F e d e r a l R e s e r v e Ba n k O F D A LLA S Dallas, Texas, July 29, 1953 To All Banking Institutions in the Eleventh Federal Reserve District: On June 9, 1953 we sent you a copy of Amendment No. 12 to Regulation U which is to become effective August 1, 1953. A principal provision of the amendment is that a bank loan for the purpose of purchas­ ing or carrying a “redeemable security” issued by an “ open-end company” as defined in the Investment Company Act of 1940, whose assets customarily include stocks registered on a national securities exchange, shall be deemed under the regulation to be a loan for the purpose of purchasing or carrying a stock so registered. The amendment also provides that in determining whether or not a security is a “ redeemable security,” a bank may rely upon any reasonably current record of such securities that is published or specified in a publication of the Board of Governors. This, of course, adopts the same procedure as that specified in the regulation for determining whether or not a security is a “ stock registered on a national securities exchange,” and in the past the Board has published a “ List of Stocks Registered on National Securities Exchanges.” This list has now been revised and expanded to include also a list of “redeem­ able securities” of the type covered under the regulation by Amendment No. 12 thereto. A copy of this list dated June, 1953 and listing such stocks and securities as of March 31, 1953 is enclosed. This list supersedes the “List of Stocks Registered on National Securities Exchanges” as of January 31, 1952, which was issued in May, 1952, and the Supplementary Lists issued in August, 1952 and February, 1953. Yours very truly, R. R. GILBERT, President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library ([email protected]) List of Stocks Registered on National Securities Exchanges and o f Redeemable Securities of Certain Investment Companies As of March 31, 1953 (PREPARED FOR PURPOSES OF REGULATION U) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON June 1953 Foreword This list is divided into two parts: Part I— “ Stocks registered on a national securities exchange.” .............................................. p. 3 Part II— “ Redeemable securities” issued by “ open-end” investment companies whose assets customarily include stocks registered on a national securities exchange ......................... p. 35 The purpose of the list is to facilitate compliance by banks with the provisions of Regula­ tion U of the Board of Governors of the Federal Reserve System, entitled “ Loans by banks for the purpose of purchasing or carrying stocks registered on a national securities exchange.” Regulation U applies to all banks in the United States, including both members and non­ members of the Federal Reserve System. Any inquiry relating to the regulation should be addressed to the Federal Reserve Bank of the district in which the inquiry arises. Sections 3(b)(2) and 3(c) of Regulation U provide as follows: “ (2) A loan for the purpose of purchasing or carrying a ‘redeemable security’ (i.e. a redeemable proportionate interest in the issuer’s assets) issued by an ‘open-end com­ pany’, as defined in the Investment Company Act of 1940, whose assets customarily include stocks registered on a national securities exchange, shall be deemed to be for the purpose of purchasing or carrying a stock so registered. “ (c) In determining whether or not a security is a ‘stock registered on a national securities exchange’ or a ‘redeemable security’ described in section 3(b) (2), a bank may rely upon any reasonably current record of such securities that is published or specified in a publication of the Board of Governors of the Federal Reserve System.” A security admitted to unlisted trading privileges on a national securities exchange in accordance with the provisions of the Securities Exchange Act of 1934 is considered, as pro­ vided by section 12 (f) of the that Act, a “security registered on a national securities exchange.” Certain other securities, however, which are listed on an exchange but which are exempted from registration, either by the Act or temporarily by the Securities and Exchange Commission, are not “ securities registered on a national securities exchange” within the meaning of the Act. This list was compiled as of March 31, 1953. Additions and changes will be indicated in supplementary lists which will be issued from time to time. Acknowledgement is made to the Securities and Exchange Commission for assistance in prep­ aration of this list. A bank may rely upon the list in determining, for the purposes of Regu­ lation U, whether or not a security is a “ stock registered on a national securities exchange,” and whether or not it is a “ redeemable security” of an “open-end” investment company whose assets customarily include stocks so registered, but the Board of Governors of the Federal Re­ serve System does not otherwise assume any responsibility for the list. Each registered stock is followed by abbreviations of the names of national securities ex­ changes on which it is listed or is admitted to unlisted trading privileges, as follows: AMS— American Stock Exchange* NYS— New York Stock Exchange BSE— Boston Stock Exchange PBS—Philadelphia-Baltimore Stock Exchange CBT— Chicago Board of Trade PIT— Pittsburgh Stock Exchange CIN— Cincinnati Stock Exchange SLS— Salt Lake Stock Exchange DSE— Detroit Stock Exchange SFM— San Francisco Mining Exchange LAS— Los Angeles Stock Exchange SFS— San Francisco Stock Exchange MSE— Midwest Stock Exchange STS— Standard Stock Exchange, Spokane NOS— New Orleans Stock Exchange WSE—Washington Stock Exchange In cases in which a registered stock is not listed on an exchange but is admitted to unlisted trading privileges thereon, the abbreviation of the name of the exchange is followed by an asterisk (*). Where the name of an issuer is not followed by the designation of any particular issue of its stock, it is the common or capital stock of the issuer. * On January 5, 1953 the name of the New York Curb Exchange was changed to the American Stock Exchange. I. LIST OF STOCKS REGISTERED ON NATIONAL SECURITIES EXCHANGES Allen Electric & Equipment- C o._______________ DSE Allen Industries, I n c .----------------------------------------NYS Abbott Laboratories— Alles & Fisher, Inc._____________________ BSE, AMS* Common _______________________ NYS, SFS, MSE Allied Chemical & Dye Corp.— 4% cumulative conv. preferred_NYS, MSE, SFS LAS*, NYS, BSE*, PBS*, SFS* ABC Vending Corporation __________________ AMS Allied International Investing C orp.-------------- AMS A C F-Brill Motors Company— Allied Kid Company ___________________________ NYS C om m on _____________________________________ NYS Allied Laboratories, I n c .________________________MSE W arrants for Common _____________________ AMS Allied Mills, In c._______________________________ NYS Acme Aluminum Alloys, I n c .---------------------------AMS Allied Products Corp., (M ich.) _______________ AMS Acme Mining C o. _____________________________ SFM Allied Stores Corp.— Acme Steel Company ---------------------------- NYS, MSE C om m on _______________ NYS, BSE*, PBS*, CIN* Acme Wire Company _________________________AMS* 4% cumulative p re fe rre d ____________________NYS Adam Hat Stores, Inc. -------------------------------- AMS Adams Express Company------------NYS, BSE*, PBS* Allis-Chalmers Mfg. Co.— J. D. Adams Manufacturing Co_______________ MSE Common _SFS*, NYS, MSE, BSE*, PBS*, LAS* Adams-Millis Corp.---------------------------------- NYS, PBS* 3 1A% cumulative convertible preferred _____ NYS Addressograph-Multigraph Corp.---------- NYS, MSE* Alpha Portland Cement C o.____________________NYS Adm iral C o r p ._____ DSE*, NYS, MSE, BSE*, PBS* Altes Brewing C o._______________________ AMS, DSE LAS, SFS Aluminium, L td.________________________ N YS, SFS Advance Aluminum Castings Corp.----------------- MSE Aluminum Company of America— Aeco C orp ora tion ______________________________LAS C o m m o n _______________PBS*, BSE*, PIT*, NYS Aero Supply Manufacturing Co., In c. ----------AMS $3.75 cumulative preferred _________________ AMS* Aetna Ball & Roller Bearing C o .---------------------MSE Aluminum Goods Manufacturing C o . _________AMS* Affiliated Gas Equipment, Inc.— Aluminum Industries, I n c .______________CIN, AMS C om m on _______________________________MSE, NYS Amalgamated Leather Cos., Inc.— $3 cumulative p r e fe rr e d --------------------- MSE, NYS Common _______________________________NYS, PBS* Agnew Surpass Shoe Stores, Ltd. ---------------- AMS* 6% cumulative convertible p r e fe rr e d _______NYS Ainsworth Manufacturing Corp.-------- AMS*, DSE*, Amalgamated Sugar Co.— MSE C om m on _____________________________________ NYS A ir Associates, Inc., N. J. --------------------------------AMS 5% cumulative preferred _____________________ SLS* Air Reduction Company, Inc.— Ambrook Industries, In c. _____________________AMS C om m on ________________ NYS, BSE*, PBS*, SFS* Amerada Petroleum Corp.______ NYS, BSE*, PBS* 4 % % cumulative conv. preferred ---------------- NYS American Agricultural Chemical Co______NYS, BSE Airfleets, Incorporated ------------------------------------- AMS American Air Filter Company, Inc.— Airway Electric Appliance Corp.-------------------AMS 5% cumulative convertible preferred _____ AMS Ajax Petroleums, Ltd. ------------------------------------AMS American Airlines, Inc.— Akron Brass Mfg. Co., Inc.-----------------------------