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Middletown Times Herald Record (Newspaper) - June 16, 1961, Middletown, New York THE MIDDLETOWN TIMES HERALD JUNE 16V I9SI YOUR MONEYS WORTH After stock awakening By SYLVIA PORTER THRecord Columnist A new version of an old joke goes this A stock broker calls a customer and tells him that suchandsuch stock is being offered at a share and is head ing for The customer Buy me A few days the broker calls reports the stock has hit is on the way to The customer Buy me another A week the broker calls a third announces the stock is at The customer Asks the broker To whom Its a bitter joke and the sig nificant point to me is that Ive heard versions of it twice before during the height of the gambling spree in new issues in and the height of the spree in Both binges ended shortly and in the years since many of the hottest of the hot new stock issues of those periods have sunk to next to zero or be come entirely Perhaps the fact that the joke is circulating now is an indication that Merrill Lynch is right in its suspicions that I96ls wild move ment also may be running out of Whether it is or one point is clear A joke of this sort can do more to remind the greedy and gullible that they can love their shirts in unknown stock issues than a thousand stern lecturers an The lecturers and warnings are coming The Securities Exchange Commission has just mailed an eightpage questionaire to the more than 500 members of the American Stock Exchange demand ing intimate details of their fin ances and activities since July With the due back at the SEC by June went a letter informing the members that supplying false information to a federal agency is a criminal The questionaire surely sug gests that the SECs investigation of the American Exchange so far has uncovered evidence of viola tions by the members of the se curities laws or the SECs regula tions or the exchanges own rules or all A week from June a House headed by Illinois Democrat Peter will open hearings on a bill that would authorize the SEC to launch the broadest investigation of the SEC YOn A Closlnr stoclsl Lon Close AC 56T56i Air 763 63 Allegheny Corporation 1JJ il 11 Allegheny ludlun Steel Allegheny Power Systen Allied Cherlccl 4 Allln Chalners of Atrcrlccn Airlines Arerlcan BrrIc Shoe 493 454 Ancrlcan Can Corrtnr 41 i 101 4 Anerieen CrcnairlS 46i American tcl t American Motors Arerlcan Sneltlnr t R American Stendara Ancrlcan Tel 1 Tel American Tobacco Aaerlcan Viscose 4S 45 45 5 G4 263 26 74 76 76 25 Anaconda Conpany Aiuco Steel Coim Armour 4 Coimany 40j 4D 17I 17 71 7CS 561 56 sni so Aiuco Steel Coimany 76 75j ST7 49 Atlantic Eefinlns 54 533 53i ATCO fanufacturlnE 23 2Ci Babcoe 4 Tllcoz 443 43 i 44 Baldwin Uro 16 16 Baltimore t OhloRR ZSl 35l Barul Clear Incornorated Bell ft Eonell Comneny 62 i 63 Eendlx Corporation 59 59i 59t Bethlehem Steel 1i 3 43 Boelnc Aircraft 46 454 Borden Cocpony 61 60 60 Bore Earner 41 i i1 41 i Brunswlcl Corporation 541 523 52i Budeye Pipe Line Bucyrus Erie Copntny Bulora Tateh Connenj 10 1 ouxuva eaten w 1D BurllnEton Induslriea Ccnnenr Caterpillar Tractor 36i 37j 79J 6 433 3 S oa Celanese of ChesaTieaJre Ohio Chrysler Corporation Cities Service Conptnr CocaCola Connan Pclnollve aj Coluntla Gas Sjster 26 26 26l 53 yi Consolidated TJilson Continental Can Conmanr 41 4 Corn Products Coirpan 52 52 Crown Zeliercact 5 51 5 Crucible Steel of i 2 Curtiss rrirht Eelanare rudson 6 6i Aircraft 2 32 j Bon Clerical Conrtny duPont de Uenours 22 C7 Buouesne Llcht 2P 2 2nT Eastntn Kodak IS Endlcott Johnson 25 25A iaie laclnnanna Railroad s Firestone 45 i C Food 74 Tj 74 Ford Votor Conpany General Acceptance 2 3 General Clear Cormany 304 General Irnaclco 3 General Tiectric 61T CO General Foods General iotors 46 General Public 3vi 29 2 5 General Tel 26i 26s 26 General TlreSEubber 7 Gillette Conpany Clen Aldsa Corrxiratlon I Goodrich TT 65 63 Goodrear Cornan 12 J Greal Atlantic Ion lie i j Gulf Oil Corporation llerculoo Pother Illinois Central EH Internctloncl Pus International lirveater 5rT 57i 5r latcrKLtlonc 1 75 o S Paer 3 7 7el Tel 55 Circuit Breeder 2 i iinvllle 694 6 Jones fr Slec C6i 79 9j 3St Mir li Clerical Kennecott Coiner Koppero Cornanr 5 Krosce SS Corranjr 3 32 4 32T Kroner Copsany 29 30l let Coal KJ 144 4 lCh Portland Cerent 26I 7aller Industries V tT Bailroad 4 4l 61 SR 5 14 135 3 oq 07 various securities markets since tbe Testimony at these hearings will make plenty of head lines and surely the revelations will at least hint at major loop holes in the gaps in the tax enforcement of outright violations of the Is the policing of the securities markets today adequate No There is a dreadful gap in the requirements for reporting by companies with shares traded in the overthecounter market and an awful gap in control over credit extended on unlisted The possibilities for abuses are There are the at best bor derline activities of some in vestment There are known instances of advisers build ing big positions in a recommending it in a market let then unloading at a profit as the public To curb as of July the SEC will require in vestment advisers for the first time to keep full records of deal ings involving their own funds and There is the deceptive to fraudu lent advertising of some advisory The SEC at last is starting to clamp down in this There are the openly illegal op 79J 6 6V 40T 42 4T 2i 771 erck Pacific A noctconery rard rational Biscuit llitlonal ISttloiE1 Elotlllon n29i 6i 6T Owens Port Llbby t Ilbby Llffiett S ayera laSiam Steel Conpany tttck TruofeB Gt Conroany 36 37 69i 6li 47j 4J Lortiiern Pacific 44i 3T IiortiHCst Airlines 29 ornleh 55 37 5 Ohio Oil cr 7T Outtoftrd irlne 20 197 93 Ocena Illinois Class rj Pcn r j Paramount Pictures 76j 76 76 JC Ii 4 s ii Potrcr TjJ5it 303 30 7i 5 53i 53V Philadelphia ri Phllllna Petroleum 591 59 59 Plttjturrh Steel K 7J Public t Caa 54 54 Pullann Tncomoratrf O3 Pure Oil CorntnT 39 Eadlo of HddinCoirrvany 9i Republic Steel et 62J Region Incomorated C7 6 7 Reynolds otils Eejnolds Tobacco E 2J 121 i Eoliortuhat Fulton 5i Josena 33 37T Pancr 7t ISJ 65i Shell Oil Corrrcny Sinclair Oil 41T 4i CI Stslth AO 32 32 Oil 46 r5T SouViern Pacific Lv 2t Southern Railway Snerr EanS 203 201 Sltndnri Erandn 6 63 Stcndarl Oil 53 52i SttaIari Oil Eon 5 5 Stuietaier PacTzird 7i 77 Incorporated iesaa Gulf Protluclnj 22 Textron Incomoratod 25i Tide Tator Oil 2uJ 26 EGGS NEW YORK UPI Wholesale egg offerings fully Demand irregularly dis tributed in some Wholesale selling prices based on exchange and other volume sal New York spot quotations in clude Whites Extras 47 extras medium 40 average 2829 top quality 47 mediums 41 average 2829 smalls 36 average peewees 151 Browns Extras 47 top quality 47 mediums 41 average 2930 smalls 36 average peewees 93 score AA cents 92 score A 90 score B Cheese Prices un Union Jnlon Pacific Eaiirond Unltwl Aircraft Comoration Unltal States tines Jnlted States Pljrood United States Fuuber Unltcil States Sreltla States Stool VanudiunAlloys Staol CoTrfjn Varner Cestern Union Zlectrlc TTotora Corrtny k 5t1 05T 37i S 93 a i 36 foolworth F 791 Sheet K BUTTER NEW YORK UPI Butter offerings fully adequate to Demand Wholesale prices on bulk car tons NOTICE To all our Grange Silo Dealers and Ira Longcore Is now In full capacity as manager In this local ity as to sales and For per sonal contact call Grange Silo Company at 3420360 or contact Ira RO Box 391 PH 7644675 GRANGE SILO INC RED PH315 RL 46211 erations of some underwriters of new issues for the tiein sales under which a cus tomer is allotted a block of a new stock issue on condition that he buy an equal block in the open market days or weeks This supports the price of the stock while the insiders clean up and clear Ive just submitted a sampling of what could and should be brought out of the House hearings to pave the way for the This may be news to Congress and to It isnt news to respon sible sources in Wall The policing is not good the rules arent stiff our pro tection isnt strong A pasture binge is tike any other binge if con end in a MANNINGS John EL 52601 LUNCHEON AT LLOYDS 1961 DAVE KUNIS RESTAURANT Baked Chicken Halibit Steak Parsley Lemon Butter Mashed Potatoes Garden Fresh Vegetables Bread Coffee or Chocolate Jelo or Chocolate Pudding or alternate Fruit Salad Plate or a Regular Salad Plate SERVED WITH SPEED AMD COURTESY TO WORKING DJNERS A 1 25 IN LLOYDS NEP RESTAURAMT WAY WALL I I DO YOU THINK WALL IS A ONE WAY STREET Well you are entirely The chance of securities going up or down are the Are you In the to be protactad in a down marker Are you in the posi tion to enjoy the profits of bull market The First Mont ice Ho Corporation is prepared to help you achieve both these We dont make guaran however we will try to give the finest personal service For further information call MONTICEilO or write HIST MONTICEILO 30X DEALERS IN LISTED UNLISTED SECURITIES
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