ESTABLISHED 1S39 In 2 Sections — Section 2 Reg. U. S. Pat. Office Volume 183 Number 5532 New York 7, N. Y., Thursday, May 10, 1956 Price 40 Cents a Copy OF NEW YORK, INC. 20th ANNUAL J V AT WALDORF-ASTORIA DINNER APRIL 27, 1956 President First Second Treasurer Secretary Vice-President Vice-President Edward J. Kelly Carl M. Loeb, Rhoades & Co. Daniel G.Mullin Barney Nieman Nathan A. Krumholz Henry Oetjen Tucker, Anthony A Carl Marks A Co. Siegel A Co. McGinnis & Company ~\ / Co. Inc. DIRECTORS Bernard J. Conlon Edward A. Horn George V. Hunt Reginald J. Knapp Wilbur Krisam P. F. Fox A Co. /. Kuhn, Loeb A Co. A. T. Geyer A Hunt Ira Haupt A Co. John C. Legg A Company Alfred F. Tisch Daniel D. McCarthy Harry A. Michels Lewis H. Serlen / William F. Thompson Fitzgerald A Union Securities Allen A Company Josephthal A Co. Greene and Company Company Corporation Incorporated y *■ Digitized for FRASER http://fraser.stlouisfed.org/ \ Federal Reserve Bank of St. Louis The Commercial and Financial Chronicle .. Thursday, May 10, 1956 2 With Sincere Thanks to All Well, the Twentieth Annual Dinner of STANY is to Finally, you dig into last year's Committee, pull be found in the files and in the fond memories of out Jack Barker, ask Tisch and Horn to stand by something over 1,700 attendants from all over the to advise, needle him every day. Result, he doesn't country. Pridefully I can say it make dinner for a month and comes up with the biggest "Journal" ever. because every year we improve from experience. The knowledge The Commercial and Financial Chronicle men of our former Presidents and were all over the hotel, snapping pictures as fast Dinner Chairman is always as they could line up subjects. For that excellent given to us wholeheartedly. Perhaps we took one extra coverage, the result of which you see in this issue, - "giant step." But let's be hon¬ we are all extremely grateful. est—I cheated. When you per¬ On behalf of my fellow officers and directors of suade an old pro like Mike STANY Heaney to run the deal you're may I say we were delighted to see every bound to wind up with a near- one of you. To you who came from out of town Edward j. Keiiy perfect dinner, a wonderful Hwas the best/yet. The best yet may I say "Thank You." Come back to see us often. show. I learned his secret, too; You'll find every member of STANY a good fellow all you do is stay downtown with Ellie Smith, work¬ with the red carpet out for you. ing till after midnight every night for about four weeks. Sincerely, Then you slip in Stan Dawson-Smith running the EDWARD J. KELLY, President "Fabulous Forty" and your STANY bonds are "out the window." Security Traders Association of New York, Inc. Offices in: NEW YORK BROOKLYN ROCHESTER SYRACUSE PHILADELPHIA ALLENTOWN LANCASTER SCRANTON YORK CHICAGO CHICAGO HEIGHTS SAN FRANCISCO BERKELEY CARMEL OAKLAND SACRAMENTO main office: 120 Broadway, New York 5, N. Y. SALINAS SAN MATEO SANTA CRUZ SANTA ROSA STOCKTON ATLANTIC CITY EAST ORANGE Underwriters and Distributors of Corporate Securities MORRISTOWN VINELAND WINSTON-SALEM © Underwriters and Distributors of State, Municipal DURHAM RALEIGH and Revenue Bonds SALISBURY MINNEAPOLIS © Primary Markets in Many Unlisted Securities Correspondents in: ALEXANDRIA BUFFALO © Brokers in Securities and Commodities i CHICAGO DENVER DES MOINES © Investment DETROIT Advisory Service INDIANAPOLIS KANSAS CITY LINCOLN © Members New York Stock Exchange, American Stock Exchange, OMAHA and Other PITTSBURGH Principal Exchanges ST. LOUIS SIOUX CITY TORONTO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Volume . 183 . Number 5532 The Commercial and Financial Chronicle 3 John De Maye, Sutro Bros. & Co.; Harry Zeeman, Carl Marks & Co., Inc.; John J. O'Kane, Jr., Michael J. Heaney, Michael J. Heaney & Co.; Francis J. Keenan, County Trust Company, Yonkers; John J. O'Kane, Jr. & Co.; Harold B. Smith, Pershing & Co. Graham Walker, Joseph McManus & Co.; Oliver J. Troster, Troster, Singer & Co. Henry Rumpf, Charles A. Morton George J. Elder, Straus, Blosser & McDowell, Detroit; John W. Bunn, Stifel, Nicolaus & Company, Bezer, Grayson, Lacy Kux, and Stephen Floersheimer, Incorporated, St. Louis; John Latshaw, E. F. Hutton & Company, Kansas City, Mo.; William J. Burke, all of Sutro Bros. & Co. Jr., May & Gannon, Inc., Boston; Joseph E. Smith, Newburger & Co., Philadelphia; Lex Jolley, Robinson-Humphrey Company, Inc., Atlanta : SEATTLE ■■I _ m SPOKANE PORTLAND BOSTON MINNEAPOLIS m SPRINGFIELD DETROIT ■VELAND -d NEW YORK eureka Sacramento CHICAGO PITTSBURGH J PHILADELPHIA '♦•oakland INDIANAPOLIS i£AN FRANCISCO l\fsan jose \ '••••«•§ fresno LOUISVILLE PASADENA Blyth6,Co., Inc. LOS ANGELES PRIVATE WIRE ^ SYSTEM A LSAN DIEGO Blyth S. Co.. Inc. Underwriters and ^Distributors of Securities NATIONWIDE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I Our Axiom of Institutional Investment Service From the NSTA To the Officers, Directors and Members of STANY: Let me congratulate you on occasion of this, your 20th annual ban¬ quet. It has been my pleasure to be your guest at several of these. I enjoyed them — the food, the entertainment and the association with you. Please invite me again next year. Twenty are a lot of years. The Securities Traders Association of New York have put those years to good use. You and your predecessors have moulded STANY into a strong and influential organization — truly representing all that good traders should be and are. You have had capable, hard working management. Financial institutions are invited to They have done much for you inside the Association and avail themselves of our services. for the position you occupy in the securities industry. Keep that record inviolate — take a keen interest in the business and SALOMON BROS. & HUTZLER political affairs of your Association — see that sound Dealers and Underwriters ofHigh-Grade Securities policies are adopted and that dependable Lex Jolley Members Hew York Stock Exchange officials are elected. Members American Stock Exchange SIXTY WALL STREET, NEW YORK 5, N. Y. The National Security Traders Association is planning a great conven¬ Boston Philadelphia Cleveland Chicago tion at Palm San Francisco Dallas West Palm Beach Springs, California, in late October. I know many of you will be there with me. New York always has a good representative group at N.S.T.A. conventions. Sincerely, UNDERWRITERS LEX JOLLEY, President DEALERS National Security Traders Association, Inc. BROKERS j Common id an tyiawitty wtb a&wty 1bland in FRANKLIN SQUARE GLEN COVE MINEOLA: ROCKVILLE CENTRE: SOUTH SHORE Securities BELLMORE GREAT NECK COUNTY SEAT foreign HERRICKS ROAD STATION PLAZA ELMONT INWOOD PLAINEDGE ROSLYN FARMINGDALE LEVITTOWN ROOSEVELT SEA CLIFF FLORAL PARK NEW CASSEL ROOSEVELT FIELD UNIONDALE , t Industrial Band' (MAT. *** Sixh The Franklin National Bank and l^nceS'- of Franklin Square Mutual funds * t capital stock (Par Value $5 Per Share) Bought—Sold—Quoted pf\bodv &co- Copy of Annual Report—1955 upon request »«»»»"" Blair &> Co. SB,W in c orporated 44 WALL STREET © NEW YORK 5, N. Y. Telephone DIgby 4-4000 Offices in many principal cities throughout the country \ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Volume 183 Number 5532 . The Commercial and Financial Chronicle 5 John French, A. C. Allyn and Company, Incorporated; James J. Lee, W. E. Hutton & Co.; Oliver J. Clarke H. Walker & Troster, Troster, Singer & Co.; Sam Felstein, ,4. G. Edt ards & Simonds, G. Co., Providence, R. I.; Wilfred G. Sons, St. Lcuis; Francis J. Keenan, Conary, G. H. Walker <ft Co., Providence, R. I.; Harry Country Trust Company, Yonkers, N. Y. Michels, Allen & Company; Irving Greene, Greene and Company; Irwin Mitchell, Walston & Co., Inc. Thomas C. Brown, 3rd, Robert King, Jerry Burchard, and Hal S. Chapman, all of Charles King & Co. Jack Barbaso, Goldman, Sachs & Co.; Mickey McBride, Midland Securities Corpn. Ltd., Toronto, Canada; Charles Goodeve, F. B. Ashplant & Co.; Bill Galbraith, Salomon Bros. & Hutzler For Fast Service TROSTER, SINGER & CO. Members: N. Y. Security Dealers Association HA 2-2400 74 Trinity Place, New York 6, N. Y. NY 1-376 Private Wires to— Chicago Glore, Forgan & Co. Cleveland Gottron, Russell & Co. Dallas __Dallas Union Securities Co. Detroit — Baker, Simonds & Co. Grand Rapids- _ King & Co. Hartford Coburn and Middlebrook Inc. Houston, Texas __Underwood, Neuhaus & Co. Los Angeles Harbison & Henderson I Philadelphia H. A. Riecke & Co. Inc. Pittsburgh Arthurs, Lestrange & Co. St. Louis Fusz-Schmelzle & Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 6 The Commercial and Financial Chronicle ... Thursday, May 10,1956 Paul Crosby, Bell, Gouinlock A Company, Incorporated} Fremont W. Robson, F. B. Ashplant & Co.; Arne Fuglestad, Burns Bros. A"Denton, Inc.; Joseph F. Eilert, Harriman Ripley & Co., Incorporated Herb Gesell, Kugel, Stone A Co.; Inc.; Norbert Woods, R. L. Day A Co.; John Halk, R. L. Day A Co.; Robert N. Naylor, H. N. Nash A Co., Philadelphia i m I i Brokers in i ii Stocks and Bonds 1 ■a-/. Underwriters and Distributors M / of Dr. Harry A. Ballweg, (guest); A1 Tisch, Fitzgertdd A Company, Incorporated; Daniel G. Mullin, Corporate and Municipal Tucker, Anthony A Co.; Barney Nieman, Carl Marks A Co. Inc. : Securities LEE HIGGINSON We invite inquiries on the following CORPORATION Allison Steel Manufacturing Co. Avon Products, Inc. Members! New York, Boston and Brown & Sharpe Manufacturing Company Midwest Stock Exchanges Bryant Chucking Grinder Co. American Stock Exchange (associate) Cameo Incorporated m Consolidated I Rendering Company , Investment Banking Service Since 1848 Craig Systems, Inc. Crompton & Knowles Corp. The Diners' Club Inc. The Duriron Company, Inc. Erie Members New York Stock Exchange NEW YORK 5 Forge & Steel Corporation Hudson Pulp & Paper Corp.