skilled Puerto Rican industrial tories in Puerto Rico and conditions could not have been branch offices ever-increasing income is the third highest in the world. Only the workers dis¬ more us in the a successful accomplishments standard of of the United Britain this coun- Ricans justice along with liberties fall Communist propaganda here. ears path "Fomento" is trodding. In The saga of Puerto Rico's economic that continues to be a success story. This past year, in fact, we have written one of its brightest chapters. The rum, the agency financed and op¬ erated five factories which in a progress latest tics from came wartime sales of few years demonstrated clearly that industrialization was feasible. statis¬ show at Its 1950, increase over equal fiscal year 10.8%, highest i of e of never be the sales to persuade to build the factories we needed. private network And over ten The eco¬ be growth but the past years has been at con¬ sistently high rates from — 7 to nearly 11%, At the core of this rapid and steady thrust toward progress is the Economic ment call we Develop¬ Spanish Fomento—the Administration. word it simply has brant of "vi¬ development." local Fomento's the on in energies promotion of manufacturing modern — economic are and progress a record-breaking year. the local these investors. enterprises remaining 50 Altogether, represent new investment of $25 million and will provide some 15,000 jobs. Fomento years and ago established was sponsible for all Manuel Sanchez Rivera has been appointed President of the Puerto told, to succeed Gaspar Roca, Jr., who recently resigned to private busi¬ ness, it was a n n it is than 900 20 ounced. Mr. of ? these r om is full ex¬ the tax: incentive law also helps workers and investors supervisory person¬ and—in special cases—pro¬ vides various forms of financial assistance. , re¬ devel¬ plants. industrial self. The IR's work out of six branch offices as well as out in New York, is trained and ready to prospective of manufacturer on factors af¬ a manufacturer Rico to mine can to arrange for go to Puerto inspect plant sites, deter¬ the services available to him, enter into final negotiations a factory building, and file for In exemption. other words, the Industrial product, the IR can—through the Office of Economic Research— provide him with actual cost with costs of compa¬ rable a a related operation. or Furthermore, one. Zone Mayaguez would be Foreign especially profit¬ able for his type of operation, the IR can provide him with a survey Continued on page He He is of since July, previously chief of corporation financing was public division of of the A ?/'-'ft; Ijiflpiii 1 ml Government De¬ Bank for Puerto Rico. f graduate of the University Pennsylvania. :-.fm Reuben Sanchez has been named to succeed Mr. Sanchez Rivera as at as known coal, as iron the Caribbean." or any resources oil. It "poorhouse was of the vestor who mainland Puerto closes in Rico. No Wie plant a order to do on locate not want not in¬ the in diseases were illiteracy Yet was Results to Date and Future major killers, and widespread. Being Offered the Molinos de Puerto Rico flour and feed mill, keystone of a $175,000,000 food processing complex. By Puerto Rico Sealed bids will be received by Development Bank for Puerto Rico, fiscal agent the Direction * $30 Million Bonds to private investor progress at the expense of other dared risk his capital in manu¬ areas of the U. S. We want merely facturing investment. a small share of the vast pool of new U, S. investment which runs Per capita income at that time to more than $30 billion a year. was little more than $120. Life expectancy was 46 years, tropical Government people of Puerto Rico Today Puerto Rico is not only for the Commonwealth of Puerto succumb to hopelessness. laced; with a network of highly Rico, at its New York office, 45 Instead, they resolved that a way productive factories and luxurious Wall Street, at 11:00 a.m., on did not < out of this terrible situation could be found. The major problem was how to loose from the grip of a break one-crop had free market economy. access and to Puerto the Rico tourist accommodations, it is also crisscrossed with new roads and of highways, dotted bonds of new of with hundreds Wednesday, Sept. 26, $30,000,000 of the on general an issue purpose Commonwealth of schools, tens of thousands Puerto Rico dated July 1, 1962 and homes, dozens of new maturing July 1, 1964 through new) hospitals and health facilities. 1986. American We still have, of plentiful supply of The last previous sale of Com¬ course, many labor. But the key element, fac¬ people who are extremely poor. monwealth bonds occurred on tories, was missing. And private Unemployment, by stateside Jan. 3, 1962, when an issue of investors dared not take the first standards, is still high. Yet even $25,000,000 general purpose bonds the very poor and the step toward industrialization. unemployed was awarded to a syndicate can see all around them tangible headed by Chase Manhattan Bank, Fomento was created, therefore, and visible signs that the good Morgan Guaranty Trust Co., and to produce the factories. Using life in within their reach, too. Ira Haupt & Co., on a net interest some of the government revenues There is hope in the hearts of all cost basis of 3.4452%. a it a President in charge of Develop¬ pains to ment of the Puerto Rico Industrial legitimate new Development Company. been on lacking basic industrial such has encourage only overpopulated, agricultural investment. Puerto Rico will the edge of destitution, grant tax exemption to was an land Fomento 10 Authority man¬ early 1940's Puerto Rico if Trade . In the or manufacturer wants to know if the Federal corporate income taxes, Executive Director of the Puerto of course, do not ufacturing concerns and some apply in Puerto Rico Ports Authority. An engi¬ 120,000 jobs, in and out of fac¬ Rico because Commonwealth resi¬ neer and former member of the tories. But the opening chapter dents dp not have voting repre¬ Puerto Rico Planning Board, he of Fomento's story was a grim sentation in, Congress. has more recently served as Vicemore COB of thus making information readily avail¬ headquarters been Director training of velopment nel, IR a Finally, the IR tax that Manuel S. Rivera the Fomento of Executive 1961. with the selection and in States mainland. and detailed studies Ports has to provide an of Commonwealth income taxes for 20 : centers fecting various aspects of special manufacturing operations. Authority was commercial for since 1957 and modified ■ with Puerto Rico option of 50% years. has asso¬ ciated the that the country. The New York operation has a staff of economists to give all EDA-COB offices ex¬ about establishing an operation in pert advice and detailed analyses Puerto Rico—facts on tax exemp¬ covering all phases of an island tion, plant sites and rentals, trans¬ operation from shipping costs and portation, labor, and the profit schedules to production costs and records of other firms from this even productivity rates as com¬ industry group in Puerto Rico. He pared to mainland productivity is also the manufacturer's liaison for a specific industry. Thus, if with the EDA legal and Economic an electronics manufacturer wants Research offices and can, through to know how much it would cost these offices, provide legal advice him to produce and ship a certain Sanchez been Commonwealth from all the basic information he needs Rico Industrial Development Com¬ pany differently able to manufacturers in all parts Has New Head Commonwealth. This past these, corporate by main¬ by f and The wide range of incentives to and outside investors. further land capital and the The handled Industrial Representa¬ staff strategic, indus¬ are who the United P. R. Industrial corporate income taxes for 1013-year periods, the latter for manufacttiririg enterprises estab¬ lished ih "less developed" areas year plants signed up totaled 234 in fiscal 1962. Of 184 are being financed spring can ways, suffice. is COB stands for Continental Op¬ Branch and its main¬ trial program, popularly "Operation Bootstrap," of¬ Foremost of Record Year Completed New industrial many will Description made of IR's services includes their locations. erations tives and Fomento has just completed an¬ other effort prepared questions in depth on operating on Basically, COB IR's are contact Representative functions, at one men. They handle inquiries re¬ and the same time, as an account lating to manufacturing or invest¬ executive, industrial information ment opportunities in Puerto Rico bureau, and salesman. From the moment a mainland manufacturer or conduct campaigns designed to follow up specific direct mail, ad¬ shows interest in the island as a vertising or public relations ef¬ potential site for a plant, it is up forts, using carefully selected lists to the IR to supply him with all of manufacturers provided by the the information he needs to start Promotional Services Unit in the an operation and then to follow through on the various procedural New York Office. steps leading to the operation it¬ as any expbrts of manufactured to emption higher standard of living. be as Rivera investment key will and focused the the significant in the "Bootstrap" story. Fomento's a the in Development Co. that in promoted1 factories, by the way, is rising at k rate of 22%. fers that write us opments, give products in the year which ended last June! 30 was $494 million. Net incoihe of these Fomento- called of dramatic In connotation a fact one value of Rafael Durand of success demonstrated will of 1952. nomic convinced we for capital n- since crease demand gov¬ capital, Fomento sold the plants to private industry and used the proceeds 1961 of e recognizing that to the are ahead decade In ernment revenues would th we chapters Early Start than $1.6 billion — an more rja t Fomento, and in all other agencies of the Commonwealth Government, we are pressing for¬ ward measures for greater and faster progress. Puerto Rico's success story is far from ended and net income the main New York City office are eco¬ that deaf on as demo¬ extremist other and have well Promotion of Tourism and Rums, Puerto Rico's newest growing by just few percentage points. It is be¬ cratic higher than most advanced European the Island. of respect—and Puerto as to answer U. S. manufacturers' States ahead are cause The overcome. tries, and hope lies in the hearts of all Puerto Ricans testifies to the successful in nomic in industrialization, and in raising the living does not ignore what still has to be fact that wage rates are 44S- story of free enterprise's summary Great and couraging to private investors than they were when "Fomento" started early 1940s. Mr. Durand's representatives operating out of six Europe and the workers' share of created to produce fac¬ was Thursday, September 20, 1962 progress. Although our or . have found we are higher than vanced counrties of Administration "Fomento" . powerful instrument a they By Rafael Durand, Administrator, Economic Development . Aerial view, South Coast Industrial Complex, near Ponce Volume 196 Number 6196 . . . The Commercial and Financial Chronicle being expanded to handle Tourism Is Big Business mated The spent $66 million in last fiscal year as against only $7 decade ago. a the island. ert in to 555 feet, dredging of slips to —A little over a decade ago Puerto depths of 35 feet, additions to Rico had 507 hotel rooms, less facilities including a restaurant, than 65,000 visitors a year and an bar, shops, information and serv¬ annual tourism income of $7,000,- ice center, auto rental and sight¬ 000. During the fiscal year 1961- seeing bus stand. 1962, Puerto Rico's hotel and guest The International Airport at accommodations house from increased 3,747 to 4,116 rooms, 444,638 visited tourists the island Isla 1.7 Verde, million which a year, says: "We beauty of ar$ "Sales Substantial'' A. every and S. Beck Shoe Corporation has established Ben a men's and Saul Schiff, sales have leased new announced Shoe Division Puerto Beck President, been substantial stores The planning to add departments seven manufacturer the as and company is discount of Rico's tourism develop¬ integral part of "Oper¬ Bootstrap," started with the opening of the Caribe Hilton Hotel in December, 1949. "Bootstrap" is a plan to expand the island's by attracting outside investment in new fac¬ economy and offers tax hotels. The program incentives, complete to remit profits, assist¬ freedom in plant site location and the recruiting and training of person¬ nel, and loans from government or private banks for certain proj¬ ance ects. The Economic Development Ad¬ ministration of the Commonwealth financed the construction of the Caribe Hilton and contracted with U. S. a hotelman it. run Conrad Hilton to The hotel was considered tremendous gamble at the in but made first its year time, Caribe the $1,000,000 and its operation pattern for Hilton's world¬ set the wide chain. New Records Rico's Puerto in Sight tourism is ex¬ pected to set new records during the next two years. Local and outside investments, amounting to some $60,000,000, will expand hotel accommodations by 2,500 rooms in the next two years. Three large construction room projects are now under Coast" * section, next Spring; the 202-room Dorado Riviera, about 20 miles west of San Juan, and will open in the section, both of which this November. additions to cilities. is Americana 398-room Isla Verde New Commonwealth. Rare with Puerto Rico in the country is also are being hotels existing and fa¬ The Condado Beach Hotel expanding its facilities by 161 and the El San Juan Hotel Isla Verde is planning a 200- room extension. This historic transformation has been Commonwealth's Industrial projects in the final plan¬ ning stage include a 280-room Holiday Inn, to be built in Isla Verde; the 150-room Hilton Inn at Mayaguez, on the west coast; a 160-room Flamboyan Hotel and 288-room Ponce de Leon Hotel on the Condado "Gold Coast." the completion of the Flamboyan, Ponce de Leon and two small projects, there will be no further hotel construction on the Condado strip. by Puerto Rico's Planning Board the San Juan has become a popular cruise ships. This 75,500 cruise ship passengers port of call for year will the Commonwealth's five-fold increase over number of passengers five visit capital, the years To keep pace known as induced sparked largely by the "Operation Bootstrap." In all, this private business to set up more program than 800 new has industrial plants in Puerto Rico. One result has been the creation of 60,000 direct new jobs and annual payrolls of $150,000,000. The Puerto Rico Industrial carries out a broad program Development Company, TR1DCO", of investments to further the given specific assistance to nearly 900 companies—most of them representing industries newly established in Puerto Rico. Among them of 20 of the 100 PRIDCO are subsidiaries largest companies in the United States. also stimulates the growth of the tourism industry. In 1949 PRIDCO built the Caribe Hilton Hotel and in 1958 La Concha. More new El San recently it joined private capital in the Juan Hotel, the Dorado Beach, the Ponce Intercontinental and the now rising Puerto Rico Sheraton. This decision Department of Tourism will prevent the beautiful beach¬ front area from becoming, a "Chinese Wall of hotels." and can Development Program, widely industrialization of Puerto Rico. It has Other With which a bustling industrial growth of Gross National Product. rooms, in to a "Gold which will open made Puerto Rico has evolved from predominantly agricultural community the 24-story, 421- Puerto Rico Sheraton in the Condado the In less than twenty years a Meanwhile PRIDCO itself has successful management. initial It was set an outstanding example of organized in 1942 with J an + capital of only $1,500,000. Total investment has :r '.T , . already passed the hundred million dollar mark. Cumulative earnings are now close to $10,000,000! PRIDCO will continue to foster success of a climate conducive . to the ,■ ' ' > 'if private enterprise. ago. accommodate larger luxury liners, the Puerto Rico Ports Au¬ thority is expanding pier facilities. Basic improvements include ex¬ tension of one pier from 375 feet PUERTO RICO INDUSTRIAL DEVELOPMENT COMPANY a men's women's dress shoes and an tories New operates also ation capital in 24 leased departments from coast to coast as well as 215 conventional spent $66,000,000. ment, the City. Presently, children's Beck and that "Beck is and Astra York shoes in Puerto Rico. said also Shafer, General Manager of the wholly-owned sub¬ sidiary—Puerto Rican A. S. Beck Shoe Corporation — to retail women's, Schiff appointment of Albert S. Nassr as Supervisor of the Puerto Rican operations, under the direction of inter¬ will be built out is presently has five departments in the New Department Store's choice Piedras, Bayamon and Caguas. Mr. constructed in the next two years on the island." serves now passengers the opportunity to improve tourist ac¬ commodations, but we are equally concerned about preserving the natural beauty of Puerto Rico while at the same time giving the tourist something new, something charming and different. That is why 52% of the 2,500 rooms to be expand JUAN,PUERTO RICO,U.S.A. maintain Rio In Puerto Rico: Tourism Director Rob¬ Bouret leased York Department Store ex¬ operations on the Beck locations at San Juan, San Turce, of Puerto Rico's facilities is being care¬ open spaces and natural increasing number of tourists. its pands Corporation growth ested SAN New York A. S. Beck Shoe ex¬ Growth fully supervised to New and enlarged facilities being constructed to accommodate esti¬ an travelers island." Planned tourism million million 4.1 pected by 1970. In the Commonwealth Visitors 7 units. leading shoes, handbags. The Commercial and Financial Chronicle 8 Unit Big Factor in P. R.'s Growth f v By J. Diaz-Hernandez, ' ■' v ■ of mission the Continental Operations and of Director, Continental Operations Administration Development with the Puerto Branch Economic and the spot in Puerto on Continental . City, the term '' O p e r a t io n Bootstrap" all but unknown ex¬ was cept, the on island. The of number factories, un¬ of Working closely with The our Office of JUAN,PUERTO RICO,U.S.A. economic Puerto Rico of continued ahead development and the growth in the well direction Rico Ports The Puerto Rico Ports Author¬ ity also operates the two other major airports in Puerto Rico— Ponce, adjacent to the second largest city in Puerto Rico, and Mayaguez Airport, located at the third largest city The Authority also controls and supervises other small airports in Puerto Rico. years illustrated by transportation facilities which are its are of the Puerto Authority. Success exceptional success Puerto Rico Ports Other Major Airports I of indications Author¬ of ity is a public corporation of the Commonwealth, established in 1942 as part of the Economic have shattered all records in each Development Administration. It of the last six successive years. is charged with the development Puerto Rico's appeal to the busi¬ and administration of air and ness community has been such maritime services. that we have opened si^; branch offices to help mainland manufac¬ One of the major properties of promotional drive is now history. Tourism and rum figures the and the manufacturer in this is SAN —The COB's IR last Economic Research. Among the services provided by this department are (1) feasibility surveys, for an en¬ tire industry or a particular firm; (2) availability of raw materials and services; (3) comparative shipping and transportation cost studies; (4) vertical industrial re¬ ports, periodically revised and readily available; and (5) mar¬ keting surveys. es¬ tablished arm Key Role In Commonwealth's Growth The l.-R. services provided both Rico, and the promotional results area estate Tourism and Rum Industry located strategically in throughout the world. 1950, when the Continental Operations Branch of Puerto Rico's Economic Development Adminis¬ tration was set up in New York (PRIDCO), the real Ports Authority's under the its Department of Industrial Pro¬ In and Industrial the EDA. Operations making the term "Operations Bootstrap" a well known symbol of progress and Thursday, September 20, 1962 . . IR, Development Administra¬ Representatives Diaz briefly describes Mr. States. here Industrial and -the motion the is progress Commonwealth's The COB's most vital part is tion. the economic and of the financial Rico Co. Development mainspring for Puerto Rico's exceptional, sustained industrial expansion mainland be may Services Division of the Economic Executive Branch, Economic Development Administration of Puerto Rico The the considered accomplished. An island IR, working out of San Juan, ; then takes over and helps work out the firm's individual plans and problems with the Industrial COB, . interested turers a in the island as site for branch plants. In addi¬ our New York headquar¬ tion to ters at 666 Fifth Avenue, we now have offices in Boston, Philadel¬ phia, St. the Ports Authority is Maritime backbone the com¬ relations with the mainland of the United States and with oned number countries. other the from of its Reck¬ standpoint of the inhabitants, Puerto Rico is the United States' best cus¬ Puerto ed only 15 minutes from the heart of the city of San Juan, capital of per buy Puerto Rico. capita basis, Puerto Ricans from the United States more than citizens of America's biggest Chicago; Miami Louis, is Rico's Puerto trade tomer, and the United States is Airport situat¬ Puerto Rico's best customer. On a Rico International and Los Angeles, plus a European transportation of and merce customer, Canada, and on an ag¬ gregate basis more than such huge As recently as 1951 the number air passengers moving in and promotion office in Paris. of The competition for expanding U. S. industry has doubled and In the last calendar year, passen¬ out of San totaled Juan countries 365,335. Brazil. as Furthermore, trade with the mainland is carried exclusively by ocean-going vessels ger traffic totaled 1,564,797. of United States registry. The years, but pert consultants to assist with the our With more than 100 flights a principal seaports are at San Juan, promotional results have less than 100 special problems of "blue chip" risen, too. Witness our record- day to and from this airport, the Ponce, and Mayaguez. and the net firms and of specific industries, breaking total of 185 U. S.-affil- tourist business to Puerto Rico income for the At the Port of San Juan, the such as electronics, metalworking iated plants promotion in fiscal has increased entire Puerto substantially, espe¬ most important in Puerto Rico, and apparel. All our dealings with 1961-62. Puerto Rico and its in¬ Rican econcially since jet planes have cut the J. Diaz-Hernandez Ports Authority operates 13 of manufacturers, from the prelim¬ dustry have continued to grow the travel time from New York to omy was a 19 piers. It also operates the facil¬ inary stages to final negotiations, because our program has con¬ Puerto Rico to only slightly more mere $614,000,000. Today, 12 years ities at the Port of Mayaguez and are based on confidence and ob¬ tinued to grow. In the past two than three hours and from Miami later, the number of United States through a Captain of the Ports for and Puerto Rican plants attracted jectivity. If our surveys indicate years, example, we have to less than two and a half hours. Office controls the traffic and that a particular manufacturer opened a new U. S. Foreign Trade There has likewise been a steady or assisted by "Bootstrap" is over anchoring of vessels of all Puerto will not be successful in Puerto Zone, started a program to pro¬ increase in the movement of air 900. Net income for fiscal 1961-62 Rico ports. Tonnage dues, dock¬ joint ventures utilizing cargo. showed a rise of 10.8% over the Rico, we advise him to that effect, mote age, wharfage, demurrages, and mainland and local capital, and past fiscal year, from $1,489,000,- saving all parties time, work and other accessorial services provide added new 000 to $1,650,000,000. The term money. We take special precau¬ dimensions to the tax 1970 Traffic Projection Reached the revenue in the maritime ac¬ tions to screen out "runaway" exemption aspects^f the Indus¬ "Operation Bootstrap," moreover, In 1958 tivity. Revenue from these ac¬ firms—-that firms whose ob¬ trial der "Boot¬ strap" has We was to known become mercial the com¬ industrial world and as a symbol of profits. It is known to the underdeveloped nations of the world as a symbol of progresg. A model what of be can accom¬ plished under democratic free enterprise, Puerto Rico has been cited best States Once as Latin America" the "the as newspaper gift of the United States to underdeveloped world." it What, be asked, is may on our staff the qualified ex¬ mainland firm is ready to go to Puerto and it has been hailed by a great United have is, jective is the closing of a state¬ side plant in order to reap a quick profit in Puerto Rico. President/Kennedy by "our showcase in also the Rico, redoubled in recent Incentives Act. drive this in dustrial the overall is now well under way at Puerto Rico Inter¬ national Airport. The concrete runways has been extended from 8,100 feet to 10,000 feet to allow for international flights and full capacity of jet operation. Other improvemets include the doubling of terminal space for passengers, the paving and extending of the ramp to increase the number of COB does the basic work that is the the "Bootstrap" indus¬ essence, of responsible tourists institutional the of promotion COB is also attraction of the for and island's the All mainland rums. these three areas fine activities in exits the function are COB. of Manati pineapple plant of Stokely-Van Camp of Puerto Rico, subsidiary of Stokely-Van Camp Co. Offices Strategically Located in program for passengers from 16 to 24, construction of a new cargo buildjng, widening of the exist- mg4taxiway, folding The States installation pad, relocation of of a runway ties to regulate air traffic. various aspects Rico, f-. but the heart of operation is f Puerto ad- the Department of Industrial Promotion and the Industrial Repre¬ dustrial cover ' tives are our direct liaison dition, the IR provides the the firm's of facilities the at where the Foreign Trade Zone is located. The Mayaguez Puerto Port devel¬ Nuevo comprises 102 acres of land, including a central market, 13 new berths, and marketing opment facilities. total The cost of the first stage of this project now un¬ der construction is estimated at to begin. about about $4.5 will million be this For and project the provide about the remainder provided by Federal propriations, will reimburse but a the small ap¬ Authority part of this contribution. already for been in¬ these capital Facilities at Puerto Nuevo are expected to replace cargo facili¬ ties in the old San Juan Port area. ing bank Governments and loans. Of the old facilities, Pier 3 is be¬ developed for tourist ships. Other facilities, from Pier 1 to 7, will Puerto port Rico International constitutes the main of revenue of the Ports manu¬ about relating to particular project and Funds from surveys operations. Dredg¬ ing of the San Juan harbor, esti¬ mated to cost $10 million, is about Commonwealth with with studies of pertinent offshore which of from are facturer with of Port improvements must be obtained operational revenues, ap¬ propriations from the Federal and Representa¬ specially equipped to help the mainland manufactur¬ er on questions of tax exemptions and other aspects of our indus¬ trial incentives! program. In ad¬ industry and of have vested. Industrial improvements airport re¬ the to investment million centers of program additions quires an $9 million throughout the states. These the $V/2 The and strategic in¬ commercial and reconstruction Ports Authority will g sentatives who area at Porto Nuevo, dredg¬ ing of the harbor at San Juan, and have already been spent. inform the mainland public about util¬ we such promotional tools as our port $22 million of which $19 million 1 P areas of steadily in¬ a creasing traffic through a program of expanding port facilities, in¬ cluding the development of a new and apron vertising, direct mail and public relations activities, in order to ize The Puerto Rico Ports Author¬ I ity is anticipating hotel lights, the expansion of facilities, construction of a new fire station, the relocation of auxiliary fuel tanks,installation of a new radar system, and facili¬ In each of these year by passengers result of this great increase air traffic a substantial im¬ in promotional trialization program. fiscal last a provement "Boot¬ strap" program? How do we oper¬ heart the for New Projects Underway As ate? In 5,000,000 in¬ toward economic precisely is our What in function tivities Air¬ 1970. expansion and progress? International year. about role of the Continental Operations Branch Rico Puerto amounted to $1,622,400, or 38.4% port was built in 1955 at a cost of over the previous fiscal year's pects of our promotional effort we $15 million. This airport, designed revenues. have kept pace with the growth to handle about 1,000,000 passen¬ of what Puerto Rico has to offer. gers per year by 1970, reached The number of ships using the This we shall continue to do. this traffic figure in 1958. In the port facilities of the Puerto Rico last calendar year passenger traf¬ Ports Authority in fiscal year fic totaled 1,564,797 and air cargo 1961-62 totaled 2,566, a substantial movement totaled 57,212,748 increase over the figure of 1,700 pounds, increases of 7% and 22%, in the previous fiscal year. Cargo respectively, over the previous tonnage for the same period in¬ year. The exceptional and con¬ creased to 1,778,241 short tons, sistent economic growth of the compared with 1,252,000 short tons Island has led to projections of the previous In both the large and small as¬ last Mayaguez plant of Star Kist Caribe, Inc., subsidiary of Star Kist Foods, Inc. 80%. fiscal 203,800, Airport year with $1,209,600. Air¬ source the probably be demolished and area restored for tourist pur¬ poses. Authority, revenue amounted expenses to for $2,- Reconstruction at the Port of of the facilities Mayaguez, already totaling begun, will cost an estimated $1.4 million. Volume 196 Number 6196 , . . The Commercial and Financial Chronicle Puerto Rico's fiscal and which ended June 30, year the set a tengrowth in the outlook is for economic ac- guest houses to $38.3 million rose mil¬ lion. to $255 million. The en¬ couraging growth of the livestock, dairy and poultry industries con¬ tinued with output rising from $89 million to $94 million. Garcia has announced. unique also worked with the Treasury of Puerto velopment the need Rico's institution to economic fiscal in technical agent for all public bodies Puerto Rico, and as such it coordinates and executes the bor¬ rowing operations monwealth of the Com¬ Government, The de¬ momentum, recognized for an provide fiscal agent operates for relationship has eminently successful. gathered was a its Bank total of over has Puerto and a $1.3 billion of financ¬ established in 1947 on Resources trust behalf Authority, in the Aqueduct and ity, and Rico the in 1958 soared Bank Wall Street for Industrial the land financial Puerto Development stantly years ago The Planning Board's economic survey showed cept for slight a Government dip in expenditures, all approximately ex¬ WATER of the economy contributed the record growth with manu¬ facturing and ing the way. construction of the most revenue (in millions) lead¬ significant in¬ j|□water T' r value in the SEWER water customers sewer lion-dollar market. The NUMBER OF CUSTOMERS customers dicators of growth, however, was the rise in value of external trade. The Commonwealth became a bil¬ 070,000,000 AND (in thousands) r evenue One REVENUE sec¬ tors to AND SEWER of as imports was $1,against $924,000,000 fiscal year. Pur¬ 1960-61 chases from the continental U. S. rose from $754,000,000 to $877,- 487,000 and imports from foreign countries rose from $169,000,000 to $193,271,000. Ten years ago total imports were valued at $448,000,000 of which $411,000,000 from came United the Exports also States. increased, rising $674,000,000 to $757,890,000. Shipments to the U. S. rose from from $661,000,000 to $725,237,000. Ten jfrl ago Puerto Rico's exports to the mainland amounted to only years $238,000,000. Barring any drop in the level S. economic activity, Puerto of U. Rico's importance expected ning Board current least 8% at The anticipates in the rate market a as increase. to and a a fiscal rise in is Plan¬ growth year of manu¬ facturing output of about 12%. The exceptional record of the past year, the Board found, came in part from an overall rise in manufacturing Net income from rose output of 14.5%. from manufacturing million to $381 $333 seventeen years of continued growth million. Two-thirds of manufacturing ($232.5 million) came from "Operation Bootstrap" fac¬ tories (enterprises recruited by net income the Economic Development r'-se in c-utput. was higher than the overall manufacturing gain. The electrical machinery and metal working industries, for example, increased their output by 20%. Gains of 20% or more were regis¬ tered in the apparel and textile, leather products, and scientific The the to of tomers creation in 1945 shows accelerating growth in enues every area. Both gross rev¬ and number of water customers have doubled now dant supplied with a constant, abun¬ supply of drinking water that meets the rigid standards of the U. S. Public Health Service. Rates new construction are both low: water a Authority in sound investments, at current provide an $325 PUERTO AND The tourism industry had one Gross expendi¬ tures by visitors rose from $55.7 million to $65.9 million. Income its best years. well prices, attractive return to indi¬ viduals and institutions. A descrip¬ tive booklet is available upon request. residential building and predicts a further rise million in the current Aque¬ are eral and State income taxation. These $252 Board sewer fully exempt from Fed¬ RICO AQUEDUCT year. of and month. The bonds of the Puerto Rico duct and Sewer secured and again and again. Every town and city in Puerto Rico is for service, is under $4 million to $305 reflecting a continuing million boom industries. value from rose the average charge to residential cus¬ duct and Sewer Ad¬ ministration), and in general their instruments The record of the Puerto Rico Aque¬ Authority since its investors in con¬ tax ments in Puerto agreements per Federal 45 City, these annual that, York exempt bonds advised of develop¬ gross was $968 million and capita income was only $375. New at Company. Under the provisions of Ramon G. Santiago product office community. It keeps $700 for the Ten in The revenue. an through which its officers keep in |MP to reach new day-to-day contact with the main¬ or time. a concept, relating for capita inrose by 8.9% to sav¬ Sewer Author¬ come first developing maintains 10.8%, to reach $1,985,000,000 Per list for Rico's debt incurring by $196 million, in debt capacity to its tax Water 1949 Realistic Puerto agreements of Rico Puarto for arranged admission bonds York legal ings banks and trust funds. It has proved ing for the various public entities, and Rico New » Gross product for 1961-62 cur¬ the assistance to public borrowers and million Chairman Ra¬ Santiago, and $31.7 are the benefit of all public borrowers in an economic area, and this Despite a relatively poor sugar to maintain order in the competi¬ crop, the value of agricultural tion for limited funds. Accord¬ output rose slightly, from $243 ingly, in 1945 the Bank was named tivity, Plan¬ ning Board mon hotels bonds where As another of rising year of from of In Puerto Rico Continued growth is predicted. economy for record year million rently outstanding. The Bank has been instrumental in gaining for All Public Units 10-year growth rate record and becomes billion dollar market. a $328 corpora¬ tions, and authorities. This is the only instance in the United States Economic Rise Sets Record a municipalities, public Fiscal Agent for Puerto Rican Past 10 Year Commonwealth achieves 9 SEWER AUTHORITY Rico. The Commercial and 10 Financial Chronicle . . . Thursday, September 20, 1962 Expert Aid on Rapid Growth of Banking Puerto Rico Facilities in Puerto Rico By Jorge Bermudez, Executive Vice-President, Puerto Rico Plant Sites Bankers Association Rico Continued from page of rapid rise and extent of commercial banking in Brief summary Puerto based contribution this service has made to the underscores cific product needs. Island's eleven banks include two economy's real rapid development. 6 manufacturer's spe¬ the on The IR can, in addition, call the Legal Office to help the manufacturer with technical prob¬ lems such as tax incentives, ex¬ U.S. and two Canadian chartered ones. upon There During the last ten years the quantitative progress of commer¬ cial banking in the Common¬ wealth of Puerto Rico, a free state associated with the U. S., has been remarkable. A great expansion in banking services, as evidenced by in increase the ditional the port and import regulations, and the filing of applications for tax exemptions. banks. Promotion of Tourism and Rums following: is, of course, quite different from promotion of industrial plants. In these areas, too, however, direct contact is made throughout the country. Tourism maintains, in addition to advertising and poster campaigns, personal contact with travel agencies, travel clubs and groups, and convention bureaus, laws, two and of These Canadian per¬ formed, has likewise taken place. The selected figures in Table I will give a general idea as to the development of the Puerto Rican economy since 1940. banks the Tourism and Rums Banco functions banking commercial banks in¬ corporated under the Puerto Rico Banking Act, four other locallyincorporated smaller banks, two banks incorporated under U. S. of ad¬ number the number and branches Commonwealth the in are three large are Popular, Banco Credito y Ahorro Ponceno, Banco de Ponce, Banco de San Juan, Roig Commercial Bank, Banco de Economias y Prestamos, Banco de San German, First National City Bank, Chase Manhattan Bank, Royal Carribean owned by Refinery Co. plant at Catano, Puerto Rico, jointly Pontiac Refining Corp., Texas; J. H. Whitney & Co., New York; and Gulf Oil Corp., Pittsburgh. Bank of Canada and Bank of Nova against this background of economic growth that banking It is Scotia. The well as incorporated locally as the U. S. banking insti¬ as examined. tutions are members of the Fed¬ partici¬ eral Deposit Insurance Corpora¬ All of the banks perform pated in the rise of Puerto Rican tion. economic prosperity, and have regular commercial banking func¬ Commercial have banks contributed also be should progress their done and share to make this economic prog¬ Banking policy in possible. ress has Rico Puerto been of one ac¬ tions in the same fashion as in them of Puerto Rico are and The results A few fig¬ About least the which has of been operation that has existed be¬ tween government and private enterprise in Puerto Rico. 11 Banks and 141 Banking Offices There commercial eleven are in with Rico Puerto 141 This figure in¬ 34 mobile banking units. offices. banking cludes year workingmen's the good partnership and mutual co¬ banks a Rico Puerto other tions types has of a in mentioned not variety of out the country—contacts with ho¬ tels and hotel associations, res¬ taurateurs duced tions and recep¬ drinks. Representatives' Mr. J. Diaz-Hernandez, Execu¬ Director, Commonwealth of Puerto Rico, Economic Develop¬ ment Administration, 666 Fifth Avenue, New York 19, New York (Circle 5-1200). tive Plants of Union Carbide Caribe, Inc. Oil Refining Co., Inc. (right) at (left) and Commonwealth Penuelas, Puerto Rico this brief They all effectively help in making the progress and stability of the Commonwealth economy possible. Among all the banking and financial institutions, commercial banks have played an James Fernandez, Director Chicago Office, Commonwealth Puerto Rico, Economic Devel¬ Mr. of of opment Monroe effective, decisive and highly ben¬ Administration, 79 West Street, Chicago, Illinois (ANdover 3-4887 8). or eficial role. 1961 1940 1950 $755,000,000 $759 $343 $154 $200,000,000 $149,000,000 $71,000,000 $320,000,000 $89,000,000 $27,000,000 202,803 60,727 26,847 89,892 32,294 16,778 of Merchandise $674,000,000 $235,000,000 $92,000,000 Imports of Merchandise $924,000,000 $345,000,000 $107,000,000 31.1 39.6 39.0 6.7 10.5 Mr. G. $287,000,000 18.2 prices) Modesto Bird, Director of Los Angeles Office, Common¬ wealth of Puerto Rico, Economic Development Administration, 5525 Wilshire Boulevard, Los Angeles, California (WEbster 1-1225 or 6). Figures Graphically Illustrate the Sharp Uptrend current rum Branch Offices Facet of the Commonwealth's Economy Since 1940 (in and summary. $1,789,000,000 Product Gross variety of Industrial TABLE I In Every food the conventions to a Mr. The Accompanying and liquor industry. This department provides special promotions with the liquor industry and has intro¬ institu¬ financial enlightenment. promotion, in addition to advertising campaigns, also in¬ volves personal contacts through¬ and a half ago a bank, "Banco Obrero de Puerto Rico," was estab¬ ures will be evidence of this fact. lished. Making personal loans ex¬ (Table II). clusively at the present time, it is The data in Table II portray a owned by workers and labor picture of rapid growth. The loan unions. As of June 30, 1962, it had and discount figures, for instance, loans outstanding in the amount constitute an eloquent index of of $1,470,000, total deposits of $5,the contribution commercial banks 349,000 and capital accounts total¬ are making to the development of ing $796,000. These figures are in¬ the Puerto Rican economy. This cluded in the June 30, 1962 fig¬ progress has been possible be¬ ures for commercial banks which cause of a variety of factors, not appear in the table above. and government. have been impressive. Tourism Rum Bankers Association. tive collaboration with both busi¬ ness with airlines. the of members as and other forms of entertainment the Continental United States, and all well provides also information about hotels, sports, fishing, sightseeing tours, and special and cultural events, such as Festival Casals, symphony concerts, art exhibits Romanat, Director of Mi¬ Office, Commonwealth of Puerto Rico, Economic Develop¬ ment Administration, D u p o n t Plaza Center—Suite 711, Miami, Florida (FRanklin 7-2618). ami Per Net Net Capita Gross Product from income Exports 30) (June Mining— Telephones (Jane 30)-. Rate Birth & Vehicles Number of Motor Number of Agriculture Manufacturing from income (in current prices)! 1,000 Population per Death Rate per 1,000 Population __ * Mr. Manuel Benitez, Director of Office, Common¬ wealth of Puerto Rico, Economic Development Administration, Transportation Building, 6 Penn Center, Philadelphia, Pennsylvan¬ ia (LOcust 8-2665) Philadelphia ' I TABLE Parke-Davis' pharmaceutical plant at Carolina, Puerto Rico ' II Mr. Ramon Acevedo, Director of Office, Commonwealth of Puerto Rico, Economic Develop¬ ment Administration, McGraw- The Impressive Growth of the Banking Industry in the Commonwealth Since 1940 is Boston Vividly Reflected in This Comparative Analysis Hill June 80, 1962 June 30,1955 Building, 607 Boylston Street, Boston, Massachusetts (COngress 2-1310). June 30, 1950 i Total Assets Loans and Total Deposits against ment Capital (including U. S. and public Puerto Rican collateral) $832,700,000 $360,400,000 $285,300,000 538,100,000 , Discounts 205,600,000 119,800,000 305,400,000 241,500,000 39,600,000 18,400,000 14,700,000 Andres Betances, Director Office, Common¬ wealth of Puerto Rico, Economic Development Administration, Govern¬ 761,200,000 Accounts Mr. of deposits St. Louis Merchandise Puerto Rico Pulp & Paper Co. plant. This is of International Paper Co. a subsidiary Mart — Room 1000 1, THE COMMERCIAL AND PUJANCIAL CHRONICLE William Dana Seibert, of March NOTE: On 3, (Telephone STate 2-0613); Copyright 1962 1879. Subscription in United States, account of (Reg. U. S. Patent Office) William B. Dana Company, Publishers, 25 Park Place, New York 7 N Y REctor 2-9570 Claude D Seibert Publisher and Presidenta week [every Thursday (general news and advertising issue) with by William B. Dana Company. Re-entered as second class matter February 25 1942 at the post office at New York N Y under the U. S. Possessions and Members of the Pan American Union, $65.00 per year; in Dominion of yew. Other countries, $72.00 per year. Treasurer; George J. Morrissey, Editor. Published twice Street, Chicago 3, Illinois the fluctuations in the rate of exchange, astatisKlissue onMoidav] ffir ^ remittance for foreign subscriptions and advertisements must be made in New York funds. 205 Washington Avenue, St. Louis Missouri (CHestnut 1-5338). i?f St Volume 196 The Commercial and Financial Chronicle Number 6196 11 J home Report Documents 20 Years ing clusion U. Of Financial Leadership Fiscal just concluded year Government in most active in was Development Bank for Puerto Rico. Recent big role on such Act in¬ urging amendment an Housing ministration of to of to the 1961, insure condominium greatly such it and properties. of in au¬ thorizing the Federal Housing Ad¬ has was financing condominium buildings which helped bring about FHA insurance S. on the history of the builders, and national hous¬ organizations mortgages properties. spurred This construction buildings in Puerto Rico is also expected that they will become popular in the States. The SAN JUAN, PUERTO RICO, U.S.A. increasing role in building expan—Observing the start of its 20th sion in San Juan and other comyear, the Government Develop- munities. ment Bank August, for Puerto Rico in distributed to inbanks, insurance 1962, vestment dealers, _ _ with built active, banks, condominium under Torrealta, ture m?sJ commercial was , a^onS .. . first in this a the new being Act Hato Rey the is 70-apartment struc¬ sector of San Juan. Accent system, the University of Puerto Rico, now has an enrollment of 20,000 in all its colleges—includ¬ ing Humanities, Social Science, on Education In Education, Law, Pharmacy, Busi¬ ness Administration, Medicine, Puerto Rico Agriculture and even SAN JUAN—Puerto Rico is educa¬ tion-conscious. A Commonwealth budget, third $90 million, is spent alone. The on literacy of rate short of 95%) and more than 84% 90% (the U. school age population is enrolled in S. is Public the almost education or just rate is Puerto on this tion schools Rico is are plentiful in but they're crowded island where the popula¬ 690 There are, to the square mile, however, 121 accredited of the private schools throughout Puerto (ages 6-18) Rico, 19 of them for Englishspeaking children, and they range primary and sec¬ from ondary schools. The capstone of the educational kindergarten through school. companies and other institutional and individual of investors, report a its accomplishments entitled "Twenty Years of Financial Leadership," including of the fiscal a summary ended June 30, year ^!MII 1962. The report pointed out that this past fiscal year was the most ac¬ in tive the Bank's history in to approval of loan ap¬ plications for private enterprise. Commitments by the Bank for long-term credits reached a record level, while the number of loans respect also attained Acting historic peak. a fiscal agent as for the Commonwealth of Puerto Rico, its municipalities and public Au¬ thorities, the Bank during the fiscal year just ended arranged long and short-term financing in the amount of $169,700,000; its total assets on June 30, 1962 were $95,441,000. Created In 1942 The Bank, one of the first as well as leading development banks, was created in 1942 as part of the framework structural es- ' tablished to spur industrial growth in Puerto Rico. From the outset, the Bank's plore act has aim been to ex¬ lending areas and to catalyst in the develop¬ new as ment a of the economy. Its lending operations supple¬ ment other financing facilities by supplying longer term credit than is usually available from private The Bank also sources. an advisor The Bank a lending serves as financial matters. on was first organized as Later, agency. Puerto as Rico's economic development pro¬ gram gathered momentum, more public financing was required and accordingly, in 1945, the Bank was named fiscal agent for all public bodies in Puerto Rico to provide technical assistance and to main¬ tain order in the competition for limited funds. ft The 20-year report of the Bank's one involved forts low-cost rectly and housing private housing mortgages anteed the and enter to their own guar¬ efforts field and United led also Bank develop apartment where Buildings the way buildings—that office or individual in is, buildings units are sep¬ arately owned, title registered in individual units can names, be individual and mortgaged like single pieces of property on a single lot. The Bank in 1955 provided funds for the first condominium residen¬ tial apartments, dential and and other office buildings followed. Private lenders active in this field. This a half passengers moved through Puerto Rico's times the 1950 total! Air freight also grew more than five at an amazing rate. The airport is liners, are now ultramodern, and readily accommodates the newest jet arriving and departing at the rate of 32 per day. downtown San Juan, International and Airport serves a dozen separate American foreign airlines. Its bustling activity provides additional proof of the growing importance of Puerto Rico to world markets. Bonds of the Commonwealth and its agencies Ports Authority attracting more are and such as the Puerto Rico exempt from Federal and State income taxes. They more are private and institutional investors seeking good income compatible with a high degree of security. resi¬ soon now kind of ownership is destined to play an million and Only about 3 hours from New York City, and 20 minutes from providing financial assistance for condominium a International Airport in the year ended June 30,1962. This is States. Financed Condominium The More than opened institutions market for home mort¬ in the gages whose private the large federally these for the projects were way di¬ It construction of THRUWAYS" large, projects. the several of AIR that pioneering ef¬ financing financed sale notes PUERTO RICO Nuclear Studies. PORTS AUTHORITY high Financial Chronicle The Commercial and 12 . Thursday, September 20, 1S62 » . THURSDAY EDITION • OVER 20 FEATURES • SPECIAL ARTICLES The in Registration Securities Now L rtinkD Novtmbtr 1 "■"I"1" Mt Froul tThursday) 3 Ceorgia t/ i CALENDAR NEW ISSUE ■Rrxmrvh kun> UAL FUNDS • -A4 "* _ ■""Cp AThe State of ' ""TS Vrnihrrs 8 ?HavHrn " Stme'i"Co7iiiil noojrtmrw ——n■ i j"" m.T SECURITY SALESMAN'S Tiiititurt (Friday) emb.r 4 "L,v^Ol/ ■ink VII Gay I StarN:v:;lmv,-,12.ooo.ooo Security A continuous lorum in which. i:r:; Froul rro CORNER Shirk Km Ham BY JOHN DUTTON Consultants eS What Lies Ahead — Yilieau l/v Alfred J. Clan/■*".* Kxrrutivr I = — »vi Son""""« N° Tn tpvpot RateS7 ror interest rutins. Salesman Should Eve, Forget ■"» <^,1.,^..,....... *, Irrl'rrsiilrnl, Sum Now It Industry: Its Problems and Potentials axpaeti a "furthor »»g" in mhrest ra this on the prospaet ot some decline in It Ha bases 1961. the expectation of an ample that will be seekint invest™ int outh perceives, will similarly app-ar at Ij than this year's. All in all. Mr. Casaiia ■•«*■*«. hanee the desirability ot well secured mortgages, where PUBLIC utility (or tunds next year and on institutional livings term securities rates, he also at attractive jltorcst yields, in Jfy Juhn K. Sivi'urinpi'ii,* Prtxidrnl. Our Reporter itj have searching inventory geared A soul an the eO|l rail GOVERNMENTS steel ii| Stamiar.i OH Co. < Minna) eentuit" BY JOHN demandstw * * jjjjtf,1 ' T. Regal. J .» the negative Industry New.c on past, and prc-ULl banking's portfolios. fluctuations are de- nexv rate rospoil. The Oil we itj 1 York banker •-—srjBAjg^-, is! had ,\ru> ) or^ Lily Trust Company. CHIPPENDALE, JR. industriT " laicnanif.. service No other publication I:-*":' V gives you so much—so economically as The COMMERCIAL and FINANCIAL CHRONICLE TOGETHER, the two editions FINANCIAL CHRONICLE sive and business, timely information you on For the most comprehen¬ . first to The CHRONICLE. GET WHAT YOU PART OF JUST . . broker-dealers, and bankers turn industry and government. Top-level writers underwriting volume through the CALENDAR OF NEW devoted to security offerings regis¬ tered with the Securities and Exchange Commission, (listed and over-the-counter) Price range on over 5,500 securities each week. profit and protection bankers, developments in finance, HERE'S trends-in-the-making. thousands of investment investors, corporate officers interpret the facts, help you spot of The COMMERCIAL and give SECURITY ISSUES encyclopedic array of CORPORATION and INVEST¬ Utilities, Government Securities, Bank & Insurance Stocks, Mutual Funds, Tax Exempts, An plus potential financings. MENT NEWS—Public Plus news on LABOR . . . DOMESTIC AND FOREIGN ECONOMIC AND SECURITIES DEVELOPMENTS Over-the-Counter Securities. GOVERNMENT LEGISLATION Complete coverage of State and Municipal Financing and Banking News. ... TAXATION ... . . . all designed to assist you in making better investment more informed judgments—for yourself and your clients. decisions, Scores vital of statistics—dividend redemp¬ rates, calls, sinking fund notices, plus analyses of business and industry trends. tion Proven sales Special articles guidance for dealers in John Dutton's "Security Salesman's Corner." Discussions famous column Year TODAY! ment and economic 104 investment information Twice-Weekly Issues (Monday and Thursday Editions)* $65 Per Thursday Edition ONLY $20 Per Year—$6Savings Over Single Copy Price. MONDAY EDITION both issues . 56 PAGES OF STATISTICS AND NEWS and Investment News General Corporation PUBLIC UTILITY • circles. 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ZZZZt... jln frwtoM ' record - -- HIGH BALE rWCU "•d.MX.l ' AWlMkHMMB STATE AND CITY DEPARTMENT IMS f higb bale ructi BQNILPROPQSALS AND NEGOTIATIONS or bought (indicated bv '"UU2,a,ion '"""shed wide which have r.r Bid A>k imowSMI THE COMMERCIAL AND a Pickering Lumber Corp • the Montr .« Montreal Stock requ£ on national di^' I C.n.dW„ (Range for DIVIDENDS fo.o. •Th '*°CK« CHRONICLE or Sale. I»r .verb Aluminum 25 HP,td.en? •poouneemenu are grouped in two .en, stock Jrove D.llara Id n!°ft*"1LWlt-""'»l On oil FINANCIAL CANADIAN MARKETS Exchange '• PARK Cn r PLACE li6.3,* wmni? ffijX NEW YORK * 8, N. Y.
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