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l‘r
°CeC(lin
Reunions
VAW-122, Steeljaws, 20th anniversary, 16 Na" i l987’ Breezy Point Officers’ Club, LrT ^tat^on’ Norfolk, Virginia. Contact: ^65 1620 ^^ns* 445-1413/autovon 1987 ^ (SS-259/SSN-605), 8-10 May mi reun'°n and 20th anniversary of corn- cut '?nin"’ Groton/New London, Connecti- 449_33°^act: Ens. Mike Metzger, USN. (203)
Tacui Lexi''K,on (CV-2), 13-16 May 1987, 466 I a,~yashington. Contact: Walt Kastner, y Glen Drive, Mira Loma, CA 91752.
cago(DE"197)» 2°-23 May 1987« Chi- •O77' 7 ,'T' Gontact: John J. Judge, Suite ’ J0 N- La Salle St., Chicago, IL 60610.
749] /|,r6y' (DE-218) and USS Roberts (DE- Gontact- rr 7une '987, Baltimore, Maryland. Ave d E>cky Sanphilipo, 4710 Frederick ’’ Baltlmore, MD 21229. (301) 644-0739.
Florida^ a]t!f ^-174, 1948-53, Jacksonville, Dato *9 dune '987. Contact: Steve
0709a BIvd- East, West New York, NJ -■ O01) 868-3032.
!987,>/ Arrow (AP-170), 26-27 June Meyer °*nes’ Iowa. Contact: Raymond
50840’ f7 : N E- Elms St., Greenfield, IA
’ (515) 343-7130.
ESS s .•
s<luadron ^ou»d (AV-13), including 1987 chi nag Pers°nnel, 20-26 July Don Wade*r s<t0n’ ®outE Carolina. Contact: 3°06o tan,,0 Gampbell Hill, Marietta, GA • '404) 426-7883.
lcSS** (CV/CVA/CVS-45, LPH- >987, Bosr CrCW and officers, 23-26 July B°yle, 7oi°rl;,^assacllusetts. Contact: Fred 0203s Washington St., Franklin, MA
w87’ LaiKaste^Dp)"679*’ 31July_2 Auf ^ulbarge,. „ Pen"sylvania. Contact: G ^ 46219 Cheswick Dr., Indianapo
Vk1o -v.
t1a'ne-Com“‘y^ AuSust 1987, Brunswi Rd'’ Arlin! aCt' ,R- A- Kimener, 3545 N. gton, VA 22207. (703) 243-44
BSs AT a 2m
k°Sedjulv lqanC?Wmembers 1945-46, f er’ Et. rha ,• SPec>al call to Lt. Max F rles M- Becker, and Ens. 1
lgs / April 1987
Wold. Contact: Paul V. Barkley, 8149 W. Catherine Ave., Chicago, IL 60656. (312) 763-4119.
USS Sunfish (SS-281), 5-9 August 1987, with WWII submarine veterans’ convention, Little Rock, Arkansas. Contact: Robert Cox, 517 Savoy St., San Diego, CA 92106. (619) 222-4627.
USS Topeka (CL-67), ship’s personnel 194449, 6-8 August 1987, Fall River, Massachusetts. Contact: James W. Wilson, 1022 W. Abbott, Muncie, IN 47303. (317) 288-3949.
USS Ranger (CV-4), all personnel including Marines and airwings, 6-10 August 1987, Embassy Suites Hotel, Fort Lauderdale, Florida. Contact: George Pyle, 8629 Oakleigh Rd., Baltimore. MD 21234. (301) 665-1329.
USS Wadsworth (DD-516), 11-14 August 1987, Seattle, Washington. Contact: Richard Lowe, RR 2, Box 200, St. Elmo, IL 62458. (618) 829-5564.
Guadalcanal Campaign veterans, all services, 13-16 August 1987, Norfolk, Virginia. Contact: Ted Blahnik, P. O. Box 181, Coloma, MI 49038-0181.
Marine 8th Defense and AAA Battalion,
WWII, 19-23 August 1987, Hershey Lodge and Conference Center, Hershey, Pennsylvania. Contact: William J. Callahan, 202 Red- ford Rd., Oreland, PA 19075. (215) 8841828.
U. S. Naval Cryptologic Veterans Association, 27-30 August 1987, Nugget Hotel, Reno, Nevada. Contact: Ralph Cox, 593 Clamor Dr. North, Salem, OR 97301. (503) 585-1721.
USS Ammen (DD-527), August 1987, Boston, Massachusetts. Contact: Art Aubrey, 65 Myano Lane, Stamford, CT 06902. (203) 3232769.
USS Savage (DE-386), USCG, proposed summer 1987. Contact: Joe Frascino, 86 Lexington Ave., Mt. Kisco, NY 10549. (914) 666-5305.
All hands involved in WWII PT boat operations (squadrons, bases, tenders, supply, communications, medical, FEMUs), 3-7 September 1987, Galt House East, Louisville, Kentucky. Contact: P. T. Boats, Inc., P. O. Box 109, Memphis, TN 38101. (901) 2729980.
USS Nevada (BB-36), 3-7 September 1987, Colorado Springs, Colorado. Contact: Roy Johnson, 3826 Knoxville Ave., Long Beach, CA 90808. (213) 429-5392.
USS Leyte Gulf (CG-55), commissioning 5 September 1987, Fort Lauderdale, Florida, in honor of veterans of 25 October 1944 battles at Leyte Gulf, Surigao, Samar, and Cape En- gano. Contact: “Hank” Pyzdrowski, 3916 Merriam Rd., Minnetonka, MN 55343. (612) 935-5454 (h) or 545-5595 (w).
USS Samuel S. Miles (DE-183), 7-11 September 1987, Seattle, Washington, with Destroyer Escort Sailors’ Association convention. Contact: A. T. Wendells, 2112 Third Ave., Suite 500, Seattle, WA 98121.
USS Neal A. Scott (DE-769), 7-11 September 1987, Seattle, Washington, with Destroyer Escort Sailors’ Association convention. Contact: Val Swegel, 845 Bellevue PI. E., Seattle, WA 98102.
USS Quincy (CA-39, CA-71), 10-13 September 1987, San Francisco, California. Contact: Albert Levesque, 46 Foster St., Pawtucket, RI 02861.
USS Detroit (CL-8), 11-13 September 1987, Albuquerque, New Mexico. Contact: F. R. Camperell, P. O. Box 6744, Albuquerque, NM 87197.
Pass-Down-the-Line Notes
Armed Forces Communications and Electronics Association course schedule. All
courses held at AFCEA headquarters in Fairfax, Virginia. Contact: Janice L. Kilpatrick (703) 631-6135 (6)(7).
21-23 April 1987 | Adaptive Communications Systems (U. S. Secret) |
28-30 April | Integrated Services, Digital Network and Related Wideband Developments (Unclassified) |
5-7 May | Military Data Communications (U. S. Secret) |
11-15 May | Command, Control, and Communications (U. S. Secret) |
19-21 May | Transmission Secure Communications Systems: A Designer’s Workshop |
26-28 May | C3I in Support of AntiTerrorism (Unclassified) |
143
Antisubmarine Warfare Seminar featuring Dr. Norman Friedman, 2-3 April 1987 in Norfolk, VA; 6-7 April in Providence, RI; 9-10 April in Orlando, FL; 13-14 April in Washington, D. C. Contact: Technology Training Corporation Seminars. (213) 5343922.
The third annual $500 U. S. Navy Prize in Naval History will be awarded to the author of the best scholarly article published in 1986. Nomination deadline is 30 June 1987. Contact: Director of Naval History, Naval Historical Center, Washington Navy Yard, Building 57, Washington, D. C. 20374.
2-4 June Communications in Sup
port of Intelligence Operations (U. S. Secret) 9-11 June Interactive Decision
Aids and Decision Support Systems for Strategic and Tactical C2 (Unclassified)
15 June Evaluating C3 (Unclas
sified)
23-25 June Principles of Communi
cations for Military Systems (Unclassified)
.Index to Advertisers.
ALS Corporation......................................................... 122
Antheil Booksellers.................................................... 120
Beech Aircraft Corporation...................................... 139
Bell Boeing........................................................................ 4
Computing Devices Company................................... 18
Control Data................................................................. 125
Deere & Company......................................................... 90
E-Systems, Inc.................................................................. 7
EDO Corp.,
Government Systems Div........................................... 12
FMC Corp.,
Northern Ordnance Div.................................................. 1
Ford Aerospace &
Communications Corporation.................................... 10
Four Funnel Enterprises............................................... 22
General Dynamics................................................ 26, 27
General Electric Co.,
Aircraft Engines............................................................. 95
General Electric Co.,
Automated Systems Dept.......................................... 141
General Electric Co.,
Fitchburg/Lynn, Massachusetts 24, 25
General Electric Co.,
Marine and Industrial
Engines and Service Div............................................. 15
General Quarters Software.......................................... 22
Grumman Corporation................................................. 96
GTE-Communications
Systems Div.................................................................... 20
Hampton Company....................................................... 22
Harris RF Communications
Group............................................................................. 132
Harmony Ventures, Inc............................................... 30
Honeywell................................................................... 8,9
IBM, Federal Systems Div............................. 136, 137
The Institute of
Security Design................................................................ 1..... *
Magnavox Electronic
Systems Company 17, 19, 21, 23, 142
McDonnell Douglas
Corporation............... 4th Cover
Motorola, Inc............................................................... 126
Naval Institute Press..................................................... 40
Newport News Shipbuilding.................................. 13®
Northrop Corporation..................................... 2nd Cover
Promotions Plus............................................................ *3
Preston Hobby Models.............................................. 138
Raytheon Company.... 28, 29
Raytheon Ocean Systems
Company...........................
Rockwell International,
Collins Defense
Communications.............................................................. ^
Syscon Corporation......................................................... ^
Todd Shipyards
Corporation........................................................ 3rd Cover
U. S. Historical Society............................................... 31
UTC-Pratt & Whitney.................................................. 1,9
Vitro Corporation....................................................... *35
Wang Laboratories, Inc.................................................. ^
Whitehall Corporation......
Willbros Butler
Engineers, Inc...................
Xerox Corporation............
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144
Proceedings
/ Apr’1
I9»1
Money Matter$
A ‘Preferable’ Alternative
By C. Allen Baker
Generally speaking, preferred stocks are bonds issued by corporations as equity rather than debt. As the name implies, they have certain preferential features over the common stock of the issuer:
- Preferreds, like bonds, provide investors with prior claims to assets and income in the event of default by the issuer.
- Dividends on preferred stocks must be paid before dividends on common stocks can be dispersed.
- Preferreds, like bonds, can carry call features (allowing the issuer to retire the preferred early), and sinking fund provisions (that outline how the issue will be paid off over time).
- A corporation can have more than one issue of preferreds outstanding.
One important feature of some preferred issues is the owner’s right to convert the preferred stock into the common stock of the issuing corporation. This hybrid version is a convertible preferred stock—in Wall Street lingo, a “convert.” Converts can provide income from the fixed dividend of an issue as well as from the potential for capital appreciation that is derived from the ability to convert to the underlying common stock of a corporation. Sometimes corporations do not pay dividends on common stock when they have issued convertible preferred stock. In such cases, it is to the investor’s advantage to buy the convert rather than the common stock. The investor then receives a return through a dividend payment, while simultaneously participating in the potential capital appreciation of the underlying common stock.
Converts can sometimes reduce the downside risk of investing in a volatile stock because of the dividend feature. Converts, because of the equity feature, often yield less than comparable straight preferred stocks. However, in cases where the underlying common stock gets clobbered on the downside, the convertible preferred will drop in price only to a level at which its yield is about equal to a straight stock of comparable value.
Overall, preferreds carry the same two basic risks that we encountered in our discussion of bond investments, namely, the interest rate risk and default risk (see “Money Matters,” January 1987 Proceedings). In addition, preferreds do not enjoy the widespread popularity of bonds and are not understood by many people, although they are widely used by professional investors. This lack of popularity can mean more opportunity for the individual who has a basic knowledge of the investment vehicle.
The primary differences between bonds and preferreds are: few preferred stocks are issued with fixed maturity dates; and preferreds carry a slightly lower average yield than comparable bonds. Whether the investor is interested purely in income or in some balance between income and growth, preferred stocks—and especially convertible pre' ferred stocks—are excellent alternative* to bonds.
One last note: Over the past s,x months, I have discussed many timely subjects. I have some ideas for future articles, but would like to hear from those of you who have suggested subjects that you would like to see in “Money Mat' ters.” Your ideas and/or questions worn0 be appreciated.
Smooth sailing and good investing!
NRP
MtgV--- -rn-.rr.-rr.rr.-----
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I Also available are Continental Model Railroad Supplies; 1
5* ask for our Train Price List when ordering the Ship r Catalog. )
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138
Proceedings / April
The Proceedings Puzzle
Naval Hide and Seek
By Lieutenant Commander James W. Hayes, Canadian Navy
CLUES
- Science of the sea
- Canadian coastal city
- Weather____
- What you might step into on the farm; getting wet from back to front
- A conspiring Soviet ship
- World War II Japanese vice admiral who wrongly thought U. S. carriers were in the South Pacific
- Gets its turn to hunt in a Macintosh
- What a naval officer does during a dirty run ashore; navigation system (abbrev.)
- Prefix for Cunard Liners
- A manmade landing bank alongside a harbor or river
- Ultra large crude carrier (abbrev.)
- Another name for a whirlpool
- He was a major player on 31 May 1916
- Ancient mariners considered this Mediterranean port—guarded by Colossus—to be the center of the world
- Medals were struck from cannon captured at this seaport
- Something ships should steer clear of (adjec.)
- The sea that surrounds Bermuda
- the Red
- CVN-68
- British fleet sailors mutinied against brutal commanders here in 1797
- A “sun gun”
- Monitor's nemesis
- A moving obstacle to shipping
- To swallow the anchor
- Slang for Indian Ocean
- Too much of this causes discipline problems; an astronomic term
- Flow
- Hannibal’s pilot
- Sailing yachts use this stay to counteract a gaffs thrust on the mast
- ASDIC
- Famous U-boat commander who penetrated and did damage in number 27
- Sister to Musashi
- ___ Jones
- Nemo’s originator
- The woman for whom number 42 left Frances Nesbit
- A cluster of several animals (such as seals)
- Soviet fast attack craft
- Someone who disagrees with you normally has one of these out of the water
- A Mediterranean wind
- Archimedean device
- A faithful type of north
- He married and left Frances Nesbit
- Navy ASW system that flies
- Other name for Livorno
- __ von Spee
- Morse help
- Kublai knew him
- Drink that made old-time RN sailors jolly
- This officer spent much of his time getting col
- Navy’s single-seat fighter
- BB-61
- Surface-to-air missile; a breed of dog
- Used to put out fires; something found on beer
- Soviet DDG with four stacks
- --- gang
- Someone’s registry of shipping
- Navigation system
- Made Timor after 3,600 miles
- Unlucky fellows
- Novaya Zemlya party-starter
Ship and Aircraft
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Hiding in this puzzle are 60 words defined by the clues. The words include nautical terms, nan^ of ships, people, and weapons, and events in naval history. Answers may read forward, backward* up, down, or diagonally. (Solution will appear in next month’s "Notebook”)
.. A
Proceedings / Apr"