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and
Reg. U. S. Pat. Off.
LEADING
THE
Volume
Number
198
EDITORIAL
a
No
AND
MOST
INFORMATIVE
New York
6302
As We See It
PUBLICATION
FINANCIAL
FIELD
.
.
ESTABLISHED
.
1839
Price
50
Cents
Copy
a
Canada: A Durable Haven for
Long-Term Investment Issues
than the bill before the House next
fact, no more important
year
THE
7, N. Y., Thursday, September 26, 1963
important legislation will come before the
more
Congress this
IN
week to reduce Federal taxes. In
domestic economic
in.
gress
'The
-
15
some
legislation has
years.
.
j.
A
.
high wartime and postwar tax rates we are now
longer necessary. They are, in fact, harm¬
paying are
no
ful.
high rates do not leave enough money in
These
private hands fo keep this country's economy growing
and
:
^
a
healthy.
.
;.
v
.
..
Fall
review
of the
Canadian economy;
and the
progress
tunately
durable
Canadian, companies
cash, dividends for
have
paid
sound hill and
More
after-tax
consumers
continuous
American investment in
long as 135 years.
buying
more
means
money
the
not ;;of
words
Maynard Keynes,
.
the air in support
by
come
or
the
of the
some
from the ad¬
United States
of his cherished tax legis¬
lation.
And since
fluence
popular thinking upon a vital and definitely still
subject, it may be well to take a fuller look
they
intended definitely to in¬
are
current
at what the Chief Executive said
President continued:
"A
>
.
on
that occasion. The
-
.
entire
usual
world, has had
attracted
her
and
a
of
sums
result has
a
capital
flowing, each
a
year,
ments
to outsiders.
whole
little
the governments of recent years
number of corrective
dividends
on
of
American
capital
growth, and the
short-sightedness of impedi¬
this historic,, -natural, and
long-term capital.
new
Canadian
issues
were
philosophy of the regulation makes
Over the long run it will
reducys
sense.
development of Canada's massive t'but
resources,
tax
stem
of
Canadian
exempted from proposed taxation, but the
tion of the
a
to
Fortunately,
with this situation and to stimu¬
15%
importance
inflow
vital
greater internal ownership and direc¬
have taken
as
vital
unwisdom and
from
too much
seen
well
measurebrought home to both countries
contributions to
industry-managed by non-citizens;
To cope
—the
,
vast
as
as
the
continuous and un¬
major part of profits earned in Canada
has been
late
a
Canada,
foreign nations, in order to limit
this
in the
resources
problem to deal with. It has required
abroad, and
of
agricultural
emo*
outflow of American dollars. Introduction of
of the great natural storehouses
one
of mineral and
and
dress last week of the President of the
on
'for
produc¬
Keynes:
or even,
neo-Keynesian fanatics. They
sent out
power
.
.
Lord
in other
Canada,
jobs for American workers.
jobs our-nation needs.
are
earlier John
earlier
need it for many reasons.
more
.and investors, and this means more
tion and the
,rThese
we
means
of mixed economic
tions the latest ingredient added was the
proposed American 15% equalization tax,
designed specifically
to
restrict
further
interesting tabulation of
that
as
To this potpourri
•
tions under which Gross National Product may expand, and
.
,
problems^ of the
adjustment to revised financial condi¬
investment be stimulated; plus an
not all adopted) by the Minister of
Finance in the Pearson administration..
.uThe bill-on which the House will. vote next week * is.
"A tax cut
a
By Dr. Ira U. Cobleigh, Economist
before the Con¬
come
little
United
net
-
capital
States; it is
an
outflow
from
the
unneighborly hct; and
it tends to limit the rate of
expansion of a
powerful and friendly country with an eco¬
measures
paid outside
another
Canada, devaluation of the Canadian dollar,
nomic
system similar to
tragic recession. I do not say that a recession is inevitable
without a tax cut or impossible with one. But excluding
higher interest rates and the giving of polit¬
tally
ical
sold in
best customer. In 1962, Canadians
the United States $543 million of out¬
war
tax
cut
a
by next January, it will be 44 months
the last recession
U. S.
protection against
recession on the average every
since WorldvWar II, or every 44 months since
World War I. And
since
new
have had
years we
42 months
means
began. A
(Continued on page 26)
young
aid
native
industrial
and old. This
policy of
to
(and
increase)
Municipal
MULLANEYWELLS & COMPANY
iCAtiC
Chemical
623
A;:A
Dealers
•
'
Members
•
BOND DEPARTMENT
18)
New
York
Pacific
Stock
Stock
American
Coast
Notes
Exchange
Pasadena, Pomona, Redlands, Riverside,
-
San
jBfEjMlDWEST STOCK EXCHANGE
Diego,
Santa Ana,
nn
w
Santa
Monica,
Whittier
FIRST NATIONAL CITY BANK
Inquiries Invited
135 So. LaSalle Street
on
Bond
Dept. Teletype: 571-0830
New
York
Correspondent
—
Pershing &
MANHATTAN
Co.
BANK
To Dealers, Banks
T.L. Watson &Co.
California's Diversified
and Brokers
Canadian Securities
Members
Inquiries Invited
Exchange
Canadian
BONDS & STOCKS
CANADIAN
STREET
NEW YORK 4, N. Y.
Exchanges
PERTH
AMBOY
Dominion Securities
48KECT VIRES TO MONTREAL AND TORONTO
Goodbooy
MEMBERS
•
ENmtER
DEPARTMENT
Teletype 212-571-1213
BRIDGEPORT
n *
Commission Orders Executed On All
New York Stock Exchange
BROAD
Human Resources
CANADIAN
1832
Block
25
THE
CHA6E
California Securities
Net Active Markets Maintained
Stock
Municipal Bond Division
Southern
Chicago 3, III. FRanklin 2-1166
American
Agency
Bonds and
Exchange
Exchange
Offices in Corona del Mar, Encino, Glen-
MEMBERS
ESTABLISHED
Housing
dale, Hollywood, Long Beach, Oceanside,
TWX: 212-571-1414
Hope Street, Los Angeles 17,
Members
•
Securities
CHEMICAL BANK NEW YORK TRUST COMPANY
770-2661
So.
Members
JVewYork
770-2541
on page
Municipal
California
Corporate & Municipal
York 8, N. Y.
(Continued
State,
Lester, Ryons & Co.
Underwriters
Distributors
P. O. Box 710, New
of
and Public
Securities
PHONES:
standing; securities; and bought back from
$555 million. The falling
off of American purchases and continuance
Housing,
State and
and inciden¬
American holders
discouraging foreign, and encouraging na¬
tive, investment reached its height earlier
this year with certain drastic proposals (for¬
Canadian Investment Opportunities Issue
Government,
Public
financial
and
companies,
ours,
our
2 BROADWAY
NEW YORK
&
NEW YORK STOCK
1 NORTH LA SALLE ST.
i
Corporation
Co.
EXCHANGE
CHICAGO
40
Exchange Place, New York 5, N. Y.
Teletype 571-0880
WHitehall 4-8161
Bank
of
America
N.T.&S.A.
MUNICIPAL BOND
Area Code 212
SAN
FRANCISCO
•
DEPARTMENT
LOS ANGELES
,
The Commercial and Financial Chronicle
(1190)
2
The Security
Coordination...
by-word
The
tion,
v
-
portant
com¬
a
achieving peak earnings of $7-10
Over-the-Counter
"Call HANSEATIC"
the
late
storage
•
NEW YORK
in
showed
declining
until
-earnings
ADM's
bility
Established 1920
pany
revitalizing
for
the
1963
com¬
and employing its substan¬
60 Broad St., New
off
rate of return for its stockholders.
York 4
Teletype: 212-571
Boston
1231, 32, 33, 34
—
Chicago
•
Philadelphia
World
Wide
Los Angeler
•
San Francisco
•
Daniels'* first
Mr.
Virginia Securities
and
to
ADM's
around
Industries
Craddock-Terry Shoe
he
Thirdly,
These
LYNCHBURG, VIRGINIA
new
vitality and
direction being evi¬
the
indicative
is
ADM
at
companies
TWX
have
we
of
that
greater
stockholder
the
a
in
commitment
with
company
For the
the
market
price of $43.00
With
•f
20%
well protected
WEST VIRGINIA
VIRGINIA
a
dend
with
CAROLINES
CAROLIN
above
yielding
a
upon
sales
gains
One
advanced
grains
to
beans.
earnings
15%
of
per
year,
per
usual
appeal
institutional,
RICHMOND, VIRGINIA
tience
individual
await
to
has
who
more
while
current
Founded
enjoyed
integrated
fully
NEWSSTANDS
based company
with
major
fe>
IN
become
from smaller farms. In col¬
was
smaller
performing
lots
Abbreviated Balance
available
on
the
throughout
major
group
in
accounted
20%
Park
642-3080
City
Reliability,
largest
eight principal
concrete
;>
■Speed^S^
APPEAL
CO., INC.
PRINTING
130 Cedar
St., New York 6, N. Y.
Telephone: WOrth 4-3033
1889
—
Our 74th
Year
—
1963
in
each
one
Fort Wash¬
Morrisville,
ington and Paoli, Pa.; Wilmington,
Del., and Princeton Junction, N. J.
were
construction
Other
raw
and
sand
products
are
such
aggregates,
as
as
gravel, air cooled blast
furnace
Funded debt & reserves ' $26.45
'^Stockholders' equity
93.65
slag
Fairless
plant at Morrisville, Pa.)
and
Lelite
U.
(from
Steel's
S.
(produced by expand¬
ing anthracite shale); bituminous
(blacktop);
masonry
lime and
$120.10
crushed stone.
Over-all
other construction products is de¬
1,598,359 shares.
primarily
termined
'
Record
activity
Fiscal
$ Millions
Years
Per Share
Net Income
Sales
.
1963
outlook
Earnings
"
Dividend
'
in the
for
Sand
$2.41
$2.00
f4.42
f2.71
2.00
3.75
2.36
2.00
239.9
3.67
2.31
2.00
239.4
5.44
3.39
2.00
and
225.8
3.90
2.45
2.00
counts
$271.3
$3.85
245.9
213.1
_______
,
and
than
is
near
estimated
are
other
at
25-Year
division,
products,
lime
presently
for approximately
INDUSTRIAL STOCK INDEX
special
credit
of
$818,000
or
50
cents
per
•
(This is under
as
a
no
circumstances
solicitation of
an
to
A
be construed
offer to buy,
any
'
production
panding
share.
meet
•
as
an
offer
to
sell,
or
security referred to herein.)
stemming
\
facilities
the
Continued
steel
on
ON
of
National
in
induspage
of
ac¬
FOLDER
25%
increasing demand,
from
Performance
35 Industrial Stocks
total sales, but management is ex¬
t Includes
Q. B.
OVER-THE-COUNTER
excellent.
reserves
100,000,000 tons.
Warner's
lime
which
Pa.
N.
building
by
Delaware Valley;
gravel
Morrisville,
more
order to
products.
the
is
orig¬
products
and FINANCIAL
Place, New York 7, N. Y.
412
York
Quality,
stone.
Con¬
notably cen¬
lime
and
Philadelphia;
1958
25
New
concrete,
of ready-mixed concrete. It
1959_
CHRONICLE
to
demand for Warner's concrete and
1960
COMMERCIAL
Teletype
..
Wire
industrial
concrete, sand,
Company
Chester,
1963
of
Millions
1962
The
1-8700
developing
Philadel¬
and
materials,
operates
news¬
country.
lime
lime
areas
of
other
DATA
1961
the
-
of
supplier in each of its marketing
now
cities
(Associate)
the
concrete
Income
stands in
Exchange
Bldg., Pittsburgh 19, Pa.
plants, of which two are located
$120.10
*
also
fast
area
and crushed
Warner
announce
that the "Chronicle" is
Exchange
is Warner Com¬
bituminous
from
(June, 1963)
65.85
of
growth
gravel, account for nearly 75% of
sales
with
the
balance
derived
the
constituents
Stock
stock
Union Trust
tral-mixed concrete and sand and
meal
and
American
Exchange
central-mixed
of
gravel
addi¬
In
York
Pittsburgh Stock Exchange
production and distri¬
the
struction
crushing
soybean
in
lime,
only
$54.25
Net fixed assets
Securities
GRant
the
limestone,
Millions
Net working capital-.
pleased to
Sheet
Corporate and Municipal
McKelvy & Company
million. Although
$271.3
Distributors
be
could
range
In
classed
MAJOR CITIES
are
long
tor
year
inally derived from natural
FINANCIAL
We
of
chemical
its
for
service
a
the
Not
feeds.
approximately
sales
ADM
Underwriters-Dealers
prime participants in
the
of
bution
items.
chemical
The
for
purchasing
com¬
phia, Warner is the dominant fac¬
reached
become
detergents
Rothschild
Co., N.Y.C.
share (of
capital gains on a
York Stock
New
metropolitan
vegetable oils have
popular
household
number of
crops
these
natural
margarine,
a
grain
animal
for
tion,
na¬
local
lating
for
meal
of
supplier
used
and
became
a
have
hais
Ohio
per
Company
pany.
and
1962
1963.
its
and
Wire to L. F.
&
sales of $245.9 mil¬
on
15,
Tele. 216-574-9160-81
1-5671
Private
Gerstley, Sunstein & Co.,
the
of soybeans broad¬
increased
company
agricultural
elevators
in
the
has
CH
Private
during this period, but ADM
prosperous
ADM
Warner
in
ened
facilities
million,
$2.71
gains
One
has
million
have
uses
30,
Philadelphia, Pa.
or
dynamic
merchandising
heartland.
30,
Building
($2.41 per share)
$271.3
with
Members
can
pa¬
processing grain through the
tion's
June
York Stock Exchange
Hanna
New
soy¬
million
$100
ended
June
oil¬
is
to
of
sales
Partner,
profitable
$63.5
Member New
oxidation
in
ended
year
Delaware Valley
million
$89
return.
1923, the
active and
in
growth
'
in
an
about
or
from
further likelv
is
accepting
developments
above
average
the
to
1952
the conservative
to
whether
investor,
Soybean
plastics;
of
Cleveland
the
branch offices
MURCH & CO., INC.
fire
investigating
(2)
our
main
WILLIAM GERSTLEY, II
grain that
ADM
by
to
nomic strength.
wheat
processing
handled
three
properties
also
and
more
in
work
made,
internal
improvement and continued eco¬
;
the
of
increased
these factors combine to offer un¬
ACO
■>>> V.;.
process.
and
5%
■
Northern Ohio
facility
upgrading agricultural
(1)
engaging
(3)
and
merchandise
either
will
ADM
share.
212 571-1425
in
future,
is
the
For
-
R&D
new
there
factors
increase the amount of
oils.
genated
ADM's
sparked by the long-term
pro¬
will
of
these
of
Exchange
possible
grain
feed
All
seeds.
Exchange
Effective Distribution
resins, plastics, industrial
are
further
prices
basis
diversion
to
acreage
current
dedicated
and
greater
Stock
Stock
operations. The
chemical prod¬
lion in 1962. For the coming year
the
stiff
There
stored.
be
rich
the
prefer
Direct wires
chemicals, plasticizers and hydro-
which 500 was
stocks of wheat
carryover
be
ucts
stock sale)
for
of
wheat planted
more
to
$2.00^divi¬
well
program
a
share
this
value
per
almost
company
average
+
a
book
a
nearly
MUNICIPAL BONDS
at
investment in ADM af¬
an
fords
profitability.
that
is
It
York
materials used
1963, ADM reported net earnings
wheat
the
short-term
a
will be
time,
ON
on
chemical
the
company's major
on
support
controls.
duction
in
purchases
ADM
raw
of $3.85 million
overseas
than
rather
wheat
on
American
19 Rector St., New York 6, N. Y.
now
half the
For
surprisingly
growers
New
chemistry.
where
many
Members
Members
Mobile, Ala.
materials,
over
the
terminal
indicates
reasons
Co.'
Steiner, Rouse &
HAnover 2-0700
pared
wheat
diately prior to the development
For
Philadelphia,
2)
(Page
products;
Coast.
prospect of lower
imme¬
seen
Pa.
resistant
oriented
shipped
growers
rejection
of
of higher levels of
846-0920
Private wire to Shields & Co.,
New York City
NORTH
small
a
of
down
Louisiana
East
economic
be totally successful.
professional
denced
in
not,
may
is
The wheat
strong
and
realignment
its main
be
the
to
referendum-
programs
Co.,
areas:
million
13
travel
to
will
grain
and
specialty
manufacture
&
conducting
along tribu¬
system
barge
Destrehan,
diversify and more specifically
However,
STRADER and COMPANY, Inc.
SOUTH
at
major program
a
grain
Mississippi
of
embarked
composed
substantially,
themselves,
All Issues
703
inside group to
an
extensive
an
of
The
pur¬
Com¬
the ; Mississippi
h els.
us
of
chemicals.
Furniture
6-1333
b
Secondly, he altered
composition of the Board
to
Victor
man¬
training
sending him¬
even
the company on
First
LD 39
has
of
outsiders.
R. F. & P.
which,
.
and
Grain
capacity
one
Markets
Bassett Furniture
pany,
development
Directors from
American
Norris
total
the
us
the
taries
employing
people,
agement
Its
improved by selling
elevators
network of elevators
new
self to school.
Call
sharply
smaller
chasing
to
was
-
divi¬
million.
$271.3
in
methods
Wire Service
Continuous
act
of
upgrade management by bringing
Telephone: 363-2000
Sunstein
Gerstley,
Partner,
New Orleans, La. - Birmingham. Ala.
largest division remains
sales
been
,
>
William
—
II,
Bought—Sold—Quoted
for
paid
grain merchandising business has
tial asset base to achieve a higher
Associate Member
American Stock Exchange
fees
in
cut
Company
Gerstley,
just prior
sion constitutes over 70% of total
of 38 and charged
CORPORATION
30%
a
1956
(Page 2)
Warner
im¬
of profits. In
the agricultural group. This
elected. President at the age
with responsi¬
was
in
Research Man¬
Moseley & Co., Bos¬
government grain storage.
At that time John H. Daniels
1958.
Hanseatic
to
ADM
40s,
increasingly
source
a
achieved
was
from' grain
largely
share,
per
as
—
ton, Mass.
fact, ADM's recent earnings peak
After
transformation.
in
pany
Remember, when it's
government grain
became
Co.
ager, F. S.
feed
of
grain from the company.
storage
Archer Daniels Midland is
possible.
blend
Midland
Dean Le Baron,
could
who
users
precise
Over the years,
{Archer >Daniels Midland
best
the
dealer
or
the
meal
or
Co., Boston, Massachusetts
give you, the bank,
to
broker
service
coordina¬
through
order
F. S. Moseley &
Research Manager,
grain
larger
DEAN LeBARON
At Hanseatic it is
aim,
our
Louisiana Securities
Daniels
Archer
trading would be extremely
difficult.
Alabama &
Participants and
Their Selections
c
participate and give their reasons for favoring a particular security.
Over-the-Counter
it,
Thursday, September 26, 1963
.
.
This Week's
Forum
> in the investment and advisory field from ail sections of the country
For
Corporation.
Hanseatic
without
York
New
of
I Like Best...
which, each week, a different group of experts
A continuous forum in
.
29
REQUEST
Quotation Bureau
Incorporated
46
Front Street,
CHICAGO
.
New York 4, N. Y.
.
SAN FRANCISCO
Volume
198
Number
6302
.
.
The
.
Commercial and
Financial Chronicle
,(1191)
3
CONTENTS
Thursday, September 26,
By George W. Mitchell,*
Federal
BiLlCHTfllSTM
Articles and News
Member, Board of Governors of the
Reserve
1963
A
System, Washington, D. C.
N
PAGE
Mitchell
colleagues that deleterious consequences
economy if continuing unimproved payments-balance
would befall the
is treated
in
the
by a further rise in short-term interest rates and
long-term
utilized
warns
rates
leaves
no ;
claims
made
long-term
favors
doubt
he
about
as
we
favors
monetary expansion
Board
strongly
depends
member
warns
Statistical
fiscal
on
optimistically
is
suspect
tradition
headed
nological
Trend
from
years
annual
I
less
than
tech¬
tion
has
since
cas¬
W.
rate
increase
of
3%.
risen
A
the
spring
of
the
produc¬
4%
over
a
1960,
year
also
list, for
much
a
time since the Korean War.
noth¬
ing about busi¬
better
historical
These
fluctua¬
parisons
with
than
at
impressive
are
N
Y
Obsolete Securities Dept.
Babson
4
99
WALL
STREET, NEW YORK
Telephone: WHitehall 4-6551
Cobleigh
WiA-'AA
v.-
Vv
any
CANADIAN
Article
starting
Haven
for
favorable
and, by
a
7
9
^
com¬
in
and
INVESTMENT
the
on
cover
Long-Term
R.
"Canada:
page,
inherent
Issues,"
A
Durable
discusses
Canadian
in
the
TEKTRONIX
securities
of documenting the views presented, includes
way
the
Canadian banks
and
companies which
paid consecutive cash dividends from
(Table I,
I.
OPPORTUNITIES
Investment
opportunities
tabulation of
have
cyclical
degree properly
some
this
record
A
HURTS
3
.Gordon C. Fletcher
.V.
averaged
Industrial
l»
Factors to Watch for When Extending Credit
when
is
tions,
Mitchell
C. E.
1953-1957
ualty
which
Roger
Ira U.
further
1963's average GNP to $582
a
which
the
for
W.
M
LITTLE BID
1
Lasers: Controlled Light Waves of the Future
he
there
ness
George
The only
predicts
Cobleigh
What Seasoned Investors Know About Markets
pooh-poohing
Moreover,
U.
Would Worsen Our
and monetary policy moves.
is
Association
standing
Ira
Policy
Problems
under¬
that the outlook for 19S4 decisively
The forecast session of the Ameri¬
can
in
high by historical standards.
GNP rise for last half of this year bringing
long
by
advocates, instead, substantial tax cut and
tying capital exports to trade exports.
Kennedy-appointed
million but he
afflicted
are
Issues
Higher Interest Rate
hike
a
monetary expansion and in pointedly averring
rates ^are
measures
long
—so
He
resources.
Investment
O
EVERY
Canada: A Durable Haven for Long-Term
Governor
D;.;v, «
and 5
19
page
10
to
years
along with other data of interest
10
135
to
(Table If,
COMPUTER
years
24),
page
SCIENCES
investors.
to
How¬
so.
session is con¬
ever, the technique of comparison
is suspect and admits of so much
cerned, that is
manipulation
i
whether
The
i
ble.
a
of
source
over
s
i t
n e v
and
n
to
over-contracin
the
lack
of
the
on
the
Not
understanding
and
part of businessmen,
one
are
of
inflection
can
be removed from
and
trough
—
to
refer
can
to the average monthly expansion
—if necessary
uncer¬
basis.
our
The
on
annual rate
an
possibilities
such
are
that almost any cycle c&n be made
statisticians,
to look
impressively good
This is
especially true for
electronic
and
about
are
—or
data
reducing
reduce
to
—
that has
ex¬
and
both
policy
that
hope
will
I
econometricians
the
methodological problems"
and
begin
than
tions ;
for
estimating
imaginary
future
this
the
ing
equa¬
in
character
In
Let
ing
of
of
tures
Recent Developments
the
of
important
present
our
.
than
economic
economic trends
considerable
commentators
are
present cyclical expansion.
of
11*4%
They
year,
real
GNP
is
nual rate of increase of
It is
a
than in either
better
or
Rathbone
10
Problem
No
12
Bank
Robert de Fremery
New York
13
State
Baldwin
Maull
J. F. Reilly & Co., Inc.
15
of
better stand¬
criterion
the
Since
1957,
of
was
re¬
in-"
or
no
cyclical
As We
more
however,
Coming Events in the Investment Field
Frogging Wages'^
the
periods
A
5%%
the four
rate
also
next
age
for
an, 11%
of
as
to
i-L
-
_
_
-
Ci
_
Jim Walters
.1
From Washington Ahead of the
5
News
17
Market
.
.
and You
.
NSTA
Curtis Mathes
31
(The)
12
Mutual Funds
26
Notes
7
News About Banks and Bankers..
2z
Observations
11
4
j
Our Reporter on Governments
Public Utility
Singer, Bean
sMackie, Inc.
HA 2-9000
21
-
40
Exchange Place, N. Y.
27
Securities
Securities Now in Registration
37
Teletype 212 571-0610'
32
Prospective Security Offerings
Security
Salesman's
Direct
Chicago
2
Corner
Wires
to
Cleveland
Philadelphia
Los Angeles
San Francisco
23
St. Louis
State of Trade and Industry
(The)
Washington
16
Tax-Exempt Bond Market.
6
Washington'and You..
40
COMMERCIAL and
The
Published
Twice
WILLIAM
Park
.the
Continued
rate
D.
DANA
B.
S.
Patent
Office
COMPANY, PUBLISHER
REctor
2-9570
to
Southern
9576
SEIBERT, President
WILLIAM
DANA
SEIBERT,
Treasurer
GEORGE
J.
Thursday, September 26,
I
MORRISSEY,
Editor
1963
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
Office:
page
CHRONICLE
Reg. U.
Place, New York 7. N. Y.
for
projected
on
FINANCIAL
Weekly
non-
bracket.
year,
»
has
improvement.
14 to 24
For
8
Indications of Current Business Activity.,
unemployment rate over-all
whites. and
Recommendations
Einzig: "Long Term Labor Pacts Mean Leap-
utilization is concerned,
11%
Marrud, Inc.
40
un¬
expansion.;. Insofar
an
1
17
prob¬
resources
throughout
meant
(Editorial)
Stocks
Dealer-Broker Investment
CLAUDE
has
See It
Bank and Insurance
Security I Like Best (The).
prior to
of
Regular Features
minent
performance
1957-60,
J
Commercial Bank Industry—And Growth in
25
6%
of
than
more
Constitutes
there is little—or no—sign of im¬
some
above the cyclical high
a
utilization
short-run
a
manpower
the spring of 1960. This is an an¬
3%%.
-
capacity,'
cyclical
note that in the third quarter
this
one
relative
whether manpower
persisted
the
to
If
on
pointing with
'satisfaction
understand¬
postwar period
dustrial
lem.
many
is
this
by
derutilization
Today
soporific
performance
gauge
under
sources,
fea¬
situation.
can
the
1958,
start by briefly review¬
me
some
for
they
as
be
Resource—Underutilization
sis.
Features
far
so
present output record is lacklustre.
judgment, and analy¬
sense,
to
And
ard.
with
to
economy—its action
its potential
to
traditional seasoning of com¬
mon
peak
a
policy formulation.
wants
will then be
skepticism
significant
or
the
My remarks will be
institutionalist
yet reached
likely
more
than
real rather
outlook ;; speakers
Association
obsolescent.
are
settled
structural
cycle
a
I would not go
considerable
"preliminary
the
get
soon
only
can
bad.
or
as
to
say
that historical cycle
comparisons should be shunned,
but they should be viewed with
businessmen
for
makers.
not
trough.
or
pendable uncertainty in economic
knowledge
M.
Arguments Are Fallacious for World Central
the
to
Still Greater
a
.
Marcus Nadler Says Today's Public Debt
to
activities, but the econometricians,
processors are certainly
Future
total expansion in a cycle or refer
con¬
ignorance
one
Petroleum's Development Has
peak
on a
try trough
can
trough—point of inflection
don't work
and public policy makers.
all
tainty
results
the
peak—or peak to trough. If these
facts
sumers,
question
properly impressive
point
George W. Mitchell
I
be used at all.
example,
peak basis,
to
econ¬
is
omy
for
not
expan-
-
o
If,
that
should
it
135 South La Salle
28
Co.
St., Chicago 3, 111. (Phone STate 2-0613).
Copyright 1963 by William B. Dana Company
All
rights reserved. Reproduction in whole or in part
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UN's
Y. —The
NATIONS, N.
UNITED
As¬
matter
a
tory.
terri¬
,
in revealing not
alone,
countries,
for review
but
sing 1
without
ularly
by
financial
organizations
"Such
lead
of
evaluation
an
after
in
War's end, and the second
the
the
Stalin's death.
"good will"5 pe¬
after
years
the current
Does
permanent thaw¬
riod represent a
other
cash-in
nations.
Council
The
the
during
can
Security
few
past
months has already ordered Port¬
just ugal immediately to grant inde¬
step in the long- pendence to her African territor¬
ing of the Cold War, or is it
another zig-zag
Also
indicated will be how far
will!,
rift
China-Soviet
the
ies.
Communist offensive? •"
term
serve
push the Kremlin to the West.
to
Albania
to
deferring
is apparently
(Moscow
for
for
agitating
the
On the other hand, there
is the
possibility of Moscow-China dif¬
ferences stiffening the Soviet at¬
against the
in
West
if not
softness,
a
Further
order
of
to rebut Peking's charges
Kremlin.
sell-out by the
complexity is
the joint desire of the
by
Kremlin
West
the
and
limit
to
dress
resolutions
on
to
be
lengthy opening ad¬
issues
horses)' reorganization of
(three
Secretary General's status, to
outbursts
her
other
he
while
hand,
said that the Test Ban Treaty has
created
wind"
"favorable
a
this Assembly session, he
for
did not
offer any concrete implementation
that
of
Apartheid policy at
Will
the
happy thought. Mr.
Gro-
myko's present disarmament
posals
ones
apparently
are
as
pro¬
the
same
the
at
advanced
were
"
I
tinue?
"
-
Will
Kremlin
the
propaganda
peated calls for
"Non
the
from
East
lengthy abortive meetings in Ge¬
German
Ahead?
Trouble
Mr. Gromyko's speech
major
one
against
West
the
cused
did strike
note,
sour
directed
He
Germany.
Bonn
Financial
The
Welsh
is
the
intransigence in refus¬
ing to contribute her share of the
UN's
in
expenses
financing
the
the
German
a
is real, without
olution of such
Congo—
rules,
the
of
not
rest
on
the
The.
Meanwhile,
adamant
her
position
continued
really
may
bankrupt
the
the
willingness
mere
whether
on
international li¬
more
The
quidity would be desirable.
primary task must be
of scru¬
one
and
preparation,
within
among
governments,
looking to¬
definitive appraisal by the
pulous
a
Only in
governments themselves.
this
way
; solved
can
into
these issues be
re¬
reliable and
clear,
a
any
S.
along with the pending
for
well
as
six-month
a
the U. S.,
as
after
register
peace
ture
of
the
Settlement and Dr. Adenauer with
Cold
*
These
]quote th& following from
a
by way of a
the stock
break-through-the-oId-
averages,
high imagery cited in our article
<(The Higher the Cheaper/' in this
From
an
THE
the East German-Berlin situation.
ROBERT
there
havior"
by
in
is
"MARKET
CHECKS
the
be
old 1961
tides
surrounding
high, the industrial
moved out into
age
open
large group
pendent
nations,
inde¬
the
tempera¬
*
its
aver¬
AF-GL Names
capitalizing
the neutralists stand
They will
be
insisting
of
previously
on
the
further
on
no
doubt
carrying-out
Assembly
-
passed
resolutions, opposed by the United
States,
forbidding
nuclear
weapons
non-nuclear
,
cept such
the
and
countries
use
of
pressuring
not
to
ac-
weapons or permit them
healthy
the
following the end of
way
Then
war.
President
came
Lincoln's assassination—one of the
most
crash
The
followed
was
of depression.
year
a
a
sudden plunge
cial
There¬
Friday."
time
"Black
as
made
investors
of
Livio
two
feeling gen¬
were
events
apparently
late
in
set the
making
a
stage for
banking
Company
shocking
leading
several
for
Law,
terly
of
But-
Pelizon
Council
131
Cedar
Stock
weeks,
Unexpected
SYSTEM,
under
on
about
brought
shooting
on
this
by
Out of
July 2, 1881.
panic
the
came
sion
aegis
Foreign Rela¬
unsettling
banking house
Woods
decade
years,
of
capacity
in
years
fore
to
to
evolve
response
needs.
an
to
And
a
completed
the
five
re¬
im¬
and
now
eventful
simple prudence
take stock—to make
atic and
a
system¬
searching appraisal of the
internatipnal
monetary
advertising
system—
usual, another depres¬
along after these unex¬
events
lasted
and
Prosperity
Livio (Lee) Pelizon
Yoirk City, national
and
public
relations
ure
a
prevailed
few
pany.
the
This firm was then one of
nation's
agency,
Mr.
in
ten
largest, and
real
a
The
June,
next
lightning,
year,
Chip."
like
flash of
a
the nation's first
came
1956, is Manager of the
serious
walkout,
the
agency's radio and television de¬
Strike.
Pessimism
spread
partment in New York, while Mr.
the country,
Pelizon, who has been with AFGL since
Director.
by
a
rash
mortgage
August, 1955, is Research conditions
was
"Blue
has been announced.
Butner, who joined AF-GL
crop
across
failures- and
foreclosures.
were
that forecasts
again
early
World
War
I
it
hit
to
what
1930's.
the
a
The
stock
market
1942.
con¬
forget
do
with
a
only
I
give
readers
an
historical
review
of
so
that,
they
will
matter
no
never
how
sure
feel about future trends,
may
unexpected
situation
whack.
not
came
interruptions.
is
sort
did
Then
climb,
reason
occasional
the
that
recovery
upward
this
the depression of
on
until
long
an
all-
the
throughout World War II,
much
one
un¬
then
were
Starting in 1938 busi¬
began
tinued
but
corrected,
highs of 1929. I do not have
elaborate
the
was
skyrocketing
event
Seasoned
throw
can
completely
out
investors
of
keep
this fact in mind at all times.
A.C.Wood Merging
With Elkins Morris
PHILADELPHIA, Pa.
14,
—
Effective
investment
the
C.
business
Wood, Jr. & Co. will be
&
with
Co.,
Elkins,
Land
members
of
Morris,
Title Build¬
the
New
York
Exchange and other leading
exchanges.
Carl
De
J.
Wolters
Haven
and
Fox, partners
Holstein
A. C.
on
Wood, Jr. & Co., will retire at the
time of the merger..
-
•
;
I
\
•.
Joins Sloan Staff
PORTLAND,
O
r
e.—Charles
F.
Leon has joined the staff of Don¬
ald C. Sloan &
Co., 520 Southwest
Sixth Avenue.
With
Tessel, Paturick
CINCINNATI,
Ohio
L
now
Paturick
He
St.
&
is
e r m an
&
Co.,
Murray
—
with
Tessel,
45* East
Fourth
formerly with Bache
was
Company.
Pullman
increased still further
of
the
gen¬
of the National Cordage Com¬
considered
Euro¬
of convertibility. It is there¬
matter of
Street,, New
rapidly
industrial nations have
nearly
til
tering blow in May 1893: The fail¬
Lawrence Butner
remarkable
it has shown
develop
changing
the market went
erally in 1892; then came a shat¬
system is
Particularly in
pressive
pean
came
years.
Bretton
a
cent
important "bulls" of the pe¬
pected
into
After this situation
of Grant and Ward and of the two
As
in
until 1920 when stocks lost
ground
due to very high interest rates.
the
President
of
failure of the great
by
soft
by
kept
Stock
flood of investment sell¬
was
Garfield
quar¬
the
entrance
our
ing,
Happenings
new
Government
prices
merged
A
Wars
business
1900's, but things went well after
number of years.
ing
tions):
"The
market
Oct.
Still More
of
with
Federal
of A.
as
ROOSA, Under Sec¬
published
the
the
S'tokes
Inc.,
Influence
Interference
began in 1873 and went on for a
Lawrence
(Lee)
was
earthquake!
from this
The
the
of
This time it
San Francisco
an¬
The market
great
failed.
the
November
recovery
the
when
setback
Chi¬
and
1871
Fire
These
eco¬
-
The
in
other financial panic.
was
non
occurred:
Boston
Fire
Vice-Presidents of Albert FrankGuenther
occurrence:
good comeback
a
erally optimistic about the future
when
these
another totally unfore¬
temporary
•
Stocks
and
known to finan¬
the
of
men
All
truly unexpected. But
came
our
tumbled
stocks
and
—
in
events
unexpected
Exchanges
election
were
then
were
popular.
then
seeding the deep depression that
Two V.-Ps.
and
corporations which
time
closedown
article, REFORMING
achievement.
crucially important will be
disarmament.
stable and promised to climb in a
house of Jay Cooke and
sea."
*
nearing the end of its second dec¬
Disarmament Propaganda
On
relatively
was
Keene.
ade,
Also
business
of FOREIGN AFFAIRS (the
be
(up from 4 in 10 years).
the Soviet's actions in
so.
most
has grown to 22 in Asia and 33 in
Africa
or
Starting at the time of the Civil
War,
suddenly
The
sit
War.
MONETARY
V.
the
over
years
riod, Henry Villard and James R.
number
which
hundred
tary Affairs, in the October issue
will
of newly
market
stock"
one
effects
retary of the Treasury for Mone¬
how far it goes in catering to the
now
the
the
events on business
be¬
"good
Kremlin
and
past
involving investigation
great deal
a
reviewing
by
simply
of unexpected
decision
History
always learn
can
great
"Having successfully surmount¬
rip
of
happen¬
Court
leading life insurance and tran¬
The
I
1872.
the
securities"
seen
a
the
were
Then, in 1903,
charge of "undigested
a
events
un¬
like
come
mergers
day.
Supreme
followed
the
Lessons
the
extremely
bolt out of the blue.
cago
ITS
COMPASS"
ed
A
being
more
another unexpected
came
ing:
of
once
splits, large security
and
of
when
prices
events
society
order
and downs
ups
how
determining
to
investment
foreseeable
nomic
Sept. 12:
space on
QUOTE OF THE QUARTER
ther, and intensified, agitation in
Important
democratic
our
sudden
accusations may well presage fur¬
long
in
system is
market
after, business boomed until the
corner on the gold market brought
scuttling all proposals for relax¬
ing international tensions.
readers
my
Congo force?
The Kremlin's behavior in these
will
stock
our
up
in
by
BREAK-THROUGH
ner
of
and then
now
werer
Stock
offerings,
ness
MORE ON THE GREAT
pro¬
extension
this year-end of the
well, but
point out to
sharply.
We
perity
made.
to shape
seem
announcement resulted in the first
event, will the Kremlin
eral U Thant
way
history
*
*
bailing out.
more
In any
to
workable consensus."
Congress refusing to do
U.
Organization—with
is all very
res¬
of governments to vote yes or no
Soviet
losing its Assembly vote until
1964.
eco¬
the trend of the stock market. This
set of issues does
a
will not finally incur the sanction
areas
i'torpedoing"
t
a
support
and economic instability.
According to
scrape.
Charter's
be
to
T1 h
to
P. S. to the examples of
disposition
for
up
Kremlin's
ac¬
government
able
added growth that
statuses
posal, endorsed by Secretary Gen¬
More
necessary
be
current market letter
go
neva.
will
studying
contributing to monetary excesses
render unacceptable to the West?
Still
nomic factors that
permits the wildest
whose
European
always
are
with the greatest care those
The issue is also whether
German
-
Investors
particular- changes should
re¬
Pact,"
consummation k,the
Central
or
high-sounding
a
Aggression
-
forego
dirt
pay
t
shook business and stocks to their foundations in the
past century.
needed.
considered
be about future trends and of what
to
expected which changes a given situation completely, Td
his point, he capsulates "the bolts out of the Wue" which
—if any
change
may
the
prove
set
be
seem
world that unexpected events are often
whether the most powerful influence. The
going
are
that
are
one
n g
ward
once.
neutral coali¬
uneasy
tion in Laos be permitted to con¬
a
the
On
Trouble
again putting the Organization in
"Colonialism."
on
colonially.
are
tories; and to South Africa to drop
rang¬
ing from the demand for Troyka
the
used
here, Foreign Minister Grocontroversial
embargo
an
Portugal if they
spots consist in the order to give
myko abstained from bringing up
former
ordering
for
arms
and
China's nuclear development.
In his usual
the
on
us
over-
adduced to the China-Soviet-West
status
putting
spot, the Security Council passed
independence to her African terri¬
admission of Red China.)
titude
Further
changes
major
championing the rights
on
small
of
should have,
i
an¬
wherein the USSR
area
r o w
not
credits I like
and
reserves
healthy g
a
economy
constitutes
De-colonization
period of relaxed ten¬
occurring immediately
sion
that
Trouble Area
of
sure
shape those trends, Mr. Babson says
that seasoned investors never forget that it is the
unexpected and
wide
a
matter how
the factors
should
examination
an
to
supply
De-Colonization Still A
peaceful coexistence
about
bring
No
which
in
in the future provide the ample
can
•—the first
By Roger W. Babson
d
a n
y
through the various international
adequate
marks the third time since World
of cooperative effort to
Know About Market's Trend
United
the
inspec¬
range of proposals
and sugges¬
The renewal of
only whether the limited Test Ban tion provisions.
tions, from a truly international,
Treaty itself can be expanded,'but propaganda warfare here would
point of view. The issue in such
also whether the ,display of better center on proposing the banning
an international review is whether
Washington-Moscow
feeling has of underground testing, without
the present mixture of gold, dol¬
any permanence.
.:
adequate inspection; and on out¬
lars, sterling and I.M.F. facilities
It must
be realized that
this lawing nuclear weapons entirely.
War Two
What Seasoned Investors
they participate.
The U. S. is opposed to piece¬
sembly session will be extremely
important in indicating the course meal disarmament action, partic¬
of the Cold War.
be
for
not
many
in their
maintained
be
to
or
will
dimen¬
future requirements. This
States
WAR'S THERMOMETER
COLD
THE
changes,
the probable
for
sions of
is
continuation of
a
evolutionary
sweeping reforms,
more
WILFRED MAY
A.
BY
recent
Thursday, September 26, 1963
.
By
so
McDonald Adds
FINDLAY,
has
been
Ohio—Joe
added
to
Staff
to
C.
the
Fassett
staff
of
1897
bright
of permanent pros-
McDonald
&
Company,
Savings & Loan Building.
Hancock
f
Volume
Number
198
6302
The Commercial and
.*-.
.
LAKE
>
vfc
i vjm
f
r* r»«.
; ><
Long-Term Labor Pacts
does not
Concerned
trend
of
vision
about
the
potential
sound,
may
to
arise
hours
He finds even
from
of longer duration with
Dr.
Einzig
so
as
to
obtain more overtime
and the
unions
done
is
as
Holland
in
and
in
should
to
a
granting
several years is becoming
over
sociation
.were:'
President
and
Partner
York.
r.
Dominick
of
Named with Mr. Kellogg as
".v.
Richard W.
&
creasingly
Dominick, New
building industry received
'
;V
disguised
the
Kerr, Wertheim & Co., New
Simmons, Blunt Ellis & Simmons, Chicago.
of
ployees
the following nominations to the Board
of Governors—James~W.
Devant, Paine, Webber, Jackson & Curtis,
Minneapolis; William H. Donaldson, Donaldson, Lufkin & Jenrette,
Inc., New York; Henning Hilliard, J. J. B. Hilliard & Son, Louis¬
in
& Company, New York; W'. Wallace
Lanahan, Jr., Stein Bros. &
Boyce, Baltimore; Milton A. Manley, Manley, Bennett, McDonaid
& Co., Detroit; Joseph R.
Neuhaus, Underwood, Neuhaus & Co.,
stances
Inc., Houston; George J. Otto, Irving Lundborg & Co., San Fran¬
cisco; Harold A. Rousselot, Francis I. duPont & Co., New York;
Robert C. Van Tuyl, Shearson, Hammill &
Co., New York; Bertram
heavy
Janney, Battles & E. W. Clark, Inc., Philadelphia,
New York
of
on
officers
and
board
members
Nov. 20.
*
.
will
take
■
and
uncertainty
entailed
annual wage dispute.
in
the
liam B. Kottinger III,
Nankin,
.
and
Robert
Sheldon J.
A.
Wilson,
*
|
will
Vice-Presidents
become
of
Mitchum, Jones & Templeton, In-
Oct.
1,
Richard
A.
of
firm
member
Exchange
the
in
Dominick
&
members
Pacific
of
the
New
York
that
Now Gober & Associates
Now Atlantic Inv. Sees.
«*
»
*•
BEACH, Fla.—The firm
Graham
&
Associates,
Inc., 218 East Granada Avenue has
-been
changed to Atlantic Invest-
ment Securities Inc.
be
successive
the
would
in¬
them.
against
situation,
in that
The
condi¬
the
or
particular industry,
even
those
in
firm,
might
Fla.—John
his
continuing
H.
Gober
investment
ness
under the firm
name
their
in¬
own
deteriorate
considerably in considerably less
three years.
Nevertheless,
they would remain bound by the
terms
the
of
which,
they
give
under
agreement
in addition
the initial
to
undertaken
have
increase
another
the
in
the third year.
are
located
in
the
First
of
form
larger
with
fronted
local
on
increases
overtime
some
level,
threats of strikes
tics
pay.
demand
new
reinforced
by
of other tac¬
or
causing losses and decline of
output.
Rising Wages Viewed
busi¬
Offices
Federal
"Heads"
"Tails"
and
national
practical
Winnings
the
purposes
long-term agreements only mean
"heads I win
quite
so
agreement.
much, tails I win not
continue,
Should prosperity
employers
the
those made in the agreement,
the
sake
troubles.
of
avoiding
sistance
the
terms
conceded
sumption that things would
tinue
to
well.
go
imagine
It
unions would
forego
prevail
ment
were
ments is
the
working
hours.
this
at
only
higher
towards
one
Needless
means
wage
hours
a
on
week
Birthright
as
Such
to
in¬
by the
Labor
by
broader
a
C. itself,
Government's
would
help
its proposal—
the ground that
on
stitute
ference
with
of trade
to
of
act
an
the
unions.
regard
such agreements confirm
and
en¬
all-too prevalent con¬
courage the
internal
themselves
shorter
a
within the state,
and they
termined
tolerate
ence
the
not to
their
with
affairs
workers
to
get
after
year
organization
So
there
is
nothing
for
it
to put up with
leap-frogging
individual
without
by
any
attempt
at
nating their claims in the
unions,
way
common
the
Joins Nemrava Staff
aver¬
which
is
DENVER,
Colo.—George
&
Co.,
Building.
He
was
workers. As is often the
with
figures, accurate, but badly
case
presented, the publication of these
however,
an
has
become
E.
connected
Denver
stock of WAKEFIELD CORPORATION
Stock
on
the
slumping,
or
Exchange. Trading will
commence
on
September 26,1963.The symbol assigned to the stock is WAK.
the
Sudler & Co.
the national
ing
productivity
whether prices are rising or
Wakefield Corporation subsidiaries and divisions man¬
ufacture
broad array
a
of industrial and commercial
ing.
demoralizing
rights and
community,
a
serves as
marketing outlet for Fostoria-Wakefield lighting and
heating products. Annual Report for 1962 available
on
request.
share
of
entitled
818 Fjsher
Building
Detroit 2, Michigan
•
w
ABRASIVE PRODUCTS GROUP: Peninsular Grinding Wheel Div., Detroit,
Michigan; Peninsular Grinding Wheel Co., Detroit, Michigan; Sterling
Grinding
Wheel
Laboratory,
Co.,
Tiffin,
Lighting Div.,
to
Tiffin,
Ohio;
Ohio;
ELECTRICAL
Peninsular-Sterling
PRODUCTS
GROUP:
Vermilion, Ohio; Art Metal Lighting
Research
Wakefield
Div.,
Cleveland,
progress,
remain
they
their
full
they
are
from
immune
it
is
mistake
a
that, by signing
to
themselves
for
for
the
duration
National
only
wage
concerned
wages.
In
ments
there
drift."
very
by
often
wages
of
with
between
is
the
peace
contract.
agreements
their
forced
are
minimum
two
usually
Individual
pressure
may
industrial
agree*
a
"wage
firms!,
under
workers,
to
LISTED ON THE NEW YORK
are
■ B-D is a
They
themselves take the initiative
leading manufacturer of surgical instru¬
supplies. Founded in 1897,
mentation and medical
this company, operating worldwide,
distribution facilities in seven foreign
the United
States.
has plants or
countries and
Annual sales volume
has been
the end of
times, to over $53-
increased from the $7.5-million level at
World War II
more
than seven
million, in the fiscal year ended September
concede
above the minimum.
COMPANY
STOCK EXCHANGE
NOW BECTON, DICKINSON AND
long-
a
term agreement, employers secure
Co., Ravenna, Ohio
secure
the consequences of setbacks.
Ohio; Wakefield Lighting Ltd., London, Ontario; Sta-Warm Electric
.i
while
that
to
any
which
by
they have only
and
entitled
are
imagine
CORPORATION
umm
duties towards the
no
Moreover,
WAKEFIELD
attitude
workers feel that
products including grinding wheels, incandescent and
heating equipment. Art Metal Lighting also
of
fall¬
This system encourages the
fluorescent lighting equipment, and
specialized electric
ris¬
are
irrespective
declining,
or
and
output
B-D
with
Club
formerly with
of
irrespective
national
Nut¬
B. J. Leonard & Co. and Amos C.
or
badly, irrespective
of
whether their industry is booming
whether
American
this
ip done in Holland or Scandinavia.
well
the
but
wage
co-ordi¬
whether their employers are doing
Announcing the listing of...
by
Government.
of
irrespective
de¬
interfer¬
increase
wage
a
year,
state
are
ception that it is the birthright of
Building.
come
say
Western Euro¬
conveyed,
as
con¬
inter¬
They have
Nemrava
statistics
it would
flagrant
demands
agree¬
pean
point of view,
inter¬
an
T. U.
ter
any
in
the
ing figure for
a
Govern¬
Recently
rates.
British worker works
the
though
action
published statistics show that the
48
place
even
con¬
to
unless
to take its courage
agreement.
last
overtime
more
unions^
vention would arouse, however, a
storm of indignation—not in the
trade
wage
trade
both hands and threaten with leg¬
islation in the absence of volun¬
of k deterioration-hf conditions.
in
re^
to make its point of
view
already conceded, in view
Another trend
strong
hope Whatsoever for
no
the T. U. C.
as¬
an
the
the pari of some of the
influential
for
easy
the
a re¬
unions, this
encountered
on
is
adopt if employers
requested them to
crease
is
attitude
the
Unions
coordinating
individual
most
out
the
on
Trade
There
labor
carry
of
proposal
Should things go badly,
they remain obliged to
the
of
sense
claims
of
excess
by
Labor
Report published
a
form of the trade union system in
have
would
in
Opposes
though
recently
much" from the workers'
to make concessions
increase in ad¬
Council supports the idea of
tary
all
For
age
of John
Gober and Associates.
Wage
guaranteed
a
much higher than the correspond¬
is
From
H.
labor.
have to be conceded in the
may
than
*
of
they
following year and yet another in
and
MIAMI,
name
Even if the
may
change
general
to
Coast Stock Exchanges.
ORMOND
many
business conditions might
increase,
Dominick, 14 Wall St., N. Y. C.
corporated, 650 South Spring St.,
*
which
dividual
Stock Exchange, will be admitted
partnership
of
afford
to
well
or
Balsam, member of the New York
to
too
feel at the time
of concluding the long-term wage
/
Effective
cost
long period,
a
things might happen.
Admit R. Balsam
Oct. 3, John H. Grobaty, Jr., Wil-
are
course
employers
in
Dominick Firm to
LOS ANGELES, Calif.—Effective
attract
to
point of view.
Three years
*
.
develop,
price.
a
tions
¥:
to
have
to
prove
creases,
Mitchum, Jones
liable
are
might
able
.
be only too
willing to concede them in order
Circum¬
agreement
To Be V.-Ps. of
ex¬
however, in which that advantage
i
place
at
or
amples in order to be spared the
bother
Election
increase
an
tempted to follow these
are
ville; James E, Hogle, J. A. Hogle & Co., Salt Lake City; William
Hutton, W. E. Hutton & Co., New York; David Klee, Burnham
M. Wilde.
received
similar terms. Many employers
on
E.
■¥f:y
em¬
Government
Local
authorities
were
white-collared
The
ments.
Treasurer—-Harry^A*Jacobs, Jr., Bache & Co., New York.
-
sub¬
a
wages,
rate, they may
any
is
wage
Labor
stantial increase, to be applied Every now and then: managements
of
individual
firms
are
con¬
gradually in three annual instal¬
D.
Also announced
*
in¬
Britain.
in
adopted
Quite recently the workers of the
nominees for elective offices
.
Vice-Presidents—William
•
Bayard Dominick, current As¬
spread
increases
wage
of
practice
LONDON, Eng.—The
Richard W. Simmons Harry A. Jacobs, Jr.
higher
dition to the increase conceded in
Scandinavia,
such
at
of overtime. Each reduction of the
Even
offering
for
necessary
basic working week simply means
interference by the latter.
for
that
means
They delib¬
overtime
there
assumption of being a state within the state which will not
brook any
York*
it
be
work
whether
actually performed, the ability of the most influential trade unions
thie Trade Unions Council's attempt to coordinate the claims
individual
con¬
weekly minimum number of hours
at higher
to veto
of
their
Paradoxical
rates.
Indeed, before accepting
employment, they want to know
pro¬
reports
disturbing the limited amount of work
more
it
them
today's
annually as its birthright and pursues
expects gains
now
apt
It
erately limit their output in order
;
automatic wage increases,
annual,
shorter working
wages.
harm
extending labor contracts
for
labor
announcement by
than
it
as
that
an
harder
colleagues.
they work less hard.
By Paul Einzig
according to
5
British work¬
tinental
Exchange Firms, the 600-member
William D. Kerr
that
mean
work
ers
CITY, Utah —James Crane Kellogg, III, Partner,
James C. Kellogg III
d t yift, u'r r
entirely misleading impression.
t
trade association for members of the New York Stock Exchange,
^
^Vftur^i?» wa^aw ,wf
itUfWrfffM *iv
(1193)
Spear, Leeds & Kellogg, New York, has been nominated for Presi¬
dent of the Association of Stock
i .1.
)-•*•<• vtf*; ft #
Financial Chronicle
Exchange Firms Receive Slate
SALT
-A r-
,
BECTON, DICKINSON AND
EAST RUTHERFORD,
30,1962.
COMPANY
NEW JERSEY
1
WW
Strength
Tax-Exempt Bond Market
The
bridge,
public
utility and other
revenue
type is¬
did
sues
work
at
market
important
more
usually ob¬
than
list
prices have on the
sphere,
aver¬
the
ket
has-' finally
bill
the
of
floor
Federal
The
and
Chair¬
Reserve
in
havo been erhbroiled
man
tention
mittee
gold
our:
result
The
refunding
of
has
bond
the
rekindled
;V'v-
that
has
V.;
"v
Pricing
cleverly
the
erated
"
; ' "
.
extent not
has
has
porarily
and
reversed
,
least
change
been wrought
mirrors,
speak,
fering
a
simple
prbcedure
relative
followed
by
but
not
state
by
or
by
bargain.
might
of¬
be
For months, under conditions of
record
dealers
volume
have
compet'ng
of
been
buy
to
supply,
issues
bargain
a
lessened
dealers
The
investors.
to
;
consistent
result.
nicipal
Blue
bonds
List
than
persistently
overpriced.
dealers
and
unduly
penalized
tive
to
investors
by
B
,,,
they
have
this
been
primi¬
this
carnivorous
in
be
the
performance
but
making
it's
(1
On
Target!
the
now
County, Washington
offering
tively
will
the
by the time this piece
in
print.
is
question
for
broad
tion. This is of
be
and
several
Quick
However,
as
mention
to
broad
and
Partly
as
is
certainly
harmful
be
The
House
which
were
half
a
market
eral
importance:
bidding.
public
in
were
close
off to
sues
jointly
Stuart
&
Co.
submitted the best bid, a 3.6728%
interest
$15,000,000
for
cost,
Seattle, Washington
Metropolitan
legislation
this
and
term
a
loan
winning bid compared favor¬
ably
with
the
bid,
runner-up
3.68%
net interest cost which
made
by
Blyth
Co.
&
and
a
was
asso¬
ciates.
major
what
on
week
winning
include
group
ruling
will
&
Goldman,
Co., Inc., Shields &
Rhoades
to be the
d'etre.
&
Co.,
&
&
Weeden
Co.,
Co.,
Carl
M.
Co., Hallgarten
&
Co., Hemphill,
Noyes & Co., W. E. Hutton & Co.,
ton
&
Co.,
Roosevelt
1964-1974
11.00 a.m.
11:00 a.m.
25,000,000
1964-1988
9:00 a.m.
; 7,255,000
1964-1978
11:00 a.m.
4,000,000
1964-1975
Angeles Unified S. D., Calif.__
Mobile,
County, Wis—
Ala.
Worcester,
__
8,455,000
Mass
October 2 (Wednesday)
Ann Arbor Sch.
Dist., Mich
3,750.000
Hydro-Elec.
Rev.
Wash. 184,000,000
Bonds,
Blyth &
[Negotiated purchase to be underwritten by syndicate headed_ by
C. Allyn, F. S. Smithers,
Merrill Lynch, John Nuveen, Kidder, Peabody, A
and Foster Marshall, Inc.]
B. J. Van Ingen, Wm. P. Harper & Son & Co
7:30 p.m.
1965-1983
Huntington Beach, Calif
3,750,000
Co.,
Mississippi (Port Bonds)
Orfordville
&
Dist. No.
,
Auth., Gtd
1,100,000
Vanderburgh County, Ind
,
2:00 p.m.
1964-1978
2:00 p.m,
2,500,000
_
1964-1988
1,500,000
4, Wis
1964-1982
2:30 p.m.
October 3 (Thursday)
2,000,000
County,
N.
1964-1973
5,670,000
Y
1964-1998
2,120,000
_
Minn.
1964-1983
October 7 (Monday)
2,594,000
1966-1993
50,000,000
1967-1988
!___
4,947,000
1966-1993
Riverside Jr. College Dist., Calif-_
2,000,000
7:00 p.m.
1964-1987
5,000,000
1964-1983
Abbeville,
Atlanta,
La.
Ga.
Lewisport,
____
_
Ky.
North Las Vegas, Nev
11:00
a.m.
1:00 pm.
7:00 p.m.
11:00
a.m.
-
Rate-
3%<
3Y4%
3%%
2.90%
Matagorda County, Texas—
1,600,000
1964-1988
7:30 p.m.
Michigan State Board of Education
4,340,000
1966-2013
11:00 a.m.
1,700,000
1964-1992
3:30 p.m.
38.000,000
1967-1989
11:30 a.m.
3,500,000
1966-1988
9:00 am,
New York
State
that
type
nowhere
might
tem¬
settle
the
the
controversy
Comptroller of the
to
a
•
Maturity
to
bonds
offered
were
yield from 2.60% to 3.50% for
and
coupons
offered
__
(Poughkeepsie), N. Y
USD, Cal.
October
(Wednesday)
17,250.000
City,
State
100
for
a
demand
bonds
sold.
obli¬
33,000,000
1965-1986
3:00 p.m.
1965-1984
8:00 p.m.
11:00
a.m.
Worthington Exempted Village
Sch.
Dist., Ohio
11:00
a.m.
October 14 (Monday)
Richardson Indep. Sch.
Dist., Tex.
3,500,000
October 15
$9,-
7:30 pm.
__
(Tuesday)
High S. ,D., Calif.
1,710,000
1964-1983
1,800,000
1964-1988
East Texas State College.
3,000,000
1966-2012
1,900,000
1965-1992
3,100.000
1964-1983
1,500,000
1964-1983
count
in
balance
ac¬
$6,550,000.
Also
last Thursday,
Bradford
issue of
an
School
Area
Pennsylvania
bonds
(1965-
purchased
were
negotiation ...by
the
Ira
net in¬
a
Geneva
Green
Union
County
Gas District,
Ala.
Bay, Wis
Long Beach Unified Sch. Dist., Cal.
Pa.
10:00 a.m.
2:00 p.m.
11:00
a.m.
& Bridge Au., Pa.
35,000,000
,
County, Nev
*/
1964-1983
Noon
3,800,000
State Hwy.
Tucson, Ariz.
Washoe
11:00 a.m.
1965-1983
10:00
1,000,000
1964-1983
11:00 a.m.
a.m.
terest cost of 3.335%.
3.20%
1981-1982
3.20%
3.10%
are
1981-1982
3.15%
3.05%
1981-1982
Kidder,
3.00%
2.90%
Loeb
1974-1975
2.85%
2.75%
1981-1982
3.20%
3.10%
1981-1982
3.15%
3.00%
1981-1982
3.30%
3.20%
Bache & Co., Butcher &
October 16
Other members of this syndicate
Halsey,
Stuart
Peabody
&
Co.,
Co.,
&
Inc.,
Kuhn,
Dillon,
Eastman
Union Securities &
&
Co.,
&
Co., Arthurs, Lestrange &
Co.,
3.15%
3.10%
Leonard & Lynch, Reynolds & Co.
3.25%
1981
3.35%
3.25%
3.40%,
1980
3.28%
3.18%
unsold
Scaled
to
yield
the
&
Co.,
Friday's
from
syndicate
only
Bethlehem
Orleans
sale
Continued
2.25%
reports
of
on
(Wednesday)
8,000,000
City Area S. D., Pa.___
Parish School, La .^
^
Austin, Texas
to
October 17
39
f 1,000,000
Pierce County Clover Park School
District No. 400, Wash
1,000,000
awr' rt*
twit
«&*•.«(
ft
iG
.-urni
1965-1983
6,000,000
Vt 11:
-lili
M'j
'?n
\ rC. 'g
f
f
a.m.
11:00 a.m.
1964-1988
>
.
11:00 a.m.
1964-1983
•
,
11:00
(Thursday)
Seattle, Wash
'
.
•
'
2,008,000
...
"
•vil'C.*u'V
1964-1983
-
October 24
Port'of
.10:00 a.m.
(Tuesday)
Huntington Beach S. D., Bldg., Cal.
signifipage
1964-1983
14,000,000
____
Rayne, La.
3,500,000
a.m.
i965-1985
(Thursday)
October 22
an
11:00
30,000,000
La...
Moore,
balance of $730,000.
availability.
Rouge,
Sherrerd,
3.20%
Noyes
Baton
Co., Goodbody
3.35%
ea!t trww
2:00 p.m.
Anaheim
present
3.30%
3.25%
1964-1992
1,630,000
Dist., N. Y
Capistrano Union High S. D., Calif.
the
Haupt & Co. account at
Asked
1967-1999
3,698,000
Mich.
000,000 term bonds has been fair,
1988)
Bid
11:00 a.m.
(Thursday)
with
the
general
Detroit-Metro Wayne Airp't,
was
the
for
Demand
1964-1983
1965-1984
2,500,000
October 10
Bank and casualty
company
11:00 a.m.
Comm.
State Park Revenue
Elmira City Sch.
1965-1993
1,200,000
Conservation
10:00 a.m.
12,000,000
Angeles Dept. of W & P, Cal.
Mich.
Noon
1,520,000
____
1964-1993
12,000,000
Mo
1965-1999
12,000,000
Ohio
Cincinnati,
Kansas
9
term I Stillwater Indep. S. D. #834, Minn.
the
at
1982
1981
Y-
Bridge Authority
Palos Verdes Peninsula
Los
Noon
Hartford, Kirkland, Etc. Cent.
Sch. Dist. No. 1, N.
The
1981
3V4%
3%
1964-2001
National
1981
_
1964-1990
Massachusetts (State of)
Butler Sch. Dist., N. J-
serial
8:00 p.m.
1,600,000
39,610,000
Lapeer School District, Mich.__
Buffalo, N. Y
3%%
.....
October 8 (Tuesday)
& Co.
Hemphill,
irti W
a.m.
Sch.
Jr.
Southington, Conn.
Cross,
excellent for the $6,000,000 serial
Attorney General bonds and all but $205,000 of these
constitutes
3&%
3%%
Illinois—
«►*
10:00
3,545,000
Footville
Gregory & Sons and G. H. Walker
September 25, 1963 Index-3.094%
tai
3:30 p.m.
1966-1986
Douglas Co., P. U. D. No. 1, W'ells
the
on
revenue
get
&
♦
Pennsylvania—... 3%%
cat-its#
—
1964-1988
Higginson Corp., W. H. Mor¬
insurance
relative
._
apparent
11:00 a.m.
1964-1987
■
1,785,000
Sachs & Co., John Nuveen & Co.,
Loeb,
gation bond.
___
*No
2,370,000
3,877,000
the
of
members
mounting.
session.
a
Board
■
_______;
__
Huntington Beach Union HSD, Cal.
New
Other
Thalmann
Currency and the Federal Reserve
State________
New York City
4:00 p.m.
Linden, N. J._
2002.
due
It is reported that the Commit¬
Pennsylvania, State.
Delaware, State—__________
New Housing Auth.
(N. Y., N. Y.) 3%%
Los Angeles, California.
3%%
•Baltimore, Maryland
314%
•Chicago,
1965-1984
1964-1983
47,500.000
Mich
S. D.,
Tp.
Westchester
Halsey,
by
coupon.
'-■■■
'Cincinnati, Ohio
lie
3:00 p.m.
(Tuesday)
Baltimore, Md
Grosse
:
1965-1978
2,000,000
___
October 1
Irving,. Texas
interest.
Co., Inc. and C. J. Devine &
3.70%
California, State
New Jersey Hwy.
New York State
investor
Awards
Recent
through
•Connecticut,
V
Thursday, Sept. 19, the group
Blair
MARKET ON REPRESENTATIVE SERIAL ISSUES
;
11:00 am,
~
2,077,094
Dist., Mich
Minneapolis,
Authority,
V-'
1964-1983
1,580,000
Salina, Kansas
Van Buren Sch.
inevitable
and
still awaiting investor
Index
a
bidding
the
bank
were
Financial
against 3 095%
11:00 a.m.
September 30 (Monday)
good start and others
a
$4,680,000
as
week ago, but
a
mixed, with some is¬
was
Comp¬
Chronicle's municipal bond yield troller's recent
interpretation as to
Sept. 25
sold
yields
points against the
covers
Initial
demand
net
2:30 p.m.
1965-2002
Wentworth
Gov.
Reg. Sch. Dist:, N. H.___
continued to be very keen
groups
bonds
at
Steady
out at 3.094%
all
Price
between
various
between
averages
gen¬
instances relaxed by
some
about five basis
with
of
issues
dozen
this
de¬
demoralizing
and
as
bonds, along with other proposed
legislation. Reports indicate that
porarily
Index
is usually the case, there
led
College
1966-1985
2,525,000
State
bonds
of various purpose
and,
burg,
allow
Banks to underwrite
results.
Commercial
modest $110,-
a
425,000
legis¬
hearings
would
for
Yield
less
Banking Committee
sale
The
of
seem
raison
tee may ask the
with
dor
piece
to
seems
distribution has given way to fire
practices
issue calendar for the
new
Equitable Securities Corp., Laden-
pressure
has been holding
result, orderly
a
for
sentiment
Defining General Obligations
largely
investor
Etc.,
Wolfeboro,
Milwaukee
Lee
past
months, has been
Missouri
Stone & Webster Securities Corp.,
perhaps
only
the
over
Attractive
altogether inadequate and
of this
Bill
it should
one-
a
passage
recep¬
course
Senate
compelling than in the House.
re-
investor
(
pricing,
unrelated
mand.
D.
attrac¬
make
we
because
U.
P.
In¬
ago,
the average.
More
Bonds
The
reportedly out of
there
passage
Douglas
priced
be
The
means
on
past week totaled
This
House will pass the so-called
misbegotten
$184,000,000
for
quite certain that
seems
appears
this vein, it appears that the
forthcoming
been
Purely Emotional
It
Desperation would
In
average
Southwest
a
Sewer Revenue serial 1967 to 1991
lation
long overdue.
the
1,800,000
4,390,000
Galveston, Texas
-
procedure. Some amendment
may
have
mu¬
8:00 p.m.
Los
New
On
in
the
on
at
week
a
transposed,
bonds
t h
o
3.549%
quarter point gain
gen¬
189,000.
the
been
shown
as
are
consideration
has
less
to
time. Current total is $479,-
some
Gen¬
Even
financing
offerings
concessions
generally
the
averaged
this week.
yield
was
which,
they have been.
tax cut bill
negotiated
The
offerings of state and
erally profitless business has been
the
and
are
than
erous
Index
in
:
appears
improved.
secondary
of
pressure
has
at
prices that preclude the semblance
of
dex
actively
23
utilized
bonds
result.
situation
somewhat
be
to
the
Altogether,
competition
the
_•—
1965-1988
Hopkins Indep. S.D. No. 274, Minn.
bonds which sold
circumstances,
1966-1985
2,500,000
Vista, S.D. No. 9, Mich
Highway 3^2s
Toll
This
lease
revenue
Street inventory
desperately
new
bonds.
payable solely from
present
fewer
dealers.
bond
Indus¬
Although it is difficult to judge
This
well
municipal
and
Kentucky
$50,000,000
offer
Plant
is
under
moderate
by gimmicks
to
so
Lewisport,
an
tem¬
obviously
has
Oct. 1.
on
Inventory Less Burdensome
receptivity presently prevails.
This
for sale
Aluminum, Inc.
for
heavy
at
$47,-
payments to be made by Harvey
of¬
gen¬
through that has
b$£n
Indiana
others.
and
at
longer bond
trend,
43/4s,
gen¬
is
offering
up
7,
to
trial
debt
experienced in months.
market's
weeks,
Oct.
plans
•
Off
stimulated the bond market to
The
.
attractively
Treasury
follow
a
'■
•
•
Pays
and
pricing the two
ferings,
(/'
,
.
bonds
land
been
On
..
Right
In
a -
obligation
were
1,000,000
Buena
Illinois Toll High¬
by
and
scheduled
largest
respec¬
gains
September 26 (Thursday)
Anoka-Hennepin I.S.D. #11, Minn.
3%s, Chicago O'Hare Airport
way
single item of king
no
500,000 various Baltimore, Mary¬
latent.
../•> " n
con¬
level.
is! interesting
month
eral
and
calendar
variety of offerings over the
The
of the smoldering
interest
registered
and
Current
89 Va
Substantial
Chronicle's
Ahead
$550,000,000
size.
phases
about
the
at
broad, with
Treasury
all
turned
market
seme
investor
long
attractive
the
tively.
43As
3%s.
and
made
were
Turnpike
1101/2
traded
issue
new
next
successful
the
reserves,
of
list.
point gains
Turnpike
are
3.533%
The
tinues
despite
and
Banking,
on
mar¬
con¬
continuing attrition involving
the
that the
active and that of¬
Looking
Com¬
House
the
betv^e
but
prices. Un¬
Kansas
bids
taken at list or not
were
from
far
Currency
in
shows
Index
the
more
was
ferings
although
House, and
Comptroller of the
the
appearing
regularly
sheets,
preselected
year bond
a
20
recorded is, the fact
Although the tax cut
emerged on the
week.
past
grade
little actual change in
improved slightly during the
age
upon
high
of
offerings
the state and municipal bond
sess
Based
ago.
the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
In
little better in the past
a
Florida
by
With
Larger Issues Scheduled For Sale
quoted
toll
road,
week. One
factors
Bonds
Dollar
dollar
toll
DONALD D. MACKEY
BY
in
long-term
v
.
Wjf' '
.'sthl'tF
't
I
ir-UlV>.
Volume 198
Number 6302
The Commercial and Financial
Chronicle
Palisades Park, New Jersey, is one
of the
Waves of the Future
Dayton,
for
consideration
in
the
fields
of
of
communication,
the
growing
medicine,
metal
and
weaponry
importance
laser
of
working,
electric
anti-missile
and
the
The laser (pronounced like razor)
gets its
from
name
the
letters of what it does:
plification
sion
of
Radiation.
packed
with
diation;
in
it
is
short
like
flow
for
Out
tions.
dark
almost limitless.
are
expected
series
new
hand-held
ra¬
to
and
The rays which
a
from
a
will
room
(radiate) in all direc¬
laser
A
is
laser
- are,
beam, however, is
blind,
Lasers
whole
a
\ethal
of
maim
battalion;
or
now
fense
is
which
only
our
de¬
de¬
system
on
have already spent $1.2
single thiri beam
of light that billion
(with very few "hits").
travel, with only very slight This system
requires that we hit,
diffusion, in a microscopic straight possibly 90 miles out in
a
will
line at the fantastic speed of 186,000 miles per second.
To illus¬
trate,
laser beam, launched from
ai
space,
an
accuracy
1962,
achieve if
traveled
seconds and
light
line
become
at
the
beam,
origin,
in
moon
tiny
a
diffused
spotlight On the
a
2 miles in
ing
the
to
to
miles
of
space.
The notable points to remember
about
lasers
(1)
are
their' speed
(2) the accuracy with which they
be aimed at a target nearby
can
thousands
or
of
miles
(3)
away
their potentials for emitting elec¬
tromagnetic radiation
heat and intensity.
It
How
(4)
:
their
within
a
only
few
which
of
cylindrical
be
may
several
of
ruby
long.
rod,
wire, and to
beam.
In
•
chromium
already
and
ionize
be¬
photons
of
reddish
hued light, which, concentrated in
single intense and coherent ray,
and
end
one
travels in
of
the
searching
spent
in
the
most
most
of
the
tube
ruby
a
filled
(helium
animates
within the
the
employs
an
inert
.
krypton).
or
source
tain
rod,
with
tube
A
the
till
desired
a
gas
light
electrons
they, too, at¬
coherence
and
The
old.
laser
It
1960
is
less
first
was
than
by Dr. T. H. Maiman at the
Townes,
Columbia
Provost
credited
laser
M.
with
an
as
the
at
at
time,
I.
outgrowth of
microwave
maser.
500
a
of
the
closely
phenomenon
the
past
2,200 scientists in
three
work
lasers,
have
been
refining
and
increasing
perfecting
their-intensity
working
first
laser
as
the
most
now
regard
significant
to
of
and
in
dozen major fields.
year
in 1970.
may
Fantastic
be added to
lasers
and
industry,
be
and
billion
a
William R.
Radetzky
Herbert E. Beattie
Harry F. Green, Jr.
lives through
our
exciting
stimulating
speculation
us.
total
dimensions
new
whole
a
may
to
may
$35 million and perhaps
new
widespread
investment,1
may
at hand.
D. J. Singer Co.
To Admit Weiss
D. J.
Singer & Company, 50 Broad
on
Oct.
Weiss
Robert N. Greene
John F. Klingler
President—William R- Radetzky, New York Hanseatic Corp.
Exchange,
admit
First
Samuel
and
Electric
burn
in
hole
a
two
Second
Vice-President—Harry F. Green, »Jr., Hecker & Co.
Treasurer—Robert N. Greene, Stroud and Company, Inc.
Secretary—John F. Klingler, Goldman, Sachs & Co.
Now With S. L. Sutton
In addition to
C
has
1 o.—Raymond
o
b
e c o m e
L.
&
tional
Bank
with
Peters,
He
was
Writer
J.
the officers Peter L. Cardamone,
Cummings,
Brooke,
Sheridan,
Albert Teller
Bogan
& Co.;
Flanigan, Singer, Beane & Mackie, Inc.; Alfred A. MacCart, Drexel & Co.; Newton H. Parkes, Jr., Gerstley, Sunstein &
Co., and John D. Wellingford, Bioren & Co., were elected for three
terms to the Board
year
formerly
Joseph
James B.
associated
Building.
Co.;
&
Also,
Christensen, Inc.
was
Spencer
elected for
a
L.
of Governors.
Corson
of
Elkins,
Morris,
Stokes
three year term as Trustee of the
&
NEW
ISSUE
September 25, 1963
$100,000,000
The Dow Chemical
Company
Twenty-Five Year 4.35% Debentures
Dated
Due
September 15, 1963
with
a
September 15, 1988
was
mil-
Price
laser;
The
area.
M.
I.
100% and accrued interest
T.-Ray-
laser
off
the
moon.
Markets, Inc. has
study
Lear
of
Siegler,
R&D
lasers;
has
and
has
low
any
division
a
manufacture
cost
constitutes neither an offir to sell nor a solicitation of an ofr to buy these
of ring is made only by the Prospectus, copies of uh'tch may be obtained in
State from such of the undersigned as may lawfully of r these securities in such State.
announcement
securities. The
growth.
Perkin-Elmer
for
This
major
a
laser
Inc.
and
relatively
available
made
future
a
Technology
of
Corp.
models
delivery to
Smith, Barney & Co.
schools
Incorporated
and laboratories.
The First Boston
Newer
Companies
.
There
that,
as
is
in
a
strong
electronics
major advances in
by smaller
the
possibility
■YY'Y-V -Y..Y
Goldman, Sachs
young
may
be
compan¬
shadows
.■
■
Y'Y
•
'
'■
-v
^
...
Harriman
Ripley
& Co.
low cost,
a new
was
made of silicon carbide.
Blyth & Co., Inc.
■:
—
V
■'■•••,:
Glore, Forgan & Co.
Lazard Freres
Kidder, Peabody & Co.
Incorporated
&
Co.
Incorporated
Carl M.
Loeb, Rhoades
&
Co.
recently
Dr. War¬
Merrill
Lynch, Pierce, Fenner
&
Smith
Incorporated
Tyco
Mlavsky,
Co.
i
of
gifted and dedicated scientists. At
Dr. A. I.
&
vYYY.YYv;YEastman Dillon, Union Securities & Co.
•
earlier,
lasers
lengthened
Y,.
Corporation
Stone&Webster Securities
Corporation
White,Weld&Co.
Co.,
Gratuity Fund,
through
hundred
second
a
Co.
»
Vice-President—Herbert E. Beattie, Jr., Troster, Singer
Company.
partnership.
state
Corp. team first bounced
for
will
3,
to
American
solid
higher powered laser
outlays this
International
.
olutionary
a
miracles
in
and
Laboratories, Inc. in Waltham, Mass., under the guidance of
technologies in
Laser
these
all
high-
scientific break-through since the
invention of the vacuum tube; and
believe it paves the way for rev¬
new
bring
fraction
the laser,",
but
useful
theon
ies,
Many
a
second;
a
Westinghouse is active in this
they
pack.
missiie out in space, in
of
proj¬
on
light
deep
General
diamond
made
can
power
an enemy
corpo¬
some
feverishly
so
some
of laser
Machines
are
lasers.
and the power units (called joules)
the
known
targetry.
Optical
the
of
communication,
Business
corporate and university lab¬
oratories
at
In
now
generally
origination
related
years over
Charles
and
T. °is
called
a
Dr.
physics professor at
a
beam
Laboratories of
dozens
are
celestial
years
in
year
a
laboratories.
coherent
in
whole
4
demonstrated
one
representation
Bell
have
RCA
and
Technology
Hughes Aircraft Co.
H.
being
*
New
but
is
money)
well
The
lionths
'
for
Y
underway; General Telephone
both
a
intensity for release.
devise
effort
electronics
and
larger
rations.
and
using
will
with S. L. Sutton & Co., First Na¬
intense
seeking
powered
of
elected
first
to
re-!
are
campuses
corporate
optics
ects
instead
who
celestial
technology will get it
mainly through divisional efforts
straight line
produtcion,
were
new
od
laser
way
beams
scientists
many
in
AT&T
any
the
startling
under
laser
on
the
target point. An alternative meth¬
of
weather
Agencies at Work
speed to
a
at its fantastic native
when
packed that it will blast
DENVER,
University
emit
Finally,
know
don't
Clellen
they
times.
know
Buck Rogers ray gun will be pro¬
duced* or who wili make it; we
cutting and
air.
Investors
rod
the
of
use
in this
from
in
Lasers may
already
through
millions
released
miracles
of metals.
In
there are some
pulse
is
mes¬
single
a
medicine,j lasers have
revolutionize
tween two mirrors, increasing their
a
without
major chemical catalyst,
a
(and
of
be chan¬
(or
forth
don't
of the New York Stock
become
are
and
We
Philadelphia the following officers
terms:
eye-retina operations.
electrons within become animated
back
of
control
Street, New York City, members
probably
bounce
weather
a
ASSOCIATION OF PHILADELPHIA
At the annual meeting of the Investment Traders Association
laser
telephone
performed
of
knifeless surgery in most delicate
given instant bombardment by a
powerful
light;
Ijhe
component
and
of
power
carry
INVESTMENT TRADERS
second)...
per
sages, 10,000 at a time on
Atoms
elements)
other
transmit
a
much like atomic fission,
inches
to
might
we
defense weapon had
Laser beams may also
neled
advances
process
Think of the
in interception
our
17,500
travel¬
own
(186,000 miles
control
Works
going
our
fabulous- superiority
welding
Yy The laser beam is created by
a
the
speed
moon,
diameter, after travers¬
250,000
of
one
ing at similar speed.
Lexington, Massachusetts, in May,
1.3
missile
enemy
mph, with
the
levels of lasers, elimination
un¬
missile
the Nike-Zeus
we
into
expanding
an
deflect oncoming ICBM's.
or
exotic
lasers
system through ionized air.
the
missiles 'that might, with
heard of accuracy and speed,
Right
and
leading
do-it-ypurself rain control system;
.we don't know
;Who will create
anti-mis¬
sile
stroy
lasers
is
optics in laser focusing; and de¬
ones
immobilize
or
NOTES
Patter¬
-
weapons:
motoKmounted
or
oncoming
create
th
in
velopment
Potentials
The possible applications of the
it's
march
waves
example,
in
spread out
laser
beam;
drill team;
a.
disciplined.
flashlight
Emis-
electromagnetic
its
unison
This
light
Laser
five
'Light Am¬
Stimulated
by
ordinary
no
first
at Wright
territory:
power
of
NSTA
Szpur
Air Force Base, and a pioneer
new
portunities for investment in companies pioneering in lasers.
Roman
civilian Technical
Manager
weaponry,
op¬
Mr.
years
scientist
technology
transmission,
defense;
Ohio,
some
son
A
outstanding experts in laser
At Spacerays, Inc., in
crystals.
Area
By Dr. Ira U. Cobleigh, Economist ;
J:-
7
Ruderman of Isomet Corp. in
ren
Lasers:€ontrolledLight
(1195)
DeanWitter&Co.
:
The Commercial and Financial Chronicle
available is
ments
issue
Investor"—T h
e
Geophysics
50
Corporation?—
Corp.—Report— Street, New
Co., Incorporated, Also in the
New
Broadway,
N.
York,
is
Also available
10004.
on
&
a
Y.
report
in American- Hospital Supply—WinsBoulevard,
"American low, Cohu & Stetson, Inc., 26 90005.
American
In¬ Broadway, New York, N. Y. 10004.
Calif.
Angeles,
Los
of
available
is
analysis of
vestor, American Stock
Universal Oil Products Co.
25# per copy, $2 per
Exchange
10006—
year. Also
Also
Building, New York, N. Y.
Great Northern Paper—Comments
in the same issue are
articles on
Corp.—Analysis— Analysis—Gude, Winmill & Co., 1
Cascade
Boise
10005.
Great Northern Paper Company—
Japanese
Inc., Sealectro Corp., Ameri¬
Biltrite Rubber Co., Apache
ers,
Sup e r Markets,
Hanson-Van Winkle-Munning Co.,
Corp., General
Lesser
Louis
Lighting,
Lithonia
Life Insurance Stocks—Bulletin—
Work Wear Corp.
ures
Ralph B, Leonard & Sons, Inc., 50
Statistics—Comparative fig¬
Bank
Broadway, New York, N. Y. 10004.
S. Graham, Goodbody
Dept..CFC, Reynolds & Co., 120
Broadway, New York, N. Y. 10005.
Also available is a report on Sin¬
clair Oil Corp.
New
Co.,
&
Broadway,
2
York, N. Y. 10004.
"(New
Issues"
1961-2-3—S'tudy
of
performance, earnings,
of market
Singer &
and other data—Troster,
Co., 74 Trinity Place, New York,
Farrell, Inc., 119 Monona Ave.,
Over-the-Counter Index
Business-^Review—The
Scotia,
Nova
of
Bank
ica.
showing
King
44
Wall
Street,
New
N.
York,
Y.
Purcell, Graham & Co., 50 Broad¬
way, New York, N. Y. 10005.
Corporation
ada.
and
Averages
listed industrial
the
in
used
stocks
Folder
—
compari¬
up-to-date
an
between
son
Street, West, Toronto, Ont., Can¬
—
Analysis—
Suplee, Yeatman, Mosley Co. In¬
Street,
Walnut
corporated, 1500
Philadelphia, Pa.
19102.
Dow
the
the
35
Jones
-
over-the-
Geller-
t—Henry
mann,
Dept. CFC, Bache & Co., 36
Wall
Street,
available
Also
10005.
ments
Marine Midland, Ameri¬
on
Commercial
can
Jcom-
are
Ferro,
Barge,
San
Schweickart
New
E.
&
Co., 2 Broadway,
York, N. Y. 10004.
J.
Korvette,
Ozon
Products Inc., Pennzoil Co.,
Businessmen
industrialists
S.
U.
and
September
American
-
about-,
October
1,000 specific opportunities to sellr.
their
products
six
in
tional
U.
Commerce,
Interna-J
Depart-1.
S.
Commerce, announced.
ment of
The 24
businessmen—industrial-^
and„
engineers,
production
ists,
•*
European
countries, the Bureau of
experts from 12 states—are y
of
five
recent
U.
S.:
members
Missions
Trade
France,
to
Nether-
the
—
Sweden,
and
Beigium.
*
Small
in
with
Hill, Thompson & Co.,
coast
will report in:
coast meeting *
industry,
on
the trade i
uncovered
opportunities
N. Y. 10005.
to
representatives of U. S\ busi-ri
and
ness
Street, New York,
groups,
in
r
traveling:
The mission members,
during i
The
their recent European tours.
Industry—Analy¬ counter "industrial stocks used in Talon, St. Joseph Lead and Cerro
Moog Servocontrols—R e p o r t— meetings will
particular reference to the National Quotation Bureau Corp.
chambers
of
Irving Weis & Co., 505 Park Ave¬
Distilling C o m pa n y, Averages, both as to yield and
with
and
suppliers in 26 U. S. cities during
Distilled Spirits
sis
tell
will
;
businessmenI
Twenty-four private
detail,
Wall
R.
Tell Other
Corporation of America and Shell
70
P.
Businessmen to
Oil Company.
Inc.,
Sterilizer- Co.,
Binney & Smith and Flintkote.
Radio
—
Toledo
Also lands, Norway and Denmark,-.
N. Y. 10004.
are
analyses of
York,
Report
com¬
are
Products,
Mailory & Co., National Airlines,
Coggeshall & Hicks, 50 Broadway,
New
N. -Y. >10005.
issue
Scot Lad- Foods,
Corp.,
trade
Inc.—Analysis—
Y. Major Pool Equipment Corp.
N.
York,
New
Bldg.,
Albert
210
available
Connecticut Bank and Trust Com¬
e p o r
dicators,
York,
same
Aleo
cur
Scale
Copy on request—Investment/In¬
Rafael, Calif.
t— K a y s e r Roth Corp.—Analysis—
Borman Food Stores—R e p o r
pany—R
i'
of
review
a
Y. 10006.
N.
Madison, Wis. 53703.
Canadian
is
United Biscuit Company of Amer¬
Calgon
Industry—Report—Bell
Brewing
&
Market—Bui 1 etin—
leading banks throughout Municipal
on
the country—Richard
available
Also
Industries and
Enterprises, Talley
Sutter
111
Talbot,
&
Hannaford
Street, San Francisco, Calif. 94104. 10005.
Market—Review—Diawa
Also available are comments on Green Giant Company—Analysis
Securities, Limited, 149 Broad¬
Astrodata, Teledyne, Lestoil Prod¬ —Hill Richards & Co., Inc., 621
way, New York, N. Y. 10006. Also
ucts, Occidental Petroleum a n d South Spring Street, Los Angeles,
available are reviews of Kajima
United States Leasing Corp.
Calif. 90014.
Construction, Shiseido, A ts ug i
Nylon, Mitsubishi Chemical, Mit- Borg Warner Corp.—R e v i e w— Investment Insights—Booklet ex¬
sukoshi, Chubu Electric Power, Orvis Brothers & Co., 30 Broad plaining significance of 20 of the
Street, New York, N. Y. 10004. market's
leading
indicators •—
Toyo Kogyo and Asahi Grass.
Investment Clubs, Rosenau Broth¬
can
an
ments
American
United Nuclear Corp.
Analysis—Eastman Dillon, Union —Oppenheimer, Newborg & Neu,
Securities & Co., 3115 Wilshire. 120 Broadway, New York, N. Y.
the ASE—Discussion
on
current
the
Pacific: and
Wfestem
Instrument
Barton
ADR's
Alloy. Co. and-com¬
&
em
-Also
analysis of Stain¬ Lieberbaum
-
Florida East Coasts
FOLLOWING LITERATURE'
THE
PARTIES
INTERESTED
SEND
WILL BE PLEASED
THE FIRMS MENTIONED
THAT
UNDERSTOOD
TO
Steel
less
an
10005.
Y
Yorkr N.
New
AND RECOMMENDATIONS
IS
Broadway,
1003£.
,
INVESTMENT LITERATURE
IT
Thursday, September 26; 1963
,
New York, N. Y. Gateway Sporting Goods Company Univis—Comments in current is¬
—Analysis—Stern Brothers & Co.; sue of "Investor's Reader"—Mer-„
1009-15 Baltimore Avenue, Kansas rill
Lynch,
Pierce, Fenner
&
Barth Vitamin Corp.—Analysis—
Smith
Incorporated, .70
Pine*
H. Hentz & Co., 72 Wall Street, City, Mo. 64105.
150
DEALER-BROKER
.
.
sponsored byi
commerce,
world)
be
Consolidated Food s—Analysis—
trade clubs, and the U.
S. De- 3
25- Glore, Forgan & Co., 135 South nue, New York, N. Y. 10021.
partment of Commerce Field Of-1
year period — National Quotation
LaSalle Street, Chicago, 111. 60603. Outboard Marine — Comments — f ices.
way, New York, N. Y. 10006.
Bureau, Inc., 46 Front Street.
Hirsch & Co., 25 Broad Street,
Corn
Products—Report—Sincere
About 4,100 business proposals L
New York 4, N. Y.
New York, N. Y. 10004.
Fire and Casualty Insurance Com¬
& Company, 208 South La Salle
U. S. manufacturers were-^
'."U.y^C:: from
Petroleum Situation
Review — Street, Chicago, 111. 60604.
panies—Review—David L. Babson
Also Phillips Petroleum Company— carried by the missions to leading
and
Company, ;Inc.,
89
Broad The Chase Manhattan Bank, 1 available is a import on.U., S. Vita¬ Analysis—The Illinois Company, firms innsix. countries visited
ear¬
Chase
Manhattan
Plaza,
New min & Pharmaceutical.
Street!, Boston, Mass. 02110.
Inc., 231 South La Salle Street, lier this year.
Names and ad¬
York, N. Y. 10015.
'
j
Chicago, 111. 60604.
dresses of all the European firms {
Fire & Casualty Stocks — Mid¬
Dayco Corp—Su rv e y—Colby &
to
year results — Laird, Bissell
& Portfolio—Of -selected issues un-? Company,; Inc., -85 State Street, Piteblo Supermarkets Inc.—Anal¬ demonstrating: the. capacity
Paddington
Heublein Inc., and the
market
performance
a
over
Corp.—Sartorius & Co., 39 Broad¬
—
_
Meeds, 120 Broadway, New York,
N.
Funk
&
tions
&
articles
tries,
et
Industries
indus¬
corporations,
on
and
general
Broadway, New York, N. Y.
Steel Companies—R e
business sub¬
reference
particular
jects taken from over 200 financial
Steel,
Laughlin
and
&
before.
tive Volume $30.
tion
on.
issues
Cumula¬
Annual
societies —1962
analysts
available
on
or
nade
'/J:
&
Sheet
&
Co.,
*
*
*
|
Gairdner & Company
Colon¬
Limited, 320
Building, Cleveland 6, Ohio. Bay Street, Toronto 1, Ont., Can¬
with
Ipco
Jones
Youngstown
Aluminium Limited—Comments—
request—In¬
particular
Hospital
reference
Supply
Corp.
handle
Bank
to
Leumi
Bulletin—A.
and
B.
M.—
Co.,
Inc.,
Le-Israel
J.
Carno
lines and
U.
:
quests
opes
,
available
Minnesota
ares
Ontario
&
of sis of Medco.
surveys
Rexall Drug &
Delta Air Lines, Inc.—Analysis—
Courts & Co., 11
N.
Marietta Street;
W., Atlanta, Ga. 30301.
Dynamics
ica
Amer¬
Schwabacher
—
&
Co., 100 Montgomery Street," San
Calif.
Francisco,
available is
america
an
Also
94104.
analysis of Trans-
Corporation.
& Co., 42
N. Y.
Low
Walt Street;; New York,
the 1,006 European., proposals
10005.
Industries
Price
ben Street,
—
Bulletin
Investments,
11
—
U.
Steu¬
S. firms.
Edwards
&
Avenue, Hempstead, N. Y.
their
j
government-sponsored
i
bers, who gave a month of
Lines Limited
Co., Inc., Ill West Jackson Boule¬
vard, Chicago, 111. 60604.
time to the
—Analysis—Greenshields Inc., 507
Flace d'Armes, ..Montreal, Que.,
Canada.
Union Oil Company of
—A
Our latest
Brokers and Financial Institutions only
.
.
Don't Risk
brochure:
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Your
(
vestment
The "New Issues" of 1961-2-3
4
Insights,"
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page
of
COPY
that
nificant data
of 2,166
relating
to
the "new issues" of 1961-2-3.
"new equity issues"
33 months.
past
trades
are
market's
study of the market performance, earnings and other sig¬
a
were
placed
on
missions and now are
additional
service
to
giving their-'
help
how
Of this total, Troster, Singer & Co. currently
200, which
are
mum
profits.
Please
rush
FREE
Insights."
ment
t
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34-
a
INVESTMENT/INDICATORS
Request
California
Bissell
"In¬
limited.
below issue price, 59 are above and 26 below.
on
call
can
s—Laird,
N. Y. 10005.
explains
investments for
your
briefly analyzed in this brochure; 115
Copy
they
1 y s i
build'
exports,'
indicators
leading
their
and
A total
the market in the
n a
Meeds, 120 Broadway, New
Missing
the significance of 20
is
an-i
n—Analysis— opportunity to hear firsthand re- Hanly, 100 Franklin ports by the trade mission mem-! ~
Simplicity Patter
sales outlets and expand,
For Banks,
in
Businessmen- interested
Albany, N. Y.12207.
_f
they* will now lay before I
which
Trans Canada Pipe
Evans, Inc.—rAnalysis—Walston &
vigorous drive for export'*
of this
Chemical Company
part {
-—Survey—Carl M. Loeb, Rhoades sales the missions: returned with ^
Seasonall
of
Corporation
Analysis
—
to American companies. As a
Paper and-
Hooker Chemical.
ada.
Hospital Supply Industry—Analy¬
sis
Steel,
with
w
A r m c o
Broadway, New York, N. Y.
monthly
vestment Index Co., 206 F
and
i e
10005.
Further informa¬
the. weekly
Bethlehem
v
to
Tube—L. F. Rothschild
120
showing^
Mass. 02189... (Firm re¬ ysis—Hemphill, Noyes & Co., 8
S.
stamped addressed "envel¬ Hanover Street, New York, N. Y. specific interest in the U.
when wrtting for copies.) 10004. Also available is an analy¬ products already have been given
Boston,
Also
publications, 350 broker's reports,
speeches,
& Co.,
10005.
of
Index
—
Guide"—Harris Upham
120
of Corpora¬
Scott Index
of "Pock¬
der 30-^-In-current issue
10005.
Y.
——
-State
Volume
Number
198
6302
.
.
The Commercial and Financial Chronicle
.
1
his of expected earnings. An impor¬
fail¬ tant factor, since most credit seek¬
to plan for the future, failure ers are planning to pay the debt
determining how
Factors to Watch for
ure
When Extending
Credit
In
have
They
"C's"
still
updated,
been
the
are
health.
credit
grantor's
take
however, to
of
grantor at least,
they
is
widely, and correctly, thought to
be
But what is not
risky thing.
a
well
as
known
that
is
perhaps
ation
not
at
If
test
potential
fail
reasonable
to
the
borrowed.
turns
On
the
is
down
turning
wquld
the
risk
other
that
hand,
customer
a
who
The choice, therefore,
is between loss of profit and pos¬
sible
loss
of
all
part
or
of
the
The
When the risk
of loss of profit
the
means
in
debtor's
expectations of future
Capital
refers
ability
test
thus
expressed
shorthand for
course,
credit
grantor must make about the
tential debtor.
of
po¬
The importance of
gathering the kind of information
make
vious.
these
The
judgments
old
is
ob¬
look-him-in-the-
is decreased by adopting an easy
eye-to-see-w h
credit
policy, the
approach is unscientific, to put it
credit
will
who
be
possibility that
extended
won't pay
those
is increased.
opposite is also true;
policy
to
increases
The
have
turned
ever.
good
business
away
where credit is refused.
being
all
been
to
business. The amount of consumer
of
outstanding has
billion
$62
in
billion
overdue
value
1929
today.
accounts
of
is
the
there
credit
boom
is
face
million
collection
sign
any
6%
month
United
how¬
to be
ap¬
than
200
city
a
miles,
square
of the delinquent accounts
those
were
lived
in
city.
The
one
mile
in
on
who
people
square
nonpayers is
est social
of
heaviest
that
of
the
incidence
of
of the great¬
areas
disorganization.
and
mental.
the
If
won't
he
is
tell,
talk/try
vious,
to
For
non-private debtors,
the
is
too
auditing
company's
whose
reputation
of
Loss
whose business
flect,
Employment History Helps
of
the
problem
cent study
a
light
in
Associated
the
of America
some
Credit
kind
Bu¬
has brought
to
records,
made of the credit rating
according
to
lected
as
one
were
was
In
is handing out credit cards at the
out
rate of
in isolation.
transgression
—
Marking an¬
expansion move, Francis I.
other
duPont & Co., member firm of the
New
York
Stock
credit to
ac¬
of
loss
-—
office
Building, it is
to¬
announced
Edmond
Pont,
the
it will
the
cost
in
col¬
ac¬
net
of
a
Edmond cJuPont
the
charge
cost
of
office
Michigan,
have
annual
its
firm's
first
other
One large de¬
revolving
30,000 per day.
Thus,
businessmen
competing
tomer's
not
only
dollar
today
for
but
are
form
more
also,
the dollar.
financial
Banks
have
other
are
now
institutions
involved
deeply
and
lending.
The
in
installment
in
situation,
short,
& Co. is consummated
Alan
bqot
D.
Hubbell
pointed v manager
office.
of
grantors
tion
which
chain
be
store managers; physicians,
surgeons
and dentists;
credit
neers.
is
22nd, right above travelling sales-
often
a
one
employment
only
an
history
of
ac¬
a
scarce,
finds
Acquires Majority
or
Of Coty Shares,
credit
&
than
debtors
today,
of
relying
Coty,
tional
psychological studies
conducted
by
have had
too
much
to
U.
favor
The
only
present
then
question
which
Inc.
and Lehman
collec¬
and
Coty
problems
criminately
still
reduce
simply
denying
the
by
indis¬
credit
risk
of
can
non¬
The
Inescapable
thing
creditor's
Three
above
position
all
in
a
Brothers New
fact,
do
makes
tenable:
pay
their
Majority of the Outstanding Shares of
turned
over
to
a
local
Coty, Inc.
divorced
than
persons
among married ones. Married per¬
sons
young
women
rated
risks
especially
risks
are
than
more
young
The
undersigned assisted in negotiations in connection therewith.
much factual information
as
possible including the debtor's
name
(and
address
all
may
the
names
(frequent
he's
address
indicate instability,
a
debts.
Coty international Corporation
than
young
The credit grantor therefore
men.
as
better
persons,
ones;
gets
also
are
single
at the very least they indicate that
most
and
higher incidence of nonpayment
among
changes
C's
debtors, the overwhelming major¬
ity
a
agency.
used),
payment.
One
acquired
account
marital
may
insurance
a
is
:
a'A.
be hard to collect),
status, etc.
Whether
LAZARD
September 26,1963
person
one
carries
factor
used
life
in
FRERES
;■
-
&
CO.
LEHMAN BROTHERS
A v:/;-: V-
a
Interna¬
assisted in the negotiations.
perfecting tech¬
It has been found that there is
grantors who highly
find themselves unable to resolve
their
been
collecting
S.
tinue.
how credit
has
to
an¬
Corp. Lazard Freres & Co.,
overdue accounts which
found
were
Inc.,
acquired
majority of the outstanding shares
who is overstocked.
grantors
Co.,
has
it
CHAS. pfizer & CO., ing.
with
the
con¬
The
charged
for
trend, therefore, is likely to
arises is
been
■
Supply is
strict credit policy
tion agencies, are
tivities, but also some indication
goods
factor, since one offering Chas. Pfizer
commodity can better nounced that
a
in part upon
gives
indication of past
is
to the
cost
the
of
If capital is
Credit
category list.
transaction
limited
afford
mestic servants, painters (??), and
the
So is the
likely to be tighter.
j
Bartenders, musicians, do¬
on
grantor
money.
Lawyers and judges (perennial¬
ly contentious fellows) were rated
men.
gained
and engi¬ important.
who
driving
>.-•*
Naturally, the amount of profit to
one
drunken
and
granted
minority.
those
ap¬
Detroit
\
to
for
consumers is not entirely without
merit, nevertheless it is a proposi¬
among
of
been
the
Chas. Pfizer
debtor who won't pay.
countants and auditors; retail and
major metro¬
a
60%
area,
have
had
been
example, in
Oct. 1.
on
't;:
one
both
consumers.
has
For
one,
Flint, when
granting
reported by the local paper
were
the
credit
of
shown
acquire
second
has
high correlation with the
a
politan
proportions,
that
committed
been
suburb located in
dangerous
suggestion
has
is
in
but
its consolidation with A. C. Allyn
incidence of other forms of social
to
The
it
and
misbehavior.
has reached what many regard as
credit
offense
no
social
a
cus¬
the
often it seems, for his promise to
pay
that
senior
This will be
policy
charges
by
du¬
partner.
non¬
that
a n
De¬
troit, in the
potential
reports
in
Penobscot
not,
can
has
opened
re¬
on
the
on
event,''the
a
Exchange,
as
Nonpayment of debts
is
DETROIT, Mich.
ex¬
can
credit
service
with
along
good credit risks.
closely followed by
Detroit Branch
doing business must be considered
rated
can
with something approach¬
mind.
over-all
through
the
exceeds
any
grantor
peace of
kind of credit
loss
store
on
driv¬
F. I. duPont Co.
profit from sales 6f merchandise.)
pf peo¬
were
the
impact
of
amount
occupations.
executives
are
credit
They
effects, too.
counts
appraisal
an
business
in which
(Credit policies
partment
credit bureaus which studied their
number
risk
other
interesting statistics in
On the basis of 104 reports from
Business
of
profits.
this regard.
ple
an
credit
a
relevant solely in
But
has
accom¬
drunken
ob¬
so
They do not
one
of
payment.
re¬
social
of
usually
dollars, do not tell
are
also
cooperation
is
that
chronic
forijn
one
by others,
successful,
ing
expressed
total
profitability.
risk—that
re¬
conducted by the Uni¬
versity of Illinois
reaus
A
that
transgression
panied
process
in support of
are
of
determining terms of just
of
good risk.
al¬
example,
for
example,
since they
debtor does hold part of the key
whether he's
for
peaters,
credit,
are
today contemplate the risky credit
impact of the credit policy
tal
potential
a
is
not
from
upon
in
or
them
nonpayers
relating to
manner
the whole story.
isn't.
occupation
ratios,
tended
better risk than one
a
extending
most
to be balanced.
are
percentage
a
de¬
gathered, they
judge
losses, since they
business dealings are con¬
naturally
corporate
various credit practices. Yet credit
One
firm.
ducted with reputable concerns is
not
Dr. Karl Menninger has pointed
to
widely relied
the
that
facts, and bolstered by the knowl¬
edge that collection techniques
are becoming more
scientific, and
course.
apparently
look
a
A
facts
are
practices, is the
important.
shown
debts
structure
the
C's
But
the risks
at the balance sheet is
with
all
three
ous.
detri¬
have
ing, crimes, etc. Armed with these
have to be evaluated. That's obvi¬
that what he
are
won't
granted.
capital
After
reference
get him to tell you who will.
The
Debtors
One
for example,
credit
a
Studies
ex¬
Evaluating the Risks
farm laborers rounded out the 42
Drunk Drivers and Delinquent
the
If
an
between
significant, of
ways
Follow up the negative
debtor, chances
important deter¬ They
an
States.
lessening.
major oil company,
assumptions
wrong,
thought, correctly it
more
file
a
$85
to
over
agencies; in
Nor
than
more
turned
are
Each
having
proved
Chicago showed that, in
than
more
old
grant credit. A study conducted
in
from
grown
to
the
mining factor in deciding whether
Credit granting is a risky busi¬
ness
either
way.
It's
also
big
$7
has
research
A person's place of residence
pears,
credit
of
has been
$55 Billion Increase Since 1929
recent
is
debtor's
credit ref¬
a
whether
see
imbalance
telling him something
was
all.
own
Not
that
risk
and
indicated its worthlessness;
stiff credit
a
the
is
mildly,
t her-he's-honest
e
somewhat
a
and assets would be created if the
it will actually hurt credit
knows,
his
is,
the
really treme
where
person
granting.
for
capital is
ascertained to
are
can't tell you much good about a
series of to
a
which
people
the
to
liquidate
to
after
The
judgments
to
owed.
money
is the
a
ability to produce funds linquent debtors blame creditors
Current
Many a credit grantor has
erence
So
behavior
a
realized too late that
present debts.
who
one
potential debtor is
a
down
pay.
income.
debtor's
goods sold, or to repay the amount
there
credit
this context
in
debtor's
Capacity
Gordon C. Fletcher
for
the
Thus,
credit persons, but it should always be
anything
say
know
him.
three-fold
still
is
have
handling his past responsibilities.
risk
will
pay
ex¬
years
findings
available. The
however,
to
inference.
Character-
and
Character
is
that the debt¬
or
who
grantor's basic standard.
there
the
is
data
become
the
credit
granted,
traditional
search
time.
same
those
grantor's prob¬
statistical and psychological re¬
as
can
min¬
be
imized
from
pay
those
tensively modified in recent
kinds of risks.
both
Separating
ap¬
Capacity-Capital test has been
presents
And
will
who
time,
on
won't is the credit
The
distinct
two
pay
proximately.
situ¬
granting
they
lem. How is it done?
credit
every
Usually
debtor's
in the fu¬
the
many
reluctant
process
paying habits
for
detrimental about
granting
income.
.
aritcle, Mr. Fletcher reveals the latest amplifications of the three C's.
credit
future
credit refer¬ less significant factor in evaluat¬
should always be sought.
ing the credit applications of most
developed intelligence on the tollable habits of borrowers. In a short
The
of
9
niques for identifying potential
delinquent debtors, and thus re¬
ducing one of the risks of credit
realistic appraisal of the potential
best indicators is needed.
the
Unfortunately,
newly
out
in poor
is
For this reason,
ences
basic standard.
advantage
debtor
debtor's
A
probably
ture.
judging how much consumer credit should be extended, the tra¬
three
that the
of his intention to pay
Chicago, III.
a
insurance could also in¬
carry
dicate
are
By Gordon C. Fletcher, President, National Accounts System, Inc.,
ditional
handles
he
responsibilities. Aside front
to
(1197)
'
'
"
York,
10
The Commercial and Financial Chronicle
(1198)
Outside
Uses
Petroleum's Development
But
■.
the, Energy
Field
new
Has
Still Greater Future
a
the
ploitation of petroleum
wonders
Petroleum
boards, discoveries
drawing
the
on
and
new
as
material
applications undreamed of not too long ago assure a still greater
versatile product than it has had in the past. Even
The
Rathbone
Mr.
Let
attempt
us
be
years
and
fruitful
as
as
and
economic
What
thrilling?
into, the
look
a
Will the next 100
for oil.
future
technical
prospects
does
for
which
extraction
capable?
P
t
e
will
for
r o
be
growing energy source
a
long time to come. Between
a
and
now
1980
where
oil.
of
that
some¬
consume
barrels
billion
270
near
estimate
we
will
world
the
.-.-v
Since this figure is not far be¬
the
low
the
world's
of
order
the
for
sources
this
petroleum
proved
from
of
the
methods
than
proved
of
Ever,
since
major
fuel,
of
For
It
14
for
new
proved
the
in
of
barrel
1.
are
when
to
well
as
will be
der
antici¬
pate for many yeprs to come. This
will be accomplished not only by
is
sure
of
to
new
take
also
by
fields
already known.
greater
stantly finding
fields
oil
place,
ways
are con¬
of "squeezing
The
like
There
.
meet
Supersonic
aircraft will
need
new
thermal
to
stability
much
the
of
should
friction.
Soon
produce both
we
have
may
fuels and
new
compression
ratios
continue
solid
and
space
work
in
rocket
find
vehicles, and
We
for
materials,
all
—
can
has
many
it.
of
see
all
that petroleum
years
The
in
the
of
fuel
this
ever-rising
population
ing
kind
countries
lies
their
world
and
low-cost
advanced
no
great
a
the
and
petroleum
com
where
to
many
of
mechanical
—
especially in regions
malnutrition
and
In
;
widening
their
of
joyment of
cannot
that
by far
the
140
goods.
consumer
It
be
coincidence
mere
the
greatest- part
billion barrels
of
of
petro¬
leum which the world has thus far
discovered,
was
pro¬
itive
oil
companies.
The
com¬
panies, in turn, have been able to
this
and
enormous
ex¬
purely economic terms, this
tyjie1'bf'^organization is the most
effective and the quickest to adapt
to
changing situations. In human
terms,
of
from the point of view
seen
the
energy
its
be
can
summed
in
up
one
phrase: "food from oil."
requirements.
refer
the
to
called
in
such
by
transformed
protein-rich food. This type
a
of food has been produced
laboratory and is
in the
in the pilot
now
plant stage.
time.
enjoyed
It is
The
diet
of
perhaps
But
daily experience
a
mean.
billion
a
the
these
oil
a
day set
by the United Nations Food and
entire
Organization.
by
protein
made
oil, it would require
:v~[
000 to
If
changed
300,000 barrels of oil
little
over
1%
of
Marketing Department
of
we
wiping
could
our
a
day
current
far
go
undernourishment
one
toward
from
the face of the earth.
LYNCH,
Petroleum's
already
PIERCE, FENNER & SMITH INC
has
STREET, NEW YORK 5, N. Y.
no
the
1
*
*
-r
i
*.
■%
»._•
t,
a
in
I
believe
it
still greater future. We have
cause
new
to fear
competition from
energy sources
which
are
job effi¬
The
interests
of
governments
the interests of such
and
industry
as
ing opposed,
basic
a
rather than be¬
ours,
generally in har¬
are
Peace, security, and high¬
er living standards for the
people
are important to both.
The legit¬
imate
need
whether
—for
s
of
•
governments,
producing
foreign
exchange,
supplies,
technical
revenue,
of
assurance
consuming
or
all these needs
—
have proved time and again to be
better
attainable
by
cooperation
industry
than by efforts to dominate
place it.
I believe the
try,
private oil indus¬
wherever
it
is
given
chance, will continue to
self
dis¬
or
-
,
unequalled
it¬
ability
its
in
the
prove
to
transform petroleum into creative
service
for
world.
the
peoples
Thereby
of
countless
the
doors
will be opened to the greater dig¬
nity
and
freedom
of
man's
daily
their
to
areas
learn
♦From
World
a
talk
by Mr. Rathbone
Petroleum
Congress,
the
at
Frankfurt,
Germany.
em¬
certain
Lynch V.-P. of
:
:
basic technical skills. In many re¬
mote
places the first
schools
the
and
clinics
It
have
is
the
been
fact
today
set
up
that
WORCESTER,
Lynch
has
Mass.—
By
peace
I
F.
of
ring, Inc., 507
in
Main
id
de¬
Street,
Vice-Pres-
as
The other
social
and
John
Bagdis & Oft¬
healthy oil
a
•
firm
joined_the
funda¬
also
peace.
economic
Bagdis & Oftring
two
aspirations
are
mental interests of
the
medical
those
organizations.
basic
most
world
elementary
first
striking
a
the
of
e n
t.
Mr.
Lynch
is
widely
known
than the
mean more
in
the
absence of open war. Any kind of
field
international
finance
causes
of
conflict
tension
or
and
governments, in the
national
security,
competitive trade
where
freedom
from
to
across
there
is
can
on
—
efficiency
the
basis
instead
County
of
the
years,
Co.
political
has
the
for
tions—a
development of
which has
cause
na¬
the
a
be¬
now
primary
petroleum
goal for
Traders
industry will
tinue to be involved deeply
process
As
for
a
long time to
producers
we
will
con¬
in this
countries.
in
need
that
continue
for
products
And it is here that
some
to
.
of
the
our
region
and
we
of
a
prin
/.,
/
ell &
is
Ohio—Robert
now
with
L.
Grant
We-
Brown¬
Co., Winters Bank Building,
member of the Midwest Stock Ex¬
change.
may
Joins Prescott Co.
we
vast
services.
the
Security
With Grant Brownell
make
CLEVELAND,
Stiers
future.
This, then, is the petroleum in-.
has
Prescott
greatest contributions
civilization
active
an
many
As marketers
entire
17
come.
exploring and operating in
such
as
the Boston
Association.
third, DAYTON,
a
served
member with
power.
As
for
past
recently with Hanrahan &
He
economic
of
investors
John F. Lynch
on
it should be for the consumer's
been
Worcester
frontiers.
carried
of
serving
obstruct
reasonable
be
has
name
tension
such
international trade
see
place in history is
great—but
Our
of the people of the world—we in
supply at all. But by this
means
all
have
200,-
world oil production—no problem
"I
life.
of
ways
than
products
come
•
—a
wider
is
Our
from
mere
a
on
ployees have often been the first
this
protein deficiency could be
supplied
their
do
industry's place in
things.
sake
animal protein than
target of 15 grams
to
life in the century to come.
civilization
our
as
the
leisure
in
the job.i
Only
Think of what this could
sell
most
enterprise, is not just
an
something
culture
new
is
action
velopment of nations.
biosynthesis,
petroleum
the
ing. Freedom, for those who work
is
all
is
interesting and the most challeng¬
industry. One is
with
it
employee,
all
petroleum,
advantages, to changing
and
ciently.
with the international oil
perhaps the most revolutionary of
adapt
inherent
their
-
to
problem—
ever-present
an
their
on
doing
of
ways
•
are
block?
'
•
tinuous research and development
large
•
better
jobs.
the potential uses of
hunger
decen¬
organization,
an
by oil-producing
'■
■'/■
of all
this
of
part
adaptation
the
to
people
But
increasing
our
have
age.
keyed to ris^
living standards, and in
simple,
equip^-
skills—products
may
the
In such
and
initiative, and thereby orig¬
inate
vehicles,
play in the development of
of growth ahead
assurance
of
un¬
as
farm
design and requiring
thesje prospects,
an
applications
heating units,
ment
oil, such
has
Small
lamp.
building
on new means
we may
important
as
generators,
pumps,
technical
Surveying
study
the de¬
we
in
in
future
kerosene
the fuel cell.
as
If
petroleum
simple and
the
which is still in
of. people
that
liquid
propellants
of tapping the energy of
needs
—
device,
areas.
many
suspected
much
on
machinery. Our
first great suc¬
simple
a
complex
to
nor
its
had
Agriculture
*•
the
tional economy
contains less
*
in
training of citizens, development
of the oil industry for the
na¬
people, chiefly in Asia and Africa,
PINE
ple,
horizons and their expanding en¬
couraged to think and act
of
uses
veloping countries today,
as
must
regions,
with
the
to
new
higher than those of today.
the
It
rigidly controlled from
top, but flexible
own
in
kerosene lamp
lubricants for automobile engines
with
to
70
move¬
individuals at every level are en¬
too-that
remember
growth
industry
use
the
re--
organization.
certain style of manage¬
a
ment—not
them
reclaim
and
ithe
for
breeds
desert.
and sophisticated
heat
extreme
suits
reforest them, build
to
the
trialized
ab¬
/of * competition has important
two tralized.
or
year
petroleum is not going to be con¬
fined to the already; Jii§hly indus¬
fuels with
fBy np means least, the pressure
tests
promising
the
for
them
on
cess
higher
been
dunes
We
Like
MERRILL
of
mony.
'
petroleum spray to stabilize
a
from
jet
civilian
petroleum
greater vol¬
a
business.
ume of
farming... There
modern
even
soil
product requirements of the
future.
in
necessary
are
other
and
these
sand
our
on
all
into
•
freedom
a
revo¬
ment of countless millions of peo¬
perform
the customer the best product at
the fairest price.
It makes for
products are playing an increasing
which
»
the
energy
number of features
a
industry
mulches to increase crop yields^-
I
QrlI
are
the
duced,' processed and brought to
market by private, non-political,
turn
international, and highly compet¬
industry itself.
polypropylene,
with natural rubber
in
Future
,
and
lution, in
consumed
Industry's
Now, in conclusion, I
familiar from the future of petroleum and
synthetic its products to the future of the
as
pesticides, fungicides,
lizers,
process,
a
of(
petroleum research laborato¬
economically by injecting fuel oil
or
natural
gas.
Nitrogen ferti¬ wider, markets and
of
are
Refining technology too can be
expected to progress further to
from
recovery
We
but
are
po¬
the chief task
ries of the world.
have begun to operate more
naces
future,
demand for energy,
we
Realizing that
be
see
growth.
challenges which the industry is
both
consumption which
discovery
are
All this
as
we
have
prepared to meet.
oil
which
they
invest; but these
veloped to provide for the rising
the
to
sure
even now.
research,
our
capacity
we
enough
the
will
.
and agricul¬ also with other energy sources.
the s a m e rapid This competition has several im¬
It brings
Iron-making blast, fur¬ portant consequences.
both
part
will make continuing demands on
Today, the
that
reserves
oil
barrels
each
certain
even
in
instance,
were
production.
seems
and
recovery,
increase
ratio is better than 30 to
t
next,
the
to
the
of
reserves
competitive
generated by air compression and
have been rising
reserves
annual
methods
to
not
I
discoveries
better
on
about
.
equivalent
do
a
year
faster
there
are
sorb
concern.
new
production.
;
re¬
future.
reserves
through
tech¬
petroleum
became
one
1930s
concerned
be
adequacy
share
stated
are
billion barrels-
300
might
some
Jiprfes^nt
reserves—which,
proved,
still
distance
which
Well advanced
e urn
polyethylene
In
needed—indeed such methods
M. J. Rathbone
1
nations
synthetic rubber,
fibers
and
plastics
ture,
the
of
today's
available
be
are
we
tential
the pa£t generation.
textile
be
may
recovery
—
oil—for
crude
service of
the
sands
times
several
mankind
tremendous share
a
already the ordinary citizens
many
those
as
this
view
in
advanced
tar
and
to
us
great
as
Even
the still further
In
unfavor¬
give
again
stated.
the enormous reserves of oil shale
favorable
able
and
percentage
can-
language,
ouii
costs
our
we
force
—
environment
or
harder,
greater
niques that will be developed.
political
be
little
a
a
believe
dis¬
dustry which has become such
great
tremely complicated task because
of our industry which are not
of
the
oil
which
we
know
is as they are
governments in most cases
in
paper.
Very
soon
building likely to change quickly. One of both
there. This progress has already or
producing and consuming
made from petroleum these is the vigorous competition
come
to a point where the in¬ materials
countries—have wisely left them
will become equally familiar.
not only within our industry but the
dustry might well claim reserves
basic freedoms of decision
more
and
human
sponge"
conservative
the
will
And
the
recovering
now
face?
dustry
of
with
one-half
in¬
our
Yet
growth.
of
part
a
keep
can
material.
raw
raw
a
"petrochemical" has
only within
important role in assisting underdeveloped
countries'
word
become
its products, are bound to change.
notes what they may be and he calls attention, in
industry itself, as well as
passing, to the industry's
the
dustrial frontiers of the future.
future for this
the
of
one
I
there will be
great in¬
is
unquestionably
for petroleum both as fuel and as
day. The ex¬
every
we
down—and
and more are
enormous,
being added
(New Jersey), New York,
place it. If
energy
applications is
already
Chairman, Standard Oil Company
N. Y. '
By M. J. Rathbone,*
outside
petroleum
field. The range of
will
sources
supplement-, petroleum,not
growth lies ahead for the uses of
en¬
that these
ergy means are so great
story. Dramatic
being the whole
Thursday, September 26, 1963
.
.
developing. The world's total
demand is far from
energy
.
Bank
&
Ohio—Kathryn
joined
Co.,
Building,
the
staff
National
members
New; York,Stock
C.
of
City
of
Exchange.;V
the
*.
Volume
Number 6302
198
.
.
The Commercial and Financial Chronicle
.
(1199)
Chapel
NEWS ABOUT
Hill,
effective
on
Chapel
Hill,
N.
C.,
Mr.
after Sept. 27.
or
Longo, who has acted in
capacity
of
the
The
BANKS AND BANKERS
Consolidations
New
•
Branches
New
•
Officers, etc.
First
for
National Bank, Fort
Worth, Texas, elected William H.
Denman
Vice-President.
a
President
Caridi, John J. Grinch,
Phillip
Leahy,
pany,
E.
and
Robert
O.
the
New
Trust
Jersey
Com¬
Long Branch, N. J., merged
Blomquist have been promoted to
with the title of New Jersey Trust
Assistant
Company,
Chase
Vice-Presidents
Manhattan
Appointed
Assistant
Albert F.
Was
Bank,
appointments
the
of
N.
Y.
Varrier, Jr.
Other
those of Hugh
were
The
Fidelity
that
the
able
search
record
officer; James J. Nacos
staff
counsel;
cent E. Adamo
son
estate
appraisal
officers.
.
*
,
4»
■
■■■♦
■■
Trust
J.,
N.
of
Board
4%
a
Com¬
announced
Directors
de¬
dividend pay¬
stock
Oct. 11, to shareholders of
on
Sept. 23.
The
stock
dividend
transfer
of
of
will
the
Profits
in
Un¬
Capital.
to
Fur¬
the
crease
Company, New York, announced
by
the
ferred from Undivided Profits.
promotion
of
officers.
They
Thomas,
named
four
Walter
are
Executive
President;
Edmund
President
and
MacLennan,
executive
additional $2,250,000 trans¬
an
and
M.
Wachob,
has
man; in charge of personnel, who
appointed
Senior
a
Vice-
President.
Thomas,
MacLennam
also
Leone
were
and
appointed
members of the bank's general ad¬
of
Bankers
Trust
Company, New York.
%
.
Samuel
dent,
#
Merle E. Gilliand has been elected
Vice-President
Cashier
and
the
National
retirement
Bank,
Pitts¬
of
J.
E.
Wilson,
Serfior Vice-President.
Wilson
will
:
continue
•
appointed
Fifth Avenue
as
consultant pp *a. ispecial?
Bank
head
of
office
of
the
The
Bank of New York, New York.
.
.
,r
The Riggs
C.
i.
Bank, Wash¬
made
William
E.
Jr.,
Executive
cisco,
Vice-
Los
formal
to
An¬
announced
that Dr. Frank
every, commercial
provide
branch, equipped
E. Morris will-
banking service, represented
opinion
208th
will be is¬
merger
Amiss, Vice-Presidents.
Stockholders
work.
in
the
Lavoro
Walter
Bank
Niklaus
/
division of the bank.
.
■";
'
J*
^
• /
\
.'..-A,
\
:
Peter
'.
■
1
-.
Walter
Cashier
>
i
.
;'
the
of
'
-1
has
-
been
in
has
India
Virendra
named
Royal
Hallwood
The
>!«
V
Northwest
International
Sept.
official
opening
quarters
at 40
24
Bank,
marked
of
Wall
its
the
head¬
The Bank
"tjftis
initiasl
and surplus of
*
'
The
organized earlier
was
with
year
capital
York,
Brennan,
tendent
in
William
Nock, Cashier of The Hallwood
approval follow¬
ing special meetings held at the
respective banks.
American
Security
open
ant
S.
tary
the Bom¬
Robbie, Waters Co.
the
San
born
was
Banking
had
Francisco
head
Presently
office,
the
international
the
bank
for
545
Vice-
thamgd
section
loan
years;
W.
Goggin
Charles
Fogg,
.
has
Officer of the Puget
National
*
of
<ii
Waters,
Fund
staff
Ray Robbins Co.,
Waters
was
Co.,
Prior
Inc.
the
Canada,
of
tions
i
Superin¬
of the
*
-i
,
State of
=':
Under
N.
Board
Y„
of
announced
Trustees
had
that
the
approved
the following official promotions:
Edwin P. McGuirk to Vice-Presi¬
dent, Walter Bagnall to Assistant
Vice-President
Ziegler
to
d
Warren
Assistant
of
*
Jirah D.
moted
to
Meadow
for
has
the
filed,
plan, stock¬
had
On
shares
each
of
share
branches
maica
creation
district,
the
in
a
Bahamas,
British
and
of
Rejoins Greene & Ladd
DAYTON, Ohio—James M. Mack
to
that
Headquarters of the
Honduras.
new
district
will be in Nassau.
Appointed Supervisor is F. H. B.
will take
Main
his
up
Branch.
new
banking
C. D.
PORT
Imbriani
ill
Charles
Longo
Chairman
of
Board
of
the
Banca Nazionale del Lavoro, Italy.
*
Inc.
2,500 shares of stock,
securities.
30
of the New York Stock
total
the
National
is
financing
and
serv¬
of
Two With McNeel
Murphy Opens
D.
Murphy
engaging
in
N.
H.
Y.—
&
Company,
a
securities
Charles
D.
Murphy
is
a
Carter
have
and
become
Neel
&
Mr.
Carter
date,
had
total
Virginia
FERRY,
a
N.
Y.—Alpha
management of Maurice
*
Vice-President
Brook
at
National
the
*
newest
mann
&
RAPIDS,
Co.,
Bank
of
of
resources
under
the
an
offer to sell
The offering is
nor a
most
•%/ '•
The National Bank of
Westchester,
White Plains, N. Y., elected Stu¬
art F.
:-V
Silloway
•
;•
a
.
Putnam
Director.
*
A,
«
Trust
solicitation of
an
modern
The Monarch
*
«
,
Empire
*
Green¬
due
PRICE:
Sol
102% and accrued interest.
Kansas
Berger,
a
Copies of the Prospectus may be obtained from
the undersigned.
*
McDonald
Comptroller of the Currency
James
J.
Saxon
on
Sept.
20
ap¬
*
and
September 1, 1983
Manager
Center
Bank,
s':
The
Ocean
Asbury Park, N. J.^
North
management
4]/%% Convertible Subordinated Debentures
0
State
elected
Mo.
proved
Grove Bank,
Artress, is
Severance
*•
The
has
Marking System Co.
Director.
wich, Conn., elected Lloyd Heberling Vice-President and Secretary.
Asbury-Park
J.
new
the
application
Carolina
to
merge
National
Bank,
Charlotte, N. C., and the Bank of
September 19, 1963
with
MICH. —Uhl¬
offer to buy any of these
Branch.
City,
;
Co.,
the
Inc.
$2,500,000
National Bank,
Mc¬
Co.
made only by the Prospectus.
Road.
Gordon
of
formerly
Kelhofer.
*
and
Cooper
with
&
opened
a
branch office in the McKay Tower
Severance Center at 3550 May-
field
Bank,
%
.
in
was
Whitman Securities
M.
Bouchard.
Cleveland, Ohio, opened Sept. 16,
pro¬
Melvin
Co., Inc., Maclellan Bldg.
GRAND
branch office at 10 Cedar Street
under the
$188,823,000.
branch of Society
Cole, Jr. has been
G.
affiliated
$5,119,000.
The
same
Hunter,
New Uhlmann Office
condition,
resources
Exchange.
con¬
Alpha Planning Branch
Bank,
of
Ladd,
Prugh, Ball & Davidson, Inc.
of
statement
&
principal.
This advertisement is neither
who
Vice-Presi¬
$
Greene
He has recently been with
Planning Corporation has opened
has been named
the
se¬
business from offices at 156 Main
duties early
#
rejoined
Third National Building, members
organization will pro¬
WASHINGTON,
DOBBS
:|i
and
has
in
He
in 1964.
A.:;/-
he
years
brokerage field.
specialized
Street.
Ince, Manager of the bank's King¬
Jamaica
time,
CHATTANOOGA, Tenn.—Charles
new
Ja¬
America.
Robbins
area
comprising
of
Bankers
the
of
of
The Hallwood
stockholders
Hallwood
June
the
to
Association
depart¬
Investment
value.
par
The
160
J.
Hempstead, N. Y.
/
The
applica¬
been
receive 5.7
Corporation
$20
led
Caribbean
the
the
of
Director,
as
research
Virginia Commonwealth
bank stock owned.
bank
has
in
ment
.
i
The
and
have
merger
Bank would
stock
The
dent.
West
a n
the
-
The Lincoln Savings Bank, Brook¬
lyn,
that
Moseley said.
own
.
for
business
headed,
recently
investment
new
and
Washington
Ray
B.
the
The
respon¬
Inc.
engaged for several
vide
assuming these
most
was
(International Division)
re¬
of the Treasury.
program
ganized
the
Department
member
man¬
of the government debt,
Prior to
Vice.
Monetary
sibilities for the Treasury, he or¬
formerly Chief
was
of
m
Bank
J.
for
including the recent $32 billion
Principals
A
senior
curities
Royal
Secretary
Robert V. Roosa for
funding
Robbie, President
Mutual
the
Shannon, Associate General
The
H.
Manager
Sound
Tacoma, Wash.
Bank,
Inc.,
Secre¬
Treasury ' Douglas
the
agement
City,
announced.
Richard
and
also
elected
Co.,
New. York
Ave.,
Mr.' Robbie
B.
been
&
President.
of
was
Waters
Herman
and
of
prior to
Vice-President.
a
been
are
irv Los Angeles.
Richard
Fifth
has
attached to offices of
was
the Bank
two
Robbie,
,
Assistant
an
of
Assist¬
to
During this period he has
Under
of the investment firm
Dr.
has
important responsibility with
Affairs
Formation
President, Mr. Sondhi has been in
Trust
Dillon.
;
early next
Department
in India.
of
past
years
been
Frank E. Morris
officer in the In¬
an
as
and
Morris
Opens in N.Y.C.
Sondhi,
1
Presi-
-
two
in 1949.
Beise announced
staff
Oct.
For the
Rank.
Vice-Presidents.
year.
ston,
Merger is subject to approval by
S.
New York, Senior Vice-President.
i
Virginia, and H.
holders of The Hallwood National
Deputy
Banks
President
stockholder
$2,500,000.
Savings Bank,
elected
First
of
paid
*
Greenwich
New
of
banking authorities,
York City.
:
Moseley,
of The Bank
Street, New
on
dent
The
in¬
nation's
was won
supervisory
C.
National Bank, jointly announced
"
New
York,
voted for merger of the
Herbert
R.
Joseph J. Brennan.
\
Virginia, Richmond, Va.
two banks.
National
Bank of New York, succeeding the
late
Slept. 20
Senior
Economist.
K.
America's President
of
Manager
of
that
since
bay branch would
R. W.
1
-
named
Boston
net¬
Vice
National
of
is
join the firm's
the
Manager and Giulio Jacucci, Man¬
Bank, Hallwood, Va., in
ices for the real estate
President, who wiU continue the
Montreal,
Can., announces that
Accomack
struction industry.
County, and of The continued
supervision of the branch offices
expansion of the bank's
Bank
counsel, has
Sondhi
King, John J. Behabetez and Ber¬
Mr: Cochran succeeds JosephiA.
Hannan,
The American
Mr.
A.
National
D.
nard L.
The
of
-investment
-
West. 51st Street.
of
^
.
nf*
c
ington,
the
of
Bank
-
ager.
Senior Vice-Presi¬
a
assignment..
•.
V.
Sept. 30.
on
that, he
with
dent
and
A
—
The Bank of America* San Fran¬
of
burgh, Pa., effective S'ept. 30, upon
He
Cochran, Jr., Vice-Presi¬
was
Calif..
approving this
Mr.
the bank
Director
geles,
of
Mr.
E. Clinton Towl, has been elected
National Bank
ternational
ministrative board.
a
izens
Bank, Philadelphia, Pa.
Pittsburgh
Messrs.
: ■ ■
Francisco, Calif, and the Cit¬
been
Controller, and John B. Henne/was
:!»■•'■
merger
Clark
elected to the Board of Directors
of Girard Trust Corn Exchange
Colin
*
#
National
F.
Robert
Secretary;
National
proposed
Bank
Vice-
Vice-President
First
Crocker-Anglo
San
Loomis,,
Sayles
Comptroller of the Currency, with the opening of its American
S'ept/ 19, announced approval of branch in New York City at 25
dependence
Vice-
Leone,
been
Manager
of
the
first Honolulu, Hawaii, made William
United States bank branch to open H. Kam and Anthony Y, S. Shini"
bank's Surplus account
ther, the board also voted to in¬
The Manufacturers Hanover Trust
the
the
from
Guadagnini, has
b°STON, Mass.
Maurice T.
Freeman, Director of Investment
In July of this
year Banca Na¬
Research for
zionale del Lavoro celebrated the
Loomis,' Sayles &
Company, Inc., 140 Federal Street,
50th anniversary of its
founding
current
result
$250,000
'.s
..
Joins
succeeds
years,
Ettore
The
sued
declaration
divided
:
•
•
■
clared
Vin¬
and Paul A. Pear¬
real
as
and
as
Union
Newark,
pany,
L. Stokely as associate economist;
Gordon J. Crook as operations re¬
assistant
,
:
15
Dr. F. E. Morris
of
Lavoro
appointed General Manager.
Bank in Dallas, President.
.\
the
Treasurer
of
past
del
Lolli, has been appointed
formerly a Vice/ Deputy General Manager.
Marvin L;: West,
and
Nazionale
Celeste
The Bank of Dallas, Texas, elected
Norman R.
the
the
Manager
Giuseppe Corridori.
Revised Capitalizations
•
Banca
General
11
Company
of
Leon
The Commercial and Financial Chronicle
(4)
Public Debt
Constitutes No Problem
Holds Today's
!
v
i
v* ».
;-i
.
+
y
Thursday, September 26, 1963
.
.
/'.
'•.; "
^
•> •'
%
•
■
-
.-•■I
the
con¬
BY
WALLACE STREETE
the
and
homes
new
on
accelerated acquisition of durable
automobiles.
notably
funds
the
on
The
sinking
of interest and
is
debt
corporate
relatively small if compared with
The
stock market
thicker
hide
seems
to
higher
the
it
get
a
goes,
Although much of the trading
place of rent.
Manufac-^r^^^^^Hywarns,
Amortization
pay¬
favorite issues rather than chance
stated
a
h l
marize Dr> Nadler's findings:
W^What
is
Haneerons
is
deficits
to
periods of pros¬
in
in-
ternal
^vings
or
borrowing
abroad, the economy of a nation
„
of the Federal Govoperate with large
even
and for
Without
growth.
economic
ernment
market
perity and its unconcern with the
constant
rise
in
expenditures.
would stagnate. Debt is the counterpart of savings, for savings
must
find
offer
the
profitable outlet and
a
saver
adequate
an
re¬
Without the creation of debt
turn.
credit
Consumer
has
railroads,
have
not
would
in
this
of
type
credit could lead to difficulties,
which
the
nitude
of
soundness
debt
No
matter
be,
if it
ful
and
sorbed
tion
how large
responsible for
our
use¬
productive
purposes,
ab¬
the savings of the
na¬
the
and
sound.
debt
undue
no
This,
in
case
service
burden
on
the
fiscal
fiscal
Nadma
nolicv» Dr
policy,
Dr
is
that
requires
si
Administra¬
must be made by the
and
effort
Every
activity.
create
to
Congress
a
% an<J
^ _produetive
£
{Qr
Since
the
effect
and to
surplus
debt
some
market
resistance
is
and
more
some
Nadler
Dr.
U.
S.
debt
growth
of
his
in
points
nation's
a
of
analysis
the
that
out
financed
largely
the
purchasing
is
debt
an
(2) The total U. S. debt is large
and
has
Except
rapidly.
grown
during periods of emergencies, it
indicator of its ability to save and
has been absorbed by the
of its wealth and
savings
out thle creation of
would
"we
debt," he
have
not
highways,
super
"With-
growth.
says,
railroads,
and
utilities
homes."
j
which
rapidly.
the
grown
percentage
large
A
nation's
also
have
of
constructive
This
purposes.
has aided materially in the nati°n's economic growth. Large as
it was contracted for useful and the debt is, it has not imposed an
productive purposes, absorbed by undue burden on the economy, for
the savings of the nation, and the the
G. N, P. has also grown
debt service constitutes no undue rapidly. Substantially all the U. S.
"No
may
how
matter
large
debt
a
be," Dr. Nadler stresses, "if
burden)
on
the borrowers, it must
be considered sound.
whole, is the
This,
on
the
in the United
case
TJie debt—large
ler
debt is held internally. Therefore,
[.the payment of interest and principal does not create a balance of
problem.
payments
States."
adds,
has
as
it is, Dr. Nad¬
not
imposed
an
has
firms
received permission from the State
more
other
this
invested, trust funds that it
oper¬
announced Sept. 23, by
C.
Senior
Norton,
Vice-
President.
Up to
two
discretionary" and
The "balanced
has
been
"bal¬
—
"legal."
discretionary" fund
used
for
discretion in the making of invest¬
ments. This type of fund contains
common
and
preferred stocks and
bonds in whatever ratio the bank
decides is desirable at
eral, state and local governments,
hit
the
following
the economy for
on
'
reasons:
*
tions
Obviously
structive
on
purposes
—
con¬
expenditure
plant and equipment, construc-
tion
of
new
celerated
homes, and the
acquisition
of
ac-
durable
s*
>;
The debt, except during periods
emergencies,
has
been
absorbed
by the nation's savings
,
have
also
grown
rapidly,
thus materially aiding in the
tion's economic growth.
na-
•
Substantially all the U. S. debt
is held internally.
Therefore, the
payment of interest and principal
does not create
ments
and
its
in periods of prosperity
a
balance of pay¬
problem.
for
those
that
trusts
do
not
Product
nation's
also
has
Gross
grown
National
rapidly,
thus keeping pace with the
rising
dekt.
the
fiscal
requires
policy
that
sur-
piuses be achieved and the public
deb£ be reduced in
periods of high
State and local
when some
year
Now, in addition to these funds,
settled
tract
has
logically
taxable
fixed-
the
stocks
another
—
bonds,
composed
and
primarily
in
tax-
third
the
of
common
utive
of
resulted
announcing the plan to create
funds
new
Mr.
"Investment in these
funds is
Norton
said:
common
trust
predic-
banner
year
will
in
consec-
swell
orders
for better-grade steels.
designed to suit varying
investment
objectives
and
make
steels
Steel
for
to
as
a
factors
favor
U. S'.
good market buy.
unveiled
three
bolster
who
plans
more
this
oxygen
more
available to trusts of all sizes the
week
furnaces
expensive
ingot
making methods.
government debt will continue to
advantages of broader investment
rise, reflecting the need for more
Although U. S. has been accused
diversification, greater investment
social and public services. State
in some
and local taxes are high and burdensome, and many local govern¬
ments
are
unable
of
revenue.
sources
lies
primarily
nomic
reorganization
for
useful
ance
would
new
more
of
eco¬
public
only
with
Participating
of
common
explained.
trust funds, Mr. Norton
He
release
substantial
productive
and
Increased
reli-
"Common
"are
used
of money
emphasized,
trust
funds,"
how¬
no
solution.
purpose."
he
said,
by some analysts,
Mixed Reactions to Chemicals
Chemicals
encounter
also
mixed reaction
a
in most quarters,
Price erosion has weakened earn-
result
the
with
structures
tbat only special situations have
attracted big investors. The bu
chemical makers
buy list
to
as
to be the
shown by surveys
This group, especially
international
the
continues
oils,
top the big holdings of invest-
companies
fourth
the
for
straight quarter,
Chartists' Favorites
Currently liked by chartists are
d standard of California.
diana
Both
of
close
of
standard Oil of In-
GuIf
Texae0
latter
the
to
chart
is
three-company
a
late
week
last
a
points,
member
discovery
in Alaska's
Although
that
group
significant
a
Inlet.
considered
are
break-out
Standard
reported
Cook
to
early
too
this
major
change in the supply picture for
assess
year,
profit
for
could
it
potential
a
mean
Pabifie Coast °ParatOTS
The views expressed in
be¬
have
est
in
biggest
Yet
steel-maker
do
this article
necessarily at
time coin•
not
any
also sparked a lot
steel
some
seems
of inter¬
industry investments.
of
the
smaller
panies have attracted
more
com-
favor
only for the investment among some analysts. These stocks
in actual trusts—money,
support from the Federal in other words, with
is
for
at $12
cide with those of the "Chronicle."
to be moving rapidly to catch up. They are presented as those of the
trusts hold units
Its plans for continuous casting author only. 1
tion's
investment management."
thorough-going ever, that common trust funds are
of local govern¬ quite different from mutual funds.
more
r overnment
large-scale
lagging
of
hind the trend to oxygen, the na-
A
purposes.
on
find
The solution
the
administration
expenditures.
fun "s
in
to
quarters
flexibility and selectivity usually
associated
have been projected
California
also
those
of
replace
earnings
of
of
A third good
Long-term
whose
IBM
the
with
down
1965
support
from
come
year
arguments
is
trend
in
rises
cost
Some
era.
con-
stocks.
the
profit
signs of ment
wage
June
smallest
another
car
Selective
some
the
in
postwar
in
1963
corn-
where
Burroughs
like
pany
groups,
of a
progress
covering favorites of mutual fund
And
the
invested
the
other
most
in
Compare
Steel Price
higher profits in steel.
specialized
one
than
sary
managers.
of
types:
companies,
more neces-
of
appear
But most observers also look for
one
discretionary
these
selectivity is
results
one s
spreading.
is ob-
group
a
million.
price increases show
prescribed by statute.
up-
assessing office
as
pre-
million
111
give
manner
earnings
an
least favored because of continu"
ln®, overcapacity,
Oils are found on, almost every-
of
112.7
Higher
con¬
Sound
are
This would be the best total
the bank full discretion and there¬
by limit investments in the
the
Extreme
ings
investors
"
In
ments
The
with
unconcern
stant rise in expenditures.
business activity.
of
which
even
three weeks ago
as
tons.
time. The "legal" fund was created
former
viously the wide disparity among
year.
production
1957's
despite
machine stocks
predic-
diet
exempt
cits
ernment—was contracted for
this
particular
a
the
of
This group has been rated
group.
tons and could
looking to next
tions
—except that of the Federal Gov¬
comes
industry experts confidently
since
Xerox
overshadowed
generally
members
mcst
and
Data
that
many
auto output.
operate with large defi¬
steels,
groups,
reach 105 million tons.
ferred
to
the
that the industry would do well to
income securities—bonds and pre¬
ment
con-
of
enthusiasm in the
million
recent
as
while large, constitutes no prob
lem.
What is dangerous
' ww ifi Han*Arn,,c is ih>
is the
| A large percentage of the debt
also
One
following
108
tendency of the Federal Govern¬
undue burden
Re-
reports that steel output may
Chase Manhattan will offer three
(3) The public debt of the Fed¬
to
funds,
Contrast this outlook with
from
money
mutual
in steels
106 million
top
even
the bank has operated
now
types of such funds
anced
from
attributed
pattern.
this
of
have
recommended
on many
Control
rpbe di£fjcuity in
market
institutions.
depressed
Part
high
listSt
Buying
been
interest
newed
tinue
trend.
recent
buyiiig' by
has
Bank
debt—except that of the Fed¬ those trusts that give the bank full
eral Government—was contracted
for
strength
The
was
that
at
oils and business machines con¬
neutral
the
of
banks, and
Donald
But
institutional investors
Institutional
active
of the ates, it
power
6
away.
Com. Trust Fund Inv.
Manhattan
until
days become
commonplace.
point
shy
penetrate
levels
.
'
^ supporters.
oils and Business Machines
Popular
won't
share
million
7
Much
Chase
s
Many analysts maintain that the
the war Banking Board to expand the have found new
through variety of common, or collectively marketplace.
dollar followed.
Growth
Means
contracted
debt
huge
commercial banks, a sharp decline
in
Debt
incurred
purposes.
by the government during
was
reduction."
commercial
the
the
are
slowly and cautiously.
current
and of its wealth
through
that
evidence
individual
returning to the boardrooms albeit
may
Qn]y when ^ debt .g
arige
-
pluses be achieved and the public
debt be reduced m periods of high
tion
In 'boosting ingot prices. -2>k%
came, as somewhat of a surprise
investors
would
highs
new
current
States.
Inflationary pres- Broadens Scope of
g10wth-
set
growing
smaller
„
and
to
the
whole,
United
the
Illinois
con¬
on
it must be considered
borrowers,
the
ijnay
and
utilities
highways,
super
its ability to save
heavy tax burden."
business
n g s
"ef 90'%,oX capacity more ana-
homes. The growth of a nation s
T\r
,
, ,
debt is therefore an indicator of V_^ilUSe J^TUnnnLXU;Il
cautions,
i
potential in the next few months,
Although- Reynolds Metals move
lyst-sare leaning to the big light
me$aI companies as highly-leverfpd situations Alcoa seems to be
favorite but Aluminium, Reyn°Ids' and tKalser have some
ing into stronger hands. Yet there
debt
a
public debt and debt service, but
ler
indicate
e a r n
Ability of stocks like Chrysler.
indicate that these issues aremov-
contracted for
was
by
stitutes
1.?:j
measured.
we
"Sound
Sound
increases
better
American Telephone, and Owens-
mag¬
of the
be
can
spending not only leads to
deficits and to an increase in the
primarily
priqe
attempt to decide
an
by
,various7. tests
are
Such
is
cent
substantially
.c^
be /
' to
seems
around in
is- not -sound.' ,A
increase
There
Savlngs provWe the means
for capital expenditures
p r
the tendency
instances.
further
four points sum-
The following
by
(1)
i\r
payments were?
durable : goods
Summary
Manufacturer,
r»r
1962.
is not sound.
increase-in this type
<
Debt,
the
released
share
per
over
goods
report,
a
"TheGrowth v
of
"the recent tendency tq
durable
cently.
In
r
private debt to acquire non^
use
Trust Co. i
over
year
ori'S^ ^ has been long overdue,
A ldng been* part of' the ■ American a definite direction, steady
^adyhpce - .came
have been scored by many of the four'years^agd.
further
of way of life; HoWdverj the- ^
tendency Jt6 usq it tq .acquire non¬ big turnover issues. ; "t^,^ith .industry production now
credit could lead to difficulties."-
Han-
turers
earnings
ac-
About Non-Durables'
the unknown.
r a
•
ments" constantly K reduce
these
of the Federal,
Debt
Stocks like Control Data, Chryscharges and increase owner equity.
state,
and
local
governments,
while large, constitutes no probThe sharp increase in private The recent rise in foreclosures of ier, Sperry Rand, hhd High Voltlem, Dr. Marcus Nadler, consult- debtj Dr Nadler suggests, reflects Federally insured and guaranteed age dominate the mostactivelist
ing economist "
our economic growth.
"But," he mortgages indicates that down day after day. While most of the
to
their
The debt tivity seems indecisive, it is be- 7*r'T Aluminums Favored
more • obvious
that
inAluminum stocks are also edgservice on home mortgages, while coming
vestors
are
sticking to* their ing into recommended lists. Relarge and rising, has* taken the
Cautions
public debt
The
better
materially this
total corporate income.
i
< i
equipment,
of
The Market... And You
economic
our
vast expenditures
and
plant
payment
accumulation.
harmful turn in debt
•j
reflects
growth, the
struction
in pri¬
sharp increase
The
debt
vate
goods,
today's Federal, State and
local as well as private debt. He concludes it plays an important
role in our development and poses no undue burden on the economy.
Carefully explained, however, are the circumstances which make debt
dangerous and the measures that should be taken to prevent a
the ramifications of
Dr. Nadler assesses
.
.
(1200)
12
a
true trust
include Armco,
&
Laughlin,
Sheet &
ifube.
Bethlehem, Jones
and
All
Youngstown
are
expected to
Powell
CHARLOTTE,
Kistler & Co
.
,
Kistler Adds
N.
C.—P o
w e
11,
Liberty Life Build„
AT
,
in^' ambers of the New York
Stock Exchange, have added Edward C. Smith, Jr. to their staff.
Volume 198
Number
6302
.
.
The Commercial and Financial Chronicle
.
"In
short, banks
reasonable
the
that
opposing current proposals to create
increasing lending
powers,
with which he indicts
reasons
credit creation.
our
international central bank
an
Mr. de Fremery
domestic
In order to achieve
system of bank deposit-
of
exclusvely left with banks;
and
supply of money to population growth.. Mr. de
comfort in
nancial
panic of 1929.
in
Fremery finds no
in
reserves,
loans,
short-term
nor
extending
in having
as
But
do
self-liquidating
just
not
bankers
Brookings
study
in
reform
the setting up
the
of
discussion
lated
monetary
has
of
stimu¬
need
for
and
general
international
an
bank
central
in
particular.
Propone
that
claim
such
t
insti-
an
t i
u
f
n
t
o r
sound
to
Federal
1913
Reserve
This
panics
the
worst
panic
is
first
the
same
the
which
-underlies
gave
It
bank-
commercial
our
ling system and is responsible for
financial
the
rocked
200
If
years.
that
panics
for
country
our
have
past
the
do not come to
we
grips with this problem soon, we
shall lose
to
national sovereignty
our
financial
world-wide
a
dicta¬
torship that will be found "neces¬
sary"
off
stave
to
of
collapse
a
when
bank
that
fact
the
race
have
depositors
the
right to withdraw their money on
demand
it
or
on
unsound
is
short notice,
very
to
banks
for
>
is still
It
money.
allow
to
sound
lend
fictitious deposits created for that
purpose.
Stated another
unsound
for
term
short
(
to
un¬
lending
banks
for
to
the
it is
on
of
purpose
long terrri.
on
way,
borrow
To do that
'
is
incur
to
able
be
to
do such
the
a
debt
a
.
And; neither
ally collapsing.
financial
the
of
,
not
can
without eventu¬
.
.
will
You and I can't
pay.:
thing.
bankers,
you
Elgin. G.roseclpse,
consultant
Institute, for
and
Director
International
Monetary Research, has spot¬
lighted the true nature of credit
banking:
*
.
-
goldsmiths,
using deposited funds to their
interest
own
•
-sentiallv
and
profit,
was
es-
unsound, if not actually
dishonest and fraudulent. A
which
178-179.)
Concept of Surplus
ware¬
houseman, taking goods deposited
is permitted
demand
more
"pesti¬
a
conflagra¬
to create
deposits
of
or
banking system
a
itself
lives
cause
wholesale
placing
is
insurance
insuring
whereas
in
thereby
—
the
and
untenable
promising
to
pay
than
money
is
on
in
him
his
and
devoting
profit,
own
them
either by
is
argument
the
best
context
of
employed it.
that when
and
only
first
Orthodox
have
ing
make
defend
drawn
at
the
called
and
interest.
only short-term, self-liqui-
dating
price
loans, there would
inflation
subsequent
physical
ship
accounts
out
Its
used
sist
is
exchange.
But
naively
in
value is gold,
exchange
a
Even
gold,
prices
their
"idle"
reserves
legal standard.
There is
inflation.
the
But
of
to
still
is
which the
were
"idle"
really
way
much
in
safety
invalid
not
are
prices
backed
the
warehouse
are
not
mean
does
It
risen.
not
the
that
down
they
should
would expect
level
to
If 'prices
from
falling
medium
titles
flated
of
to
and
fall
increasing productiv¬
as
ity is reflected in lower
false
have
prices have
as
you
price
general
prices
mean
Normally
gradually
—
then inflated.- This
may
gone
have.
by gold
costs
are
by
pre¬
diluting
exchange
gold, they
will
of
with
in¬
are
remain
inflated
until confidence is lost in the abil¬
down all at
come
the
by
tort,
a
in
he
is
economic
no
of
is
criminal,
which
-
conversion
of
liable in
law.
now
By
goods
for
If
not
are
or a
solicitation
not
of
and is under
no
offer to buy
an
behind
checking
pay
the
a
elevated
casuistry
into
an
principle, but which has
defenders
banking,
a
outside
the
realm
warehouseman who
to the
came
of the
1665.
of the
rescue
And
greatest
the
The latest
since.
have
governments
rescuing
system
national
the
was
bank "holiday" in
ever
that most
rescue
remember
us
bor¬
early goldsmiths, Backwell,
been
of
avid
are
English Government
1933 when
our
government "forced" the banks to
close their doors in order to avert
complete destruction of the
a
tion's
their
Overissuing Promises to Pay
What
do
we
inflation
that
not
yet realize is
the
of
cash
law—Gresham's Law—
natural
a
that
deflation
makes
inevitable.
When false titles to gold are used
as
medium
a
ference
tween
of
exchange,
value
in
in lieu
culating
obvious
when
dif¬
be¬
is cir¬
whatever
and
gold
a
exist
must
of
This
gold.
inflation
is
in
loans
by the circulation of light-weight
coins.
The
coin
heavy
than
more
the
light
is
worth
coin
though, legally, they
are
to be the
exactly
An
same.
even
supposed
com¬
parable, difference in value exists
inflation
when
is
caused
on
by
positor
may
600,000 Shares*
First Western Financial
the
why
Corporation
Common Stock
($1 Par Value)
*150,000 shares are being sold by theJCompany, and 450,(MX)
shares are being sold by stockholders of the Company
be
other
the
reason
any
Price $22,625 per
share
property,
depositors
the
with
should
de¬
a
lose confidence?
ever
However,
experience
may be obtainedfrom the undersigned only in those States in which the underlegally offer these securities in compliance with the securities laws of the respective States.
Copies of the Prospectus
early
signed
may
showed the banking system could
not
to
confidence
of^tbe
threatened
•
whenever: the
confidence
in
the
the
goldsmiths
tp
ipay
have
the
Who
backed
weakness
issuing,
„.
coin,
by
by
or
imaginary deposits, did
assumption
hoped
paper
to
smith
that
they
and have
inflate
have
,
money
gold¬
system
vtrouble,. liquidating;
when
confidence is lost? A general
of: cash
to
bankers
to
as
curtail
decrease
further
out¬
the
;
against
could
meager reserves.
This contraction
of the medium of
exchange
the
They
amount
of
beyond the amount
price | structure
to
causes
their
And
even
outstanding
loans.
though the banks fore¬
they held, and still main¬
the
confidence.
same
Their
they
close,
closed
cannot
the
sell
inability to do
onstrated
the
so
has been dem¬
repeatedly
practice
began.
ever
Logic
since
property for what
was
originally worth.
tion
of
which
all
the
The
makes
bank
fore¬
it
was
same
Incorporated
G. H. Walker & Co.
Shearson, Hammill & Co.
repayment
loans
impossible
also
and.
the foreclosed property.
all
firmed
H.
L.
defense
our
that
experience
has
con¬
logic.
shrinks
Even
if
McCracken gives another
their
of
outstanding
the
system:
the
banks
dollar
did
value
could
of
curtail
not
lending: operations,
loans
Walston & Co., Inc.
>
Incorporated
J. Barth & Co.
First California
Jack M. Bass &
Fulton, Reid & Co., Inc.
Company
:
Hill Richards & Co.
Incorporated
(Incorporated)
Schwabacher & Co.
7~
Crowell, Weedon & Co.
Blunt Ellis & Simmons
Company
Loewi & Co.
Incorporated
Stroud & Company
Straus, Blosser & McDowell
Incorporated
Arthurs, Lestrange & Co.
Bingham, Walter & Hurry, Inc.
Bateman, Eichler & Co.
Birr, Wilson & Co., Inc.
Byllesby Securities Company
Burnham and Company
John W. Clarke & Co.
Hirsch & Co.
Courts & Co.
Lester, Ryons & Co.
Dempsey-Tegeler & Co., Inc.
,
their
only
be
Hettleman & Co.
Pierce, Wulbern, Murphey, Inc.
McCormick & Co.
Incorporated
Rauscher, Pierce & Co., Inc.
The Robinson-Humphrey Company, Inc.
Stifel,Nicolaus&Company
Incorporated
Westheimer & Company
J. C. Wheat & Co.
Baker, Simonds & Co., Inc.
Eppler, Guerin & Turner, Inc.
Mason-Hagan, Inc.
Powell, Kistler & Co.
Austin, Dobbins & Calvert
Amott, Baker & Co.
Incorporated
defla¬
the
against the system from the. start
Goodbody & Co.
Mitchum, Jones & Templeton
Johnston, Lemon & Co.
collapse,
making it impossible for banks to
collect
Company Inc.
their
eat
on
E. F. Hutton &
Prescott & Co.
claims
Hornblower & Weeks
Bache & Co.
Dean Witter & Co.
with¬
causes
reserves
<
Paine, Webber, Jackson & Curtis
*
banking
the
does
Allyn & Co.
Eastman Dillon, Union Securities & Co.
Bear, Stearns & Co.
their
of
.
the
creating
so
first
A. C.
his
1664,. showing
bankers "because
Why
Hence
way.
England's
mortality.",
of the : drawal
it too.
the
of
in, credit loans so
notes
not standing
engaged
by
their cake
de-t
Sept: 12,
distrust
since it started. Gold-% the
ever
smiths
their
fuU,| ^Indeedi;^panics*
shown
system
public
entry in Samuel Pepys' Diary
ability of-
lost
positors Vin
Panic;
public.
liquidate in this
the
for
the
page
full.
or
Emanuel, Deetjen & Co.
Clayton Securities Corporation
Kormendi & Co., Inc.
T. C. Henderson & Co., Inc.
McDaniel Lewis & Co.
Rodman & Renshaw
Nugent & Igoe
Pacific Coast Securities Company
A. L. Stamm & Co.
Suplee, Yeatman, Mosley Co.
Incorporated
Townsend, Dabney & Tyson
Vilas & Hickey
is
caused
be used
can
re-.«
in: order
accounts
of
medium
exchange by banks sets in motion
,
and
notes
na¬
banking system.
as an offering of these securities for sale
of such securities. The offering is made only by the Prospectus.
_
civil, if not
The
circumstances to he construed
any
total
sell
So
proceeds.
in
maintain the .complete and lasting,
tain
a
governments
*
reserves
to
have
September 25,1963
repaid, the banker
foreclose,
r
of coin
for
isn't
go
or
would
Continued
-
.which
bankers
once.
their
his
equal
mortgages
and
use.
or
by loan to another, is guilty of
what
sells
buy it back
should
of
depositors
can
The goldsmiths had to have 100%
very
in
enforced the
we
stopped extending credit long ago.
re¬
higher than they should
are
Prices
be.
100%
If
who
"He
must
prison,"
ceipts for gold—paper claims that
This advertisement id
per¬
banker's
a
not
outstanding
loans
goldsmiths
early
do
collateral.
called
"surplus"
or
these
of
serves
another
though
secured
"surplus"
or
confidence
the
for
pay
These
it still
'
purposes.
price
no
moment
exchange becomes di¬
with
luted
the
of
deposits, he has outstanding loans
and decided to use them for their
There
of gold
terms
in
are
maxim:
his'n
request
upon
he does not then have
money
that depositors should
which, when repaid,
the
that
that
reserves
goldsmith-
goldsmiths
the
solely
a
that is, he is
—
that the system
us
They argue:
owner¬
because
telling
fear
not
lay in his vault. With this specious
excuse,
and the medium of
consists
money
econ¬
of valid warehouse receipts; for
or
selling
promising to deliver
in
gold-credit
a
when
Fundamentally
no
But
bank
com¬
a
funds?
(notes and
argued
used
not
was
deflation.
of
collapse.
not be lost,
medium of
the
,
in
in
sound,
at
constantly
as a
banking system, but
Why do banking theorists
sur¬
idle
was
changing
were
not
were
while titles to the coin
drafts)
therefore
likening
by
short-sale
a
modity.
rowers.
When the legal standard of
omy.
to
using bank credit
banker extends credit, he is short-
no
they misconceive the true nature
of inflation
is
money
credit
of
the
recognize
to
way
again, lack of confidence
it to
causes
"surplus"
it
credit
time and
—
therefore
lend
the
treatises
Long
with¬
ever
He
only.
sense
was
and
price
as
But
be
ity of the banks to liquidate. Then
to
coin
would
prices
Actually, however, these
The
banks
of
was
"surplus reserves"
plus.
the
bank¬
have tried to prove the soundness
outstanding
remainder
determined
slighted
credit
re¬
time.
one
theorists
if
Another
unsoundness
his possession.
confidence factor.
all
him
banking
draw
op¬
checking
to
"wholesale
to:
he
small fraction of the coin
a
imagi¬
their books and
that
argue
the
traditionally
place.
with 100%
—
behind
notes
who
in
results
in financial
calamity."
The early goldsmith
erated honestly
serves
The
understood
those
banker. noticed
to
use
who
Some
vented
mis¬
on a
"surplus."
what
first
borrowers
production.
word
not
of-
-
Commercial Bill Theory Criticized
eventually
the
paper-
checks against them.
ble for the loss of confidence that
of
is
the
on
the
banking system is based
actually responsi¬
•
with
allowed
their vaults—is
banking,
"The practice of the
of
and
tion,"
lend
more
banks
lence
One of the main arguments used
own
that
An
property, does not
actual
that
in
deposits
by those who defend this unsound
coin
musi
The¬
argument
find.
by
company,
rank
because
loaned
medium
this
in
to
position
>
We
flaw
hard
not
(Money:
pp.
(Value
Companies Differ From
lend fictitious
Disputes
banker
credit.
The
He
division of assets
Conflict,
do
so
Banks
us
had.
ever
we
of
entrusted
inevitably,
but,
with
ratably
and
case
use
us
System,
shall
and
anticipate wholesale
trust.
Reserves
designed to prevent financial
was
equally
un¬
of
gave
which
books,
companies
pestilence
calamity."
Insurance
deposits
the Human
Monetary Fund,
in
sophistry
his
on
fear,
& Business Cycles, p. 62-63.)
ory
and
further.
fictitious
create
liquidation,"
ex¬
that
found inadequate.
now
He may even go
...
may
in
left
money
any
reason¬
establishment
the
interest
deposits in
It
the
tends
led
the
a
u-
this
merely
International
private
in
cur¬
true.
ing
profit
to
the banker is free to
his
for
use
crises.
nately
Robert de Fremery
diviner law:
subject
is
money
to
prevent
rency
not
in
is
n
o
needed
U
ts
n
deals
been
of
conflagration,
not
financial
The
deposits
periods
anticipate
gold,
they
such
banker
a
of
insurance
as
wholesale
FDIG.
a
wipe
revealed by 'runs' on the banks.
,
r
the fi-
or
nary
single day, which has
a
in gold,
can¬
ey-fully- representative
mo n
Banks had merely created
to-pay all his
form
repaid
banks
of
cover:
upon
literally true in
He sees no point in utilizing surplus deposits
from I fractional
resulting
adjusting the
over-issuing credit and causing, for example,
be called
may
be
The
or
pushed to the
to
liabilities in the
management of money by men and blames the Federal
for
Reserve
sufficient
-
not
checks drawn
or
banks.
die
but insur¬
score,
not
are
other
on
year,
one
practically possible that
•
gradual demonetization
gold and fluctuating foreign exchange rates;
in
not
con¬
contingencies., So in banking, it is
lending of money, confining the former to the Government and the
funds
should
all
by the
rates
point
but
It is
conflagration should
a
ance
tary unit," the author favors divorcing creation of money from the
latter to
that
out cities
applies the same
"sound, non-collapsible mone¬
a
possibilities.
epidemic
some
Calif.
probabilities,
worst
ceivable
By Robert de Fremery, Vice-President, Onox, Inc.,
with
such
as
they insure customers against all
For World Central Bank
In
longer repaid with notes
no
Companies,' and
surance
San Francisco,
are
depositories, but .rather 'In¬
pure
13
(1201)
Yarnall, Biddle & Co.
Zuckerman, Smith & Co.
14
14
The Commercial and Financial Chronicle
(1202)
intend
not
Arguments Are Fallacious
the
;;upon
States.
For World Central Bank
The
13
Continued from page
*
same
value
standard
a
of
cause
its
value
of
tioned the
exists
difference
A
inflated
the
claims to
paper
that
and
weight
to
Congress
"to
power
doing
what
in
forbidden
were
know
we
long ber
that Madiques-
constitutionality of the
United States Bank.
of length
measurements
our
And
After
the
the
"Under the conditions that grew
around
ing
little
vast
to
gold, (or lawful
turn
the
of
out
pay
bank-
which in
money
redeemable "in
was
panic of
1907,
Na-
a
economy
for
by foreigners
become
to
potential claim
a
—
bulwark
a
goods. Today these short-
our
term
liabilities—being payable in
gold
which
threaten
do
we
have
not
—
financial stability.
our
was
demand,
on
our
held
now
then
International equilibrium would
these henceforth be maintained by flex¬
support
commitments
ing systerri to
There
occur.
gold
con-
opera-
inevitable that
was
should
crash
a
it
of
diminish-
steadily
on
reserves
too
situation
a
tions based
liabilities
will
ible
against demands for withdrawal.
exchange
rates
just
tional
equilibrium
tained
as
na¬
by flexible prices.
gold)
The stupendous house of banking
tional
in terms of fixed
after
stantly expanding banking
wasn't
states
Europe
Thursday, September 26, 1963
.
-
up
right
Jefferson and Clay all
son,
a
it
in
War.
its
the
were
the
to do.
United
and regulate the value
Yet
occurred
World
Constitution
up
given
banks
effect
hV,JValue' fluctuating supply of bank credit.
We take great pains to ensure
between the legal standard
When
the
gave
was
fore
supply
of
stability
English
formed
bills of credit and
thereof."
be¬
tlAn measuring value with
Under
coin money
inconsistency of choosing
as
and
to it
the inflated claims
and
gold
But ac¬
value than
tually gold is of more
the
ize
the
under
gold
as
gold standard.
orthodox
newly
State
alone
have
supposed to
the
issue
mone¬
a
have
each
Paper tary system still has not dawned
the upon us. We do not seem to real¬
issue of false titles to gold.i
absurdity of such
to
system of credit banking imposed
.
.
Techniques
for
main¬
be
can
these
making
changes were given in an earlier
article.
(Banking
and
Monetary
.
has been built upon sand—public Reforms to Preserve Private En¬
confidence in the infallibility and
terprise, Commercial & Financial
capacity of the institution — and
Monetary Commission was
Gresham's Law will
standards, for we know outbuild¬ established to make a thorough
When inflation 'was
Chronicle, June 7, 1956.)
ings and bridges would collapse study of banking. The banks, as when the sand began to shift, the
caused by the circulation of light¬
if built with yardsticks and pound a result of creating imaginary de- whole structure toppled like an
Quotes Von Mises
weight coins, the full-weight coins
weights that fluctuated. But in posits, were embarrassed when Egyptian monolith." (Money, The
A
few
years
ago
one
of the
were melted down and exported.
the field of economics we are less too
many! depositors asked for Human Conflict, pp. 241-245.)
world's
truly
great
economists,
When inflation is caused by the
that standard,
are
operate.
either
gold, gold
titles to
of false
issue
was
exported
hoarded
or
The early bank
panics—and all succeeding ones—
during
panic.
a
fine
are
Gresham's
of
examples
Law; they result from the differ¬
between
ence
promises
to
-
worth
to
the gold when
as
t*e number of p;-oruses
exceeds
the
When
value
in
the paper money
which it is supposedly
value)
weight^
the
length
of
That the
terms
pound
a
price of gold
of
price#
the
or
go
can
up
is
fully
not
backed
Viewed in these
terms, the basic
deflation
of
cause
flation.
Inflation
cf exchange
is
of
causes
simply
in¬
discrepancy
a
in value between it and the legal
standard.
crisis
This
because
bank panic.
leads
of
of
to
the
(For
elaboration
a
this
credit
a
threat
of
a
detailed
more
point of view
"Our Unsound Monetary Sys¬
see:
tem
and
Measures
Commercial
&
for
Reform,"
Financial
Chroni¬
cle, Nov. 20, 1958.)
Management
.
The following
of
-
;
that collapses
of bank
inherent
in
the
are
result
"unsound"
credit.
system
cf
bank
"A
way
nary
the
wise
dulge
the
to
is
no
wise
of short-selling
or
of
in
no
standard
wise
sound
or
can
or
an
be drawn. There
sound
way
in¬
to
activity that is basi¬
cally fraudulent and dishonest.
When
the
a*
a
,
country revalues gold—
United
States
did
in
1934
if
uproar
If
given
a
legal
our
of our
of
value,
the
change
tio
get more
evidence
has
it
by paper money not
that
high time
there is
ference
fundamental
no
,,
diluting
it would
soning
was
Federal
Reserve
practices
Prices
dif¬
de¬
or
is
in
be
standard.
In
terms
-
The
standard
of
terms
and
biggest collapse
Ac.'
Barron
W.
what
was
"The
of
rather
of
composition.
application
and
of
demand
As
the
to
legal
have
purpose
standard.
never
of
is
mineral
merely
law
of
an
supply
The hidden
this
under
^U<2T1
It
is,
ex¬
and ' it
ap¬
whole
pro¬
number
/
The
limited and known of the pricing
part, of its program for rescuing* symbols or denominators; because
banking system—it provides the whole number of such sym¬
proof that prices are not in terms bols is the only steady, stable,
upon it.
For if they were, and the
government
of
ounce
instead
suddenly
gold
of
were
$20 dollars,
said
an
worth
we
$35
should
permanent immovable point from
which
such
precise measure of
value
hit
in
us
possible
balloon
predicted
the
to
of Money,
.
.
.
"The
(The Sicence
20.)
p.
more
the
limits
of the volume of
expect all prices to Jump
propor-,
money are de¬
That prices do not im¬ fined in the law of each State the
valued
means
were
not 4n
were
in.
terms
terms
re¬
simply that prices
of
of
a
gold;
they
medium
of
exchange inflated far beyond the
gold supply.
more
its
equitable will it become in
operation
upon
dealings between
(Ibid.,
p.
many
of
prices and the
man
and
man."
129.)
There is good
our
by Bar-
than
confidence
to believe
founding fathers did
credit
before,
ever
finally
/\ :
j
tory.
discounting
cracked
the
1930's,
22,
to
wj;kneVof
will
we
to
monetary
place
is
tional
props
fn
a
tern;
not
some
to
sys-
That will
way
only
That
structure.
weak links to
that
is
weak credit chain,
a
monetary
has
each
while
progressively
deteriorating
had
its
built
a
and
splendid
technical
economy,
commerce
arid integrated industry,
upon
and
the
structure
foundation
while
structure
we
the
money
money,
were
building this
The creation of
divorced
from
by
the
We
device of
saddled
burden
of
our
upon
entire
goods,
and
distribution
then
progressively
weakened our money
longer
no
weight.
the
we
the
stock
not
preceding
market
fore
in
to
create
to gov-
limited
safeguards.
money
subject
not
while out
on
then
will
from
should.
The
to
loan.
actual
by
Banks
placed with
withdrawal
Then and only
investments
all
there-
savings
as
come
of
credit
will have to be monetized
completely
,
used
as
div0rced
of
that
which
War.
the First World
sound
of
lai'ge
that
cling
still
whose
disfigured it.
the
banking
schemes
about
brought
of
collapse
the
to
application
the
European
and 'currencies
systems
discredited the market
the
generating
by
of
Money
edition,
Mises
Von
of
tragedy
new
-
points
real
the
to
"dis¬
times—the
our
crediting of the market economy."
This
the
means
more
More and
in
The
liberalism
true
that flowered in the latter
the 18th and early part
part of
of the 19th
century has yielded to the deter¬
mined
ians
of„ humanitar¬
onslaught
bent
using the powers of
on
alleviate
to
government
caused
by
the
suf¬
the
eradicating
in
of
Instead'
of
weakness
basic
banking
our
operation
the
forces.
market
free
system
so
make it possible for free
function
to
as
to
markets
properly, we allowed
continue* and
to
weakness
that
questioned instead the ability of
to
markets
free
been
them¬
world
deteriorating
steadily
since.
regulate
western
The
selves.
has
ever
Philosophies detrimental to
and
willing
will
mount
to
continue to
determined
a
putting our fi¬
system on
be
won't
It
easy
have
that
the supply of money to population
a
sound basis.
to. make
to
be
the
made.
short-cuts to the
But there
are
no
survival
of
freedom. ;'And
This should not be diffi-
'
Favors
though
Demonitizing Gold
■
,
,
,,
a
ally sell our existing stock of gold
whoever wants
it.
task
the
^difficult
one,
.
The government should graduto
the
free market to regu¬
a
itself.
late
faith
lost
have
men
ability of
of
shattering
man's faith in freedom.
changes
CU
of
(The The-
Credit,
and
439.)
p.
econ¬
almost
periods
of
recurrence
economic depression."
dry
the
of the British
errors
Banking School that
They
of
economists
nineteenth-century
with all the
Their idea
is
money
reached concerning how to adjust
growth.
of
reform
they have in mind is by and
nancial
Some agreement must be
the
character,
sake
The
from
<
„
same way
bringing back the state of affairs
prevailing before the inflations Of
counter-attack by
and
,
,
business.
to
sub¬
flourish until such time as we are
which
being
account
an
But they do not
expansion for the
lending
banks
crediting
bank
credit,
is
on
ject to cheque,
flourishing
volume
from
or
the survival of freedom have been
>
existing
kind of gov¬
bank-notes
the borrower
They
purposes.
they
money,
collapse
inflation
degree,
and.
of
the
years
comparable
in
was
support
to
until it
to
them for that purpose and
had been going through
progressive
money,
if
In
great
of 1929
able
of
alone
credit, but only
functioning, the compliand
lending
confined
fiscal
to go
infla¬
of
fering and injustice they thought
must not be allowed to lend their
cated and extensive machinery for
creation
non-
must be
money
the
power
constitutional
undermining
credit.
the
of
were
we
foundation
deposit
of
organized
of
system
sound,
a
supporters of
borrowing
issuing
eco¬
not want
want to prevent any
was
and
to facilitate
We
adding
collapsible monetary unit-
dis-
we
exchanges,
system.
money
but
need is basic reform of
ernments
vast
the
open
to further weakening of the credit
creasing
and
interna-
confidence
buoy
must be
weakening
and
fundamentally unsound
money
time
system
Fund
new
the
do
elimination
the
regular
basic
the
any attempt to increase its lending power. What the world now
needs
of
most
ernment
our
follows:
as
for
tion
of
cause
money
beyond
trugt in the In,
Qur
Monetary
The
money
face
financial
our
ternational
"Yet
sound
omy"
Bank
how short-sighted we
see
money.
same
happen
Inflate
squarely
we
country's
1934,
distortions
commercial
could
International
Moves
If
ills
nomic
pin-pointed
Mises,
Von
principal
and
convulsions which developed were
the result of a people
relying in-
the
in
1962.)
Criticizes
so
the
upon
re-
Chronicle,
Jan.
each
in
the
survey
that
it
the
problem
shortag,e & Financial
„of ^nk as,setL./C"™""
mercial
we
situations in this country
cover
65)
(p.
Fleming, then
aSain> and suggested a more flexi-
What
Groseclose wrote:
we
should,
recalled
said
this
on
Ludwig
the
would want to
prevent in the
recur."
liquidity
V;A' A' A';;
Commenting
a
reason
the
The
had the worst deflation in his-
we
the
exact
ticnately.
mediately jump when gold is
(Re-
early 30's.
inflate
further
economic
be made."
can
may
ose op' Clt''
0S
disaster
the
situation similar to
a
Association,
ers
admimstra-
wise
m
is
the
gold when credit is pyramided
it
:A';A-.v>'JAJA'w
'.
said:
that
insurance
1930.33
coun¬
to cheapen money.
as
of
'pur¬
legisla-
in- effect
at
precise
a
value;
the
as
out
is
frankly
More recently, Sam
are
tion,
man-
annual
inadequate
entirely
the
aware
Their
question
no
deposit
o{
The
well
are
1957
for
is
present
'motif'
purpose or
inaugurated
its
money.
proaches actual, precision in
portion
these
they spell disaster to the
"As
dollar de¬
a
report
fectively carried out; if persisted
prices
Alexander.Pel Mar held:
pression
'for
was
and
work
the FDIC
limitations.
its
be wisely or ef¬
in
retain
banks
to create them.
agers of
be
But obviously
safe way to insure de¬
no
when
power
of
created.
was
^le^adminfstration of the discount
Act was..passed'•, wifldow so as to soj^e.^nce and,
of the act' most f°r f ^e problem of a possible
can
try.
The
the
»
purposes,'
banking.
their
is intended to be
knew.
whep
other-
it
J "Price implies precision;
or
J
exchange
legal
This
obviously
happening
ron
the
to
than
bad.
ever
Federal Reserve System had made
•
the number of dollars
upon
sys-
J J J'
with
our
we
largely in its inception
When
value
System, the
standard
*
Th;e value of
use
refla¬
principles
This rules out credit
(2)
by
the
medium
coincide
pends
legal
inflation
Twq Principles
significant
(1)
the
.
emerge.
in
of
;
.
must
of
case,
followed
devaluation
both.
,
gold.
inflationary.
are
either
inevitably
Two
to
forced higher than they
are
should
titles
ration
that
the biggest boom
us
to
come
again.
system
for example,
rea-
to
"panic-proof" President of the American Bank*
our
whiclr
Both
to
im-
be
of this unsound
tionr However
false
occur
^
basing gold with alloys and dilut¬
with
be-
ever
to
Ovenssuance of Credit
s
ing
it
be
poses'
face, the fact
we
between
notes
The result
fluc¬
fully representative of gold.
It is
could
than
seem
The fact Federal Reserve
yardstick.
been debased
is
the
patched
if the banks could -"There
even
tern that gave
gold
of
should
clear
not
system
new
possible to convert them into gold,
subject
is
that gold is subject to price
is
further
did
It
a
credit
course,-has
of
weight
a
bank
stretched
Fed
standard
than
more
designed
they
whereby
So
emergency.
an
willing
Federal Deposit Insurance Corpo-
there is
_
gold
of
was
not
posits
during
them that
object that has length
other
trouble
Still
grips with the basic problem," we
notes
price
any
one
therefore,
and
of the
cause
other
to
as
growing boy, for example!"
—a
his books against
on
subject
said the
fore.
changes in length the same -as
any
de¬
money
the quality
banker to create imagi¬
a
deposits
no
against
as
legal
way
which checks
is
the
There
There is
for
bank
commodity
a
same
yardstick,
length
in
debasing
value.
or
of
way upon
credit.
sound
or
credit
no
of
validity
arguments
bank
pends in
of
the
is
Imagine the
but
"unwise"
extensions
But
foregoing
u?e
from
was
:
the action of the banks in creating
physicists said:
.
rather
is
course,
such
as
J
credit
one
commodity—wheat, for example."
or
;
of the trouble
that the banks could not get more
;
statement of
particular comment:
no
"Gold, of
Many banking theorists contend
not
stirs
and
system
well-known banking theo¬
our
rists
tion,
No Protection From Monetary
,
our
collapses periodically!
medium
the
Instead of admitting
cause
economic
why
tuations
by gold.
fluctuating
a
their money.
that the
der
in price
not
are
gold when'the medium
exchange
by
to
credit, then won¬ imaginary deposits, the experts
yardstick increased!)
?.
that
proves
c"
of
(the standard of
(Imagine having
up!
legal
our
volume of bank
convertible
apparent in other ways.
goes
determined
be
between
and the gold into
The price of gold
ignore
fluctuations the
credit crisis occurs', the
a
becomes
to pay far
gold.;
difference
true
be
cannot
gold
pay
much
as
A
We
standard of value, allow prices
pay
-
something and the thing itself.
promise
careful.
Short-term
ahead
at
of
least ;it
us
al¬
is
holds
promise
of solving the crisis
of
our
times
by going to the root
' of
the
trouble.
the
Volume
198
Number
6302
.
.
The
.
Commercial and Financial Chronicle
(1203)
time
Commercial Bank Industry—
when
fluenced
our
by
and was still
pent-up
And Growth in N. Y. State
Just how much credit will
years.
increase
this
in
tain, but
one
Buffalo, New York
stability
and
mortgage
To accommodate tomorrow's credit needs, which Mr. Mauil
larger, regionally
The
getting
custodiers, of expanding loans, and
new
Mr. Maull expounds
capital funds.
of
:
need for loan to deposit ratios of 70-80%.
a
recommends
that
that is the
warns
whole
a
state
be
considered
a
increasing
region
only way New York will be able to keep
Will
be
in
industry.
oping
changed
has
It
considerably in the last decade
so
and is awake and
like
man,
for
if
are
officers
quate
we
The
orient-
to
it
in
New
all
York
provide ade¬
will
slow
working
down
progress
hard
so
to
lion
date
approximately
for
current
population
In
persons.
jected to
189.3
1970
it
the
of
i
mil¬
is
pro¬
range between 202.5 mil¬
reduced
66%.
growth
66%
credit
consumer
for business credit
where
near
park,"
the
and
are
to
handle
its
57%
able
un¬
proportionate
share of these loans if it has
a
only
increase in assets.
from
credit
is
avail¬
credit unions, personal
broadened
!a
with
ing
Baldwin
such
noncredit
on
pro¬
account reconcilia¬
as
tion, lock box operations and
roll accounting.
computers
on
And
that the
so
expeditiously.
pay¬
going
we are
tain of paper work can be
Banking
from
moun¬
handled
)
has
During
million
Americans
their
in
an¬
of 108
decade
will
birthday.
bumper
baby■■}■crop
reaches
30
reach
As
marriageable
this
the 1 40's
of
the
age,
number of families is expected to
rise from today's 45
to
changed
18th
this
123
over
1960 figure
a
million.
emphasis.
grams
million
Maull
grow¬
to
46 million,
or
something bet we eh
51
"an!d u53'
million families.
as
the
large
of
funds
of
source
of
its
y, in the structure
.
while
A
resources.
back
Dr.4Raymond J. Saulnier, who
Marine
Midland's
economist
and,
1 tin g
c on s u
will
you
is
recall,
Chairman of President Eisen¬
was
hower's Council of Economics Ad¬
visors,
gave
based
various
on
which have
a
statistics
some
me
assumptions,
bearing
this sub¬
on
jects A few of the figures
terest
in¬
may
you.
It
Surge in Loans to
of
our
Gross
and
increased
means
banks.
can
find
tional
decade
the
a
bond account
on
the
side
of
Then
banks
the
10
began
bank
most
15
to
to
major share of
posits
into
the
loans
any
de¬
new
while
keeping
their securities investment largely
constant.
decade
The
figures
the
of
loans
in
ment
the
holdings of
and
of
mercial
4%.
mid-^way
educated
projec¬
growth
a
But
the
versus
decade
to
mean
is
It
of
the
87.1 %
fast
banking
but it
that
at
will
resources
reasonable to
seems
grow
assume
they will expand in the 60s
about
which
the
57%
same
rate
resources
banking
(as dis¬
of the
system
did
not
with
the
demand
for
credit
As
banks
the
met
the
be
may
bit
a
banking's
in
growth
duplicates the
43%
the
expanding
relationship it had
by
50's.
and
the
at
rise
sharply.
Today the national loan-to-deocslt
is
nation's
(an
figures
banks.
deposits
figure
at
tember
was
the
-
for
In
the
1949,
were
Marine
33%
loaned.
beginning
of
of
The
Sep¬
64%.
a
number
decade
and
it
banks,
take
po¬
sitions alongside major metropoli¬
tan
banks
business.
in
serving
Large
things that little banks
Most
banks
have
do
can
cannot do.
normal
throughout
branches
nomic district is
fluc¬
ever,
that
so
one
or
other
another
and
there is
more
likely to
be
up.
through
(and
to
holding
.This
a
some
company
mobility
of
Fre¬
everyone.
in
particular com¬
a
munity than the total amount of
deposits of that bank's branch in
government
ness
community,
showing
that
needs could be met by enlarged without the larger bank, the busi¬
lending
operations
of
that
but I suspect that further govern¬
have
ment encroachment into the
loans
or
area
unpalatable to
Associated
tries
as
members
it
is
to
,
The
of
70-80% Loan-to-Deposit
After
going, it
commercial
be
banks
permitted
to
necessary
quite obvious that
must
do
to
do
and
whatever
is
the required
supply
funds, consistent with public good
;
.
and several
ble.
Banks
are
possi¬
improve
their
moves
can
money
loan-to-deposit ratios
and
at present.
perhaps
by raising
even
higher
I think that 70%
even
80% of
de¬
our
posits will eventually become
acceptable
more
standard.
actively
Banks
deposits
seek
an
to
of
the
meet
other
for
their
loan
of
serve
it
upon
capital
its
re¬
New capital comes easier
large bank which usually has
ready market for its stock and
a
the
earning
to support it.
power
And it is noteworthy that it's the
larger
banks
in
the
fered
state
certificates
on
and pay a
counts.
4% rate
Regional
of
which
deposit
savings
on
to
of
reserve
of
the
offer.
city.
They
attraction
any
of
whole.
to
in
that
see
this
Therefore
growth
I
decade
of
$138
billion
at
Credit
Midland
have
industrial
an
then
figures
period
by
of
credit
for
the
Herbert
and
F.
Milligan.
those
of
the
His
men
show
that
during
bank
known
are
(ew
other
to many
large
banking
side with the
panies
and
do
ized
in
services,
and
systems
automation
capable
seasoned
200%,
for
use
by businessmen
seems
likely
credit
will
that
of bank
rose
the
continue
112%.
ac¬
diversification
and
able
How
Achieve
to
the
better
Larger
of
needs
served
to
during this decade although
by
slower
rate
than
in
the
50's,
a
a
First,
of
be
>
de¬
They
posits.
make loans
grow
the
as
plow
through
But
ties.
limited
light
The
slow
the
of
in
state
too
.
.
foreseeable
the size
needed
through
is
are
slow
need.
by
way
banks
the
or
securi¬
methods
.
commercial
created
new
practical
only
which
of
these
all
stock¬
the
earnings
back
sale
and
increasing
by
funds
capital
holders
big
they
as
as
Also,
thereby generate demand de¬
their
in
customers.
new
they expand
and
banks grow
course,
get
can
be
by our
merger
deposit
monies
fined to
a
a
a
community
business
in
the
and
pools
larger
for lending, for
single community.
'
Additionally, to help
into
absorption of risk
Continued
prosper,
record only,these securities having been placed privately by the undersigned.
-
;Y:
'';
-
Recognition -Equipment Incorporated
Dallas, Texas
(Optical character recognition equipment)
Convertible Subordinated Debentures due 1973
Faulkner, Dawkins & Sullivan
YORK
STOCK
EXCHANGE
AND
AMERICAN
60 Broad Street, New York 4
•
STOCK
EXCHANGE
(ASSOC.)
HAnover 5-4200
capital
available
commensurate
amounts
$750,000
September 23, 1963.
are
banks,
larger
funds
possible if the risk were con¬
;
rise
at
Banks
slaie
our
s^tht, wbanks
can
they
^;
demand
are
offer
to
up-to-date banking services.
/
NEW
men
be
ISSUE
MEMBERS
and
young
executives who
willing
of
credit
consumer
also
offering special¬
in
attracting
to
limited degree.
a
in
con¬
able
are
banking
more
ready,
power com¬
banks
only to
Larger
can
also
transportation
Small
do this
York
development
side by
cerns.
of you.
New
operations
industrial
on
that
mortgage credit expanded
over
efforts
working
with him in each Marine Midland
cemands?
decade
de¬
velopment department headed 'by
Needs
31,
as
afford
to aid in locating
industry, too. We in Marine
new
bil¬
Dec.
area
can
This gathers together the
by develop and
in
bank's
process.
projection
this
resources
Projects
1949-1959
\
in¬
new
the
Large banks
decade
nearly /parallels
for
$381.4
What
The
a
realize
of the
one
communities benefits
a
rather
area
permit a lower capital
ratio, with full safety, than would
can
-V
industrial
also should
This announcement appears as a matter of
NEW
posi¬
They think
broad
a
single
dustry to
competitive in the rates of¬
stay
a
veloped?
demands
is dependent
ways
adequacy
a
that
commercial
a
deal
a
how
Advantages
community and to
sources.
evaluating all of the fore¬
seems
its
the
Ratios'
Bank's
of
would
strapped for credit,
ability
to
bank
in
Sees
elsewhere
go
be
Larger
It
me.
should be reduced rather than in¬
creased.
community
as
Indus¬
than
If
to
field
this
terms
the business ,of work
regional banks will lend
money
in
State
flow
and
great
in
when needed to meet the
quently
course,
a
seasonal
bank
available
is
capital
And
down for
can
part
as
development regional banks have
A
extent through a
system)
strong
business
is
area
bank
large pool of loans, well diversi¬
fied, and with the backing of a
the
reasons,
funds
eco¬
diversified, how¬
when
is
area
broad
a
sizable
a
dol¬
only be carried
national the specialists
banks
benefits
associations
loan
are
1969).
It
of the
projections of economic expansion
current
know
I
went up 201% and the
Coming Credit Demands
our
57%
bank
to
credit
I have studied
optimist
an
growth.
increase
nearly double that of the
the
to
can
proportionately faster
more
the
late 40's. The change is illustrated
Midland
a
use
lion
to
growth
and
total
this caused loan-
ratios
am
vigorously
banking's
posits
in loans,
But I
bankers
working
placing larger percentages of de¬
to-deposit
able
more
risks.
million
a
economy's over-all growth
the
the
economy
larger
handle
banks
by
substantial
60's
the
or
needs
local
as
loans of
or
optimistic
bank assets will
grow only
rate
credit
to
and
risk
must
larga-
very
by
com¬
proportionately
able
of
amounts
Such
lars
loans
involving
they grew in the 50's. This
premise
if
banks
im¬
that is through
.
creation
another
improving credit
.
times when
are
made
tion.
the
than
possible to know how
.
credit
sav¬
1950's.
$800 billion GNP
an
banking?
not
moves
either
for
being
as
way of
availability
the
yet
needs.
run
I accept an
is
credit
companies,
capacity to lend
also
the national economy.
our
that
represents
65.7%
the
invest¬
decade
rose
that
the loans)
expand
by
1970
to
for
that total
tinct from
ratio
of
and
You
in
statistics
show
of
in
there
always the alternative that credit
Gross Na¬
It is roughly
range
the
that
while
securities
for
figure
What will
as
its
162%
by
for
show
1950's
banking increased
all
for
years
meet
strong credit demands by putting
the
billion
rate
1940s
the largest item
was
asset
statements.
ago?
estimates
naturally,
insurance
also
but
spending
much?
$750 billion upwards.
the
ings
in
there
be
will help
measures
Mortgage
investors.
savings banks. Of
.
the
of
Natiorial
how
But
Product
$800
from
business for you and
more
for
tions
Deposits Ratio
people
more
Product,
ment
reasonable.
Upward
that
obvious
means
more
consumer
spending,
which already is the largest seg¬
in
In
is
amount
/ ' of private enterprise would be
^
other way tco
All of these
single large
mercial banks
money,
banks
requirements.
reserve
com¬
stitutional
expanded
ducing
panies. The last two look to
obtain substantial funds from in¬
have
the
tion to free loanable funds
by re¬
Thus,
will
are
that,
be
this
respect. And, there is the
possibility of Federal Reserve ac¬
com¬
the population 21 years and over
hniques.
million.; .Of
helped
loan companies and finance
tec
Services
has
of
also
lion
219.5
the
on
savings accounts and time
on
money
any¬
presently constituted will be
able
limits
"in the ball tuations
both
in
deposits
and
banking industry as loans.
A major regional bank with
marketing
and
paid
being
Consumer
United States is about
use
-
credit,
are
of
rates of 100% for mortgage credit,
maintain.
con¬
ed.and
banks
much
these
88%
me
business¬
a
materially the industrial
smile.
are
sumer-
concerns
unable to
are
the coming
banker and
a
(State
Lending
-
as
be
or
If
as
will
serve
credit demands. This
both
teller
We
hard-pressed to
raising -the
authorities
effectively
growth the needs of all local
business, and
conservative' td> project a
banking,
structured,
Jail¬
cages
gone.
that
me
glass-
are
walled.
up
move.
build¬
Bank
ings
the
on
or
presently
demand
neighborhood
rate equal to that of the over-all
clear to
seems
pro¬
for them. The recent
fegulatory
amount of interest which
may
multiplying but
increased
the
economy
progressively devel¬
a
credit,
88%. For business credit, it seems
and
growth rate race with California.
Banking is
that
increase
will
and
the
expected,
.
in its
up
price
forecasts
consumer
household
per
Moreover, he
as
then
.
'
seeing
uncer¬
study assumes
credit
In
is
of
t^iis :by the number of households portant
these points after first fore-
on
decade
by
jecting the amount of credit used
only practical
is through the mergar process compared to the slower methods
way
of
minded banks must evolve.
100%.
projects,
"war
more
action
of the
the
of
paying
conflict
some
demand
in¬
was
Korean
meeting
By Baldwin Maull,* President, Marine Midland Corporation,
r
economy
the
15
.■"
on
with
paye
39
16
The Commercial and Financial Chronicle
(1204)
Steel
Production
Electric
The State of
in
Output
Retail
"Index of
Trade
Price
Ingot
Sept. 21
North
East
Sept. 14
Coast
101
82
89
88
89
84
100
98
Detroit
Center
tions
for
annual conference
Associa¬
Planning
Economic
138
100
next month
in
106
104
Cincinnati
1
national
product
at
Bank
$900 billion by 1973.
the next decade,
tion's economy could
ficient
to
the
Bank
na¬
clearings
statement
the
graphic
from the present 5V2-6% down to
"Index
a
advices
the
chief
the
Steel
the labor force.
Sept. 21 clearings for all cities of
/
Series
Economic
of
possible
Projections
this
gave
picture
ings
the
the
American economy 10 years from
lion
(in
prices)—a
1962
63%
U
S.
million
225
more
48%
in
of more
compared with
compared
and
$7,100
to
last
City
Week's
increase
distributed
Five
$103 billion in
to
available
funds
and
profits
The
NPA
is
Washington,
projection
"The
its
shifts
said:
service
ment will rise
the
of
since
perience
in
and
tional
changes
occupational
in
the
na¬
1,863,000 tons
14
ending
28
change
upward
fifth
net
the
past
17
five
weeks'
gain
am
which
portends
in
gain
output
in
a
lion
of
tons
weeks.
outs
compared
the. blue
is
an
in
1957.
Aug.
17
The
and
May 25, which
million
the
1963
the
the
the
remain
and,
occupations,
with
respect
laborers
among
week
that
Center's
"the-
report
*
and
higher
demand
high
of
upturn
an
in
industry buying and
miscellaneous
since
had
week's
1.6%
uninterrupted
an
May
ending
dustry
13
was
25
Aug.
until
24.
hoped
the
T£e
for
upturn
customers
happy
make
if
the
the
past
succeeding
un¬
weeks
any disappointment felt'
up
Most
a
plus
most
are
fair
of
All
this basis.
on
week
last
know
Mich.;
Fort
book
to
of
steel.
of
individual
10%
supplemental
Also
working
demand
are
and it may accelerate to
working
1
next
industry economists- believe business
reported.
tained
consumption will be second
off
51.7%; Ford Motor
makers
seasonal
Year's
than
to
stronger
the
but
"customer orientation" in market¬
-
freight in
Sept.
the
totaled
14,
Association
of
Railroads 1 announced.
American
level
gains.
This
of
was
cars or
ore
summer,
of
increase
an
101.848
20.6% above the preceding
holiday week.
Con¬
,
The loadings represented an
crease of
in¬
9,430 cars or 1.6% above
the
pessimistic* side,
corresponding-week
and
fairly strong demand.
On " the
Week
revenue
cars,
are
the
during
in
1.6% and
sus¬
the
still
of
ended
week
596,056
pickup.
expected and
sliow
Loading
are
have
Corp. 1.9%.
Tonnage 6.1% From Last
and
market
pointed
Gen¬
expected
was
Rail Carloadings Up
market
struction steels, which held up
industry trend toward
cars
15.9%
slated
25.0%; American Motors 5.5%
and Studebaker
industry,
inventory,
a
much
a
continuing
»•*.
business magazine
Co.
October
warehouses
Steel
pace
Steel
to account for
which
'64
of
production;
Corn,
Motors
which
through
and
25%
week's
last
model
increase
cars
completed,
in
the
in
late
Appliance
Some
year,
'63
some
Friday,
In
auto
due
in
also due for
are
record
a
of
far
heavily through late De¬
cember.
still
the
are
Will buy
expectations,
have
earthmoving equipment
and
makers
running
pro¬
which
its
about
pickup
to
major
of
near
of
last
the
year.
Chrysler Corp.,
factors.
a
seasonal
addition
<
thus
were
in
last
five
two
sales
built
eral
farm
last
Running Ahead of
well ahead of earlier
come
buys—-pos¬
for
the
week.
has
for October.
even
day
at
At¬
Dear¬
plants
output
dealers
apparent,
likely automakers will
for
sibly
being
becomes
cars
seasonally
is
last
began
new
it is
distributors antici¬
Steel- consumption
attained
at
12
levels—scheduled
When the pattern of demand lor
the
season¬
Expectations
can
sizes,
of steel
gages
Co.,
at
extra
an
ducers—only
needed.
furthep gains in October.
Consumption
models
(Buick,
Chevrolet,
Motor
of
Each
same
in
was
corresponding week
volume
variances
wide
specifications, and
new
above
the
But
in
plants
three
at
+;.n+.
■
the in¬
conducted
overtime
Flint,
going over.
are
sales
backlogs,
business
of
to
Most
steel
to
basically take the
cars
create
improving, and September's total
The
only
30
assembly
only 24 plants were
ago,
dustry
week,
46
employing two shifts.
were
year
operating
wide
new
want
types
the
slacken
to
volume
out a
A
for
in
1963
plants
of 'last
industry's
slated
also
which models
booked by steel service centers is
pate
are
the
whereas
ally.
5
of
choose from,
entirely
many
pro¬
operation.
outset
of
born )
fabricating
order
continue
be
overtime
As
lanta;
still
active
structural
beginning
may
less
the
the
,
Ward's rtbted that" output
September this year, although
in
they
for
With
-
..
lines
tonnage steadily, though ordering
is
period.
year may pace
(7,340,000-unit)
GreaterOutput at Less. Overtime
coming onto the market this fall,
fairly strong
plates which
hold
they
sales.
car
of models to
range
are
record
Saturday
of
ume
major finished steel products.
shops
demand
on
the
8.7% above last year, is requiring
,
the
among
line
quarter, Ward's
the '64 model
automakers
dustry is providing
demand for
a
Based
production forecast for
Also, reviey/ihg product ion
buying and ad¬
until
the
started
grams,
This goes deeper than just vol¬
sales to
who,
in¬ only to that of. 1955.
several weeks but will not be
op¬
;
1964's.
Activity in the construction in¬
more
a
in
'63
by
has
year"
prior to September.
evert;
relatively
overboard
'64
made
years
"model
record
says
introduction,
been
the
the
ordering of steel. They
going
appliance
more
active.
more
ended
last
or
on
along
goes
model
their
not
than
sheets
for
that
have
get
Improved
reflects
new
vance
expected
are
10%
low
and
years
July
vigorous
to
eratives, and service workers,"
The
for
decline
relatively high among
non-whites
two
gain, there
report
states, "unemployment is expected
to
past
cept
unemployment
declining,
month's
last
optimism
cautious in
September's.
unequalled in
was
in
factor
of
('63s)
in' recent
in
metalworking
principal
automakers
running
are
shipments
about
be
month's.
equaled in mid-March, 1960. Ex¬
collar category."
Although
level
to
5.8%
to
2,626,000 tons in the week
in
of
The
1,742,000 occurred in the week
endjed
lion increase in the need for white
personnel,
week.
ahead
The
year—highest since the 112.7 mil¬
require-
increase of only about 2V2
row
100 million ton
a
The
Usual
ton for
gross
a
bookings
October
to
and
of
ments-j-for example, a 12V2 mil¬
collar
fourth
well
when
week
4.7% compared to the
out
sharp,
for.
of
August,
year ago.
a
the -entire fourth
national
76,000
Hn
395,000
models
new
indusiry's
interrup¬
or no
same
entire
nearly
made
built
Only
orders
-
with
$27
was
Steel
week
the largest increase
March
rose
the
ex¬
of
fairly
and
Year-Ago
for
in
automotive. But this could change
of scrap, a., steehnaking
material, held firm last week. Sharply within the next six weeks.
For one thing, in spite of the
Steel's composite on No. 1 heavy
Past
the? Sept.
was
the
week
employment. There will be
accompanying,
of
This long awaited fall week-to-
was
will
share
in
Ad¬
prior week.
continued decline both
a
numbers
2.7
govern¬
manufacturing
in
agriculture
drop;
in
It
output
significantly, while
proportion
will
9.1
+
against 1,804,000 tons
as
(*95.3%)
percentage
and
industries
production
week.
share of the employed labor force
in
gradually
point
000
weekly acknowledges the upward
trend has been slower than hoped
ca¬
Auto requirements are noticeably
(*100%)
structure
The
economy.
+
Output
ended Sept. 21 was
subscribers.
the
in
6.7
Above
improvement
-
The
filling holes in their inventories.
stitute,
projections reflect certain
marked
+
the American Iron and Steel In¬
in
to
series
8.6%
unofficial
According to data compiled by
non-
located
The Center in its report
4.0
Weeks of Consecutive Rises
Is
tion.
by
up
the same time
t
that began in July and has inched
Operations will
tive Compared to 1962 Period
and offers
C.
D.
+
Out
of
rate
the
when
year,
models compared with about 360,-
This accounts for the continued
week,
in
made
models
already
level in line with steel
a
two
with
compared
and
last
gaining
units
Ward's estimated the* industry has
worked
"Prices
the
%
940,933
Sharpest
in-
some
be
schedules
113,107
cars
of
Backed
56.8% in the week ended;Aug. 17;; inventory picture continues to be
+21.5
Against 11.7% for Year's Cumula¬
capital
nonprofit,
a
organization
political
the
Is
And
(un¬
consumption allowances).
r
cen¬
623,883
Steel
to
estimated upward with little
having:
risen
the year's
low
from
still
are
consumption.
for
week
Steel
of
60%
there
problems
history.-
output
September yielded 470,398 cars.
re¬
off, demand is gradually return¬
this
14.
magazine
raw
1962
640,589
3.3%
vance
corporate
pacity,
I
year;
Sept.
hear
were
(000s omitted)
1,026,203
Kansas
that
141,972
beginning to take
Age
ago
new
While
industry poured in the week
ending
$33,865,-
for
Iron
ventory
Continues
Output
weeks
ported.
average
on
1957-59.
consecutive >
tons
be
$22,431,356 $18,460,909
1,538,615
1,480,184
1,335,000
1,251,000
Boston
a
*75%
the
of
summary
Average family income at $9,300,
based
effect,
Output Will exceed the 1,804,000
week in 1962.
1963
York
96.8
in
years
fixed
from
week
a
however,
by close of the month
24.0%
Upward Trend
of
terms
last week at 140,274 units,
The underlying strength in the
110
magazine said, Sept. 23. +
year.
totals
same
for
Steel
melting
Chicago—.
Philadelphia
last year;
bracket
that
those
against
comparative
Sept. 21—
receive yearly incomesas
preliminary
Week End.
New
$6,000,
production
sixth
<
ingot
weekly clear¬
above
ters follows:
*65% of the nation's families may
than
obtain
13.3%
sbme of the principal money
more
million
38
'
on
In
buildup,
all
lead
Ward's
'
„•
Market
"
it is
'
than in 1962;
—
Saturday,
corresponding week last
Our
population at
than
*
to
$38,372,377,837
331,783 for the
increase over 1962;
*Total
ended
States for which
were
Our
now:
*A 1973 GNP exceeding $900 bil¬
week
the United
The 1963 edition of the Center's
National
the
1964 output
will
of
entire
peak for the
a
1950.
"new-model"
con¬
for
expected
since
month
as
signs
no
units
September will be
Seasonal Factors Keep Steel
102
100.0
production
crease
cities of the country, indicate that
to absorb an ex¬
as
show
.
The nation's steel mills will in¬ ing to
tele¬
upon
from
production
income, sales of
goods
ture.
Upward
for
well
as
of
Weekly
year
pected 15 million net addition to
4%,
industrial
500,000
high
a
letting,up in the foreseeable fu¬
latest
forged ahead of
rate by the Chronicle, based
unemployment
industry
13.3%
Preliminary figures compiled
ago.
opportunities
in
With
high levels of employment
sumer
108
'
111
weekly production
provide suf¬
employment
cut
the
114
104
Total
Surge
Above 1962 Week's Volume
If. this rate of growth is attained
during
Louis
Southern
Clearings
Thursday, September 26, 1963
.
side, the out¬
bright.
steel market is
than
more
j.
Western
Projections estimated U. S. gross
.
141
102
Pittsburgh
Youngstown
St.
Washington.
of
as
82
Buffalo
Cleveland
National
consumer
also
and personal
90
:
Chicago
Failures
Commodity Price Index
The
level
well
Week Ending
Auto Production
Business
is
Production for
Index
District—
TRADE and INDUSTRY
the
look
Carloadings
Food
On
July, and 7.1 million in August,
1962.
.
an+increase of* 27 cars above
in
1962,
im¬
the correspond ihg week ' in 1961.
means:
provement in the order .rate in.
v TbrtHni ies ■
generated; by. c^r(1) v Steel -suppliers- willcoffer,
•September has Alndt^cbhie £ up /to.
lbadiilis" In thb week endedfSept.
a wide range of
design,i metallur^ expectations.; Ift fact, some of
;tl)0 14, 1963; -" are. estimated at. apgical,
engineering,
and /^ifrer gains in steel production are due
>prbximately.i 12V7>. billion, drt'. in¬
forms of technical assistance.'
+
Ho mills building- up their own
crease
of 6:1%' over, the - corre-.
ing. It
..
.
;
•
cautions
far
so
economy's ■;} successful
while" living
tb
up
last
quarter bullish expectations.
.;
"
adaptation
in
such
to
fields
significant
as
manpower
technology demands
of
a
arid
spending
sumers,
by
more
designed
seekers
the
nation's
for
and
lowest
29,
prepare
changing
job
The
current
edition
tion
the Na¬
tional Economic Projections Series
will
be
discussed
at
the
and
Center's
and
was
latest
was
22-
chance
statement
nearly
Jan.
In
of
1-Sent.
is
22,
with
net
11.7%
1
and
,
cumulative
with
index
last
total
of
115.2%
(1957-59-100).
August's
million tons
output
as
was
about
new
against 8.7 million
handle) rush spondihji^ee&xbtH962v <^dH0.2 %
can
of
said
duction
month
ter.
that
are
is
-
of
ordered
ordering. It's
that, irom
month's
a
"after
month. Mills
are
to
is
tonnage
start
the
35
now
of
the
anticipating
this in scheduling production.
showing
Peak
September Car Output
Paced by New
a
up
to
a
/
auto
auto
be
fast,
a
Roaring toward
The
as¬
pro¬
and
record
record quar¬
in
Models
13-year high
a
September volume, U. S. auto
makers
again
increments
duction,
last
into
Ward's
week
1964
worked
model
Automotive
pro¬
Re¬
said some
reported
loaded with bne ^r more revenue
highway trailers or highway con¬
(piggyback)
tainers
ended
1963
Sept. 7,
in
that
This
was
included
in the week
(which were
week's
an
over-all
increase
of
above the
corresponding week of 1962 and
4,144 cars or 42.3%
above the
1,925
cars
1961
16.0%
week.
or
Cumulative
for
the
totaled
crease
ports, said.
The statistical agency
"h; There were 13,945 cars
total).
Up
segments
from
winding
likely
estimated
H6tUrn
a
"
come
leading off
;solve
40%
uptrend.
September
is
of the trend to late
now
^
most
production
semblies.
will*
be developed.
Sales Hold
metalworking
big push will
This is in Yespbnse to
worth¬
a
1961.A'+
over
'
alloys
to
■
problems—if
Consumer
Steel
special
composites
,
while market
October
7.8
steel "to
of
orders.
delivery
are more
formulate
customer
above
115.6%, tb% week's tally faltered
at
to
strong
comparison
'stocks
better
a
their
(3) Steelmakers
ing
tons
1962 produc¬
stand;
having
.
73,016,000 net tons.
the
week's
period
81,558.000
which
Jan.
of
pleas heard—and acted upon.; +A
9%
output of
since
year-ago
of
(2Xv Customers
the
July
since
castings
the
(*115.2%)
singled out
of
The
output
total
a
the
taining the projected growth.
output
cumulative total
ingots
manpower-
are
equal
was
above that for the
year-ago week.
principal requirements for ob¬
The
1963.
topped
poli¬
output
production
week's
:
con¬
public
intensive
to
skill requirements
as
aggregate
businesses,
bodies, and
cies
support
weekly
age
high order
responsibility in the actions of
to
week's
to the 1957-59 base period's savejv
business, labor, and government."
Policies
.
Last
changes
first
piggyback loadings
36 weeks
of 1963
540,381
of
63,531
cars
for
cars
Crmtinnorl
nil
in¬
13.3%
an
or
rxICIP.
30
'
Volume
198
Number
6302
.
The
.
.
Commercial and Financial Chronicle
(1205)
rector
FROM WASHINGTON
and member of the finance
committee
Refining
CARLISLE
oS
Commbnwealth
Inc.,
and
a
of
MIDEC, S. A., The
Hague, and Handelsfinanz, A. G.,
Ahead of the NewsBY
of
Company,
director
...
Zurich.
in
is
considerable
whether
to
water's
vote
nuclear
test
Gold-
Senator
against
ban
limited
the
treaty will hurt
him in the growing movement in
his
behalf
for
the
The
Kennedy
Senator
Goldwater
become
nominee
main,
attack
the
should
—
GOP
he
presidential
against
treaty vote.
the
Senator's
Indeed, there
antiA. C.
seems
make
that
his
put him
anti-treaty
out of the
One of these
water
treaty.
he
as
The
"The Gold-
the
fight for world
about
the
His speech in the Senate
the
negotiation
chief
does
of
can
600,000
of
625
today,
to
looks
it
munist
with
claims
though
Com¬
of
play
fered
lessening world
ceased—at
former President Eisenhower still
opposed to the Arizona Sen¬
more
old
least
saber
much
smiles.
He
If
is
this
view
that
aroused
affect
the
another.
tion
the
situation
one
There will be
in
armament
to believe
for
year
or
way
issue
reduc¬
no
be lessened, the country will still
thinking of
pro-Goldwater
and
effect of "a no" vote
treaty
is
found
fact
Senators
fingers crossed.
who
will
Indeed,
supporters
have
Overby,
director
to
up
it and
member
States.
I
Further,
the
the
If
""
.
things
as
Goldwater
decisive.
'
■
will
not
to
assertion
that
his
is
think¬
ing only of the good of the
coun¬
treaty, and not of personal politi¬
cal gain, will, it is urged, do him
harm.
On the other
Senator's
for
willingness
his
sentiment
to
that
s
with
ban
of peace,
vote
for
Senator
Mr.
*
Andrew N.
Overby
of
this 'does
not
of
a
Goldwater
will not make as much
his
Gov.
New
vote
Nelson
against
A.
how¬
oppon¬
nomination
as
possible
the
treaty.
Rockefeller
undeclared
GOP
declared
of
candidate
nomination, already
for
Bank
ratification.
Of
S
ec
velopment,
and
as
Mr.
Trust
1930
with
Company,
not
be
joined
in
his
opposition to the treaty by any of
the
Republican
party
leaders
the Senate.
of
Las
Vegas,
Las
& Loan
Vegas,
which
convenient savings in¬
a
through: •issuance
of
in¬
certificates,
and
real
estate financing by lending money,
on the security of first
mortgages
first trust
deeds, for purchas¬
constructing, refinancing or
improving residential and com¬
ing,
property.
First
owns
The
company
Title
Insurance
Co., Las Vegas, which is engaged
Bank Stocks
move
rates.
and
Nevada
which
operates
Nevada
10
has
and
cation for
of
Bank
Commerce
branches
filed
in
appli¬
an
branch in Las Vegas.
a
The company also operates an in¬
surance
agency and a general real
estate agency.
leave
a
Special
Secretary
of
De¬
of
career
in
Irving
to
1946,
join
he
was
absence
Assistant
the
to
Treasury
to
the
in
Dudley
A.
Anderson
department
Pollak
&
Street,
is
of
the
to
U.
1949.
April
S.
the-rank
General
From
Lieutenant
Staff
Chairman
Colonel,
Corps.
of
the
York
30
1962
a
Reserve
of
In¬
the
In¬
Association
and
of
member
Bank's
of
York
He
Money Market.
made
was
towards
higher
interest
principally for the
have been made
not
is only one cloud
in the
face
of
reason
poor
eco¬
dwindling gold supply, rising debt,
a
prosperity with
not
result
Corporations
that
Corporate treasurers
lie idle in the
are
the
earnings.
the horizon which is the trend
on
business deposits.
or
substantial.
corporate
are
not
interest
pay
on
enjoying
cash
sult has been the
balances
a
of time.
This trend
stated rate for
or
is well illustrated
are
Therefore, if the banks
these
deposits they
Certificate of Deposit which
will pay
of
years
inclined to let this cash
banks, but rather invest it.
willing to
are
find their
into the Treasury market through bill investment.
way
means
The
that
re¬
bank
a
a
corporate deposit for a stated period
transfer of deposits to the "time"
category
by the figures of deposit growth in the banks.
The bulk of this rapid growth has occurred
in the savings area in
the past 18 months.
In
spite of the rates commercial banks will
deposits,
and
the
trend
towards
customer is moving from
in
some
higher
the banks.
rowing by the customers is
for corporate
pay
rates, the big
corporate
Much of the short term bor¬
longer necessary and in addition,
are becoming the holders of
paper—thereby competing with the banks.
no
instances, large corporations
vshort term
Although the earnings trend for banks is expected to be fa¬
as indicated
above, there is this one problem which may
retard earnings growth.
Those banks in the major commercial
vorable
such
as
best
New
institutions
well established
York
which
and
are
services
Chicago
geared
to
suffer
may
the
the
individual
most.
and
which cater to the individual
are
have
in
the
position to benefit from the interest rate rise. Those banks
branch state-wide and have the experience of
which may
oper¬
ating in the customer
rising interest rates.
area
The
will
table
fare
the
best
below shows
this
over
the
most
ward
move of rates and
also reflects the fact that
have been at higher levels in the immediate
past.
as¬
1955
period of
recent
interest
Thereby
up¬
rates
a
re¬
higher rates should not prompt legislators to action unfa¬
on
Broad
E.
Jennison,
director
institu¬
of
tional research. Mr. Anderson
formerly
with
the
was
Institutional
Department of Laird &
Company, Corp., as
Mr.
years
Anderson
a
Vice-Presi¬
has
of experience
had
in
the
of
is
anal¬
ysis of securities of the electricalelectronic
equipment
and
office
equipment industries. He will also
serve
at
Auerbach,
Richardson
as
a
Pollak
&
coordinator of
ex¬
panded institutional services and
near
fu¬
ture, Mr. Jennison said.
of
Steiner, Rouse Branch
the
Steiner, Rouse & Co. have opened
Foreign
the
many
New
a
di-
a
branch
St.,
New
office
at
York
City,
55
West
under
management of Harry Rosen.
47th
the
20-Ycar
.')0-Day
Municipal
Bonds
Bill Rate
1.93%
_
2.00%
3.47%
2.73%
IV2
3.36
2.58
--. -
_
1957___.
1958
.
.
1959—.
1962
Long V. S.
Treasury
Average
Business Loans
N. Y. City Banks
-
1956
Mr.
1963,
Exchange Committee
move
Board
bank
There
commercial
re¬
City, members
contacts planned for the
Foreign
Committee
Overby is also
Federal
October,
1946, he served in
Army, separating with
of
Reserve
favorable economy are going to
push interest rates further
and, at some point, bank action in terms of
higher rates will occur.
In the meantime the income from
the banks' investment portfolio
is on the rise which is favorable for
1953
Auerbach,
Richardson,
New
now
the institutional
search
Monetary
Fund in 1947 and Deputy
Manag¬
ing
Director
of
the
Fund
in
1942
Federal
a
1954
dent.
States Executive Director
February,
the
Bank Rate
Auerbach, Pollak
United
International
The bulk of total debt in the
Rediscount
Research
the
pre¬
Treasury
vorable to the money market or bank
earnings.
Anderson Joins
charge of international monetary
and financial affairs, and became
of
by
Obviously the factors of
and
turn to
sociated with
the
of
The
S.
charge.
1961
In
upwards.
conditions.
On top of these factors we are faced
with a
sizable federal deficit which will add to
the supply of debt in our
money system and this alone should force interest
rates higher.
The only mitigating factor
may be a tax cut. However, any action
such as this could be
inflationary and probably call for action to
raise rates. In
time, this should be reflected in loan rates banks
York
1942.
been
nomic
1960
in
has
helped readjust the
indicated, it would
centers
property;
DEPOSITS
rates
long-term Federal debt.
Although the
Those
real
BANK
interest
precipitated
a
in the business of abstracting and
to
AND
of
United States is that of the U. S.
Treasury, therefore this market
is not only the bellwether of
interest rates but also affects interest
rates on other securities. The
obvious result will be the
readjust¬
ment of other
rates—including mortgage and bank loaning rates.
Interest rates are the reflection of
the economic status of the
country.
In periods of full employment and
favorable business
conditions interest rates tend to rise. In
periods of economic con¬
traction the opposite tends to occur.
The present state of our
economy is strong. In addition, the outflow of
gold has
insuring
titles
trend
the
on
Exchange,
Bankers
will
company's
rates
of the New York Stock
in
water
i
refunding and advance refunding operations by the U.
have lengthened the
Treasury's debt and have
it has been announced by Richard
America
has
and
leaving
vestment
one
the
recent
the Federal Reserve Bank of New
—and
Senator Gold-
nr
Rate
Council
Overby began his
banking in
price of $38.-
a
of
1957,
member
a
stock (equal
of the
y
National
Security
Planning Board.
vestment
"possibilities"—n
a r
the
all the other potential candidates
opposed the treaty.
ret
for Reconstruction
granted
York, who today is the most
outspoken
the
Overby
Treasury, United States Executive
Director/ of
the
International
become
mean,
that the Republican
ever,
Assistant
as
Gold-
peace."
in
1957,
served from
He says
treaty is merely creating "an
ents
has
and
to
First
March,
aid
for peace but that the test-
All
for
d
it is expe¬
the treaty,
expediency
illusion
of
a n
public
water has denied himself.
he is
t
strong for anything
so
that smacks
hand, the
to
convictions may
Undoubtedly,
dient
Chairman
Boston
do—
try in casting a vote against the
firm
J.
g,
Also, Senator Goldwater's January, 1952 to February,
months.
him.
i 1
e r
m
joining
—perhaps forgotten in the coming
no
E
Prior
be
ripple
was
and President.
^t will have it. And the Goldwater
vote will make only a small
it
11 b
a
the
243,038
vestment medium for savings ac¬
or
of
corpora¬
Jr.,
"
desires
appears
of
Executive
by
stand,
country
treaty—as it
<4*^
now
vote
the
'"-V
provides
also
P
for
of First Western Savings
announced
military security of the United
and
of
all of the capital stock
owns
mercial
the
ac¬
issued
stock
South,
Association,
First
Committee
treaty will
against the maintenance
militate
of
live
that
the
common
Blvd.,
counts
tion
will
fears
of
exchange
vestment
Russians
the
stock.
Vegas
City, has been elected
the
from
company
capital
share
Bostbn Corporation, 20 Broad St.,
been
Sept.
The company, located at 112 Las
The
the
1
shares being
the
split-up), at
per
New York
a
for
486,076 shares after the 2 for 1
80
Vice-Presi¬
of
ringed about with doubts that the
with
in
Nev.,
N.
proceeds
1963,
shares of its
Exec. Com. By
and
2
a
distributed
150,000
99.3%
Bank
Overby Elected to
of
some
Aug.
stock
the speeches and statements made
treaty
weapon
to
dent
net
the
quired
in the Democratic arsenal.
Andrew
in
of
outstanding
First Boston Corp.
vote for the treaty will do so with
by
so
the test-
that many of the Republican and
Democratic
In
peace
the
on
to
being of¬
in the Nevada Bank of Commerce.
anti-
Goldwater Republicans about the
ban
powerful
a
the
selling
by the company, approxi¬
mately $1,200,000 will be invested
the alert.
on
A main point in the
both
will be
they will do
more—the
or
by
for
sold
re¬
duced, and while the tension will
have to live
a
the
sale
expenditures,
forces abroad will not be
our
reason
to
treaty has
interest
enough
effect
split-up
Of
pretty
attitude
nomination, but not much continues for another year, if the
stronger than they already were Russians live up to the test-ban
in opposition to him." It ~ is this treaty — and there seems every
writer's
gives
stock
ator's
not
450,000
23, 1963.
temporarily—his
rattling.
all
offered,
sold
The number of shares
tensions. Premier Khrushchev has
prefer to follow the leadership of
of
First
stockholders.
along
will make other Republicans who
of
Corp., at $22.-
being
and
as
an¬
offering
Of the shares
are
company
As of
will
idea
150,000
in
peace.
as
Russia
the
leadership
has
shares
Financial
share.
a
public
common
Western
this test-ban treaty will be one of
his
a
supporters—many Of them
—believe
re-election.
leading
latter, and
put it this way:
one,
vote
running.
he
as
underwriter,
the
nounced
"peace issue" in his campaign for
much
Allyn & Co., New York,
managing
presidency. little doubt that the President will
as
;
Stock Offered
will be leveled in the
—
against his nomination very much
will
•
This Week
INTEREST RATES
The
Financial Corp.
against
Some of the Republicans who are
doubt
OnP/^/^TZO
JL
BARGERON
speculation
political Washington these days
as
BANK AND INSURANCE
•
-
First Western
There
17
.
_
.
.
.95
Bonds
2.55%
2.35
21/2
3.48
2.95
1%
2.59
3.00
4.04
3V4
3.32
2.66-
3.00
4.47
3.22
3.27
2.98
2.50
4.12
3.90
1.84
3.33
4.00
4.83
4.56
3.41
3.83
3.00
4.97
3.92
2.93
3.37
3.00
4.77
4.13
2.38
3.53
3.00
4.85
3.89
2.80
3.14
31/2
4.87
4.06
3.40
3.32
Sept.
1963
-
The Commercial and Financial Chronicle
18
for-Long-Term Investment Opportunities
Canada: A-Durable Haven
market purchases,
result of the
a
as
projected 15% tax, may make Canadian import¬
ing more difficult to finance, and may well lead
to exchange controls or actual restriction of im¬
ports; oiyi at the worst, a further devaluation of
the Canadian dollar. We certainly hope that this
rejected by Congress. The soundness of
ments voiced against this unfortunate
the argu¬
proposal
by* responsible representatives of the-U. S. busi¬
and
ness
should
community
financial
ignored by the law-makers.
a
disgorge
result of
a
figure should exceed -5%. Motor production is
above 530,000 cars in 1963, and building construc¬
provinces has been well main¬
tained.
Impressive urban renewal projects are
going forward in Montreal, Winnipeg, Toronto,
St. Johns, Edmonton and Vancouver.
.
Investment
Utilizing Natural Resources
posed is offset in the discount; and choice values
promising speculations are now available in
a wide assortment. The pipelines, oil and gas, led
; and
was
Markets
In
over
iron
Labrador
and
has gone on
six million shares/After
new
of
Shawinigan and Gatineau has proceeded on
disquieting this public owner¬
ship may be to Americans, it must be said that
share prices offered to private holders in due
course,
not
under
a climate
basically
foreign investors. The 15% penaliza¬
tion of American investors follows, by a
pecul¬
iarly percentage coincidence, the 15% tax on
dividends imposed earlier by Canadians. Neither
in the
long run* will shut off the needful flow of
expansion capital into Canada. That country re¬
mains one of the brightest long-term havens for
foreign capital in the Free World and, as good
neighbors,;
accelerate
daily,
moved but little from the 600
Institutional
investors
have,
the
and
posted
in
on
the
main,
CANADIAN
■
.f
.
C.
»
index
that day.
sus¬
in
1962
amounted to
>»..
.
our
favorite
for
north
a
neighbor
rewarding shopping
St. Lawrence, by
of the
on
end.
OPPORTUNITIES IN CANADA
Canadian
Our facilities
affiliate,
all times to
can
industrial
the
investors
in
be of valuable assistance to those interested
development of Canada and of benefit to
selecting suitable investments through which to
participate in Canada's assured growth.
available
Nesbitt, Thomson and Company,
Banks, Trust Companies
Limited
and other Institutional investors.
Members of
The Investment
Dealers'
Association
of
Canada
Head Office: 355 St. James Street W., Montreal
Branches in the
principal Cities of Canada
Nesbitt, Thomson & Co.
Members Montreal Stock
>7-
14
WALL-STREET, NEW YORK 5, TELEPHONE Dlgby 9-2850
Exchange
Canadian
,
Stock
—
Toronto Stock Exchange
Exchange
,
Nesbitt, Thomson and Company, Inc.
affiliate ul
MON'RLAL
MTDICINF
•
1
HAT
60
established 1857
INVESTMENT
•
SASKA TOO
JAW
VICTORIA
SWIFT
LEAMINGTON
Street, New York 4, N. Y.
•
PRINCE
GEORGE
LETHBRIDGE
Direct wire connections between
CURRENT
New
KITCHENER
Broad
DEALE!
EDMON I ON
MOO Si.
LONDON.
ENGLANl
to
income-minded
»
James Richardson & Sons, are
at
as
Meanwhile,
SECURITIES...
\
comprehensive research facilities
our
markets
for decades
in
of
in
formulas
at
reviewing the appended list of Canadian com¬
panies that have earned and paid cash dividends
$147 million.
I
The
tour
China, which business
over
customer.
investors may prepare
appreciated in certain quarters, is the export
of Canadian wheat to Red
best
and
of
less
shares
the
duly arrive
supply of American capital as will
economic fulfillment of Canada,
and continue that nation
foreign trade. Also, large scale and helpful, but
million
will
we
facilitate such
of manufactured goods have
2V2
3
in Cuba.
things considered, it appears that Canada,
the Pearson leadership, continues its for¬
attractive to
asbestos plant
doubled since 1956, and now account for 15%
as
ward motion and has retained
Quebec
July 18, however, trading dwindled in Toronto to
to
as
All
adequate and compensatory and
in Mexico or Brazil or confisca¬
appear
punitive
tory
stream in Newfoundland.
Canadian exports
have been mentioned.
schedule. However
has moved massively ahead.
has a $118 million expansion pro¬
$20 million enlargement. A
its
facilities in Cana¬
da, The British* Columbia Power purchase was
revalued in the courts, but the Quebec take-over
in the works and Dominion Iron and Steel
gram
a
steel, production in the
continues
—In the socialization of power
region
Hamilton Steel
Exchange index stood at 646 and trading
at the rate of
ores
by Trans-Canada are steadily increasing their
'throughputs, - with a corresponding uptrend in
profits. Firming and rising world prices for lead,
copper and zinc are favorable omens to such as
Consolidated
Mining, Noranda, Mclntyre and
Dome. The zeal of big integrated oil companies to
pin down substantial stores of future reserves
has animated market action in smaller explora¬
tion and production companies, such as Scurry
Rainbow. Ahead lie the profitable probing of the
Athabasca tar sands by a series of big companies,
the most recent entrants being 'Shell Canada,
Socony Mobil and Pan American. Oil exploration
and drilling operations in West Canada have ex¬
panded significantly in the past six months. In¬
ternational demand for forest products continues
and sales of Canadian newsprint are in a con¬
tinuous upward trend.
Since the 15% unpleasantness of July 18, re¬
sulting from President Kennedy's announcement,
there has been a significant back tracking in the
Canadian investment markets. On June 13, the
Toronto
than
market,
American investors.
Canadian economy has been
trade surplus in July, and
January to July's trade balance was the first
favorable one in 10 years. Tn this seven month
period, excess of exports over imports amounted
to $138 million. Gross national: product in 1963
is moving along at an all time per year high of
better than $41 billion; and unemployment has
now fallen to below
6% of the labor force, the
lowest percentage in more than two years. (The
figure was 7% in 1961.) For 1962 Gross National
Product increased by 8%; and this year, even
with all the turmoil, the rate of increase in. this
tion in most of the
there
may
soon
Canadian
Employment
quite buffeted about in the last year and a half—
but it has been weathering the buffeting magnifi¬
cently. Canada had
has
Actually, with the Canadian dollar at 92 cents,
more than half of the
15% investment tax im¬
the incidence of the foregoing
financial devices, the
neither
be, (attractive bargains in the
offered at prices1 that more
offset the 15% purchase penalty imposed on
or
are,
■
be
not
equities,
Canadian
exploration
and development in
exciting forward motion.
Pine Point, with copper and lead in profusion
is getting closer to production, and gold mines are
getting more active and profitable, stimulated by
the advantage of the discount dollar and high
hopes for a dramatic new gold price some day,
as the
yellow metal reserves of the United States
dwindle1 month by month. Nova Scotia, famous
earlier for coal is now animated by energetic
probings for lead, silver, and zinc, over several
hundred square miles quite near to year-round
ocean
^shipping. Here such sophisticated com¬
panies as Gunnar, Phelps Dodge, Dresser Indus¬
tries, New Jersey Zinc have exploration programs
and contracts under way. Mineralized areas em¬
bracing over 50 million tons of commercial grade
Canada
been any rush to buy them even at lower levels.
The flagging of these markets suggests that there
1
Improving Trade Balance and
As
•
proposal will, in due course, be
troublesome! tax
Mineral
pended their Canadian purchases, and many re¬
spected investment services in the U. S. have
recommended against current buying of Canadian
securities. There has appeared no stampede to
1
Continued from page
Ganadian
Thursday, September 26, 1963
...
.
(1206)
York, Montreal, Toronto, Ottawa, Hamilton, Kitchener,
London
(Ont.), Winnipeg, Calgary and Vancouver
*
Volume
Number
198
The
6302
Commercial and Financial Chronicle
(1207)
TABLE
I
Cash Divs.
Approx.
Including
No. Con:
•
■A
secutive
■'
X•
X^.-„
■;
•*.
.•.
Quota-
Based dn
12 Mos. to
tion
Paymts. to
'■
•
l;
>
CANADIAN
—
J___
duces
DIVIDENDS
Auto
XA-X
Been
Paid
cies
Including
% Yield
Extras for
Divs. Paid
&
tion
28,
Based
on
t<>634
allied
and
General
Shoe
distributes
and
through
Largest
the
of
in
S.
al4
0.8
oil
pipe
line
in
*0.60
28%
20
*0.65
$
and
allied
&
18
2.00
35%
products
Anglo-Newfoundland
5.6
Newsprint
and
mining
allied
cities
with
in
0.50
8.15
Petroleum
1.60
8%
35%
4.5
plant
Co.
2.20
83
4.0
Canada
69%
factories
Malt
28, 1963 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of June 28, 1963.
♦
Dividend paid in U. S. currency,
t Inactive issue; doesn't trade.
|
♦
1.8
13
1.00
16%
6.0
1.49
b43 %
3.4
19
1.00
22
4.5
36
2.50
88
2.8
28
1.75
60%
2.9
L 108
Full
of
2.50
2.15
largest foil
b59
1.00
78%
2.7
4.2
1.05
converting
brewing
&
27%
34%
of
3.6
A
■
Ltd., "B"
packinghouse
Permanent
prods.
Mortgage
-
first
on
_
mortgage
debentures,
security,
accepts deposits
3.0
and
passenger
C.
Ltd.
1.80
52
3.5
include
,.
XX
Canada
which
21
vessels:
interests
diverse
hotels
Wire
.
and
Cable
25
nnd
steel
wires
and
0.60
13%
4.4"
19
0.38
10%
3.7
ropes
in
Western
Canadian Breweries Ltd;, new
Canada
milling
Oct.
26.
♦
1962
issue;
doesn't
A
trade.
A
co.—bieWnig
interests
grain
anu
Quota'iors represent June 28, 1963 sale prices or the last sale
prict
prior to that date. Bid and ask quotations are as of June 28, 1963
b Bid.
Ask.
b Bid.
Continued
McLeod,Youhg,Weir & Company
on
page
you steer
LIMITED
Members:
tax
/■
The Investment Dealers' Association
problems
of Canada
If you
Government, Municipal and
a
businessman with interests in
should be familiar with Cana¬
dian taxation
laws.
Knowing the facts
taxes that affect
your
to
Stock orders executed
on
all
Exchanges
help
you
make profitable decisions. The
clearly defined in
free booklet offered to
you
of Nova
Scotia.
It's called
Head Office
50 KING STREET
Kitchener
Winnipeg
Quebec
Business Guide—the
WEST, TORONTO
London
Sherbrooke
Vancouver
Windsor
the memorandum
Hamilton
Edmonton
Calgary
New York
on
new
by The Bank
The
Canadian
revised edition of
Income Taxes. Just fill
in and mail the coupon to receive
your
copy
on
interests will do much
information you need is
a
l>——v
OQ
you
are
Canada,
Corporation Securities
Ottawa
The Bank of Nova Scotia, Business
44
free
Development Dept.,
King Street W., Toronto 1, Canada.
Gentlemen:
of this helpful Scotiabank booklet.
Please send
me a
free copy of your
newly-revised booklet
—Canadian Business Guide.
Name.
Affdiate:
McLeod,Young, Weir,
INCORPORATED
BRNK
CHASE MANHATTAN
Telephone WHitehall 4-1770
PLAZA
•
NEW YORK
Teletype 212-571-0295
Address-
Company Name-
THE BRNK OF NOVO 5C0TIR
New York
1
| '
Co.
"B"
Copper
v
■
Canada Steamship Lines, Ltd.
BRNK
Montreal
1
distilling
XX
Corp,
/
12
kinds
Foundries, Ltd._
the
line
Lends
54
of
all
Malting Co., Ltd.
Canada
rev¬
B.
manufacture
Canada Packers
refining,
Ltd.
in
industries
Quotations represent June 28. 1963 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of June 28, 1963.
t Inactive
a
1
b Bid.
5%
and "
Canada
for
Holding
Ask.
3.3
inteyests
5.2
5.3
cane sugar
refinery with
capacity of 500 tons daily. Through
operates 4 sugar beet
Quotations represent June
a
28%
0.10
subsidiaries
interests
♦
0.95
20
Sugar
wholesaler
-
flooring
Iron
Canada
a53
operates
3.4
products;
3.0
Holding and operating company—
machinery & equipment
items
9.9.6%
Co.
37
.
551/4
Can
bonds,
holds
1.10
refining
sugar
cake
and
In
Freight
Refining
14
Canada Foils, Ltd.
Note
similar
beet
Specializes
hardwood
other
Sugar
2.9
Canada Flooring Co., Ltd. "B"
$
branches
production,
15%
Mines
Dominion
and
Oldest
Sugar Refinery Ltd
Holding
0.30
$
and
central
notes,
0.45
15
Lake
cement
and
Bread
2.6
system
Bank
and
0.5
Ltd.
Cane
3.0
distribution
6.1
B. C.
19
b80
5.00
33
29
bank
stamps
19%
rights
retailer
British American Oil Co. Ltd.
Devel¬
opment Co., Ltd. "Ord."
2.10
20
building
American
0.10
Corp.,
drilling
producer
&
Issues
.V
24
721/2
Quebec
construction
6.7
33
gas
Red
Portland
supplies
telephone
general
7.50
Canada Bread Co., Ltd.
11
Co. Ltd
operating co.—chiefly J
Can.
gold mining
In
in
several
enue
3.4
:i
2.80
British
Colom-
Anglo-Huronian Ltd.
Interests
Canada
15
Makes
Newsprint
in
0.50
Engaged
$
71
Canada
and
0.50
project
Cement Co., Ltd
Co.,
2.30
30
2.2
A.
Holding
important
Ontario
16
12
dredging
Edmonton
and
gold
Canada
Telephone Co. of Canada
road
Ltd.
2.45
building supply retailer,
in
3.4
sub-
Merj's fur, felt and wool felt hats
Bird Construction Co. Ltd.__
in
Corp.,
131
and
printers'
26%
Alberta
Canada
Biltmore Hats Ltd
aluminum
Anglo-Canadian Pulp and
Paper Mills, Ltd
also
0.12
shoes
world
National
Operates
bia,
Bell
Most
25
producer
in
ingot
0.9
store retail chain
145
and
0.90
and
Ltd.
3.2
branches in the Prov¬
19
branches
271
671/2
Quebec
Lumber &
4.5
Stores,
Aluminium Ltd
Andian
44
t>39
0.35
29
Makes
.
2.00
20
Ltd.
>'
15
fiduciary business
Agnew-Surpass
of
37
27
oil
Ontario
Beaver Lumber Co. Ltd
products
2.15
agen¬
Barber-Ellis of Canada, Ltd._
Ltd.
Newsprint
in
world
branches
5.0
&
world
the
b8
Dredging, Ltd.
&
Leases
automo¬
and
branches
0.40
Guinea
Campbell
the
17
Ltd.
82
598
Stationery
Administration & Trust Co.__
5.2
185
branches
633
Operates
ince
—
4.75
Canadienne
1963
Canadian $
of.
J
.2.20
•■
flooring
gold
a
New
Calgary
Banque d'Economv de Quebec
Paper Co.,
0.25
in
equipment.
887
Operates
June 28,
5.6
1963
n
Bulolo Gold
Nationale
Paymts. to
June 28,
1063
—
Power
Quota-
12 Mos. to
3.55
roofing,
Insula tic
pack¬
carburetors
throughout
Banque
Abitibi
&
Bank of Nova Scotia
Approx.
0.20
Asphalt
4.7
19634
Canadian $ —
pro¬
producer
throughout
offices
June
23
grades
0.80
17
1963
4.0
(Stanley) Ltd. "B"
Laundry supplies, hardware,
plumbing supplies, etc. / :
x
on
Paymts. to
June 28,
June 28,
55%
Building Products Ltd.
&
Montreal
of
Operates
Cash Divs.
7%
3.8
13
.___.
cane
distributors
Operates
secutive
busi¬
,A§
X
Based
tion
28,
48
largest
privately
owned
telephone system in Canada
Operates
gold
auxiliary
No. Con-
more
electrical
Bank
Years Cash
retail
new
tive
10 to 135 Years
0.27
Quota-
Telephone
Second
17
sugar
or
Service
From
5.9
Electric Service Co.
Ltd.
Have
27
Columbia
Co. "Ord."
Brock
Aunor Gold Mines Ltd
Ontario
/XAA-'-X
A
1.60
British
hardware
general
raw
50
1.9
Co., Ltd.,
and
June
—
11%
of sugar
ages
CASH
Divs. Paid
—
0.22%
asbestos fibre
Atlantic Sugar Ltd
On Which
CONSECUTIVE
of
wholesale
in
ness
Canadian $
Years Cash
1963
% Yield
Extras for
12 Mos. to
secutive
&
H.,. "B"
Refines
1963 ♦
Approx.
Including
No. Con-
28,
26
Mining & milling
Ashdown Hardware
Common Stocks
June
17
Asbestos Corp., Ltd.
Large
June 28,
26
co.—manufacturing
merchandising interests
J.
28,
1963
.
in vestment
(Listed and Unlisted)
June
Divs. Paid
Argus Corp., Ltd.,
Cash Divs.
% Yield
Extras for
Years Cash
19
Position
Agency: 37 Wall Street.
Chicago Representative: Board of Trade Bldg.
Representative: 611 Wilshire Blvd.
Los Angeles
Houston Representative: Gulf Building, 712 Main St.
General Office: 44 King St. West, Toronto.
London, Munich, Amsterdam, Tokyo, Buenos Aires,
The Caribbean
|
□ Check here
to put your
name on our
free mailing list
affecting
{for Scotia bank's Monthly Review, which reports each
month
on
a
current
topic
Canadian business.
'
*
21
20
The Commercial and Financial Chronicle
(1208)
Cash Divs.
Canada: A Durable Haven
Extras for
12 Mos. to
secutive
For Long-Term
Continued from page 19
Investing
Jo. Con-
Approx.
% Yield
Based on
tion
12 Mos. to
secutive
Years Cash
June
Divs. Paid
Paymts. to
Bronze
Holding
co.
bronze
Co., Ltd.—
subidiaries
—
36
1963
in
4.7
Holding
Canadian Celanese Ltd.
28
62
1.70
2.7
A
33
rights
manufacturing
of
General
35
0.30
the
1.40
35
42%
trust
Canadian
allied
2.15
65%
Lends
3.3
37
16
0.55
3.4
refining
b25
1.20
4.8
Crown
,
investment
37
0.40
Can. Pac. Ry. Co., "Ord."
private
railway
207
system
30%
1.50
Canadian Tire Corp., Ltd. new
etc.,
through
and
Canadian
1.9
v
A
large
variety,
32
0.45
15
20
1.8
fl.12% 65
1.7
0.35
.steel
.
and
Juices
Gold
&
3.2
Operates
0.14
16
million bushel
Collingwood,
Commonwealth
3.1
4.50
bl5%
1.10
22
6.9
'
trust
30
al0%
,0.321
of
3.1 T*
V
,
Gold
w
producer.
T
9
5.0
:
v
*,
Ontario
&
y-.-..;
•'
.
"7
7
0.50
tilizers,
variety
leum
-
of
&
•
10
0.06
0.76
0.50
vacuum
'.
i*
A
&
'
Can.
chemical
Ltd,. 31
1.10
25%
hoi/ding
Interests
4.3
,
etc.
1
Operates
of
358
Table
Starting
3.3
Page 24.
on
13
line
etc.
250
0.4
25
0.90
55
1.6
2.50
59%
4.2
29
1.00
19
5.3
36
Wide
1.00
=1.20
26
4.8
Co.
life insurance
as
co.
Insurance Co.
of Canada
1.4
:
life
of
and
endowment
policies
14
1.00
Falconbridge
4.6
21%
Nickel
Mines,
0.60
4.9
bl2%
cobalt;
copper,
produces
steel
subsidiary
castings
Famous Players Canadian
<
Corp.,
1.60
Ltd
Largest
64%
2.5
ture
17
f0.49
46
operator
theatres
pic¬
motion
of
in
Operates
Canada
1.30
77
metics,
...
Invest¬
3.1
Co.
&
.y—
.
steel
'
0.10
.
^££y<y."~
18
0.40
-
12
3.3
15%
2.8
31
Co.
Engineers
0.50
20
1.40
4.2
180
''
yy
Canada
of
general
&
7.50
24
manufacturer
Foundation
2.4 , >
< O-M s
y
-—iL
Automotive
"' 4%
of. Cahada,
Common
management
co.—coal,1 iron
y
subsidiaries
drugs,
cos" y
etc.
Motor
Ford
8
of
chain
agencies
through
requisites,
smokers'
0.25
candy
1,660
Distributes
oil-
12
and
Finlayson Enterprises Ltd."B,r"113
4.9
26%
Candy Shops,
large
stores
402
and
Farmer
Inc.
2.9
and Lino-
grocery-and
"53
&
31
118
Steel
8%
5.7
contractors
v
Fraser
v
••
Companies, Ltd.
Wide
Dominion Stores Ltd.
fer¬
manu¬
cleaners,
Empire Life Insurance
*
of
and
machines
Corp.
Equitable Life
1.70
37
Dominion Steel & Coal Corp..
Ltd.
_<
.■
silver,
business
vending
2.6
18%
7.9
'•
■
4.8
subs,
2.2
bl8
Fanny
of
*1.70
5.6
and
wood
through
t.VKie
Ltd.
Mining
sells
and
Second
0.40
glassware
trust
20
10
36%
Dividends From 5 to 10 Years Appear in the
products
Investment
?:| 1.75
Listed Companies Which Have Paid Consecutive
..
ments Ltd
„■
f0.56
26
primary
of
Scottish
2.2
Ltd.
foundation
linoleum
of
range
" cloth
y
Trust
purifiers
2.5
accident
draperies,
Oilcloth
of
Operates
Co., Ltd.
Dominion.
Yellowknife. Dlst.,.y. 7-
Smelting Co.
zinc,
29%
-
,
7,1
.
Lead,
0.75
-y
Foundries
3.0
b54%
'
Fabrics, Ltd.
Dominion
........
•--
■
Consolidated
Wide
lumber
in
Nickel,
tapestries,
b57
1.20
3.8
structural
ladies'
„
c
<
52%
28
Makes
wide
variety
products
,
oper¬
Discovery
Y'knife Mines
N.
subs,
in
3.1
2.00
27
Wide
•
.
4.90
steel
of
11
bakeries
5
Consolidated
0.45
.
through
Co.
19
Quebec
elbows,
r.
Bakeries
Ltd.
Holding
ates
conduits,
27"
matches
Electrolux
Canada General
-•
1.70
70
business
and
book
5.0
13%
0.15
51
company ^
fire,
2.8
Investment trust business
is
24
Co., Ltd
life,
16
business
Company, The_
Manufactures
0.75
27
Co
of
f0.45
in
37
General
'
,
.
10
bakeries
a
new
-\;.y:
2.2
etc.
Savings &
Invest't
"Electrolux"
Ltd.
,
•
Canada
2.1
air
Dominion Glass Co., Ltd., New
managementi-type
Conduits National Co., Ltd.
;
65
1.35
automobile etc..
Dominion
V.
1
Rigid
electrial
couplings, etc
kinds
range
Towels,
grain
of
fiduciary
Economic
garments
Ontario
Int'l Corp.
investment
Consolidated
all
Dominion
Ltd.
" mutual
of
39%
textile
Ltd., New
chain
fiduciary
Invest¬
and
0.85
cone
explosives,
a
General
3.9
44
holding
cranes
Manufactures
Terminals, Ltd.
2
a
in
elevator
76
3.00
35
10
Dominion Corset Co. Ltd.
producer N. W. Ontario
Collingwood
At
15%
0.50
.
Mines Ltd.
?
19
-.
Cochenour Willans Gold
cream
chemicals,
commercial
facturer
Anglo
5.3
Provinces
producer
and
11%
flour
daily;
i
General
slope
include
0.60
10
two
bbls.
ice
1
Eastern Canada
Co.,
western
on
Corp., Ltd.
Wide
Chateau-Gai Wines Ltd., New
Wines
4.0
In¬
Ltd.
gold
Insurance
..
General fiduciary business
v.
b75
Rockies
Dominion of
29
24
22
.
y
0.42%
variety
products;
meat chain
paper
synthetic
and
31
"
4.5
lumber
and
yarns
fabrics
stores
♦
Quotations represent June 28, 1963 sale prices or the last sale price
.prior to that date. Bid and ask quotations are as of June 28, 1963.
t Adjusted for stock dividends, splits, distributions, etc.
a
A*k.f:
.
♦
♦
+
■
b Bid.
Quotations represent June 28, 1963 sale prices or the last sale
price
prior to that date. Bid and ask quotations are as of June 28, 1963.
Adjusted for stock dividends, splits, distributions etc
Quotations represent June 28, 1963 sale prices or the last sale price
Dividend
b Bid.
7,
.
1963.
prior to that date. Bid and ask quotations are as of June 28,
paid in U. S. currency.
t Adjusted for stock dividends, splits, distributions, etc.
♦
'
b Bid.
•
7'.
7
'
.
•:v'*'
...
,
'
'
■
..y.
::
■
.
1
)
.
(uiiia fliiin
■
I nvesi iiieiii Seen pit ios
••
-.
■"
-
...
..
:
.
CANADIAN SECURITIES
•
.
.
i
i
...
1
A. K. Allies & Co.
V
Limited
Burns Bros. &
TWO
...,
.
-»
.**•
■
J
A. 1L Amen & Co.
DI 4-3870
MembersToronto
sixteen
r
Burns Bros, and Denton Limited
—
cities
in
-
i
f
>
W^NNlf^EG
Montreal
offices
Stock
Exchanges
in
Canada,
—
England and France
A. K. Ames & Co.
Deqtersl Association of Canada
Stock Exchange ■~ ' yl-
TORONTO-MONTREAL-.OTTAWA HAIVMLTOH
and
.
•
A fmbetsrThe Invvstmetil
The Toronto
DISTRIBUTORS
>
1
\.
AND
Affiliated
AFFILIATED WITH:
...
UNDERWRITERS
Denton, Inc.
BROADWAY, NEW YORK 4, NEW YORK.
•
4.0
mill
paper
Eddy Match Co. Ltd.
Coal
24%
Loan Co
64
Dominion Bridge
s
General fiduciary business
Chartered Trust Co. New
\
beverage
Pass
Mines
Bridges,
Central Trust Co. of Canadat
3.00
estate
Co., Ltd.
holding co.—interests
Investment
1.4
of
,!>; electrical apparatus
and
Maritime
producer Northern Ontario
ment
Co.,
box
2
fibres,
security.
4.9
1.00
Ltd.
and
operates
capacity 1,350
Manufactures
3.2
20%
Quebec
Industries
Eastern Bakeries
Co
producer
Domihion
18
and
17
1.00
18
New
Ontario
makes
machinery
Clermont,
Operates
real
52
yy:.'.;yyyy7vl'\yyyj7
factory
fiduciary business
Canadian
Dome
5.3
19
1.00
also
mining
Westinghouse
Airbrakes
.
36
0.70
20
Ltd.
v
120
stores
repairs;
Shipbuilding,
0.54
4.5
and
yarns
a
also
7.0
complete line of whiskies and gins
Canadian Vickers, Ltd
Industrial
10
17%
15
operates
Eastern Trust
the
cotton
DuPont of Canada Ltd
Distillers Corp.-Seagrams
Ltd.
accessories, parts,
190
0.70
29
46
Gold
of
mills,
of
0.80
producer
.yy
and
Dover
3.0
1963
—
18
range
Owns
Dickenson Mines Ltd
4.8
of
Canada
Sells automotive
11.50
continuous
sells
mortgage
for
Nest
Coal
of
1963
"The"
0.35
manage¬
Ltd.
distribution
&
at
31
int in oil & gas props,
caps
&
Donohue Brothers Ltd.
al¬
—
grades
operate
Trust
General
by Shell Canada Ltd.
over
Jan.
of
& Seal
tar
coal
of
fabrics
dustry
13
Crow's
Petroleum
Wide
5.6
1963 7
Canadian $
—
on
Paymts. to
June 28,
derivatives
Owns
18
&
&
own
Bottle
Canadian Oil Cos., Ltd
Taken
18
1.00
82
Crown Cork
trust
in
co.
heavier
first
& have
cos.
products
of
17
June 28,
1963♦
Chemical
Ltd.
its
Based
tion
June 28,
Divs. Paid
..
Quota-
12 Mos. to
77.''
,;
&
containers
in West Canada
International
type
trust
Tar
Dominion Textile Co., Ltd
forms
on
Subs
I
through¬
Investment Trust Ltd
Management
2.0
.
Canadien
Canadian Industries Ltd.
and
41
gas
Credit Foncier Franco-
-
.
0.80
of
duck
business
3.2
"
96
world.
Chemicals
Fund
Manufactures
Commerce
out
28
Co.,
Crain, R. L. Ltd
Electric
branches
1.0
type.
cotton
Canadian Imperial Bank of
1,272
11%
sell¬
&
Canadian Gen. Invest. Ltd.
Operates
glass
operating
Manufactures
0.9
products in Canada
Management type invest,
10.26
Cosmos Imperial Mills Ltd.
Co., Ltd
ing
116
spirits
mutual
ment
Canadian General Electric
Exclusive
and
and
■yy'y
Dominion
area
of
:yAvOyyy;
Vy,'yiy
5.5
Corporate Investors Ltd
and fabrics
yarns
variety
cohol
secutive
—
38%
Corby (H.) Distillery Ltd. V.t.
and
Canadian $
2.10
% Yield
Extras for
Years Cash
newsprint
New
distributes
and
Toronto
Wide
Paymts. to
June 28,
1963
Approx.
Including
No. Con-
Distiller
Co.
Consumers Glass Co., Ltd
castings
Synthetic
the
daily
tion
June 28,
L.
Cash Divs.
on
tons
Gas
Manufactures
—
1.12% 24
mills;
Based
18
Corp., Ltd
2,764
Consumers
June 28,
1963*
Canadian $
five
capacity
make
bushings
bearings,
June 28,
28,
1963
—
Owns
Quota-
Extras for
Paper
Thursday, September 26, 1963
.
% Yield
Quota-
1963 ♦
28,
1963
—
Consol.
Including
June
Divs. Paid
v
Cash Divs.
Canadian
Years Cash
.
Approx.
Including
No. Con¬
.
CALGARY VANCOUVER NEW YORK
A
'
Incorporated
y -
"
y
.•*.
4
Two Wall Street, New York 5» N. Y.
i
BUSINESS ESTABLISHED
1889
~
I'
.
•'
-y *
* > •
,■t
*
»
i
•
Number 6302
198
Volume
.
.
,
The Commercial and Financial Chronicle
(1209)
Refunding
Our Reporter on
Canada: A Durable Haven
The
f%2tre
secutive
Years Cash
Extras for
Quota-
June
Divs. Paid
28,
Hydro-electric
26
Eastern
In
energy
of
One
(Taken over
by Province of Quebec)
The
assume
131/8
3.2
largest
inde¬
pendent bakery operations. Makes
cakes,
biscuits
and
Gold
N.
producer
Yellowknife
11
0.95
Operates
12%
31
pacity
9.4
bl6
1.50
and
synthetic
the
6.00
4.5
133
rubber
Mackay
Stores
subsidiaries
textile
tribute
which
0.50
8V2
5.9
dis¬
bleached
newsprint
sulphite
and
0.70
19%
3.7
distributor
of
0.30
4.15
Wide
of
range
64
6.10
b800
life,
accident
Wide
variety
General
Hallnor
wire
of
fiduciary
gold
Hamilton
Wide
Can._
in
22
2.2
with
As
result
a
near-term
of
rates,
long-term rates, which are
up
bit.
a
26%
of.
1.3
21
f0.90
22
4.1
30
1.80
56
gold
Gold
48
0.70
26%
O.331/4
14%
2.3
from
wholesale
Has
ucts.
be
available to them. This will go
"brand
•
Mfg.
Co.
retailer
&
55%
-
11
"B"
0.35
5.4
b8
fixed
this
a
long-term Government bond,
top quality obligation, is still at
an
attractive level from any angle
one
look at this investment
may
issue.
-
4%
bond
due
in
more
operation, is
that
debenture-
Imperial
first
on
and
99
1.32%
accounts
Flo
to
the
common
evident
To Be V.-P. of
Reuben Rose Co.
for Government bonds, as well as
corporates
issues.
the
and
It
however,
borne in mind that
bonds
sheltered
tax
should,
be
offerings
new
coming into the market,
during
time
a
of
higher rates of interest,
times be
modestly
can some¬
a
&
now,
to
turn out to
be very attractive in¬
be
right,
the
various
should
differentials
credit
rat¬
issues
will
mostly likely continue to be
nar¬
of-fixed income
which affords
make
that
will
become
Co., Inc.,
York
115 Broadway, New
City, members of the New
York
Stock
Exchange,
effective
Oct. 3.
good qual¬
considered
row,
Grossman
Vice-President of Reuben Rose
overpriced. Nonetheless,
during times like
ings
Samuel J.
Shearson, Hammill
Appoints Falk
Arthur Falk, formerly project su¬
pervisor
overseas
buyer
some
an
the
discrimi¬
tional
opportunity
real good
quality
for
City
pointed
institutional
of
is
Bank,
has
advertising
been
manager
pur¬
Street, New York City, members
of the New York Stock
Exchange.
the
other-
bearing obligations.
Flight
From Bonds
:
Paints
23
4.8
33
i
is
dowment. and
range
life,
of
a
work
are
3.00
180
income
1.7
that
so
ample
very
in
no
there
supply
investment
for
money
Co.
89
Comprehensive
to
there
being reborn
still
of Canada
:
1.60
enamels.
Assurance
stocks,
zon
""
Life
being put
" are
signs yet appearing on the hori¬
that the inflation psychology
.
Glaze
-
Varnishes, lacquers,
Imperial
which
2.1
bearing securities.
,/ In other words, there is
en¬
term policies-
uidation
represeht June 28, 1963 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of June 28, 1963.
for stock dividends, splits, distributions, etc.
Quotations
yet evident in
market
■
in
which
is
of
fixed
in
order " to
would
be
the bond
funds
get
used
liq¬
no
to
make
Adiusted
purchases of
b Bid.
Continued
stocks.
common
page
cordingly, this
22
very
of
on
is around
that
money
Ac¬
large supply
for
the
purchase of fixed income bearing
obligations
;
Brokers I11
:
is pending
1°
keep
prices of these securities from go¬
ring down too much in spite of the
Canadian Securities
offer
We
a
complete-trading
service
money
the
debt managers.
to
In
Banks, Brokers and Dealers in Industrial *
addition,
usable
I
—
Mining
—
Oil
hardening
operations
of
monetary authorities and the
for
Business Barometer for Canadian Industry
^
this pool of funds
long-term
Securities.
INDUSTRIAL
investment
—
MINING
—
OIL
/purposes, as well as for near term
commitments, is not likely to be
W. D. LATIMER CO. LIMITED
Canada's
available for the purchase of com¬
securities
mon
244
Bay Street, Toronto 1, Ontario, Canada
Telephone: 363-8891-2-3
bust
Telex 02-2563*'
Montreal, Canadian, Calgary and Vancouver Stock Exchanges
Associate Member
Boston
Stock
Associate Member
Exchange
Philadelphia-Baltimore
Stock
MONTREAL
>
11/
Imperial
1155
Bank
Dorchester
of
of inflation
Commerce
stances
Boulevard
West
Building,
-
Telephone 866-8763
,1
Private Wire connecting
Toronto, and Montreal
a
very
boom
arid
accompany
a
fears/
market,
is
bond
still
income
bearing
-
more
The Toronto
than 1,100 listed
North
Stock
Exchange,
stocks, provides investors
America and the
world
with
a
modern, efficient share-trading facility in Canadian
business and
industry.
investment
THE TORONTO STOCK EXCHANGE
going to be large
so
to
rations and utilities.
with
place for the trading of
foreseeable circum¬
enough
likely
market
representing the country's leading corpo¬
throughout
Therefore, in spite of the strong
equity
Exchange
OFFICE
the
which
money, under
Canadian
there is
of
Important Proviso
.-"'
Members:
return
ideas
revival
Cable Address—Latimac, Toronto
/yV'
stocks unless
strong
foremost
that
yields
issues
advance
fixed
on
are
more
moderately in spite of the
234
not
Bay Street, Toronto, Canada
than
W rite
opera¬
tions by the monetary authorities
towards higher interest rates: This
for
a
complimentary
of
Shearson, Hammill & Co., 14 Wall
investment,- especially
income
ap¬
to
available
obtainable in
and
advertising at First Na-f,
fromstocks is much less than"
common
Ltd.
paints, etc.
641/4
mortgage
operates deposit and
now
should
price
contrasted
which. is
No
Mortgage Corp.
money
security
1973,
the most favored
obligation in the
recent refunding
However, in spite of the funds
Huron & Erie
re¬
dbligations. However,
artists'
&
supplies
Lends
which
4.4
drafting equip,
of
yields
chases.
products
Ltd.
instruments
scientific
3.00
se¬
commit¬
rather
jr forms
zinc
&
copper
is
common
29
-Smelting Co. Ltd.
Manitoba
of
of
purchases of
that which
Bay Mining &
Hughes-Owens
This
prices
.
income
prod¬
1960
Hudson
stocks.
in
purpose
these
It
Ac¬
& Co. Ltd.
Morga^i
better
issues bought at yields which are
making
as
in¬
because
ity bonds, especially Government
evidently
are
Canada.
122%' gjl^ype stores.
Henry
quired
name
securities
large
in
stocks.
Operates chain of department and
/;/;-? Also
the
buyers of fixed
the
^Jncome which would be obtained nating
2.6
26
in /Western
carry
the
for
ments
producer
stores
the
between
who
interested
Co.l
moving
economy
of
even
for
very
are
common
appreciation
-Hudson's Bay
the
vestments. The yield
3.2
paperboards,
1989-1993
exchange for the
from other investments.
keep
cur¬
being put
that
means
to
highs
new
movement
curities
parts
taken in
fundable
the sizable amount
of
tailment of credit which is needed
appreciable
equities has been brought about
"Axmin-
Hollinger Consolidated
Mines, Ltd.
'/retail
which
upward
etc.
..'Ontario
to
work in
to
3.7
24%
enough
good
geen
through
Rise
on
the equity market
tone of
amounts of money
rugs
automotive
of
0.32
and
some
to
any
mainly by those purchasers of
Ltd
seamless
variety
boxes,
*
the
is being brought to
pressure
on
year,
products
Hinde and Dauch Ltd
♦
Canada.
and
has
it
6.8
2.20
1.00
28
Co., Ltd.
"Wilton"
variety
Wide;,
59%
0.15
Hayes Steel Prods. Ltd. (new)
.Wide
1.32%
3.3
products
of
textile
of
Carpets
and
.
35
3.00
business
Cotton
Specializes
ster"
0.10
producer
variety
Harding
V
competitive
Equity Purchases
and
Mines, Ltd.
Ontario
...
be
to
advancing
The
Guaranty Trust Co.
•
of
that be to keep short-term
showing signs of going
26
though
finding homes in the portfolios of
investors that have been
switching
est, without
0.8
policies
Greening Industries Ltd
in
part
Modestly higher rates of inter¬
as
of
...health
;
fast,
as
to
bear
7.2
coal
-•
the
on
Bond Investment Attractive
was
4%s
The
bearing
more
17
lignite
Co.__
come
gold hold¬
our
come
paper
Great-West Life Assur.
have
itable
the
un¬
Great West Coal Co., Ltd. "B"
Wholesale
17
even
ahead, should turn out to be prof¬
land
Manufactures
should
centers, especially those in Eng¬
products and allied
Co., Ltd._
will
to be resorted to in order to pro¬
hour, and its
similar rates in other free money
goods
Great Lakes Paper
drastically
that
rates
continue
39
Manages
bad
so
interest
will
rates high enough so that they will
Ltd.
"B"
get
higher
problem
This
problem.
the
of
struggle
powers
products
Gordon
issue
the
bal¬
our
possible. In the interim, there is
37
Canada, Ltd.
Natural
solving of
of payments
solution
Ca¬
Goodyear Tire & Rubber Co.
of
various measures,
not
payments
ings.
is
grain
elevators.
3,000,000 bushels
defensive
a
of
ance
do about the
7.5
and
4
of
to
tect the dollar and
area,
Transit Co. Ltd
the
were
to be sure, that the bal¬
assumes,
actual and proposed, are going to
ance
Goderich Elevator
likely
quite
more
to what the
as
con¬
T.
W.
bit
income
attitude until there is clarification
fectionery
Giant Yellowknife Mines Ltd.
is
issues
a
fixed
for
market
bearing
Canada's
bread,
surprise
of
1.80
0.421/2
favor¬
the money
the refunding issues will still
have to be digested. Somewhat of
CHIPPENDALE, JR.
a
Canada
General Bakeries Ltd
T.
—
13
_
capital markets
1963
19634
Canadian $
Gatineau Power Co
JOHN
BY
PaymU- la
June 28,
June 28,
1963
on
opera¬
a
of
Based on
tion
12 Mos. to
Helpful
Treasury had
able influence
% Yield
Including
No. Con-
GOVERNMENTS
Annfftv
Approx.
Operation
maturity extending
tion of the
Cash Divs.
21
r„
copy
of the TSE's Monthly Review
and the TSE Digest.
The Commercial and Financial
Chronicle
(1210)
2%
Cash Divs.
Canada: A Durable Haven
v
12 Mos. to
Years Cash
Investing
Quota-
Based on
tion
Paymts. to
Lambton
June 28,
'J;' V''
-'<.!•
Continued from page
Laura
40%
1.40
3.4
52
loans
5.6
13%
0.75
Ontario
16
1.00
4.0
25
gen'l
Ltd.
Eastern
11
—
and
Mines
ice"
5.00
bl60
13
0.30
b6
5.0
Lower
0.10
18
of
7%
of
32
"self-service"
northern
St.
8%
21%
8%
Macassa
30
Canada, Ltd
*2.10
66%
3.1
smelters
General
18
International Paper Co
pulp
erates
and
Canada
U
the
Fully
and
panies
gas
20
f0.80
24
Owns
line
and
Wis.
Superior,
3.00
84%
arena
20
2.40
50%
4.8
investment
type
Public
mon
all
Ltd.
with
which
Mght &
electric,
dlesel
5
power
serves
11%
6.2
in
and
Ltd
12
3.20
0.12
Johnston Terminals & Storage
Through subsidiaries
freight
distributors,
as
and
movers
operates
0.40
t
:
•
elevators
Labatt
Milton
6.70
9.6
Holding,
brewine
19
16%
25
—
0.20
3.75
Montreal
5.3
Monarch
producer
as
♦
paid in U. S. currency.
t Adjusted for stock dividends, splits, distributions, etc.
.
doesn't
0.45
14%
*
trade,
1.40
48
1.40
50%
2.8
0.15
4.00
14
3.40
15
0.95
16
3.8
Oland
cial
Trinity Place
1.05
19
30%
64%
2.00
has
in
one
6.6
2.2
0.80
15%
5.1
1.20
36%
3.3
18
0.28
3.05
9.2
0.18
8%
2.1
12
0.40
b20
2.0
0.80
25
3.2
f0.65
13
5.0
15
0.60
bl4%
4.0
O.59
bl3
3.8
1.20
37%
3.2
19%
3.4
use
Power
in
HallScotia
cereals
local
long
latest
in
use.
"B"
through
breweries
St.
and
At
phones
Ltd.
„
subsidiaries
in
Halifax
&
John, N. B.
Loan
and
Debenture
Co.
5.9
deposits
invests
Ontario
3.4
and
in
Steel
sells
first
deben¬
mortgages
Products
Co.,
Ltd.
3.1
plastic
springs,
bumpers
and
products
Quotations represent June 28, 1963 sale prices
prior to that date. Bid
paid in U. S.
*
Dividend
t Adiusted
a
for stock
and
a^k
quotations
or
are
the last sale pri
as
of June 28,
currency.
dividends, splits, distributions,
etc.
Ask.
bBid.
77:7:.
.......
v;:
Corp.
of
of Bankers
SFC
Financial
a
Equitable Securities Canada
Corpo¬
Limited
Theodore
H.
of The Investment Dealers' Association of Canada
started
his
Equitable Brokers Limited
banking
in New York^with the Na¬
Member
of The Toronto Stock Exchange
was
National
Bank
before
Canadian Investment Securities
it
-
merged with Bankers Trust Co.
■'
•
Now With Russell,
AFFILIATES
1.10
Co., Ltd.
system.
29,508
Son
2
■
Toronto
2.40
Vice-President and director of the
SECURITIES
King Street, West
15
Kissell, credit and loan
Kissell
Public
44
4.4
of
tional Bank of Commerce. He
CANADIAN INVESTMENT
PORTLAND,
LEGGAT,
bl3%
150
____
Nova
and
operates
phone
&
tures;
16
Corporation)
Mr.
LIMITED
0.60
(formerly Standard Finan¬
career
Established 1920
4.2
Silbert, President, has announced.
NEW YORK
BELL, GOUINLOCK & CO.
in
feeds,
and
Member
74
and
Accepts
Company, has been elected
ration
&
interests
vicinity
flour,
Ontario
policy Vice-President
INCORPORATED
19%
31,
Ltd.
Light
utility
and
Directly
Dir. of SFC
director
0.80
and
Dec.
Ltd
Owns
r"A
Trust
in
Ontario
Okanagan Telephone Co
prior to that date. Bid and ask quotations are as Of June 28, 1963.
Dividend paid in U. S. currency.
GOUINLOCK & COMPANY
34
53
New
♦
William J.
;
2.9
Quotations represent June 28, 1963 sale prices or the last sale price
v
1.7
0.66
Scotia
fax
brick
number
and
owns
houses
27%
11
system
Ogilvie Flour Mills
17
b Bid.
'
,
3.2
/•
apartment
f0.46
producer
Ltd
Quebec.
Utilities
operates
Ltd
65
Co.,
(new)
zinc
telephone
Diverse
brewer
Investments
2.9
93
Nova
report
"B"_
21
34
and
Northern
distance
Ltd.
0.60
to
financing
&
22
BELL,
GOUINLOCK
Fick
has
Hoppe
Ore.—George
become
affiliated
■
•
■'
'
Head Office
*
M..
with
60
Yonge Street, Toronto, Canada
LIMITED
Members
Montreal Stock
Montreal
Exchange
Russell,
four,
was
nia
&
Bal¬
Building.. Mr.
Wilcox
Stewart
formerly with First Califor¬
Company and Zilka, Smither
& Co.
Branches
Montreal
Fick
Hoppe,
i
Distributes electric power and gas
several cities in Western
Can.
4.1
of June 28, 1963.
Dividend
issue;
22
Canada
Brewery,
Operates
prior to that date. Bid and ask quotations are
t Inactive
0.90
Grain
exploration
5
wire
1957, had 59,896 telephones in
47
Co., Ltd—
15%
producer
Telephone
Northwestern
,
face
gold
Automotive
Quotations represent June 28, 1963 sale prices or the last sale price
b Bid. ;...■■
4.0
Mills
company
2.9
Molson's
Lamaque Gold Mines Ltd.
gold
0.44%
business
Weaving
copper
centres
12%
dealings
quality
0.80
61
Quebec
3.91
Operates
0.50
18
Mining Corp. of Canada, Ltd.
gold producer
(John) Ltd.—
Quebec
0.64
first
22
in"
Mining Corp., Ltd.
Northern
18
Brick
Makes
24
General
38
Co.
Western
4.3
utility-
wire
Northland
—
in
public
Wire
Copper and
milling;
Corp., Ltd.
Mines
Ltd.
Ontario
'
/
warehouses
Gold
1.50
24
producer
gold
11%
/
Noranda Mines, Ltd.
6.5
Dealers in grain and operates line
cartage.
Kerr-Addison
2.32
and
& Pacific
Midland
11
Ltd.
operates
0.15
etc.
Ltd.—
tracks
0.50
also
Ltd.
Mclntyre Porcupine Mines,
3.8
Ontario
Co.
3.7
P.E.I.
grain
18
Brunswick
Makes
18
McCabe Grain Co., Ltd., com.
Ontario
Holding
23%
line of farm implements
machinery
General
race
0.87
:
Ltd
2.0
advertising signs
Niagara
Complete
power from 2 steam
hydro-electric And
4
eenerating stations.
Operates several horse
flour
Massey-Ferguson,
Jamaica
business,
Newfoundland Light & Pow
Co., Ltd.
telephone system
through sub¬
largest
in
trust
Operating
18
:
bakeries,
of
Scotia
Nova
sidiaries
Capacity 67,400 hp.
Jockey Club
handling;
Operates
0.70
com¬
stock of Jamaica Public Serv¬
Co.
name
same
51%
&
new_
deposits
Normetal
Telephone Co. Ltd.
11
new
Holds
4.8
Maritime Telegraph &
Service, Ltd.
company.
22%
operates Toronto sports
operation
trust
Holding
of
Grain
Ltd..
Foundation
Management
Jamaica
and
*1.00
wholesaler
mesh, cloth,
weaving machinery, etc.
Maple Leaf Mills, Ltd., new
miles
1,930
Investment
1.10
24
Owns
2.1
34
chemical
6.3
business;
Maple Leaf Gardens, Ltd
3.5
Ont.
Sarnia,
3.20
Ontario gold producer
11
drugs,
Operates telephone system
Ltd.
and operates crude oil pipefrom
Red
Water,
Alta.
to
of
New Brunswick
Telephone
Co. Ltd
New
23
lumber
93
55
new
distributes rice
and
Neon Products of Canada
Ltd
Madsen Red Lake Gold Mines
3.3
in Alberta
Interprovincial Pipe Line Co.
0.20
22
Integrated
1.95
dis¬
4.8
large exporter
development of
electrical com¬
and
natural
b21
Neon
15
River Ltd
Powell
■
Management
1.00
MacMillan, Bloedel &
Corp.
-
-
-
3.2
S.
Utilities
International
New
32%
*fl.029
operating co. — Op¬
and paper mills in
and
Holding
28
Holding company—newsprint, lum¬
bering and power interest
Ontario
Sudburv,
near
advertising
grocery
accepts
0
Co. "B"
and
operating
co.—-Pri¬
operations
at
mines
and
mary
5.0
merchandise
Ontario
MacLaren Power & Paper
Holding
al2
etc.
National Trust
Co., Ltd.,
1.40
confection
gold producer
0.60
estate
Drug and Chemical
Canada, Ltd
of
general
Mines, Ltd.
Ontario
of
Co.
Nickel
5.2
management
real
forms,
Wholesaler
products
powders
aluminum
13%
29
Co.
4.9
(Taken over
by Province of Quebec)
other
and
trustee,
&
products,
National
*0.40
Power
Lowney Co., Ltd._
0.70
products.
13
Chocolate
3.7
18
storage
National Grocers
Co., Ltd.__
Lawrence
1.8
Montreal
Manufactures
2.3
Ohio
and
cold
Mount Royal Rice
Mills,
0.19625
food
York,
New
&
securities
Business
238
25
252
in
in
and
Moore Corp. Ltd.
1.4
bl63
&
"B"
general
Executor
8.1
play
Inc.
Walter M.
0.80
manufacture
Subs,
co.
and
bronze
*
1.35
in
Quebec electric utility
13
International
♦
0.11
3.00
and
Montreal Trust Co.
26
93
Works
Refrigerating
Storage Ltd.
3-2
1963
—
production
warehouse
Co.
2
breweries with com¬
capacity of 70.000 barrels
Holding
&
31%
year
Ltd.
in
1.00
$
20
Locomotive
Opeiates
Ltd
Pennsylvania
Ltd. "B''_
Breweries
International Bronze Powders
ice
15
1963 ♦
province
'
related
producer
chain
markets
3.1
Operates
per
-
4.3
fiduciary business
General
Interior
bined
16%
&
"B"—1
trade
in
Diesel-electric locomotives
Montreal
hardware
Operates
18
Co.
0.70
1963
—- Canadian
55
branches
Ltd.
"self-serv¬
grocery stores in Ontario
Loblaw,
Industrial Mortgage &
Trust
Ontarto
28,
Quebec.
Montreal
Shops,v
Canada
Operates
Ontario.
in
in
53
s
U. S.
Hamilton
Kitchener
Subsidiary: Equisec Canada he.
on
Paymts. to
June 28,
June 28,
18
-
Operates
Loblaw Cos. Ltd. "B"
6.0
nephaline
in glass and cer¬
use
trade
amic
0.30
processes
for
syenite
gold
Wholesale
Industrial Minerals of Canada
7
4.0
of
37
Lewis Bros.,
also small
insurance business
acceptances;
&
37%
Can¬
Leitch Gold Mines Ltd
—
Purchases
Montreal City & District Sav¬
ings Bank
Based
tion
—
in
printing
and
litho¬
graphing,
manufactures
labels,
folding cartons and calendars, etc.
Corp.,
Ltd
1.51
June
Divs. Paid
Quebec—137 stores
cigars and cigarettes 1
Acceptance
Canadian $
% Yield
Quota¬
12 Mos. to
Years Cash
1963
Engaged
Imperial Tobacco Co. of Can¬
ada, Ltd. "Ord."
Tobacco,
Candy
chain
candy
19634
Approx.
Extras for
secutive
deben¬
Lawson and Jones Ltd.
Integrated oil!enterprises
Industrial
Issue
No. Con-
Paymts. to
28, June 28,
deposits.
accepts
Secord
Retail
full
comprises
also
Ltd., new
I
64
subsidiaries
1963
and
in
company
Company
tures
Canadian $—
21
Imperial Oil Ltd.
With
1963*
—
mortgage
ada,
June
28,
1963
Including
,
on
Investment
120
Oldest
June 28,
1963
Divs. Paid
•
June 28,
&
Co.
r
Years Cash
Loan
Based
tion
1963
—
% Yield
12 Mos. to
June
Divs. Paid
Appro*.
Including
Extras for
Quota-
26
Cash Divs.
•
Cash Divs.
secutive
Thursday, September
.
% Yield
Extras for
secutive
No. Con-
.
Approx.
Including
No. Con-
<>
For Long-Term
.
196
Volume 198
Number
6302
.
.
The Commercial and Financial Chronicle
.
Canada: A Durable Haven
Cash Divs.
Including
No. Con-
June
Divs. Paid
Pacific
Atlantic
Investment
Investment
Quota-
Based
tion
1963♦
1963
Canadian $
of
trust
22
0.19
3.25
5.8
had
asked
terminal
storage
warehouse
minster,
tons
B.
C.
cargo
New
at
Tubes,
Ltd
in
;.V
Y
20%
0.90
oil
operates
drilling
Consolidated
,
9.4
and
ding
25
silk
and
1.80
those
cessful
People's Credit Jewellers
of
fO.52% HV2
22
jewelry
and
4.6
Photo
&
of
,
them
make
But
a
sue-
the
un-
getting started.
14%
0.80
5.5
and
3.8
26
1.00
31
.
......
.
.
throughout
supervision
the
business, in HOW TO
PROPERLY
BUILD
CLIEN-
A
company—
TELE.
gold interests
Most of the trainees study
in
courses
on
to
access
when
Dividends From 5 to 10 Years Appear in the
Starting
tual
Page 24.
to
They do not have
experienced
they
guidance
faced with the
are
reality of how they
develop
customers,
ac-
going
are
open
ac-
counts, and service these accounts,
'
Power
if
Corp. of Canada, Ltd.
27
A
fO.225
47
New
8.00
9%
company
-
—
and
when,
.
.
exams
Brothers
&
.
.
THE
make
these
seen
men
they sit at their
.
they have passed their
.
Stock Exchange and their N.A.S.D.
etc.
Price
they
have
I
women
desks
2.5
323
trust company trustee,
as
2.00
20
Co., Ltd.__
36%
5.5
51%
2.5
but
.
.
.
-they don't know
what to do next.
Provincial Bank of Canada
branches
178
63
1.30
Some
their
176
and
agencies in eastern Canada
Quebec Power Co.
Operating
Quebec
public
telephone
300
some
13
counties
towns
&
services
villages
in
1.20
fidence
48,
then
2.5
to
of
milk
ates
and
Robertson
(P.
range
the
should
0.25
b5
13
0.45
11%
4.0
but
5.0
self
no
quiring
-
of
screws
b Bid.
motivation
the
basic
salesmanship
in
for
ac-
knowledge
is
that
of
essential to
Career
22
0.30
12
Selling
and
°f
Securities is
bolts
After many years
believe
I
-ness,
have
on
page
24
the
sense,
the
Harris & Partners Limited
of
129 St. James Street W.
52
1
very
ability
,
Cornhill
of life
you
ship,
common
SALES
In
every
as
to
a
area
live)
you
customers,
FOLLIES:
of
all<
the
fore
started,or
investment
AND
are
Harris & Partners Inc.
Exchange Place, New York 5
..
t
you
for business?
with
common
out
yon,
P™ps, and admonitions, or com- /
pulsions in order to accomplish
his: I believe that unless you fol¬
this
ow
procedure
the
cannot
you
nor can you :
and gain the confidence
succeed
OWN
learn
The
by
orosnect
T*
ancj
^id
taken
the
up
sketchy
XT
,
y..
INameCl Director
A1
H
Temple
1
by
medicine, then
a
those
something
report
City
great doctor.
of
who
us
>>
pros,'
or
and
back's Invest¬
ment
to
any
other
HIS
Mr.
is
In
a
few
purpose
then
my
a
of
Monsanto
Chemical
Mead
A
Alan H.
a
put
short
than
tual
Insurance
Chairman
Co.,
Atlantic
Mu-
Co., and has been
of
the
yjce_chairman
of
trusteed
the
entree
to
sense
as
fill
the
basic
a
any
PLAN
look
at
1S
a
trustee
versity.
of
For
30
Columbia
years
he
ecutive
n,
capacities
n.
retiring
mnti
ce~
1961.
source
of
requirement of
Investor
.
.
.
the
immediately.
can
meet
possible
The
help
people
mails
with
start
.MEMBERS! THE TORONTO STOCK EXCHANGE
THE INVESTMENT DEALERS' ASSOCIATION OF CANADA
44
King Street West, Toronto, Ontario:
hun-*
dreds of meaningless
pieces of in-vestment literature and sit at his
desk waiting for results.
LIMITED
ave¬
salesman
doesn't
WILLS, BICKLE & COMPANY
and
He starts
Telephone 368-3081
Uniserved
First National City in various ex-
sense
pell-mel}, rushing hither and
looking for customers.
He
doesn't
reliable
and
National
lodustrial Coherence Board, an*
our
the
Fund,
Surety
Temple
information is the
_
Co.,
Corp.,
Lazard
wasteland of
experience
Temple
Director
a
Seaboard
takes
been
LIFE,
existence is
futility.
not
for
earth
ENJOY
very
has
Policy
Committee.
my
SUS beSt teaCher iS °Ur
being
the
on
in-
In
it
will
serve
years
sell
Temple
also
some
many more
Bank.
Mr.
more
of
Volumes
to be a "pro."
could be written on this subject
for
corporatlons>
J
was
years
this
of
Director of
c
ul afnI;
vestment securities are doctors of
financial health. We can either be
years
Director
a
n
research department) will either
learn not to make that mistake
again, or he will FAIL IN THIS
BUSINESS. It takes about twenty
years of training
to become a
reasonably proficient doctor of
"quacks"
first
step
investment
or
than
book,
bonds^
fullv nrenared
has been app01nted a member of
V'the Trust Board ^ First National
^0
home work
backed
to become
and
business.
see
not
no|;
lack of research (that
a
you aie sell-
an
ma(je recommendations based
Up0n a
'
that
building
securities, who failed to check
wko
loam
have
you
the
made
his markets, who went out to
a
von
When >0u leain that
ing HELP, not stocks
mis-
your
who
man
wrong appr0ach, who didn't know
his
when
f_
do so
Here is the best school
You
takes.
vise, them as 'honestl
and
fectively as you are able to
toward
YOUR
,
live with yourself,
prospect¬
problems,
nues
VAAA
FROM
/
must
you
Common
give
■
people as I wanted them to treat
I don't need any artificial.
me.
Briefly,
of your work
picture.
to
get
you
with
^
is
security salesmen,
LEARN
you
i
Whom do you know who
'v
from
_
When
for
comes
The Investment Dealers* Association of Canada
;J® stated it very simply, "All my
throughout my business
"T* 1
Wed to treat other 1
includes
career.
STRAIGHT
whole
Member'of
NOT
.!
.
...
guide of all successful investment,
career,
other field
some
salesman
RIGHT.
.V
ing
Affiliate
common
leatn
(that
wish
precepts.
THINK
.
sense
GIMMICKS
PRACTICAL COMMON SENSE:
E.C.3
8 career in our business, whom
we .ail respect, quietly spoke up.
I
..
I try to explain each of these
security
Investment Securities
to
you
a
of others."
;
sPeci
• • • moa
This
is
a
personal
business,
°es n°4' There ls no£ enough Every person you meet has some
S'?aCe
e to cover a11 the maj01' sort of financial problem. They
phases of serv'CIng an. account ,waint your PERSONal help and
a£ter y°u °Pen ll' or obtaining re- attention, they want YOU to ad,
on
unless
1 had
we
personal idealism about
endeavor
three
London
ago
OWN FOLLIES, and a basic
way
may
Yonge Street, Toronto 1
•
human
in this busi-
that
had better choose
.•
State
a
practical
some
some
*:
?nS
™DING CUSTOMERS in the investment business, There are speT
^ Af«u,re c/e,ativ,e
WSwation and they are helpful,
1 am not referring to trick salesmansh.p
stunt selling,' or that
f°*
bbraries^are
of How To Do It Books on
salesmanship. Some of it applies
S6CUrity
Of Mind
' v
,
A PHILOSOPHY OF LIFE: If
your
Montreal
,
;
months
'neet'"S j"our °Uice and a ques- >
>n
ethics was discussed. One
™all> now nearing the end of a
°ne whole book could be writ- life, and
2.5
philosophy
55
r,
,
own
Manufac¬
Continued
20
never
business
in
.
;
give it
Possibly they had
oper-.
stores
Quotations represent June 28, 1963 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of June 28, 1963.
t Adjusted for stock dividends, splits, distributions, etc.
K
care-
around,
have
investment
the first place.
♦
^
and
flounder
and
good aptitudes for acquiring facts,
Ltd
clothing
Some
con-
Quebec
L,>
turing Co., Ltd.
Wide
8.7
products
(Canada)
retail
153
10%
15
Through holdings of 3 subs.
Ontario
0.95
zinc,
Quinte Milk Prod., Ltd
variety
making
investors,
slowly
Others
tried
13
Wide
building
up.
Ltd.
Reitman's
few
a
of
because
for
Many of them eventually
17
Quemont Mining Corporation
Produces gold, silver, copper,
and pyrites in Quebec
good,
aptitude
of
fully.
Eastern Quebec
of
make
own
contacts, for establishing the
over
by Province of Quebec)
utility
Telephone
Provides
li60 (Taken
49
doing, whether it
a
statistical service, or even his own
Newsprint and related products
Operates
for himself.
..
Premier Trust Co
Operates
and
SALE.
2.4
utility holding management and
engineering
other on top of it, and he builds
his house step by step, according
to the blue-print he has laid out
investment and opera-;
tive procedures.
Listed Companies Which Have Paid Consecutive
Table
an-
is
investment
Development, Ltd.
Second
GIVE
and
do enter the
it.
time
.
that there
30
Investment—holding
established
Several
brick, then he puts
one
Qtu;£e frankly. lt lsChlf training ferrals, butofthroughout the entire
insufficient °Pm!on
spectrum
security salesman-
Electro-
electrotypes,
photography, etc.
commercial
job
difficult
a
engravings,
Placer
will
often
and
..
Engravers
typers Ltd.
who
associated
merchandise
Photo
have
known, and the unconnected, have
(new)
Retailer
arm
custo-
through friends
Such people
business
goods
Ltd.
who
relatives,
knitted
for
Of course, I am not includ-
orders.
6.2
29
put
your
and .look
connections,
project
.:
cotton
21.8
3.45
0.75
57
1
under
case
out
go
lim-
your
of instruc-
course
fundamentals, to
brief
your
V.
:
,
Gold
Ltd.
Penmans Ltd.
Woolen,
3.20
0.30
rigs
the
trainee
are a
you
sketchy
in
mers.
Operates a gold dredging
in Colombia, S. A.
are.
clientele, for
a
just completed
ited and
Canada
Dredging
who
with
Frankly, it is not
road, if
easy
tion
10
&
build
to
who has
.
4.4
Drilling Co. of Canada
Western
Pato
an
<■
Ltd.
Owns
often
people,
new
ideas and methods that have been
2.1
;~L
38
and tubing
are
.Very Personal Business
i
.
>
'A:""Y /'
•
have
helpful to them.
West-
year
Industrial pipe
bl7
0.35
cold
and
Capacity—1,500,000
per
Page-Hersey
Parker
20
facilities
who
experience
by
striving
Pacific Coast Terminals
Owns
a
salesmen
long
Management
type
Co. Ltd., new
have
enjoyed
thing else to do.
This Is
—
Investment
Ltd
DUTTON
Paymts. to
June 28,
Canadian
Co.
JOHN
I
who
family, publishing
a
paper, running a government,
or
digging a ditch. If you can't
enjoy your work, then find some¬
on
June 28,
28,
1963
—
BY
raising
beings
those
are
what they were
% Yield
12 Mos. to
secutive
CORNER
human
met
ever
was
Approx.
Extras for
Years Cash
happiest
SECURITY SALESMAN'S
For Long-Term Investing
I
(1211) ;■ 23
Gable Address WILBRIC0
Telex No. 02-2316
as
,
The Commercial and Financial Chronicle
Including
Haven
Long-Term Investing
Canadd: A Durable
For
Including
secutive
June 28,
Divs. Paid
1963
Canadian $
—
.
Paper Co., Ltd. "B"
High-grade bond writing paper &
14
■.
.
v.*
i
l
- _.
3.4
76
2.60
95
of Canada
1,042 branches through¬
"B"
Ltd
Scythes & Co.
cotton,
waste,
new
1.00 (Taken over
by Province of Quebec)
—-
Full
4.6
12 fs
0.60
2.5
33%
0.85
18
Quebec
also
companies;
and
for
'across
Ltd. "B"
23
1.00
27
3.7
Southern
operating public utility;
Standard Paving &
Ltd.
Materials
9%
0.40
16
-
-
General paving
9%
1*0.19
23
(new)—
operates
1.9
Manufactures
and
Wholesale
hand
knitting yarns
and
retail
small
14%
f0.50
fiduciary
Stuart (D. A.)
27
0.80
12%
6.4
extreme
related
1.65
53
dental
1.25
29
4.3
lubricants
friction
Co.
13
10.37
14%
2.6
■
Ltd., "B"_
V
circulation
0.65
10
3.5
1.55
b73
2.1
22
0.15
wholesalers
Bow
Co., Ltd.
Paper
31
35
cakes,
bread,
biscuits,
0.35
"B"— 34
20%
1.7
2.8
A
petroleum
,
products
b3.55
0.05
V
1.4
area
7.5
9%
10.50
♦
t Adjusted
for stock dividends,
'
Also
(1947) "A"
Ltd.
0.55
19%
2.9
executed
All
on
across
37%
1.40
23
of
chain
3.8
Canadian
—-
Canadian
unlisted
Enquiries
Exchanges
Invited
and Manitoba.
using
sale prices or the last sale price
ask quotations are as of June 28, 1963.
issue;
♦
Telephone: 866-5761
b5
7.0
Brand
and
gas,
oil
warm
furnaces
air
coal with
or
plant
t Adjusted for stock
doesn't trade,
1963 sale prices or the last sale
ask quotation^are as of June 28,
Quotations represent June 28,
prior to that date. Bid and
dividends, splits, distributions, etc.
dividends, splits,
distributions,
etc.
b Bid.
Wilson^cls
Member
Birkenmayer
Birkenmayer
of
has
been
the
elected
Pacific
change,
&
of
the
membership
to
Coast
Oswald, Drinkwater & Graham Ltd.
Co., Inc.
Stock
the
an¬
Members
Montreal, Canadian & Toronto
Stock Exchanges
Ex¬
according
to
1
GRAHAM,ARMTRONG
nouncement of Thomas P. Phelan,
Exchange President.
SECURITIES LTD.
Underwriters
and
Public
Canadian Stock Exchange
Association
of
CANADA
Distributors
Utility
Birkenmayer & Co., Inc. located
Canada
DORCHESTER BOULEVARD WEST
MONTREAL 2,
Leaf"
Winnipeg.
Members
1155
"Clover
are
Affiliated with
—-
Established 1922
Montreal Stock Exchange
The Investment Dealers'
0.35
Columbia,
in
Scotia
Quotations represent June 28, 1963
in
& COMPANY INC.
KIPPEN
5.9
8
British
plants
Manufactures
Canada
prior to that date. Bid and
securities
17
clams, oysters, etc.
Bulloch's Ltd. "B"
specialty
61
Stocks
all
1.00
"B"
names
Ltd.
firm
Orders
14
with
Coast Exchange
—
operates
Niagara
in
Lachine,
Que.
5,000,000 gals.
retail stores.
Nova
b Bid.
Bonds
1.2
vineyards
of
acres
Plants
and
capacity
Ont.
Packs Salmon,
company
which oper¬
departmental stores in
through subsidi¬
t Adjusted for stock
C A NADIA N S
86
"Rupert Brand."
t Inactive
splits, distributions, etc.
1.00
British Columbia Packers
in
price
1963,
7
9
1,500
Falls,
Canada
Operates
stores
7.6
Wines,
Canadian
Ontario.
in
5.3
Storage
16
seven
5.25
0.40
gold
mines,
Bridge River
Creek,
Columbia
British
Manufactures
21
2.3
9
Mines Ltd.
producing
Bright, T. G., & Co
busi-
New A
10.12125 5%
ft.
Pioneer
2
Cadwallader
2.65
0.20
and Quebec
Quotations represent June 28, 1963 sale prices or the last sale
prior to that date. Bid and ask quotations are as of June 28,
10,000
owning
Zeller's
in
to
Owns
etc.
holding
ates
38
,
Industries, Ltd.,
as
&
Bralorne
con¬
13
4.4
and
8
oil
specialty
paper
b34
and
contract
driller for
gas
wells. Owns 9 modern
rigs capable of drilling from 4,500
2.3
ft.
of
1.50
9
------
confectioners'
of
Valley
Operates
0.80
2.7
A
supplies
1.2
aries
Com."
Ltd.
importers
Manufacturers,
13
37.60
of
Belgium.
in
Bowes Company
bakers'
range
western
Supertest Petroleum Corp.,
Markets
57
range
&
operation
50
Ltd.
interests.
"Vot.
2.00
28
Ltd
stainless
steel with plant at Welland, Ont.
Subsidiaries
operate in England,
Mexico,
has
interest
in
similar
equipment, etc.
■'
23.25
1.00
supplies
producer of wide
tool
steels
&
alloy
Holding Co. Subs. Canada & U. S.
mfr.
water
heaters,
oil
trade
other
has
and
4.7
distributes
and
Steels
Atlas
(Hiram)-Gooderham
Woodward Stores
products
17
j
Limited
equipment &
Major
Operates wholesale hardware
3.1
24
0.80
and
and
scaffolding
Temple
Manufactures
Trust
Grey
Also
Ash
ness
Publishes The Vancouver Sun, 216,-
b Bid.
4.3
company—extensive liquor
fectionery,
business
Oil Co., Ltd—
Sun Publishing Co.
♦
1.39
trust company
as
Wood, John, Co., Ltd.,
Sterling Trust Corp.—
Ontario
0.06
products
3.2
production
6
soil, water
boilers,
radiators
for
New
3.4
20%
0.65
2.4
distributes pipe
and
fittings
air.
24
Wood Alexander Ltd.
48
18
investment company
as an
and
Manufactures sheet metal
Fine
29
0.44
Invest¬
of Canada
Manufactures
steel
Weston (George) Ltd.
-
4.4
2.4
agents
Scandinavian
Operates
confectionery
&
&
new
wares
Steel Co. of Canada, Ltd.-—
Engaged in all branches of steel
Ltd.
2.5
10
——
Wide
woolen & rayon un¬
8.00
b41
in
Anthes-Imperial Co., Ltd. "A"
Common
business
varied
16
17
Westminster
4.5
b22
1.00
26
"B"
Stedman Brothers Ltd., new—
500
0.40
13
Ltd
and
4
refinery
operates
ment Corp.
ciary business
stations in Canada
Stanfield's Ltd.
and
tions
5.5
hp.
Waterloo Trust & Savings Co.
Accepts deposits and general fidu¬
.1
*
0.35
materials
&
Anglo
Westeel Products Ltd
subsidiaries
owns
and
radio and short wave
Through
Makes
5.60
interests
4.0
contractor
Standard Radio Ltd.
General
0.40
10
gold producer
Holding
.
8
5.6
im¬
home
Brandon,
Man.
Distributes
and
sells through company owned sta¬
Worts, Ltd
&
Quebec
1.00
8
of
sale
for
(Brandon)
Owns
man¬
Operates
Newfoundland.
Walker
41
2-50 (Taken over
by Province of Quebec)
9
10%
installment
Anglo Canadian Oils Ltd.
/■?:% r^-
Operates
q.
S0Ltdern
derwear
the
of
New
.' <'
0.575
56%.
iron,
obligations
seven
.radio stations
7
Ltd
2.5
operates
provement
trust
investment
Victoria
3.0
32
0.95
28
daily newspapers
Canada;
operates
three
1963
—
3.8
forgings
Publishes
for
Purchases from dealers
f
Biscuits
Southam Co., Ltd
&
Ltd.,
Que¬
24
Viau
stampings
metal
1963 ♦
Canadian $
1.40
Algonquin Building Credits
$
0.50
0.90
Ontario
power
on
operates coal mines.
Upper Canada Mines Ltd——
hardware
Pole-line
Based
Paymts. to
June 28,
June 28,
fully integrated
steel, coke & by¬
products. )• Also Iron mines & subs,
2.3
39
in
3.0
10%
0.30
26
28,
1963 '
tion
9
Corp.
Steel
Owns
plant
United Towns Electric Co. Ltd.
Supplies power to 160 communities
,
% Yield
Quota-
6
Algoma
0.50-21%
thea¬
plants with capacity of 29,060
Industries Ltd.,
June
—
38
cities
12 Mos. to
Divs. Paid
gaa
"A"
Extras for
Years Cash
Corp.,
Yukon
4.7
1.80
0.085
14
secutive
15
Approx.
*
Including
No. Con-
agement type
mines located in
Slater Steel
natural
of
United Keno Hill Mines Ltd—
Sllver-lead-zinc-cadmium producer,
Holding
ious
4.5
Canadian Shares Ltd.
Holding co. — insurance interests
3,7
34
L25
17
Ltd. "A"
Mines Ltd
Co. with interest in var¬
Ontario and
Siscoe
13%
Ont.
United Corporations
through subs
stores in Canada
dept.
bec
operates
and
0.60
6.2
operates
Operates 34 motion picture
tres in Montreal and other
5.7
5.25
0.30
16
Simpson's Ltd.
Owns
&
Ltd.,
3.9
products
of dairy
line
11
13
Cash Divs.
distribution
and
An
Silverwood Dairies,
f0.80
ob¬
sales
Ltd
Elevator
United Amusement
other
and
5 to 10 Years
17
United
suits
swim
products
Lingerie,
rayon
25%
1.00
22
enamels, etc.
Silknit Ltd.
From
Ltd.
Union Gas Co. of Canada, Ltd.
Production,
storage,
transmission
producer
gold
Quebec
Been Paid
3.2
584
in
Chicago,
Corp.,
installment
Farnham,
(Quebec) Ltd.- 24
Sigma Mines
65
companies mfg.
food
flavors,
paints,
industrial
rubber
goods, moulded drug sun¬
dries, elevator gears & machinery.
Plants
in Montreal, Toronto and
57
utility
varnishes,
2.10
106
new
Owns
/
Sherwin-Williams Co. of
Canada, Ltd
Paints,
Finance
Turnbull
6.0
1.00 bl6%
28
-
electric
Quebec
DIVIDENDS
.
England
London.
Purchases
2.7
11
0.30
27
and Power
Shawinigan Water
Cn
wool
and
wipers, etc.
cotton
3.6
ligations
switches,
motors,
meters,
Manufactures
4.5
22V4
1-00
8%
f0.30
manage¬
Have
in
Traders
allied products
Co., Ltd.
Electric
3.0
64
1.95
64
8113
Newsprint and
the
type
two
and
35
Ltd., New__
of
trust
Operates
588
branches,
Canada, one in New York,
business
In¬
General
Canadian
Toronto-Dominion Bank
the world
Sangamo
On Which
CONSECUTIVE CASH
Investment
Royal Bank
General fiduciary
Common Stocks
3.3
dis¬
and
refining
vestment Trust
ment
Royal Trust Co
5.4
49
20
Limited
Canada
production,
Third
2.9
9%
0.275
products
Operates
-1.85
0.10
1.60
gold producer
tribution
iines
out
(Listed and Unlisted)
20%
38
Texaco
Oil
Holland
related
5.1
1.05
Teck-Hughes Gold Mines,
5.2
bl5%
0.80
CANADIAN
—
1.40 '
0.04
of 134 drug stores
Operates chain
—
II
2.9
Canadian $
27
(G.) Ltd
Tamblyn
TABLE
% Yield
Based on
tion
Paymts. to
June 28, June 28,
1963*
1963 -
pol¬
etc.
Mfgs. vacuum cleaners, floor
ishers, gas heaters, furnaces,
dry goods &
of
Thursday, September 26, 1963
.
Quota-
10
Switson Industries Ltd
Ontario
16
Wholesale
ing
28,
1963
—
Ltd.
Little & Co., Ltd—
and retail merchandis¬
variety store
Robinson
June
Divs. Paid
23
Continued from page
12 Mos. to
secutive
Years Cash
Quotation
Paymts. to
June 28, June 28,
1963*
1963
Extras for
12 Mos. to
No. ConYears Cash
Extras for
No. Con-
Approx.
% Yield
Based on
Cash Divs.
...
.
Approx.
Cash Divs.
,
.
(1212)
24
at 734-17th St., Denver,
Colorado,
a
general stock broker¬
Telex: Montreal 01-2440
age
business.
of
Government,
Municipal,
Industrial Securities
Members
The
Investment
Bank
conducts
and
Dealers'
of Nova
Association
of Canada
Scotia Building
Montreal
price
1963.
Volume
6302
Number
198
.
.
The Commercial and Financial Chronicle
.
(1213)
Cash Divs.
Canada: A Durable Haven
Investing
Approx.
% Yield
Based on
Paymts. to
Cash Divs.
Including
No. Con-
Extras for
Quota-
12 Mos. to
secutive
tion
Years Cash
June 28,
—
..
....
6
Operates
and
bus
also
—
Alberta
Ltd.
7
crushed
Processes
bituminous
In
ries
docks
Warehouse
Hamilton,
'
Operates
Montreal
Canadian
/
vr
r
ager
8
al80
4.00
Securities
2.1
Has
company
Trust
of
-
,
7
___
"
Operates
:
12
460 KW;
'
Capacity
33%
1.35
subsidiaries
90,-
J.
.
.
.
..fr.fpaint stores.
Owns
8
1.00
C.
.
.
b20
5.0
Ltd.
Mines
11
0.60
N.
0.40
b7%
5.9
behalf
Alta.,
Ont
&
and
thru
real estate
on
9 A
able
:
bits
carbide
6%
0.24
Ocean
B.C.,
for
drill
rock
detach-
drilling
0.20
18%
6
1.20
26%
v
distributes
&
five
electrical
Serves
Oil
4.5
-
sells
cement
in
0.08
bl.83
company.
operates in
b5%
7.3
and
fish
'
Pamour
and
rods
food
In
Ontario
Uranium
ests
producer
in
I
in
Ont.;
companies
and
cement
gravel
5
inter-
8.7
•'
Corp. Ltd.
Installment
vehicle
fans,
motors
sells
0.30
6
television,
(Taken
also
over
with
Edmonton
Co.
plants
City,
and
of
1.50
is
blocks
aggregate.
20,000
8-in.
;y-
,
y
12%
0.45
6
small
11%
b57
0.24
and
0.42%
7
$
Interest
steel
Ltd.
subsidiaries
Railway
i
in
complete
line
varnishes
fishing,
stationery
7
Factories
7.7
1.04
0.08
6
Holding,
tion
from
Through
subsidiaries,
natural
♦
a
Utilities
b3
8.0
A
0.52%
13%
4.0
1.10
bll
10.0
Co.,
11%
3.4
The debentures
A
\
commencing
will retire
:
more
the
1
*
company
amount equal to
than the mandatory pay¬
more
The debentures will be re¬
ment.
100%
plus accrued interest.
The debentures also are
redeemable
at
prices
ranging
until Sept.
yV-; i
'*/""j ar
they
ever,
,
out
of
may
funds
terest cost of
Net
The Montreal Stock
an<l
The
markets
Canadian
for
Exchange, the oldest Exchange in Canada,
Stock
Exchange
leaders in providing
are
industrial, mining and oil securities. Many
eign corporations have listed their stocks
over
the
receive
a
past
two
years.
Countries
in
on
four
these
for¬
Exchanges
continents
Your
the
THE CANADIAN STOCK EXCHANGE
( J
for
Information
Two Wall
of
the
zation
Xavier
Street,
Montreal,
Que.
Street is the address
New
York
First
which
has
of
Agency
Bank,
organi¬
an
been
serving
U. S. businessmen in Canada for
century.The BofM,
a
Canada, is
serve
you
a
$4 billion
bank with 900 branches
across
uniquely equipped
to
north of the border. Pro¬
viding the facts and services
need to operate
any
you
in Canada is the
major function of the Two Wall
Street ofiiceof Canada's First Bank.
option¬
at
time
Make it your
headquarters for
Canadian information.
104.35% to
1968, how¬
not be redeemed
15,
borrowed
at
in¬
an
less than 4.35%.
of
proceeds
from
the
sale
debentures
will
be
the
applied
short-term
of
indebtedness
company.
Application
Bank
of
listing
of
the
debentures
The company,
Midland,
Mich.,
BRANCHES
on
IN
District
ALL TEN
*
PROVINCES
Headquarters:
Halifax, Toronto, Winnipeg, Calgary, Vancouver
headquartered in
manufactures
Montreal
v&IhmW* 'pinU 2W
has been fnade for
NEW YORK: Two Wall Street
CHICAGO
a
SAN
•
FRANCISCO
HOUSTON
•
LOS
ANGELES
diversified line of organic and in¬
organic
metals.
chemicals,
plastics,
O^cc: 'TKotitn.eal
and
900 BRANCHES IN
CANADA, UNITED STATES, GREAT BRITAIN, EUROPE AND JAPAN
•
name
Quintal Investment
against bank borrowings and cer¬
tain
the
THE MONTREAL STOCK EXCHANGE
Francois
G.
Headquarters
the New York Stock Exchange.
St.
Antone
Company.
secu-
a
now
daily quotation broadcast.
453
0f
from
100%;
ally
COMPANIES
at
for the sinking fund
deemable
EUROPEAN, INTERNATIONAL
may
sinking fund
annual
by an
1968
15,
Sept.
of the issue prior
The
maturity.
not
than 800
80%
sinking
annual
mandatory
fund
CANADIAN, AMERICAN,
V.
Mass.—Antone
is conducting
Canada's
payment
»'
Quintal
purchasers in fully regis¬
charge.
to
U't
,
rities business from offices at 261
Union Street under the firm
priced
are
exchanged for coupon debentures
without service or other similar
•
•'
Now-listing
BEDFORD,
underwriting group headed
an
tered form and thereafter may be
0.40
Great
;
G.
1988 is being made
15,
Sept.
increase
v
..
The
"
;
7.5
real
100% plus accrued interest.
debentures will be deliv¬
at
Ltd.)
•
-•
oil-gas,
mining,
companies
Quintal Inv. Co.
by Smith, Barney & Co., Inc., New
Ask.
I
1.06
debentures
4.35%
Chemical
York.
8
Quotations represent June 28, 1963 sale prices or the last sale
price
prior to that date. Bid and ask quotations are as of June 28 1963
'■* K-'l'rr- r..
estate
Forms
distributes
b Bid.
0.08
financing
and
explora¬
large share interests in
Co.,
of $100,000,000
offering
public
by
of
in Alberta
gas
5
5.8
b43
represent June 28, 1963 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of June 28, 1963.
NEW
ered to
Gas
2.50
Vancouver
Yellowknife Bear Mines, Ltd.
i
and
Capital
changed
3.2
Corp.,
office supply
at Winnipeg,
and
Reglna, Edmonton and
price
of June 28, 1963.
due
5
(Name
7%
capacity
tons.
transportation
and
business.
proc¬
producer
Dow
Ltd.
Northern
0.25
Hawaiian
Total
182,000
Company and subsidiaries carries
I
sub¬
Through
Dow Chemical
2.6
day
per
5
Northern
3.8
small
Willson Stationers &
Porcupine Mines Ltd.
j
General Paint Corp. of Canada
Ltd. "B"
Great
bars,
2.7
Plumbing supply mfg.
Manufactures
8
Subsidiaries
steel
b
Capacity
blocks
paints,
enamels,
lacquers
0.30
op¬
Ltd.
3.5
prod¬
Debs. Offered
Emco Limited
,
5.0
♦ Quotations
Block
concrete
Subs,
White Pass & Yukon
customers.
Montreal,
8
lightweight
8
allied
Ltd.
Manufactures
0.08
Oper¬
Quotations represent June 28, 1963 sale prices or the last sale
Toronto
Concrete
7
radios,
and
at
6.8
electric
Dow Brewery Ltd
Quebec
14%
household
company.
has
Western
by Province of Quebec)
in
products
Brewer
1.00
,
9
and
phonographs,
5
divisions.
b Bid.
'1
-
Industries Ltd.
Manufactures
♦
3.6
obligations
&
purchases.
loan
prior to that date. Bid and ask quotations are as
+
Adjusted for stock dividends, splits, distributions, etc.
t Inactive issue, does not trade,
operations
Dominion Electrohome
electric
ll%:i
1.00
?•
in
engaged
pit
;
'
b5%
four
!
numerous
Denison Mines Ltd.
0.20
products.
Canada,
structural
shapes,
nuts,
bolts,
rivets, spikes and bands. Company
2.00
byproducts
gold
2.4
5
of
9%
and one in Jamaica.
motor
Holding
producers
essing and marketing seafood fish
4.4
8
2.5
ex¬
Western Canada Steel Ltd
0.40
\v- ^
Ltd
Holding
0.24
12
9
& sell
Envelopes Ltd
Fisheries
0.30
resins
subsidiaries
processes
plants
equipment
Co.
allied
and
10.5
pipeline
of
year.
power
1.90
chemical
through
variety
four
Purchases
-
merchandise
15,889
&
Company
'
1.1
.
coal.,.,-
per
0.20
___
Trans-Mountain Oil Pipe Line
" Y
on
9
sells
"
.
'
9
tons
synthetic
Union Acceptance
Quebec Power
sidiaries
and
<
shoes
lignite
5
Montreal
Company and subsidiary manufacture a wide range of paper boxes
ucts
3.7
Que.
Manufactures
1.8
Saskatchewan
850,000
of
specialty
in U. S. A.
Through subsidiaries manufactures
Craig Bit Co. Ltd.
V
28%
5
wholesales
10.5
8
in
Thompson Paper Box Co. Ltd.
Ocean Cement & Supplies Ltd
subs,
in
0.50
Co.
retail,,, stores
9%
Salada Foods Ltd.
tensive
_
Quebec mining areas.
stores.
and
own
112
1.00
producer
sale
allied
Has
7
for its
distributes
1963
—
5
stores
manufactures,
8
W.
ates
7
•
Coronation Credit Corp., Ltd._
On
and
Generates
.
1.7
distributors
&
gold
Directly
Ltd.
property
publishes books and
prints
and
lithographs
other
specialized printed material.
'
64
V%V\'"V
Ltd._____+
1963♦
Canadian $
on
June 28,
products
1.10
receives
ore
■"'>
81
and
and
erate
Northern
5.5
.
and
makes loans
ship
Based
28,
6
(Canada) Ltd.
ore
produced.
ore
and
Capacity:
6
____
Points
7.3
Mfg.
Coal Co. Ltd. "B"
Copp Clark Publishing Co.,
•
t>2.75
Ontario
.
Corp., Ltd.__
asbestos
"
f0.20
*
Manitoba
L
&
,
.
producing
in B.
all
food
thru
etc.,
.
"y/" '
operates .wallpaper
Cassiar Asbestos
right to
Maher Shoes
Manufactures wallpapers. Through
•;
Ontario
producer,
and
June
Paymts. to
Reichhold Chemicals
Labrador.
in
account,
Wholesale
4.0
'
Canadian Wallpaper
Manufacturers Ltd. "B"
'•
on
iron
Has
tion
dry cleaner, launderer,
repairing & fur stor¬
shoe
Renabie Mines Limited
man¬
as
in
Can.
has
Manufactures
serving 46,082 customers
plants;
of
Loeb, M., Limited
Canadian Utilities Ltd._,
Supplies • • electricity
in
Alberta/
v
11.2
fee basis.
on
interest
also
1.9
13
acts
acreage
holds
Ore Co.
royalties
0.25
■»
.
,
,
8.95
investment
extensive
on
own
management
tyvr
leases
Also
Canadian Power & Paper Se- "
/
curities Ltd. *—illUi-iL-- ' 7:
Also
as
% Yield
Quota-
area.
7
distributes
distributor
&
prospect
5.0
20
1.40
J
•
Iron
Investment
tailor,
northern
Labrador Mining & Explora¬
tion Ltd.
?
9
holding
and
certificates.
;;
-
Ltd. "B"
Investment
Operates
ages.
1.00
7
Issues
Porum
General
4.1
subs
Ltd.
and
Ontario.
24%
28,
1963
-
Investors Syndicate of Canada
Canadian Arena Co.
[
3.1
asphalt. 3 quar¬
Ontario.
at
Divs. Paid
Paul Service Stores Ltd
Owns
producing
silver-lead-zincgold property in British Columbia.
stone, chemical
limestone. Pro¬
agriculture
stone,
duces
19V2
0.60
June
—
parts O
Highland Bell Ltd
Canada Crushed & Cut Stone
12 Mos. to
Years Cash
/'
1.00
6
in'
1963
Extras for
secutive
=
Mining Ltd
producer
Saskatchewan
2.7
' -'V-
utility
power
22%
0.60
8
Thru
Canada.
manufactures buses and
Gunnar
No. Con-
1963*
Carfadian $
Approx.
Including
on
Paymts. to
June 23,
eastern
1963
Canadian $
Uranium
Calgary Power Ltd
in
service
western
tion
*
Ltd.
Based
June 28,
28,
1963
—
.
Greyhound Lines of Canada
June 23,
1963*
June 28,
1963
Divs. Paid
-
••;
June
Divs. Paid
■\
Quota-
12 Mos. to
Years Cash
Cash Divs.
% Yield
Extras for
secutive
For Long-Term
Approx.
Including
No. Con-
25
RESOURCES
The Commercial and Financial Chronicle
(1214)
26
As We See It
cut
tax
for American business. Amer-
will
citizens
ican
shows
history
spend,
ex^ra^Tter-tejTdoUars
their
lefUn
spending
broaden markets for business-
ment
put
idle
work
and
require
and
ma-
new
factories
new
the Federal Government is
anything but satisfying. To be
f0
wastefulf
inefficient
jn
or
worjc
ap
the
miracles
he
In
about?
us
investment
and
Puritan's Purse
a
Joseph P. MacCarthy, born
Greenbacks!
un-
or
BY JOSEPH C. POTTER
consump-
private investment
teps
now
Thursday, September 26, 1963
.
happy
a cen- peake & Ohio, Norfolk & Western
XwTngland:
to
"You
must select the Puritans for
your
"are pledged to a course obligations in amounts of this ancestors."
we
a
full-employ- funds
a,, balanced
in
economy"
while
ex- swer.
^ There is but one
The funds will be raised
stake, down to 1(K6%
is matched
railroad
of total
net
by the invest¬
ment in steels. Only
a
year
''titl'lhaf was;
an- bound to endear it
ago,
to'7 it
to the hearts(already sizable holding of Armco
of the thrifty folk of Yankeeland.
and through the commercial But Puritan has, in addition to a
planned, mount from day to banks in operations which in fortunate name, a commendable
day, is hardly likely to i
quiet their essence are but the
s'°ry of
own"
y,
j
j
actual
penditures,
^Now^howewr^the
assets,
°ne of the Fidelity management
responsibility magnitude, where will the
balanced budget government get the necessary
fiscal
true
leading to
The-multi- ment
plied effect of these private
consumption
^on
to of
machines
built.
be
to
sharply reduce the income of
for
necessary
this
chines
individuals
Government activIf the public does not add
will ity will be tolerated' Or that to its purchase of government
pockets.
"And
as
over-
an
us,
of
told that we should spending either in
are
we
hands
.
MUTUAL FUNDS
more money would be left in
the
markets
new
means
Continued from page 1
.
and
S&et
Youngstown
&
Tube.
All told, there are nine steels in
the Puritan's purse.
This Puritan must be described
t.
One day last month the Con- as a bull, for its investment in
fears of what all this w 1
Odern equivalent of the ,gress street fund issued its mh common stocks is the highest for
market right here at home bring /upon us.
printing ot greenbacks. Is the annual report, covering the year any fiscal year. At the close of
nearly equal to the gross naTrue tax reform and tax President ready to
suggest to July 31. Edward C. Johnson, the last fiscal year, over 80% of
released
reieaseu
expenditures
expenditures
tax
will
cut,
tional
by the
uy
create
product of Canada and reduction when accompanied
Australia combined.
"A
cut
tax
by the
profit and
comitant reduction in
higher
are
balanced
a
budget. Every
more
after
taxes
home,
left
money
for
a
new
new
"t™
to
lu
tax reduction
over
car,
a
conveniences,
businessman
can
improving his business,
"And
the
as
national
in-
rnmearnw.
the
come grows, the FpHer^l Tnv
Federal Gov-
will
ernment
with
so
outlays
tax changes he wants?
appear
the
wrong
needed
m0st
places
smooth
ance
,
Our tax rates
today that
are
air.
public
no
15
the growth
iu
great or
as
peacetime
in
Carl
of is
? of I
I true Peacetime & Lomb
fiscal re- of
the
Washington, most
in
so
our
need
tax
dede
have
nave
and
been
been
books
our
HpMfii
IBBF
S.
entered
itooseven
plain
have been in ine red
Deen
m
the rea-
be
can
can
expand tax
into
need,
vital
so
a
a
need
bv
by
such
such
simple
so
so
obscured
so. obscured
^
•Many
Serious Questions
jWe do not
tax
changes
should
nf,
'
•
„
The
arguments
now
pu
but
I
few
a
still
are
pointed
certainlv
President
order. The
says
of
the
at
Richard n. Benjamin
Mr.
.
observation
when
President's
road
is
nnintQ
fully
to
assurances
wnnlH
'towaTa
toward
to
be
for
*
^ebster' a wplld"wlde organization engaged in engineering, con-
tillers
inside
investment
graduation
from
n
*
wa^President,
t
advjsorv
services
^"^ Lh^e b/o/insPr^dpnt
()f
'thp
s .^es ar.e ?wned by
market
found
Buckingham
whisky),
&
nursp
Chemical,
arP
Corp
National
b
e r
expected
^
j
°£ W*T
w°"Jenfolkj
^'organizations
dose
be-
Dis-
Family
nflrpnt
pnmmnv
in
,
^
^
Electronic^ Investment Corp. reP°rts that at July 31 assets totaled $28,899,081 or $5.32 a share.
This compares with $5.61 a year
earlier,/end of the first quarter
of the fiscal year.
*
*
*
Fi-
and some $10.5 million of Energy Fund reports that net astobacco
sets at Aug. 31 totaled $33,330,.
^
r
the
lI1L
fifth
compares
$19-67
a
,
share,
year tobacco was
largest
industrial
cate-
J"au:>lliai caie
^^^
Clinton LaTourrette, Los Angeles
f.nanp
of
the
asset
total.
LoriUard
p
&re
phUi
not
been
^
of
Re-
*
*
Shares anthat at Sept. 12 net as-
Selected American
nounces
sets totaled $128 128 330^ or $1044
oZ Incle'lf
have
r>nn«iiltant
Internationa.
*
up
The
^orria and Amencan Tobacco.
tobaccos
ai
'o7 itc hasbee/ elected" the" Board
favorite of Puritan and toted
6-3%
*
*
*
or
earlier.
year
a
^
end of toe Directors of
latest year, tobacco was the No. 4 sources Fund,
to
$26,399,266,
with
the,e"d of the
,
Pre<-'eding hscal
This
equai to $23.14 a share.
593
company in
1958
'
,
nance
2%
mnustrat,on
„
Puritan' f*
fr°m
year
ordinary
no
the
(of
rates
ciselv how would
simnle
nn+
those
outlays at
that
ne
f.-
re-
to
gov-
mount?
accounts,
who
qrp
time when
event nave to
j
excused from
+
™
r!ll! r edmounting
a
continue
of
the Would the taxpayers who
Executives attempt to
troubl-d about
i
expenditures
ernment
T
the navment of
\
u
are
payment oi
I
their taxes lend the
government the equivalent of
the
S° ^ seems to us' the
reassure
a
Ciseiy now wouia a simple re-
somew here else the
as funds it did not take in taxes.
baWe in
balance 'n
a
international*
high
y points, find
applied
his tax nlans
>>vhief
ism.-But then this is
puritan
(Scotch
Benjamin has spent his entire
wph«fpr
Nt?W
Wlll be R
reduction
in
their
T
a
mont
I f
amount of
^
«
i
;
-
taxation,
the
President
' V,
.
^i^^/qual
Ss'i
to
a
sha$re,
a
earlier.
sending
DENVER
Colo_victor H
Gerali
ekofT
Puritan
'
nf
tt-q
31
196^
gory was
12.2%
the
Mr- Gerali was
of
the
cate_
portfolio,
whole
who
agers
regard
as a
But
purchase
N
Y
$14-23
was
(U- S.), against
$12.68 a year earlier.
Fund
»
*
*
..
Texas
reports
that at the
end of the fiscal year on Aug.
not
Puritan,
The Carl
fleeted
in
the
kind
this
of
the end of the third quarter on
Aug. 31 net assets totaled $192,875,041, or $13.80 a share, against
096,206, or $11.94 a share, at Nov.
the
Puritan
be exoected to show taste and
And
Group
con-
during
a
share,
Stock Fund of
Securities reports that at
Common
$186,521,627, or $13.56 a share
three months earlier and $160,-
faith,
shown
course,
is engaging in a secu- discernment.
rities business from offices at 430
have
its
buoyancy
past yearcan
^
carriers
siderable
for
The
as
>The patient Puritan has been
rewarded
31
net assets totaled $61,781,793, or
of
kind of mental
rails.
the
In Securities Business
SCHENECTADY
31
on July
favored
raRroads> accounting for
carrier stocks
richly
'
Street.
a
the
wbR.bj a few years ago, had as
for" much as 15.8% of the total in
and Peters> Writer & Christensen,
State
year'
most
has
at
Denver Hilton Hotel
wUh Hornblower & Weeks
m
Thus
close of the fiscal
abberation.
p &
BuildinS-
obviously
annetifp
Thei? are-although their ranks $12.29 per
are dwindling - investment man-.$46,091,796, equal to $10.14
r
Joins -Ira Haupt Co.
totaling the Company
reduced
then how does
,
The
Mans-
CorP°ration; and Robert H. Stovall»'E- F< Hutton & Co-» Inc-
they do,
as
Sp^aakers
Mansfield,
hSt°C,k ^h|rt S,ervice' Loui,s
tax
or the public
whole lends the govern-
W.
.
L. Schellbach, Standard & Poors
about the The
government, of course,
President's would in that event have to
manv
»
our
"these
statesmen actual
many
reasoning
This
that
H
ot
questions
validity
era!
"""
many years, raise many
true
stock
Graduate School of Business Ad-
!!v§lf
dUCU°" in utaX ratSS °U}U
many learned taxes alter this situation if the
of
and
serious
me
the
common
.
teachings
rpu-
the
be
to
them we money in private hands to The Association of C u s t o m e r s up much smoke in the market*
*
*
fully and in- keep this country's economy Brokers will hold a stock market place, at least they've been pay- Net asset value per share of-ScudWe do say that growing and healthv." Pre- ^orum on Oct. 1 at 15 William ing handsome dividends.
,
der Fund of Canada, Ltd. at Aug.
/
teachings
over
asset" value
when
is
ear
net
per
share
$8.52, compared with $7 47 a
earlier,
the better-
ITnf "of "'s'o
reasoning that
fiscal
even smacking of egoistic hedon-
'
^
^ It
Harvard College and the Harvard
°ften Re£uted
reduced yields on
without
experience and
COMCQ
men
the
cau-
says:
prosper
definitely.
both
of
There is much unpuritan-like
M celebrating in this latest report,
iflK
Customers Brokers
a|,We sho."£d meet disaster taxes) do not leave enough
To Hold Meeting
OI^; that
close
he
"The strength in common stock
Pr*ces *n the past six months has
Priraary
the
As
.
and electronic
r«
winds-
^
■■■■Bf JBi
+ •
tbe
to
Wl the Prevl0us all-time high of $8.49 '
•
IfegM. for ^ yearend, 'recorded at ■ the-iy
close of fiscal 1961.
TVlP Funds RPDOTt
scjenti^
and
an
tt
auesti0ns
that with the
the President
say
the
Z iul
refuted,
_
in
year
reflecting
such elaboration of long and management advisory servdiscredited fiscal lanacies.
ices- He j°ined the firm 37 years
aiscreaitea iiscai fallacies
budget forward by the President
have been often effectively
our
highs in each
decade,
by
revenues
balance."
bon
^noeea, tnis puritan would nave
increasing jobs and income,
bring, finally,
re-
-r-JKjm
manu-
following
can
shareholders have
new
past
Being Puritan Mr Johnson and
hls colleagues do not throw
ascetc
ylwfmjK
;
\
entered optical
-
and
the
year
ti-m
net
banking,
"Bv lowerincf tax rafps hv
r»y lowering tax rates, by
-we
corded
a
fiscal 1961 and less than 60% at
the close of Bscal -i960.
was on theskids.^It even bettered
fore-
unfortunate that products.
a
and
•
«■
is one
for unnecessary complexities and struction,
out of the last 10
years
seven
Roosevelt
horribly
profits and paychecks in this
revenues
&
At
Board ChairJ1 j"' ®a.usch
that
rranxnn
country has been stunted,
pressed
Stone
for that Hallauer, B&L
years
been
urgent
mQre
than
25
or
has
matter
the by
during
need
high the White House in 1933. It
so
of
U
and
Total
of
Erector of Bausch &
"tight budgets" fill the cording to' an
The fact is though that announcement
Franklin
,
a new high of $166,increase of 41.7% over
an
about
ultimately end sponsibilty
budget.
607,970,
and Webster Inc., New York, has been ever-widening of interest by in-
—
generalities
more revenues.
our
amounted to
number
ROCHESTER, N. Y.—Richard N.
Pros- something, incidentally, that fac*ulfeFs of
perity is the real way to bal- we have not seen since °*\
.a !^c
up
was
a
th* ^tal of $117,537,871
N8,1116(1 DirGCtor
when cuts
even
in
to
h" ^areTwith its™, 79%^
ZtfL
*V
"xL fi ^ year Just ended
cat
year^UeT when eSe.were
will bring the blessyear Z,l ^et as7etl in disfavor), 77% at the end of
condemn
tunucu
to
tu
auixic
thf the long discredited pro- £
or con-
places—or at least not in the Benjamin, President
ter, or put it to work expandpast
or
.
Printing
urgently lrJgs be foresees as a result
mav
some
planned
are
when
keep a higher percentage of
his profits in his cash regising
it
aiicuige
education and investment.
Every
that
will
his, family
have
badly and
so
needed
tax-
.
and
payer
prior
necessary
higher
and
income
business
-Federal
.
means
family
new
j
new
a
is
rails
reto
which it is tied: Sante Fe, Chesa-
30, 1962, end of the fiscal year.
During the latest quarter
e
company
made an initial commn-
ment in 10,000 shares of National
Lead and eliminated holdings of
R.
H.
Macy
with
sale of
15,000
Volume 198
Number 6302
.
.
Commercial and Financial Chronicle
The
.
(1215)
shares.
ings
In the three months hold¬
increased
were
in
18
and reduced in two.
*
*
that
net
$46,022,348,
at
SECURITIES
announces
July
$8.24
or
31
ELY
thus
New England Electric
England
Electric
System,
with annual
Mass.
Investors
and
one
of the two important
holding
BOSTON,
revenues
lion, is
Incorporated Inv.
Changes
company
England.
'
to
gas
It
of $202 mil¬
elec¬
is
percentage
Admit Partners
are
hoped
to
within
3
SAN
System
dependability.
Output
increased with
a
will
second
again when the third
be
and
core
is
core
in¬
stalled. Cost per kwh. is, now es¬
electricity and
timated around 10 mills per kwh.
194 municipalities in Mas¬
In-i Hampshire, most of the business
apd may drop to 9 mills when the
fourth
is installed.
core
&
FRANCISCO, Calif.
—
Sutro
Co.,
105-year-old West Coast
New England Electric's share investment
firm, 460 Montgomery
earnings have increased modestly Street,--members of the New York
systems in New
serves
sachusetts, Rhode Island and New
Incorporated
Incorporated
this
it
Sutro & Co. to
than
by
homes
new
and
living.
more
heated
of
heated
the
over
New
Exec.
has
years.
share,
a
all-electric
now
tricity;.. 10.%
OWEN
were
sh^re^a^^ajLtarlier.
—
BY
for
dwellings
double
against $38,604,191, equal to $7.28
a
rate
system
2,000
t
r e p o r
assets
The
❖
The Income Fund of Boston in its
semi-annual
lower
PUBLIC UTILITY
issues
27
(The origi¬
nal estimate before the plant was
for
ous
has
1962.
For
the
and
Pacific
Coast
Stock
'
Ex¬
12
changes, has announced the pro¬
earnings posed admission of two new
gen¬
$1.45 vs. $1.37 in the previ¬ eral partners, Theodore
R. Seton
period. The dividend rat e and Harvey D. White.
months
were
$1.36 being
past decade,
reported
ended
August,
been increased from 90 cents
in 1955 to $1.16
Mr. Seton came to Sutro in
currently, the rate
1962 T
after
fifteen years' service with
having recently been raised from Merrill
Lynch, Pierce, Fenner &
$1.12.
'
.'J ,| Smith, where he was a stock¬
The company has' had a rather holder.
Starting in sales, he later
.
being
Fund, 200 Berkeley Street,
come
the election of
announce
in
Massachusetts.
necticut subsidiary
Charles
er)
ident,
necticut Light & Power.
Chief
as
E xecu tiv
Officer,
cities
e
Richard
tries
as
food
Presi¬
-
t
n
and
Director
of
Middleton
Revenues
revenues are
Funds
the
resignation
of
William
Chairman
and
a
A.
NEES had
mem¬
and
formed
in
oldest
1925
and
mutual
Parker
was
founders
is
funds.
of
one
its
has
its
Chief
Messrs. Devens and Cutler have
been
officers
of
the
Funds
nine years. Mr. Middleton
many
with
years
these
Funds
for
lor
was
White,
Company and has been
with
for
Weld
&
connected
over
seven
investment
nished
by
to
The
the
services
Parker
Funds
two
will
be
carried On under the direction
of
Messrs. Devens, Cutler, Middleton
and James
that
Thej.e,
in
The
course
and
(New
still eight gas
New
England
12-14
was
England
atomic
Power)
There
are
subsidiaries in the
at
now
larger
Haddam,
capacity about three
a
times the size of the first Yankee
plant.
NEES will have
terest in the
of
the
15% in-'
a
plant.
new
The cost
plant is estimated at
new
$80 million and it will be the
type
same
the present Yankee plant.
as
Overall power costs
expected
are
to drop to around 614 mills in this
plant,
which
should
tive with any
plant
competi¬
with
the
exception
of
the
The
now
England utilities
units
and
can
about
fully
in
programs
construction
ample,
so
be constructed.
output
new
unit
operation in
of
of
unit.
New
to
the
but
should
$45 million next
held administrative
Lynch's
spent
ning.
and
which
—
ex¬
buy
Edison's
will
be
in
$38 million in 1965, Public financ¬
the
will
in
be
not
until early
necessary
The
company's
overall
return of about 5Va %
of
System, all in Massachusetts, and
serving mainly
of
rate
Sutro.
the rate
on
the
that the system is not
means
rate
affiliation
been
electricity.
There
has
been
long-standing SEC order which
require eventual sale of the
may
properties but this is not
gas
sidered
adverse
an
they are earning
con¬
factor
since
excellent rate
an
power,
and
New
return
taxes
come
is
so
far
concerned
due
to
reduction
in
should be
as
the
reflected
the
tax
the
At
NEES
He
The
electric
of
ties
The
about
times
current
and
sells
Y.—Curry
Laughlin
&
Len,
Building,
is
in
as
Investor
s
is
With
this
will
These admissions
Business
1959.
He
structor
tion
Administration
has
in
served
Business
during /the
as
since
in¬
an
Administra¬
two
past
years.
England
ago a
sion
line
with other
as
utilities.
new
prospect
Inc.,
are
connecting
the
in
service; this provides
interconnection
to
the
Company,
Mc¬
Newcastle
215
Road, is engaging in
'
ne w
Bray ton
station
kw.
with
Point
two
a
strong
and
generating
units
of
business.
I
Pickard
Smith Charles Formed
for
in¬
an
se¬
curities business.
Smith
Eisenberg Opens
BROOKLYN,
N.
400
heating
has
set
up
a
new
opened
with
Co.
offices
has
at
offices
a
securities
business.
Fall
Stanley Avenue to conduct
edition
ISSUE will present an
world's
of
our
up-to-date
are
a
Stephen S'. Smith and Charles
R. Iorio.
1963
OVER-THE-COUNTER
resume
was
capacity; the first
service in August
should
This
be
MARKET
of the securities traded in the
largest market.
will
be
most efficient in the
rate
under
one
kwh.
one
pares u
Westheimer Adds
system
CINCINNATI,
and
Ohio—Westheimer
Cincinnati
have
their
8,800 Btus
a
rate
with both
the
present
of
OVER-THE-COUNTER
124
East
Fourth
added
11,000
com¬
Btus,
Brayton units in
staff: '
Exchanges,
T.
A,:?vy
estimated
Kenny
to
A-""" *■' '/>;
$3.5
million
share.
at
coal saving
a
stocks
which
on
interrupted
includes
cash dividends
have
been
paid
for
5
corporations and banks which have paid
years
year,
up
to
179
★
Don't
Bank
miss
in this
the
your
Regular advertising rates will prevail
i
for space in
this important issue.
a
kwh.
The COMMERCIAL and FINANCIAL CHRONICLE
COLUMBUS,
Dover
has
Ohio
joined
—
Jerry
L.
staff
of
Inc.,
20
the
the
Yankee
which
than
Dempsey-Tegeler &
North High Street.
Co.
25
has
been
over
has
30%
a
Atomic
proved
anticipated.
operating
11
It
of
Firm, Corporation or
of about
12 cepts
or
opportunity to advertise
but
Cost of the power produced
NEES
years
important issue. Forms close October 3, 1963.
:
Joins Dempsey-Tegeler
un¬
consecutive cash dividends.
opera¬
Brayton should be under 6 mills
per
longer.
or
overall
tion, the system rate should drop
to about 9,500, which might mean
an
Stock
Louis
York
MARKET
per
pound
The low heat rate
the
of
■
Company,
Street, members of the New
and
of
be needed to produce
with
list
country with
kwh.; only about 6/10 of
of coal will
A
and the second
ready next May,..1964.
station
heat
put in
★
interest
Power
more
The
Plant,
efficient
plant
has
continuously
for
months, quite
a
PARK
PLACE, NEW YORK, N. Y. 10007
in
record for
RECTOR
2-9570
(Area Code 212)
Partners
at
Will Be Published October 10,
1963
been;
Wall
Street, New York City, to engage
in
THE OVER-THE-COUNTER MARKET ISSUE
★ The
79
,
Y.—Stanley
securities business.
and
Eisenberg has
Charles
formed
250,000
Research
Assistant.
securities
a
system
west
of
search
subject to
Clarke & French Co.
a
with Niagara Mohawk was placed
a
Re¬
hold
SYRACUSE, N. Y.—Clarke &
major
About
previously held appointments
and
to
Jose
man¬
at
engaging in the
supply of low cost power,
NEES is promoting electric house
230-kv. transmis¬
He
Associate
1945,
approval.
building the big
of
Sari
continue
is
Stock. Fund, 111 Devon- enables the system to buy
large
Street, as an Industry Spe¬ blocks of cheap power.
cialist, it has been announced by
NEES has been
with the Harvard Graduate School
with"
'
S.
creased
intercon¬
Growth
Mr. Gardner has been associated
to
con¬
account
appointed its
have
hire
Dwight P. Robinson, Jr., Chairman.
in
an
the firm's
was
He
French
N.
been
trainee
a
years
Exchange
V
earnings.
In Securities Business
SYRACUSE,
as
14
ager.
in higher net
4.1%
has
1,650,000
one-third
system
well
year
Massachusetts
subsidiaries
which
as
New
Massachusetts Investors Trust
will
this post as Resident Partner.
rate
price around 28,
recent
yields
firm
office, he
proposed
52%
field
executive
and
income.
England.
nected with large New York utili¬
has joined the research staffs
with
assistant
of return.
hydro.
BOSTON, Mass.—M. Dozier Gard¬
and>('
Plan¬
versity in peak loads in New York
also served
areas
generating capability of
Of Mass. Investors
of
He became associated with
After
future savings in Federal in¬
any
high tension transmis¬
enabling New England to
take greater advantage of the di¬
his
partner.
securities
permit¬
sion networks through New Eng¬
land
will
help transmit cheap
Manager
has
senior
Merrill
Mr. White's entire career in the
*
1965.
300,000 kw.
a
he
of
Department
ing includes bonds and preferred tinue to have various
management'
stocks of subsidiaries; NEES sold
and
administrative
responsibili¬
872,000 shares of stock last year ties and assist in
planning for the
but
additional
equity financing firm's future
growth.
19.3
thus
Legal
Since
Sutro,
posts; for five
head
was
subsequently,
drop to
year
he
years
In 1963,
million is being
expenditures
around
low-cost
Boston
1965
that
new
For
arranged
one-third
are
their
efficient
more
NEES
power
about $53
particularly Vulnerable
New
cooperating
larger
highest in its history.
base
Brayton units.
new
the
operating in New Eng¬
now
land,
be
heavy construction program, with
1962 expenditures of $65 million,
conventional steam
New ting Edison to install
power
The
are
much
a
plant
power
Conn., with
mills.)
utilities
planning to build
utility. big
wholesale *
a
service company.
a
or
also two: electric retail¬
are
company
Parker
Gardner Joins Staff
and
622,C00 custom¬
serves
than Boston Edison
Hampshire,
kw.
of
in
constructed
Ullman. It is expected
due
Corporation will be realigned.
ner
The
inr. Rhode,, island; and
ers^
fur¬
Corpora¬
now
Electric
any; Qthpy nNewaEngJand
»a
The
has
but
ago,
Massachusetts
more
with
years.
tion
into
ers,
principal
been
60 subsidiaries
some
years
Co., which
A.
'
and
miscellaneous.
Massachusetts were merged a year
the
Executive Officer for
many years.
and
and
retail electric subsidiaries
ago
was
William
of
one
four
Directors.
Incorporated Investors
Electric
gas.
greatly reduced the number.
George D. Aldrich and Amory
Officers
few
a
ber of the Board of Directors and
as
83%
industrial
24 %
wholesale
9%
announce
Parker
Massachu¬
about
42% residential, 25%
commercial,
Charles Devens
also
of
in
are
the balance from
dent.
as
goods.
activi¬
from sale of electricity, with most
as
of
Parker
rubber
research
important
are
printing,
paper,
and
Vice-Presi¬
The
products, tex¬
and
products
setts.
L.
Law¬
Lowell,
metal
chemicals,
ties
and
John
Provi¬
Quincy. Leading indus¬
Educational
a
Principal
include
Worcester,
tiles,
Vice
spring to Con¬
area
include
Executive
de
last
the
and
rence
M.
Cutler
in
dence,
of
.
sold
(Mystic Pow¬
Devens, Pres¬
was
Con¬
A
-
•/:
The Commercial and Financial
annual
billion,
released in June.
survey
3
Continued from page
have
vey
statistically
American consumer to
Broadly
speaking, the findings of this sur¬
of the
million:
labor force increase is 1.0
in busi¬
for fixed capital,
line with the Commerce-SEC
spending
ness
in
ports faith in the eagerness
for the military.
advance
Further
(2)
attributable
rate,
to pay increases
Higher Interest Rate Policy
by
supported
been
a
fairly sustained rise in new orders
spend most of his income on "cur¬
million, of whom 900 rent" consumption. For example, for nonelectrical machinery.
(3)
The
pattern of housing
we
find
that
consumers
spend
starts
this
of age. Furthermore, 92.4% of their disposable
year,
based on the
for 1965, 1.5
thousand will be young people 14
to
24
years
growth has fallen one-
labor force
projections
behind
million
half
made not much more than a year
To use these available labor
ago.
current rates of increase
resources,
output will have to be signifi¬
in
bettered,
cantly
impressive
matter
ho
Given
how
cyclical
previous
by
experience.
the
declining
participation ratio of labor force to
population that has recently pre¬
vailed,
rising
demands
employment
they
inc(ome
These
induce
will
ma¬
So far
is
goal
our
of
appears.
industrial
concerned,
has
levels
been
capacity
significantly
prevailing
from
the
spring of 1955 into 1957. Most
re¬
cently, however, in June and July,
the
following
cording
Federal
to
reached
mates,
the best
of
sharp
spurt
this
output,
manufacturing
year,
ac¬
Reserve esti¬
87 %
capacity,
of
showing since the spring
But
1959.
that in recent years—
distinct from early in the post¬
as
this
is
still
signifi¬
as
ers,
mendable
feature
i.-
1957 is that they
free
of
Wholesale
and
prices
expenditure pattern.
the
prices of
the
broad
commodities,
more
sensitive
industrial materials are,
on aver¬
little
age,
what
different
they
were
is true that
risen
six
years
consumer
little
a
today
1 %
over
from
ago.
It
prices have
a
but
year,
much of the rise is attributable to
services.
Furthermore,"quality im¬
provements in
far
spending
business
as
tion started unusually early
—and in
products
ficial
bias
wide range of industrial
a
In
have
spending for fixed
1956-57
highs,
for
major cause of defaulted ex¬
—a
pectations for fuller utilization of
and industrial re¬
manpower
sources.
are
were
volume
and
has
accelerated
cently,
rather
after
in late
continued
1958,
same
labor
they
as
sharp contrast
a
1957.
and
Produc¬
1953
was
expansions. The
the
the
comparable
from
so
or
to
increase
spring of 1960 has been
fall
the
of
three
summer
1956,
the
of
rise
only 11%. Another major in¬
fluence in
turing
the
com¬
favorably with gains in other
years
holding down manufac¬
unit-labor
progressive
costs
has
slowdown
been
in
the
hourly earnings.
There are,
tures
has been exciting to
has
certainly
some and
contributed
to
ex¬
pansion. In accord with the most
recent
ever,
but
industry statements, how¬
I find performance gratifying
hardly spectacular for the
1960's. Seven to eight million units
should
be
the
norm
for
the
mid-
parts—the
best
publicized
outlays
—
of
purchases
of
all
nevertheless
accounts for only 6% of total
sumer
generative effect
goods
con¬
hardly
when
spending
that
Short Run Outlook
ning of 1947. It is
a
immediate
months
future,
for
for some
prospects
are
continuation of
a
moderate
recent
60
begin¬
The
activity.
that
hardly likely
is
in
the
raise
to
or
boom;
to
or
credit
on
late
the
or
billion,
If
annual
quarter,
a
total
1963,
year
the
at
Council
visor's
of
a
predicated
on
of
significant
It
such
heavily
weigh
next
16
ap¬
an
considerations
broader
prices.
GNP
for
the
billion.
billion
upper
to
seems
in
that
me
policy
get into
we
as
one's
—
national
fiscal
and
monetary
Economic
of
not
year
on
a
elements
pansion
use
the
grams
and
would
more
ment
Fed¬
local purchase
be
rates
of
of
ex¬
resource
ments
problem
goods and services,
with Fed-,
outlays in the fourth quarter
by
an
is
that
actually
may
be
monetary
importantly,
between
feet
have
domestic
on
aE[d
autog>
durable
goods could materially af-
far
Combination
outlook
the
as
less
or
is
demands turn out more
essentially neutral factor next
an
tion
of
year,
year
would be
substantial
policies
next
reduction
with accumulation at a mod-
erate rate.
failure to enact
a
tax
for
developed today, I would
as
expect inventory investment to be
con-
cerned the most ominous combina-
public
coupled
Current
with
Let
monetary policy.
I reach this
judgment
cial nature of
on
the
policy for next
prospective demands
a
pace
of expansion that will not be suf-
ficient;; to
reduce the
rate
ment
to
or
unemploy-
provide adequate
stimulus for business
spending
on
eral
U. S.
reasonably expect Fed¬
can
purchases of goods and
probably
slowly
more
advance
by $1 billion
and
or
so
e.,
Moreover, business con¬
and
—
perhaps elsewhere
appear to be
*n an expansive phase. Let us not
f°rget, however, that Western
Europe and Japan remain highly
competitive in important world
than
a
purchases
consumer
i.
maintain the
ditions in Western Europe
this year; State and local spending
to
payments,
competitive position in world
markets.
serv¬
ices to continue to rise next year,
but
of
balance
which have tended to
fixed capital.
We
the
in
°xP01'ts and imports of goods and
services. The outlook for exports
*s. no* on. ka*ance unfavorable. I
dont envisage over the next 16
months, or so any marked depar^ure from domestic industrial wage
anc| Pfice trends of recent years,
at best will
modest, irregular
comment most briefly on
me
prospects for our current account
cru¬
year
because, without outside stimulus,
permit but
Prospects
Account
restrictive
increasingly
an
plans a„d spending
for 1964.
activity.
If final
So
perhaps consumer non-
t lnvestment
f
ef-
deleterious
a
housing,
markets than assumed for
more
differential
the
on
hardly remind
need
however, that much weaker
long and short rates is
to
certain
rat^s,. .and.
long
on
I
.time.
some
again,
this time sharply. The consequent
effect
total
spending for fixed capital
might well continue to rise for
raise
fremi_ra
manufac-
—
1964 are likely to
the expansive side, and
on
business
and
—
attempt-to
u
jeers' plans for
pay-
of
on
reduction
fax
—
con-
a
balance
policy may be called
by $2 billion
spending for nondurable goods. So
markets.
But even if exports of goods and
services are 1 maintained, or are
far
even
quarter. If disposable in-
rise,
comes
will
so
consumer
good;
go
increased moderately, would
the liext export balance be erdded
Private Sector
critical
The
private
purchases
of
are:
goods
by
in
activity
of
course
cent
is
investment..
exports and
alternating
higher
to
move
for discounting the
and
imports
First,
have
not
im-Secondv
likelihood of
grown
in recent
as
years
fast as GNP.
stocks of ' imported jnar
be " in closer bal-
terials appear to
that will be absent in
years
1964
in imports if domestic
should
levels? There are several reasons
Uncertainties exist also about the
future
a surge
invest- this.
fixed
inventory
-
consumer
durable
business
and
ment,
Uncertainties
uncertainties
demand
housing,
in
of
expenditure pro¬
reduction
tax
than
match
potential full
that
employ¬
pro¬
alone, as presented in the
for
fiscal
1964
This
then, would be insufficient.
gives the
reduction
eral
enactment
of tax
legislation, of the gen¬
order
of
being
magnitude
ap-s.
recommended
by
House Ways and Means Com¬
mittee,
a
sensitive
and
best, give
ance
with
leVel 'of domestic
the
on' activity tftlamper^
influence
advance
of
$1
that
monetary
the
policy,
private
assuming
economy
a
will
might,
areas
at
a
postwar era, arid there\i^ no
to
>
expect any sudden dis-t
tic activity moves
slight plus; they
could, however, also give
to higher levels.r
o^l;the who]^ then,'a tentative
minus'prediction of "little change',', may
ge the be^f gitess- one can make
big enough to precipitate recession.
With reasonably favorable pub- ;with
lie
policies uncertainties in these
solved
would tend to
areas
be-re^ievel ' bf
the favorable side.^Thus^ pvCC
on
Regard to the direct impact of
inter national
transactions
S.
does not seem
duction and with
expecting
activity and
ployment expanding,
million
a
housing starts
probable,
a
figure
total of 1.5
in
not
this year.
■
comes
seven
and
in
in-;
and the large and apparently
rising volume of auto scrappage.
influence
of
business
invest-
well be the determining
on
over-all developments
for next year.
We
can
expect the
internal flow of funds to continue
for
■
the balance
payments in the near-term.'
;
>
any reason,
•
*
'
/Policy Issues ,
is reasonable in
households,
course
of
*
improvement in
dif-
light of continued growth
population,
to'be
sharp
the current account of
is
realized
automobiles, another
million plus year
the
1964
very
ferent from what will be
For
em-
the
on
"tjcdriottiltfActivity v
the^ hCxt ^eat orsOv There'
with incomes bolstered by tax re-
The
high priority.
Opposes Interest Rate Rise
On
us
in¬
the
Expenditure
Message
cal
critical
need a
we
in the light of developments
and
the
in
policy,
receipts.
parently
Further expansion in
next
certainly
degree
fiscal
combination
since
near-
will
and
From
grams
variety
be
for 1964 and beyond.
.Budget
re¬
well
may
recession
have
major
was
including
we
they
-f $5 bil¬
estimate
policies
year;
Ad¬
the
of
Fiscal
1964.
the decisive elements in whether
for
end
judgment about the
bolstered
of
consequences
serious
be engendered, say
next year can
potentially
expectations for
jf favorable
ancj
areas.
many
tinued
ment may
eral
the
immediately -.ahead
in the months
other
ports. One recurrent pattern of re-
economic
or
following:
of
using private
Among
in
turbance of this balance as domes-
to stimu¬
substantial tax
considerations,
expansion
reason
duction, effective July 1.
This
fixed capital, and for
on
stimulating
credit
recent utilization rates can be inbusiness ~creased
some, or even maintained,
of
try. Taken altogether, these criti-
$582
term future is based
spending
volume
and
strain
any
or
Council's
the
judgment.
crease
The
of
For
so.
all
prospective
at
incentive being the
of output on capacity. If
pressure
over-all activity of actual and pro-;
thg
estimate of $578 billion
lion.
must
or
outlook;
capacity in manufacturing,
the" primary
high levels of housing
increased
an
founda¬
a
support
over
ment of
main-
for
spective strikes in the steel indus-
$592-593
beginning
cost; side. Such
essential
portance in shaping developments
quarter,
the
developments
months
rate;
the
or
monetary—will be of crucial im¬
rate;
of
for
as
whether it
win decline, will be determined
whether from largely, by. incentives for enlarge-
—
surveys—
near-term
hardly any
an
appraisal
praisal,
realized, these estimates would
yield
is
it
enough
the
or
approach¬
any
current
for
business
and
tenuous
tion
orders and
new
as
fast
activity, for helping to encourage
or more a
immediate
the
spending
whether
or
investment
result in
support
the
fourth
Outlook
of
measures
in
sufficiently
capital
markets;
is
industrial
rate of
advance in industrial
For
a
to make
anything
fixed
a
is
unemployment
off
touch
ing
This
utilization
capacity
to
record
pace
increases
overall
dent
the
i.e.,
ahead,
good
short
For
of
quarter;
consumer
the
to
outlook.
eral and State and
record that sup¬
turn
now
me
economic
run
consumer
of the 66 quarters since the
not
simply
past—including such foreshadow¬
The
will rise slow
ample, and inflationary
are
tenance
two-thirds of manufacturinterest ing investment—to be substantial,
—nqw
Nevertheless,
absent
the demand
policies
expenditures for replacements
and
upward
unemployment
as
of services to increase
often
is
and
spending rises—it has risen in
this
rise
large-scale
for
are
Longer Run
ing
(1)
news
accumulation
and
goods showing
further
modest
incentives
year,
on
assumed.
services.
It is
the
corporate
sixties. But spending for autos and
consumer
for
Ample corporate funds have
had
than
that at
put
industrial capacity
high,
pressures
With sup¬
ample,
develop¬ present.
should be in the vicinity of $585
of course, other fea¬
worthy of comment. The auto
"boom" for the second consecutive
year
although
ment.
not
rate of increase in wage rates and
average
a
capacity
and
a
moderately
quarter.
only
an
the
1956;
tivity gains in this expansion
fourth
the
in
guidelines,
sion;
Let
unit
the
in
as
likely to
current quarter
is
and to accelerate only
demands
up,
inventories
For
with
effect
cycle
atypical
thesis.
down
be
ordering
new
July is consistent with
of
for the
move
for steel in
The
is higher.
in
rise
plies
irregularly, throughout the expan¬
quite
in
to
consumption
moderate
has
large and the rate of
so
with
whole,
the
on
liberalized depreciation
in
14%;
have
accumulation
years;
not been
un¬
in other
as
■s^hole, accumulation
though lower relative
allowance
some
recent
ex¬
is
pattern
acute
as
this
to GNP than earlier in the postwar
period
the
but
the
no
is
year
re¬
cyclical low. Profits
a
before tax,
This
2V2
for
unusual
1
about the
since the
in record
been
to the sustained and large increase
postwar
to
funds
has
years
ception,
in
concentrated
half.
likely to be
steel
flow-of-internal
corporations
time.
costs
pare
liquidation
-second
years—and remains today
some
long
remains
more
not
long-term
on
so
in
time
some
first-half of the year and by
the
significantly
lags
relative to total GNP. It has been
steel accumula¬
concentrated
tion
have
years
Thursday, September 26, 1963
.
large and in large volume, incentives to ingross vest to cut costs, to remain strong,
a
need policies
will
Ominous
past five
been distorted by
the
exceeding
last
at
and
rise
rates
goods.
of the
generate
we
least
pressure
On inventories, patterns in
(5)
four
capital, though showing a cyclical
upward
some
manufacturing,
1955,
nondurable
continue low. On
and
been
the other hand,
savings,
the
plateau, with spending strong for
ratios
well—suggest that of¬
as
indexes
over
July broke out above the earlier
policies by and large have been on
have
to
year
advance, retail sales in June and
in this
the cautious side. Stock-sale
As you probably re¬
May. Most re¬
cently, with incomes continuing to
inventory
but
period
last
late
is
accumula¬
inventory
concerned,
products
consumer
better showing than the
one in the first half
a
call, retail sales changed little from
Capital Spending Lags Re GNP
pressures.
of
industrial
of
range
have been
inflationary
should
rather anemic
of the year.
So
to
adverse
com¬
of the years
since
i t y
v
continue
.
perhaps growing volume of
levels is likely.
peak
Consumer spending
(4)
have been in a making
group,
a
rather stable
The
distinctive -—and
t i
a c
pace
with incomes, with
big consumer spending splurge of keep
for nondurable goods
1955 relative to incomes—consum¬ spending
cantly below the 92% of late 1955.
Another
construction
these
from
period and in contrast to the
war
expansion
business fixed capital
as
utilization
below
evidence
statistical
achieving
dential
in resi¬
high
probably occurred in the Spring
or Summer months. Some decline
the past decade
and suggest
sub¬
a
slack will have to be taken up be¬
the
are
factors,
seasonal
the
that
Suggests
of 1963.
rates virtually identical
quarter
second
to the average of
stantial labor force re-entry. This
fore
the
revised
newly
92.4%. in. 1962, and 92,6%
in 1961,
in
expect that if
should
we
terialize
Chronicle;.
(1216)
28
,
;
>
problems
the effect
of their decisions on the business
outlook/ The - problems, are ,the,
deficit in the' balance * of payments and a sluggish growth rate
in
the domestic . economy - with
consequent unemployment.
If I
debate more than I discuss policies
to deal with these problems, it is
because
that, in
fact, is my
posture. The fact that these isI
turn
now
^to
the
policy makers face and
;
are
than
sooner
in
outlook
appraisal
my
not
does
rather
later
discussed
sues
the
Number 6302
198
Volume
mean,
of
as
policies
for
tool
expansion and the other
Questions
Monetary
Expansion
Claims
During the
Monetary policy
of
monetary
sively adapted to developments in
past
the
policy has attempted to
private
We
sector.
of
are,
with .an inter¬
dependent system in which public
dealing
course,
and private
actions influence and
This recipro¬
react to each other.
cal relationship has always existed
least
at
"between ^de¬
implicity
velopments and policies. Now, for
the
U.
lihkj sbetween
the
to
«economic
developments; namely,' the -bal¬
ance
of
payments
and ^public
policies
public
conflicting
sought
ti°n
and
utiliza-
short-term interest rates
on
so
as
to minimize incentives for capital
to
flow
abroad.
differ
Opinions
of
\u
that
t
from
5
has
v
,
+
flows
or a
pol¬
Such
a
hav¬
as
have
said,
monetary
policy
I
actively stimulative. FurtherI believe that
more,
it not for
were
the balance of payments
constraint,
would
restrict
nations
not,
the
to
as
ability
tap
here. It would
I
of
real
on
mean
is
by the
concept of financ¬
narrow
ing specific exports of capital
policy of maintaining and in goods. I would not want to rule
increasing sh0rt-term interest
rajes j,as acted
direct impedi-
as a
menf to further reductions in longterm rates which might encourage
As j
ment
shQrt
as
centive to move out
on
+.
invesst_
ields
■*.
or
private)
this
general
proposition.
"tying" I do not necessarily
a
of capital
case
(government
re¬
expansion
fact
outflows
29
examine, how¬
is whether the
ever,
re¬
simply
I should stress that
us.
much more to encourage
xhe
economists need to
strict the export of unused claims
monetary policy would have done
economic
combination of the two.
measure
sources
term
rTo ThePr°e 1CaLmthosee whc/be- main high' lenders have
lieve
that
reasons
the degree higher leve,s of domestlc
on
stimulation
domestic
these
ing been passively responsive but foreign
while
home
at
resources
has
It
full
encourage
with
cope
objectives.
to
of
years,
also maintaining upward pressure
there is •an-^additionah
S.,
dimension
couple
for
icy in the current upswing
not
importance or that they are pas¬
is
It
(1217)
would characterize monetary
I
secondary
of
are
The Commercial and Financial Chronicle
.
for contraction.
indicated earlier, either that pub¬
lic
.
.
out
capital flows that contribute to
the
financing of domestic outlays
also
covered
Finally,
that
need to
we
in the
we are
ing
by
remember
position of choos¬
undesirable
among
alterna¬
tives. Tying aid and capital
of
flows
have disadvantages in terms
may
allocation.
resource
Before
we
reject this approach, however, we
ought to compare its costs, both
abroad which in turn induce gen¬
short- and long-term, with the
recipient costs of alternative approaches to
country from the U. S. But in Cases dealing with the balance of pay¬
eral
imports
where the
not need
into
the
recipient country does
our
directly
resources,
or
ments
problem. In particular, fail¬
to realize
ure
potential output and
the yield indirectly, little purpose is served employment is
r
•
by a flow of capital.
tial cost.
real and substan¬
a
.
.
N
been excessively easy and for too
T-^
ming
policies to deal with it/
-^•
It should be apparent that in my
It can also be argued that a pol¬
lit today's world, the U. S. can¬ long a period, and has ^resulted ■■'vJLrdimSanV vf im r
& °
courage capital formation, we need
icy of this general nature would view' the policy alternatives in¬
not neglect either the domestic or both in a spillover of funds to to make short-term
assets less at¬
be preferable from both the do¬ volved in achieving more
rapid
other countries and in a deteriora¬
the international
problem. ■ The
tractive to lenders so as to increase
what
question is,
the appro¬
are
priate policies to deal with each
of these problems/
that
fact
deficit
S.
U.
the
is
In view of the
payments
traditional
the
of
not
type, involving, excess demand at
home
attracting excess resources
from
that
abroad,
we
general
fiscal
policies
o u
d
at
aimed
it.
1 d
o m e s
Rather,
monetary
d
a n
h
s
traditional
use
with
deal
to
means
view has been
my
should not
primarily
tic expansion
b
e
while special purpose
instruments
applied to the balance of
are
ments
pay¬
problem. The recently pro¬
tion
in
the
quality-of
investments
demands
credit
Last
cial
bank
9%
in
crease
the
in
recession
that
banking
to
to
1961
is
with
available
Monetary policy has in
was
sense
a
_
really had
,
..
.
,
however,
to
growth in
its
problem
ma^ be characterized as follows:
Although we have an export sur-
P*us *n terms of goods and services,
monetary, and balance of pay¬
and Credit magnitudes in the past we are attempting to give and lend
ments policies in turn.
year and a half have been signifi- abroad an even larger amount. The
Warns Against Contradictory
cantly affected by the upward 5esu^t is that the rest of the world
Policies
movement in interest rates paid is acquiring short-term dollar
Fiscal policy—There is little to on
commercial, bank time .and claims on the U.S. at a greater rate
add on the subject of fiscal policy savings deposits following changes than it appears to want them, while
in the Board's Regulation Q.
An the U. S., in turn, acquires long(beyond what I have said earlier.
A tax cut is highly desirable as important result of these interest term claims on the rest of the
a
contribution
to
especially
mand,
Without
mand.
de¬
aggregate
de¬
consumer
this
contribution,
rate changes was
banks
became
financial
that commercial
attractive
more
intermediaries.
as
sub-
A
longer
outlook is
run
much
expenditures in the period ahead,
with
is
without the tax cut, but it
or
reasonable
a
will
they
assumption
continue
to
that
advance,
though perhaps less rapidly than
the
in
past
It is worth
two
or
three
years.
pointing out, however,
of the im¬
that most evaluations
pact of the tax cut on aggregate
demand
that
assume
this
impact
stantial
and
nesses
securities
the
fiscal
continue
to
expand
of
should
spending
Federal
view,
point
policy
in
roughly
line with the growth of potential
only
Putting this in other terms,
view the tax cut
may
of
one
as a means
employment budget surplus.
sizable
The
surplus
that
is
im¬
plicit in the present budget acts
as
drag
a
on
economic expansion,
for it puts too large a burden
on
of
should
be
contribution
as
a
nancial flow of funds
as
carry
in achieving neither full
employment nor the budget
sur¬
of
this
of
monetary
developments,
and
point
I
to
two
significant facts. One is that
the
money
that
supply,
manafaeposits and
a
half.
at
past
of
rate
year
and
excessive.
Short-term
advanced
the
and
rates
have
decline
in
long-term rates has been moderate.
Furthermore
long-term rates
rates
by
tures
.
more
expendi¬
rapidly than full
ployment tax
combination
hardly makes
em¬
high by historical stand,
long rates have declined by any
m
„
more
,,
than
.
is
,
,
„
,
accounted for by
■
J.
revenues
of
a
the
or
two.
policy to
some
But
use
it
one
disappearance
of
earlier demanded
inflationary
the
,,
the
premium
by lenders with
expectations.
of
The
traditionalist
has, however,
ball
for
predicting the
policy makers. For
be
not
crys¬
moves
it would
me
appropriate at all.
address
*An
Annual
cal
fore¬
clear
no
by
Mitchell
Mr.
the
at
Meeting of the American Statisti¬
tember
Ohio,
Cleveland,
Association,
Sep¬
1963.
6,
THE SECURITY I LIKE BEST...
conversion to the oxygena¬
tion process.
Warner has an esti¬
60,000,000 tons of limestone
mated
Hollow
Cedar
at
reserves
and
100,000,000 tons at Beliefonte, Pa.
With the anticipated
sales increase,
this division is expected
a
to make
significantly larger contribution
tq over-all earnings from here on.
Without
question,
Warner's
valuable
most
land
holding
in
outside
the
its
is
asset
huge
Morris ville
the
limits
city
of
that this tract alone is worth more
than double the
ciated
share.
company's depre¬
value
book
This
is
a
$23.00
of
6,500
acre
per
tract
contiguous with U. S. Steel Corp's
Fairless Works on the northeast
and
miles
3.1
of frontage
New York and
for
the
on
adjoining it, including U. S.
and
13,
limited access high-
a
industrial
speed
U.
and
west
vestment..
Washington, D. C.,
major highways running through
Route
portfolio in-
between
distance of 4.7 miles and has
a
proposed on long-term capital outflows in the form of
line
main
R.R.'s
vania
artery
the
on
1
Route
S.
i believe these are steps
cism that has been levied at aid-
the
on
this
approach
couragement
sion.
If
and
could
it
administratively,
be made for
seems
be
implemented
good
case can
tying all capital
ex-
outflows
to
exports,
The United States,
real income
of the
Warner
and
trial
has
granted
of
goods
export
We
get
of
into
troubte internationally when we
attemPt to export dollar claims in
an amoun^
greater than our cur-
T
we
acres
operations.
tied capital flows to ex-
.
,
our
balance of payments
either through
ports
or
a
an
increase in
reduction
in
a
This
War¬
would be
deep water port
Real estate experts and
park
developers
are
unanimous in their conviction that
this
excess
land will be ultimate¬
ly converted into very profitable
use
because
ex-
capital
in
earnings
plagued
deficiencies
recent
management
by
labor
and
trouble
its customers, have
among
of
reflection
With its
profit potential.
given
real
Warner's
and
new
younger management and settle¬
ment of major strikes in the con¬
struction
about
in
industry
Warner
months,
40%
a
recent
should
operating earnings in
estimated
an
$1.13
$0.34
per
$1.60
in
earned
Based
record
mix
sales of
vs.
(excluding
1962
backlog
-
share
per
in
with
1963
share in non-recurring
items).
ready
show
improvement
the
upon
current
of. orders
for
expanding
concrete,
lime, and savings from
cost reduction and new
believes
management
program,
a
equipment
thaflt, barring unforeseen unfavor¬
able
per
earnings
developments,
should
to
amount
$2.50
$3.00
to
share in 1964.
To
sum
Warner
up,
Company
selling currently on the
common,
NYSE around
$28
resents
intriguing "double-
a
most
per
situation.
play"
should
;
reflect
improvement
share,
rep¬
Near-term,
the
in
it
considerable
sales
ings already in being.
and
earn¬
Long-term,
the ultimate conversion of its
cess
land
holdings
so
ex¬
centrally
located in the fast-growing Dela¬
Valley
should
extraordinary
in
result
benefits
the
to
Warner shareholders.
of
its
strategic loca¬
Joins Boettcher & Co.
DENVER, Colo.—James C. Contis
has joined the staff of Boettcher
and
Company,
17th
828
Street,
members of the New York
Exchange.
Mr.
Contis
Stock
for¬
was
merly with Coffin & Burr in New
York
and
Schirmer, Atherton &
Co. in Boston.
tion.
Capitalization consists solely of
McNeel Adds
1,087,000 shares of common stock.
At
the
assets of
ports, an adjustment would come
about in
to
not needed for
3,500
,
If
option
an ex¬
imports
over
services.
and
an
and
Sales
years,
little
with extras of
stock.
or
purchase up to 50 acres out of the
industrial
cess
them
used to create
of the world in the form of
re¬
Development Corp., Warner
given its high
facility.
higher pq-
provide real resources to the rest
At the
tract.
recent years
cash
ware
even
tenti?! income, is quite willing to
southerly end
quest of the Bucks County Indus¬
ner's
unilateral
and
me
en-
exten-
further
a
to
deserves
from Philadelphia, are with¬
way
in two miles of the
in
ed
Continued from page 2
try's
U. S. exports, and a tax has been
rent account surplus,
.
.
ma-
jor approaches, aid is being tied to
Secondly, the behavior of
ards. It is difficult to believe that
increasing
between our capital and
as
current accounts. Among the
u. S.
remain
or
ance
has
currency,
either
tax
attempt to deal with this imbal-
ports
reduced
cutting
to
de-
is,
annual
an
in full agreement. What
deep water channel of the Dela¬
been ware River. This 10-square-mile
adopted by the U. S. Government tract is bisected by the Pennsyl¬
tying by economists, it
credit
am
creased.
Various policies have
that
assets.
interpretation
tion, I
Turnpikes and Delaware Express¬
plus. The implicit / surplus can be
by
capital exports could be in-
our
financial
support
eralism. With this general proposi¬
north. The Penna. and New Jersey
commercial bank time de-
further
than bilat¬
use
resource
public^iight direction. Despite the criti-
the
is interest rates does not indicate
this that credit supplies have been
burden,, and it has not been, we
ternationally if the real burden of
posits rather than securities to its
In
general
in the
rechanneling of the fi-
investment
buoyant enough to
succeed
credit
total
to
or
The remainder repre-
expansion.
sented
con-
as
expansion
increased
not
in
increase
regarded
monetary
less than 2% in the
private
occurred,
shift
savings; which our economy gen¬
erates at high and rising income
If
as
fi-
other
on
the
private investment to absorb the
levels.
banks
total bank deposits and bank as-
reducing the magnitude of the
full
of
type
part
a
added
GNP.
claims
or
this
that
sets
From
savings
nancial institutions. To the extent
stituting
outlays.
and
commercial
at
slowdown
Federal
time
of
substitute for direct holdings of
will not be counterbalanced by a
in
apparent
claims in
against
the
capital which is not used to purchase American goods and services Philadelphia, Pa. It is estimated
individuals were in- U. S. would be in less trouble in¬
form
deposits
a
the
of
increase their
to
duced
the
fraction
case
on
multilateralism makes
that
belief
for better
area
world. In real terms, an export of
does not represent a real burden
weaker.
growth in commercial bank credit on the United States; it simply
I am not in a position to sug¬ simply represents a shift toward leads to
a deterioration in our
gest the likely course of Federal greater intermediation, as busi- liquidity position. Ironically, the
the
economists, the
are
longer term business
Balance of Payments Policies—
of the monetary
Context. All
full
outlook.
caster
deficit
payments
likely to
tal
For
tying aid is based
of
critical to the
discourage American exports.
Tying Capital Exports to Exports
Our balance of payments
supply,
economic growth and reducing our
balance
outflows
capital
of
chance to
a
.
relationship between lon g-
J
policy of direct dis¬
a
because it would be less
exploit the elasticity that exists in
to
reserves
credit
credit
the
It Has not
points, to
couragement
had one hand tied behind its back,
contribution
necessary
analyze
claimed
system
substantial
is
It
be developed.
fiscal,
the
it
evidence,
the
.
ou^ays- The pioblem is how can
we §*ve ^ a chance that is, how
can we Permlt a reduction in
s or.^"* an^ lQrig-term interest rates
—without aggravating our balance
°* ^avmenta.
20%, while GNP grew 16%.
this
On
,
V?1 interest rates and investment
and investments
at all commercial banks increased
about
....
trough
the
early
,
in-
5%
a
loans
mid-1963,
needed, I would hope that addi¬
discuss
about
increased
GNP. From
a
now
when
intense.
not
were
credit
make
measures can
time
a
compared with
as
of
at
for example, commer-
year,
provided
shall
.,
the aval ability and reduce the cost
of long-term funds.
growth in commercial bank loans
and
being
I
mestic and the international view¬
at
support it by pointing to the large
posed interest equalization tax is
a
step in this direction and, if
tional
credit
home. Those who take this view
of
1962
year-end,
current
$8,221,607, including cash
$3,513,162, compared with cur¬
rent
nual
liabilities of $2,523,485.
dividend
rate
share which has been
is
$1.00
An¬
per
Harper *
Douglas L.
become
connected
& Co.,
Inc., Candler
Building, members of the Phila¬
delphia - Baltimore ^ Washington
Stock
lYiorlx;
supplement¬
has
with McNeel
'
—
ATLANTA, Ga.
Exchange.
with
Millar
He
was
for-
CIppilHtipS f!nri">.
30
The Commercial and Financial
Chronicle
(1218)
continued
STATE of TRADE and INDUSTRY
16
Continued from page
above the
>
/
corresponding period of
There
1961.
railroad
18%
$100,000
ceeded
with 61 one year ago
and 58 in the corresponding week
/
1
,
Intercity truck tonnage in
ended
lower
than
Truck
the
In
the
for the
Labor
Day
contrast,
and
construction
based on the
These findings are
weekly survey of 34 metropolitan
hreas conducted by the ATA De¬
levels
flects
report
The
Economics.
handled
tonnage
at
than 400 truck terminals
and
of
carriers
mon
freight
general
terminal
tonnage
18 localities,
at
ago
year
a
last
for
survey
increased
showed
week
from
points reflecting decreases
with 15
from the 1962 level. One terminal
city reported no change. No ter¬
minal
registered
city
10%
terminal
showed
area
of
excess
of
gain
a
while
or " more,
only
one
decline in
a
amount, emphasiz¬
this
ing the small variation from yearago
figures.
one
preceding week, all 34 metropoli¬
tonnage
increased
registered
areas
the Labor Day holiday.
1962
feet
the
in
14% Above
the
in
ended
week
Sept.
14,
267.96
14%
the pre¬
over
ceding week.
with
1962
levels
production
advanced
5.5%,
ments
7.3%
new
rose
and
ship¬
orders
17.1%.
porter
the
are
of
board
to
have
Sept. 7
1963
___
Shipments
New
___
orders
—
246,655207,475
210,540
Over
distributed
and
power
ended
of
electric
light
industry for the week
Saturday, Sept. 21,
was
timated at 17,478,000,000 kwh.
cording
to
Institute.
the
Edison
Output
es¬
ac¬
Electric
629,000,000
was
kwh. less than the previous week's
total
of
18,107.000 kwh. and 1,039,000,000 kwh. above the total
output
of
16,439,000,000
kwh.
the corresponding 1962 week
year-to-year gain
of
in
a
Failures Hold Close to Prior Week
numbered
ended
Sept.
281
19,
in
the
easing
week
only
slightly from the 11-week high of
288 set a week
earlier, reported
Dun
&
Bradstreet, Inc. While
casualties fell short of the 311
and
like the United
also
ahead
surged
Bache & Co.,
Chicago
Rubber
largest
from
VICE-PRESIDENT
by Dun
VICE-PRESIDENT
stepped
up
to
267.96
on
per¬
and Pacific —2 to
+4;
4-6;
South
+5
Central
lantic
Central
Atlantic
England
4-4
to
+6
4-8; New
to
+9;
to
to
+2
East
North
+10; -South
At¬
+ 8 to +12.
Nationwide Department Stores
Sales Rise 8% Above Last
Year's Level
I
Department
store
Albert Pratt
sales
ori
Reserve
dex)
were up
Charles C. Pierce
Howard, Weil,
Labouisse, Friedrichs
Rauscher, Pierce &
Co., Inc., Dallas
Jackson & Curtis,
taken from
as
Federal
John P. Labouisse
Paine, Webber,
a
the
Boston
and
Company,
8% for the statement
week
ending Sept.
with
gain
14
the
New Orleans
compared
ib 1962. The
the
over
marked
in¬
Board's
the like period
year-ago
17th
ing weekly uptrend in
14,
1963,
sales
last year's
over
parable
Monday, Sept. 23 from 265.69 last
12
week.
week's
encourag¬
a
above
for
the
year.
to-year
The
row.
total 2%
parable week last
gained
contrast
com¬
The yearthe
latest
level for the
period
for
the
data are not adjusted for seasonal
7%
variations.
com¬
country's
basis,
tricts.
For the
second
in
week
a
the index surpassed that of
month ago,
1962
it
as
but remained below
has
for
time.
some
Below Last Week .and Year Ago
keeping to
for the last two
Food
an
Index,
compiled
by Dun & Bradstreet, Inc., eased
0.8%
$5.92
from
$5.97
a
Sept. 24.
on
and
has
creased
declines
cheese,
in
beans,
peas
and
downturns.
steers,
easings
lambs.
price, but they failed
These
of
products
the
hogs.
The
Dun
pound
per
&
Bradstreet,
of
31
raw
Inc.
foodstuffs
and meat in general use.
cost-of-living
function
is
to
index.
show
It is not
Its
the
chief
general
trend of food prices at the
whole¬
sale level.
in
sales
Purchases
With college and
past
its
able
weather
peak
and
Uneven
school
with
prevailing
areas, consumer
this
the
Federal
ended
the
week's
figure.
York
four
12%
unfavor¬
in
some
buying made
headway in the
week
un¬
ended
Wednesday, although volume
S.
week
from
up
compared to last year's
The
down
New
4
were
14,
the
cumu¬
ment
Jersey
5%
up
1963
A
Metropolitan
in
the
period
sponding
Jan.
from
figure
1-Sept.
the
corre¬
for
York
City's sales for the Sept. 21-ending sales week revealed a minus
5%.
Until
then,
the year-to-year
June
1
of
this
revealed
year
City
4%
hike
from
3%
commencing last June
one
1.
to
No
surmise, however, how
higher it might have been
the
absence
of
the
sales
tax
rise. The four-week N. Y. C. flash
revealed
riod.
A
no
with
advande
last
6%
above
Eco¬
adjust¬
after
variations
differences,
durable
lower
goods
sales
from
and
most
trades
July to
increased to
August.
corded
Based
ally
in
new
gains
most
in
were
soft-goods
sales
July
re¬
lines.
all
retail
were
about
of
1963
the
Club
above June.
ris
Trust
a
remains
the
of
Board
of
Governors.
Miss
Hag¬
gerty,
who
hplds
trad¬
a
ing position in
the
the
of
one
United
States
tinction
with
Associates, Inc., 509
formerly with
Peters, Writer & Christensen, Inc.
Phelps, Fenn,
.in the
women
have such
to
dis¬
a
major underwrit¬
a
business
with Phelps, Fenn
career
& Co. and is well known
out
the
dealers
through¬
country by bond traders,
and
Also
underwriters.
elected
at
the
Jeanette
were
F.
BoonJas,
Dempsey-Tegeler
Vice-President;
key,
of
Securities
&
meeting
Co.,
&
Lenore
Eastman
of
Inc.,
McCon-
Dillon,
Union
Co., Treasurer; Ann
Lascari, of Phelps, Fenn & Co.,
Madeline
of
Trust
Co.,
Bank
and
Reynolds
were
elected
members
Board
of
two
to
Ney/
Anne
of
Governors
Sund-
B.
Chemical
R.
Co.,
&
of
the
-
for
serve
years.
In addition
With J. H. Naylor
pe¬
few
ing firm. She has spent her entire
strom,
Hersh
Elaine C. Haggerty
Municipal
Bond Department of
Mullaney,
affiliated with
was
Yoi^k, for
&
member
has
He
New
Pol¬
York
&
of
Har¬
of
DENVER, Colo.—Timothy Collins
17th Street.
elected
Municipal Bond
Mrs.
C.
lock,
J.
With Hersh Eatherton
Eatherton
Phelps,
She
succeeds
Secretary.
become
of
been
has
ensuing
year.
over
year's
Co..
Women's
high in
the full sample, season¬
on
adjusted
stores
1%
Small
a
a
can
much
in
tax
for
trading
August. Sales of nondurable goods
notwithstanding the N. Y.
sales
day
showed
gain for the N. Y. C. department
stores
that,
Haggerty
&
President of The
is
*
stores
New
Com¬
Business
seasonal
major
area
period.
year-ago
flash
for
C.
Fenn
advance
and
and
of
noted
Y.-Northeastern -trading
N.
the
adjustment
1963
Office
nomics
lative period, whereas department
in
of
This
in
August 1962.
period
were
billion,
variations
July
Women Elect
Elaine
who
stores
Department
announced.
Municipal-
Savings Bank,
retail
$21.1
after
N. Y..
Betty
day differences, but not for price
changes, was virtually unchanged
City's
were
year-ago
•
of
were
seasonal
year-ago
sales
sales
From July
sales
figure,
City for the
New
store
the
for
store
Sept. 14 gained
department
9^o
York
comparable
comparison
buying
A
,
Re¬
department
New
week
figure
Retail
even
to
comparison for every week since
Wholesale Food Price Index
rep¬
resents the sum total of the
price
^
August
System,
the
over
'
merce
were
flour, wheat, corn, rye, oats, bar¬
ley, hams, lard, butter, sugar, cof¬
fee, cottonseed oil, potatoes and
8%
Total
corresponding period
According
serve
in
Fourteen
sharpness
+
that
over
unadjusted
store
Year-Ago But Unchanged
U.
stores
and
moderate
the
(adjusted)
;
ago.
year
1 %
were
quotations "for
eggs,
with
in
5%
an
August Retail Sales Up 6% From
in¬
volume
ertding Sept. 21. They
along
rose
last
index ydown
bellies,
offset
that
both
r
the
dollar
rung up for
ago
week
trailed
1961.
Pushing
year
This marks
consecutive
retail
over
0.2% from $5.93 in the, prior week
and
(Jan. 1 to Sept.
14), the 12 department store dis-
weeks, the Whole¬
Price
gained
level
even
On1:
department
week.
So far this year
a
After
leading department store dis¬
tricts'
Wholesale Food Price Index Slips
VICE-PRESIDENT
comparable
by the following
East
Sept.
The Daily Wholesale Commodity
New York
esti¬
made
producer.
White, Weld & Co.,
according
reports
on
Lloyd B. Hatcher
Lester, Ryons & Co.,
Los Angeles
moderate weekly sales index for the latest four-week
period showed a gain
of political statement week was up 13% com¬ of 2%.
Unlike- the
department
turmoil
in
the
new
country of pared to the Sept. 7-ending week. store statistics, the
Department of
Malaysia, which is sthe world's
In the four-week period ended
Commerce's over-all retail sales
market.
Commercial and industrial fail¬
ures
in
possibly be
Mark Davids
re¬
this
Regional
The country-wide basis
reflecting the trend in the world
a
or
6.3%.
David J. Harris
of
ended
centages: West North Central —4
week's
to
energy
volume
week
Inc.
varied
►
levels
week
York
New
foods
Week
electric
the
by
1962
of
imbalance
an
sizable
Shows 6.3% Gain
1962
amount
mates
in
Sept. 15
1962
offset by
was
the demand for
a year ago,
Bradstreet
States with surpluses.'Sugar prices
index
224,787
224,602
>
in the
ex¬
an
Ukraine
in Ihe
filled by countries
sixth
1963
Electric Output
The
created
the
201,522
241,042
&
re¬
importer
an
now
harvests
in
207,718
237,333
23,
formerly
world trade which can
year
Sept. 14
Sept.
ahead again this week.
soar
reduced
the
for
weeks indicated.
Production
but
the
figures
feet
in
to spot estimates collected
grains, caused rye and.wheat prices
to
Following
thousands
of Russia,
needs
sale
Compared
rose
Monday,
on
reached
level
price
commodity
regional lumber associations. Out¬
put advanced
some
Wednesday ranged from 3 to 7%
Middle
this past week, the wholesale
237,333,000 board
according to reports received from
wear
to 0; Mountain
By U.S.S.R. Purchase
row,
production
totaled
their
Climbing steadily higher every
a
Lumberl
country
5.5%
Week's
Last
.
and
Rate
in
Commodity Prices Climb Pushed
Index
Gains
Production
Lumber
Above
Build¬
+ 2;.West South Central 0 to
following
week
the
for
tolls
two case's from
or
advances
Compared with the immediately
tan
manufacturing
whereas
sell¬
were
pace.
apparel,
dollar
total
higher than
ports Dun & Bradstreet, Inc. The
throughout the country.
The
49.
year's
year-ago pace.
re¬
com¬
in
centered
retailing,
more- day
of
from
54
In
zest
trade
re¬
other lines did not vary by more
partment of Research and Trans¬
port
to
All of the decline from last
than
holiday.
tail
lifted
increases
as
models
clothing and home goods.
The
tailing casualties to 126 from 120
week-to-
the
that found in earlier years
following
men's
wholesalers to 27 from 32, among
was
for
life, particularly
new
South.
continued
among
service businesses to 31 from 38.
week increase was consistent with
week
the
and children's
49,
from
43
1964
VICE-PRESIDENT
early
appreciably
of
VICE-PRESIDENT
wavering in the call for women's
manufacturers
among
to
the
Demand
accelerated
gained
ness
in
1962, the
tonnage
that
stated
toll
The
slipped
slowed
an
com¬
the parable 1962 level of f275.
previous week of this year. The
ATA
lower
in
week.
PRESIDENT
hit
ing materials and hardware busi¬
although they were ap¬
than their
this
fall.
good
a
were
neared, but used autos
$100,000
preciably
volume for the
above the
17.0%
under
weekend,
introduction
ing at
steady at 239, the same as a
losses
cars
the
last
size
Associations
Trucking
announced.
new
with
0.2%
corresponding week of
American
this
of
36
of
Thursday, September 26, 1963
.
IB A Slate for 1964
and
for
after
areas,
ex¬
week ago,
in
volume
part
dipped to 42 from
'
was.
14
Sept.
the
the
shopping
other
.
year-ago
Coast
temperatures
by rains and storms
involving liabilities of
preceding week but
of
West
high
autumn-like
1939.
held
*-
Fractionally Below Year-Ago
week
of
week
Some
Meanwhile, smaller casual¬
year.
Tonnage
Truck
Inter-City
similar
West,
the
discouraged
of
ties
'
1961.
in
toll
On
North
comparable
pre-war
or more
49 in the
compared
the
the
in
Failures
S.
year's week
this
in
above
239
this
originating
systems
traffic
type
l)U.
61 class
were
the
in
weeks of 1962 and 1961, they ran
145,445 cars or 36.8%
the corresponding period in
above
occurring
,
and
1962,
*
337
ahead
levels.
.
retiring
to Mrs. Pollock, the
President,
Maureen
T.
•
DENVER,
broader
passing
piled
set
total
by
of
retail
the
data
encom¬
sales,
Bureau
of
put
the
Sept.
is
now
—
Milford
connected
A.
with
Cates, of Kuhn, Loeb & Co., and
Charlene
F.
Koke,
of
John
Nu-
com¬
the
Census, U. S. Department of Com¬
merce,
Erickson
Colo.
J. H.
Naylor, Inc., 5810 West 38th
Avenue.
He
was
previously with
14-ending\ Peters,, Writer^ & Christensen, Inc.
veen
&
Board
nual
/.
Co.
of
will
continue
on
the
Governors until the
an¬
meeting in September, 1964.
't
-Y\
'
'
.
'
». '1
:
'
I
'■
I
Volume
198
6302
Number
.
.
.
The Commercial and Financial Chronicle
(1219)
Indications of Current
The
following statistical tabulations
latest week
Business Activity
week
Latest
AMERICAN
Steel
IRON
AND
and castings (net tons)
production based on average
of
for
..Sept. 21
production
1,863,000
Sept. 21
weekly
100.0
indicated
in
AMERICAN
0.605
0.59
1960
and
condensate
(bbls.
average
Crude
to
runs
Gasoline
Distillate
stills—daily
fuel
Residual
oil
(bbls.)
average
fuel
1
Unfinished
ASSOCIATION
Bituminous
(U.
coal
Pennsylvania
S.
advance
and
lignite
STORE
—
(000's
5,792,000
36,053,000
168,051,000
36,024,000
165,973,000
34,837,000
35,989.000
53,216,000
52,637,000
51,849,000
(in
86,455,000
88,512,000
84,810,000
576,657
586,626
596,056
AGE
steel
Electrolytic
(E.
430,000
Louis)
V
'
:
$920,600
579,500
of
33,817,000
27,052,000
24,726,000
304,697,000
286,464,000
3,021
4,356
2,781
4,141
4,017
3,541
20,749
21,925
12,429
6,488,237
6,369,886
4,832,041
pounds)
77,173
92,540
99,027
67,3u4
(tons)
64,593
79,960
167,857
$300,500
"$320,700
$281,000
CAR
St.
freight
export
cars
cars
delivered
cars
on
order
and
ASSOCIATION, INC.—
July:
general
carriers
undelivered
;
TRUCKING
of
Intercity
(in
AMERICAN
freight
transport
by
350
tons)
Slab
zinc
2,000
$583,300
399,200
$336,700
400,400
182,900
177,800
105,300
180,300
10,300
6,100
77,600
2,600
122
108
113
Stocks
153,800
182,9J0
330,800
113
183,900
;
INSTITUTE,
INC.—Month of
smelter
BANK
of 2,000
(tons
end
at
of
DEBITS
OF
output all
grades
(tons
of
pounds)
Shipments
$583,100
-'-.i
ZINC
August:
294,000
Sept. 21
DUN
—
17,478,000
18,107,000
18,082,000
THE
Month
period
BOARD
—
FEDERAL
of
BANKERS
OF
281
288
275
311
6.279c
6.196c
NEW
6.279c
6.279c
Sept. 16
$63.11
$63.11
$63.11
$26.83
$26.83
$27.17
$26.50
August
BANK
31:
stored
and
shipped
30.600C
Sept. 20
28.425c
11.750c
at
30.600c
28.475c
11.500c
9.500c
11.550c
11.300c
13.000c
13.000c
Sept. 20
12.500c
12.500c
Sept. 20
(primary pig,
York)
30.600c
28.400c
11.500c
Sept. 20
(
at
(New
30.600c
28.400c
:
99.5%)
at
Sept. 20
Sept. 20 :
at
11.300c
;ir
FAILURES—DUN &
INC.—Month
Wholesale
Construction
Commercial
22.500c
22.500c
24.000c
114.750c
Retail
BRADSTREET,
July:
number
173
number
12.000c
11.500c
115.750c
of
Manufacturing
13.000c
22.500c
911,980,000
between
countries..
12.500c
116.875c
17,030,000
55,383,000
138,019,000
19,832,000
$2,644,310,000$2,712,301,000$2,276,900,000
BUSINESS
9.300c
44,203,000
128,490,000
1,159,113,000 1,173,625,000
credits
—I
goods
$487,763,000
666,725,000
13,312,000
39,558,000
105,100,000
warehouse
on
$555,104,000
791,047,000
771,711,000
._
.
Total
.Sept. 20
S-
OUT¬
$555,516,000
foreign
QUOTATIONS):
of
shipments
exchange
Based
$66.44
„Sept. 16
Dollar
YORK—As
——
Domestic
Domestic
Sept. 16
..Sept. 20
Aluminum
72,805
SYSTEM
omitted)
DOLLAR
Imports
Exports
&
___——
:
at)
73,117
GOVERNORS
RESERVE
(000,000's
August
ACCEPTANCES
STANDING—FEDERAL RESERVE
16,439,000
Sept. 19
-
INDUSTRIAL)
___•
Louis)
4,000
INSTITUTE—
ir.onth)_
AMERICAN
I;.'kV',v!■'£-v{
341,100
—-Sept. 14
at
Straits
tin
7,000
34,484,000
RESERVE
Lead
(delivered
29,117,000
246,833,000
6,000
copper—
Domestic refinery
Export refinery at
(New York) at
217,712,000
33,082,000
August:
new
of
(end
PRICES:
J.
267,588,000
234,49),000
285,847,000
of
Backlog
8,803,000
omitted):
j.
M.
&
258,798,000
226,853,000
31,939,000
31,872,000
22,253,000
(barrels)
RAILWAY
freight
OF
(per
PRICES
(East
434,208
9,385,000
459,000
100
lb.)
Pig iron (per gross ton)
Scrap steel (per gross ton)__
(St.
■y
8,110,000
363,000
ENGINEERING
INDEX—FEDERAL
INC.
COMPOSITE
Finished
—
(barrels)-
imports (parrels)
consumption domestic and
Month of
New
165,901,000
9,750,000
Sept.,19
kwh.)
000
Ago
54,223,000
84,020,000
151,514,000
Sept. 19
(COMMERCIAL AND
(barrels)
(barrels)-^
product
Orders
Sept. 19
=
output
output
imports
AMERICAN
179,792,000
Sept. 14
PLANNING
AVERAGE
oil
(barrels)
494,354
(tons)
SALES
-c-
crude
output
Indicated
INSTITUTE:
BRADSTREET,
Zinc
5,314,000
186,179,000
.Sept. 19
output
FAILURES
JZinc
4,859,000
183,450,000
476,010
-
ELECTRIC
Lead
4,765,000
182,970,000
432,699
Municipal
SYSTEM—1957-59
METAL
12,858,000
477,016
planning by ownership
and
DEPARTMENT
IRON
14,097,000
cars)—Sept. 14
Federal
r
14,631,000
Sept. 19
State
Year
Month
MINES):
OF
SERIES
of that date:
Previous
2,960,000
Sept. 14
(no. of
are as
INSTITUTE—Month
(barrels of 42 gal;C_—,
gasoline
oil
Month
(tons)
ADVANCE
Public
Electric
14,890,000
Sept. 14
Private
EDISON
8,634,000
31,617,000
2,709,000
8,511,000
31,626,000
3,469,000
RAILROADS:
BUREAU
NEWS-RECORD—NEW
Total
9,012,000
32,343,000
2,863,000
Sept. 13
at
anthracite
CONSTRUCTION
8,586,000
31,561,000
Sept. 13
-
at
(bbls.)
Ions" each)
...
Refined
7,301,910
Sept..13
freight loaded (number of cars)
Revenue freight received from connections
OUTPUT
7,666,760
Sept. 13
at
AMERICAN
B
Natural
transit, in pipe lines
Revenue
COAL
7,574,760
Sept. 13
(bblsi)
(bbls.)
oils
OF
>
Sept. 13
oil
either for the
Total domestic production
Crude
7,565,860
Sept. 13
(bbls.)
(bbls.)
at
Residual fuel oil
58.5
Sept. 13
Stocks at refineries, bulk terminals, in
Finished gasoline
(bbls.) at
Distillate
0.575
.
Sept. 13
output
(bbls.)
92.1
Sept. 13
fuel oil output
Kerosene
94.5
of
output (bbls.)
output (bbls.)
Kerosene
PETROLEUM
Domestic
Sept. 13
are
of June:
Benzol
output—daily
of quotations,
cases
Month
AMERICAN
INSTITUTE:
gallons each)
in
or,
i
Ago
1,715,000
,
Sept. 21
PETROLEUM
oil
Crude
late
date,
Latest
operations (per cent capacity).
Steel Institute discontinued issuing
Iron &
this
that
production and other figures for the
cover
Dates shown in first column
Year
Ago
1,761.000
1,804,000
on
steel
The American
data
Month
96.8
1957-1959
Unofficial
Week
month available.
month ended
or
Previous
Week
v
ingots
Index
42
INSTITUTE:
STEEL
or
31
206
215
number
service
158
187
101
number
112
545
180
—
108.500c
136
591
120
-106'
•
MOODY'S
U.
S.
BOND
PRICES
Government
Average
DAILY
SV'V ■y'i■
AVERAGES:
Bonds
corporate
Sept. 24
.—-—.Sept. 24
f.
,,
'
88.74
Total
-J:
•
-,
89.16
Public
88.81
91.34
91.34
91.77
89.78
89.92
90.20
89.51
88.67
88.81
89.09
87.32
Sept. 24
Sept. 24
84.43
84.30
84.43
86.78
87.05
83.91
Group
Utilities
Industrials
Group
87.45
Retail
;
Sept. 24
89.51
89.51
89.92
S.
Government
89.37
89.51
89.64
Bonds
Sept. 24
corporate
COAL
3.97
EXPORT
4.00
3.85
3.93
(net
Group
Utilities
Industrials
4.52
4.50
4.60
To
North
4.32
4.29
4.30
To
Europe
4.43
4.42
4.40
4.45
To
South
4.51
4.50
4.48
4.61
To
Asia
4.83
4.84
4.83
5.02
To
Australia
4.65
4.65
4.63
f
.
INDEX
4.45
4.45
4.42
4.49
Sept. 24
v
4.46
4.46
4.45
COKE
4.44
Sept. 24
366.0
359.6
358.8
Orders
PAPERBOARD
received
of
Unfilled
Sept. 14
381,739
326,890
371,221
284,732
378,185
358,534
99
75
98
614,072
615,842
597,036
498,222
99.40
*99.33
98.98
97.28
purchases
Other
Total
2,640,250
2,272,530
2,084,060
686,380
632,620
422,020
61,900
379,300
397,270
369,820
459,170
414,420
initiated
531,830
673,900
581,830
,
1,207,357
1,081,743
878,540
219,910
205,060
1,149,965
938,482
708,860
1,361,215
1,158,392
913,920
4,930,627
4,477,823
3,517,920
I—Aug.
(customers'
30
858,750
827,400
800,970
3,553,072
2,844,650
4,380,472
3,645,620
Short
,_Aug. 30
Aug. 30
of
shares—Total
sales
Total
round-lot
MEMBERS
1,832,003
1,674,895
1,376,772
19,043
29,393
1,357,729
1,184,629
$90,(409,041
$81,095,551
$69,426,086
S.
All
Meats
All
—.v..
♦Revised
eold
on
of
than
farm
and
foods
delivered
+Number
of
orders
not
Revenue
406,470
321,660
347,180
372,670
Month
100.4
110.6
109.2
101.0
100.8
107.4
106.8
116.9
106.8
110.9
110.0
108.0
For month of
—
114.6
107.8
111.5
services
and
116.8
107.6
105.6
August:
108,126
2,000
111,825
141,118
143,115
130,546
113,621
113.053
86,341
pounds)
*93,171
149,918
pounds)
2,000
of
stocks at end of period
92,996
115,755
June
INSTITUTE—
to
sales
ultimate
(000's
June
ultimate
67,586,558
customers
at
$1,074,247
61,873,804
126
June
63,847,590
$1,082,750
61,760,263
127
119
121
118
8,059
8,814
7,396
36,802,000
34,992,000
35,150,000
40,229,000
33,388,000
35,343,000
36,461,000
•
86
of
——_
ultimate
65,878,510
$1,116,089
omitted)
customers—Month
,-1.
—
of
consumers—
124
of
from
Number
(tons
—
.
30—
60,560,545
INDUSTRIAL PRODUCTION—BOARD OF GOV¬
SYSTEM
22,821,900
19,972,110
15,892,550
20,990,761
16,948,300
of
13,833,170
23,913,300
14,709,950
~
"Sept.
~~Sept.
17
17
100.2
*100.2
100.4
OF
—
THE
RESERVE
FEDERAL
1957-59
Average=100—Month
August:
Seasonally
adjusted
.,—
Unadjusted
*95.1
96.1
ANCE
101.0
95.0
REAL
ESTATE
SAVINGS
FORECLOSURES-
AND
LOAN
CORPORATION—Month
of
INSUR¬
June—
100.0
100.9
•101.3
101.7
102.6
PORTLAND
CEMENT
of
—Sept. 17
93.2
*94.6
95.4
102.7
Month
Sept. 17
100.8
100.7
100.7
100.8
Production
reported since introduction of Monthly Investment Plan.
fPrime Western Zinc
basis at centers where
freight from East St. Louis exceeds one-half cent a pound, (a) Not available.
103.2
101.2
108.0
of
Kilowatt-hour
427~020
Shipments
ficnre
104.4
110.5
107.8
ELECTRIC
427,020
876,780
'
1
1
102.9
101.1
pounds)
47T900
1,055,750
>*;'
•.
99.0
103.9
101.2
—
recreation
copper
2,000
471,900
1,018,650
5
107.5
104.5
girls'
(tons of 2,000 pounds)
659~610
30
~
..""III—
other
A.
FEDERAL
1
commodiHpc
S.
659,610
1,091,400
-.
I
I
99.7
98.5
110.2
fabricators—
70~5~9l6
Sept. 17
~
I
102.1
•
•*<•
108.0
98.5
-——_——
(tons
to
NONFARM
;
108.1
OF
commodities
products—
Processed
foods
104.8
V
105.7
110.3
boys'
and
705,910
LABOR—(1957-59=1 OO):
Commodity Group—
Farm
105.9
106.7
102.3
oil
care
ERNORS
DEPT.
I
109.9
$59,580,963
~Aug.
U.
fuel
care
(tons
Refined
12,110
1,662,785
—Aug. 30
—
110.9
103.9
and
goods
Crude
In U.
11,111
Aug. 30
;
SERIES
113.0
108.1
operation
INSTITUTE
1,214,022
(SHARES):
,
NEW
94.1
113.1
103.5
f>,-v
1
1
•
v •'
^
'
.
.S
.
1
1
105.4
Refined
sales—
PRICES.
96.9
115.6
Aug. 30
Total sales
WHOLESALE
1958=100)
:-1-'115.6
106.1
Aug. 30
shares
Short sales
Other sales
(Jan.,
102.8
118.7
97.8
apparel
Reading
1,177,638
SALES ON THE N. Y. STOCK
ROUND-LOT STOCK TRANSACTIONS
OF
103.3
f_
1
i
'
STOCK
ACCOUNT
4
home
and
and
Personal
Aug. 30
ROUND-LOT
100.8
-
Medical
$59,023,305
1,820,892
Aug. 30
;
of
98.4
116.6
EDISON
sales
EXCHANGE AND
FOR
1,260,039
$69,972,645
Aug. 30
Round-lot purchases by dealers—Number
TOTAL
1,359,620
$70,242,663
30
lAug.
sales
sales.
Other
100.2
electricity
fuels
Delivered
sale^ by dealers—
Number
I
—
:,r
*■
.*
Copper production in U. S. A.—
1,547,185
$84,220,858
Dollar value...
Round-lot
107.9
106.4
Other
Aug. 30
sales
other
109.2
116.6
COPPER
..Aug. 30
short
109.2
Private
3,167,294
_.
Odd-lot purchases by dealers (customers'
sales)—
Number of orders—customers' total sales—
Customers'
and
Other
2,595,250
5,024,745
COMMISSION
Dollar value..
Customers'
102.4
Transportation
572,044
4,165,995
fl
103.8
103.4
—
vegetables
at
Footwear
purchases)—t
.
105.5
105.0
106.0
Women's
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT
OF ODDLOT
DEALERS AND SPECIALISTS ON N. Y. STOCK
Odd-lot sales by dealers
Number of shares
106.6
'
3,064,276
Aug. 30
EXCHANGE
3,978,337
Public
,
-Aug. 30
SECURITIES
and
food
Apparel
668.814
Total
III
43,800
♦2,630,733
100—
and
Household
572,740
Aug. 30
sales
3,550,400
2,621,306
106.7
Solid
96,074
Aug. 30
—
=
Housefurnishings
678,846
211,250
Aug. 30
sales
3,594,200
94,525
104.8
away from home
Men's
sales
EXCHANGE
1957-59
—
Rent
44,600
Aug. 30
Total round-lot transactions for account of members—
Other
50,000
Aug. 30
sales
purchases
Short sales.
INDEX
Housing
the floor—
on
sales
Total
-
71,950
601,950
Aug. 30
purchases
Short
Other
Total
2,082,760
Aug. 30
.
Other transactions
Total
1,652,690
2,414,080
2,989,630
Aug. 30
sales
sales
*4,829,204
*4,734,679
106.2
Food
floor—
.
4,535,817
107.1
tons)—
home
at
Gas
purchases
Short
sales
Other
431,370
534,010
1,738,520
Aug. 30
the
110
682
July:
Other
'
off
9,415
76,212
.
—
Food
2,006,130
Aug. 30
initiated
Total
Total
575.550
2,217,360
2,763,460
557,490
Aug. 30
sales
sales
transactions
(net
PRICE
of
Fruits
Aug. 30
80,860
731
14,792
4.459,605
—
tons)_
(net
bakery products
Meats, poultry and fish
Dairy products
3,036,890
162,429
71,362
of July:
tons)
(net
Cereal
Aug. 30
sales
83,256
187,429
525
Food
TRANSACTIONS
FOR
ACCOUNT
OF
MEM¬
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which registered—
Other
tons)
tons)—.
(net
items
ROUND-LOT
Total
(net
tons)
coke
Month
All
INDEX—
AVERAGE^ 100
\ 'Short
America
coke
CONSUMER
98
Sept. 14
of period
end
tons)
286,208
285
(net
212,417
52,900
154,035
America
tons)
343,679
Sept. 20
at
OIL, PAINT AND DRUG REPORTER PRICE
1959
377,509
Sept. 14
(tons)
5,642,000
$91,574,000
MINES)—
(BUREAU OF MINES)—Month
Oven
367.0
Sept. 14
activity
orders
OF
Oven coke stocks at end of month (net tons)
(tons)
Percentage
9 ,559,000
$86,151,000
4,672
Central
(net
Production
ASSOCIATION:
(tons)
Production
and
(net
Beehive
NATIONAL
7.614,000
4.87
Sept. 24
Group
Group
COMMODITY
29,999,000
22,412,000
$120,509,000
tons)
4.52
4.32
Sept. 24
Baa
Public
liabilities
(BUREAU
Sept. 24
A
MOODY'S
11,923,000
20 697,000
11, 925,000
Month of July-:
U. S. exports of Pennsylvania anthracite
Sept. 24
Sept. 24
,
Railroad
9,127,000
31,350,000
;
liabilities
Sept. 24
,
a- air?.
1,165
$21,598,000
26.463,000
service
Sept. 24
Aaa
Aa
1,211
$30, 552,000
13 418,000
88.95
89.37
Total
'
U.
L_
liabilities
Commercial
MOODY'S BOND YIELD DAILY AVERAGES:
Average
liabilities
liabilities
Construction
"
—Sept. 24
Group
1,155
$45,955,000
liabilities
82.03
86.78
Wholesale
91.62
Sept. 24
Sept. 24
Railroad
88.54
.Sept. 24
i__
number
Manufacturing
88.88
;
111,
590
number
Stocks' at
Capacity
(BUREAU OF MINES)—
July:
(barrels)
from
end
used
of
—
mills
—i—
(barrels)
(barrels)
month
(per
cent)
.'
—
38,850,000
37,979,000
91
89
;
•'*'
>"
■"
1
i
32
The Commercial and Financial Chronicle
(1220)
.
.
.
Thursday, September 26, 1963
* INDICATES
Securities Now in Registration
business
SINCE
•
machines, tape recorders, etc. Proceeds—For
selling stockholders. Office — 2727 West Chicago Ave.,
NOTE
—
Registration statements filed with
are
in Registraparenthesis alongside
of this section "Securities Now
tion." Dates shown in
flect the expectations
(10/2)
J
Aug. 7, 1963 ("Reg. A") 50,000 common. Price—$6. Busi¬
ness—Wholesale distribution of agricultural products.
Proceeds—For
working
capital.
Office—403
Magnolia
Underwriter—Trulock &
Little Rock, Ark.
Co., Pine Bluff. Ark.
St., North
Hotels, Inc.
Airway
April 1, 1963 filed 200,000 common. Price—$5. Business
«—Company owns and operates a chain of motor hotels,
apartment buildings and a shopping center. Proceeds—
For
loan repayment,
expansion and other corporate
Fuhrmann Blvd., Buffalo, N. Y.
Office—901
purposes.
Underwriter—None.
Allegheny Ventura Corp.
July 12, 1963 filed 37,231 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. BusinessCar rental. Proceeds—Allegheny will receive the pro¬
ceeds and loan them to Ventura.
Address—Washington
National Airport,
Washington, D. C. Underwriter—None.
Amerel
Mining Co. Ltd.
July 31, 1961 filed 400,000 common shares. Price 500.
Business—The company is engaged in exploration, de¬
velopment and mining. Proceeds—For diamond drilling,
construction, exploration and general corporate ex¬
penses.
Off ice—80 Richmond St., W., Toronto. Under¬
writer-—E. A. Manning! Ltd., Toronto.
•
American-Israel
World's
Fair
Corp.
(10/14-18)
pating debentures due Dec. 31, 1965. Price—At par. Busi¬
—
Company will operate
pavilion at the New
the purposes of depicting the his¬
York World's Fair for
a
tory and culture of the Jewish people, and promote and
sell arts, products and
services of Israel. Proceeds—For
construction and later demolition of the
landscaping,
building, and working capital. Office—3 East 54th St.,
New York Underwriter—H. S. Caplin & Co., New York.
American
Vitrified
Products Co.
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¬
facture of various clay and concrete products. Proceeds
—For
debt
repayment, plant improvement,
and accounts receivable. Office—700
inventories
National City Bank
Bldg., Cleveland. Underwriter—None.
•
Amerline
facture
new
/ Citadel Life Insurance Co. of New York
March
•
growth of capital and income. Proceeds
ment.
Office—35 Congress St., Boston.
—
-
19, 1963 ("Reg. A") 50,000 common. Price — $5.
General book publishing.
Proceeds — For
working capital and purchase of equipment. Office—-60
East 42nd St., New York. Underwriter—Hannibal Secu¬
rities, Inc., New York.
Colorado Imperial Mining Co.
Sept. 20, 1962 filed 200,000 common.
Business—
long-term
ness—-General
For invest¬
operating
Underwriter—
!'
specializing in
««NEW
ISSUES
BOUGHT•SOLD
for
-
QUOTED
Banks, Brokers, Institutions
Business—Sale of health, accident, life and hospital
Proceeds—For working capital. Office—3570
Lindell Blvd., St. Louis. Underwriter—Edward D. Jones
& Co., St. Louis.
Offering—Indefinite.
Inc.
insurance.
Common Market Fund, Inc.
March
andi other cor¬
Fountain Ave.,
Springfield, Ohio. Underwriter—Consolidated Securities
Corp., Pompano Beach, Fla. Offering—Indefinite.
Beneficial Standard Life
Insurance Co. Of N.
Proceeds—For investment.
Y.
a
ESTABLISHED
1942
Members of New York Security Dealers Association
39
Broadway, New York 6, N. Y.
Dlgby 4-2370
TWX: 212-571-0320
Direct Wires
R. /. HENDERSON & CO., INC., Los
Angeles
WOODCOCK, MOYER, FRICKE & FRENCH, INC., Philadelphia
to be offered by company and
50,000 by Harry E.
Wilson, President. Price—$15. Business—Sale of hospital
and surgical insurance contracts. Proceeds—For invest¬
ment, sales promotion, and other corporate purposes.
Packaging & Development Corp.
1963 filed
stockholders
of
the basis of
819,024
Atlas
one
to be offered to
Industries, Inc., parent,
common
General
;
Office—4000 Aurora Ave., Seattle, Wash; Underwriter—
None.
Bradford share for each two Atlas
Continental Reserve Corp.
May 13, 1963 filed 45,000 class B common. Price — $40.
Business
Company plans to acquire, organize, and
manage life, accident and health insurance concerns.
shares
held. 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., New
—
Proceeds
For investment in subsidiaries. Office—114
East 40th St., New York. Underwriter—None,
—
Defenders Insurance Co.
Jan. 30,
ness
—
York.
1963 filed 100,000 common. Price—$12.50. Busi¬
Company plans to write automobile insurance.
—
Proceeds—For
general corporate purposes. Office—146
Old Country Rd., Mineola, N. Y. Underwriter—None.
Brantly Helicopter Corp.
July 23, 1963 filed 588,780 common to be offered for
subscription by stockholders on the basis of three new
Production
debt
of
share
held.
Price—50
•
Denny's Restaurants, Inc. (10/7-11)
Aug. 26, 1963 filed 167,000 common, of which 111,110 are
to be offered by
company and 55,890 by certain stock¬
holders. Price—By amendment
(max. $10). BusinessOperation of 71 Denny's restaurants located in the west¬
cents. Business—
light two-place 'helicopter. Proceeds—
repayment, product development, working
a
ern
capital and other corporate purposes. Office—1129 Club
House Road, Gladwyne, Pa. Underwriter—None.
W.
Underwriter—Dempsey-Tegeler
Deuterium Corp.
Sept. 28, 1962 filed 120,000
rants to purchase
Beach, Fla.
debentures
due
ing subordinated debentures held.
To
mental
and deuterium
construction
of
Doman
and
air
sale
of
19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held.
shares
to
an
and
development,
Underwriter—Price In¬
models,
train
service
personnel,
repay
•
Dorchester Gas Producing Co.
(10/8)
July 25, 1963 filed $3,500,000 of subordinated convertible
debentures due Aug. 1, 1975. Price — By amendment.
produc¬
electronic
St., Chicago.
of
debt, etc. Address—Municipal Airport, Danbury, Conn.
Underwriter—None. Note—The SEC has issued a stop
order suspending this registration statement.
vaporizing unit for dis¬
pensing such chemicals. Proceeds—For debt repayment,
equipment, sales promotion and working capital. Office
N. La Salle
of
Price—By amendment (max.
and construc¬
experimental helicopters. Proceeds—To obtain
Business—Research, development
certification
be
per unit. Business—Production and
designed to control odors, bacterial
pollutants;
Underwriter—None.
Helicopters, Inc.
April
Blvd., Pom¬
Price—$12
chemicals
and
oxide; and to establish and equip a gen¬
Proceeds—For working capital,
equipment and other corporate purposes.
Office—360 Lexington Ave., N. Y.
offered in units consisting of one $10 debenture and two
common.
Business—Com¬
a small size production and experi¬
plant for the limited manufacture of deuterium
eral research laboratory.
tion
common
time, the
Price—
pany plans to erect
$150,000 of 6% subordinated income
30,000
same
the public.
subscribers, $20; to public, $22.25,
$1.25).
and
At the
company will offer the securities to
Underwriter—None.
1973
war¬
units for each $1,200 face amount of non-interest bear¬
•
Chemair Corp.
Dec. 28, 1962 filed
with attached
basis of 3 units for each 5%
prior preferred share held,
one unit for
each 5 % preferred A stock held and 40
offer management and consultant services to motels and
furnish them with equipment.
Proceeds—For general
Ocean
common
additional
fered for
Hospitality Services, Inc.
Dec. 14, 1962 filed $500,000 of 8% debentures due 1969.
Price—At par
($1,000).
Business—Company plans to
S.
an
120,000 shares to be of¬
subscription by holders of its stock and deben¬
tures in units (of one share and one
warrant) on the
Dodge Rd.,
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.
Office—1068
& Co., Inc., ;St. Louis.
..
and
purposes.
United States. Proceeds—For
general corporate pur¬
Office — 7051 Monroe Ave., Buena
Park, Calif.
poses.
•
Bridges Investment Fund, Inc. (11/4-8)
July 25, 1963 filed 200,000 capital shares. Price—Net
asset value (max. $10). Business—A new mutual fund.
—221
&
Community Health'Associations, Inc.
12, 1963 filed 150,000 common, of which 100,000
(10/7-11)
July 22,
tion
Cabot
are
Bradford Speed
growth
to
Wilshire Blvd.,
April
St., New York. Underwriter
—None.
sale
Office—9465
Beverly Hills, Calif. Underwriter—Kennedy,
Co. (same address). Offering—Indefinite.
health insurance. Proceeds—For general corporate pur¬
pano
1963 filed
value
asset
June 28, 1963 filed 200,000 common. Price—By amend¬
ment (max. $4). Business—Writing of life, accident and
poses. Office—122 East 42nd
7,
2,000,000 capital shares. Price—Net
plus 8.5%. Business—A new mutual fund
specializing in securities of foreign and American com¬
panies operating -in the European Common Market.
product development, working capital
porate purpose?. Office — 350 South
corporate
si SIEGEL v
expenses.
Proceeds—For
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—Atrthe-mar-
Castle
:«
Price—$1. Busi¬
exploration and
Office—Greede, Colo. Underwriter
mining.
—None.
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,
club
—
ket.
Bede Aircraft,
For
Office—444 Madison Ave., N. Y. Underwriter
Offering—Indefinite.
Coleridge Press Inc.
Business
Canaveral Hills Enterprises, Inc.
May 10, 1962 filed 100,000 common. Price—$5. Business
—Company was formed to own and operate a country
....
expansion.
June
shares. Offering—Indefinite.
on
Price—By amendment
Business—Writing of life, accident, health
disability insurance, and annuities. Proceeds—For
—Alex. Brown & Sons, Baltimore.
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 for each three held.
and
Bay State Exchange Fund, Inc.
May 29, 1963 filed 10,000 $1 par capital shares to be
offered in exchange for 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.
A closed-end investment company seeking
26, 1963 filed 40,000 capital shares to be offered
by stockholders on the basis of two
subscription
(max. $26).
B. V. D. Co., Inc. (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 —r For selling
stockholders. Office—404 Fifth Ave., New York. Under¬
writer—Drexel & Co., Philadelphia.
Proceeds—For investment. Office—8401
Omaha. Underwriter—None.
over-the-counter securities
Price—$5. Business—Design and manu¬
women's, misses' and junior sportswear, co¬
of
for
shares for each
(10/2)
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,
Corp.
stockholders.
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.
Aug. 26, 1963 filed $500,000 of 6% subordinated partici¬
ness
'
writer—None.
those issues which became
this week and were offered pub¬
are
Adkins-Phelps Co.
■
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
company for two
loan
repayment,
licly.
•
company formerly
Corp. Offering — In¬
insurance subsidiaries. Proceeds—For
investment, and advances to sub¬
sidiaries. Office—112 California Ave., Reno, Nev. Under¬
of the underwriter but
not, in general, firm offering dates.
Also shown under the caption "Effective
effective
Note—This
Electronics
Nov.
Atlas Management Co.
are
Registrations"
Chemair
,
March 28, 1963 filed $1,500,000 of (6% conv. subord. de¬
bentures due 1978. Price—At par. Business—A holding
company's name, and in the index, re¬
the
New York.
named
ISSUE
ITEMS REVISED
Chestnut Hill
April 30, 1963 filed 100,000 common. Price—$4. Business
—A real estate development company.
Proceeds—For
debt repayment, property improvement, and working
capital. Office—700 Park Ave., Plainfield, N. J. Under¬
writer—S. Schramm & Co., Inc., New York.
carried separately at the end
now
definite.
Was
Atlantis International Corp.
last issue of the "Chron¬
SEC since? the
the
icle"
vesting Co.,
Chicago/ Underwriter—Dean Witter & Co., Chicago.
ADDITIONS
PREVIOUS
t
Business—Production of natural gas and its various byProceeds—For debt repayment and working
products.
Volume
Number 6302
198>
capital. Office—1501 Taylor St., Amarillo, Tex. Under¬
writers—A. C. Allyn & Co., Chicago; Allen & Co., NeW
York; Metropolitan Dallas
Corp,, Dallas.r"
'/
<1221)
The Commercial and Financial Chronicle
.;
,
;/
■>.
.
Dri-Zit Corp.
Fedco
■j,
Corp.
50-Winter
'■
which 17,500 are to
be offered by company and 2,500 by a shareholder. Price
—By amendment (max. $15).
Business—Design and
Oct,. 29, 1962 filed .20,000 common, of
manufacture of
tools, dies, molds, beryllium castings and
of plastic, metal and glass products for
Proceeds—-rFor a recession offer to stockhold¬
Business—Manufacturer of dri-zit (a home product used
to absorb odors and moisture); a cleaner for oyen and
home use.
Jparbeque grills; and
ers;#2md reduction of accounts pay able.
eeeds
—-
a
diaper garment for infants. Pro*
For expansion, inventory and,
Office—2
dent repayment.
Ryland St., Reno, Nev. Underwriter'— First
j Dynapower
Sept. 28,
Systems Corp.
1962 filed 750,000
of
electronic
for
devices
Price—$1.
common.
electro-mechanical
medical
Busi¬
vehicles
marine
and
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
value plus 8 V2 %. 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.
(10/1)
July 1, 1963 filed 64,000 common to be offered for sub¬
scription
by
stockholders of record Oct. 1.
Rights
will expire Oct. 15.
Price — By amendment (max.
$20). Business—A holding company whose subsidiaries
are 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.
First American
Electro-Optical Systems,
Inc.
holders. Price—By amendment (max. $10). Business—
Design and manufacture of optical systems for the De¬
fense Department and for private industry. Proceeds—
For debt repayment and working capital. Office—300 N.
St., Pasadena, Calif. Underwriters
—
White,
Weld & Co., Inc., and Kidder, Peabody & Co., Inc., N. Y.
Note
This statement was withdrawn.
Xerox Corp.,
has agreed to purchase the
company's assets.
—
Jan. 29, 1963, filed 50,000 common. Price—$2. Business
—Manufacture of the SAFER Butter Chipping machine,
and processing of tray-forming and chip-covering mate¬
Proceeds—For operating expenses, equipment, in¬
ventory and advertising.
York.
Office—118
E.
28th
St., New
& Co., New York. Of¬
Underwriter—L. D. Brown
fering—rPostppned.
Equity Funding Corp. of America
March 29, 1962 filed 240,000 common. Price—By amend¬
ment (Max. $6.50).
Business—A holding company for
firms
selling life insurance and mutual funds.
Proceeds
f—For new sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles. Underwriter—To be named. Offering—Indefinite.
—
Pompano Beach, Fla. Offering—Indefinite.
Florida Power Corp.
will
Production, distribution and sale 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¬
October 9
Common
80,000 shares
Corp
(Bids
11
EDST)
a.m.
Columbia
-.Common
&
Co.)>
r
f
r
:
$768,000
(Offering
$300,000
tp .stockholders-underwritten
Co.,
by Ferris
'
&
1
Com.
Inc.)
Associated
$1,485,000
'
,
Co
1
_
_
_
_
_
'•*
_
_
L
Witter
&
Co.)
100,000
Co
Service
Morton
(B.
shares
(Bids. 10
i.
Morton
C.
(E.
shares
.Common
to
stockholders
by
(Dempsey-Tegeler
International
(Offering
Data
General
&
&
Co.)
Inc.)
Aviation
(A.
11,000
Inc.
shares.'
167,000
&
Gorp,
and
Sanders
&
-i:.
(William
•
October 8
R.
Staats
&
C.
&
A.
G.
(Bids
Edwards
Pocono
Brockton
Common
-Research
Co.)
200,000
~
'Corp.}
:
f
(No
Seaboard
Bonds
$70,000,000
received)
be
12
noon
$6,420,000
EDST)
(Monday)
Common
Inc
150,000
Corp.)
Co.,
&
underwriting)
shares^
Capital Shares
200,000 shares
Common
Co
$900,000
(Bids
$10,000,000
&
received)
$30,000,000
Preferred
Georgia Power Co
b«
to
$7,000,000
received)
(Wednesday)
November 13
*
—Common
Co.,
79,477
Inc.)
Securiies
(Offering to stockholders—Bids 11 a.m.
to
be
November
$2,000,000
....Units
Inc.)
England
New
200,000 shares
Debenture*
(Underwriter
Union Electric
a.m.
$11,000,000
EDST)
received)
100,000
shares
December 4
Units
Massachusetts
Mosley Co., Inc.) $4,375,000
-
Common
(Tuesday)
Columbia
a.m.
Debentures
;
"
,
.
Bonds
a.m.
CDST)
(Monday)
Capitol Food Industries,
(Walston
Common
$7,000,000
"7 '
EST)
$30,000,000
'<
(Wednesday)
Gas
&
Northern
to be
$10,000,000
received)
(Thursday)
System, Inc.—L
(Bids to be received)
$25,000,000
(Tuesday)
Debentures
/
__EquiP. Trust Ctfs.
Pacific Ry
(Bids
12
noon
_
EST)
$4,800,000
Virginia Electric & Power Co
»
•
(Bids
•
Debentures
Inc
Co.)
Bonds
Electric Co.—
(Bids
—
Debentures
*
to be received)
December 11
—:Bond»
$30,000,000
(Wednesday)
$1,700,000
Consolidated Edison Co. of New York
(Bids .11 a.m. EST) $60-$75,000,000
Mohawk
>
a.m.
(Tuesday)
December 10
-
shares
Bonds
11
$40,000,000
EDST)
(Wednesday)
<
$20,000,000
Co
December 3
Preferred
v
7
(Hensberry & Co.') $5,000,00ft1
October 28
Common
Preferred,
to be named)
Pacific Northwest Bell. Tel. Co
(Bids ll a.m. EST) $50,000,000
.
$3,500,000
$10,000,000
(Wednesday)
Union Electric Co.____
$9,000,000
Capital Corn.__
10
$10,000,000
.Preferred
(Bids to be received)
November 20
Inc
(Bids
Bonds
England Power Co
Power Co
(Bids to be received)
Common
Inc.)
(Tuesday)
19
New
units
12,000
Bonds
Yeatman,
11
EST) 716,000 shares
-.Debentures
Corp.)
EDST)
a.m.
Common
Pacific Power & Light Co.
shares
-Otter Tail Power Co
Metropolitan .Dallas
120,000
Bonds
to be
(Bids
Inc.)
$22,000,000
(Thursday)
//November 7
December 5
Debentures
1.
12 noon EST)
Georgia Power Co
Ben. Int.
Co.,
Bonds
Air Line RR
$450,000
/
Equip. Trust Ctfs.
(Bids
Common
'
$5,000,000
Natural Gas & Oil Producing
(Monday)
(Bids
Lynch, Pierce, Fenner & Smith Inc.. Biyth Ac Co.,
Inc., and Fahnestock & Co.) 225,500 shares
'
to
Techniques,
shares
.Public Service Electric & Gas Co
(Merrill
;
share^
—Bonds
received)
be
Ry. Co
(Xaird
Common
Underwriters
11:30
October 23
(White,/Weld & Co., Inc.)
States Shoe Corp..
United
received), 00,000
Bridges Investment Fund, Inc
'
.
to
(Bids
&
3#
page
Preferred
Co
to be
November 4
Co
October 22
shares
-Common
Co.) -$32,800,000
Nevada Power
<m
(Tuesday)
Edison
(Bids
110,000 shares
150,000
Co.)
knowni
Industrial Park, Inc.
(Bids
(Wednesday)
Downs,
(Suplee,
.
Co.;
was
Continued
Debens.
Gulf States Utilities Co
(Tuesday)
Allyn St Co.; Allen
&
11
October 21
Common
by
Dorchester Gas Producing Co.
(A.
formerly
Feb. 25, 1963, filed 136,094 common to be offered for
subscription by stockholders on the basis of one share
for each 4Vz shares held. Price—$5.50. Business—Acqui¬
sition and development of real estate. Proceeds — For
general corporate purposes. Office—811 duPont Plaza
Center, Miami, Fla. Underwriter—None.
(Tuesday)
(Bids
■
Republic National Life Insur. Co....Capital Shares
(First Boston
Note—This firm
*
Dillon,
Corp
Inc
Stone & Co.,
15
Power
$300,000
Subscription Television, Inc
named.
Greater Miami
'
shares
Sons)
be
(Bids
Nevada
shares
Underwriters, Inc
Edwards
G.
Lines,
Nebraska
October 16
Industries,
819,024
Systems, Inc.—
Sons)
&
Investment Trust
Estate
Real
Continental Real Estate Investment Trust.
as
$500,000
.4———^———
(Bids
Common
Co.,
—To
-
Inc
stockholders—underwritten
to
National
Atlas
of
Burnham
Great Continental
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul PI., Baltimore. Underwriter
(Peter Morgan & Co.)
Fair
120,000
Underwriter—J. C. Wheat
Pacific Gas & Electric Co
Jersey Central Power & Light Co
.Common
...
600,000 shares
-..Common
—underwritten
lin Rd., S. W., Roanoke, Va,
& Co., Richmond, Va.
Aerosol
World's
Funds
(Hayden,
$15,000,000
Corp.
(Offering
(10/3)
of which
Proceeds—For debt repayment, working capital, equip¬
ment, and other corporate purposes. Office—1401 Frank¬
(Monday)
Hutton
F.
fRamo, Inc.
Bradford Speed Packaging & Development
Denny's .Restaurants,
common,
be
-—Common
...
Redman Industries, Inc
(Eppler,/ Guerin & Turner,
Wen Products, Inc
Bonds
!
,
(Drexel & Co.)
130,000
offered by company and 10,000 by a stock¬
Price—By amendment (max. $8).
Business—
Company 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.
to
|125,000 shares
Pacific Southwest Airlines
(Monday)
Co., Inc.-J-i
filed
Brockton Edison Co
(B. C.) Realty Trust
October
B. V. D.
& Materials Corp.
Stone
1963
holder.
Common
(First
CDST)
a.m.
26,
'
Common
Corp
"
Eastman
Heck's, Inc.
(Thursday)
October 7
Inc.)
Co.,
(Charles Plohn & Co.)
General Stone, & Materials Corp.»
/ •
tfJ. C. Wheat & Co.) 130,000 shares
'
&
(Burnham
.
Wisconsin tPublic
General
(Friday)
Truck
•*-
_____Class A
i..*.'.
(Dean 'Witter ; & Co.) .tQ5<458
October 3
derwriter—Burnham & Co., New York.
Southern
(Hornblower & Weeks)
Artists
Corp
General
..Common
;
(Dean
program series. Proceeds — For] loan repayment and
working capital. Office—640 Fifth Ave., New York. Un¬
$3,750,000
EDST)
noon
Weld
14
Inc.) $300,000
Corp
Rogers Brothers
'•
-
(Wednesday) Y
(Trulock & Co.,
actors, performers, writers, directors and pro-/
areas of the entertainment industry. It also1
sales representative for television programs and:
as
Equip. Trust Ctfs.
(H. S. Caplin & Co.)
■'
Adkins-Phelps
of
(Bids
American-Israel
•
October 2
acts
$20,000,000
to stockholders—underwritten by Kidder, Peabody
Inc., and Merrill Lynch, Pierce, Fenner & Smith)
457,265 shares
October
Common
Securities
(max. $7). Business—Company acts as represen¬
;
Co.)
Common
Recording Industries Corp
(Tennessee
(10/14-18)
Corp.
150,000 common. Price—By amend¬
ducers in all
(Thursday)
11
(O'Malley Securities Co.)-$3,000,000
■■'v/
Artists
6, 1963 filed
ment
.
.
O'Malley Investing Corp.,...
-1
Curtis;
&
Florida Power Corp..
National Union Insurance Co. of Washington
/
October
Bonds
Common
Anderson
E.
General
:
Sept.
Savings & Loan Assoc.—Guarantee Stk.
(White,
,
$18,525,000
Juniper Spur Ranch, Inc
(V.
12
(Bids
Jersey Central Power & Light Co..
York.
October 29
shares
64,000
and working capital. Office — 1105 Hamilton St.,
Allentown, Pa. Underwriters—Paine, Webber, Jackson &
Curtis and Eastman Dillon, Union Securities & Co., New
__..Debentures
Nashville RR
October 10
(Offering to stockholders—Underwritten by Mackall & Coe)
Amerline
Jackson
Webber,
Louisville &
(Tuesday)
Federal Services Finance
ment
(Wednesday)
Acceptance Corp
(Paine,
Lomasney & Co.)
(10/91-
General-Acceptance Corp.
Sept. 12, 1963 filed $20,000,000 of senior debentures dues,
1983. Price—By amendment. Business—Company is en¬
gaged in the consumer finance business, also does gen¬
eral commercial financing. Proceeds—For loan repays
ing capital and debt repayment. Address—West Highway
(Monday)
Corp.
(Myron A.
i
Price—By amendment (max. $42).
expire Oct. 31.
Business
Union Securities & Co.)
October 1
(Offering
(10/11)
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
filed
1963
10,
General
Key Finance
Securities Corp.,
Underwriter—Consolidated
Park, Fla.
Office—1180 Raymond Blvd., Newark, N. JUnderwriter—Godfrey* Hamilton, Taylor
Co., N. Y,
Note—This registration bas been -withdrawn.
investment.
are
1962 filed 300,000 common. Price—$5. Busi¬
ness
Operation of Jai Alai games and pari-mutuel
betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital. Office — Fern
.
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—Fox*
•
28,
"
Garden State Small Business Investment Co.
Aug.
Florida Jai Alai, Inc.
June
NEW ISSUE CALENDAR
September 20
&
Boston.
Underwriter—Paine, Webber, Jackson
Curtis, Boston. Offering—Indefinitely postponed,
Sept.
Electronic Dispenser Corp.
rials.
15, 1962 filed 2,750,000 shares of beneficial in¬
terest. Price—$10. Business—A mutual fund which plans
to invest primarily in equity type securities of Israeli
companies. Proceeds—For investment. Office—141 Milk
Aug.
Garden, Fla. Underwriter—Prudential Invest¬
Corp., Miami.'
tative
Fund
Mutual
St.,
June 11, 1963 filed 403,000 common, of which 140,000 are
to be offered by company and 263,000 shares by stock¬
Halstead
Israel
•
•
Federal Services Finance Corp.
asset
•
Office—3600 W.
Underwriter—None.
Pratt Ave,, 'Chicago.
•
Nevada Securities Corp., Reno, Nev.
ness—Manufacture
the distribution
ment
33
Airlines, Inc.—.
Debentures
Y"'."4(Smith,1 Barney & Co., Inc,)'$6,000,000
....
,
*
■
Bonds
34
(1222)
The Commercial and Financial
Chronicle
Continued from page
Greater
-
33
invest in Israeli firms. Proceeds—For
investment. Office
—4200 Hayward Ave., Baltimore.
Corp.
X
Feb. 20, 1963, filed 3,000,000 common.
Price—$2. Busi¬
ness—Company plans to operate subsidiaries in the fields
of banking,
insurance, finance, etc. Proceeds—For gen¬
tors
.
eral corporate purposes.
Building,
Sept.
17,
"Isras" Israel-Rassco Investment
Co.,
(10/21)
...
.
•
.
,
(par $100). Pro¬
short-term loans. Office—285
.{Liberty
Ave., Beaumont, Tex..
Underwriters
Lehman
Brothers-Equitable Securities Corp. (jointly1);
Qlore, 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.
#
Hawaiian Telephone Co,.
Aug, 20, 1963 filed 534,000 common
being offered for
subscription by stockholders on the basis, of one
new
share for
about each
None:
expan¬
Office—1130 Alakea St., Honolulu.
Underwriter—
;,x;
•
-i \ x
Heck's, Inc.
June
Rights
Price—$19.50. Proceeds—For
Will expire Oct. 24.
sion.
10 held of record
Sept. 25.
:':-v^4-v';■:^
(10/14-18)
12, 1963 refiled 180,000 class A
$2.50,
Business—Operation
Price—
common.
of discount stores.
Proceeds
inventory for a new store, and
Office—6400 MacCorkle Ave., S.
W.,
—To provide fixtures and
for working capital.
St.
Albans, W. Va.
Underwriter—Charles
New York.
Plohn &
Co.,
Hill Street Co<
Oct. 16, 1961 filed
2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share
basis. Price—$3. Business—A
management
investment company.
Proceeds—For in¬
Office—760 S. Hill St., Los
Angeles. Under¬
writer—None.
...
i
vestment.
,
Holiday Mobile Home Resorts, Inc.
March 27, 1963 filed
$1,250,000 of 6%% conv. subord. de¬
bentures due 1978, and
75,000 common to be offered in
units consisting of
$50 of debentures and 3 shares. Price
—$68 per unit.
Business—Development and operation of
mobile home resorts
throughout U. S, Proceeds—For
repayment, construction, and other corporate
O f f i
poses.
e—4344
c
pur¬
East Indian School
Rd., Phoenix.
Underwriters—Boettcher
&
Co., Denver, and J. R. Wil-
liston & Beang, New York.
Note—This
hot be withdrawn as
previously
statement will
reported, but will he
amended.-,,
;' "•
:
")
.<
Horace Mann Life Insurance
Co.
Feb.
to
be
1, 1963 filed 200,000 common, of which
80,000
offered by company
Price—$12.50.
and
are
120,000 by stockholders.
accident and
Proceeds—For general corporate
pur¬
Office—216 E. Monroe
St., Springfield, 111. Under¬
writer—Hora.ce Mann Investors Inc., (same
poses.
address).
International
Data
Systems,
Aug. 2, 1963 ("Reg. A")
Inc.r; (10/7-11)
11,000 common to be offered
stockholders oni a pro-rata basis.
for
subscription by
Price—At-the-market.
Business—Development,
and
design
manufacture of electronic devices.
Proceeds—For a
selling stockholder.
Office—2925 Merrell
Rd., Dallas.
Underwriter—A. G. Edwards &
Sons, St. Louis.
'
•
Intra
State
common
to be offered for sub¬
the basis of two new shares
of record Oct. 21.
Price—$100. Busi¬
scription by stockholders
held
ness—Company, 36.8%
on
owned
furnishes telephone service
loan
repayment,
—100
North
None.
:
Telephone Co.
.Sept. 5, 1963 filed 8,983
for each five
and
other
by Illinois Bell Telephone,
in
Illinois. Proceeds
corporate
will
Cherry St., Galesburg,
111.
Underwriter—
plus 7Y2%.
succeed
,
to
Business—A
i
business N of
new
mutual
fund
Distributor—Investors
Diversified Services, Inc.
(same address).
/ Investors Realty Trust
v
^
:
May 31, 1962 filed 200,000 shares.
Price
—
—A. real .estate investment trust.
Proceeds
struction and investment.
Office
—
3315
$10. Business
—
For
con¬
Connecticut
Ave., N. W., Washington, D. C.
Underwriter—None.
Israfund-lsrael Fund, Inc.
July 29, 1963 filed 300,000
common.
Price—$10. Business
Proceeds—For
investment. Office—17 East
71st St., New York. Under¬
writer—Israel Securities
Corp., (same address).
Israel
American Diversified
Fund, Inc.
1963 filed 550,000 common.
Price—Net asset
value plus 8V?.%.
Business—A new mutual fund
special¬
izing in Israeli and American
securities. Proceeds—For
investment. Office—54 Wall
St., New York. DistributorIsrael Fund
Distributors, Inc. (same address).
22,
Israel Baby Food Co.
Ltd.t.-lt
Sept. 12, 1963 filed $190,000 of
8%
subordinated deben¬
14,000 8% preferred
ordinary shares.
debentures, $100; for stock $10. Business-
tures due 1975 and
Price—For
Company
Israel
and
plans
to
prepare- and
market
abroad. Proceeds—For
loan
struction, equipment, and other
dress—Givat
Brenner, Israel.
Co., New York.
Israel Fund, Inc.
July 18, 1963 filed 500,000
\Iiess—A Closed-end
—
April 10, 1^63 filed 500,000 capital shares. Pricx*
Net
asset value plus 8^4 %. Business-XA
new mutual fund
seeking capital appreciation. Proceeds—For investment.
baby
food
repayment,
in
con¬
corporate purposes. Ad¬
Underwriter—Brager
&
Office—467 Hamilton
Ave., Palo Alto, Calif. Underwriter
—Mutual Fund Distributors, Inc.
(same address).
~
(10
1)
Aug. 15, 1963* filed $18,525,000 of first
mortgage bonds
due, Oct. 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 launch Bowl Rd., Morristown, N. J. Under¬
writers—(Competitive). Probable bidders: Halsey, S'tuart
& Co. Inc.;
White, Weld & Co.; First Boston Corp.; East¬
Dillon, Union Securities & Co.-Salomon Brothers &
Hutzler
Merrill Lynch,
Pierce, Fenner & Smith Inc.
(jointly); Kidder, Peabody .& Co.; Harriman Ripley <&
Co. Bids—Oct.; 1 (11 a.m.
EDST) at 80 Pine St., New
York. Information
Meeting—Sept. 26 (10 a.m. EDST) at
-
address.
same
.
-
,
.
'
*
-
,•
,
Address—Madison Avenue at Punch Bowl
Rd., Morristown, N. J.
Underwriters—(Competitive). Probable bid¬
ders:
Halsey,, Stuart^ CO., Inc.; White, Weld
& Co.; First
Corp.; Eastman Dillon, Union Securities & Co.-
Salomon Brothers & Hutzler-Merrill
Lynch,
Pierce, Fen¬
(jointly); Kidder, Peabody & Co.; Har¬
riman Ripley & Co. Bids—Oct. 15
(11 a.m. EDST) at 80
Pine
ner
& Smith Inc.
St., New York. Information Meeting—Oct. 10
a.m.
EDST) at
(10
address.
same
common.
Price—$12.50.
Busi-
Federal
■■
-
Bldg.,
Atlanta.
Underwriter—
-
-A
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.,
>
Y.
Underwriter—To
be
named.
Offering—Indef¬
initely postponed..
Medic
Corp.
28, 1963, filed 1,000,000 class B common. Price—
Business—A holding company for three life insur-,
Feb.
$1.25.
firms.
ance
Proceeds—For
loan
repayment,
operating
expenses, and investment in other insurance concerns.
Address—714 Medical Arts Bldg., Oklahoma City. Un¬
derwriter—Lincoln Securities Corp.
(same address).
Medical Industries Fund, Inc.
Oct. 23, 1961 filed 25,000 common. Price—$10. Business
—A
closed-end investment
company
which planss to
become open - end.
Proceeds — For investment in the'
medical
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter — Medical As¬
sociates, Inc. Denver.
i
—677
Medical Video Corp.
Nov.
,
13, 1961 filed 250,000
Price
$1. Busi¬
ness
Manufacture of medical electronic equipment.
Proceeds
For general corporate purposes.
Office—*
Studio
City, Calif.
Underwriter -7 Financial Equity
Corp., Los Angeles.
common.
—
—
Meridian
•
March
4,
Fund,
1963
Inc.
filed
capital shares.-.Price—Net
Business—A new mutual fund to be
plus 5%.
initially to members of the medical profession.
offered
Proceeds—For
Denver.:
search
-
500,000
asset value
investment.
Office—714
Underwriter—Centennial
Boston
Management
Bldg.,
&
Re¬
Corp., (same address).
Middlesex Water Co.
June
5, 1963 filed 35,000 common. Price—By amend¬
(max. $36). Business—Collecting and distributing
Juniper Spur Ranch, Inc. (10/1-4) >
May 27, 1963 ("Reg. A") 300,000 common.
^Price — $!•
Business—Construction of a gasoline and diesel oil fill¬
ing Station,
restaurant and aRipd facilities,.Proceeds^
ment
general corporate purposes. Underwriter
V.
Anderson & Co., Newhouse
Bldg., Salt Lake City.
Offering—Indefinite.
For
E.
water
debt
in
certain
repayment.
Key Finance Corp. (9/30)
7, 1963 filed 80,000 common.
Price—By amend¬
ment
(max. $5), Business—Operation of a small loan
business in Puerto Rico.
Proceeds—For loan repayment,
expansion and other corporate
purposes.
Address—Rio
Piedras, Puerto Rico. Underwriter—Myron A.
Lomasney
&
Co.,.New York.
areas
of New Jersey.
Proceeds—For
Office—52 Main S't., Woodbridge, N. J.
Underwriter—Kidder, Peabody & Co., Inc., New York.
Midwest
National
•
June
Life
Insurance
Sept.
17,
ment
(max. $7). Business—Sale
1963 filed
160,000
common.
Co.
Price—By amend¬
of life
ceeds—For
working capital.
Address
Springfield, Mo. Underwriter—Stifel,
Inc., St. Louis.
insurance. Pro¬
Empire Bldg.,
& Co.,
—
Nicolaus
Midwest Technical Development Corp.
VvX.v
Feb;
26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of /one share
Keystone -International
Fund, Inc.
Aug. 13, 1963 filed 200,000 common. Price
—
Net asset
value plus 7V2%. Business—A
new mutual fund which
will acquire assets of
Keystone International Fund,
a
Ltd.,
Canadian corporation, and invest in
securities through¬
out the Free World.
50 Congress
Boston.
Proceeds—For investment/Office—'
Krasnow
debt repayment,
Life Insurance Co. of Florida
XV
Aug.i 16, 1963 filed 400,000
(max. $6). Business
ment
and
insurance.
common*
Price—By amend¬
Writing of industrial life,
health insurance as well as
ordinary life
—
Proceeds—For investment and eventual ex¬
pansion. Office—2960 Coral
Way, Miami. Underwriter—
Pierce, Wulburn, Murphey, Inc., Jacksonville.
Offering—
Temporarily postponed.
11, 1962 filed 250,000 capital shares. Price
By
amendment (max. $10)V Business—A
diversified closedend investment
company. Proceeds—For investment. Of¬
—
fice—26 Broadway, N. Y.
Underwriter—Filor, Bullard &
Smyth, N. Y. Note—This company
formerly was named
Logos Financial, Ltd. Offering—Indefinite.
Lord Jim's
14,
1963
Price—By amendment
Service
Systems, Inc.
("Reg. A")
Business—Operation
/
100,000
of drive-in
common. Price
$1.
restaurants. Proceeds—
—
leases,
equipment and jworking capital.
Office—
1601 Mandeville
Oariyon Rd., Los Angeles. Underwriter
—Keon & Co., Los
Angeles.
Lunar Films, Inc.
Aug. 31, 1961 filed 125,000
Proceeds—For general corporate purposes.
First National
Bank
Bldg., Minneapolis.
Underwriter—None.
Office—2615
•
Mobile
Home Parks
ness—The production
residential
Development Corp.
1,250,000 common. Price—$2.50.
plans to develop mobile homes,
Price—$5.75. Busi¬
films.
Proceeds—For
•
,
Busi¬
parks
general
Seville, Spain,
•
and
commercial
real
estate.
Proceeds—
corporate purposes.
Office—82 Baker St.,
-Underwriter—Overseas
Investment
Service,
Atlanta.
Morton
..
fB.
..
C.)
Realty
Trust
(10/14-18)
June 21,
1963 filed 1,000,000 shares of beneficial inter¬
est. Price-r$10. Business—A real estate investment trust.
Proceeds—For investment. Office—141 Milk St., Boston.
Underwriter—B. C. Morton Funds Underwriters Co.,
Inc.
(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
investment. Sponsor
New York.
—
Ira Haupt &
Proceeds—For
Co., Ill Broadway,
Offering—Indefinite.
National Aviation Underwriters,
Aug. 26, 1963
("Reg. A") 24,000
Inc.
common.
,
(10/7-11)
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,
St. Louis.,
•
1
■
National
Equipment & Plastics Corp.
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
stores.
Proceeds—For
debt
repayment, store ex¬
Address—Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Note—
pansion
of television
filming and- production
and
For
ated
common.
(max.
s—A closed-end management investment
municipalities and territories of the U. S.
April
For
shares held.
n e s
ness—Company
sales promotion, and other cor¬
porate purposes.. Office—33-00
Northern Blvd., Long
Island City, N. Y. Underwriter—T. W.
Lewis & Co., Inc.,
New York.
'
Jan.
i
u s
Jan. 28, 1963 filed
Industries, Inc.
125,000 common. Price—By amend¬
(max. $5). Business—Volume manufacture
of in¬
expensively priced men's and children's belts. Proceeds
accident
B
company.
'
June 28, 1963 filed
—For
for each two
$7).
St., Boston. (Underwriter—Keystone Co. of
,
..
-
and
working
capital.
This registration will be withdrawn.
and
working capital. Office—
Madison Ave., New York.
Underwriter
Ingram,
Lambert &
Stephen, Inc., 50 Broad St., New York.
543
National
Fence
—
Offering—Indefinite.
Mahoning Corp.
July 26, 1963 filed 200,000
Price—$3. Business
—Company plans to engage in the exploration
velopment bf Canadian mineral
properties.
and
de¬
Proceeds—
Manufacturing Co., Inc.
Nov. 29, 1962 filed 100,000 common.
ness—Manufacture
land,
of
galvanized
Price—$8.75. Busi¬
chain link fence,
concrete
products.
common.
;
_
Press, Inc.
—
Jersey Central Power & Light Co. (10/15)
Aug. 21^ 1963 filed $9,000,000 of debentures due Oct.
1,
1988. Price—By amendment.
Proceeds—For construction.
Boston
Fulton
Marshall
welded
investment company which
plans to
payment of loans, and general corporate purposes. Office'
—
Power & Light Co.
Central
Management Investment Corp.
r
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants). Price—$500. Business—Company plansr 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¬
N.
')•/ Janus Fund,1; Inc.J ■ <^'/xXS:
Jersey Central
purposes.; Address—402
Youngstown, Ohio. Underwriter—None.
None.
Indefinitely post¬
Logos Options, Ltd.
1—Fund plans to own stock
of companies
which will in¬
vest in securities of
Israeli enterprises.
April
Offering
ment
■
Investors Group
Canadian Fund Ltd., and invest
in securities
throughout
the'Free World. Proceeds—For
investment. Address—
1000 Roanoke
Bldg., Minneapolis.
.
Co., Inc., New York.
poned.
Office
Investors Inter-Continental
Fund, Inc.
;July 3, 1963 filed 3,000,000 capital
shares. Price—Net
asset
value
&
Thursday, September 26, 1963
.
corporate
Tower Bldg.,
—130
For
—
purposes.
X
which
cor¬
—
Business—Writing of'life,
health insurance.
•
which
company
man
-I
debt
development
Jan. 30, 1962 filed 100,000 common.
Price—$3. Business
—Industrial designing, the
design of teaching machines
and the production of
teaching programs. Proceeds—
For expansion, new facilities and
working capital. Office
—315 Central Park
W., N. Y. Underwriter—R. F. Dowd
—.(Competitive).
Webster Securities Corp.;
bidders:^ Stone &
estate
citrus plantations. Proceeds—For
general
Jaap Penraat Associates, Inc.
repay
Probable
A real
—
owns
general
.
,
Ltd.
ordinary shares. Price—$55.,
porate purposes.
Address—Tel-Aviv, Israel. Underwriter
—Rassco of Delaware Inc., New York.
1963 filed 100,000 preferred
ceeds—To
28, 1963 filed 60,000
Business
also
Underwriter—None..
Gulf States Utilities Co.
Planning Corp. of America, New York.
June
Office—1107 Federal Securities
Lincoln, ,Neb.
For
Underwriter—Inves¬
Nebraska
.
and
reinforcing fabric, gates and related
Proceeds—For construction of a plant in Ire¬
working capital/ Office—4301 46th St.,
Bladensburg, Md. Underwriter—Netherlands Securities
Co., New York.
*
'
v/iUiXJkV<
v
JL1 UltiK/CA
Ul/V/<J
•
-
JL
«
^ V"
IfW
" i<C*' W- tUt
' U HU
'Ult / U/tlC
(UU^CtUi
jp
35
(1223)
•
National Memorial Estates
Oct. 11,
ness
1962 filed 4,750,000 common. Price — $1. Busi¬
Company plans to engage in cemetery developand to establish and operate a life and disability
—
ment
insurance concern. Proceeds—For
general corporate pur¬
poses.
Office—13 S. Broadway, Red Lodge, Mont. Un¬
derwriter—Security Brokerage Co., Billings, Mont.
National Mortgage Corp., Ind
28, 1962 refiied $8,000,000 face
O'Mai ley
?
—A
real
amount
certificates
(series 20) and 300,000 common shares. Price—For cer¬
tificates, $762; for stock, $1.15. Business—A mortgage
investment
estate
(10/1-4)
Redman
Price—$10. Business
development company.
and
Price—By amendment (max. $168
address).
Manufacture
Otter Tail
due
16,
Power Co.
1963
filed
$7,000,000
first i mortgage
of
113 S. Hydraulic, Wichita, Kan.
—
pur¬
Under¬
offering will be made only in the State of
Kansas.
•
National
Union
Insurance
Co.
of
Washington
Stuart
&
common
to be offered for sub¬
the basis of
on
1.78
shares for
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,
Sept. 7,
Gas
& Oil
1962 filed
Producing Co.
180,000 class A
Business—Production
of
natural
(11/4-8)
Price—$5.
common.
and oil.
gas
Proceeds
—For
drilling expenses, working capital and other cor¬
porate purposes. Office—Tekoil Bldg., Oklahoma City
Underwriter—Peter Morgan & Cq.v N. Y.
Nevada
Power
Co.
(10/8)
1963 filed 120,000 common. Price—By amend¬
(max. $40). Proceeds—For construction, and loan
repayment. Address—P. O. Box 230, Las Vegas, Nevada.
Underwriter—White, Weld & Co., Inc., New York.
Nevada Power Co.
(10/16)
Sept. 6, 1963 filed $11,000,000 of first mortgage bonds due
1993. Price—By amendment. Proceeds—For construction
and loan repayment. Address—P. O. Box 230, Las
Nevada.
Vegas,
Underwriters—(Competitive). Probable bidders:
White, Weld & Co.; Eastman Dillon, Union Securities &
Co.-Kidder, Peabody & Co. (jointly); Halsey, Stuart &
Co. Inc.; Merrill Lynch,
Pierce, Fenner & Smith Inc.Lehman Brothers-Salomon Brothers & Hutzler
(jointly).
Bids—Oct. 16 (11:30 a.m. EDST) at 20
Exchange Place
(Room 1709), New York. Information Meeting—Oct. 4
(11 a.m. 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¬
,
holder. Price—50 cents.
Business—Exploration, develop¬
ment and
mining. Proceeds—General corporate purposes
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. McPherson &
Co., Toronto.
New
Feb.
World
21,
value
Fund,
1963,
plus
filed
SV2%.
Business—A
ceeds—For investment.
Angeles.
Underwriter
(same address).
Nordon
July
29,
common.
new
Price—Net
mutual
fund.
asset
Pro¬
Office—4680 Wilshire Blvd., Los
New World Distributing Co.
—
Corp. Ltd.
1963
filed 60,085 capital shares. Price — By
(max. $3.25). Business—Acquisition of oil
and gas properties, and the production of crude oil and
natural gas. Proceeds—For selling stockholders. Office
amendment
—5455 Wilshire
Blvd., Los Angeles. Underwriter—Gregory-Massari, Inc., Los Angeles. Offering—Indefinite.
Northwest
'Sept.
3,
,Business
Hydrofoil,
Inc.
—
hydrofoil vessels. Proceeds—For working capital, office
expansion and other corporate purposes. Office — 428
White-Henry-Stuart Bldg'., Seattle,
—Henry D. Tallmadge Co., Seattle.
Wash.
Underwriter
Nuclear Science &
Engineering Corp.
100,000 common. Price—By amend$15). Business—Research and development
March 29, 1962 filed
ment
•
(max.
contracts
on
using radioactive
tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of
consulting and radiaticin measure¬
ment
ment,
services.
Proceeds—For
expansion
equipment,
debt repay¬
Address—P. O
and
working capital.
Box 10901, Pittsburgh.
Underwriter—Johnston, Lemon &
Co., Washington, D. C. Note—This registration will be
withdrawn.
Okliana
Sept.
ferred
12,
and
operating expenses. Office—1218
Ave., Phoenix. Underwriter—None.
Corp.
filed 500,000 common and 500,000 pre¬
($6 par); to be offered in units of five preferred
Price—$35 per unit. Business—
Company plans to engage in the life insurance business
through the formation of two subsidiaries, or through
the purchase of stock in
Proceeds—For
an
acquisition
existing insurance
of
company.
above
stock, loan repay¬
and working capital. Office—2201
Northwest 41st
St., Oklahoma City. Underwriter—Equity
Underwriters,
Inc. (same address).
ment
.
Old Florida Rum Co. *."■
July 29,
1963'filed
purchase
an
for
338,755
additional
common,
and
warrants
to
338,755
common, to be offered
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 oostponed.
investment.
27,
year
warrants
Central
Express¬
Boston
Corp.,
(10/21-25)
common.
Office—2909
1962 filed
Price—$12.50. Busi¬
Bay-to-Bay, Tampa.
Un¬
and
sell 80
Writer
its
nite.
Central
125,000 class A
purchase
1,250
common
class A
and
three-
shares
units
of
acres
construction.
repay¬
to
to 'be
consisting of four snares and one war¬
rant.
Price—$32 per, unit.
Business—Company will
erect and operate a
luxury hotel and resort facilities,
oii'ered in
land for home sites.
Office—3615
Proceeds—For
Olive
St., St. Louis. UnderR. L. Warren Co., St. Louis. Offering—Indefi¬
—
*
Retirement Foundation, Inc.
April 8, 1963 filed 100,000 memberships in the Founda¬
tion.
Price—$10 per membership. Business—Company
(10/14-18)
will
operate retirement centers for the use of rent-free
private homes and apartments by members upon their
retirement. Proceeds—For working /capital/construction
•
•
Rogers Brothers Co. (10/2)
Aug. 7, 1963 filed 105,458 common, of which 70,000 will
be sold by company and 35,458
by a stockholder. Price—
By amendment (max. $18).
Business—Processing^ of
potatoes, and the raising of high grade pea, bean and
other corporate.- purposes.
Office—235 Lockerman
St., Dover, Del. Underwriter—John D. Ferguson, Dover,
Del, Offering—Indefinite.
and
Philippine Oil Development Co., Inc.
June
11,
fered
for
1963 filed 325,000,000 capital shares being of¬
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,
Philippines.
Pocono
sweet
(10/21-25)
Sept. 10, 1963 filed $2,500,000 of 6V2% subordinated sink¬
Satawa
loan
repayment.
Address
ceeds—For
mining
ada.
March
28,
1963
filed
ate,
40,000
common.
Price—$25.
Proceeds—For debt repayment, and
St.,
of
additional
Princeton, N. J.
Stock
property,
properties.
on
two-thirds
Life
held.
chiefly
Office—195
un¬
nix.
ac¬
Oct.
19,
16
1963
a
—
$5.
subsidiary life in¬
general corporate pur¬
Court, Lincoln,
investment
27,
(10/14-18)
$2,000,000 of 6V\%
filed
subord.
vates,
filed
400,000
(max. $3,166).
processes and
a
areas.
ordinary shares.- Price—By
Company culti¬
sheet music. Proceeds—For construction of
23,
1962
75,000
Business—Sale of travel and
For
411
capital
West
investment,
7th
St.,
Los
Farnham
Foreign Fund, Inc.
Proceeds—For investment.
of in¬
other foreign
means
Office—135 S. LaSalle
Sutro
Mortgage Investment Trust
*
1,1963 filed 30,000 shares of beneficial interest.
Price—$100. Business — A real estate investment trust.
Proceeds—For investment. Office—4900 Wilshire Blvd.,
Los Angeles. Underwriter—None*
Feb.
offices, work¬
Office—801
Underwriter-
common.
-
?
Industries, Inc.
("Reg. A")
&
scription television system in the Los Angeles and San
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.
purposes.
Sixteenth Ave., South Nashville, Tenn.
Tennessee Securities Inc., Nashville.
Recreation
Roe
Francisco
—
Recording Industries Corp; (10/1)
■
3
July 19, 1963 filed 297,000 common. Price—$5. Business
—Company plans to engage in the recording and man¬
ufacture of phonograph
records, and the publishing of
Nov.
i n g—In¬
Subscription Television, Inc. (10/7-il)
Aug. 22, 1963 filed 1,900,000 common. Price—$12. Busi¬
ness—Company plans to establish and operate a sub¬
Business
corporate
e r
St., Chicago. Underwriter—None.
markets citrus fruits in Israel. Pro¬
other
O ff
:•/;
corporation. It will provide investors a
vesting in Canada, Western Europe and
new
selling stockholder. Address—Tel-Aviv, Is¬
rael. Underwriter-T-Rassco of Delaware, Inc., New York.
and
-
sinking
ceeds—For
ing capital,
~
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
Corp., Lincoln, Nebr.
1963
Co., Cleveland.
(i.v.C. ' V
Beverly Dr., Beverly Hills, Calif. Underwriter—Samuel
B. Franklin & Co., Los Angeles.
Rasscc Plantations Ltd. f
Aug.
&
and working capital.
Office
Bldg., Cleveland, Ohio. Under*-
Un¬
Neb.
plant, and working capital. Address—84th St., and West
Dodge Rd., Omaha, Nebr. Underwriter—First Nebraska
amendment
of
—
Price
common.
fund debens. Due Oct. 1, 1975. Price—At par. Business—
Company processes domestic and imported nutmeats for
sale to food, distributors, supermarket chains and other
Securities
or
Squire For Men, Inc.
J .1
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.
Stein
Ramo Inc.
C share
of beneficial interest.
Business—A real estate investment trust.
writer—McDonald
(same address).
Sept.
class
1962 filed 215,000 shares
Price—$15.
Proceeds—For
definite.
Georgian
each
Underwriter—None,
ceeds—For investment. Office—316 North Fifth
St., Bis¬
marck, N. D. Underwriter — Provident Management Co
company. Proceeds—For
for
Shaker Properties
Nassau
—1956 Union Commerce
Office—2904
derwriter—None.
share
Remaining 94,822 and any unsub¬
publicly. Price—To public
April 11, 1963 filed 1,000,000 common. Price—Net asset
plus 8V2%. Business—A new mutual fund. Pro¬
poses.
405,000
$6; to stockholders, $5. Business—Company plans 4o en¬
in the consumer finance, mortgage, general fi¬
and related businesses.
Proceeds—F o r general
corporate purposes. Office—830 N. Central Ave., Phoe¬
value
surance
which
nance
Inc.
Quality National Corp.
Sept. 16, 1963 filed 200,000 class A
Business—Company plans to form
of
the basis of 4 company shares for each class A
share and
Selective
Underwriter—None.
Fund,
filed
1962
Corp.
500,000 common,
scribed shares will be offered
Busi¬
improved land.
quisition
real
28,
V
Financial
gage
and
of
B
Inc.
ness—Purchase
sale
repayment, construction of a mill and
Address—Port Arthur, Ontario, Can¬
to be offered for subscription by holders of the A,
B and C stock of Selective Life Insurance Co., an affili¬
Powell Petroleum, Inc.
Sept. 28, 1962 filed 100,000 common. Price—$5. Proceeds
-T-to drill for and operate oil wells.
Office—418 Mar¬
ket St., Shreveport, La. Underwriter—None.
Lands,
debt
expenses.
are
Bldg., Wilkes-Barre, Pa. Underwrit¬
er—Suplee, Yea tman,Mosley Co., Inc., Philadelphia.
Research
Ltd.
Underwriter—None.
Feb.
First National Bank
Princeton
Co., Los ^Angeles.
Gold Mines
Selective
504
—
Proceeds—For working capital.
Ad¬
2188, Idaho Falls, Idaho. Underwriter
Box
Aug. 9, 1963 filed 1,000,000 common. Price—By amend¬
ment (max. 30 cents). Business—Gold prospecting. Pro¬
ing fund debentures due 1978, 375,000 common and 250,000 warrants to purchase additional
common, to be of¬
fered in units 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—
and
seeds.
O.
—Dean Witter &
Downs, Inc.
construction,
corn
dress—P.
The
Underwriter—None.
.
.
N.
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.
wholesale outlets. Proceeds—For construction of
1963
Proceeds—For
insurance.
Office—3988
business investment company. Proceeas-r
Nov.
;
13,
and five common shares.
,
N.
pension
derwriter—Hensberry &, Co., St. Petersburg, Fla.
Resort Corp. of Missouri
Busi¬
on
and
stockholders.
Researcn Capital
Corp.
For
Underwriter—
Pacific Mines, Inc#
July 24, 1963 filed 100,000 common. Price—$1.50.
ness—Company plans to explore iron deposits
property. Proceeds—For mining operations, debt
-
-
ness—A small
Fund
Provident
1963-("Reg. A") 60,000 common. Price — $5.
Design, construction, sale and operation of
•
April 8, 1963 filed 200,000 common. Price—Net asset
value plus 4%. Business—A new mutual fund
specializ¬
ing in insurance stocks. Proceeds—For investment. Ad¬
Pacific Southwest Airlines
Proceeds—For
Carpenter Free¬
Eppler, Guerm 6c Turner,
—
Sept. 3, 1063 filed 400,000
PMA Insurance Fund Inc.
Sept.
unit). Business—
homes.
Dallas, Texas. Underwriters—First
York, and Sanders & Co.. Dallas.
way,
New
Co., Inc.
dress—Plankington Bldg., Milwaukee.
Management, Inc. (same address).
Underwriter
meaical
dent,
selling
1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
For
Inc.
250,000
Co.
Feb. 28,
•
New
Blyth &
Co.
Hutzler
ment
Sept. 6,
ment
Inc.;
&
Outlet Mining
Aug. 12, 1963 filed 64,000
scription by stockholders
Natural
Co.
(jointly). Bids—Oct. 23 (10 a.m. CDST)
at office of Fiedly,
Austin, Burgess & Smith, 11 So. La
Salle St., Chicago.
(10/1-4)
•
&
Co.-Kalman
per
mobile
of
(republic National Life Insurance Co. (10/7-11)
Aug. oU, 1963 filed 200,000 - capital shares. Price—By
amendment (max.
$80). Business—Writing of life, acci¬
Underwriters—(Competitive). Probable
ers
Office
general corporate
sale
Inc., Dallas.
Proceeds—For loan repayment, and construc¬
Office—215 South Cascade
St., Fergus Falls, Minn.
Note—This
poses.
For
—
and
Dallas.
way,
bonds
1993.
tion.
"
general corporate purposes. Office—7808
(10/23)
writer—National Mortgage Agency, Inc., (same address).
Proceeds
company.
(10/14-18)
16, 1963 filed $i,2uo,u0o of o% convertible sub¬
ordinated debentures due ly75 and 204,000 common to be
offered in units of one
$100 debenture and 17 shares.
bidders: Halsey,
Inc.; Glore, Forgan &
(jointly); White, Weld & Co.; Mer¬
rill Lynch, Pierce, Fenner & Smith Inc.-Salomon
Broth¬
loan
Industries, Inc.
Sept.
common.
Proceeds—For investment. Office—1802 N. Central
Ave.,
Phobnix. Underwriter — O'lVlalley Securities Co.
(same
Sept.
Dec.
Investing Corp.
Aug. 9, 1963 filed 3UU,u00
Price
entertainment.
—
$2
Proceeds—
and working capital. Office—
Angeles. Underwriter—Costello,
Russotto & Co., Beverly Hills, Calif. Offering—Indefinite.
Teaching Machines,
Inc.
April 1, 1963 filed 150J)00
common. Price—$5 BusinessCompany develops and sells teaching machines ex¬
clusively for Grolier Inc. Proceeds—For loan repayment
other
and
N.
E.
New
corporate purposes. - Office—221 San Pedro,
Albuquerque. Underwriter—S. D. Fuller & Co.,
York.
Offering—Indefinitely postponed.
Continued
on
.
page
36
36
The Commercial and Financial Chronicle
(1224)
Continued from
Valley
35
page
Investors, Inc.
filed 328,858 common.
Jan. 23, 1963,
Investment
Tecumseh
Inc.
Co.,
—A
48,500 common. Price—$100. Business
holding company which plans to organize a life in¬
Jan. 21, 1963 filed
—A
surance
Proceeds—For
company.
Life
Lafayette
and in
Bonds
Government
Amosand Inc.
Lafayette,
Bldg.,
dress—Sidney, Mont.
Proceeds—For working capital.
Address—Elsa, Texas. Underwriter—To be named. Of¬
packaging products.
yan-Alstyne, Noel & Co., New York.
porarily postponed.
.
'
Resources, Inc.
'V
Proceeds—For expansion.
Office—520 S. W. 6th
Trans World Life Insurance Co.
_
Note—The
466,000
Lvixuiii/u.
common.
xjj
Price—By cnuc^iu
amepdm.
npnHincf
?e
ment (max. $5). Business—Company plans to sell general
life and disability insurance policies. Proceeds—To in¬
an
unlimited
basis.
Price
—
At
Houston.
•
take
York.
of
Commerce
$4,000,000
of
6J/4%
Bldg.,
Co.,
been
mutuel
to
conduct
selling stockholders. Office—
Sept. 24, 1963 filed $11,500,000 of 5% convertible deben¬
tures due Aug. 1, 1988. It is proposed to offer $10,451,250
of the debentures at par in exchange for an equivalent
amount of outstanding 5% collateral trust bonds due
Aug. 1, 1988. Following the exchange offer, the company
intends
and Fahnestock &
Co., New York.
Dec.
,
harness
i
—Design
Unimed, Inc.
and
manufacture
Sept. 3, 1963 filed $300,000 of 5Vz% convertible subordi¬
electronic measuring
nated notes due 1973. Price—At par.
Business—Develop¬
ment and manufacture of ethical
drugs and pharmaceu¬
ticals. Proceeds—For
ceeds—For d
research and
marketing.of existing products, and
development on new preparations. Address
—Route 202,
Morristown, N. J. Underwriter—None.
United Variable Annuities
share. Business—A
Office
20
Office—20
new
W
W.
Wisconsin
Aug.
Fund, Inc.
Underwriter—Waddell &
Universal
mutual fund.
Qfh
9th
due
Price—$10
Proceeds—Fur
common
being
gage
offered
for
unit.
Commonwealth Ave., Bristol, Va.
Park,
of urethane
Proceeds—For equpiment,
working capital,
leasehold expenses and other
corporate purposes. Office
—2300 Republic National Bank
Bldg., Dallas. Under¬
writer—First Nebraska Securities
foams.
Corp.,/Lincoln, Neb.
Offering—Temporarily postponed;
' "
."
of
and
California.
all
owns
Proceeds
the
—
stock
For
of
Life
Insurance
selling stockholders.
Office—100 California St., San Francisco. Underwriters
—White, Weld & Co., Inc., and Kidder, Peabody & Co.,
pur¬
N.
J.
New York.
...
V.;.
-
_
Public
Service
Corp.
it Koeller Air Products, Inc.
Aug. 27, 1963 ("Reg. A") 32,686 common.
Price — $2.
Business
Company is a retail distributor of oxygen,
acetylene, hydrogen, propane and other industrial gases;
also welding and cutting equipment and supplies. Pro¬
ceeds
For working capital.
Office — 594 Lexington
Ave., Clifton, N. J. Underwriter—None.
(10/3)
1, 1993. Proceeds
refunding of
—
To repay bank loans and
—
outstanding
bonds due Nov. 1, 1989,
North
Marshall
or
5lk%
first
mort-
—
for construction. Office
St., Milwaukee. Underwriters—
^ M. I. D. Co., Inc.
Sept. 9, 1963 ("Reg. A") 7,000 common. Price—$5. Busi¬
ness—A development company engaged in the construc¬
tion of industrial buildings in Maxton, North Carolina.
Proceeds
For construction. Address—P. O. Box 37,
Maxton, N. C. Underwriter—None.
Inc.;
man
Merrill Lynch, Pierce, Fenner & Smith Inc.-East-
Dillon, Union
Securities & Co.-Salomon Brothers &
—
Hutzler
(jointly); First Boston Corp.; White,
Weld
&
.
_Sept. 26
(10:3o
a.m.
CDST),
same
it Mohawk Airlines, Ind. (10/28-31)
Sept. 24, 1963 filed $6,000,000 of convertible subordinated
debentures due Nov. 1, 1978. Price—At par. Business—■
Company provides short-haul air transportation service
address.
Wyomont Petroleum Co.-
Business—Manufacture
Asbury
Co.; Kidder, Peabody & Co. Bids—Oct. 3 (10 a.m. CDST)
repayment, and working;; at 231 South LaSalle St., Chicago. Information Meeting
Feb. 14, 1962 filed
250,000 class A and 250,000 common to
be offered in units of one share of
each class.
Price—
per
Ave.,
(Competitive). Probable bidders: Halsey, Stuart & Co.
Urethane of Texas, Inc.
$5.05
Oct.
—1029
on the basis of three new
shares for each four held of record
Sept. 19. Rights will
expire Oct. 15. Price—$2.50. Business—Production
and
molding of plastics or related materials reinforced by
fiber glass. Proceeds—For loan
capital. Address
■
Underwriter—None.
First
Co.
Pro¬
repayment and other, corporate
a
—
fund
mutual
and
"
Moulded Fiber Glass
Corp.
23, 1963 filed 738,408
subscription by stockholders
Business
electrical
27, 1963 filed $15,000,000 of first mortgage bonds
either for
street
Street, Tfancot! City, lv/r"
Kansas
Mo.
Reed, Inc., Kansas City, Mo.
Aug.
b t
precision
at
make
Underwriter—To be named.
April 11, 1961 filed 2,500,000 shares of stock.
iiivestment.
investment.
e
of
devices and test equipment.
Office—1005
poses.
Price—$4.
common.
to
^ Insurance Securities Inc.
Sept. 20, 1963 filed 400,000 common. Price—By amend¬
ment. Business
Company manages and distributes a
Electronics, Inc.
28, 1961 filed 125,000
redeem
103% unexchanged bonds.
It is
public offering of the remaining
$1,048,750 of debentures (plus up to $3,951,250 of deben¬
tures which may not be accepted under the exchange
offer). Price—By amendment. Proceeds—For redemption
and other corporate purposes. Office — 701 Broad St.,
Augusta, Ga. Underwriter—Johnson, Lane, Space Corp.,
Augusta.
Herald
Winslow
to
proposed
Proceeds—For
Offering—Indefinite.
(10/28-31)
it First Railroad & Banking Co. of Georgia
New
Racing Association
licensed
betting.
(11 a.m. EST) at 49 Federal St., Boston.
Meeting—Oct. 25 (11 a.m. EDST) at same
^ Curry, McLaughlin & Len, Inc.
Sept. 3, 1963 ("Reg. A") 80,000 common. Price—$3. Busi¬
ness—Research, development and manufacture of elec¬
tronic equipment. Proceeds—For equipment and work¬
ing capital. Office—Pickard Bldg,, 5858 E. Molloy Rd.,,
Syracuse, N. Y. Underwriter—None.
racing with paridebt repayment and
working capital. Office—3 Penn Center Plaza, Philadel¬
phia.
Underwriter—Stroud & Co., Inc., Philadelphia.
(10/8)
29
capital. Office—105 South LaSalle St., Chicago. Under¬
writer—Walston & Co., Chicago.
Note—This registration has become effective.
Penn
Co.-Salomon
par. Business—Company is a supplier of fruit concen¬
bases, syrups, toppings,,flavorings and other food
ingredients. Proceeds—For loan repayment and working:
1983, and 400,000 common. Price—For
for stock $3.50. Business—Company
&
&
trate
subordinated
Glore, Forgan
Loeb
Capitol Food Industries, Inc.
and
Corp., and
Kuhn,
Sept. 20, 1963 filed $1,700,000 of 6V2% sinking fund con¬
vertible' 'subordinated debentures due 1978. Price—At
8, 1963 filed $1,000,000 of 6V2% 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. Price—$220
per unit. Business—Company
Ave., Cincinnati. Underwriters — Merrill
Lynch, Pierce, Fenner & Smith Inc.; Blyth & Co., Inc.,
•
Chamber
Corp.;
address.
par;
over
William
Sept. 17, 1963 filed 225,500 common. Price—By amend¬
ment (max. $37). Business—Manufacture and retail sale
per
Bids—Oct.
International, Inc.
filed
8q.
Securities
Information
March
has
For
due
Securities
can
Shares, Inc.
—
S.
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¬
(same address).
Proceeds
1963
debentures, at
Proceeds—For investment. Address—207 Guaranty
Bldg.,
Indianapolis. Distributor — Unified Underwriters, Inc.,
1658
29,
debentures
will
1907
—
incidentally, the sale- of- electric appli¬
5% % first mort-f
Proceeds—To refund outstanding
Hutzler-Wood, Struthers & Cp., Inc. (joint*
ly); Kidder, Peabody & Co.-White, Weld & Co.-Shields
& Co. (jointly); Eastman Dillon, Union Securities & Co,
Underwriter—None.
Western Union
March
Aug. 22, 1963 filed 750,000 capital shares. Price — Net
asset value plus 8xk%. Business—A new mutual fund.
of shoes.
Office
purposes.
•
Corp.
1977-of U.
(10/29)
and collateral trust bonds, due
Webster
due
ID/29)
60,000
Brothers &
organization, financing and other start-up costs. Proceeds
construction, working capital, and other corporate
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.
United States Shoe
sus-
Corp.
debentures
filed
1989. Office — 36
Mains St, Brockton, Mass; Underwriters—
(Competitive),
Probable bidders: Halsey,.- Stuart & Co. Inc.; Stone
.gage
all expenses approved by U. S. Natural for the company's
Bank Bldg,, Minneapolis. Underwriter—None.
Unified Mutual
electricity and
icciip
Transmission
1963
shares of preferred istock
($100 par). Business—Transmission of electricity and in*,
cidentally, the sale of electric appliances. Proceeds—To>
refund outstanding 5.60% and 5.48%/
preferred' stock.
Office-—36
Main St., Brockton, Mass. Underwriters-**
(Competitive). Probable bidders: Kuhn, Loeb & Co.Salomon Brothers & Hutzler-Wood, Struthers & Co., Ind(jointly); Stone & Webster Securities Corp.; Kidder,.
Peabody & Co. Bids—Oct. 29 (11 a.m. EST) at 49 Federal St, Boston. Information Meeting—Oct. 2$ (11 a.m.
EDST) at same/address.
ances^
—For
Insurance Co. of Minnesota. Address—1300 First National
Inc.
temporarily
20,
ic Brockton Edison Co.
$1. Business—Company plans to 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
Business—
par.
order
an
types of aerosol products*
Sept. 20, 1963 filed $5,00(1,000, of first mortgage and col¬
lateral trust bonds due .1903. Business—Transmission of'
Corp., on the basis of one share oL Western
Transmission for each U. S. Natural share held. Price—
company
U. S. Controls,
tl
Natural Gas
,
for United Investors Fund 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
holding
'*'
issued
convertible subordinated
(Minn.)
Corp.
July 29, 1963 filed $500,000 of 6% convertible debentures
due 1973 to be offered for subscription by stockholders
on
Sept.
Sept. 16, 1963 filed 1,162,537 capital shares to be offered
for subscription by 'holders of the capital stock and 6%
Offering—Indefinite.
A
has
—
* Brockton Edison Co.
g.tn s lssue*
....
Western
Office—609 Sutter St., San
Underwriter—Alex. Brown & Sons, Baltimore.
and surplus.
United Investors
SEC
of various
For
acquisition, equipment, debt repayment,
and working capital:
Address—/Bridgeport, Conn. Under¬
writer—Laird'& Co., Corp., New York.
- -
17, 1963 ("Reg. A") 245,000 common. P r i c e^-$l.
Business—Company plans to erect a mill to produce certain types of iron by the new "Taylor Process." Proceeds
A-!
J»--*«
1
^ " —
—For plant construction and general
corporate pur¬
poses. Address—Suite 412-413 Hynds B1 d g.'," Cheyenne,
Wyo. Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
Ave., Portland, Ore. Underwriter—None.
TUdji/uv/
Proceeds
Jan.
Julv 26, 1963 filed 155,000 common. Price—By amendment (max. $15). Business—An insurance holding com-
31, 'ivDd filed
1963
ness—Manufacture
(10/14-18)
Western Steel, Inc.
Transpacific Group, Inc.
C*
it Aerosol Techniques, Inc. (11/4-8)
Sept. 20, 1963 filed. 156,000 common, of which 80,000'
are
to be offered by company and 70,000
by certain
stockholders. Priee—By amendment (max. $25). Busi¬
Sept. 13, 1963 filed 200,000 common. Price—By amencljnent (max. $ 10).,Business-rManufacture of electrically
powered hand~ tools, including electric saws, soldering
gUns, sanders, planers Land -drills. Proceeds—For selling
stockholder * Nickolas T. ■ Antony President.- Afldi;e§s—
5810 Northwest Highway, Chicago. Uuder^i'ter^-B^yden, Stone & Co., Inc., New York.
"
May 28, 1962 filed 500,000 capital shares. Price—-$1.50.
Business—Exploration, development and production^" oi
the Lake Shore copper deposit near Casa Grande, Ariz.
Proceeds—For equipment, exploration and working cap¬
ital. Office—201 E. 4th St., Casa Grande, Ariz. Under¬
Francisco.
Raleigh, N.
Steamship Corp.
Products, Inc.
Inc.
Underwriter—None.
tion will be withdrawn.
Wen
Electronics,
—
3001
—
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
Bu sine s s—The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working, cap¬
ital.
Office—71 Saint Joseph St., Mobile, Ala.
Under¬
writer—Shields & Co., Inc., N. Y. Note—This registra¬
Offering—Tem¬
.
capital
it Aeronautical
Sept. 6, 1963 ("Reg. A") 8,148 capital shares. Price—At*
the-market. Business—Manufacture and sale of
two-way
mobile communications sets. Proceeds
For selling:
stockholders. Address—P. O. Box
6527,
ment.
Business—Operation of a chain of self-serv-,
ice retail stores selling clothing, housewares, etc. Pro¬
ceeds—For expansion, equipment and working capital.
Qffice—2220 Florida Ave., Jasper, Ala. Underwriter—
crease
Office
Waterman
'
Price—$6.
tluiy
July
in
the basis of
This statement is expected to be withdrawn.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
pany.
offered
on
Philadelphia Pike, Claymont, Del.
Distributor—Wellington Co., Inc., Philadelphia. Note—
Inc.
Top Dollar Stores,
writer—None.
This Week
be
to
come.
fering—Indefinite.
*
1
named.
exchange for certain acceptable
one unit for each $100 of de¬
posited securities; Business — A new exchange type
mutual fund which plans to continue indefinitely to
exchange its units for additional contributions of secu¬
rities, and to seek long term growth of capital and in¬
Inc.
July 27, 1962 filed 313,108 common. Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and
Transarizona
be
1963 filed 300,000 units of participation in the
securities
(same address).
Texas Plastics,
r
Ad¬
Fund
Underwriter—
Ind.
Underwriter—To
Thursday, September 26, 1963
.
Issues Filed With SEC
Business
investment.
June 17,
801
Office
Price—$1.
Proceeds—For
.
Warwick Fund
investment in U. S.
subsidiary.
new
mutual fund.
new
.
May 10, 1963 ("Reg. A")
Business—Production
Proceeds—For debt
ing capital.
in 50 cities in the eastern half of the United States. Pro-
120,000 common.; Price—$2.50.
and
sale
of
petroleum
products.
repayment, construction and work¬
Address—P. O. Box 670, Thermopolis, Wyo.
Underwriter—Northwest Investors Service, Inc., Billings,
Mont.
Not e—The
SEC has issued
ily suspending this letter.
an
V
order temporar¬
-
ceeds—For
repayment and equipment. Address—
Airport, Utica, N. Y. Underwriter—Smithy
loan
Oneida County
Barney & Co., Inc., New York.
Tonka Toys, Inc.
23, 1963 filed 179,500 common, of which 129,500
are
to be offered by company and 50,000 by certain
stockholders. Price—By amendment (max. $28), Business
it
..
Sept.
.^—fVimrvanv manufactures various tvnes
of tov trucks and
Number 6302
198
Volume
.
.
.
The Commercial and Financial Chronicle
acquisition, working capital and other corporate pur¬
poses. Address—Mound, Mich.
Underwriters—Bache &
Co., New York and J. M. Dain & Co., Inc.,
Minneapolis.
Association
Columbia Savings & Loan
Proceeds—For
other related plastic toys and accessories.
(1225)
(10/10)
Securities Corp.
engaged in the business of making loans, principally se¬
—Expected Nov. 7, 1963.
by first liens on real estate. Proceeds—For selling
stockholders. Address—5420 Wilshire Blvd., Los Angeles.
Underwriter—White, Weld & Co., Inc., New York.
cured
Effective Registrations
Offering
details, where available, will be carried in the
Monday issue of the "Chronicle
Chesapeake & Ohio Ry. ;
$3,780,000 of 4V4% equipment trust certificates due Aug.
1, 1964-78 offered at prices to yield from 3.90% to 4.35%
by Salomon Brothers & Hutzler, New York. ,
Computer Sciences Corp.
200,000 common offered at $12.50 per share by White,
Weld & Co., Inc., New York.
Chemical
Dow
$100,000,000
due
debentures
Sept.
1988
lp,
and accrued interest by Smith,
Barney
600,000
C.
Allyn & Co., Chicago.
Lewis
Business
Inc.
Forms,
1975
t1,250,000 offered at convertible accrued interest by Rey¬
of 4%% 100% and subordinated debentures
ue
York, and Saunders, Stiver
nolds & Co., Inc., New
Co., Cleveland.
-•
&
/
Monarch
Marking System Co.
$2,500,000 of 4J£% convertible subordinated debentures
due Sept. 1, 1983 offered at 102% and accrued interest
by McDonald & Co., Cleveland.
Summit National
110,000
Reid &
Holding Co.
common offered
at
Co., Inc., Cleveland.
Moulded
Universal
$12
per
Fiber Glass
share
by
Fulton,
Corp.
being offered for subscription by stock¬
holders at $2.50 per share, on the basis of three new
shares for each four held of record Sept. 19. Rights will
expire Oct. 15. No underwriting is involved.
'738,408
for
this
company,
in Washington,
C.
held
by these carriers, and no individual or group may
over 16% of the remaining 50%. Price—Maximum
$100 per share. Business—Congress has authorized
common
(jointly); Morgan Stanley & Co. Bid*
-
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 $26,000,000 construction program. Office—176 Cumberland
Ave., Wethersfield, Conn. Underwriters — First Boston
Corp., New York; Putnam & Co., Hartford; Chas. W.
Scranton & Co., New Haven.
International Milling Co.
July 8, 1963 the company announced that it expects to
file a registration statement
covering its first ptiblld
offering of common stock. The sale will include both a
primary and a secondary distribution. Business—Com¬
pany is one of the world's largest flour millers with op¬
erations in five countries. Proceeds—For
expansion, re¬
hold
search
of
Bldg., Minneapolis. Underwriter
Co., Inc., New York.
(he company to provide satellites and ground facilities
for the international transmission of telephone, tele¬
graph, television and other communications. Office—
3029 Klingle Rd., N. W., Washington, D. C. Underwriters
—To
be named.
Note
Leo
D.
Welch, Chairman, has
hopes to make a public
offering of its stock "not later than the early part of
the
that
"
1964."
—
company
;
%
.
Connecticut Yankee Atomic Power Co.
Corp.
offered at $22,625 per share by A.
common
reported that papers of incorpora¬
Company's common voting .shares, without par
value, will be divided into two series. Series I will be
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 common carriers, with the provision that
ho more than half the company's total shares can be
D.
Inc., New York.
Western Financial
First
Feb. 20, 1963 it was
tion have been filed
announced
4.35%
100%
offered at
& Co.,
Co.
of
Satellite Corp.
Communications
registration statements were de¬
The following
clared effective this week by the SEC.
8c Co.; Morgan Stanley & Co.; Lehman Brothers.
(Pre¬
ferred): First Boston Corp.; Lehman Brothers; Blyth 8c
Co.; Eastman Dillon, Union Securities & Co.-Equitable
Sept. 12, 1963 it was reported that the company plans
to sell 125,000 shares of guarantee stock. Price—To be
determined. Business
A savings and loan association
—
April 23, 1963 it was reported that the 12 utilities which
jointly 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
bonds. The request has been opposed by a major under¬
writer who wants the bonds to be sold at competitive
bidding. Business—Company 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.
Consolidated
Edison
Co.
of
New
York
Consumers
Jan.
to sel
Power Co.
Was reported that the company plans to
$20,000,000 of straight debentures ip the 4th quarter
Office—212 W. Michigan Ave., Jackson, Mich.
UnderwTiters—(Competitive). Probable bidders: Halsey,
sell
1963.
debt
repayment.
Address —1200
—
Investor*
Kidder. Peabody
8c
Light Co.
16, 1963 it was reported that the company plana
$10,000,000 of bonds in the last half of 1964.
Of¬
fice—823 Walnut St., Des Moines.
Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; White.
Weld & Co.; Halsey, Stuart & Co.
Inc.; Equitable Securi¬
ties 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
to file a registration statement
shortly covering $1,600,000 of convertible debentures to be offered for
subscrip¬
tion by stockholders.
Office — 1315 Versailles Rd.,
Lexington,
Ky.
offering
common
of
blower &
Underwriter—To
stock
was
be
The
named.
underwritten
by
last
Horn-
Weeks, New York.
Japan (Government of)
May 1, 1963 it was reported that the Government plans
an
additional
in the U. S.
Aug. 16, 1963, it
of
and
Iowa Power &
to sell
(12/11)
Sept. 17, 1963 the company stated that it plans to sell
$60-$75,000,000 of bonds in December. Proceeds—For
construction. Address—4 Irving Place, New York. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; Morgan Stanley & Do.; First Boston Corp.
Bids—Expected Dec. 11 (11 a.m. EST), at above address.
37
$35,000,000 of external loan bonds
during the fiscal
year ending March 31, 1964.
majority would be sold by Dec.
31, 1963. Underwriter—'First Boston Corp., New York.
Long Island Lighting Co.
It is expected that the
Aug.
29,
1963
the
announced
company
plans
to
issue
$25-to-$30,000,000 of first mortgage bonds in each of the
years 1964 to 1968 inclusive, to help finance its $285,000,000 5-year construction program. Office — 250 Old
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.
Stuart
ATTENTION UNDERWRITERS!
Do you have an issue
you're planning to register7
News Department would like
to know about it so that we can prepare an item
Our
Corporation
hereunder.
similar to those you'll find
Would
write
Control
Data Corp.
Sept. 16,
telephone us at REctor 2-9570
at 25 Park Place, New York 7, N. Y.
you
us
& Co. Inc.; Whitd, Weld & Co.-Shields & Co.
(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).
or
1963 it was reported that the company plans
the sale of $25,000,000 or more of securities sometime
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. The last sale of debentures
Prospective Offerings
(10/14-18)
;Sept. 18,1963 it was reported that 110,000 common shares
of Associated will be sold publicly, of which 40,000 will
foe sold for the company and 70,000 for certain stock¬
holders.
Business
Company is a short haul motor
-common carrier operating in
Michigan, Ohio, Indiana
Associated Truck Lines,
Inc.
—
and Illinois.
Proceeds—To retire outstanding 6%
cumu¬
preferred stock. Office — 15 Andre St., S. E.,
Grand Rapids,
Mich. Underwriter — Hornblower &
Weeks, New York.
'
lative
Bethlehem Steel Co.
!Feb.
26, 1963, Arthur B. Homer, Chairman, announced
$750,000,000 capital
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
that the company will embark on a
improvement
York..
program
-
to
be
..
Canon Camera Co.
June
26,
1963 it
to sell $5,000,000
was
reported that the company plans
of convertible bonds in the U. S. Busi¬
ness—Manufacture
of cameras
and other photographic
•equipment. Proceeds—For expansion.' Address—Tokyo,
Japan.
Underwriter—Yamaichi Securities Co. of
New York, Inc.
-
•
*
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.
Columbia Gas System,
Inc.
(12/5)
of
company stated
debentures
in
—
&
Co.-Lehman
Brothers-Salomon
Bids—Expected Dec. 5.
Power
handled by Dean Witter & Co.,
Brothers
&
Hutzler.
Power &
it
1963
bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp.; Morgan Stanley & Co.; Stone & Webster Secu¬
rities Corp.
reported
c,
that
of bonds
sell
&
Nashville
RR
(10/9)
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—•
(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Oct. 9 (12 noon
EDST), at above address.
—
Massachusetts
^Eastern Freight Ways, Inc.
sell
Oct.
9, 1962 the ICC authorized the company to issue
100,000 common. Price—By amendment (min. $5). Busi¬
ness—A motor vehicle common carrier operating in nine
eastern states from Vermont to Virginia. Proceeds—For
working capital, debt repayment and advances to sub¬
—
was
South
Aug. 27, 1963 it
Office
Light Co.*^
this subsidiary ot
Utilities, Inc., may issue $25-$30,000,000
early in 1964. Proceeds—For construction. Of¬
fice—142 Delaronde St., New Orleans. Underwriters—
(Competitive.) Probable bidders: Merrill Lynch, Pierce^
Fenner & Smith Inc.- Kidder, Peabody & Co,-Harriman
Ripley & Co., Inc. (jointly); White, Weld & Co.-Blyth
& Co., Inc.- Shields & Co. (jointly); Halsey, Stuart 8c
Co.
Inc.; First Boston Corp.-Glore, Forgan & Co.
(jointly); Salomon Brothers & Hutzler-Eastman Dillon,
Union
Securities
&
Co.-Equitable
Securities
Corpw
(jointly).
Middle
Sept.
able
sidiaries.
20,
Louisville
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
Plaza, New York. Underwriters—(Competitive). Prob¬
Moonachie
Ave.,
Carlstadt,
N.
J.
Underwriter—Allen & Co.. New York.
General Aniline & Film Corp.
April 3, 1963 Attorney General Robert F. Kennedy
441
Electric Co.
(12/4)
reported that this company plans to
$10,000,000 of bonds in the fourth quarter. Office—
Stuart St., Boston. Underwriters — (Competitive).
was
Probable bidders: Halsey, Stuart & Co. Inc.; First Bos¬
ton Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
Eastman
Dillon, Union Securities & Co.; Kidder, Pea¬
body & Co.; Blyth & Co.-Whtie, Weld & Co. (jointly).
Bids—Expected Dec. 4.
Merrill Lynch, Pierce, Fenner & Smith Inc.
Aug. 19, 1963, Michadl W. McCarthy,. Chairman, stated
an¬
nounced 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 by the U. S. Govern¬
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 recommend that member firms approve the required
changes in the Exchange's constitution to permit this.
Industry sources believe that the move is several years
away. Busihess^Company is the largest brokerage house
ment in 1942 as a German asset. The stock represents
98% of the voting control of the company. Mr. Kennedy
said that if General Aniline should be sold for $200 mil¬
in the U. S. With 139 domestic offices and
lion, the Government would receive about $140 million
count executives. Office—70 Pine
and Interhandel about $60 million. The settlement
recently
approved
by
Interhandel
terms,
stockholders, also
ington, D. C. Business—Company is a leading domestic
producer of dyestuffs, chemicals and photographic ma¬
terials. Office—111 W. 50th St., New York. Underwriter!
-—(Competitive). Probable bidders: Blyth & Co.-First
Boston Corp.
(jointly); Lehman Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly); Bache & Co.
Georgia Power Co.
that it plans to sell
early December to raise
money for construction. Office—120 E. 41st Street, New
York.
Underwriters
(Competitive).
Probable bid¬
ders: Morgan Stanley & Co.-First Boston Corp. (joint¬
ly); Merrill Lynch, Pierce, Fenner & Smith Inc.-White,
Weld & Co. (jointly); Halsey, Stuart & Co. Inc.; Blyth
$25,000,000
Duke
was
must be approved by the U. S. District Court at Wash¬
.
\
Aug. 27, 1963 the
Aug. 28, 1962
Chicago.
on
Louisiana
Feb.
(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.
Proceeds—For construction. Office—270 Peachtree Bldg.,
Atlanta. Underwriters — (Competitive). Probable bid¬
ders:
(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
over
2,300 ac¬
St., New York.
Mexico (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 to sell an additional $65,000,000
of bonds in the U. S. and abroad. Underwriters—Kuhn,
Loeb & Co., Inc., and First Boston Corp., N. Y.
New England Power Co. (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 Stuart St., Bos¬
ton. Underwriters
(Competitive). Probable bidders:
(Bonds) Halsey, Stuart & Co. Inc.; Lehman BrothersEquitable Securities Corp.: (jointly); Kuhn, Loeb & Co.Eastman Dillon, Union Securities & Co.-Salomon Broth¬
ers
& Hutzler-Paribas Corp. (jointly); Merrill Lynch,
Pierce, Fenner & Smith Inc.-Kidder, Peabody & Co.—
Continued
on
page
38
38
Continued
The Commercial and Financial Chronicle
(1226)
Stanley & Co.-Drexel & Co. (jointly); Halsey, Stuart
& Co. Inc.; First Boston Corp.; White, Weld & Co.
from page 37
Weld
&
Co.
(jointly); First Boston Corp.
(Preferred)
First
Boston
Corp.;
Dean'1 Witter &
Co.-Smith, Barney & Co.-Wertheim & Co. (jointly);
Potomac
White,
Aug.
Corp.
(jointly); Halsey, Stuart & Co. Inc.; Equitable
Securities
Corp.; White, Weld & Co.-Shields & Co.
(jointly)/ Lehman Brothers, Eastman Dillon, Union Se¬
curities & Co.-Harirman Ripley & Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc (jointly).
plans tc
$20,000,000 of debt securities to finance its construefor 1964 and 1965. Office-—108 East Greer
St., Ithaca, New York. Underwriters — (Competitive)
Probable bidders: Kidder, Peabody, & Co. - Salomon
Brothers & Hutzler (jointly); First Boston Corp.-Glore:
;
Potomac Electric Power Co.
tioL program
f
July 30, 1963 the company stated that it will need $50,000.000 of new money in 1964 for its construction pro¬
gram and expects to do permanent financing in the early
part of the year. However, it has not determined the
amount or type of security to be offered.
Office—929
E St., N. W., Washington, D. C.
Underwriters—To be
named. On Feb. 19, 1963 the company sold $50,000,000
of bonds to Dillon, Read & Co.,
Inc.; Lehman Bros.,
Eastman Dillon, Union Securities & Co., Stone & Web¬
ster Securities Corp., and Johnston, Lemon & Co. Other
bidders on the issue were Kidder, Peabody & Co.—Mer¬
rill Lynch, Pierce, Fenner & Smith, Inc.—White, Weld
& Co.—Salomon Bros. & Hutzler (jointly) / First Boston
Corp.; Halsey, Stuart & Co.
Halsey, Stuart & Co.; Harriman
Ripley & Co.; Blyth & Co. : 1^ 5
Forgan & Co. (jointly);
Ry.
Pacific
(12/10)
July 2, 1963 it was reported; that this road plans to sell
about $4,800,000 of equipment trust certificates in De-'
cember. Office—120 Broadway, New York.
Underwrit¬
ers—(Competitive). Probable bidders: Halsey, Stuart &
Co., Inc.; Salomon Bros. & Hutzler.
Bids—Expected
10 (12 noon EST).
Dec.
Northern States Power
(Minn.)
Co.
that the company plans tc
May 14, 1963 it was reported
Public
771,110 additional shares to stockholders on
a l-for-20 basis in 1964, to raise an estimated $25,000,000
Office—15 South Fifth St., Minneapolis. Underwriter—
To be named. The last rights offering in July 1959 was
underwritten by Merrill Lynch, Pierce, Fenner & Smith
offer about
InC., New York._
25, 1963 the company announced tentative plans
to sell 50,000 shares of preferred in early 1964. Proceeds
—To
refund 50,000 shares of outstanding 5.75% pre¬
ferred. Office—735 S. W. Morrison, Portland, Ore.
Un¬
derwriter—Lehman Brothers, New York.
Sept.
Public Service Electric & Gas Co.
10, 1963 it was reported that the company plans
of $100 par preferred stock, some¬
time in 1964. Action is subject to approval by both com¬
Sept.
to sell 30,000 shares
stockholders. Office—215
St., Fergus Falls, Minn. Underwriter—To be
last sale of preferred on March 8, 1950 was
Glore, Forgan & Co., New York and Kalman
1,
So. Cascade
named. The
handled by
& Co., Inc.,
&
—Expected Oct. 29/
at
the
Bell Telephone Co*
(12/3)
debentures due
Meeting—Novv 26 (2:30 p.m.),
address. '
same
common
shares
on
the
basis
of
one
new
in
*
share
.
for
Brothers-Eastman Dillon; Union Securities & Co.Bear, Stearns & Co.-Dean Witter & Co. (jointly). Bids
For- Compensation — Nov. 13 (11 a.m. EST) at EbaSco
Rector
St.,
New
York.
Information
/•
Meeting—Nov. 7 (3:30 p.m. EST)/same address.
Pacific Telephone & Telegraph Co.
Y
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.
r
gomery St., San Francisco. Underwriters—To be named
The last issue of debentures oh
Ffeb/16, I960 was under-1
written by Halsey, Stuart & Co; Inc. One other bid on
the issue was tendered by
Morgan Stanley & Co.
Pennsylvania Power & Light Co.
March 18, 1963 the compan^ stated that it
expects to sell
575,000,000 Of bonds in the period 1963 through 1967
Proceeds — For construction and the retirement of
$8,maturing bonds:' Office—9th and Hamilton:
Sts., Allentown, Pa. Underwriters—To be named. The
last
of
sale
of
bonds
on
Nov.
29, 1961
Weld &
petitive' bidding
by
Peabody & Co.
Other bidders
Co.
White,
was
Co.,
won
and
at
were
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
£
°!~ce
1000 Chestnut St., Philadelphia.
Underwriters—(Competitive). Probable bidders/Morgan
~T
Sixth
&
Co.
St.
clarification
ruling which "has been construed by
some
of
to
an
mean
Union
925
So. Homan
terprises, Inc., Chicago.
Southern California Edison Co.
.
Aug. 21, 1963 it was reported that the company plans
to sell $50,000,000 of first
mortgage bonds in the first
quarter
of
1964,.
Office—601
geles. Underwriters
Halsey,
Stuart
&
—
Co.
West
Fifth
St.,
Los
An¬
(Competitive). Probable bidders:
Inc.; First Boston Corp.-Dean
Co, (jointly); Blyth & Co.-Lehman BrothersLynch, L Pierce,,. Fenner & Smith Inc.-Salomon
Brothers & Hutzler
(jointly).
L
s
Witter &
Merrill
brokers
with
instantaneous
and
was
won
last issue of preferred in
by First Boston Corp. If the
competitively, the fol¬
Electric Co.
& Hutzler
(jointly).
(11/20)
Brothers
& Hutzler;
White, Weld & Co.-Shields
(jointly); First Boston Corp. Bids—Expected Nov.
&
Co.
20
(11
EST) at Bankers Trust Co., 16 Wall
St., New York.
it Union Planters National Bank
(Memphis)
Sept. 20, 1963 it was reported that the Bahk
offer
150,000 additional
the basis of
on
one
new
common
shares
to
plans to
stockholders
share for each
7% held of record
6.
Rights would expire Nov. 27.
This offering is
subject to stockholder approval on Nov. 6.
Nov.
Price—$40.
Proceeds—To increase capital funds.
Office—61 Madison
Ave., Memphis. Underwriter—To
United
California Bank
Sept. 17, 1963 it
its stockholders
common
12
be named.
(Los Angeles)
reported that the bank is offering
right to subscribe for 431,014 addi¬
was
the
shares
shares held
on
of
the basis of
one
new
share for
record
Sept. 13. Rights will ex¬
pire Oct. 22. Price—$62.50. Proceeds—To increase
capi¬
tal
funds.
Office
—
600
South
Underwriter—None.
that
Ave., Chicago. Distributor—Allstate En¬
stock
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).
Probable bidders:
Halsey, Stuart & Co. Inc; Lehman
Brothers-Blyth & Co., Inc.-Eastman Dillon, Union Secu¬
rities &
Co.-Bear, Stearns &- Co. (jointly); Salomon
an¬
on a
"very small scale," and would be started on
state-by-state basis as approval was granted. Office—
provide stock
on
& Co.-Salomon Brothers
each
1963
to
Louis. Underwriters—The
tional
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
a
used
lowing groups are expected to bid: First Boston
Corp.White, Weld/& Co.-Shields & Co.
(jointly); Merrill
.Lynch, Pierce, Fenner & Smith Inc.-Lehman Brothers
(jointly); Blyth & Co.-Eastman Dillon, Union Securities
new
received
stock.
company decides to sell the stock
■
it
Se¬
Systems Corp.
November, 1949
SEC
until
Under¬
Webster
the preferred on a
negotiated basis instead of by compet¬
itive bidding, sis in the pdst* Office—315 N/12th.
Blvd.,
(jointly)./
mutual
Texas.
&
Union Electric Co.
(11/20)
Sept. 17, 1963 the company stated that it
plans to sell
$20,000,000 of preferred stock. It added that it may sell
a.m.
Sears, Roebuck & Co.
Feb. 19, 1963/Allstate Enterprises,
Inc., subsidiary,
nounced that it had delayed its plans to form a
fund
to
commodity market action of
Proceeds—For working capital; Address
—Pennsauken. N. J. Underwriter—Bache
& Co., N. Y.
Ave.; San Diego, Calif.
bidders: Halsey,
.•;1
that it plans
Office—3100
information
* Seaboard Air Line RR.
(11/13)
Sept. 24,' 1963 the company announced that it
plans to
sell $22,000,000 of first
mortgage bonds due 1988 at com¬
petitive bidding in November. Proceeds—For loan re-,
payment and working capital; Office—3600 W. Broad St.,
Richmond, Va. Underwriter^— (Competitive). Protftble
bidders: Kuhn, Loeb &
Co!-White, Weld & Co. (jointly);
First Boston Corp.; Eastman "Dillon, Union Securities &
Co.-Merrill Lynch, Pierce, Fenner & Smith Inc.
(joint¬
ly); Halsey; Stuart & Co. Inc. Bids—Expected Nov. 13
(12 noon EST) 54th floor, 1 Chase Manhattan Plaza,
New York.
announced
selected issues.
Inc.; Blyth & Co.; First Boston Corp.Eastman Dillon, Union Securities &
Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Lehman Brothers-
com¬
Kidder
Halsey, Stuart &
Inc.; First Boston Corp.-Drexel & Co. (jointly).
l
(28th floor), New York.
This
that the company must sell about $217 million of
securities a year, it was stated. Office—140 New Mont-,
means
©00,000
unit
Business—A
Office—861
Pipe Line Corp.
company
—
EDST)
trucking,
Salomon Brothers & Hutzler
man
2
mid-1964.
Stuart
/ Office—920 S. W. Sixth Ave., Portland, Ore. Underwrit¬
ers—
(Competitive)v Probable bidders: Kidder, Peabody
& Co.; Blyth & Co.; Ladenburg, Thalmann & Co.; Leh¬
Inc.,
1983.
1963 the
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,
rental and service of the "Ultronic
Stockmaster," a desk
Underwriters—(Competitive). Probable
each 20 held of record Oct. 30. Rights will expire Dec. 5.
Services,
the
25,
been
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
Pacific Power & Light Co. (11/13)
/
Sept. 16, 1963 it was reported that the company will
offer stockholders the right to subscribe for about 716,000
in
handled by Kuhn, Loeb & Co. Offer-
$50-$55,000,000 of first mortgage bonds
common
holding company for
manufacturing and equipment
leasing fields. Office — So. Bayshore Bldg., Miami, Fla.
Underwriter—Blyth & Co., Inc., New York
firms
was
May 28, 1963 it was reported that a registration will be
shortly covering the first public sale of this firm's
.
Aug. 27, 1963 the compahy announced plans to sell $50,000,000 of debentures due Dec. 1, 2000. Proceeds—To re¬
pay $48,700,000 debt due Pacific Telephone & Telegraph
Co., former parent.
Office — 1200 Third Ave., Seattle.
Underwriters—(Competitive) Probable bidders: Morgan
Stahley & Co.; Halsey; Stuart & Co.* Inc." Bids—Dec. 3
(11 a.m. EST) at 195 Broadway, New York. Information
—
(Competitive). Probable bidders: Salomon
Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Oct. 29
(12 noon
EDST) at 70 Pine St., New York.
'
filed
Broth¬
Ryder System, Inc.
Sept. 10, 1963 it was reported that the company plans to
offer its stockholders later this
year, the right to sub¬
scribe for about $5,400,000 of convertible subordinated
gon and Idaho. Proceeds—To reimburse the company's
treasury for construction expenditures.
Office — 1200
Southern Railway Co. (10
29)
Aug. 5, 1963, the company announced
plans to sell $6,420,000 of equipment trust certificates in October. This
is the second instalment of a
proposed $12,840,000 offer¬
ing. Office
70 Pine
St., New York. Underwriters—
Ultronic
bidders: First Boston
Third Ave., Seattle. Underwriter—None.
.
.
Travis St.,
Houston,
writers—White, Weld & Co., and Stone
curities Corp., New York.
curities &
the ratio to shares held will be announced later. Business
Terminal Annex, Los Angeles
54, Calif. Under¬
writers—(Competitive) Probable bidders: White, Weld
& Co.; Blyth & Co.
Inc.; Merrill Lynch, Pierce, Fenner
& Smith Inc.;
Halsey, Stuart & Co. Inc.; First Boston
Corp.
' "/ /
■
/ ■//'.
1
ment.
Park
p.m.
-
2736,
and possibly
preferred in the first half of 1964.
Business—
Transmission of natural gas. Proceeds—For
loan repay¬
Rochester, N. Y. Underwriters—(Competitive). Probable
Corp.; Eastman Dillon, Union Se¬
Co.-Kidder, Peabody & Co. (jointly); Kuhn,
Loeb & Co.; Halsey, Stuart & Co. Inc.
announced plans to offer
•—Furnishing of telephone service in Washington/ Ore¬
Northwest
(2
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.
Bo*
some
—
stockholders the right to subscribe for additional com¬
mon in mid-November. The number of shares, price and
Pacific
17
(jointly); Morgan Stan¬
ley & Co.-Kidder, Peabody & Co.-Merrill
Lynch, Pierce,
Fenner & Smith Inc.
(jointly).
Sept.
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.,
/
company
Meeting—Oct.
One Chase Manhattan Plaza
15, 1961 was made to a group headed by
Dillon, Union Securities & Co., Blyth & Co.,
Equitable Securities Corp. Other bidders were: First
Boston Corp.-Lehman Brothers
sell
Goldman,Jjfachs
Co.-Harriman
address/Information
Pacific Northwest Bell Telephone Co.
1963
80
—
and
^ Transcontinental Gas
Ripley & Co. (jointly); First Boston
Corp. Bids—Expected Oct. 22 (11 a.m. EDST) at above
announced plans to sell $70,000,000 of first and refunding mortgage bonds in the
fourth quarter. Office — 245 Market St., San Francisco.
Underwriters—(Competitive). Probable bidders: Halsey.
Stuart & Co. Inc.; Blyth & Co.; First Boston Corp. Bids
27,
Office
Smith Inc.-Lehman Brothers-Salomon
Hutzler (jointly)/ Blyth & Co.;
&
ers
Aug. 19, 1963 the company
Aug.
construction.
Feb.
on
ing—Indefinite.
(10/22)
Fenner &
(10/29)
Pacific Gas & Electric Co.
for
mon
Eastman
writer—To be named. Thb last issue of
Tokyo bonds in
Place,
Newark, N. J. Underwriters—(Competitive), Probable
bidders: Halsey, Stuart & Co. Inc.; Merrill Lynch,
Pierce,
St. Paul.
•
1963 and
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¬
;
gram. Office—1330 West Peachtree
St., N. W., Atlanta,
Ga. Underwriters—To be named. The
last sale of com¬
March, 1927,
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.
Otter Tail Power Co.
Thursday, September 26, 1963
.
.
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¬
Denver, Colo. Underwriters — (Competitive). Probable
bidders: 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).
-
and preferred
Service Co. of Colorado
June 4, 1963 it was reported that the company plans to
sell $35,000,000 of 30-year first mortgage bonds in April,
1964. Proceeds—For construction. Office—900 15th St.,
Northwest Natural Gas Co.
mon
Co.
was
bonds in the first quarter of 1964. Office—200 East
Patrick St., Frederick, Md. Underwriters—(Competitive).
Probable bidders: W. C. Langley & Co.-First Boston
sell
Northern
it
of
York State Electric & Gas Corp.
April 3, 1963 it was reported that the company
Edison
1963
reported that this subsidiary of
Allegheny Power System, Inc., plans to sell $12,000,000
Equ.cable Securities Corp.-Kidder, Peabody & Co.-Le<
Higginson Corp.-White, Weld & Co. (jointly); Lehmar
Brothers; Merrill Lynch, Pierce, Fenner & Smith Inc.Eastman Dillon, Union Securities & Co. (jointly). Bids
—Expected Nov. 19.
New
16,
.
Utah
Power &
July 2, 1963 it
about
-
was
Spring St., Los Angeles.
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
North Temple St., Salt Lake
City. Underwriters—(Com¬
petitive). -Probable bidders
Hutzler; Halsey, Stuart &
(bonds): Salomon Bros. &
Co., Inc.; Kidder, Peabody &
Lynch, Pierce,
Fenner
&r Smith
Inc.
(jointly); White, Weld & Co.-Stone & Webster Securi¬
ties Corp.
(jointly); First Boston Corp.-Blyth & Co.
Co.;
Merrill
(jointly); • Eastman Dillon, Union Securities & Co.Smith, Barney & Co. (jointly); Lehman
Brothers-Bear,
Stearns & Co. (jointly). (Preferred
Stock) White, Weld
& Co.-Stone & Webster
Securities Corp. (jointly); First
Boston Corp.-Blyth & Co.
(jointly); Kidder, Peabody &
Co.; Eastman Dillon, Union Securities &
Co.-Smith, Bar¬
ney
& Co.-Salomon Brothers & Hutzler
man
Brothers.
(jointly); Leln-
-
Volume
6302
Number
198
The Commercial and Financial Chronicle
.
.
(1227)
Valley Gas Co.
Underwriters—(Competitive). Probable bidders: Kidder,
Peabody & Co.; Stone & Webster Securities-Corp.
-
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 Black-
December.
& Webster Securities
Corp.
Bids — Expected Dec 10
Information Meeting—Dec. 5
(11 a.m. EST) at One Chase
Manhattan Paza, New York.
Virginia Electric & Power Co. (12/10)
July 30, 1963 th(p company announced plans to seW $30,000,000 of securities, probably first mortgage bonds, in
stone and Eastern Utilities Associates, the
Price—At book value
($11.15
Business
was
Company
—
per
latter' parent.
Franklin Sts., Rich¬
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
formed by Blackstone to take
holder, Blackstone Valley Gas. Address—Pawtucket, R. I.
County
TAX-EXEMPT BOND MARKET
Blair
6
cance was
$2,220,000 Florida State
Board
Control,
of
South
University Dormitory
This
bonds.
issue
Florida
(1965-2002)
purchased
was
of
sence
3V2s at 100 in the ab¬
as
favorable
more
a
dealer
&
Co., Inc., Hornblower &
Co.
&
and
Stranahan,
Harris
&
Scaled
3.60%,
yield
the
from
present
2.20%
On
Monday, there
portant
was
loans,
new
but
im¬
no
Tuesday
busy day with this week's
a
two
were
largest issues selling at public
sale.
The State of North
infrequent
an
been,
Carolina,
from
General
(1964-1983)
headed
Bank
the
these
net
interest cost of 3.1772%.
limited
tax
bonds
at
F.
since early in 1961; awarded $21,-
tional
985,000
3.19%
a
K1964-1980)
Boston
at
bonds
interest
second
terest
bid,
cost,
Wachovia
cost
First
and
submitted
bids
the
Trust Co.,
by
Co.,
there
were
which
this
popular
issue.
major
members
of
this
major
and
to
and
As
of
the
&
Co.,
W.
in
of
Co.,
of
Detroit, Phelps, Fenn &
First
Union
North
Co.,
The
Ohio
Richards
National
Carolina,
&
Company,
&
Inc.
at
2.00%
to
have
$2,000,000.
from
2,00%
to
only
sale
of
$5,120,000
elements
the
and
the
now
municipal
bond
simple technical factors,
enough
advance
these
the
to
in
factors
almost
prices.
ought
sub¬
are
overnight
trend
en¬
change
not
to
be
to
yield
from
itial
with
the
count
present
$9,650,000.
in
ac¬
maturing 1978, 1979 and 1980
downstate
ically for
feeling
have
the
thorities
bigness-
supervisory
think that their
and
marking
equipment
tickets, tags and labels.
Products
also
include
pin/
tickets, pin-on tickets, string tags,v:
gummed labels, Senco
(pressure!
sensitive)
labels,
button
tags,!
jewelry tags, slip-fold tickets
book
that
bank is ade¬
own
specializing in merchandise
and
ring
Columbian Sees. Office
Commercial Bank Industry—
And Growth in N. Y. State
group headed by Bank of
America N.T. &
S.A.
submitted
the best bid,
for
cost,
3.178% net interest
a
$8,000,000
,
City
improvement
bonds.
The
(1966- 1983)
runner
bid,
up
-
a
3.194% net interest cost, was made
by the syndicate jointly managed
by
Lehman
Bros.,
the
Fenn
Phelps,
and
area,
services.
and
County of Honolulu, Hawaii Pub¬
lic
Continued from page 15
New
been
going
state
for
banks
have
needs
within
Other
group
Co.,
members
The
are
First
Louis,
National
Walston
Christensen
Trust
of the
Trust
Bank
&
Inc.,
Co.,
winning
Northern
Co.,
in
and
our
&
Union
Allan
Blair
& Co., Stockyards National Bank,
Wichita, Kansas, and Austin Tobin
The securities
prices
to
were
yield
reoffered at
from
2.30%
3.30% and press time balance
to
quate if the teller smiles and calls
Securities Corporation has
opened
them
by
a
cure
a
tape.
name, and
loan
take
number
a
they
without
It will
over
se¬
much
red
strong effort
a
of
can
to
years
.
out
Also,
on
Monroe,
500,000
Tuesday,
Louisiana,
Water
the
very
second
bid,
Electric
rev¬
bonds
made
and
a
by
F.
close
S.
the
the
com¬
with
net
the
interest
Smithers
and
3.544%
by
to
net inter¬
This bid
3.543%
associates
made
a
favorably
a
of
$6,-
Blyth & Co. group at
pared
City
awarded
and
est cost of 3.5416%.
bid,
State
branching
or
.v.-'.;!;.;;•//;
'
'
'
I
not
if
New
D
past
sition
be
Almost
the
net
&
Pea¬
body & Co. group.
are
Sachs &
of
resembled
areas.
the
same
tems
if
OME
At
have
has
gone
by
shifted.
transportation
and
and
modes
of
several
branch
banks
graphic
areas
York
State
times
several
this
to
City
where
in
and
in
the
billion
the
largest
October
30, 1963, to shareholders of
close
of
business on September
NATURAL
30 Rockefeller
New
New
only
dollar
of
Dividend No.
1he
class
district
board
terly
is
dividend
and
Goldman,
the
grown
have becomfe part of national con¬
sensible
then
moded and
A
1961
have
that
were
become
out¬
tition,
New
branch.for
Banking
York
City
merge
City
Law
banks
into
two
adjoining the New York
versa.
to
do
banking
This^
district,
enables
business
and
those
throughout
Region
region.
have
I
In
ex¬
convinced
am
State
must
eventually
The
vice
banks
their
billion
the
Bankers
York
Bank
New
share
Company, payable Novem¬
15,
for
banks
in
matter.
of
are
have
I
I
but
feel
record
permissive
15,
to
create
compe¬
banks
more
authorities
York
and
City.
made
that
full
to
be
stitutions,
companies
or
is
upstate
potential,
resources
able
of
as
its
to
New
either
through
rently
those
A strong
if
eventually
between
mergers
institutions
its
might
area.
New
v
York
case
is
New
can
to
banks
call
York
be
reach
on
City
will
the
in¬
from
evolve
the
banking
Preferred Dividend
plan
a
legislation
our
COMPANY
timetable
no
A
which
merging
to
November
structure
which
cur¬
49th
address
Annual
Industries
White
by
New
N.
Y„
Maull
of
Meeting
of
Face,
Mr.
1963
day
first
of
stockholders
to
of record at the close
business
o.
October 10,1963 of the Com¬
Cumulative
pany's
the
York
Preferred
Preferred Dividend
Associated
State,
Inc.,
Sept. 21,
A
quarterly
1963.
share
per
payable
Monarch Marking
Octo
on
&
the
Co.,
Cleveland
o»
business
10, 1963 of the Com¬
Preferred
A
4V2%
convertible
ot
sub¬
share
the
clared
1,
payable
holders ol
business
proceeds,
together
with
other funds,
will be used for
struction
a
of
on
has
33c
been
de¬
the first day
1963
to
stock¬
record at the close ol
on
Checks
Old
con¬
of
the Common Stock
on
Company
November
oi
plus accrued interest.
dividend
quarterly
of
ordinated debentures due Sept.
1983 at 102
298
has
public offering
per
Net
stockho.ders
to
Stock. 4.78% Series.
$2,500,000 Monarch Marking Sys¬
Co.
of
day
Common Dividend No.
McDonald
announced
tem
first
Cumulative
pany's
Debs. Offered
$1.20
declared
been
the
1963
.er
of
dividend
has
on
of record at the close
October 10,1963.
will
Colony
be
mailed
Trust
from
Company.
Boston
new
plant.
'
The
company,
located
at
216
South Torrence St., Dayton, Ohio,
state,
is
indicate
$1.07
declared
been
the
the
before
banks would drain funds from up¬
forecasts
of
dividend
has
on
Stock. 4.25% Series.
"An
expressed that New York City
our
share
payable
on
is not permitted. The fear
but
quarterly
per
ing the state's future growth.
through holding
presently permitted,
1963
|BOSTON EDISON
on
upstate
in
business
State
November
of maintaining
of
John Miller, Secretary
September 19,
system capable of support¬
a
close
1963.
and
will enable thoughtful bankers
into
the
at
October
or
working
that
various efforts will
develop
the capital stock of
State legis¬
York
Association
it,
on
1963 to stockholders of
Association, the Savings
Statb and others
this
(57V£<0
Product
shoulders
your
quar¬
Fifty-Seven
the
number of
a
$800
New
regular
Cents
per
National
on
Our
lature,
that
representative of the whole
need
overly restrictive.
Omnibus
permitted
to
lines
\
view that
a
lay
mine.
63
ber
are
re-examined that po¬
I
limits
permit
District
districts
a
will
N. Y.
directors has
a
of
One-Half
the economic de¬
an
of
this day declared
and
permitted to join together within
changed.
tremendously and local businesses
cerns.
in
mergers
single
that
Plaza
York 20,
one
great regional banks, banks large
Gross
GAS
COMPANY
a hope that one day New
serve
30,
size.
affiliate)
York State will have
enough to
record
thp
world's
largest
manufac¬
at "
1963.
MICHEL,
CON SOLIDATED
as
limited to .16 counties,
ft:;I have
W.
Chairman and Treasurer
branching
ba'nking
declared
was
some
upstate
of
a quarterly
share in
payable
on
per
Funds
geo¬
large
1963
Directors
In
that
have
you
of
sys¬
in
the
'jr»'
184
Board
Mines Limited, held this
day,
of Twenty Cents
(20c)
had
cover
and,
^
.
■
operate
as
•
:
multi-
banks
that
the
CLIFFORD
enjoys.
equally
of
NO.
dividend
race
banking
bank
must look fur¬
years
considered.
The
have
to
expansion.
a
two
York
shopping and recreation all have
Businesses
as
and
so
■
.
MINES LIMITED
meeting
a
Dome
State
its
here
we
California
California
cases,
in
availability
as
New
York
helped
billion dollar.branch
various upstate districts should be
(
Co. in
Co., Lehman Bros., Smith,
Barney & Co., White, Weld & Co.,
years
communications
counties
Associated with Blyth &
this ;underwriting
20
population
Methods
third
interest
Kidder,
trading
we
for
amined and
New
reasonable
nine
that
considered
i
A.
\
;-v>-
•
DIVIDEND
State's
the
be
California
the
perhaps the whole state should be
the
'
'
'
; :
Canadian
wonder
with
of
within the
our state was
they
bank
1961, I expressed
ing
districts,
applies
New York State As
city through
limits of any one of nine banking
At;the time
of
that the possibili¬
these
so
afield
In
V '
#
\
a
Growth Race With California
would
of
management
DIVIDEND NOTICES
big banks.
more
1934
Banking Law to
mergers
of
ther
bank might expand
a
Act
further
limited
Bank
encouraged in
of
some
changing
economy.
beyond its principal
and
(1965-1993)
enue
cost,
York
districts.
ties
the
you
that
.
.
under
Harry J. McLaughlin.
.
already recognize
branch office at 114 South Fifth
Street
edu¬
people to what most of
men
mands
decision
recent
mergers means
more
legislature changed the
provide that
was
$4,890,000.
cost,
the
to
step
a
direction.
Clayton
first divided into these nine bank¬
& Co.
Co.
New
St.
Wells
Fidelity
Newark,
when
and
years
& Co. and R. H. Moulton & Co.
mergers were
the
and
adapted to chang¬
conditions
right
United States Supreme Court that
process
banking
in all parts Of
on
50
the
The
State
the
ing
nearby trading area and is
in
broader
historic
an
York
has
as
offer
I
-
Merging is
in
to
>'}'■
>
MANHATTAN, Kans.—Columbia^
""
The
and
tickets.
au¬
politicians,
(a Marine Midland
were
a
public,
is bad. Most people
per se
bank
sold.
polit¬
part of the
and
:
York
split
Too, there is
years.
on
York
All of the bonds
people.
enmeshed
politics, and upstate New
and
York
1.90%
balance
is
turer
restrictions imposed both in New
Co., Carolina Securi¬
for various coupons, in¬
demand has been moderate
in
.some
legislation
Compare
expected.
ties Corp, and Prescott & Co.
Reoffered
likely to
Would Aid New York
Field,
to 2.90%
by
involved
market
some
and
con¬
Suffolk
more
September 20.
However,
to
is
big state cannot be financed with¬
balance of
a
generally, it would
courage
Co. ,Inc.
price
Banking
remains in account.
favorable
ject
was
Haupt
orders
to press,
that
are
Wednesday's
sequence
in¬
offered
from
money
market's
Island^ and Wells & Chris¬
only $550,000.
Bank
Reynolds
the
seem
the present balance in syndicate is
Bank
to
go
economy
3.25%, bank buying was good and
National
S.A.,
the
Co., Inc.,
Ira
are
initial
contradictory
H.
America
:&
we
&
As you might
guess, my view is
not
shared
Despite the confusing and often
Bankers
are
winning account include Bank of
N.T.
of
account
Co.,
yield
$2,985,000
First National Bank of
Scaled to yield
the
Co.
securities
amounted
& Co., Johnston, Lemon
Co., Industrial National Bank of
Rhode
and
Adams, McEntee & Co., Inc.
Morton
&
Inc.
der, Peabody & Co.; First Boston
Corp.; Halsey, Stuart
be true.
cate
there
members
Reynolds
Co.,
(Competitive). Probable bidders: Eastman
Dillon/,
Union Securities &
Co.; Equitable Securities Corp.; Kid¬
that the reverse
loan.
syndicate
Chicago,
tensen
Other
Dallas,
made for
Other
groups
for
3.29%
winning
Trust
and
additional
in
in¬
net
made
was
Bank
Bank,
from
came
members
&
Moseley
3.35%
nine additional bids ranging
interest
cost
from
3.20%
to
2.834%.
of
2.852%
a
Winston-Salem
three
The
to
Corporation and associates
net
a
The
Improvement
S.
prices
were
Capital
coupon
ers
reflected by some
major
interest
net
price
100.43 also
coupon
Devine
The
cost, was made by the First Na¬
bid,
3.20%
&
suc¬
dollar
a
a
by
Co., American Securities Corp.
and
a
second
J.
&
The
having
the
the
was
clude B. J. Van Ingen &
bidder
for
at
Stuart
Other
The syndicate
successful
Co.
for
3.20%
a
C.
by the First National City
was
managed
associates.
Christi,
Improvement
bonds.
&
bidder
Halsey,
Corpus
market
borrower,
absent
$3,750,000
Texas,
Business
Devine
to
balance, in
is $2,255,000.
group
account
100.4999
for
to
volved
Week's
The
York
(.1964-1993)
and the runner-up bid
Tuesday's final sale of note in¬
Current
J.
of
Co.
bid.
1
C.
New
Improvement
Weeks, Howard, Weil, Labouisse,
cessful
Friedrichs & Co., Wm. E. Pollock
by the Housing and Home Finance
Agency
(Riverhead),
Public
bonds.
Continued from page
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-,
and
mond.
share on Apr. 30,1963).
its gas properties. Proceeds—To the selling stock¬
over
Address—Seventh
39
ALBERT C. McMENIMEN
Treasurer
Boston. September 23. 1963
The Commercial and Financial Chronicle
(1228)
40
^.
.
Thursday, September 26, 1963
».■
Women 41st annual convention at
WASHINGTON AND YOU
the
Americana
Nov.
American
First
BEHIND-THE-SCENES INTERPRETATIONS
Hotel.
13-15, 1963
(Chicago, III.)
Bankers
National
Association
Automation
Con¬
ference at the La Salle Hotel.
FROM THE NATION'S CAPITAL
Nov. 20,1963 (New York City)
Association
WASHINGTON,
im¬
C—The
D.
for
jobs in this "goofed" in a big way. Nine hun¬
and
ninety-nine
of
the
has attracted a great deal dred
pact of automation on
country
within
attention
of
Federal
the
renewed
The labor unions have
in
slack
unemployment
areas,
some
union position,
The
tinues
to
Kennedy
the
pressure
Administration
it con¬
as
make
to
more
jobs, is that 1,350,000 new jobs
must be created each year to pro¬
for young peo¬
vide employment
ple coming: intoJthe labor market,
plus
200,000
additional
an
new
employment
jobs needed for the
displaced by automation.
of those
No-
at the
the study will pro¬
departments,
is hopeful that
units
ning
Study Cited
soon
in
meeting at the Commodore Hotel,
the
all
April 8-9-10, 1964 (Houston, Tex.)
Texas Group Investment Bankers
Association Annual Convention at
more
long, for. instance,
Before
more.
the Shamrock Hilton Hotel...
Departr
the
for
payroll
Section April 30.
Apr.
disbursing points for mailing. The
foork
payroll automation plan will save
Securities
and
Exchange Commission in its study
this
report
zance
automation.
of
in
vances
cogni¬
took
summer
Rapid
technology
^he prospect of major new appli¬
I substantial,
a
National
radical.
not
in
the
Neither
will
the central
storing- of all bids and offers and
reports
transactions,
of
Some
future.
qualified inn
dustrialists contend that, there has
been
actual
assisting
possibly
in
the
execu¬
The
report
concluded
importance
to
curities industry
lic
"because
solution
have
the
of
of
are
the
both
se¬
potential
for
that
problems
'characterized
historically
both the operation and regulation
of ;
The National Association of Se¬
the
report
of
source
tive
in
described
was
the
as
leadership
dealing
in
paramount
initia¬
and
with
matters
out
substantial
of automa¬
than
more
conduct
the
that
of
study
possibilities
and
reports
the
to.
the
NASD
automation
make
periodic
Commission
in
connection with progress and pro¬
grams
of the industry in this
area.
Under
Federal
the
40,000 marine aids to
locations.
loran
are
stations,
stations, lighted and
buoys,
States
scale study of the impact of auto¬
the
on
hundreds
of
With
22
of
of
our
security
thousands
ployees in the
ments
job
1963.
as
>
reflect
to
and
the
more
light
sta¬
unmanned, which is
are
Besides
the
coincide with the "Chronicle's"
costs
of
em¬
D.
Club
Bond
salaries
being
pay
and
their
costs for transportation
craft
to
supply
The
Coast
food,
water,
Huntingdon Valley, Pa.
Bond
to go in
way
make
the
stations
to
but
as
light
more
equipment
power
available
comes
cases
offshore
automatic,
automatic
a
some
major
the
less
Club
York 2nd Annual Fall
of
1
New
Sports Out¬
ing at the Sleepy Hollow Country
Club,
Scarborough
-
on
-
Mutual
of
ing
Washington
the
at
Hotel.
;
Hilton
>
;
I
(Philadelphia*
Pa.)
Association
National
Mutual
of
Savings Banks 46th Annual meet¬
ing at the
BelieyueStratford Hotel*
Hudson; May
22-23-24,1967 (Boston,Mass.)
(New York City)
Group
Association
National
Savings Banks 45th Annual meet¬
Association
National
York
New
(Washington*
C.)
May 16-17-18, 1966
Sept. 27, 1963 (New York City)
Municipal
Mutual
of
Savings Banks 47th Annual meet¬
Investment
ing at the Hotel America;
Association Annual Din¬
at the Waldorf-Astoria Hotel.
T^PCmnQ HPn Tin \T
J_)I
dLLIlO
1U i-)vj
P
V •"!
American
•
Annual
Annual
(Washington, D. C.)
Association
Bankers
Gonvpnt.ion
Convention.
Of Hayden, Stone
17-18, 1963
Georgia
ciation
Effective
Oct.
1,
Robert
Brauns will become
dent of
25
a
A.
W.
Vice-Presi¬
Hayden, Stone & Co. Inc.,
Broad
Street, New York City,
members of the New York
Stock
-
Attention
Brokers and Dealers
TRADING MARKETS
be¬
and
other
leading
na¬
Mr. Brauns
tional exchanges.
was
formerly Vice-President and
dicate manager
Co.
syn¬
for McDonnell &
dinner
Indian
Asso¬
party—dinner at the
at
Maxson
17; outing
the Standard
Oct.
17-18-19,
1963
(New
York
Association
ment Clubs
of
Invest¬
New
York
Films
King
telephone
number
is
I CAnal 6-4592
annual Convention at
LERNER &
the Statler Hilton Hotel.
20-24,
Oar
Mills
Electronics
Waste
City)
Oct.
Head
Official
Club
Oct. 18.
1963
(Bal
1
Harbour,
Miami Beach, Fla.)
National
Incorporated.
Dealers
Top of the Mart, Oct.
and
Botany Industries
(Atlanta, Ga.)
Security
fall
National
still .had
Guard
Philadelphia 38th
annual outing and field day at the
ner
addi¬
;
families at these offshore stations
including
(Philadelphia, Pa.)
of
Huntingdon Valley Country Club,
Oct.
men
for
meeting at the Commodore
May 17-18-19, 1965
Bankers
views.]
Savings Banks 18th Annual MidYear
Hotel.
New York.
own
j
Mutual
of
INVESTMENT FIELD :
Get. 2, 1963
may not
Association
re¬
opera¬
must
Government
tional
long
>IN
from the nation's Capital and
may or
-
Association
Investment
10 Post Office
of
Bank
Square, Boston 9, Mass.
Teletype
Telephone
HUbbard
offshore
CO., Inc.
Securities
2-1990
vY;::
617 451-3438-
personnel will be needed.
ahead.
years
the
of
good
Mutual
of
other
among
paid the personnel in attendance,
the
EVENTS
Oct. 6-9, 1963
More
tions.
,/
the "behind the scene'* interpretation
Exchange
Government, the biggest employer
in America, has launched a full
mation
as
[This column is intended
things.
^
^United
the
favor¬
appears
mail, medicine and other things.
Scrutiny
Meantime,
indicate
—at least
radio beacon
and
Automation
that
statistics
economic standpoint
ducing the overall cost of
suggested
theijr
that
an
tions
report
say
able from
light stations, fog signal stations,
of
SEC
leading
maintains
automation in connection with the
the
several
1964
country, and some at vari¬
unlighted
be- unemploy¬
always
(New York City>
Association
National
Sept. 27*1963
certain?—
of
overseas
ous
far-
part
Guard
Plaza
Country
ing at the Commodore Hotel.
have
Government, economists
first
navigation in the navigable waters
of our
as
forecasts
appears
Meantime,
amount
Coast
The
thing
will
OTC Market.
Therefore
One
there
tion already.
Park
Echo
Dec. 7-8, 1964 (New York City)
by both labor and in¬
ment.
doing
exagger¬
be
not
some
as
Depart¬
tions and responsibilities, is
a
it will
and
certain func-r
Treasury
the
carry
•Included
Over-the-Counter Markets."
curities Dealers
to
to
been
dustry and government.
branch of our Armed Forces as¬
signed
and to the pub¬
basic
of
the
that
possibilities of automation
vital
a
ment
tion of orders.
ated,
has
it
been issued
;
The United States Coast Guard,
as
of listed securities and
case
Perhaps
reaching
Used by Coast Guard
^
of
and volume data
price
in the
;
COMING
exaggeration of automation's
effects in the future.
Gov¬
help.
ernment that needs more
thereby
compilation
makings possible
another: department' of:. the
Chase
Glen
Savings Banks 44th Annual Meet¬
they be
-
would make possible
the
and
May 16-24, 1964
protect
to
designed
plan
Louis,
Club.
hopes to be able to come up with
a
(St.
Municipal Dealers spring
at
Hotel
Commission
Service
Civil
The
party
financial advice I don't have
taxes to pay!"
Over-the-Counter
the
in
tax cut?—Thanks to your
any
the
employment rights of thousands
markets, the report said. ;
of employees who are going to be
The SEC study, said three com¬
displaced in their present jobsv
panies now disseminate "retail" The plan - is to assign the dis¬
quotations by means of electronic placed workers to other positions
devices.
Further ; improvement in their agency* or assign them to
cations
t
-
1964
j
St. Louis
"Why should I get excited about President Kennedy's
amount of money each year.
ad¬
offer
now
Government
the
22-23-24,
Mo.)
Department; says the
Agriculture
The
|
Orleans and sent to several
mation in most cases reduces the
force.
..
CHRONICLE'S Special Pictorial
going to be made up at
is
Mutual
of
17th Mid-Year
and
automation
of
Association
Savings Banks
as
going to feel, the
particular is
effects
19.
Dec.
2-3, 1963 (New York City)
National
that plan¬
so
possible.
The Department of Agriculture
New
disputes; that auto¬
one now
hold,
started as
be
may
Convention
Hollywood Beach Hotel.
Supplement
Dec.
a
the future may
Association
Annual
CHRONICLE'S Special Pictorial
bureaus,
commissions
clear picture of what
agencies,
Bankers
America
of
Commission
Service
Civil
The
and
(Hollywood Beach,
FJa.)
Impact on Agricultural Dept.
ment
SEC
and
j
vide all Government
r
officers
new
University Club.
Investment
the
effort to take up some of the
an
of
Governors' Dinner at
Dec. 1-6, 1963
of
uncashed
agency,
course.
reduced to 35 hours
work week be
in
that
recommendations
their
Exchange
Meeting of members
checks were returned to the Gov¬
ernment
Government recently.
election
governors;
the
Stock
of
Firms Annual
electronic equipment
the
because
largest
Some Unfounded Pessimism
depart¬
Government
taking
Just
about
every
size
bank
Major Pool
in
part, the automation impact study
the country will eventually be af¬
is
fected by bank automation. Inter¬
being
Service
directed
the first time that
wide study of the
of
by
the
Civil
Commission. It will mark
a
Government-
use
of all
types
electronic equipment has been
made.
for
bank
ing
Incidentally, the
use
of automa¬
truly big
errors. For
known
that
weeks
ago
a
got
instead
of
instance, it is
not
man
some
one
a
too
many
thousand
single check
clouds,
there
or
and
will
con¬
are
have been
dark
many
for the workers. There is
misunderstanding
The
about
industrialists
changes
taking
a
Carl Marks & Co. Inc.
FOREIGN SECURITIES
dark
many
clouds, automation is not all bad
some
Corporation
has been grow¬
groups
sometime
for
tinue to grow.
tion,
Equipment
cooperative data processing
While
tion equipment can result in
checks
est in
20 BROAD STREET
TEL: HANOVER 2-0050
lot of
place
I
are
NEW YORK 5, N. Y.
Memorandum available
on
request
TELETYPE 212-571-1685
HILL, THOMPSON & CO.,
automa¬
say.
•
Bought—-Sold—Quoted
SPECIALISTS
70 Wall Street, New York
Tel. WH 4-4540
INC!
5, N. Y.
Tele. 212 571-1708
@FedFRASER