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The COMMERCIAL and FINANCIAL
<a
ESTABLISHED
Volume
1889
Number 6150
195
Editorial
Reg. U. S. Pat. Offied
New York
AS WE SEE IT
.
7, N. Y., Thursday, April 12, 1962
Price
Cents
50
a
Copy
OTC Market—The World's Largest
The President has felt it wise at this time to deliver his
nth
homily upon our current economic scene. This time it
transportation industry. As has become the cus¬
tom, the message is obviously only in part directed at
is
Shopping Center for Securities
the
Congress, and quite evidently is designed among other
things to call the attention of the public to what the
Administration is already doing. On the whole it is a
highly generalized account of the mess that ~ we have
succeeded in making of our railroads and other means
of transportation. We have achieved this end
through
repeated public action, usually in response to political
pressures and without anything at all in the nature of
a
comprehensive analysis of where we have been headed.
It is
but
a
rather
severe
By Dr. Ira U. Cobleigh, Enterprise Economist
reducing
A
Spring comment
breadth
of
of the
traded
securities
have
—all
it is
with
records
of
continuous
proud of the series of articles
in these columns
run
of
therein,
followed by a list
payments for as long as 178 years.
We're rather
we
the broad acceptance and panoramic
on
Over-the-Counter Market,
dividend
indictment that the President draws,
them
over
the years
designed to define, describe
the largest security trading
world, the Over-the-Counter
fully warranted. We can only hope that some
good may come of its presentation and publication at
and
this time.
Market. While it is
'
,
*
.
says, "are burden¬
national transportation system, jeopardizing the
progress and security on which we depend. A chaotic
patchwork of inconsistent and often obsolete legislation
our
and
regulation has evolved from a history of specific
specific problems of specific indus¬
tries at specific times. This patchwork does not fully
reflect either the dramatic changes in
technology of the
past half-century or the parallel changes in structure
of competition.
regulatory commissions
of
standards.
The
detailed
based
modes
carriers
are
which
required to
there
provide,
little
is
at
(Continued
tudes. With all the
exurban, suburban
new
and retirement communities
there is
map,
bonds
a
new
on
up-surge
national
our
in Municipal
roads, parks,
finance
schools,
police and fire departments. Thus,
the OTC market which trades practically all
Municipal bonds, was never busier in this
department.
to
sewers,
Preferred
stock, which has always been
hybrid,
or
split
personality
is probably the only corporate
of
sort
a
popularity is waning. While
integral part of utility financing, the
preferred stock is increasingly less used in
Still
type of warrant, right scrip, stub,
spin-off, or unit that the in¬
genuity of financiers has been able to think
up. Moreover, there is not the slightest dan¬
ger that the OTC market will ever run out
of inventory!
U vv■
Take indebtedness. Life
'loss,
a
on page
Roughly 95% of all bonds are traded OTC.
In government, we've just kicked the Fed¬
eral debt limit up to $300 billion and, as in
rocketry, we're ever heading for higher alti¬
an
other areas of corporate finance. But its ma¬
jor market remains where it has always
been—Over-the-Counter.
Panoramic Common Stocks
convertible,
distorts managerial initiative. Some
parts of the trans¬
portation industry are restrained unnecessarily; others
are
promoted or taxed unevenly and inconsistently.
for
a fact which indefinitely as¬
market of huge proportions.
and every
of
time-consuming regulatory supervision that shackles and
"Some
bond
t;v
This market is extraordinarily democratic.
Although it makes some very important
quality distinctions, it makes room for all—
debt securities, preferred and common stocks
transportation is subjected to excessive, cumbersome and
services
highs,
a
vehicle whose
out-of-date
on
of the various
management
all-time
security,
Democratic
required to make
are
decisions
debt. Our Federal, Municipal,
sures
Market.
actions addressed to
"The
the
in
pleasing to note the ex¬
pansion of trading facilities and the increased
stature of our nineteen national and regional
stock exchanges, it is also gratifying to per¬
ceive the broader acceptance of the historic
trading institution of which all listed secu¬
rities are graduates—the Over-the-Counter
Transportation System Burdened
thousands
dignify
arena
.
"Pressing problems," the President
ing
our
corporate and personal indebtedness are at
beautiful, and if there is
cans
43)
have shown
no
on
one
the cuff
thing
intention of
can
In
or
capital
stocks,
the
OTC
market embraces
literally billions of shares,
varying in quality and investment stature
from
be
we Ameri¬
doing, it is
common
Travelers
Insurance
and
Christiana
Securities, down to Green Mountain
Uranium. In bank and life insurance
issues,
OTC market has
(Continued on page 28)
the
State,
U. S. Government,
Public
Housing
Municipal
NATIONAL
Securities
AND
HAnover 2-3700
26,
Founded
Chemical Bank
STATE
Office:
•
to
the
DEPARTMENT
Government in:
UGANDA,
Offices
ADEN,
FIRST
-Branches
';"A'
'£:
New York 15
KENYA,
ADEN,
AND
NATIONAL
CITY
BANK
Bond Dept. Teletype: NY 1-708
REPUBLIC
T. L.Watson &. Co.
ESTABLISHED
American Stock
Markets
Active
Dealers,
Banks
CHASE
New York
Correspondent
—
Pershing A Co.
MANHATTAN
BANK
Maintained
and
Brokers
Canadian Securities
Block
New York Stock
CANADIAN
DIVERSIFIED
BONDS & STOCKS
CALIFORNIA
Inquiries Invited
Commission Orders Executed On All
Canadian Exchanges
Exchange
CANADIAN
Exchange
DEPARTMENT
Teletype NY 1-2270
gouthwedt
25 BROAD
STREET
DIKCT
company
NEW YORK 4, N. Y.
v
WIRES TO MONTREAL AND
Goodbody
&
Finance
TORONTO
Dominion Securities
Co.
Corporation
MEMBERS NEW YORK STOCK EXCHANGE
DALLJUBI
THE
1832
Members
first
Sotrthern
RHODESIA
To
DEJAXiBR.
on
California Securities
ZANZIBAR.
SOMALI
SOUTHERN
Net
;
Bond Division
Claremont, Corona del Mar,
Inquiries Invited
BURMA,
tJITOEJR.WR.ITHlI*
DISTRIBUTOR
Notes
in:
CEYLON,
TANGANYIKA,
UGANDA,
NORTHERN
in
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
ZANZIBAR
-
PAKISTAN,
Bonds and
Exchange
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
30 Broad Street
INDIA,
Agency
Municipal
SQUARE, S.W.I.
KENYA,
Co.
California
Members Pacific Coast
STREET, S.W.I.
ST. JAMES'S
&
So. Hope Street, Los Angeles 17,
Members New York Stock Exchange
Associate Member American Stock Exchange
BONDS
PARLIAMENT
Bankers
623
'
Branches
13
Company
Lester, Ryons
"x'. .;•••'
54
1824
MUNICIPAL
AND
BISHOPSGATE, LONDON, E.C.3.
London
NewTorkTrust
GRINDLAVS
BANK LIMITED
Head
BOND
Municipal
and Public
Housing,
State and
TELEPHONE:
ISSUE
OVER-THE-COUNTER MARKET
BRIDGEPORT
s-
v
'
i
•
2 BROADWAY
PERTH AMBOY
,««
>
,
'
.'••
'•
*-
NEW YORK
*
.
-
■
1 NORTH LA SALLE ST.
'
CHICAGO
40
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitehall 4-8161
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA
^
N.T.&S.A.
SAN FRANCISCO
•
-
LOS ANGELES
}-
The Commercial and Financial Chronicle
The Security
Brokers, Dealers only
■jTfcr Banks,
A continuous forum in
You
V
QUOTE
can
in the investment and
us
,
.
Exchange
Corporation
which
through
i
q u
YORK
common
Associate Member
Broadway, New York
.
Nationwide
5
SAN FRANCISCO
Wire
Private
Steiner, Rouse & Co.
for
credit
chines
•
ultra
electro-mechanical writing
and
data
processing
peripheral
equipment, and is perhaps furthest
removed from Dura's major proddesigns
stock extras have been 10% each
in 195-1 and 1959, and 5% in 1960,
speed
To¬
day, over half
Exchange
New York .6, N. Y,
.
NY 1-1557
New Orleans,
La. - Birmingham, Ala.
Mobile, Ala.
Direct wires to
branch offices
our
LAMB0RN & CO., Inc.
?.nd {} * P™bable that consideraincrease
manufactures
and
Exchange
sification program. The cash rate
is n°w $0.40 annually; however,
and
This subsidiary
for cash last Fall.
Stock
'Stock
York
HAnover 2-0700
S°m6 C3Sh dlvldends have been
purchased
was
American
•_
_Paid in each of the past 25 years,
handling Dura products.
subsidiary
New
t9 Rector St.,
rolling
distributors
Members
Members
The present Dura Business Ma-
moderatelyV4he
£ vvfx
STREET
WALL
99
present
NEW YORK 5, N. Y.
Uvtrn
"a
.
.
extra.
Capitalization as of July 31, 1961
SUGAR
,
,
included $5.9 million of longterm debt; a minority interest
from a profit¬
Jerome G. Davis
uct areas.
But it is in an area (Moto Mower) of $367,379 (since
able line of
with particularly strong
growth reduced); and 575,276 shares of
power
lawn
service station characteristics, and adds an ele- common stock. Options to purmowers,
garage
and garden equipment, as well as ment of glamor previously lack- £b;Jse
?
^mm°ri shares at
other products, some also in the ing. A newly developed machine, $12.55' to $20.00 each also were
of sales comes
SVstem
Bought—Sold—Quoted
and
dealers
upon
tive parts.
CHICAGO
•
•
the
"1
I
T
with
equipment, was taken over,
Ih±.^lfo^owei>y_Bu.<ih
facturing Co.,. maker of
de¬
automo¬
and
service
vide
agricultural
equipment
Teletype NY 1-40
BOSTON
11 y
o
pendent
American Stock Exchange
PHILADELPHIA
h
G.
Davis, Analyst, H. Hentz & Co.,
New York City.
(Page 2)
suspensions for trucks. Then, Dura
set up its own subsidiary to pro-'"
the
was
company
w
Jerome
garden tool equipment, but the policy has been highly
and Page & Page; leading West conservative in recent years beCohst
producer of tandem axlerc?Vse .of the expansion and diver-
Ten
ago,
—
leadfn§ Producer of automobile
lawn
stock
years
Established 192Q
largely
years
o n s
dilution.
CORPORATION
ac-
without
made
Hanseatic
its
a^
i t i
s
successfully
has
recent
hi
UvUies
Corporation
1959, Weaver Manufacturing,
progressive
a
diversified
and
Pxnanded
WOrth 4-2300
Louisiana Securities
Dura
that
noteworthy
Alabama &
V
.
have
we
company
call "HANSEATIC."
120
Thursday, April 12, 1962
Week's
Participants and
Grinnell Corporation — Ross H.
Stock Montgomery Ward was modified - Walker, Resident Partner, Abin 1961 and placed on a more effibott, Proctor & Paine, Richcient and satisfactory basis.
;
;
mond, Va. (Page 2)
In
Dura
is
^erchand\Ssing° arrangement
.
In
NEW
New York City
NYSE and American
Members
Dura
speedy executions,,
I
.
:
for home
powered lawn mowers
It
accurate,
and
coverage
X
.
Their Selections
for favoring a particular security.
JEROME G. DAVIS
Analyst, H.Hentz& Co
For truly broad
issue.
of experts
advisory field from all sections of the country
This
Forum
which, each week, a different group
participate and give their reasons
Over-the-Counter
any
I Like Best...
markets in
for broad
.
.
.
(1718)
2
Raw
Refined
—
Liquid
—
Exports—Imports—Futures
inuwcxo
automobile
S.
WEINBERG,
GROSSMAN
& CO.
made.
Security
Y.
N.
Dealers Ass'n • >
.
regarded engineering
developed-:what is considered to be the most advanced made for all of the Big Thfee, as'..velcP^bei%X1*aP1®. PasF
automatic writing systems on the well as for American Motors, and years, ^and ,in particular
highly
staff
Odd Lots
on
(To Brokers and Dealers)
X'
40
]
Exchange Place, New York 5
WHitehall 3-7830
Teletype
NY
No.
has
1-2762
meeting
of
problems of any comnany oor,~
cerned with reducing the costs of
writing and data proexpected
to be rapid, and produce sizable
earnings within several years.
The
record
shows
substantial
earnings under favorable economic
conditions.
While net results in
the year ended July 31, 1961 fell
to $0.43 a share from $2.40 in the
previous year, several extraordirepetitive
Growth here is
duction.
Continuous
Markets
Virginia Securities
Call
us
These are capable
the individualized
market today.
:
Phone:
not all
A particufuture is indicated for
bright
voung&office
its
BONDS
Bids
progressive company which has
diversified and strengthened its
earnings base. The issue is selling
-at an obviously attractive relationship to current earnings, and is at
:a level which apparently gives
Highly technical convertible top jlittle or no recognition to a good Need Hard to
mechanisms for automobiles are -£?W,th potential generated by de-
produces punched'-paper tape in
machine language for other highautomation equip- speed office machines, is attractment
company
brought in last in£ considerable interest. It is exvear for cash
Now being operated pected to start production in June
as
Dura's electronics subsidiary, against a sizable backlog of orders.
a
j
First
factors were reflected. Bethe effects of general economic recession, these included a
strike at two plants, and heavy
costs involved in relocating, inte-
several
by the
the automobile outlook is consid-,116^ PffiCc autOp^atlPP pq^pjnpnt
erably improved. Weather is a subsidiary. I, believe, ' therefore,
factor affecting the company's line that as the; significance of the
of power lawn mowers and other company s materially broadened
wheeled products; but since con- horizons is more generally recogincomes are up, the revised .-mzed, it will be reflected in a
Montgomery Ward contract is on much blSber price for the stock,
a sounder basis, and comparisons
1S traded in the Over-theare being made with an unsatis- Counter Market.
»•
factory past year, these activities
V ROSS H.WALKER
also should do much better. InResident Partner, Abbott, Proctor
dustrywise, it is estimated that the ;
& Paine, Richmond, Va. ; \
original.equipment market t for:
powered lawn mowers is not much.
American
{
Furniture
Furniture
Industries
Craddock-Terry Shoe
R. F.
&
P.
All Issues
f
saturated, un"neH
one-third
than
more
sides
Bassett
while the high proportion of re-'
placements, probably falls within
a
two-to-six-year period.
This
combination provides a favorable
LYNCHBURG,
LD 39
-
VIRGINIA
Victor 6-1333
-
TWX LY 77
Private wire to Shields <ft
New York
Co.,
City
stantial
will
1962
year
to
exceed
is
available at around 8 times earnings
and at a moderate discount from
favorable. Since the stock is
and
an
assumes
added
when
|
tf
1
Ross
H. Walker
takes
of
value
equity
equi¬
ty in the un¬
distributed ;
earnings
of
A wider range of automo-
tions included
an
$4)
—
bound
give,
you
all
on
well
monthly
those
prices
securities
listed
as
will
publication
the
"hard
Over-the-Counter
as
find"
to
quotations.
Write
'•
'r •
•
j'
*
or
""X '
call:
/
"•
^
(
-
WILLIAM B. DANA CO.
25 Park Place
New York 7, N. Y.
REctor
2-9570
nell itself is a major share (76%)
acquisi- tive parts now accounts for around
agricultural parts 40%
of sales, lawnmowers for
in the rapidly growing and very
profitable American District Tele-
X
program
This
ac¬
count its
subsidiaries,
over
I like best.
The
year) ;
per
Copy
one
into
$26 a line of self-propelled snow reshare, there appears to be a well moval units for home owners, de--- its large "cash flow" and its share
founded basis in fact for regard- signed to utilize facilities during of The even larger "cash flow" of
ing the issue as an attractive busi- the off-season slack in mower pro- its subsidiaries. Accompanying the
ness
man's risk, and the security duction, has been favorably re- relatively steady business of Grinnet
$45
(Single
attraction
A
mowers.
and
Wji
improved transmission for
rotary
day
standards
efficient window-lift mechanisms, V
self-propelled
by
present
head and foot can be automatic
cally raised or lowered by "pushare button," lower costing and more
prospects
moderately
priced
end July 31,
$3 a share, of
current
and
(Only
earn¬
In rela¬
tion to report¬
ed earnings it
also have contributed, and an ac-
growth factor appears to exist in
the company's expanded operating
base,
Record XXXX
ings.
celerated program of research and
development has resulted in sevwhich $1.41 has already been ac- eral interesting new products,
tually generated in the off-season Among these are a hydraulically
first six months.
A good built-in operated contour bed on which the
fiscal
the
Bank & Quotation
record of sub¬
.
earnings for
FIND THEM
YOU WILL
.
grating and starting up production sales atmosphere.*
;'
'" "
..
on newly acquired activities. Earn- ;
while expansion and diversifi- !ings were equal to $3.22 in fiscal cation of the business have been
1959, $3.02 in calendar 1957,' and largely accomplished through the ;
$2.77 in 1956.
.
;X-.-. acquisition route, other channels '!
It is estimated that
QUOTATIONS?
The stock of Grinnell Corporation
has a high degree of investment
quality, as evidenced by a remarkably strong balance sheet and a
,
STRADER and COMPANY, lnc;
Find
sumer
nary
.
DIgby 4-2727
previously the Mach-10, which functions as outstanding.
.
:
,
r
;
an automatic-typewriter and alsoIn summation, then, here is a
is
larlv
INC.
'
,
that
But
Members
''
not
area,
ceived.
cash
of
25%, and farm implements, origi- graph Co.
nally the sole business, for only { Since its
establishment 112
10%.- A variety of products ac-! years ago, Grinnell has been the
and a pump manufacturer in 1957. counts for the remaining 25%.
leader in automatic fire protection
The first expansion into consumer
From present indications, the and is well recognized in indusproducts occurred in 1953 when new electronics
subsidiary will try but much less so by investors
and
WOOD, WALKER & CO.
Members New York Stock
Exchange
Since 1869
forgings
company,
and
a
maker
of hydraulic mechanisms
for ordnance and aircraft in 1952,
nominal contribution
because its stock is unlisted and
quality power mowers for to earnings in the present fiscal
was brought in.
After year, but greatly enhances Dura's
was re-engineered
longer range potential. Preproducand
expanded, and an arrange- tion interest in the new Mach-10
ment consummated in 1957 to sup- machine is highland points to a
ply mowers to Montgomery Ward, rapid expansion of operations iri.
this subsidiary moved from tenth an area with an excellent growth
rather closely held. Even less
known by investors is the significance of its investment in ADT,
the only nation-wide organization
specializing
in
central station
electric protection against fire
the Moto-Mower
neer
subsidiary,
a
pio-
make only
a
in
home
use,
the entire line
63 WALL STREET. NEW YORK 5
place
to
leadership
position
in
potential.
j
WHITEHALL 4-7870
(This is under
as
a
no
solicitation
circumstances
of
an
to
be construed
offer to buy,
any
,
,
.
X
as an
.
.
..
offer
..
to
and burglary hazards,
X As of Dec. 31, 1961^ Grinnell
'
:
had outstanding 638,142 shares
and long-term deht of only $500,-
,
sell,
or
security referred to herein.)
•«.
;
/
"
' Continued on page 22
N. Q. B.
OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
23-Year
Performance
of
35 Industrial Stocks
FOLDER
ON REQUEST
National Quotation Bureau
Incorporated \
46 Front Street
■*
New York 4, N. Y.
Volume
195
Number 6150
.
The Commercial and Financial Chronicle
.
.
(1719)
3
CONTENTS
Dimming Business Outlook
BsLlCHTfRSTtlll
By Dr. Roy L. Reierson,* Senior Vice-President and Chief
J
'
Economist, Bankers Trust Company, New York City
?
COMPANY
AND
Articles and News
■-
Page
.
OTC'Market: The World's Largest Shopping Center for
BIG
.
•
Revealing probe of basic
finds that the
for
causes
"prospects for
not to be
suggestive of
economy's disappointing pace
"
or
transpire.
/
general business sag should the ebbing of
a
major sectors
more
one
top of our present low backlog of orders
on
Attributable factors hit hard
and
easy
credit and labor still being plied even though they now lead to
inherited
from
the
past" in the
—E.
originally envisaged. In addition, the
encour-
'
I
aged rise in personal debt, the overlong delay in inflation's halt, the ?
.
SALE
3
_______________
Obsolete Securities Dept.:
f
^
WALL
99
P..Vanderweicken
—Melvin
L.
r
X
Investment
pent-up demand and compositional age shift of the population are-1
also cited as contributing factors to our slower economic growth. \
6
Wiesenberger__J_
*
buckingham
9
—
/
.
1960
tie
with 1961, but there is lit-
or
disagreement that the decade,
The index of industrial pro- •
off by 2 percentage
points — from 113 to
111 —last:
duction fell
September,
and
—from
to
starting point,
cases,
Celanese
on
note.
Since
cited
a
simple turn of
in
the
was
calendar
could
page
.,
hardly
have
been expected
to bring about
a suspension
of
61
.
_
.
only
had.succumbed
the
to
THE OVER-THE-COUNTER MARKET'S
INVESTMENT
toc^Jiterally
alliteration
cheery
sixties.
.those
to
of
the
However,
not
only has the record of recent years
failed so tar to validate the high
ARTICLE starting
observations,
"OTC Market: The World's
1
Counter Market
activity
increase
net
2%.
slowed
of
down
better
no
tassette corp.
178 years
names
which have paid consecutive cash dividends
(Table I,
(Table II,
page
page
29)
well
as
those in the 5-
as
;
to
53).
to
J.F.Reilly&Co.,Inc.
than
Secondly,
the latest
hesitation
in
industrial
activity
was accompanied by
other disappointing business news,' and this
^as naturally 'led 'to" Questioning
New Insurance Mortality Table Adopted
v
IBA Opposes
'
(>
in All 50
States____
35
39
DIgby 4-4970
/'//v.-v'/'■''•
; t' ;
,:
•<
.
■
Regular Features
trend.
Therefore, unless the econgains renewedmomentum
business confidencemay suf-- '
-
.-•••
■;
■.
/T,...
r-VU;:
v::
•"-v''^
Futterman
'tv-
lv
observers but it soon>
As We See It (Editorial).-_^__________„CoveT
the forefront of fer and business
managements are
^
1
•
national concern a number of wor19
iikely to reduce their'^si^hts for 1 r Dank and^insurance Stocks_:_____.
risome problems which may, in
the year ahead
> ;"'v^1fV: .
i--' V: /;/;r
\\ h 'v:;v
.
fact, be adverse to-the resurgence
of
stroogly expansive forces in the
;;
/v
period ahead/-,
c.
keen,
business
Electronic Capital
j*
!
Coming Events in the Investment FieldJ____^.__________/ui__
>
..The Consumer - Will, PWduc•ve eaPacl^y a^plb anq cpmpetition
Broadway, New York 5
"Stand-by Capital Improvement Act of 1962"__ 52
:
*
regardirig the "basic strength and
staying power of the current up-
hopes of many
has brought to
cover page,
exemplified in the tabulations showing the
as
of banks and companies
in the second six months
have
chemical
.
on
opportunities inherent in securities available only in the Over-the-
neverthe¬
In the first
inescapable.
while
industrial
to
the
Largest Shopping Center for Securities,", discusses the investment
,
-
~
10-year category
omy
guardian
OPPORTUNITIES
>
for 10 to
a
presumably
disillusioning
"soaring
the
are
about
was
who
r
^
,
Some
corp.
*
factors, and";
lost ground
quickly regained. ;
; : :
instances
appears
Roy L. Reierson
futterman
15
this
the pace
1960-
Cobleigh____
setback
advanced by some 10% in the first
six months of the cyclical uptrend,
tuations, the
cyclical set¬
back
another
114—occurred
extenuating
as
place,
fluc¬
1Z
U.
,
both
less,
f \ normal
o
business
115
January.
As usual in such,
harsh weather and labor
problems in basic industries were
a
Messing__.
Corporation—Ira
glickman corp.
past
opened
disappointing
F.
rise.
wherever its
corp.
/
Optimistic Economic View of the Chemical Industry
—Richard
There may be some disagreement
as to whether the sixties
began with
YORK
4-6551
.
Gold_________
Companies—Ideal for Japan's Growth
—Arthur
of
*
NEW
WHitehall
v
present profits squeeze, and natural change in demand due to ending
5
STREET,
5
How to Go About Valuing a Life Insurance Company
'
■
results opposite to those
CLEARANCE
Telephone:
of taxes,
areas
,
Some Criteria to Look for in the Electronics Industry
t r
the "inappropriate poli-.< <
are
cies
attitudes
—Roy L.( Reierson_-_
/
'
/conducive basis for
Cobleigh______i_;:_^_i_____;.__^.;___Cover
Dimming Business Outlook Unless We Drop Old Cures "
Though current evidence is found *
business downturn, it is said to provide a
a
; Securities—Ira U.
-
sustained advance Of industrial activ-:
a
ity into 1963 have deteriorated."
-
our
:
,
expectations
.
.
^-1
^
r
;
_
^Dealer-Broker;
/•
Investment Recommendatioiis_________i_
"»
r
,
■
■
;
*
'■
~
Electronic Int'l Cap. Ltd.
-,y-
/,
■
.
Technical Measurements
80
Werner Transportation*
8
c
-r
y
Current. Business Prospects
'l«r
'''
beganin
-
ous
+b
*+h
appear
f
havior of the consumer, which has
'
'
•
J
•r}
'
I "
•
pvlHv
-■
Uvity amounted to about 7%, and
the
physical
volume
of,, total
riation^ 0lltput to J>arely uiore
than 2%. .Moreover, the recession
standards was brief, the
span from cyclical peak to cyclical
low comprising no more than nine
by
This relatively satisfactory
•
bolstered
rec-
rapid
rebound of the economy in the
initial stages of the ensuing recovery.
Business activity early
last year moved forward at a rate
fully as vigorous as historical experience gave reason to anticipate,
and although retail sales continued sluggish and unemployment
remained above average, the hope
was
by
the
justified that the laggards
would eventually
be caught up in the sweep of a
broad and sustained cyclical exseemed
"
in the
-
r
-
..
.
.
/
..
<
[
,
.
'
Washington Ahead of the News-Carlisle Bargeron____ .41
IfVlvl
^
^
r •
indications of Current Business Activlty^....i
}* Prospectus
iar|y evident in the record of retail;
Mutual
.
.
and You
i
on
request
59
-tk
Market
(The)—Wallace Streete_l--_^_:________
i.
I.
Funds
mackie,
&
16
HA 2-9000
24
inc.
40 Exchange Place, N. Y.
Teletype NY 1-1825 & 1-4844
,
.
News About Banks and Bankers.
Assuredly, sales of new passen-
22
f>er, cars, including imports, bave^
NSTA Notes
been satisfactory of :late; m the
early months of 1962 they have
been running at an annual rate of v Observations—A. -Wilfred May
around 6% million units. • If sus^ —Our Reporter on Governments
tamed this would presage a- good
though not a banner year for the
Public Utility Securities.^
industry. Demands for most other
foods, however, have been unenSecurities Now in Registration
thusiastic, and after, allowing for
seasonal variations, total retail
Prospective Security. Offerings
sales so far this year have failed
to continue the promising advance '
Security I Like Best
Consumer
buying is apparently
Security
Salesman's
Trade
Industry
St, Louis
1
-
as
a number of
the persistence of
average
unemployment,
of
and
San Francisco
Washington
27
i
60
1
79
i
2
4
20
^
(The)__^
E. F. MacDonald
11
Tax-Exempt Bond Market—George L. Hamilton
14
Washington
Early
>
Los Angeles
17
being restrained-by
factors, such
Cleveland
Philadelphia
________
Corner.
State
Direct Ifires to
Chicago
56
(The)
achieved near the close of 1961.
above
"
Singer, Bean
;
.
Slowdown—Unfortu- the increased level of mortgage,
natelv for these expectations, bus- ^ instalment debt in relation to
inpoo
activitv
began
iness
activity began to hesitate personal income, and the changed
Continued on page 57
unusually early in the cyclical
An
,
funy id:the business improvement;
in fae past year. ,This is particu-
economy
pansion
;
V vi Y Ulg
EinZig:. "Will Wage Inflation Be Imposed in West Germany?" 26
UP reasonably well in the 1960-61
recession but has failed to shared
all
months
ord
A-'ViiOUlIilvJL
th^.
can
anv
I^s 21 .anZ.!."?l"?SS!.S,et.b.a.^1 ^
decRue in industria
acin
closely tunepl; to
;
l^oWarabo^fs^nocu- ^
business setback
1
las
r
80
and
You__^
'
'
-
For many years we
have
specialized in
Published
PREFERRED STOCKS
FINANCIAL
Reg.
WILLIAM
25
Spencer Trask & Co.
Founded
New
York
Stock
U.
B.
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BROAD
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WILLIAM
•:
1
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J.
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MORRISSEY,
April
12,
Every
Editor
per
Thursday (general news and ad¬
issue) and every Monday (com¬
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3,
111.
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South
matter
Febru¬
Rates
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States,
of
U.
S.
Pan-American
year;
per
per
in
year;
Other countries,
Dominion
of
m V. FRANKEL & CO.
INCORPORATED
year.
1962
statistical issue
market quotation
records, corporation news, bank clearings,
state and .City news, etc.).
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in
Members
and
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Canada, $68.00
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plete
Other
second-class
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to 9576
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Dana
ary
25, 1942, at the post office at New
York, N. Y., under the Act of March 8, 1879.
Other
'
vertising
TELETYPE NY L5
Reentered
CLAUDE D. SEIBERT, President
;r
B.
Company
COMPANY, Publishers
2-9570
Exchange
ST., NEW YORK 4, N. Y.
Copyright 1962 by William
CHRONICLE
DANA
Thursday,
TELEPHONE HAnover 2-4300
Weekly
Patent Office
S.
REctor
1868
1
Members
Twice
The COMMERCIAL and
La
Salle
(Telephone STate
St.,
2-0613).
Bank
$45.00
and
Note—On
the
rate
foreign
must
be
Quotation
year.
per
Publications
account
of
39
Record
(Foreign
— Monthly,
Postage extra).
the fluctuations
of
in
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York
funds.
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exchange,
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and
advertisements
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BROADWAY, NEW YORK 6
Teletype NY 1-4040 &
1-3540
4
The Commercial and Financial Chronicle
(1720)
[drive
its
Sec. 421
OBSERVATIONS..
BY
V
repeal
to
year
Thursday, April 12,-1962
.
of the tax law, the exist¬
ing
loop-hole
option racket.
WILFRED MAY
A.
next
.
.
motivating
.
Assessment
*
the
Dilution
or
y
...Ahead of the News
v
Another important place on the
statement which is chroni¬
cally insufficient is the proposal
proxy
PRESIDENT'S GREAT
THE
OPPORTUNITY
authority,
including
nent Members' Veto
the Perma¬
privilege, v
;
BY CARLISLE BARGERON
v
*
to raise the amount of authorized
This
stock.
common
is
particu¬
A Fact of Fiscal Life
"compromise" Bill authoriz¬
larly true in the case of the closed- The House Republicans have come
A
short-term
loan
has
been end investment
ing the President to make loans
companies, whose
up with a medical care plan for
dilution is immediate and calcu¬
on the ground that the
up to $100 million to the United opposed
the aged that will save money for
Nations as he sees fit, passed by
Organization would * not be << able lable because of; the' "arithmetic"
the aged and the government andj
the Senate should also get favor¬ to "pay it back." This overlooks nature of the portfolio assets.
on
its face,, seems
to be a far
able action in the House. Giving the fact of fiscal life common to
A current example of this is a
superior bill to the Administra¬
the President discretion regarding nearly all corporate and govern¬ current proxy proposal made by
tion's proposal.
our
aid's terms will provide the mental borrowing, that a maturity the Niagara Share Company.
It
gets away from socialized
United States with the needed ne¬ date does not necessitate the bor¬
A proposed amendment to the
medicine
and
the
cumbersome
gotiating flexibility and bargain¬ rower's going out. of debt, but charter calls for raising the au¬
bureaucracy of the Kennedy bill
ing power in place of the previous merely its refunding or other re¬ thorized common stock to 6 million
and also gives more coverage/
proposal's take-it-or-leave-it pre¬ arrangement.
shares from the presently author¬
Twenty five bills by as many
A temporary loan arrangement ized 4 million shares. Since there
scription.
have
been
intro¬
The new plan is also salutary actually conforms perfectly to the are 3,151,363 outstanding, this Congressmen
in. designating our participation financing's basic aim as initially would permit the issuance of an duced, all identical, providing for
a
relatively simple system. They
specifically as a "loan." This will explained by Ambassador Steven¬ additional 2,850,000 odd shares.
eliminate the "free ride" conno¬ son, to
The absence of any stated spe¬ provide, instead of tying old age
"relieve the immediate
The
of
tation
long-term
the
bond
proposal, with its encouragement
given to continued defaults under
the impression that
Uncle Sam
will be standing by to foot the
UN,
cific
breathing spell in
very
financial
difficulties
and
us
give
to
which
a
devise
the
of
long
a
run
solution."
In this context it is
the
highly im¬
President
Public
.
putting "teeth" in the exhortations
to
the
Organization to get its
financial housekeeping in order.
A mid-1964 maturity date would
management's
shareowners.
impression gained
One recurrent
offering
future
of
shares
at
of
additional
these
discount
a
below
asset
whether the Charter
binding financial obliga¬
Assembly,
puts
a
tion
in
vagueness
some
specific
areas.
gross
amendments.
option represents an
members
for
ordered item which gets insufficient treat¬
ment
on
the proxy—both
be¬
obligations. Continuing
on
military
The stock
of
some
market r
price and the asset value, v
The stockholder finds himself in
an
extremely difficult position to
the
redress
abuse.
Should
he
material omissions
would, as esti¬
await the actual offering of the
the
SEC
requirements,
and
mated by the State Department, in
stock, the SEC may bring suit if
management's response to the ex¬ it is not convinced of a
put her in effective default on
"gross
isting prescriptions.
Jan. 1, 1964.
abuse of trust," or if not it will
For example,
the date of the tell him to
Future UN financing also could
go to the courts him¬
take into account the defaulters' option's grant is not called for; self.
Completing the run-around,
evidenced
strategic as well as and the market price on the grant the Court will rely heavily on the
legal status. It must be realized date, which is called for by the SEC. Hence it seems that safe¬
that even if the free-riders should, rules, is sometimes omitted. These guards must be provided
by the
are
required for the SEC
under the legal interpretation of two items
at this preliminary time of
the
Charter's
Article
19,
lose shareholder desiring to know how
USSR
cause
arrearages
their voting
rights in the General
Assembly,
the USSR would still
retain
vote
its
in
the
Security
Coupncil—which, despite the re¬
cent
shift
sembly,
in
still
power
retains
to
the
As¬
substantial
he has fared
ment
vis-a-vis his manage¬
optionees
market
rise
in
relating
the
stock
by
the
the
to
change in earnings.
Continuation
closure
will
ammunition
of
non-dis¬
important
Treasury in
such
supply
to
the
security,
penses, and the Republicans
this would about pay for the
Taxpayers
their
;
Mr.
Miller.
medical
hot
couldn't
to
that
much,
tax due
not
or
payer
between
what
the
and
these
to
act
the
aged
was
a
every
up
with something
Administration
the
Administration
.
bill.
has
been
organizing senior citizens groups
all over the country and, although
the mail on its proposal to Con¬
gressmen has not yet been heavy,
it is
beginning to pick up in¬
dicating that the Administration
activity
is
beginning
to
show
amounts.
owes
in
come
offset
The
the
Treasury would
issue a certificate for $125 or $250
as
the case might be, or the dif¬
ference
*
Congressional
district in the country.
Several months ago he wrote a
confidential letter to all Repub¬
lican members of Congress telling
them of this and asking them to
scratch their heads and see if they
wife.
no
.
moved
was
for
care
issue
tion of $125 or $250 for a man and
If there is
,
.
3%
after
expenses
income,
gross
say
bill.
after he had received reports that
tax deduc¬
a
medical
of their
ex¬
allowed to deduct
are
tax¬
For
$50,
■
..
the reporting in
This despite
provide a timely look-see and a the SEC's voluminous spelling-out subscribe and an immediate loss
of its proxy solicitation rules in
guide for future policy based on
on those who cannot—the latter's
the
World
Court's
awaited an outstanding 25-page pamphlet equity being diluted by the differ¬
pages
of ence between
opinion, requested by the General with nine additional
the
is
aid to social
deduct for their medical
now
example, if the taxpayer owes
he deducts this amount and
the Treasury gives him a certifi¬
value.
=:,
■ ■"[■[ ■
.'• ■ ■ ■;•;.. Y;■;[:/'
results.
cate for $75 or $200, the amount
>.;//While the Investment Companies
The American Medical Associa¬
depending upon whether he is'
Act of 1940 ensures the opportu¬
tion
will
neither
endorse
the
married or not.
nity to existing shareholders to
With his $125 or $250 certificate Republican plan—not wanting to
subscribe through rights offering,
give it the kiss of death — nor
he can purchase any health insur¬
this constitutes a forced assess¬
oppose it. The indications are that
ance he desires.
'
ment on those who are able to
The
Administration ; bill
does they will gladly take it if they
all
or
some
This being the company
to
of
case
as
ick and other closed-end funds of
THE MEETING SEASON
meeting
insist on a two-year maturity on season, it is propitious to examine
and analyze the proxy material
the forthcoming loan. This would
serve
as
a? realistic
deadline flowing in to the independent
the
for
a
has occurred
Adams
Express,
Service, Domin-
possibility,
General
PROXY PERUSAL IN
portant
the
in
Injecting Teeth
constitutes
The chief worry about this is based
on
deficits.
future
thus
purpose
large permanent blank check.
nearly $1 billion which taxpayers
authorization.
proxy
not
provide
for
with
Administration
is
the
It would appear
rules
should
of
use
it tells
you
a
proxy
nothing?
that the proxy
be
drastically tight¬
ened, and the SEC's policing im¬
proved of those rules that do exist.
....
R. B.
Cay Joins
Glore, Forgan
the
Administration, through
chance, should decide to ac¬
some
bill
a
Republican plan the patient could
get a plan with no deductibles.
Robt. Payne With
J. F. Reilly Co.
The Administration plan has al¬
been over advertised and
purports to do things which it
ways
doesn't.
Chairman
"Bill"
Miller
National
Republican
of
J. F. Reilly & Co., Inc., 39 Broad¬
the
insurance
omists.
It
actuaries
will
Administration's
the
to
counter
bill
now
Bache
the
was
the
The Administration is
ing
terrific heat to
get it
far
the
&
Ridgedale Funds
apply¬
out of
BROOKLYN, N. Y.—Joseph F.
Abruzzo is conducting a securities
the Committee.
So
business
Republican bill has
offices
from
firm
It would be financed out of the
name
■
(Special to The Financial Chronicle)
BOSTON, Mass.
manager
We
,
^
^
are pleased to announce that
EDWARD
J.
BOURBEAU
for Reynolds & Co.
AND
M. C. Weil With
Nat
WILLIAM
A.
BARNES
Berger Sees.
Nat Berger Securities
Corp., of 10
St., New York City, has
East 52nd
announced
has
as
that Mr.
become
have been admitted as general partners
Charles Weil
associated
with them
in our firm
manager of the
ment,
trading depart¬
specializing in real estate
securities.
Now
Corporation
Herzog & Co., Inc.,
has
been
formed to
a
DANIEL REEVES & CO.
corporation,
continue
proprietor,
new
are
is president of
the
organization. ' Other officers
John E.
Members.
the
investment business of Herzog &
Co.,
170 Broadway, New York
City. Robert I. Herzog, formerly
Herzog, vice president
and treasurer; N. E.
Herzog, vice
president; and Leonard Berlinger,
secretary.
483
of Ridgedale Funds Co.
;
Forgan & Co., Ill Devonshire St.
Mr. Cay was formerly sales mana¬
ger,for Schirmer, Afherton & Co.
and
prior
thereto
was
-Boston
at
Knickerbocker Avenue under the
been well received.
—
R. Bruce Cay
has become associated with Glore,
has
trading department.
was
formerlywith
Co. and prior thereto
with Burnham & Co.
and Means Commit¬
tee.
an¬
joined their
Mr.
Payne
official
in
City,; has
nounced that Robert W. Payne
econ¬
be
bill
House Ways
and
York
New
way,
Committee,
worked out the bill with the help
Republican
if
get it.
If
buy
cept the bill, there is a good
patient. cMnce for medical care legislation
at this session. The Kerr-Mills Act
has to pay for the first nine days
which has been in effect for about
in a hospital at '$16 per day or
years
is
not proving too
$90.
This would be particularly two
satisfactory.
hard on needy oldsters. Under the
the
the proxy statement, as regarding
the matter of potential dilution,
What
can
sur¬
i tax deduction or the
certificateKVill provide this. Under
of
statement
or
you can
the
At the very least, surely, proper
disclosure should be supplied in
etc.
doctor's
geon's fees. The plan
■'
.
•
-
'
New York Stock Exchange
Pacific Coast Stock
398 So.
Exchange
American Stock Exchange (Assoc.)
Beverly Dr., Beverly Hills, Calif.
Volume
195
Number 6150
.
.
The Commercial and Financial Chronicle
.
(1721)
cntirely
to Look for
soldering
complex
nents
In the Electronics Industry
art. Instead of
new
together
and
we
numerous
working
compo-
in. ..our laboratories,
are,
processing
increasingly
materials
mew
out
and
techniques for
new
^
combining
By E. P. Vanderwicken,* Vice-President, Motorola, Inc.
in
Franklin Park, III.
Mystified at the P/E ratios some investors
apply to electronic companies, Mr, Vanderwicken clears the record as to
why deserved con¬
fidence in the industry's future should not be
mistakenly extended
to
all
to
have
example,
depositing thin films on
surfaces, like dew condensing
are
expectations held about the industry;
j
notes that the difficulties in
Anticipated electronic sales
\
There
which
three
are
major
forces
effects
»•*
—
what the elec¬
tronics
indus¬
enco
in
be
practically
steel
an
some
E. P. Vanderwicken
which
is
a
material commonly used by other
industries. It produces a commod¬
shapes
and
sells
business.
Steel
is
definable,
ease
But
able
you
electrical
not
tube
the
i*
defin-
a
or
amplify
magnetic
or
product of
try
is
industry unless
anything that em-
to
¥
^
But
can't
electronics
?
exist*-as
that
bearing
®
three
are
have
can
on"
'
major
dramatic
a
will have to operate. Every
,
.
is
energy
a
,
analysis
purposes
com-
and
an!
electronic product. We
making electronic alterreplace generators,
an
are
which
have
recently introduced
electronic
ignition
system,
we
While-
these-
are
this
products
fact
-
dll
is
.
helpful
„
few
a
the reliabilprecipitately.
:
pieces,
rises
to do things
o
the
of
i-1111
mho
ness
1 oor
Smaller
start
to
men
Freauentlv°thev
Frequent
rrequenxiy uney
electronics
t
Newer,
new
other
electronics
names
like
is
businesses.
mo
also and some Hnn't In, any event,
don t. Tn am,
are
alone
on
the
x.
Sev
carried
technologic^
IeuCsi"^°g!a?ent^^?'
of
a
not
It
eludes transistors, diodes and
The
far
semiconductor
less
inrec-
re-
under the old art,
mar- tition
ttril 1
v»Tr
Lr\
n
v-%
/\*v\
timc
They
PrlImtlIe produetlon and marketfng methods
*n bm5!' however, it is discovered that business isn't only
a matt£P of having a good mousePe need ^or ^ Pime
automa-
.
Mxr
ficmL
tnbution
^
r
of defiteng the
electron
facilities.
Business
tern.
The
But
I
said
in
stage
this
the
tion, and it
is
solid
only
the
state
first
than
cance
And, come a rather
severe
contraction.- than we
simply semantics.
I
any technol-
economic
doubt that there is
.
mntains
the
have
rombina-
p^mi^tions in™otenapplications
that
exist
far
so
booming
experienced
post-war
Continued
in
and undreamed of
new
appli¬
size,
size,'
and
increase
can
WE
ARE
PLEASED
TO
ANNOUNCE
of
ever^
Solid/state
the
design
of
electronics
means
electronic
circuits
revolution.
nological
able to
THAT
J.
FAY
and
IS
NOW
We
are
ASSOCIATED
WITH
OUR
FIRM
AS
un¬
ASSISTANT
its horizons.
measure
Military Services' R/D
I
dignify
as
Dlavinff
second
a
the
on.
IN
h
...
^
IfllpnUpd ^
would be
out
.
SCHAPIRO
A.
Underwriters
to
•
8c
CO.,
INC.
Brokers & Dealers in Bank Stocks
revolution
ONE
CHASE
MANHATTAN
PLAZA
m.r
a
and
the
of
NEW
YORK
5,
N.
Y.
crash program of all-
research
because
t
effort
M.
ilnSnt in ii«^ In '"
C nnL /J wa^
Th™'
atom bomb.
There
the
or
all-out
an
...
radar
DEPARTMENT
IZZe-
be
f
OUR TRADING
PRESIDENT
major
the research and de¬
policy of the military
services.
If we were in a major
war tomorrow I suspect that there
would
VICE
electronics
companies
velopment
may
revolution.
RICHARD
/
,
development
necessity
for
It
6.
TELEPHONE
1962
HA
5-6600
re-
devices.
APRIL
rLrn^u^liability,
simplicity,
reproduceability; and
the
application
of
electronics
would
in
novel
incidentally
IlKlliiilB
iiiillliiiliiliiiiiiiti
mm
lives and
save
money.
And
so I say that if and when ;
military services fully exploit
the great significance of this new
technology and give it the em¬
phasis is deserves, this will hasten
;
the
we are pleased to announce that
//:
the
arrival
revolution.
are
tial
;//7 VERNON FOX
..
;;4,
4
://-; /
of
In
our
company
is now associated with us in our
pleased to
that
>
^teener
art to add to
new
research.
own
The
announce
we
,
Impact of Foreign
-.
are
already working on substan¬
research
and
development
contracts in this
our
We
the, technological
third
force
has been elected
Competition
I
would*
as
Vice President
men¬
tion is the
iCONVERTIBLE
SECURmES DEPARTMENT'
impact of foreign com¬
petition.
While our industry wasdeep in many other developments
the Japanese came in with
low
cost and
.'1.
-
' *
/
'*'•
.
;
/ " "
.
•
'
-n
:
sized
■
4
4.;
this
radios.
field
important
element
conductor
business.
..because
Foreign Securities Specialists
20 BROAD
STREET
•
NEW
TELEPHONE hanover 2-0050
YORK
5/ N. Y.
mated
mass
-
in
the
And
,
are
an
semi¬
not
by-
TELETYPE ny 1-971
are
they
are
highly auto¬
organized to exploit
markets.
The
European
market
organizing
is
thev, also,
exploit mass
means
to
markets.
April 10, 1961
We would be foolish
we
»
and
common
charge of
our new
Foreign Securities Trading Department
They
and
virtue of low-paid hand labor but
/
in
highly serviceable pocket-
transistor
dominate
P!arl Marks & Ho. Inc.
'■■
have'
a
rrtonopoly
to believe
or
even' an
the
on ptige
reliability
existi^-
in
period,
possible
will the rev-
so
m^ior1 tech"
revolu-
in fact be obsoleted by further advances in this
as
well as technical sophistication is
cs
Pllcatlons looms this major tech-
it is far
smaller, it
reliable,, it is
generates lebk heat, it uucb more
less iicdt, it does iiiuit;
things. By using semiconductors,
may
f
*•
industrial control
communications
Advancing
some
Saf°li^
wnIamii
tary growth will be in computers,
semiconductors, test and measnrmeasur-
equipment.
for
olution in the solid state art lead
power,
m0re
se-
The
ine
H^nnmnnt
electronically that
molecuiar
tube.
be
^L
areas. ■ Industrial £^eeSaSrt
^ay Sate them from
**7^ WU1 ^7 the neXt big" ?he more scverL forms ofTompe
andTnteTrated^Srctil- ?nd ProdJJceablllty at' we hope'
vacuum
their
and
wave
for many years,
veam
tor
considered
tiny component that takes the
a
or
or
nf^whnm
and evaluation
^wer cost.
place
Firms
engineers
engineers
are
are
technical
military sectors and particularly
verelv tested
in the
vereiy tested
in thp rpcpamh
research, development, test
>aYU*
more
never
tion
has
electronic 7,
not
coioc
sales
$14.4 billion in 1961 and may be
d>ic
$16.8 billion in 1962. In 1965 they
may increase to $20.9 billion. The
biggest increases will be in the
important even, just
the semiconductor has enabled
^
clearly
Now, to review the more pracstatistics, it is estimated that
factory
of
This naturally opens endless op¬
portunities for enterprising busi-
tical
cations
certainl/been catfonT tmcausc.^t'"reduces
because,,? it reduces
computer and missile
prise the industry.
For example,, and many utnei
ailu
many
other important adimpuiiaiit
aufor many years my company has
vances depend
on the speed, rebeen
the
principal independent
liability, size and low power reproducer of automobile radios
quirement of the semiconductor
nators
.
„
factor
But
PSLfSfa^P::inIo
even
computers,
communications equip- electronics is able to be
applied to
ment
and
many
other products, many new uses. I mentioned the
that are quite unrelated for inalternator and the ignition sys-
now
,
into
ity
.......
.
sample
^
!!1.3 'ong fb;a'Pj" ;?nv
llnks aie ., -10Ined ,nto,, one ..plece
,
, ,.
technological rey-
a
Fate
Prospects
weight,, heat and ^ consump¬
« beat.a'ld power consump-
quires
.
com-
ponent that is soldered to another
were
Revolution
4ba5 revolution has
tifiers.
electronics indus-
,
applications
to
were
-this .P.?w art sh(?uld Probably tion of our industries will be acbe 111 milltary gear slmPly because companied by need for electronic
is now fo complex and there- equipment for. controlling and a<^ve low costs forced by comSre un.r€llable,.particularly m measuring and feedback func- petition means woi king capital
the environment that some of jt tions.
and ,9ostly P^duction and dis-
com¬
missiles,
vestment
The first important
us
electronics
Technological
is
Revenue
r £2* lp9,reaf. and consumer
as
The first
Sales
[^forms C°ntr<>1 °* the other in.g.eduipmenI'
systems
and
or
panies.
control
or
m
as thin magnetic- "Gallic
ferrite and ferroelectric ceramics
<
the
upon
semi-
a
which
m
j
discuss
can
factors
there
SemicondSr3 devteesmo
Back
or
vacuum
a
really
readily disqualify
can
but not with complacency,
non-miii-
y
that
say
conductor
said
relative:^
with
are
electronics
product
ploys
cement,
and many
aircraft
industries
•
current, tetectrical flux magnetic
"7
a
Easily
an
defmed commodity. Glass
other
use¬
thoughTwere
to
to^flna^'users^uch'as'th?Mnstrifcautomobiles,
I
it
and
as
general
effect
ity which it finishes into certain
tion
until
to have
IrAAf
forces
The steel indus¬
steel
and
and fuzzier
ceases
industry
I
No of
forms
electronics
this mythical industry.
cars,
makes
it makes
but
the
talking about doMn't
am
it doesn't.
•
and
more
S'Inexperton
uJ fh\
automobiles,1
try
so
myself
boilers and
new
one
the technical literature and try to
American industries, we also have
.comprehend the myriad of uses of
the problem of competing with
electronics
one
would
conclude
lower labor costs in other counthat it is beyond
comprehension.
tries. Combine that fact with ad— Moreover
it
is
each
explosive
vanced technology and
organiza— new develooment soon leads to
Hon lor mass markets by those
many new appUcations.
It is a
countries and the problem is obmost dynamic art and technology,
vious.
I believe we can meet
it,
it matures. This
as
machinery
dustry include
course
art
Electronics is not
TnalyTed^
And
or
in part?
Does
the
steel
in¬
stoves?
an
material''or^ommodiTy'n^orVtype
be
freight
S-
» to
functions
ful meaning.
of
of
company's futhing: this
one
industry fuzzier
mpasses
whole
our
for
highly important
things
made
except
4hat
it
you
industry
all
developing
npw
.
in 1961.
lustrates that electronics is
s
that the
say
steel
projecting
ture
thedeffnitiionof
industry.
Would
in
more
try is, if it is
an
dp»vplnrnnf*
onmniov
put at $16.8 billion
1965—compared to $14.4 billion
dramatic
have
can
compressed into a
as one's little fin-
arp
are
.
'
the future of the electronics in-
on
are
be
small
Wp
We
now require
onmnnnontc
complex components.
For those technically
inclined,
.the problem is to
generate, transmit, control and store -electrical
energy
energy in four forms: electrical
in four forms:
and lists criteria to evaluate the
fast-moving
developments and to detect the companies best able
for 1962 and $20.9 billion in
as
pornail
gernail,
form functions which
analysis in this area;
•:£(4o exploit them.
may
device
,
after another,
configurations so
one
electronics. If
gi nee
cubic foot of electronic cir-
a
cuitry
:
defining the industry is nothing compared to what defies investment
technological
grass,
controlled
that
industry. The writer reviews the forces apt
dramatic effect upon the
industry, and the unreasonable
a
the
on
with
the firms in the
small device. For
one
;we
flat
.
circuit functions
many
advantage in imagination and enring skills.
Like many
5
»* t'
it
58
and Financial Chronicle
The Commercial
6
insurance growth
life
prospact.va
other questions are
these and
actuary who suggests how to
supplied by a
about
go
Valuing
a
needed in the follow¬
(a) in the sale or
life company; (b) in
ing situations:
of
merger
a
reason¬
ableness of the
a
life
price
particular
(c)
in
life
com¬
of
terms
$10,000
of
life insurance;
(e) the rise in per¬
the
highly relevant; (f) life insurance
tax
reason¬
ableness of the
issue
a
new
stock;
Meivin
Gold
A
in the com¬
of
the
insurance
life
special in¬
a
insurance
life
company
unique
features
made
rates
were in
position.
tax
some
order to trace changes
tax
advantage
come
in
(e)
income
companies
price
of
losses,
Only
gains
earnings.
of
capital
service
past
pension
is
evidence
basic
a
struc¬
that
the
lapse rate of policies after such a
fundamental
change often rises
significantly. Will agents continue
to service their policyholders or
will they attempL to
take them
As
to another company?
far
as
expenses
•
are
con¬
cerned, the central question is the
operating efficiency of manage¬
ment. What has
"non-admit¬
expenditures, deficiency re¬
serve. increases,
reserve strength¬
ening and other, unusual gains
losses
has
by the National Association of In¬
surance Commissioners. However,
an investor will often value bonds
pany,
J underwriting
using market value or an amorti¬
zation schedule based on a higher
interest rate. Each of these alter¬
understand
1
sonal
offering
true
effect
There
after
corporate
the
plan •contributions,
products evolve slowly and can
quickly be copied.; - .■
in
determining
(d)
pany;
to
me
ture?
expected
in
ted"
in
$1,000; (d) the birth¬
rate increased sharply, emphasiz¬
ing the original raison d'etre of
of
tualization
a
instead
demu-
or
in
think
them
the mutualization
and
product
is. no
away
after
inventory capable of depreciating
or becoming obsolete. Innovations
time, made millions of servicemen
and their beneficiaries aware of
the role of life insurance and made
insurance
stock;
There
premiums.
valuation
minimum
be
change
or
been
unit
been the trend of
expenses?
Are i
company
operations "properly mechanized
(or
are
they
overmechanized)?
Examination
the
of
Company
business
market
of
define
to
tends
might
T
determining
the
Industry-wide use
statutory
same
base. How does the company fare
in this respect? What lapse rate
placed in proper
perspective,, would • we be in a What will be the effect of the
■>
Before setting a value,;, various position to project true earnings.,; contemplated purchase,... merger,\
A In any
discussion of earnings, or reinsurance on expenses?
:
*
aspects of a company's operations
can
hardly proceed without /. A company's pattern of -earn¬
must be examined. A; -i .-a ;;.;v144 we
up a profitable picture all seemed
examining th£: effect of the 1859
Assets:. Determining the quality
ings is very much affected by the
to
jell in the'decade following
Federal Income Tax Act. Former¬
and value of the assets securing
rate at which it is igrowing.
A
World War II: v
ly the income tax was essentially
a
company that.: is growing, slowly
company's . liabilities,;;, capital
:
(a) mortality improved dramat¬
stock
and
surplus
is
rather a charge against investment in¬ will soon accumulate a propor¬
ically; (b) interest rates began to
straightforward.. Most bonds, and come; and was so treated in any tionately ^.large. inventory, of .re¬
climb steadily upward; (c) gov¬
of earnings.
Today, newal business which finances the
stocks are 'Valued; in the annual projection
ernment
insurance,- for the first statement ;on the basis,.specified particularly for the " stock com¬
new
life insurance company
is frequently
the
tables
despite the complication of today's ever increasing
•
government contract being sud¬
denly dropped or added. Rate wars
in the usual sense are almost un¬
heard of although competition is
a
of
jiving the first question
number of sates,
mergers and mutualizations.
In answer to the second question, life
insurance eulteqk appears bright to Mr. Gold who refers to some
unique and very attractive investment features inherent in the industry. Suggestions are provided to enable the "outside" investor to
use the
same
analytical methods employed by "insiders."
stability. We -do not have
this
to
still aggressive.
what
patterns? Answers to
New Jersey consulting
determine a life insurance company's value and
do you
the
are
•
Thursday, April 12, 1962
.
earnings
units to scattered individuals, adds
Meivin L, .Gold,* Consulting Actuary, JVest Orange, N. J.
How
small
relatively
in
consummated
Company
A Life Insurance
The fact that sales are
industries.
How to Go About Valuing
:
.
plus. Thus with the current rise
in
interest'earnings, monies set
aside for future reserve strength¬
ening may no longer be needed.
However, the implications of such
a
move—actuarial, financial, and
statutory — are far - reaching and
should be thoroughly explored.
Earnings: Our gcal here is to
proceed from annual statement
than those of other
nomic "cycles
By
.
(1722)
as
and
an
has
attractive
very
investment..'Where¬
pany's intrinsic worth; (f) in the as it takes a large capital invest¬
payment of gift and estate taxes, ment
to
set
up
almost > any
particularly with reference to an manufacturing process, the legal
inactively traded stock; (g) in the requirement of most states for
selling or reinsurance of a block incorporating
a
life
insurance
of
in-force
business
(only
an
company ranges between $150,000
exam ination
of
the
particular and $450,000. (Of course, the legal
.approaches-; will
nate
taxed. As
cuss
or
generally
siderably" from statement; .values.:
Assets requiring careful analy¬
mortgage
real estate, large
are
De¬
loans, and direct placements.
termining the value of the home
office
building is sometimes. a
assets listed
in
have significant
The
problem.
X
Schedule
such, whenever we dis¬
we * must
clearly
earnings1;
after
whether
taxes.'-
it
is
'
-
before
'
,
surplus.
pattern
contributes
and
to
Sudden changes in the
of new business produc¬
tion have
a
decided effect
strain
business
on
new
therefore
and
on
the operating statement.
tions to be asked.
may
correctness of the due
value. The
are
A rapid¬
ly growing company is, in essence
\ ±44: Examine Each Line
a new
company each year in that
.Each line of business should be there is a relatively small back¬
separately examined. Each facet log of in-force business to support
of the composite picture—mortal¬
the new production. For a rela¬
ity,
morbidity;
interest,
lapse tively new company, rapid growth
rates, and expenses — should be means the postponement of the
analyzed and significant trends time of getting into the black. If
noted. Following are some of the
the new business is good, then a
areas, to
be explored and ques¬ fast growing company even with
produce asset values differing con¬
sis
gains
;
premiums should be
examined. Certain portions of the
nonadmitted assets may also be
of
value
to
the;: investor. Thus
monies due from; a foreign re¬
and deferred
-What
an
the company's
claim philoso¬
has, been
underwriting
and
be
annual
operating
deficit
may
doing extremely well.
Volume
Profits
and
phy? May a substantial -volume
of guaranteed
issue or "liberal'
Obviously,
however,
just
a
underwriting affect future mor-, large volume of business is not
tality or morbidity significantly? enough;
it
must
be
profitable
insurer may be considered an ad¬
What has; been the investment business. Here there may arise, a
business
in force
is
called
for minimum
is
rarely
a
prudent missible
asset
in
the
annual return on .the entire portfolio and conflict; between stockholders and
here).
level.) Mature life insurance com¬ statement if such reinsurer is not
Some in¬
on
new
'A-.': i'o * v'.-V:r•
investments^ What has company executives.
panies
operate on a relatively licensed in the state of domicile.;
arbitrarily give a price
been the effect of capital • gains vestors
Growth in the Number
small capitalizing, utilizing funds
Assets
(machines, desks, altera¬ and losses? What portion of in¬ tax of $20.or $30 a thousand to
Of Companies
which are entrusted to them for
tions to buildings, etc.) which have vestment income comes from the life insurance in force without
What
has
brought about the safekeeping. There is no funded
been expensed and are thus now stockholder accounts (capital and
regard to the inherent worth of
tremendous growth in the number debt, and rarely any preferred
shown
as
a
nonadmitted
asset,
the business. Thus large produc¬
surplus funds)?
;•
of life insurance companies in a stock.
%
•
|' may be of significant value.
tion of unprofitable business may
A .company's net gain or loss
little less than two decades?
Life insurance growth patterns
Liabilities: Policy reserves usu¬
boost a
company's
from surrenders
is affected not temporarily
The ingredients that go to make seem to be less affected by ecoally constitute over 90% of all
only by persistency rates, but also stock price while in fact it really
liabilities. Therefore, an examina¬
the ' company's
long-run
by the level of cash values. Early erodes
tion into the adequacy of the re¬
lapses, particularly on high cash
earning
capacity. Unfortunately
servebasis
of
all
benefits
is
value plans, work a hardship on
imperative. This is particularly a
management is sometimes judged
We are pleased to announce that
company since new business cost
true of Accident and Health in¬
must be spread over a narrower more by market quotations than
surance, where the guideposts are
less definite. In setting
the life
G
•
.
-
ROBERT W. PAYNE
companies
reserve
basis,
have
choice
a
has
joined the Trading Department
method.
today
interest
of
rate,
table,
and
valuation
change of %% in the
mortality
A
pleased to announce that
are
valuation interest rate may change
of
our
organization
insurance
life
.
by
reserves
ap¬
MR. M. CHARLES
proximately 5%. The increase in
reserves on going from a prelimi¬
nary term valuation method to a
net level
premium method may
be estimated by using the revalua¬
tion
formula
forth
set
in
is
now
Reilly & Co., Inc.
last
the
cause
39
Broadway, New York 6
DIgby 4-4970
•
new
life
insurance
code has induced many
to
consider
reserves
to
method. The
factors
of
use
a
of
-
are
pleased to
the
liabilities
statement
of
considered
erly
be
vice
C.
versa
SCHUTZ
this
respect
is
not
should
prop¬
surplus and
always clear.
Vice President with
a
ment
our
Organization
deficiency re¬
for future settle¬
are
reserves
serves,
as
We Announce
a
options, mandatory security
reserve,
group
contin¬
change in
and other special reserves,
strengthening
require¬
ments, liabilities for unpaid ex-,
penses
and taxes, liabilities for
•
.
453
Radondo
-
So.
Investment
*
-
'.
.
,
'
Co.
>
'
Member
Pasadena
Pacific Coast
Stock
Long Beach
Exchange
'
'
from
v
,
,
•'
A'.
.
,
"
■
.
'
'
to
•;
A
.
/ ■
of
business valued at
>.
Spring St., Los Angeles 13, CaJif.
Baach
block
nonparticipating
a high
interest
rate may be a danger. Surplus al¬
located
to
participating policy¬
,
'
corporate name
incurred but unreported claims. A
large
Securities
,
our
Lane, Mutch & Co., Inc.
reserve
&
\;
valuation
gency
Bateman, Eichler
SECURITIES CORP.
New;York 22, N. Y. • PLaza 2-1020
as¬
Particular items to be reviewed in
JOHN
East 52nd Street,
sumption should be explored.
Just how much of a company's
announce
association
10
force
policies. The propriety of this
We
NAT BERGER
reserve
in
A
NB
relatively uni¬
distribution
form
mean
as
rv
tax
companies
strengthening their
a
net level premium
assumes,
organization
Specializing in Real Estate Securities
:
(c) of the 1959 tax code. This
item
is most" important be¬
818
our
MANAGER-TRADING DEPARTMENT
Section
,
J. F.
associated with
WEIL
holders is not stockholder surplus.
On the other hand, monies, once
allocated
for special
purposes
but
longer considered relevant
may possibly be released to sur¬
now no
Mutch, Khanbegian, Flynn & Green, Inc.
New York 6; N.
115 Broadway
DIgby 9-3C60
Y.
Volume 195
by
more
plex,
real
Number 6150
extent
are
affected by
agreements? What
co¬
cult
are
life insurance company than
power.
more com¬
tile
of
criterion as is usect in
company's
f
stock
■
A
company's
nificant. What
retention
are
the
is
sig¬
financial
implications of the reinsurance
approach and the recapture ar¬
rangements?
To what
earnings
insurance
will
business is reinsured?
How
-
.
Home
Office
Personnel:
,
The
company.
be parent company? What are the
moral
obligations to employees
no
longer fit into the new
who
scheme of things, yet who in pre¬
vious
years
rendered
faithful
service?
What are the financial
implications
existing
of
nal investment
within
policies are not known until the
period of the contract has expired.
However, certain approximate
methods may be used in order to
estimate future earnings.
■
is
It
improper to take
reported in the
published annual statement and
multiply by some "times earn¬
ings" factor, since the gains re¬
clearly
the "earnings"
as
vealed in the annual statement do
necessarily represent the real
earnings of the company. This
becomes even more apparent in
not
vesting, stock op¬
tions, - territorial rights, compen¬
sation, fringe
benefits, training
program,
turnover
rate,
office
leases. An analysis of new and inforce business
by agency and type
of producer is needed. A primary
question is the permanency of the
(1)
does
How
from
annual
true
one
earnings?
How
are
statement
proceed
gains to
Federal
income
taxes
being treated?
.
(2) How does one project true
earnings?
.V
agency force. Will the men re¬
main and how will thev fit in,
(3) How many years of pro¬
jected earnings be. discounted?
Is the com¬
(4) What discount rates should
merger?
a
dependent on a few large
producers?
Group Insurance: Group insur¬
pany
ance has become perhaps the most
^competitive field in life insurance
today. Profits in Group Accident
tent
in
nonexistent level. Rea¬
for
maintaining such a line
indirect ones, such as
"additional tool for agents." Re¬
sults fluctuate greatly from year
to
year.
Large group cases are
sons
should
used
with
interest
the
fate
be
Ul¬
consis¬
rate
used
valuing the assets of the com¬
pany.
j
a
The'1 discount
timately
and Health have often been forced
down to
used?
be
able
\
are
nevertheless, pro¬
many;
often
may
once
^"controlled"
and
stay with a company
ownership changes. The
not
the
Participating
lot
we:
of
C. Wood, formerly sales
President, has been elected
President
of
the
investment
have
Co.,
Wall
New
-
the
profits is incapable of being de¬
termined, arid that the only sig¬
or
nificant value is what
,
filling
vacancy
the
death
the
around
to
varying
Mr.
degrees.
'/ //■;
might be turned
ask, "What must we
offer X dollars for
a
that this is
siderably
Business:
What
/
He
value
tin
much
more
for
any
of
consequences
the
rector
>
Bangor and
■
are
Smith
the
President
future
is
"
.
always
an
offer to sell
nor a
\:}:
.
to act as
...
of
the
serving the private investor.
The
firm
throughout
rapid
of
difficult
has
representatation
Middle
the
England states.
apparent
requiring
exploration.
area
W. Blair Appoints
con¬
;
J. B.Vadovicky
vicky has been appointed director
of internal operations for William
Blair
St.,
has
elected
been
and
M. A. Hanna
Treasurer
Co.,
S.
Vice-
a
of
The
closed end in¬
&
Co.,
m^ipbers
Mr.
Vadovicky
must
that
taken
be
Assume
into
for
with
that
to
firm
since
manager
1953 and to
~
additicnal $1,000,000
each
;
v
are
5.75,000,000
Gas Transmission
of
Company
April 1, 1982
April 1, 1962
Prke 101%'
and interest accrued from
i
April 1,1962, to date of delivery
brings - in an additional
interest.
Two
new
may be doing equally
surplus
$40,000
of
companies
'well
in
in
terms
their
of
actual
earnings
Copies of the Prospectus
early years. However, If
undersigned
A had an initial invest¬
$6,000,000, whereas com¬
pany
B started with $1,000,000,
company A would have $200 000'
as are
may
be -obtained from only such of the
Qualified to act
as
dealers in the respective States.
'
company
ment
of
additional income each year.
Thus
A might show a gain
from operations of $150,000 white
company
company
:
Stofte & Webster Securities Corporation
Blyth & Co., Inc.
f
Glore, Forgan & Co.
General:
An
a
investment
in
Harriman
Goldman, Sachs & Co.
Lazard Freres & Co.
Lehman Brothers
in
a
future
earning^
Paine, Webber, Jackson & Curtis
Incorporated
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
•
Salomon Brothers ;& Hutzler
Corporation
Kidder, Peabody & Co.
Ripley & Co.
Incorporated
Value
life insurance company should be
investment
The First Boston
Eastman Dillon, Union Securities & Co.
'•
Setting
an
Halsey, Stuart & Co. Inc.
White, Weld & Co.
B would show a loss of
$50,000,-even though both com¬
panies were doing equally well.
Clearly it is misleading to look
solely at earnings with out relat¬
ing these to a company's capital
and surplus.
in
partner in 1961.
April 10,1962
con¬
a.
1945,
the
City Bank of New banking and financial division in
New Issue
example,
,,
formerly
was
auditors. He had
accountants and
advancing
5% Debentures due
York
Exchanges.
partner in Arthur Andresen & Co.,
been
National
LaSalle
of the New
and Midwest Stock
vestment company. Mr. Smith was
First
South
135
an offer to buy any of these securities. The-offering is made
behalf of only such of the undersigned as are qualified
Dated
Atlantic
stock
and New
solicitation of
on
special¬
ize in
dealers in securities in the respective States.
holders' equity (capital and sur¬
plus)
■
lished in 1937, are dealers in listed
Competition has forced York.
gauge.
the
Co., Inc., estab¬
and unlisted securities and
formerly a Vice-President of the
not al¬
apparent.
The
to
and
A. W. Benkert &
Smith Named by
M. A. Hanna Co.
dangerous because they may
bs long deferred
of
di-
CHICAGO, 111.—Joseph B. Vado-
too
all
are
an
more
20
a
Corp. and
Aroostook Rail¬
road/-: '■■■
The CLEVELAND, Ohio —Richard
basis.
spending'
business
ticipating polices is usually
limited by statute or company
charter. The profit margin on par¬
sideration.
is
Bangor and Aroostook
by Mr. Gold before the
Society of Actuaries, Kansas City, Mo.,
April 5, 1962.
company
only by the Prospectus. This is published
ticipating policies used to be considerably smaller than the earn¬
ings on nonparticipating policies.
However, business is today much
more competitive
and the spread
of
earnings has narrowed Considerably.;
v. /
Kr-.-h";:.:'. ■
Capital and Surplus: The stock¬
for
firm
years.
Harry C. Wood
address
*An
knowing that upon basis "a" the
company is worth A, upon basis
"b" the company is worth B, ete.;
it is
quite another situation to
offer X dollars without having
any'.'idea as to a company's; in¬
herent
view
asso¬
ciated with the
written in
growth in the number
companies, it is quite
in order to meet some specific
condition,
which
condition : de¬
pends on our own particular re¬
quirements?" All purchases in¬
volve bargaining. It is one thing
pay
to
In
between.
Wood
has been
hope that it will elicit com¬
ments, ideas, approaches on an
aspect of our industry where the
guide posts have been few and far
does not negate
of a "scientific
March
on
11 of this year.
■.
This paper has been
Am¬
brose W. Ben¬
kert
the
system.
of
founder,
its management and of its agency
fering price to
:
However, this
the
importance
price." ; - <:
>, The
question
Inc.,
created by.
purchaser expected to improve in the middle
•is willing to pay'for it. There is and later
years,
although at a
slower pace. The public is being
no question that this is true to "a
to
certain extent, but then this is educated
think
in
terms
pf
true in most parts of the business larger policies. How the individual
world.
In
addition,
economic company will fare depends on a
cycles, tax considerations, com¬ variety of factors, the most im¬
petition, world conditions, market portant one being the caliber of
government
action,
demand, and stock¬
holder pressure all affect an of¬
York
the
a
psychology,
supply and
52
Street*
City,
no
guarantee that the future will re¬
peat the pattern. In addition the
implications : of
se¬
curities firm of A. W. Benkert &
mis¬
increasing rapidly. Interest rates
are satisfactory.
Mortality can be
ticipating
and
nonparticipating
policies? The annual earnings that
stockholders can derive from par¬
■
Harry
Vice
However, the future does look
bright for the life insurance indus¬
try as a whole. The population is
,
the respective proportions of par¬
•
A. W. Benkert Co.
shift in life insurance sales to the
lower reserve policy forms is not
clear.
•
business
' in-force
This advertisement is neither
such
as
important question to be asked is:
"What is the probability of main¬
taining a black balance?"
_"/•'
;
a
future
v
ways
..
tality rate covered
take? in the past,
long-range
reason¬
Conclusions
H.C.Wood Pres. of
profitable. It must be
more
7
The
companies
emphasized, however, that while
a
dramatically improving mor¬
vf... V..
.
down.
new
(1723)
often
are
;
even
A It has been said that the value
of
The intangibles and approxima¬
tions
period.
margins
However, larger
volume, even with a lower unit
profit, can, in the long run, be
the origi¬
a
profit
has been, to some
extent, respon¬
sible for this.
or
adopt a long-range outlook
since the earnings on any block of
contracts,
following
unit
mushrooiping of
purchase,
we are talking about changing vir¬
tually every aspect of a company.
merger
recover
pension
considering a relatively new life
plans,
employment
contracts, insurance
company.
Since
the
stock options? How much of the
company
is still operating at a
pension plan's initial past service
deficit or else has only recently
liability has been funded?/
>
emerged
therefrom, the "timesAgency
Establishment:
The
earnings" • approacn is meaning¬
agency operation of any life in¬
less. Is the company
dissipating
surance
company
is the prime surplus or accumulating it? The
source of future growth and earn¬
annual statement will not answer
ings.
AH aspects of the agency this fundamental question..
•
system should be examined, such
Simply stated the problems are:
as
about
dent to wish to
must
How effectively is
management utilizing its person¬
nel?
How smoothly can the pres¬
ent management be merged into
the organization chart of a woulda
talk
A life insurance company
suffice..
caliber of management may be a
vital factory in the examination
of
jections do have th6 advantage
of showing the impact of changes
important parameters,
i.
increased interest rate, higher
lapse- rate, greater sales, more
years of future profit discounted,
etc. This is vital, since,- when.we
in the-more
.
the
company's retentionv .be
affected by the prospective mer¬
ger? ' :
....
>
>
•
•
' <
earnings for ..a
)'
it is
for an industrial corporation of
i Considering
the many eventu-.
size. / For- htheh life; alities* which may render -the
comparable
company no simple formula will estimate. invalid, it is only pru¬
the Federal Income Tax implica¬
tions? What portion of the
in-
force
of
to determine
'
Financial Chronicle
The Commercial and
.
.
This is, of course, the same
buying the
any industrial corpora¬
tion.
Investors
are
seeking
a
reasonable return
(dividends or
capital appreciation) on their in¬
vested capital.
However, it often is more diffi¬
meaningful; if
indexes
progress.
future
.
Smith, Barney & Co.
Incorporated
Dean Witter & Co.
The Commercial and Financial Chronicle
(1724)
8
investment literature
2
THAT THE FIRMS MENTIONED WILL BE PLEASED
PARTIES THE FOLLOWING LITERATURE:
Industries
Corp.—Analysis
J.
—
Anal¬
—
Williston &
R.
Beane,
Broadway, New York 4, N. Y.
Continental
Company
Baking
Electronics and
Electrical Equip¬ Mackay & Co., 524 Washington St.,
1
1
1
Analysis — A. C. Reading, Pa.
—
Allyn & Co., 122
Street, Chicago 3,
for Income
Stocks
South La Salle
111. Also avail¬ giving
Bulletin
—
—
interesting
Ralph E. Samuel & Co.,
able
are
analyses of McGraw- issues
Edison Company, New York Air 2 Broadway, New York 4, N. Y.
Brake
and Simplicity
Manufac¬ Tax Exempt Public Bonds—De¬
data
seven
on
—
Industry — Review
Securities Co., Ltd.,
chinery
Nomura
Market
Bulletin
—
Securities
Daiwa
Report —
Weston Smith Associates, 52
ABC Vending Corp.
—
Broadway, New York 6, N. Y.
Also available are data on a se¬
list
lected
of
Inc.—Bulletin—
Kennet PR Associates, 6642 Sunset
Boulevard, Los Angeles 28, Calif.
tions.
Alpine Geophysical Associates, Inc.
Japanese
Market
Yamaichi
Securities
Review
—
—
Inc., Ill Broadway, New
N. Y. Also available are
data on Asahi Glass, Daimaru Inc.,
Isetan Company, Ltd., Mitsukoshi,
Ltd. and Takashimaya Co., Ltd.
26
York,
Stock—Comparative Study—Pratt
&
Company Transportation Bldg.,
Washington 6, D. C.
American Telephone & Telegraph
-—
Co.
—
on
&
Meeds,
York 5,
New
an
up-to-date
the
in
used
Folder
—
compari¬
tions
Averages and the 35 over-thecounter industrial stocks used in
National
the
Quotation
ments
period — National Quotation
Bureau,
Inc.,
46 Front
StreeV,
New York 4, N. Y.
—
Selected
Common
chure giving
in
data
General Motors,
Stand¬
Gas
Transmission
and
Phoenix
Myers
—
Memorandum—
Jas. H. Oliphant & Co., 61 Broad¬
G. A. Sax-
way,
New
available
York
6,
N. ' Y.
Also
.memoranda
are
—
Bro¬
35 companies
on
various
Union
Gas, Diamond
National, International Telephone
&
Telegraph
categories which ap¬
pear attractive — Carl M. Loeb,
Rhoades & Co., 42 Wall Street,
New York .5, N. Y.
Silver
and
Reynolds
Tobacco.
Calif.
—
market
Discussion
of
the
silver
Jacques Coe & Co., 39
Broadway, New York 6, N. Y.
Burgmaster —- Memorandum —
William R. Staats & Co., 640 South
Spring
Street,
Los
Angeles
14,
—
Soft Drink Industry
Bulletin
—
Dale
..
System
Inc.
Arriii
Theodore
•
.
.
—
California Water & Telephone Co.
Annual Report — California
—
Water &
Circular
—
—
&
Co., Inc., 50
Street, New York 4, N. Y.
Broad
available
circulars
are
De-Flectronics,
Inc.,
Inc.,
on
Pickwick
Garsite
and
&
Systron
Birr
&
Donner—Memorandum-
Co.,< Inc., 155 Sansome St.,
Calif. Also avail¬
is
memorandum
a
Paul.
;
on
Peter
.7;,
Television Shares Management
—
Report—Wedbush & Co., 157 Santa
Barbara
Plaza, Los Angeles 8,
Calif.
'v<];,
V'/'
Corp.
Analysis—Ful¬
—
Virginia Electric & Power Co.
1961
Annual Report
tary, Virginia
Co.,
7th and
—
—
The Secre¬
Electric & Power
Franklin Streets,
Richmond, Va0y '![0:'
/
Telephone Co., 300 Mont¬
For banks, brokers and financial institutions
Lloyd Securities, Inc., 150 Broad¬
way,
New York 38, N. Y. Also
available
ucts
Lestoil Prod¬
on
Carolina
Inc.,
wood
data
are
Pacific
Fortune Electronics, Inc.
ysis
Ply¬
Deckraft Corporation.
and
Anal¬
—
nual
Report
Edwards
&
Hanly,
—
North
100
Franklin Street, Hempstead, N. Y.
Also available is a memorandum
Continental
on
Gulf Oil Corp.
Gulf
Oil
Insurance.
Annual Report-
—
Corp.,
Public
Relations
Trading List:
An¬
—
Western Light & Telephone Co.—
available
Memorandum
—
First
—
California
Company, 300 Montgomery Street,
San
Francisco
20,
Calif.
Also
is
memorandum
a
Western Massachusetts
on
Co.
Western Pacific Products & Crude
Oil
Pipelines
—
Memorandum
—Eastman
Hartford
ties
Electric
Light Co.—An¬
Weyerhaeuser
nual
Repart
Electric
Hartford
—
Light
Company—Report
Dillon, Union Securi¬
Co., 15 Broad Street, New
5, N.Y.
V
&
York
Co., 176 Cumberland Ave.,
Wethersfield, Conn.
Wink Independent School District
Lestoil Products Inc.
Rauscher,
Analysis—
—
Charles
1516
A.
Taggart
& Co., Iiic.,;
Street,- Philadelphia
Locust
(Texas)
Bonds
Bulletin—
—
Milam
Building,
&
Co.,
Inc.,
Antonio 5,
San
Texas.
Analysis—Courts
Maremont Corp.
&
Co., 11 Marietta Street, N. W.,
Atlanta
1, Ga.
David & Dash •' •""
:
Morrison-Knudsen Co., Inc.—1961
Annual
Report—Morrison-Knud¬
Co., Inc., 319 Broadway, Boise,
Murphy Corporation—Annual Re¬
Common: Sold
N. Y. TRAP ROCK
FURNITURE
COMMUNITY CHARGE PLAN
Primary Markets
headquar¬
Troster, Singer & Co.
Security Dealers Association
Trinity Place, New York 6, N. Y.
Teletype NY 1-376; 377; 378
of¬
addition to Chicago.
Common Sold
Beane, New York
J. R. Williston &
City, is manager of a group offer¬
ing for public sale 124,900 com¬
mon shares of The Vassar Corp. at
$10 per share.
Of
total
the
shares
55,000
are
the company and
69,900 for three stockholders. This
is the first public offering of the
company's stock.
The
company
of 585 Gerard
being
sold
for
Ave., New York City, is engaged
in design, manufacture and
dis¬
tribution of aids for hair styling,
such
as
nets
rollers,
and
curlers
hair
curlers, clips,., hair
and allied lines. It will use
and
pin
proceeds from the 55,000 shares
plant
expansion,
additional
equipment, retirement of debt and
to augment working capital.
For the 10 months ended Feb.
net sales
$1,951,167 ,and pro forma; net
earnings of $142,349, equal to 290
a
share, against $1,470,164 and
of
Stirling, Linder & Prigal, Inc., and
Kordan
&
Co., Inc., New -York
City, as joint underwriters have
announced the initial public sale
$88,228, or 18 cents, for the like
period of 1961. *
Common Offered
Country
Inc.—
Associates,
Road,
Garden
600
City,
David
&
Inc. common
offering
of
a share. 00
It is presently intended that net
stock,
Dash,
through
an
this sale accruing
will be used to
on Marsh & McLennan Inc.
repay bank loans; establish new
Norris Thermador Corp. — Anal¬ sales outlets; purchase inventory;
ysis — Walston & Co., Inc., 265 enlarge on advertising and pro¬
activities;
and
increase
Montgomery Street, San Fran¬ motion
cisco 4, Calif. Also available is a general working capital.
With' headquarters
in Miami,
review of Savings & Loan Stocks.
Perfect Circle Corp.—1961 Annual Fla., the company is engaged in
Y.
Also
available
is
a
report
Report — Perfect Circle Corp.,
522 S. Washington Street, Hagersv *
,
Co.—Re¬
liam
Street, New York 5, N. Y.
—
Bulletin
—
New
the
to
company
designing,
converting,
Offering of 150,000 common shares
of E. R. Moore Co., at $11.50 per
distributing decorative fabrics
primarily in the drapery,
upholstery and curtain fields. The
Republic National Life Insurance
Company
—
Review
t—
Sanders &
Company, Republic National Bank
Building, Dallas 1, Texas.
Safway
Steel
Products
Co.
—
Memorandum
Loewi
&
Co.,
Incorporated, 225 East Mason St.,
Milwaukee 2, Wis.
—
— Report — Richard
Associates,
170
North
Canon Drive, Beverly Hills, Calif.
&
—
Rodetsky, Walker
Inc., 26 Journal Square,
City 2, N. J.
&
Co.,
Jersey
—
States
Annual
Report
Telephone
—
South¬
western States
Telephone Co., 300
Montgomery Street, San Francisco
4, Calif.
Stanley Works
—
Comprehensive
Study—Blyth & Co., Inc., 14 Wall
Street, New York 5, N. Y.
Super-Temp
Corp.
Continental Capital
—
Review—
Corporation,
A.
by
made
being
G.
Co;, Chicago and asso¬
ciates. Of the total, 60,000 shares
Becker &
being sold by the company
are
and
90,000 by stockholders.
Net
will
used
the
to
proceeds
be
company
retire long-term
to
use
company
showroom
maintains
in
its
Miami
and
principal
sells
its
products through various inde¬
pendent sales agencies that main¬
tain
showrooms
throughout the
United
States
and
Canada.
debt, to reimburse its treasury
about 12.5%
with the balance be¬
ing in slipcovers and bedspreads.
Net
sales
ended Nov.
$2,074,355
$75,504
share
for
the
fiscal
year
30, 1961, amounted to
and
net
income
at
was
on
outstanding.
equal
149,325
to 50 cents a
shares
then
:'}:0y
which
corporation
Angeles
facility,
a
owns
its
for
and
for
California
Los
other
corporate purposes.
The
Dra¬
accounted
for
approxi¬
mately 53% of total sales last year,
cost of acquiring
the
upholstery for 32%, and curtains
Ports
is
share
importing
and
for
peries
Rico
ysis
request
and branch
proceeds from
Old
N.
Southwestern
with
agency
in New York
ters
E. R. Moore Co.:
Marketers,
Mott
Report—De
Co.
HAnover 2-2400
Law,
108,000 shares at $5
Food
j?
74
relations
Guenther
-
advertising public
National
Silo Discount Centers Inc.—Anal¬
Members New York
Frank
national
a
of
Siegler Corp.
on
Inc. is
port—Murphy Corp., Public Rela¬
tions Department, El Dorado, Ark.
Ney
*Prospectuses
Albert
28, 1962, Vassar, reported
-;
AuthorityAnnual Report—Puerto Rico Ports
BESCO ENTERPRISES
*PRINTING CORP.
ago.
years
for
2, Pa.
Puerto
BUCKINGHAM CORP.
*TIIOMASVILLE
.News and Sunjoined the Daily News
January, 1955, and assumed the
managerial position for both pub¬
lications when they merged two
wave
Pierce
Authority, San Juan, Puerto Rico.
MORSE SHOE
advertising for the
Daily
in
—
Jackson, McFadyen Securities
Ltd., 455 Craig Street, West, Mon¬
treal, Que., Canada.
Department, P. O. Box 1166, Pitts¬
burgh 30, Pa.
Hanseatic Corporation, 120
Broadway, New York 5, N. Y.
*
hicago
phone Co., 300 Montgomery Street,
San Francisco 4, Calif.
Fram
York
*VASSOR CORP.
of financial
er
Times. He
West Coast Tele¬
—
Memorandum
Corp.
Co.,—Analysis—
West Coast Telephone Co.
Stewart-Eubanks-Meyerson & Co., 216 Montgomery Street;
San Francisco 4, Calif.
—
Philips Lamps
LESTOIL
CHICAGO, 111.—The appointment
of Jerome A. Hayes as an account
executive in the Chicago office of
Albert Frank-Guenther Law, Inc.,
has been announced by John R.
Dawson, Vice-President and man¬
ager of the agency's office here.
Mr. Hayes previously was mana-
Chesley & Co., 105 South La Salle fices in Boston, Philadelphia, San
Francisco
and lLos
Angeles
in
Street, Chicago 3, 111.
port—G. K. Shields & Co., 15 Wil¬
*BRENT WOOD
Hayes Joins
AF-GL Agency :
Ferrodynamics Corp.—Analysis—
town, Ind.
our
Doan
Thursday, April 12, 1962
Warren Brothers
Peterson Electronic Die
Recently added to
and
ton,
on
Brooklyn
Stocks
Carlisle
Idaho.
Bristol
Corp.,
are
Inc.,
Reid & Co., Inc., East Ohio
Building, Cleveland 14, Ohio.
sen
Insurance Co.
—
Wall Street,
Co., Inc., 52
New York 5, N. Y.
on
ard Oil of New Jersey, Tennessee
year
&
Survey—Carreau
115 Broadway, New York
6, N. Y. Also available are com¬
Averages, both as to yield and
performance over a 23-
Comparative figures
—
Advisers
facturing.
—
& Co.,
market
ton
Nationwide Publica¬
Borg Warner
Bureau
Public Utility Common Stocks
&
Report—• G. K. Scott &
Co., Inc., 54 Wall Street, New
York 5, N. Y.
Dow-Jones
Marine
Lane Inc.
—
Lewis
C. F, Boone
listed industrial
between the
stocks
Index
Greyhound
Analysis — McCo., Jefferson
Building, Greensboro, N. C.
Daniel
N. Y.
Over-the-Counter
showing
Blue Bell Inc.
Broadway,
120
memoranda on
are
Corp.
York
Bissell
Broadway, New York 4, N. Y.
B. F. Goodrich Co. and
quarter earnings of ten
City Banks — Laird,
first
New
son
2
Analysis—Goodbody & Co.,
—
Also available
Banks—Bulletin
City
York
—
American Telephone & Telegraph
Bul¬
letin
Parker,.. Ford & Co., Inc.,
Vaughn Building, Dallas 1, Tex.
Life Insurance Companies
S. D. Fuller & Co.,
Broadway, New York 4, N. Y.
Analysis
—
of New
Co.
York 6,
New
Industries,
J.
A.
Corpora¬
Japanese
—
Broadway, New York 4, N. Y.
149
Ltd.,
Co.,
Calif. Also available
.
Products Inc.
*
*
on
Conduetron
Tokheim
Organization,
4, N. Y.
4,
data
Corp. and Weyenberg Shoe Manu¬
Also
61
6, N. Y.
Broadway, New York
Japanese
—
Montgomery Street, San Fran¬
able
—
Fire¬
Co.,
Insurance,
York
Household Electric Ma¬
Japanese
Fund
scriptive brochure—John Nuveen
&
Co., 5 Hanover Square, New
turing Co.
Edison
Commonwealth
man's
.
San Francisco 4,
Analysis — Reynolds & Co., 120
Broadway, New York 5, N. Y.
Also
available
are
analyses of
ment Industry
120
cisco
Columbian Bronze Corp.
ysis
INTERESTED
SEND
TO
4,
—Troster, Singer & Co., 74 Trinity
Place, New York 6, N. Y.
recommendations
UNDERSTOOD
IS
IT
Francisco
San
Calif.
Cadre
and
Street,
gomery
dealer-broker
.
company
of 932 Dakin St.,
Chicago is engaged
principally in
the manufacture and
of
sale
or
rental
girls' gym suits, academic caps
and
the
and confirmation
gowns,
choir
robes.
school
It
and
serves
and
primarily
religious market.
Operations are national in scope
with
regional offices
sections
of
the
in different
country.
Volume
195
Number 6150
.
.
The Commercial and Financial Chronicle
.
(1725)
hope, expectation and estimate of
created
the
present
high
investors
Ideal for Japan's Growth
Similar
future
earnings
and
dividends
that largely determine the prices
interest
Recent
upsurge
By Arthur "Wiesenberger,* Senior Partner of Arthur Wiesenberger
& Co., New York City
lieve
practical
as
fulfilling the financing needs projected for future capital growth.
Drawing upon the U. S. A. experience of tapping the middle-income
budgeted investments to illustrate what
be done,
can
grow
throughout
the
stock
market for
both
will cause
In
addition,
he
believes the future
to re-orient our thinking as to what are high and low
rebukes shareholder suits attacking management fees;
foresees
Investments ,in Japan
and are
the
continuing investment interest in Japanese securities.
and
newspapers, magazines
communication media
other
have reported at great length the
remarkable
economic
achievem
e
t
n
of
s
into
Japan
will
not • be
held
against us. Their presence in both
countries suggests that per¬
haps this is the price we must
pay for progress — and when you
our
Japan and
supplied us
look
with
able.
statistics
and
charts
show
been
securities
would
like
to
the
status of the stock market in both
my
country
my
and
Japan, and
the
role of the investment
company—
as
it is today—and as it may be
returned from
in
with
the
not-too-distant
exciting news
of
growth
and
new
future.
In
the United
the
—
Arthur
Wiesenberger
Japanese have
times
is
once,"
not
hundred
a
good
as
the
and
seeing
as
wisdom
of
that
statement has been brought home
to me as I observe modern Japan
with my own eyes.
Charts and
statistics
alone
cannot
this
tell
story. The zeal of the people, the
vitality of the economy and the
extent of the
must
ress
be
technological prog¬
be
first-hand
seen
to
appreciated,
truly
privileged
and I am
observe for myself
to
that which I have heard
so
much
about.
Japan today
for
that
in the face
in
as a model
throughout the
serves
countries
world
strive to
of great
the
ahead
move
obstacles.
To
United
States, it is
dramatic proof of what hard work
and ability can accomplish under
a
system of free enterprise
in Japan, ability and hard work
us,
.
made
and
most
the
.
.
their
opportunity,
is
for
here
the
see.
Always
art
of
result
world to
an
admirer of Japanese
and
literature, I am pleased
report that more and more of
displayed and read in
the States,
We are richer for it.
is being
But I
substantial
a
to around
1963.
trust that the
frantic
more
American music and the bad
cow¬
boy films that have made inroads
a
The
rise
a
advance—possi¬
of
about
35%—
Dow-Jones of 950 by
factors favoring such
include:
First, prospects for further
fact
that
95%
will
play
of
these
Americans
the
of
the
American
European
is
of
securities
$200
million of foreign capital that has
been placed in Japan, is eloquent
proof of their confidence in the
every
reason
to
continue"iind
to
and
more
Financing Japanese Growth
investment
•
V"".'
success
ration
the
and
Toshiba
United
dous
step
States
to
their
investment
new
and
been
made
In
fact,
companies
rities—another favorable
offerings
in
tremen¬
Other
foreign
secu¬
sign
on
investment
•
'
Japan.
pansion of business activity,
analysts,
and
visiting
be
sums
needed to carry out
pansion
The
program.
Deliberative Council
in
an
ex¬
Economic
that
drafted
plan to double the Japanese
national
would
be
for Japanese
necessary
monetary situation which
in the past has encouraged busi¬
ness
the
and
stock
market.
to
raise
$157
over
This is
my
com¬
Japan.
money,
raise
this
the
only
question,
money
lieve
that
amount
enormous
an
and it is
come
a
clue
"Where
from,?"
to
of
logical to
this
will
I
be¬
worker,
<
the
savings
of
—
the
yen
This is
not an
the office worker,
.
.
This
,v
,
Refers to U. S. A. Experience
In
the
United -States
the
the
Pacific Power &
I\left the United
of
the vast middle income groups
and their increased importance as
a source of
capital. Not long ago,
saving
and
investment
tion of wealth which has been go¬
ing
for
on
billions
power
of
than
more
dollars
of
a
decade,
purchasing
have shifted from the top
income
to
groups
down
change
in
the
the
other
news continued to be
My firm is now sug¬
gesting to its clients — both in¬
positive
I
and
institutional
policy of
—
our
people.
earned
society has
are
As
more,
more
a
people have
new
grown
up,
capitalistic
and these
the people responsible for the
Continued
on
stocks
high
market?"
-
priced
are.
that
—
"Aren't
But
the
in
today's
must
I
And
they
member
or
'
u
••
Light Company
(Par Value $3.25
share)
per
concede
please
—
re¬
Company is offering to the holders of its outstanding Common Stock of record at the close of
on March
26, 1962, the right to subscribe, at $27 per share, for a total of 676,497 additional
shares of its presently authorized but unissued Common Stock, on the basis of one additional share
for each twenty shares of Common Stock held on the record date. The rights to subscribe will
expire
at 3:30
P.M., New York Time, on May 1, 1962.
business
terms
"high"
relative, and most
of
the
time
past
and
present
earnings and dividends are not
the major influence upon the level
and
"
equity invest¬
asked
"low"
are
Subscription Price $27
trend of stock prices. It is "the
that holds the key to the
per
Share
future"
direction of the market
as
The underwriters have agreed, subject to certain conditions, to purchase any unsubscribed
shares and, during and after the subscription period, may offer shares of Common Stock
it is the
announcement
the
forth in the
Prospectus.
be obtained in any State in which this
only such of the underwriters, including
lawfully offer these securities in such State.
may
is circulated fmm
undersigned,
as
may
Kidder, Peabody & Co.
Stone & Webster Securities Corporation
R. W.
Estabrook M Co.
Hornblower & Weeks
Bache & Co.
Francis I. duPont & Co.
Telephone LAfayette 3-2400
t
.
;
;
Boston Teletype BS-288
Hartford
Poughkeepsie
Members New York and Boston Stock
Pressprich & Co.
W. E. Hutton & Co.
Shields & Company
Laird, Bissell & Meeds
STATE STREET, BOSTON
Providence
Exchanges
■
of
wealth and income is having far-
The
often
am
This
distribution
a
■
groups
ladder.
Common Stock
business
dividual
dollars
predominantly from the
very wealthy —
but this is no
longer the case. In the redistribu¬
States,
favorable.
ment..
<
world.
^When
are
we
learning something of the strength
676,497 Shares
recognition has
evidently been stimulated by cur¬
rent and prospective developments
in the United States and through¬
out
the
.
offer of these securities for sale. The offer is made only by the Prospectus.
new issue
third, the widening realization by
investors of the merits of equity
investment.
and
factory
small shop owner and the small
business owner
."
crucial
Equitable Securities Corporation
money
And
than 100 YEARS
Springfield
of
growth
be¬
Paine, Webber, Jackson & Curtis
New York
the Great
Sums -Needed, you
will find it in the small amounts
income, estimated that it further
corporations
in NEW ENGLAND
15
the
a
Distribution
Boston
questions
by.. paraphrasing
proverb thusly—
cor¬
Sec¬
ond,
all
and
them
will
for
came
com¬
colleagues in the financial
munity,
here
..
>
this
British
.lesson
a
the
in
the horizon for those who wish to
stimulate
drops
answer
have
of investing in foreign
pose
is
One .might
us.
many
been formed for the express pur¬
the
experience. In the
few months, many American
cause
and
-V-
a
There
of
of
more
interest
as
-
and the
moss
doubt, follow in billion in the period which started reaching impact on the spending,
the way has in 1959 and will end in
1970.
saving and investing capacity of
easier for
footsteps
next
opportuni¬
beneath the
"If you look for the source of
more
portfolios
heightens.
Japan
Japanese
*
diversify effec¬
turning to foreign securities —
and Japan will certainly be
rep¬
in
this
of dew that fall from the reeds."
many individuals and in¬
stitutions in the United States are
resented
in
no
their
of
of
Sony Corpo¬
was
forward.
will,
panies
of the
4
Plans
effort
an
our
aware
ties in Japan.
The
: ac¬
of
more
become
1
of
Japan's progress and stability,
there will be a fresh
upsurge of
interest in Japanese securities.
lies
"If you look for the source of
the
River" Yoshido
you
will
find it to be the drops of water
ex¬
Foreign capital is, of course, a
economy.
Most knowledgeable valuable
source
of funds, but it
observers expect participation by
^lone cannot provide the
large
as
question
proverb—
the States with firsthand accounts
Copies of the Prospectus
more
state
1959
pect that when visitors return to
as set
for
in
for
ex¬
porate profits and dividends.
that
to
it
as
bly in the order
"Hearing
saying:
a
States, the stock mar¬
appears
to be poised for a
rise in prices.
We see this
ket
progress.
But
The
promising
discuss
crucial role
market
invested
countrymen
Market Rise
I
have
Japan
toler¬
Sees Forthcoming Stock
Also,
friends
the
even
becomes
goals.
have
the
achievement
Americans
has
of
many
way,
craze
the
celerate
accom¬
plished.
that
dance
to
how
much
it
at
latest
of
Europe
tively,
I have cited
reasons
aware
toward
American
continue.
anticipating a rise; in stock
prices in the States — would also
apply to the Japanese market. We
are impressed with the
blueprint
for doubling the national income
rising
a
will
for
destined to
forecasts
Japan and the U. S. A.;
-
a
V Some of the
us
P/E ratios;
and
world.
as
v
Mr. Wiesen¬
opines it is
trend
to
foundation
in
there
In
berger predicts mutual funds here could easily grow to $100 billion
by 1980 from its present $25 billion and
and
such happy
preview of the future,
and so we all may soon have to
re-orient our thinking on what
is high and what is low.
/:
of largely
means
for
pay
The market reacts to
authority eagerly recommends to his hosts in
Japan the investment company method
to
weeks have brought an
of dividends and we be¬
this
news
Investment company
willing
are
todhy.
stocks
visits
9
Schwabacher & Co.
Auchincloss, Parker & Redpath
J. A. Hogle & Co.
The Ohio
April 9,1962.
Company
~
Hallgarten & Co.
Sutro & Co.
Irving Lundborg & Co.
Reinholdt & Gardner
.
.
page
10
The Commercial and Financial Chronicle
.
.
fund industry has had its share.
up—but surpassed the closed-end
One problem that has arisen de¬
-companies m assets.
Today tne
closed-end
companies' assets of serves mentioning here. In recent
„
months, tne managements cf vari¬
$3.2 billion represent only 12% of
ous" funds found themselves
the
totah
investment
company
assets.
The
closed-end compa¬ subjected to suits by shareholders
nies have grown but their growth —usually very small snarehoiders
"Investment Companies" has been has been overshadowed by the —relating to the size ot the man¬
agement- fees
and, in some in¬
published — 22 editions in all. In vast strides made by the open-end
stances, to the sales charges. - - •'
many ways, the growth of the /companies. As industry develops'
These suits, some 50 of them,
book—in both size and importance in Japan, it may 'find a similar;
are
allegedly "shareholder" - ac¬
—has reflected the growtn of the shift of popularity from the closed;
tions. This seems strange in view
industry itself. The slim volume and semi-closed to the mutual:
Investment Companies—
Ideal for Japan's Growth
•
Continued from page
9
.
that the vast
economic and techno¬
Small wonder then
j
-
a
ume
of alost 500 pages
become
sweeping the
^ipplements and allied publica¬
these people tions to keep the work up-to-date :
great concern over old-line, tra- between editions.
Zyl
oitional, fixed-dollar investments.
For over the past decade alone, v.".: From my vantage point, I have
been able to observe not only the
they have seen inflation eat away
economic strides that the invest¬
a quarter of the buying power of
ment
company
saved dollars.
individuals ; long ago
value of equity
investments to help them keep
.
Wealthy
appreciated the
in re¬
has made
worth watching: of the fact that
.
It
to
with many
has
will, be
fund.
large vol¬
1940
of
logical
changes
world are giving
their
Thursday, April 12, 1962
decades
in
if the Japanese
see
experience
in
piamaiis
actu¬
suits. '
the
In' order
to
view
pany program would be complete?;
it
without - calling -attention i to/ the. these * suits '- in " perspective,
should be stated that if the man¬
steady; month-after-month rise/in.
were
completely
the number of new plans'for the; agement: fees
accumulation of m u t u a 1: fund abolished, it would mean a saving
shares. It-is, I /believe,, the/most,
but—equally important
psychological strides neces-; important and significant element
in the picture. v /*. g Y:' ,'//
to progress.
Not too long
-
sary
nameu'as
parallels that of the United States.> ally yoted for the management
contracts and fees complained of
J No~ review of investment- com¬
cent years
—•the
holders
of the share-,
some
witness
will
growth
remarkable
investment
of
general
parcicular
and
companies
mutual
in
funds
exciting to the
imagination as the record growth
of tne past two decades. By 19SO,
mutual funds could easily
be a
—
as
$100 billion business.
Every projection of mutual* fund
that I have made in the
•
growth in insurance, in savings
deposits and in government bonds.
Yet, it is this same group that
has been hardest hit by inflation.
political,
'.
(1726)
10
growth
past proved later to be much too
conservative. So, when I say that
mutual
in
funds
the
U.
could
S.
easily be
by 198.0, I
$100 billion business
am confident that .When
that
arrives—this prediction
a
year
■!' been
may .also
prove ; to , have
"much too conservative."/.
With
increase
every
'A
iri
.-
./:
the
standard of living, whether for the
American; and
the
comes
Japanese1 people/-;
the
and
means
incen¬
of
Own¬
only $10 a year to the majority ' tive to become investors.
of the complaining shareholders.
/ ership of the nation's great; pro¬
•,. As
a
guide to those who may ductive enterprises by people in
sometime in the future be facing all walks of life is no longer a
v
Many financially stable individ¬
the breadwinner in the typi¬
similar problems in Japan as in¬ dream—it is a reality. To the man,
cal middle-income' family asked uals simply do not have the capi¬
and they
receives
a
Mutual
Fund
dustry develops "growing pains," who
tal to invest a meaningful amount;
"Why should I own Mutual Fund
investing managers to handle
this situation, stripped of the legal dividend check, the phrase "peo¬
shares?" Today, many people are of money at one time. Their earn¬
their capital funds.
Without the
language is an attack on the prof¬ ple's capitalism" is not just an
asking themselves, "Why shouldn't ings are good, but their -capital
resources to diversify effectively
its of mutual fund management. empty
phrase. It is a tangible;
I own Mutual Fund shares?" Not reserve small.
or
to
hire competent full-time
The law, as
the suing lawyers benefit—something he can see and
too long ago, mutual fund rep¬
Where then, shall these people
would like to remake it, would touch—and .spend.
management, it is only natural
;
/'•'/V;//}/
resentatives were called upon to. find the money to invest? " /
that the "new capitalists" of both;
be that
an
investment company
i
We may have a language differ¬
answer
the question "What is a
// Once again, like the source of
tne United States and Japan look
sponsor,
who > nurses a fund ence in many areas, but in this
Mutual Fund?" Today, the ques¬
to the investment company as a
the River Yoshida—drop by drop. through the. loss and agony of its
area, we are speaking the same
tion is more likely to be, "Which
By investing a little at a time — infancy, and who does a good job language.
way of participating in the indus¬
-//.
Mutual Fund should 'I choose?"
trial growth that they confidently
out of current income—they are for the shareholder and builds his
This change in attitude and the
An address by Mr. Wiesenberger be¬
able to accumulate a substantial distribution channels, passes into
expect.
fore ihe Japanese Investment Trust As¬
growing awareness of the oppor¬
investment..
Last
year,
450,000 the shadowland of sin once the sociation, Tokyo, Japan,, April 6, 1962. ;
In the UnitedStates, that
tunities
represents progress—for
growth in the investment conw us in the financial community and new ,accumulation plans\ 'were, fund grows large enough to do
started, bringing the total number more than pay for itself. This is
pany medium has been remark¬
for potential investors.
•
-/ of
plans to 1.7 million—roughly inconsistent with everything we
able indeed, and I think a brief
:
: Today, the Investment Compa¬ 30% of all mutual fund accounts. know about the free enterprise
review of that growth would be
nies in the United States appear
Nearly all of these plans call for system and we hope that this kind
in order at this time.
.
strong,
healthy
and
ripe with the
automatic
reinvestment
of of thinking will quickly pass from
Reviews Our Investment
promise of greater things ahead. dividends—thus compounding the the scene.
.
In 1961, the industry had its best
Company Growth
benefits -for the plan-investor*
!
If my paper expresses a bias in
In
of
investment
1940,
the total assets of- year in history: combined assets
This form of" budgeted invest¬ favor
companies,of
all open-end and closed-end
Lane, Mutch, Inc. announces the
American
investment companies
ment not only serves
to 4 wid en- then I must plead.quitty,,.My lorigu
investment
change of its corporate name to
companies
rose
by
came to
$1 'billion and the total
share ownership and to increase assoeiatjpp yrith both the industry
more than $6 billion. Half of the
Khanbegiaii, Flynn &
number of shareholder accounts
and
the idea,:, has made; /pie'/a i Mi^tch,
mutual fund sales within the cur¬
under a million.
By the close of $6 billion gain—or $3 billion— rent year, but also represents the strong advocate of this intelligent,/ Green, Inc. Officers of the corpor¬
ation are John Mutch, President^'
can
be accounted for by the sale
last
year,
American investment
foundation for tomorrow's growth. modern way to invest and each
Andrew Khanbegian, Vice Presi¬
of shares, the other half, the result
companies represented $25 billion
Since they call for regular invest¬ passing year finds me stronger in}
dent, Edward L. Flynn, Treasurer
in assets
and over five million of a generally rising market. This ment in mutual fund shares for
my belief,
'
1
'
"
3 * * and Sanford
Green, Secretary.
single year's gain was six times
shareholder accounts.
As investment
years to come, these commitments
companies ex¬
The corporation's offices remain
greater than total industry assets
to the future will help stimulate ' pand their services and more in¬
These figures have great mean¬
at 115 Broadway, New York CityJ
only 20 years aeo.
'
-.'Vi
the growth and promote the sta¬ vestors learn to use them effec¬
ing to me personally. In 1940, I
the investment company
published the first volume of vital
bility of the investment compa¬ tively,
Open-Ends Outdistanced
Named Trustee
nies in subsequent years.
concept is destined to grow — not
facts, figures and investment ideas
t
Closed-Ends
designed to keep the investment
only in tee" United States, but Massachusetts Hospital Life Insur¬
The Attack on Mutual
In 1940, assets of the American
ance
throughout the world.
Company, Trustee for the
public and the professional in¬
In Japan,
/}•///<■ Management Profits
Life
Fund
has
vestor informed on this dynamic closed-end companies were greater
there is a word to Massachusetts
It
is
almost
Charles
M.
Williams a
axiomatic: that de scribe the rise of mutual funds named
investment vehicle.
It is called than the mutual funds—approxi¬
"Investment Companies."
Mr.
Williams ' is the
Every mately 50% greater. By 1946, the where there is growth—there are ■i—a-"boomu?" Well,'I think it is Director.
abreast
of
inflationary trends —turned to professional
ago,
*
Mutch,
:
Khanbegian, ;///
.
.
,
,
'
Flynn & Green
|
.
•
•
year
since then
a
new
edition of
v
\
i
V -■*
mutual funds had not
:
only caught
"growing .pains"
and
the
mutual
an
apt description of the
dustry
backs
in
to
rose
way in¬
serious set¬
survived
has
1954
new
and
then
and
1955
heights-of popularityi
In England and in the free na¬
'of continental Europe; the
investment company idea is well
;;
This advertisement appears as a matter
of record only.
tions
;
,
Edmund
Cogswell Converse Pro¬
and - Finance
at the Harvard Graduate School
of Business Administration. He is
also a Director of the Cambridge
Trust. Company and the Northern
Industrial Chemical .Cqmpany// '■ ^
fessor
of /Banking
rooted; in South America, Israel,
Egypt, the Philippines and Aus¬
tralia,
it • has / germinated
and
promises to blossom. v
15,000,000,000 Lire
/
*
In
(Approximately $24,200,000)
United
with which
I
Inter-American Development Bank
am
I
am
States—the
tion
familiar—
most
Growth
Y.—Accumula¬
tion
has
Securities
Corpora¬
area
convinced that the next two
opened
at 8 Noel Place.
branch office
a
r?
•
*
i
This announcement is not
t:
an
offer to sell, or a solicitation of an offer to buy
offering is made only by the Prospectus.
any
of these securities.
The
(Banco Interamericano de Desarrollo)
NEW'
*
'/V.
ISSUE
•••■;
v
' ■/■'•"
April 11, 1962
/ ;
.
f
';
5% Italian Lire Bonds of 1962
Due April
the
Opens Branch Office
SMITHTOWN, N.
125,000 Shares
•.'•;•
'v ./«'•/■.-v
■'
'••,,..•
>
.
•
•
•
N,
/
Conductron Corporation
1,1982
Class A Common Stock
•!
These Bonds have been
BANCA D'lTALIA
BANCA COMMERCIALE
•
ITALIANA
MEDIOBANCA
CREDITO ITALIANO
Share)
.
r,
BANCO DI ROMA
Copies of the Prospectus may be obtainedfrom any of the undersigned
only in States in which the undersigned are qualified to act as dealers
in securities and in which the Prospectus may legally be distributed.
/
negotiated with the assistance of:
Goodbody & Co.
.
Stieglitz
..
Hirsch & Co.
Auchincloss, Parker & Redpath
Incorporated
BLYTH & CO., INC.
LEHMAN BROTHERS
Halle &
McDonnell & Co.
Incorporated
LAZARD FRERES & CO.
per
Price $12 Per Share
BANCO DI NAPOLI
BANCO NAZIONALE DEL LAVORO
This transaction has been
(par value
purchased by:
P. W. Brooks & Co.
Courts & Co.
Laird, Bissell & Meeds
Incorporated
.
April 11, 1962.
'
'
'
'
'
*
.
..
'
^
'
.
Arthurs, Lestrange & Co.
.
v
Mason-Hagan, Inc.
Rouse, Brewer, Becker & Bryant, Inc.
Wyatt,NeaI& Waggoner
Joseph Walker & Sons
/:
Volume 195
Number
6150
.
.
The Commercial and Financial1 Chronicle
.
Steel
trade
Production
Electric
Output
(1727)
sources
pointed
,11
out
that, tion is completed, the magazine mills have a clear idea of the real
other states.
*
level of business.
•
'
from, labor conThis
is
based
on
consumers
f Ed. Note: This week's report
tracts
subsequent to then,, there bringing
their
inventories
into from
"Steei" magazine was not
had
been < no
changes in
steel, .balahce following the early settle-. available at
press time.]
1 QRQ
TV/FArnAtrrw
,+Vk
prices since 1958. Moreover, -the/merit of the steel labor contract/ *
higher
despite
and
wage
•
,
,
„
The State of
-
...
Carloadings
Retail
Trade
Food
Price
Auto
TRADE and INDUSTRY
costs,
V
\
Production
Business
Index
*•
vwinoo
i-i
Failures
|
ocfi
VY-"
-
~
..
1
"
analysis of the busi-
T
v-k
^
Ao'l Tiv\
rvife
Mifront
<-\n
outlook,
based .on
York
observes
as
/
follows:
First Year of the 1961-62
*
A J-/ (Seasonally Adjusted
A "The rebound in industrial pro¬
duction
that
firmed
like
February
the
January
during
the
last
one
'lull,'
for
show
March
Personal
Bus-
the
,
/"a
income__v---
outlays
>
«
+
-
i
1
will
billion GNP forecast
underlay the President's
fail
to
be
"Paralleling
shipments/of
revenues
tures
realized^ and that the
also
for
budget will be thrown into red
ink. At/the.same time, some fur-
advance
Aided
in prospect; the per-
to be
of
sistence
ment
led
4.2
the
March
26
to
4.0
7\/>
was
by
hopefully to
forward
look
•
'
good Easter selling
,
V
,
-
of
to
?A3n^pl^bi-mihfup quarter..,
Twpreceding
the
from
best
"The
was
the
that
*
steel
the
of
even
/;V,
the
*
:
on
a
contract which would
leave wage rates unchanged for
the first >year, .though subject to
two-year
the
for
reopening
second
year,
Employers offered fringe benefits
at;a calculated cost equivalent to
10
cents
hour, raising employapproximately 21/2%.
an
costs
ment
Settlement
with
Witn
Production
by
shipments at last :7
which ■- had Ai
■/'.
■
wi..
North East
omy
a
as
but to the eeon-
It sets an
whole.
moderation
of
ample
,
ex
which,
,
economic
in
other
has/
major
supported by sound fiscal policies,
.
,
-.
,
,
indispensable con-
an
the correction of
tribution to
our
»
,
.
1
_
inflation in check.
deficit and keep
The
Record
of
income;
.
:
:
4
the
..0n
,
industrial production
which
averaged
ended the year
retreated
point
a
a
1961
and
record of 115,
—
partly under the impact of severe
weather
in
—
but recovered
to
115
February.
net,
as
perspective, it is
in the
first six months, February-August,
when
11%.
*.
•
•
•
.
industrial
From
output
August
to
rose
agency estimat^
passenger cars would
assembled in the week ended
It-' includes
u
incraaes --
128
-
+
stop:
150
-------
^-
132
Cincinnati
/: St, Louis
.: Southern %^
/
by
February,
on
first-quarter sales established all-
immediately clear.
.
...
and
to-
June
the
an
set back
consumers
without
officially
f
a
of new orders
will now hold
of
-extent
Of
liquidation ' of
of
not
Other
Cell^g'rate
The
120■.
113
^
Western
to-
immediate
all steel that was not in
tonnage
138
.
turn, most of
confined
pattern
was
process.
130
is
One automaker put
'
Chicago
In
have assigned Saturday overtime
operations to some plants.
stocks
,
153
Detroit
steel.
excess
The
115 ;A
_ _ ___ > _ _
period
time records, and Ford Motor Co.,
;
k
Decrease Up to
the
*
can-
latest
week's
output,
ac-
count for 54.3%; Ford Motor Co.
27.6%;
Chrysler
Corp.
9.8%;
American Motors 6.5%, and Studebaker-Packard 1.8%.
:
•
Carloadings 11.4% Above
tux
for May
the
the
General Motors is expected to
key
cutbacks.
Volume
in
1961
Week
V.
,
Loading of
freight-in
revenue
:
:Yt(ipl
Quarter
nrndurtinn
drnn'
will
fected. This indicates that many
or„l.6% above the preceding week.
users
had not built up excessive
inventories and were continuing
crease
•
•
.
•
/
10% in Steel
Output Expected in Second
on a
in
steelmaking to
a
business
as
usual basis.
•
/
One effect was a shortening of
steps ranging from 6% .tOl0%per
uA,
•
deliverv time for most products
.
r
^e^ery time tor most products
Anotner
■
result
to
rate below 70%
cellations,
is
setbacks.
and
■
It
1961, but a decrease of 32,666 cars
or
,5.5% below the corresponding
wegk ,n ly(i0
coniusio
reshuffle orders
The loadings represented an inof 58,024 cars or 11.4%
above' the corresponding weekUn
There
,
13i441
can-
cars reported
loaded with one or more revenue
will
highway trailers or highway con-
were
Continued
on
This advertisement is neither
/
an
offer to sell
show
this
clearings
an
offer to buy any of these securities,
-
/
-:
j
-A
:■
NEW ISSUE
April 11, 1962.
$6,359,900
-
will
week
increase
an
Livingston Oil Company
ago;
year
solicitation of
)
compared with
Preliminary figures
compiled by the Chronicle, based
upon telegraphic advices from the
chief cities of the country, indicate
a
nor a
The offering is made only by the Prospectus.
■
19.8% Over 1961 Week
•
Bank
534% Convertible Sinking Fund Debentures
that for the week ended Saturday,
April 7, clearings for all cities of
United
the
possible
States
lor which
obtain
to
weekly
^
is
it
Due June I, I9S2
/
clear-
Subscription Price 100%
Ou^pre^mary^totals standout
296,900 for the
week in 1961.
same
comparative
Company is offering to the holders of its Common Stock
Debentures in the ratio of $100 principal amount of Debentures
The
for
summary
the principal
some of
money cen-
Stock held of record
f°llows-
1962
April 7—
—
+32.4
7.5
1,228,000
1,243,000
843,577
793,184
+
6.4-
493,768
452,051
+
9.2
Boston
City
Steel
.Announces
An
crease
on
its
1.2
Corporation
Price
Copies of the Prospectus
Increases
across-the-board
3.5%,
price
products
of
may
be obtained in
from only such of the several underwriters
as
any
State in which this announcement is circulated
may
lawfully offer these securities in such State.
in¬
about
approximately $6 a ton,
on April
10, by the
U.
S.
Steel
Corporation.
(Ex¬
pectations are that other leading
or
announced
was
SHEARSON, HAMMILL 6 CO.
producers will also raise their
prices in somewhat the same pro¬
President
ton,
in
the
a
Leslie
justment
the
cost
.
by
"a
can
light
"Big Steel,"
price
r
BACHE S CO.
the
that
L. F. ROTHSCHILD & CO.
ad¬
production
have
this
Incorporated
E. F. HUTTON S CO.
Incorporated
as¬
longer be avoided
of
In
HAYDEN, STONE & CO.
Worthingannouncing
modest
no
increases
necessary."
B.
statement
that
PAINE, WEBBER, JACKSON & CURTIS
/
increases
serted
in
ori
During and after the subscription period, the Underwriters may offer and sell Debentures,
including Debentures acquired through the purchase and exercise of Rights, as set forth in the
Prospectus.
—
Philadelphia
S.
the close of business
1961
New York__ $17,633,631 $13,319,907
Chicago
1,365,101
1,476,504
Kansas
at
the right to subscribe for the
for each 34 shares of Common
April 10, 1962. The subscription offer will
expire at 3:30 P.M. New York City time on April 25, 1962.
-(000s omitted)—-
Week End.
is
appar-
the following table shows,
that the main upsurge came
the
flat-
other
portions.) ,r "
"When the record of recovery
viewed in
December.
ui
Bank Clearings Advance by
•
of
in January
of
before inventory liquidar probably be several weeks before
(1957 = 100),
in
109
at
The statistic
-Jhat 145^°0
the
tend to lag behind the
business cycle, and become forces
U.
index
®
repreat
typically
Recovery
Reserve
Federal
"The
of;, payments
balance
worrisome
hands
rolled
119,
Cleveland
:
indicators/
including
nonfarm employment, the length
of the workweek,-and personal
'
make
near-
products—cold-rolled sheet
and strip, galvanized, and tinplate.
April 7, l!)(W
/; Youngstown —:
record
evident
been
if Our
pursued by industry generally and
will
and
the end of April.
consumer
excess
the
Coasts 126
Pittsburgh
;
steel/deliv-
■
the
;
on/these vterms^;:^wUl/'.ihgsi/w^l;. be 19.8% above those of
not only to the corresponding week last year,
steel employment
record
produSs
stability
contribute
,
Following
•
' -Ward's said that April output
The bulk of the accumulated
again exceed 600,000 units,
inventory is held by a relatively compared with 446,740 in the same
f
comnanies and is concentrated month a year ago, March produc^
tlon was fixed at 602,8Kb
\n a naUow range of prY
rai}?e 01
Automotive, appliance and can- >•'. Two auto makers, General
making industries hold most of Motors Corp., whose March and
1961".:
concludes
concludes
.Ingot
Buffalo
striking.'
more
a slower rate of expansion
ajso
had
negotiators
reached tentative agreement
wage
..■*
,
special
a
manufactures dipped 2% in* Feb- 7
However, in the
10-day period the week ended March 31 totaled
/"
Total_i_ _/!_•_—I 126.T
ruary, reflecting an easing in the
following the settlement, the num-, ^"4'^41 cars, the. Association of
demand for steel,-machinery, and// "index of production based on-average uer 0f orders from smail general- American
Railroads
announced.
other heavy goods, r : r / c ' ' * weck,y induction *»r i«j57
. / •: A consumers v was not greatly af- This was an increase of 9,068 cars
month
March-28,
on
Industry
Traveling Fast
announced.
above
week Ended
slowly after
more
increased
-
news
Auto
•
.
*•
'
i
that
1
backs that, hit steel offices when "i306 ln _th« corresponding
the Preliminary agreement was of a year ago- •
♦index of ingot
Production for.
not been strong enough, to
maintain the early pace of recovery.
New
orders > fordurable 7
*
disclosure,
i
«eaMy °ne nuUron tons that will ^pnl1.7, a rise of 5% from 138,423
Districts for week ended April 7,
1962, as follows:- AA,
A
v
Although below many expeetations, this is still 5 V^% ahead of helping to sustain activity. That
the $521 billion realized in all of this is
happening again is indi1961.
The assumption is generaL cated
by recent surveys of conthat* the national production will SUmer
buying plans and anticiexpand
further
as r the
year pated capital investment."
progresses:-
m
in
en</,
33 363 000
April°8,
manufac-
?.N!" for the£?t-<j??1&f "A/?,®? th?n «n the firat, notably retail
lion
l
i.
heavier-than-
The 17 million ton level
tons
thrnncrh
thronsh
voar
..
..
_
sen*s an increase from 13.7 million'c
In-
hand, certain -m<>nth through the second quarter,
season.
•.
types
of activity • gained more The Iron Age reports.
•
; ■ ;
Preliminary estimates put the rapidly in the second six months - This should
bring the rate of
a
"
million tons by
^
Steel
or/54.1%
lnsxuute
Institute
The
ine
' have
-
Merchants
.' *
(*127.9%)'
index
—18.0
.
since June, 1959. But the
build-up and other * factors
bolstering durable goods demand
/'Businessmen, while understandably wary, are still basically optimistic*
as
indicated
by gradual
enlargement / of." plans for/new
capital-■ investment. In February
employment was up 1.1 million,
from
one
year earlier,
and the
annual ,rate of personal income
was
up $30 billion. Thus,/despite
higher taxes, the base is laid for.,
sustained improvement in retail
thi<j-
amounted
period through
steei
\
trade.
+.
stood
on
request $600 million
for public works.
more
ill
1
of
The Iron Age reports
compiled by
and
0.7
+
7
tons
0.8
+
1
durable
rose
exceeded
unemploy-
long-term
President, Kennedy
data
Iron
production, trends/
increase^ in Federal spending eries, February
seems
Production-
Aoril
initial upswing. In new orders A
durables the slackening of the
'
the narrowly balanced fiscal. 1963
ther
1
.
Jron an€l $Xeei An,
/I'pmdSm tw/^vear
'4.0
,-+
22
weekUmfg" 7+- lis
work;
Aver,
that the $570
Treasury
to
American
stitute,
on. new
Npnfarm employments- r + 1.6
national- product are shavlit
mg their figures.
Many, seasoned
observers are ready - to- conclude* Quarterly data.
//;: /;;/••.■
of
i_i'.
_
usual mill inventories.
.
biggest numbers for the 1962
projection
i
i-fX
itr a
production for the week
..
t.
% ended April 7, 1962, was 2,361,000
Feb.><»
tons (*126.7%), as against 2, 41-7,-
gross
which
1
direct wage in-
^r?j rearN nfv£r~
According
Data)
A„g..(ii
Ytet&S saie^A-IIIfl
mixed
results. Forecasters who put down
the
:
a
_
liquidation
S&AlR Z/^ayeddofd £n£?gtiot
February gains were moderate: in
were
size,
and
such figures, as
are
available
a
'
Upswing
to;
Indicator
^b^^aSMrthe
it.
A
into
April schedules with factory outiteel Production Data for the
Thi^ is
supply at current Put at its highest level of the year
Week Ended April 7
1962i- consumption rates.; * 7
/ •
•
Wards Automotive Reports said
j.
F^nttRi
was
rf
calling for
the
con¬
September,
•
labor, contract, 'while *plus
*
-
production
f-rpacoH
toee +v»Qr» &oL - »■.
current creased less than 2%.
trends, the April - Letter of the
.v Patterns
of Recovery in
First National City Bank of New
Viac&ri
ness
new-
!?S-SL labor study of steel inventories shows record sales during March,
index "inr '
r
i.rf
nge that steel - stocks - will reach : 17 nation's auto industry headed
k. Denei ts. *-,
'
r""~
the
1962,
£?tvinA
fiefSe *n
~
:
>
recent
Commodity Price Index \ not
In its current
resulting
made
it
connection,
J i
Ji
WALSTON & CO., INC
page
18
12
The Commercial and Financial Chronicle
(1728)
'■
grounds for gloom are to be found in the chemical industry's
outlook. An overall return on equity of 11.5-12% is expected this.
No
and even that year's performance exceeded manufacturing's return by 40%.
Outpouring of tech-v
nology is seen continuing the 7-8% growth trend for the next
decade.
Distinctions are made to show the dynamic "industrial
chemical" growth compared to the broad "chemical industry" cate¬
gory, and to show the superior profit-staying ability of "specialty"
^companies as compared to "pharmaceutical" and "general Chemical"
categories. Significantly rapid development of large fringe companies
(petroleum, rubber, glass, etc.) competing for chemical sales and the
expectation of more foreign competition are also discussed.
15 to 20% over last year
year —up
*
This
number of dif¬
ferent sources
ical
on
products, and from the often
overlooked fact that price declines
chemical
in
trends.
price
some
sentially offset by gains in others.
Price trends
dustry's pub^
lications, Oil,
Paint & Drug
their
their
the
should
be
for
products have con¬
latter conclusion. It
own
firmed
recognized
of
course
prices have failed to reflect
the general inflationary trend, so
that in relation to other materials,
that
derive
Week,
reported by du Pont,
Monsanto, and other companies
and
Reporter
own
chemical pric¬
chemical
ing index, and
Depart¬
dropped somewhat.
the
The
Richard
ment of Labor
F
Messing
pub lishes
widely used indices for both the
Chemical
and
Allied
Products
and
category
Chemicals
To illustrate the
tween
been
Industrial
the
for
group.
for
about
price movement probably derives
more importantly from the impact
of price declines on profits real¬
ized from certain selected product
These groups unfortunate¬
comparison be¬
Table I has
prepared. These
data
start
arbitrarily with January 1959 to
over-all
displayed the highest profit
potential, and are among the fast¬
er
growing categories of the in¬
dustry. Three illustrations show
have
price trends
during the period when the costprice squeeze has become most
significant to major chemical com¬
panies, and are carried forward
on
a
monthly basis to the most
recent periods for which informa¬
(A) In the field of synthetic
fibers, price declines since 1959
for nylon and acrylic fibers have
resulted in a reduction in profit¬
tion is available.
which
show
While
show
these
some
varying
sources
differences, the most
this
impact:
has
been
earnings of du
reflected
Pont and
in
the
Chem-
tion is the available capacity for
chemical
manufacture, and the
proportion of this capacity util¬
ized at any given time. The trend,
according
to
my
data,
shows
the
average
ratio
for
1959
of
84%,
in
1960
of
80%
and
in
of
1961
77%.
gain
in
to decline
volume
of the
Most
trend in the ratio
seems
down¬
to be due
capacity rather than
in demand, since sales
has
fluctuated
relatively
little
during this period. There is
incidentally some contention as to
the
validity
and
al
a
of
these
Chemical;; and
field and in
fined
Industrial
Allied
Products
category deChemicals".
tween
Conference
in
profits, resulting particularly
from the inability to recover higher
costs through price increases
in
decline
the
and
output. Yet, most of the individual
we have surveyed
products which
show
a
balance
between
supply and demand corresponding
to that
portrayed in
our
figures.
The anticipated growth in demand
in
1962, and the projected lower
rate
of
new
investment,
should
utilization
a more
,
favor¬
this
In
connection,
different
it
may
be
in
classifications of chemi-
companies. Chemical Fund
ports
an
offer to sell, nor a solicitation of offers to
The offering is made only by the Prospectus.
buy,
any
re-
decline in profitability of
a
the companies classified as "General Chemical"
of 24% between
1950
and
cludes
This grouping incompanies as Allied
1960.
such
Chemical, Dow, du Pont, Hercules,
Hooker, Monsanto, Stauffer, Union
Carbide,
and
diversified
other
several
groups.
the
of
On
the
other
hand, the companies classias
specialty companies such
fied
Corn
Products, Minnesota Mining, Nalco, National Starch, Proctor & Gamble, and others, showed
a profit decline of only 3%, while
the pharmaceutical companies
showed a drop of 6%;o on*'•
as
of these securities.
cent years, but it should be remembered that this classification
growth of production for the InChemicals
dustrial
find
an average
per year
'
trait
The
Trend
Growth
the
of
•
chemical
in-
which has provided the
greatest attraction to investors has
been
its
growth. The apparent
slackening in this rate of growth
dustry
has also contributed to the recent
disillusionment
individual and
of
during this period, and
the
Probably
more
problem arising from
data is the basis
lar sales
figures
on
important
of these
use
which the dol-
accumulated.
by adding the
sales
of
reporting
companies
whose operations place them withare
The total is derived
in
the
Standard Industrial Classi-
fication
corresponding
Chemicals
the
to
Allied
and
Products
category. Unfortunately, the total
fails to take into account the full
contributions from companies
whose
operations
major
another
field
are
therefore
and
different
Standard
category,
such as petroleum, rubber, food,
distilling, and shipping. It is this
in
placed
a
Classification
participation in chemical industry
activity by companies that have
formerly been outside the industry that has perhaps been one of
the most important but least documented trends,
_
„
_
_
_
,
Other Dollar Sales Volume v;
statistical
Table IV shows our estimates of
which truly represents the
the dollar sales volume now rep-
industry. Working with
resented by the activities of those
companies whose principal business has placed them outside the
measure
chemical
to
confused
a
figures
sales
of
because
becomes
changes in
corporate structure and participa-
companies,
production
individual chemicals
recognize the shifting imfor
fails to
Price
Indices for
scope of the Chemicals and Allied
Products field. It should be recognized that there is plenty of room
for estimating error in these numbers, since only a few of the com-
Chemical Products
u. s.t
Dept. of Labor
124.0
123.7
110.4
111.7
March
109.8
123.6
110.6
April
110.0
110.0
123.9
123.8
110.9
110.6
January
February
Transportation Co.
Chem. Week
OPDR
110.2
109.9
Dept. of Labor
Month
1959
175,000 Shares
May
-
—
a
111.6
111.7
112.0
112.2
112.4
•
110.0
123.8
110.4
112.0
September
109.9
109.7
109.4
123.9
123.7
123.8
109.4
109.4
109.7
111.2
110.8 /:.
110.8
October
110.0
123.9
110.0
June
i._——
July
August
_______
Common Stock
($1 Par Value)
authorized
by the Interstate. Commerce Com¬
mission, but that Commission does not pass on the merits of the securities from
an investment
standpoint, does not regulate the sale of the securities by a selling
stockholder and has not passed on the
accuracy or adequacy of the Prospectus.
r
<110.0
November
-
r
December*
.
i
110.0
r
/1:
v
-
>/"/
111.1
110.3
*123.9
124.0
/
-
111.6
\
-
111.3 /H
110.8
February
109.9
110.0
124.1
124.2
111.6
111.3
111.2
111.6
March
110.1
124.2
110.6
111.3
April
May
110.2
110.2
124.5
124.6
110.6
110.5
110.7
108.9
June
110.2
124.6
110.2
108.5
July
110.4
110.5
110.4
124.7
124.6
124.5
109 6
109.7
110.0
108.0
107.7
107.1
October
110.1
123.6
November
123.5
December
110.1
110.2
123.6
January
109.7
123.0
February
110.0
March
110.1
April
1960 January
Price $ 11 Per Share
August
September
I
Copies of the Prospectus may be obtained from the undersigned and
others only in states in which they are qualified to act as dealers
in securities and in which the Prospectus may
legally be distributed.
New York Securities Co.
1961
J. M. Dain & Co., Inc.
__
Bache & Co.
Paine, Webber, Jackson & Curtis
Dominick & Dominick
,
A. C. Allvn & Co.
J
Francis I. duPont
& Co.
Incorporated
Piper, Jaffray & Hopwood
& Co.
__
October
December
•riiomi/«ai
106.5
107.2
106.9
110.0
110.8
*5o'^
123.2
123.2
111.9
109.4
123.2
122.8
112.1
113.3
111.9
113.1
122.2
113.5
112.0
108.9
108.4
108.1
121.1
120.8
120.6
114.3
114.3
114.L
110.7
111.0
110.5
108.0
—
August
September
Source;
.
110.4
108.8
108.9
109.3
July
November
Shearson, Hammill
\
110.2
109.9
May
June
Incorporated
in
are
obtain
is
trend
Year
A. G. Becker & Co.
a
problems in analyzing the growth
u. s.*
was
we
reasonable consistency of growth
from year to year.
'
institutional investors. One of the
April 6, 1962
The issuance of these securities
category,
increase of 9.7%
Table I
Not fi New Issue
Werner
aver-
been a slackening in the pace of
growth of the industry during re-
Industrial
a
figures
is neither
the
between
by nonchemical
while
working with
announcement
the
an
growth of 6.7%i.per year for
period
covered.
There, has
of
difference
the
note
tion
This
The sales index shows
age
includes such relatively stable inplant capacity, is signifi- dustries as paint, fertilizer, excant, it is clear that the industry's plosives, and ink, and that only
performance has by no means been about half of the index is based
disastrous during this period. In upon the more dynamic Industrial
fact, the average profitability of Chemicals group, which is comthe chemical industry has exceedmonly thought to represent the
ed that for all manufacturing ac- heart of chemical
industry activity,
tivity by an average of about 40%. When we examine the pace of
company
bring the ratio into
are
available
Board
there is
a
more
statistical balance be¬
available plant and actual
to
The
estimates,
that
favorable
of
second
a
"Basic
as
ratio
profit ratio has slipped from 13%
in 1959 to 11% in 1960 and only
10% in 1961. While this reduction
recent review of the Nation¬
suggests
sources
the production indices reported by
the Federal Reserve Board and
the sales figures reported by the
cal
Utilization
the most widely used
Department of Commerce for the
Chemical and Allied Products industry. These are reviewed for
the past 15 years in Table III.
creased.
Capacity
the contribution to sales derived
from the new materials. Probably
net
the
for
performance
Plant
is
It
Thursday, April 12, 1962
to stockholder equity in
companies
active
both
in
the
Commission
profit
The second factor worth atten¬
table.
the figures reported
Securities and Exchange
upon
lines, have shown better earnings
improvement as volume has in¬
able balance.
strand.
based
to
seem
ability (pre-tax) of about $60 mil¬
lion per year, essentially all of
toward
in the second
shown
useful
to
concern
ly have tended to be those which
these sources,
the
actually
have
prices
reason
groups.
trend
commodities have been es¬
Two of the in¬
Chemical
be one of the
for the almost
higher
sales but lower profits for those
companies active in the petro¬
chemical
and
polymer
fields,
while some of those concentrating
in the more traditional chemical
may
reasons
universal
the prices for chemicals. This sta¬
bility results both from limitations
in
the
indices
which are built
around the more traditional chem¬
of information
factor
principal
profitability is
on
.
portance of the older products and
,
profit
with some of the
principal oil companies active in
the petrochemical industry.
striking conclusion to be gained
from this table is that there has
been little over-all movement in
Pricing Trends
by.-the
Carbide, du Pont, Monsanto, Dow,
Goodrich, and a few other com¬
panies. /.';' /.-•' <•/, /
(C) Price drops in a half dozen
of the top petrochemicals, includ¬
ing benzene, styrene, phthalic an¬
hydride, acrylonitrile butadiene,
and phenol, have aggregated $175
million per year, much of which
has shown up in a profit reduction
of-companies such as those already
named together
In any
review of the profit situa¬
tion, one of the first areas to
examine is the price trend for
chemical materials. There are a
discussed above
lion per year, much of which has
been reflected in profits of Union
D. Little, Inc.,
.
The impact of the two influences
ly, polyethylene, polyvinyl chlor¬
ide, Vand polystyrene, have meant
a total loss of profits of $220 mil¬
i
Of the Chemical Industry
By Richard F. Messing, Vice-President, Arthur
Cambridge, Masst
Profit Trend
(B) Price declines for the three
principal plastics materials, name-
Optimistic Economic View
.
120.3
113.8
109.8
,
108.6
—
—
Arthur D. Little,
and
allied
Inc.
Dfoducts,
t Industrial
ehemir.alc.
1
y
Volume
195
Number 6150
panies involved report sales data
on their chemical
operations. Yet,
the over-all significance of their
penetration is clear. Probably the
greatest impact on the chemical
desire
for
number
of
the
smaller
When
sales
we
of
ones
Standard
:
of
publicity
squeeze on
tunities
minimal
The
as
of
New
that
$10
with
chemical
by
giant
tioning
is
the
each
where
of
total
1960
can
see
only
that this
the
in
the
a
can
better
an¬
toward
be
ma¬
and
field.
recent
Third
"•"
.■
Fourth
"
contributions to product
development,
technical
service,
application research, and similar
functions in the industry, will find
these activities increasingly built
13.6
12.7
"
10.6
9.8
Second
"
Fourth
9.8
-
"
Third*
"
At
9.1
13.2
11.4.
11.9
—
10.1
—
■
__
Estimated;
Growth of the
*
Chemical
Industry
•
Sales Chem. &
Allied Prods.
the
Chemical &
Indus.
Allied Prods.
Chems.
10.99
44
13.70
____
—
45
14.37
'49
-
32
,
<3
$
16.43
61
52
1951—.
18.43
69
62
1952
18.09
71
64
77
74
-—
:
18.80
-___
19.06
77
21.42
89
Thus
far,
own
resin
96
same
This advertisement is neither
100
regarded
23.22
100
All told,
118
1960
27.70
121
29.00
>123
—
Estimated.
Jr
127
•
-
ates
it looks
may
in
companies of about 15%,
and
in
profitability
perhaps
Price $11.50 per
any
bvii.v '.
«/•
.
:
Food and
!•___
:
traditional
export
as
■'"VVT
r
k
.
1
Share
\
*'
'
1
^
t
">S
<
1
.
*
V
-
"•
-«
*
V
*
"
,
'
^
V
1
"
"
"
,
Cigarettes
375
Photography
Agricultural
300
250
-
Mining & Metals
J
250
^
170
_i——
Textile
150
:
140
...—
Equipment
120
Coal*_—_^_i___u_i._—'80
'Plastics
Fabricators.-iil—u
Paper
,
'.
Building Materials——^.—;
»
Incorporated
ex¬
i
■
Paine, Webber, Jackson & Curtis
the growth of the
w
•
60
be
to
expected
be
-
■
'
,
*
*
Stone & Webster Securities Corporation
advertisement is not an offering. No offering is made except by a prospectus filed with the
Department of Law of the State of New York. Such filing does not constitute approval of the issue
or the sale thereof by the Department of Law or the Attorney General of the State of New York.
This
roughly
.
,
Ney Issue
Impact of Technology
that
the
dollars
:
?y .V-*' '.V.'r *';.J V'
600,000 Shares
•• ;
A
•
,* '*
.*.*»
Franklin
spent on r
.
J V.■tff, Vy
-X
y-\; f
.'•'V.v'i;*.- 'iff?.
Realty
Shares of Beneficial Interest
(Without Par Value)
.
as
a
Price $12.50 per Share
result of this'
technological outpouring, but when
examine
the
potentials *in
we
such fields as construction, pack- *
aging, medicine, and a number of
other areas, it is clearly evident
;*
Copies of the Prospectus may be obtained in any slate from such of the Underwriters,
including the undersigned, as may lawfully offer the securities in such state.
that
we are not yet at the end of
the road. These forces should per¬
mit
.a
.
continuation:: of
a'
7-8%
A. G. Becker & Co.
growth rate for at least the next:
decade.
'">*>
•'
,i
20
Profit
20
-__>__$4,460
-
Dean Witter & Co.
thinking about future growth
trends, we should also observe the
tremendous potential contribution
from new technology. When we i
:
.Total
/
A. G. Becker & Co.
areas.
older materials
$1,250
Machinery
*.
c
and
800
Millions
Petroleum
20%
April 11, 1962
may be obtained in any state from such of the several Underwriters, including the
undersigned, as may lawfully offer the securities in such state.
\
475
"Companies
Rubber
as
the
of these securities.
Copies of the Prospectus
having been spent in all time
prior to 1956, we can appreciate*,
the
staggering ,r manifestations
which are yet to become evident.
Results are not necessarily pro- I
portional to
spending, and we<,
must recognize the obsolescence of v
of Nonchemical
Type of company
_.
much
as
for
good fortune prevails.
Company
(Without Par Value)
'm-
research during the past five years
have equalled those recorded as
Sales
on
reach the 11.5-
chemical
,
Process
if return
as
12% level, resulting in an average
offer to sell nor the solicitation of an offer to buy
The offering is made only by the Prospectus*}
time,
producing region
well
as
realize
129
:
Table IV
Chemical
panacea
increase
an
In
98
114
a
mxx-
twice that in the domestic market.
100 "
—>25.74
material
upgrading
as
150,000 Common Shares;:
S. companies .will ..be
offset by the foreign manufactur¬
ing activities of their own affili¬
can
73
1959
Steel
raw
higher profitability.
-
port by U.
v
____
the
other
-95
i—' 23.42
——
Glass
of
however,
equity in 1962
ex¬
evident
are
Improvement
In forecasting
1962
;
profits,
April 6, 1962
we
should give attention to*r (1) costs,'
Incorporated
w
I j,
•,
a
upgrading industry.
case
be
cannot
for
supplies, and similarly
proportions
the
in
our
Meanwhile, opportunities for
89
195622.76
1955—
v
now
in achieving
element
integration,
essen¬
truded by companies having their
of operation;
high
U. S. companies to participate in
foreign markets will therefore be
primarily dependent upon their
capabilities to assume a manufac¬
turing role abroad, where growth
1950
*
As
find that about 70% of
we
given company may be
a
vital
return in the
industry,
polyethylene film is
not
num¬
substantially higher rate of profit
particularly evi¬
plastics
a
S
41 :
,
41
,1961*
the
industry abroad. Opportunities for
49
1958
time of
is
formerly enjoyed.
seems
the
not
are
of specialty areas where the
particular product group or lead
the merchant market
E. R. Moore
37
13.33
—_
1957
all
account these overheads in future
imports have
$400 million
to $500 million. Industry prospects,
however, seem to point clearly to
a
stronger drive on the part of
foreign companies to ship prod¬
ucts to the U. S. as plant capacities
are,, created
beyond
the
needs
in
'
gg-df
t
—Product'n Index—
.
(billions $)
1948
1954
where
they will be forced to take into
in
competition is
within
Table in
1953
slackening
a
in
there
increased only from
First Quarter.
1949
be
patterns
This trend
dent
ical products from about $800 mil¬
lion in 1950 to $1.8 billion in 1960.
1961
1947
the
their
imports from
trade bal¬
ance has remained
favorable, with
growth in U. S. exports of chem¬
10.2
Fourth
1946
from
into
remove
or
that
category
does
course
leveling influence.
tive
il.8
12.5
12.1
I
greatest
Foreign Competition
r
"
Year
realized
by their
Orie of the sources from which
the industry can expect more ac¬
12.2
"
,
the
companies is to reduce
of,
ber
intermediates, but the net affect
of movements by a number of
probability
affected
mean
This
'
12.5
Second
*
good
a
•
14.7
Third
•
will
abroad.
______
keep his operation
smaller
in
situation, however, the resulting
improvement in growth and profit
Chem.
•
11.9
First Quarter.
of
one
be
dependent
ic
a
14.1
—-.—
1960
is
itself.
adopted
as
a
means
for
maintaining the base load on a
plant making raw materials or
•
companies
are
lower average re¬
a
turn than the Chemicals
movement
markets
chemical
moving have
materials facili¬
product
stockholder
on
number of- industries
a
enthusiasm for diversification into
~V;12.1 I
15.6
-V
•
which
by other groups, and their con¬
tinuing penetration will exercise
Bas.ii
jAHied
First Quarter-13.0
end
return
on
equity in
and
Correspondingly,
preference
a
shows that most of the fields into
often
at
performance will not go unnoticed
Chem. &
raw
to
the field by outsiders. In a dynam¬
II
"
to
be
deglamorization of the in¬
dustry
Equity in
Chemical In dustry
Second
therefore
benefits
an
on
.
,
There
producers
Probably
amounts from about 2%
j
get
price
been heretofore
manufacture, with such com¬
panies as General Mills, Borden,
Glidden, Armour, Quaker Oats,
and others now having chemical
'
critical to
as
alive.
by perhaps .onethird, and that the future outlook
cals
Table
lower
a
cal
industry is making
Net Return
via
order
potential of the traditional chemi¬
com¬
important contribution to chemi¬
in
resist pressures to
other
industry,
this
in the
ment
ties.
top
panies, the latex companies,
sales
strengthened resistance to price
can
ing to note that the report of the
Securities and Exchange Commis¬
therefore
maintenance of market share, but
this implies a philosophy of trans¬
fer pricing which will inevitably
yield a lower return on the invest¬
cutting. A corporate manager
growth
the
product
sion
market,
work,
deterrent
which can
major investment in
promotion activities. It's interest¬
obsolete
raw materials
provide greater capability for
defensive pricing at times of stress
the
service
serious
a
consumer
Moving towards
overcapacity
be
profitability,
particularly
when
one recognizes the rapid shifts in
'
which the plant
reduced
also
manu¬
reach
customer
and
can
large part upon how many other
groups find it attractive to pene¬
trate the industry.
food
levels.
scrutiny of
to
consumer
tially
has
materials
efforts
and
panies
will
The
fabricated
times when that extra order won't
terials in the order of $150 million,
with
Uncle Sam's
raw
active
more
relationships
have been a strong inducement to
price reductions during the last
year or two, a continued upturn in
business can equally well produce
Products
contribution;from
vestments in
and
areas.
graded products field for product
development, application research,
facture, while Dow, American Cyanamid, and others are making
the
we
to say nothing of the contribution
of
the
rubber
reclaiming; com¬
associated
radical ; change
are
since
labor
represents
as
Integration
of
rapid development
of
the
fringe companies.
Ex¬
pressed otherwise, we find that the
participation of the fringe com¬
men¬
panies have sales of chemical
others
for
fibers
upgrading
The heavy demands of the up¬
integration on profit¬
ability. Companies such as du
Pont, Monsanto, Union Carbide,
and others are placing sizable in¬
that many of the fringe companies
whose
pricing capabilities have
rubber
the four
affect
oppor¬
bottles,
molded
other
might consider the
we
13
blow
greater
a
::' / 1.
;
Finally,
pricing practices in .some of the
key process industries. We should
recognize, however, that just as
growth
was
well
as
the relatively
'fSff
worth
we
costs, although
negotiations to
Raw Material
lessening the
overcapacity and competitive con¬
ditions prevailing in the industry,
initiated
Allied
to
in
13% of the total cost in a
typical manufacturing operation.
Raising prices must be approached
with some timidity in light of the
fringe Companies represents a big
part of the total. Thus a true
growth measure of the chemical
industry should take into account
panies, to be in the order of $1.25
category
1950
billion,
added
almost
the
and
somewhat
attracted: only
actions
that
Chemical
sales from
parents. All told, we estimate the
chemicals sales of the oil com¬
Another
also
of chemicals sales
from
consider
of
these efforts represent a maximum
of only 15% in terms of their con¬
tribution to dollar sales of their
billion.
chemicals
during the past'decade. When
standard, despite the fact that
any
in
$4.5 billion, much of which has
resulted
dealing
enterprises
has
total volume
a
country alone are
about $275 million, Shell Oil's are
$240 million, Phillips Petroleum
$185
million, and Standard of
California $155 million, we can see
are
potential
interest of companies in paper,
packaging, coal, building materials,
textiles, process equipment, min¬
ing, and you name it. All told,
these fringe companies represent
Jersey in this
we-
extent. '•
computer control of
has been given wide
and will undoubtedly
processes
assist
manufacture
industry.
Oil
contract
and
tion.
that the chemical
see
(2) prices, and (3) volume. Auto¬
ning to have important participa¬
have
(1729)
mation
Pittsburgh Plate and
have been long estab¬
lished, but others are now begin¬
brought essentially all of the ma¬
jor oil companies and a large
well into the chemical
totals, and with
Corning
availability,
overcapacity, and
diversification
their
of
activities of
from cash flow
material
12%
dollar amounts ranging up to $200
million. In the glass industry, the
is being shown by the
petroleum companies, where pres¬
raw
The Commercial and Financial Chronicle
.
.
to
industry
sures
.
,-j
if
14
The Commercial and Financial Chronicle
(1730)
tive
TAX-EXEMPT BOND MARKET
In what must be described
New Issue Tax-Exempt Volume
the
as
the municipal
in financial circles,
Increasing
'
•
Commercial and Financial Chron-
icte's high grade bond
new
smoothly at ever increasing price
levels. During the past week the
shown
3.0468%
against
week
a
which
the
level
for
our
in
increase
an
since
$100,000,000
close
of
new
issues announced for
Tuesday
was
to
of
competitive
bidding
and
sue" beng
offered
after having
sold privately through ne¬
been
bidding,
there have been numerous issues
gotiation; The Birmingham,
bama
awarded
dar.
Work
Water
B
s
Other
bond
,
pnases
market
balance
last
since
the
of
were
.
.is
,,
general
also
in
good
reporting
and
the U. S. Government market has
good account ot itself. The
surprise announcement by Undersecretary of the Treasury Robert
V. Roosa of a cash offering of $1
billion
of 3%%
Treasury bonds
maturing in 1968 had no adverse
given a
effect
that
pected
be
this
on
market.
this
heavily
It
is
issue
new
will
and
t at allotments against subscriptions by large subscribers will be
very
modest.
Bank
interest in
this issue has been very substanand
the
issue is presently
tial
List float
Blue
ancj
$5,000,000 revenue bonds
\
i,.
$1()0 ()00,000 of various tax-exemP* ^nds which have sold at
competitive bidding since we last
been
firm
in
moderate
trading. Many issues have been
up from
one-half to one point
since last week. An issue of $75,000,0C0 Tennessee Gas Transmis-
Yamhill Counties Oregon Union
District 1963-1977
? J f.
Pea4ed y
erally
debentures due April
1932 was
tand»Oiegon at
net interest co^t
-° J 3.0553%. Other major memoers
0 ^ ^"S^bup irmiude Harris Trust
J.
in^s,
S uFa S
brought- to 'ihafkeb; by
underwriting group
headed by Stone & Webster Securities
Corp., Inc. at a dollar
lnid
c
of
price
to
ij
yield
to
press,
4.92%
eighths of
a
premium
a
of
a
&
1682
'
Seattle,
^rc^T funner+
Pacific Northwest
Inc,
and
x)ean
Witter
&
Co.
yield from 1.65%
we
Merrill
Co.-
and
Reoffered
to
3.20%
for
sold.
Monday,- of the
was
♦Pinchitting for Donald Mackey.
one
also
sale
a
Rate
California
(State)
•
31/2 %
(State)
3%%
New Jersey Highway
Auth., Gtd.- 3%
New York State—
3V4 %
♦Pennsylvania (State)
3%%
Delaware (State)
2.90%
New Housing Auth.,
(N.Y., N.Y.)__ 3V2%
Los Angeles, Calif
3%%
_
__
_____
Baltimore, Md.
_______
Cincinnati, Ohio (U. T.)
Philadelphia, Pa.
♦Chicago, 111
New York, N. Y.
only
•
*
Bid
f
3.40% '
demand
the
present
$680,000.
1981-1982
3.20%
3.10%
3.10%
3.00%
headed
.1981-1982" 3.05%
slow
was
in
balance
ac¬
/
-
to
sold
loan
Smith,
by
! group
the
at
1981-1982
3.05%
2.90%
&
3.00%
1981
3.15%
3.30%
3.15%
3y4%
1981
3.25%
3%
1980
3.25%
a
3.10%
3.15%
R.
Co.,
Inc. at
net interest cost of 3.42%.
a
Other members
&
Like
of
this
group
are
Weeks,
Dick
Sims
W.
H.
Morton
&
Co.,
&
&
'Merle-Smith, Herbert J.
Co., Cooley & Co. and
Hannah & Lee, Inc. Re¬
offered to yield 1.75% to 3.60%,
about $1,280,000 of the bonds have
been spoken for.
Lyons,
to
Mayfield,
Ohio
City
by Field, Richards & Co.
The 1963-1966 bonds
were
fered
to
and
turities
2.60%
The
•
sold
Marketing
the
1967
Tucson
70 P;N2
11:00
8:00
Authority,
terminal
.
p.m.
7:30
p.m.
a.m.
,8:00 p.m.
1963-1981
3:00 p.m.
.
11:00
a.m.
2:00 p.m.
11:00
a.m.
9:00
a.m.
2:00
p.m.
/.
Noon ;
10:00 a.m.-
.1984-1977
10:00 a.m..
1962-2001
1964-2001
'
Noon
10:00 a.m.
1963-1971
»
-
>1,185,000
;
2,535,000
1963-1986;
8:00 p.m.
2,040,000.. 1963-1985.
11:00
a.m.
10:30
3:00
p.m.
April 18 (Wednesday)
a.m.
1:30 p.m.
ll;00,a.m.
1
8:00
p.m.
Noon
fl;00a.m.
ll;00 a.m.
9:30 a.m/
11:30
a.m.
10:00
a.m.
1,200,000 '• 1963-2000/ 11:00
Developm't Bd,
a.m.
15,000,000
Development Commission
Orange County Navigation & Port
District, Texas
Washington County Sch. Dist., Ore.;
1964-1997
not
Airport
•
.
organized
building,
certain
a.m.
3:00 p.m.
•
April 25 (Wednesday)
11:00 a.m.
1965-1981/ 10:00 a.m.
1963-1982
1,310,000
P(Atlanta)
16,500,000
;
35,000,000
Oceanside, Calif.
.1,750,000
2,850,000
1983-1992
1964-1992
2,500,000
1965-1992
2:30p.m.
10:00 a.m.
Noon
Emerson School District, N. J.—2,300,000
1963-1984
Floyd County, Iowa
_____:
1,200,000 - 1963-1978
Hammond Sanitary District, Ind.
-■
3,100,000
1864-1988
Lehigh County, Pa.
5,000,000
1964-1983
Little Rock Sch. Dist., Ark
< 4.500,1)00 -1964-1983
Santa Clara County, Calif
8.000,000
1963-1982
Tampa, Fla
•_
,___
15,400,000 - 1966-2002
8:00 p.m.
2:00 p.m.
2:00 p.m.
2:00 p.m.
7:30 p.m.
10:00 a.m.
11:00 a.m.
___.
Sacramento-Yolo Port Dist.,
Paul
Port
Calif.."
Authority, Minn.__
April 26 (Thursday)
due
exist¬
April
27
x
Michigan State University of Agficulture & Applied Science
-
(Friday)
Louisiana State Board of Education
im-
provements and extensions of air¬
10:30
17,975,000
—
Chicago Board of Education, 111.—
Georgia State School Bldg. Auth.
term loan
ancl
} 1963-1997
-19631-1982
' 2,000,000
Ala.-;
/
Authority
$5,000,-
bonds
1,000,000
2,720,000
1,230,000
Ohio
Chatham, Mass.
negotiation
a
a.m.
.
of¬
ma¬
11:00
1964-1992
2:03 p.m.
1953-1932
11:00a.m.
1983-1980
11:00 a.m."
La Canada Unified S. D., Calif.—
2,750,000
1963-1987
9:00 a.m.
Minnetonka Ind. SD No. 276, Minn.
4,400,000 ■ 1964-1987^ V 2:00 p.m.
Nashville, Tenn.
6,875,000 .1964-1993
7:30 p.m.
New York City, N. Y
—_„s 108,530,000 •, 1963-1982
11:00 a.m,
.Norfolk Co., Bd. of Education, Va.
3,000,000
1963-1982
Norfolk County, Va.___3,000,000
1963-1982
11:00 a.m.;
St. Louis Sch. Dist., Mo._._„_—:
8,040,0001963-1982
2:30p.m.
University of Southern Mississippi
3,435,000
10:00 a.m.
Vernon, Conn.
__2_i_'__/
1,206,000
1963-1982
11:30 a.m":
Decatur,
3%s.
1982
1963-1986
April 24 (Tuesday)
Cleveland,
;School
as
3,450,000
Bristol, Tenn.
ing under the laws of Arizona, to
provide funds for a new airline
STREET, NEW YORK 5, N. Y.
a.m.
1984-1995
1963-1986
Co.
Florida
being issued by the
a
non-profit/ civic
are
corporation
INC
a.m.
April 23 (Monday)
to 3.50%.
through
bonds
*
a.m.\
April 20 (Friday)
1996 to
the syndicate man¬
aged by Phelps, Fenn & Co. These
& SMITH
10:00
1968-1981
1964-1991
2,225,000
St. Joseph College, Conn./
due
MERRILL LYNCH,
a.m.
2:00 p.m.;
/
1964-2001 /' 11:00
1968-1977
9:30
2,585,000
1,000,000
3,300,000
City, Idwa
Texas State Water
offered to yield from
were
000
Airport revenue
serially 1965-1990 and
Department
PIERCE, FENNER
2:00 p.m.
11:00
April 19 (Thursday)
St.
«
2:30 p.m.
11:00 a.m.
>
3,500,000
Camden, -N. J.__:__3,100,000 f 1965-1993 '
Hill Cbunty Sch. Dist.# Mont.—_ :
1,980,000 /:■••_/
Indiana, State College-/1,650,000 ; 1964-2001"
La. Salle County, Township High
School District No. 120, 111.—
1.950,000
1964-1978
Lynchburg, Va.
2,400,000
1963-1982
Miami, Fla.
14,565,000
1963-1990Oyster Bay, N. Y.—______j_l_ :
7,690,000
1963-1991
Sah Bernardino, Calif
;
1,116,000
1963-1982
Wallingford, Conn.
1
1,500,000 . 1964-1982
awarded $2,000,000 bonds
due 1963-1982 to the group headed
g:
a.m.
2:00 p.m.
1964-2001
.2,940,000
•
District
block}
%
11:00
3,000,000
1,600,000
Hardin-Jefferson Consol. SD, Tex.
Pressprich
W.
Smith, Barney & Co., Hornblower
L L
2%s and
from 1.55%
as
& Webster Securities
Cresskill, New Jersey awarded
$2,393,000 School District 19631987
bonds
to
the
syndicate
headed by Halsey, Stuart & Co.,
April 11, 1962=3.0346%
large
yield
-1,800,000
Paramus, N. J.
Sioux
2.91% net interest cost. Other
Stone
3.00%
1981
group
College of
Gadsden, Ala.
Hackensack, N. J._„—————l_z
& Co.,
Corp.
and B. J. Van Ingen & Co. Re¬
offered to yield from 1.60% to
3.10%,
a
balance of $1,950,000
presently remains in account.
3.00%
3.20%
3.15%
to
April 16 (Monday)
major members of this group are
Eastman Dillon, Union Securities
1981
Smith
.
Whitley County Water District, Ky.
Co.
Barney &
2.70%
3%%
&
Scaled
tabulations we list the bond issues of
for which specific sale dates have been set.
Teachers
was
2.90%
availability.
C&
State
;
2.85%
_____
a
or more
Wilson, N. C.—;•
1974-1975
3.20%
3s.
Emporia, Board of Regents——
Michigan, -State Univ. of Agricul¬
ture & Applied Science—.—
ac¬
net interest
yield: from
iw 1933,
investor
1981-1982
3.35%
ner
University, Texas
Toms River Sch. Dist.. -N. J.1Z
3.30%
1963-1982' bonds
1981-1982
various purpose 1963-1989 bonds
to the Merrill
Lynch, Pierce, Fen-
Texas. Southern
.
apparent
Kansas
yield
Abington,
Massachusetts
$2,460,000
School
Project
31/2%
__________
to
to
with
Asked
1981-1982
Tuesday evening witnessed the
of $1,900,000 Lansing, Mich,
[bonds., Bloomington, -Minn.
3.25%
31/2%
Index
3.145%
a
issue
sale
(State of),___,-, 5,000,000
Ind. SD #89, Okla. '
6,650,000
Pennsylvania: State PS Bldg. Auth.
26i#430,000
cost
issue
the
in 196*3
count
__
______
"No
Maturity
This
upon
revenue
1.65%
for competi-
to.
and
initial
quiet day with
1982
of
water
Reoffered
cost.
.
MARKET ON REPRESENTATIVE SERIAL ISSUES
•Connecticut
at
•group
current -week
of note up
1996.
sell-out.
Brookline, Mass
2,825,000
1963-1977
Evangeline Par., Parish S. Bd., La. /' 2,650,000
1964-1982
Griffith, Ind
1,440,000
1966-2002
Kentucky/(State of)__
/ 9,900,000
1964-1992
La Crosse, Wis.
1,075,000 '1963-1972
Michigan (State of)
2,000,000
1964-1990
Ulster County, N. Y
/
1,980,000
1962-1977
Oklahoma
bought by the Drexel & Co.
were
honds have been sold.
point is bid for these
bonds.
———
bonds
3.15%
to
35%'
The
interest
two-handed
the
1.65%
offering
a
net
3.0/5%, This
from
to
variety of coupons, about 75% of
of five-
due
a
Thomas. New Mexico
and
bidder
obligation ■■■. 1963-
a
scaled
to
yielding 4.60% for the
loan
been
April 17 (Tuesday)
successful
general
issue, at
count
}
Co.
the
was
the
for
Trust
and
Co.
•,
,
^
quickly spoken for. As
were
go
101
•
Bank
T1(JnaJ
a
nation-wide
Scaled
Corpus Christi, Texas sold two J Allentown Authority, Pa
V 2,750,000.- 1963-2002
issues,
consisting
of
$2,750,000 Cache County, Sch. Dist., Utah___ 2,260,000 .1963-1977
general
obligation
improvement Cowlitz County SD No: 22, Wash.
1,943,000
1964-1982
bonds
and
$1,200,000 of water El Segundo Unified SD, Calif
1,250,000
1963-1982
revenue bonds. The group headed
Fond du Lac County, Wis.
,
1,300,000
1963-1973C
jointly by the Mellon National Local Housing Authorities.101,055,000
1563-2002
Jhe First National Bank of Port-
1 ,•
Co.
term
has
;
Last Thursday evening/saw, the
sion 5%
following
present balance is $1,537,000/
■
&
April 13 (Friday)
bond.
w01*thy of comment,
j
aPProx}matcly
/
Baxter
.
v/ei11
° piess has been exceedm§ly strong with prices reaching
new high levels. There have been
S1£e ISSJJes on the docket
but there have, been a number of
general market issues which are
v.
,
.
and
in 1990 and
_____
Other major mem¬
bers of the.winning syndicate in-/
elude Alex.. Brown
Sons, Francis
I.
duPont &
Co., Spencer
Trask
&
Co.. and
Cruttenden,
Podesta
Co. Reoffered to yield
from 1.60 % to 3.35 %, / this issue
attracted
good
interest
w i th
casualty company demand for the
longer term maturities substantial
and. bank buying heavy in the
1963
to
1979
maturities.
The.
saie of $2 315,000 Washington and
of
premium
a
the
,
grade
Awards
Recent
;
100%.
at
Corp.
of 3.2037%.
interest cost
net
a
The second best bid of a 3.223%
municipals totals $494,753,net interest cost came from the
182
as
of April
n versus last
Blyth & Co. group and again there
week.s total 0f $461,988,182.
were ten .bids made for this good
-
Corporate bond issues have gen-
trading
First Boston
by .The
aged
at
avail-
of
Inc.
yield from 2.50% in 1965 to 4.50%
April 12 (Thursday)
f d
a|,Le
ex-
oversubscribed
The general inventory sitotion
little changed from last week,
In
$1,000,000
Ala¬
o a
due 1963-1992 to the account man¬
,
Au¬
I Larger Issues Scheduled For Sale §
is¬
one
of modest size added to the calen-
3%s Well Received
Treasury
the
the calendar pick¬
in volume, with-five
importance selling-at
bonds
January of 1960.
of
?
saw
slightly
issues
week,
last
;'
formulated
tax-exempt
index
is
bonds
Hammill & Co., G. H. Walker &
Co., Peters, Writer & Christensen,
indenture.
up
$675,000,000
While there have been no sizable
ago.
This figure represents a new high
since
totals
now
bonds- outstanding
l9o3-19dl
payment of bank
refunding of the
the
and
syndicate headed by Gold¬
$1,62.9,uuu.
issue calendar for the month
ahead
an
rently the index stands at 3.0346%
as
bond
•
yield index
improvement of
about one-eighth of a point; cur-
has
loans
Thursday# April 12, 1962
.
relatively small loan such as_
this, ten bids were made for this / Associated with Phelps, Fenn &
issue. Scaled to yield from 1.65%
Co.; as major underwriters are
to 3.15%, the present balance is R. W. Pressprich & Co., Shearson,
position of the
market \ has
changed but little since last reporting, and, if anything, it may
have
deteriorated
slightly. The
tax-exempt
facilities,
port
a
technical
The
bond market has continued to run
West
.
thority. The bonds are general
man, Sachs & Co. and including
obligations of the Authority and
B. J. Van Ingen & Co., Goodbody, are secured
by a pledge of the
& "Co.,
Fahnestock &Co. and" bond proceeds and the net reve¬
Cunningham, Schmertz & Co., Inc. nues derived from the operation
of the Airport as provided by the
It is interesting to note that, for
•
quietest week of the year td date
Huntington,
awarded / $i,80d,uuo
Revenue
Sewer
to the
§}}
By GEORGE L. HAMILTON*
bidding.
.Virginia
.
.
3,114,000
_
1933-2002
ll;00a.m.
-
4,000,000
1964-2001 / 11:00 a.m.
'
Volume
to 3.00%
195
Number
6150
.
The Commercial and Financial Chronicle
>
.
(1731)
in 1987, this issue which
carries
the
has
perfected by research and devel¬
opment. -An
interesting
break¬
through is Celanese's development
present
a
highest credit rating,
balance
of
$x,-'
160,000.
headed
group
Manhattan
best
bid
by
Bank
for
j
the Chase
submitted
$6,516,000
-
bonds.xThe
submitted
an
bid
cost
Hartford,
cost
'
r:
,
Expanding and more assured earning power achieved through diver-
„
}'//
/■;,
sification, capital outlay and research. /
-tions
in supersonic aircraft
/sophisticated machinery.
/
winning
annual
group
interest
net
,
This
week's
final
issue
iimmAn'n
-
note
of
when
of
$8,000,000 City
Dayton, Ohio various limited and
in
unlimited
othirlono
Cn
which
were
1950
to
million
265
pounds in
dPrddpH
manflppmpnt
it
nroflhf
to
a
yield from 1.55% to 2.90% for
2%%' coupon. The present bal¬
is
ance
$3,665,000. The $3,000,000
limited
tax
carried
1963-1982
2%%
a
offered
2.95%.
has
to
and
coupon
yield
As
bonds
from
ance
these
in
were
rived
to
from
sales,
modest
go
14%
to
of
42%
in
the
last
increased by $31 million over the
Commercial and Financial Chron¬
preceeding year, and net earnings
advanced $.09 a share. ;;////'///'
road
icle's
revenue^bond
at 3.813%
it was
this
loug
other
have
issues
revenue
very
Strong
and
index
stands
to
rise
a
of
year's
close
to
three-quarters
of
a
point.
Trading has been active in the
high coupon bonds such' as Chi¬
cago O'Hare 4%s,> Florida Turn¬
pike 4%s, "Illinois Toll 43/4s; Ken¬
tucky Turnpike .4.80s an&»;i4-.85s,
far
are
brighter
peared
decade
a
they
than
Much
ago..
this, past .expansion
ap-
and
of
future
promise is the result of $182 mil¬
lion;
about $24>a share,'in capi¬
or
Massachusetts Port 4%s .aud Okla- tal expenditures i:n the past decade.
homa Turnpike 4%s.; The lower
Synthetic Fibres
coupon
bonds
have
been
less
'
*
In
actively traded,, with prices firm.
The
by
the
Corp.
that
they will raise the price of virtually all its steel products an
average of $6 a ton was reflected
immediately in the sensitive dol¬
lar quoted municipal revenue and
/turnpike bonds which moved off
one-i alf
point in moderate trad¬
ing. As the day progressed, these
issues slowly climbed
back and
States
Steel
broaden
lines.
are
Corporate
steady in light trading.
calendar
picks
000,009. Among the features are
$101,055,000 Public Housing Au¬
thority 1962-2002 bonds; $26,430,000
State
Public
Pennsylvania
School
Building revenue 1962Florida
A
.
v
the
A
Hated prices, and aftoi ding prqsstock of Celanese may well deserve
current
inspection.
The
lars
were
ion
-
till
John Schuss
'
,«
#
•
fh
Texas
new
type plastic
otn
acnuirpd
an
right
next
haci/
+hck
PlleS tbe
pn
Celanese
In
n
Q+VAnh
Avn i
p
+ vtr
»
if
in
Mexico.
Then
1
dition t
20 plants and 4
*
in
the
United States,
at $1
be
1961.
,
...
per
used
ventory,
.
Sth^0,I-ent.
stabilized
During the next five years, Cel¬
has budgeted $125 million
for capital expenditures, 70%
of
the
base
of
its
earning
share. Net proceeds will
by the company for the
capital expenditures, has
research
and
and in-
develop-
working capita! and other
Cpmp^ny
ron,er'rebs^rchr°aUngdh
anese
for
corporate purposes:—
Corp. has not only broadened and
Newer Plants and Products
Ave.,
offering
is
acquisition of equipment
Earning Power
,,
Madison
660
City
in ad-
Broader and Stabler
„
Inc.,
York
Public sale today (April 12) 110,research 000 common shares of Medex, Inc.,
iftnlants abroad
laboratories
/
Stock Sold
New
0f 1438 Grandview
Ave^Columbus^hio, is engaged
in/the design, development ; and
set the
which is earmarked for plastic and stage for expanded sales and rising manufacture of a limited line of
chemical expansion. In fibres, the
profits in coming years. Capitali- hospital
accent will be
zation
on
the higher profit
-
quite
is
with
leveraged
<
,
,
some
of
and
surgical
which
supplies,
sterile
are
,
.
•
.
was
100,000 Common Shares
cur¬
Littelfuse, Inc.
($2.50 Par Value)
major plastic
was
shiny, brittle and
a
the
Price $1 lVz per share
feature in men's fash¬
1920's, and it was
a
Prospectus
Company
&
.,
c
'•1
*.
•
.
.
■
.
*
'x-
7 t,
..
are
as
obtainable in (my State only from such oftheundersigned
lawfully offer these securities,in su(h State.
may
Cruttenden, Podesta & Miller
J
Bache & Co.
.
•■'•
v.
.TV
;v/
■
i
i
Crowell, Weedon & Co.
Rodman & Renshaw
•
67 Broad Street, New York 4, N. Y.
Telephone: IIA 2-8403
>
/
•
;
v
TWX
/
NY
/"
v
""
1-5897
'
.
'
•
-
Incorporated
.
T. C. Henderson & Co., Inc.
McCormick & Co.
Straus, Blosser & McDowell Westheimer & Company
John W. Clarke & Co.
The First Columbus Corporation
Indianapolis Bond and Share Corporation
Singer, Deane & Scribner
April 11, 1962
Hemphill, Noyes & Co.
H. M. Byllesby and Company
Bacon, Whipple & Co.
i
Cruttenden & Co., Inc. 1
the
fnrpiPri
hn<; tthrniifrh
Bingham, Walter & Hurry, Inc.
/
Medex, Inc.
was
followed
j
Primary Markets Maintcined
Trading Dept. HA 2-8415-20
mar¬
was
and Investment Securities
;
and
Globus,
affjKatP~C
are
early entrant
tate fibres and cellulose plastics).
now
divisions.
strong, and manage¬
aggressive.
opening of a plant in Canada, to
take advantage of low cost wood
pulp (a basic ingredient in ace¬
Kvaa
ba.?lc,
.'JL03 ; Chemicals com¬
tributed 19% -of overall sales in
an
ment
keting. The first foreign plant
of basic raw materials,
needed for the manufacture of
polymers, plastics and synthetic
fibres. Celanese Corp. with three
plants in Texas and one in West
Virginia, now has enough chemical
capacity to sell 80% of output to
AY»f
was
into foreign production
entry into chemicals
logical step to assure a
•
its plastic and chemical
Finances
source
+
u
cyclical
Foreign Business
Chemicals
a
has done much to reduce
volatility and highly
/
characteristics, and ROW
benefits from an upsurge in the
demand for its synthetic fibres
and an excellent growth rate in
in-
plastic
Celanese
common
earlfer
i
werke Hoechst.
was
gain
company
its
sun-
m§redient,
£
textile
its
newcomer
••"'■
C/.////'
Celanese's
inar^i^nt
baS1C
Paine, Webber, Jackson & Curtis
;
At
oxane". An arrangement has also
ik Ssihorf
been Kmade;: for production of
l^nufSH^Co^-<<Celcon" in Germany, by, Farb-
major manufacturers of
bottles and containers,
Corporate Financing
I
to
petrochemical plant, which
metals.
various
has
qr
^ ui quauiy, ouiamaoie at umnmanhinprv and
paf
and other-dealers
J
861/2 is suggested.
' in the constant
com-
_
Copies of the
;
if
n
highly inflammable. Celluloid col¬
seems
assured,
first
The; first
celluloid. It
bonds.
active -hiarket
new
a
,
Plastics
$14,565,000 Miami,
1963-1990
more
earlier,
Thi
material, with quali-
'ties> properties, and uses
'ufl
+»/rU+i™oi
poly-
"Arnel", quick drying and wrinkleresistant; and "Fortrel Polyester",
for
stuffing
pillows,
and
for
milady's summer apparel.
up
in volume and totals about"
$235,-
2001 bonds and
urp1
seeking quite dependable
at a substantially higher
percentage rate, consideration - of
the 41/2% preferred, now selling
income
qualities.
mentioned,
remarkable
current yield of about 3%. For
acetate./,,
1:
ihdiistripc:
"rvirnn"
is
films
and
aPPliance industries. Celcon is
ahdmSst re- Produced at a new Plant at Bishop,
and, most re
and/ drapes.
Then
came
"Celaperm" for women's apparel
and bathing suits. Next appeared
point lower than be¬
Next week's
resistant
including
$2.28,
was
tains
fore the announcement.
bonds
stabilize
and
The
Fortisan, especially useful in
about unchanged to onea
We
;1fi
-
.
eighth of
those
net
Today, the company is specialized items, and newer
lines, $210.5 million in debt and pre- expendable.
"
the number one producer of ace-"
i
>
'v
>
•
'
•
•
tate
(about 265 million pounds,
annual capacity). Two thirds of
this production is for the apparel
This announcement is not an offer to sell or a solicitation qf an offer to buy these securities*
makers.
Celanese
has, however,
The offering is made only by the Prospectus.
added several new synthetics to
•
now
Celanese
share
foreign profits
For 1961, per
share).
a
and
made fibre.
.
are
1925
Corp. began
business as the pioneer in acetate
filament yarn, the earliest man--
announcement
United
to
unremitted
$.50
a
wrinkle
Carrying
the
program
along .outsiders. In petrochemistry U has
further, 1961 sales reached an all ™ade a notable advance, with the
time
high/of $284 million, and , development of an oxidation proctoday, horizons for future growth ^ss
effective production of five
April 11; a week ago'
3.853%. In terms of dollars,
on
amounts
also
Pclanpsp
and
had been a
1950, had grown
done
term
Bonds
toll
cently, Celcon, a
that can. replace
which
well since last reporting. The
account.
Toll
of
$.17 kept abroad. The present
dividend rate is $1.20, providing
polyvinyl
conolvmers
co po ymers,
,-Sd
total.
Further illustrative of the sturdy
improvement in
corporate
stability is the fact that, in the depression of 1958, sales actually
The
mated
:
cellulose
measures
Chemical
fibres.
plastic
nlon + o
included
have
resins,
emulsions
Corp.;
the tact that, for
1961, only 58% of sales .were.de-.
to press, a bal¬
of $1,835,000 remains in this
we
succeeded
Celanese
is evidenced by
also
1.55%
.
well
how
niriQ
1+0
sales volumes a?d . Celanese also
^
Just
line
plastic
souses aStal
acetai
diversify^
n
coast-to-coast.. Additions
ester
wt.s
hieh' time to
the
by the syndicate headed high time-to diversify the sources
jointly by the Bankers Trust Co/ of earning power and to take steps
and the Northern Trust Co. The
to
flatten
out
the
peaks
and
in
salnc ■-■vnlimiPe /'anH
$5,000,000
unlimited
tax
bonds vail At/e
.
maturing 1983-1982 were offered profits.
bought
i
ethylene in its nine plants from
So,
fibre
acetate
1QS4
bonds
VmcinQcc
I
apparel ! business.
production
of- slumped from 443 million pounds
consisted
tax
onnnTrvl
women's
7,654,000
is valued for its wooly texture and
.
/;"/
of
from B. F. Goodrich Co. "Darvan''
.
from a/group headed
by the First Boston Corp. The se-' it! For, you see, in 1950, over 85% plastics early, through the purCurities, are priced from 1.50% to- of sales were from acetate
fibres,'- chase of control of Celluloid Co.,
2.90%
and
initial
orders - have and the major demand for these which ; has now the
capacity/to
amounted" to '50%.
fluctuated, with the buying ca- turnout 100 million pounds a year
Major Sale /
ahead
rights to manufacture a
patented
synthetic
fibre,
"Darvan",. .have
been
acquired
de- poor child indeed, in-the model
$232 million in 1950 "T" era, who didn't have a celluto - $147.6
million in; 1954,; you" loid duck or boat to float in his
could blame the women folks for bathtub. ^Celanese Corp.
entered
clined from
came
■
new
When sales of Celanese Corp.
2.6455%
and
the
of
a
2.66% interest
Week's
and
World
of..
bid
second
By Dr. Ira U. Cobleigh, Enterprise Economist
v.
the
Connecticut various purpose 19631982
/
stock,
common"
shares; listed on NYSE
and now selling
at 40. At this
of a series of synthetic fire and
price, common is available at 12.3
heat
resistent
lubricants
called
times indicated 1962 earnings of
; "Cellutherms", with wide applica-- $3.25 a share (which include esti-
.
A
ferred
15
-
-
«
Mullaney, Wells & Company
Burton J. Vincent & Co.
.
,
<
.
)
_
<1732)
16
The Commercial and Financial Chronicle
with
pared
State of Trade
in
51
the
58
one
and
in
ago
year
corresponding
March
And Industry
Electric
Output
Than
Continued jrom page 11
The
in the week
(which were
that week's over-all
(piggyback)
tainers
in
included
and
power
9.8%
1961
of
amount
distributed
ended March 24, 1962
in
electric
Saturday, April 7, was esti¬
total). This was an increase of 2,- mated at 15,569,000,000 kwh., ac¬
633 cars or 24.4% above the cor¬
cording to the Edison Electric In¬
responding week of 1961 and 2,433 stitute.
Output
was
17,000,000
cars
or
22.1%
above - the
1960 kwh. above that of the previous
week.
week's total of 15,552,000,000 kwh.,
Cumulative piggyback loadings and 1,387,000,000 kwh., or 9.8%
for the first 12 weeks of 1962 to¬ above that of the comparable 1961
taled 150,201 cars for an increase week.
;r
of 27,220 cars or 22.1% above the
Intercity Truck Tonnage 3.1%
corresponding period of 1961, and
Above 1961 Week's Total
; i
27,035 cars or 22.0% above- the
Intercity truck tonnage in the
corresponding
period
in
1960.
week ended March 31, was 12.7%
There were 58 Class I U. S. rail¬
3.4%.
of
in
volume
the
the
;■
Following
thousands
Can
These
Company
COMMON
of
declared on the
Common Stock of this Company, payable
May 2 5. 1962 to Stockholders of record
at
fifty cents per share
the
close
was
business
of
April
%■"
JOHX R. HENRY, Secretary
249,643
dipping
of
330
week
findings
are
based
was
shipments
States
in
the
Notice of Annual
COMMON STOCK DIVIDEND NO. Ill
regular quarterly
in
week
volving
27*
Long
Center, 175EastO!d Country Road,llicksville. New York, on April 17, 1962, at
2 o'clock P.M., to elect eleven directors,
May 15; 1962
on
of
Island Lighting Company will be held at
the
Company's Hicksville Operations
PER SHARE
to
.
vote
on
the
appointment of Price
as independent
public
for the year 1962 and to
business, April 20,1962
such other business
as
may
properly come before the meeting or any
adjournments thereof.
VOnly holders of common stock of record
KARL SHAVER"
back
on
April 9,1962
to vote at
THE COLUMBIA
GAS
the books of the
of business
on
are
SYSTEM, INC.
•
ACETATE
CELLOPHANE
•
.the.
upturn
there
in
from
last
week
ago."
re¬
^rincip^ljy the' increased ;
-?
wholesale
at
were
slight
for
advancest as well
for
AMERICAN
VISCOSE
dividend of
fifty cents (50c)
payable
4,
butter,; steers,
lambs, cotton and rubber. I
April 9, the daily wholesale
on
•
ACETATE
•
CELLOPHANE
In
fact,
in
2, 1960.
con¬
cost
dips
were
it
the cur¬
registered
wholesale
this
as
well
in
prices quoted for oats, barley,
cocoa and potatoes.
While
rye,
sugar,
cottonseed
oil, eggs
lard,
—1
+4;
lambs
8% From 1961 Week
Department
store
country-wide basis
sales
compared with the like period in
1961.
For the week ended March
24, sales were up 11% compared
with the
In
the
corresponding 1961 week.
four-week
period
foodstuffs.
The
sales
index
represents the sum
total of the price per pound of 31
foodstuffs and meats in gen¬
use.
It is not a
cost-of-living
raw
eral
index.
show
Its
the
chief
function
general
trend
is
of
to
food
prices at the wholesale level.
in
New
ended
week
York
.
City
March
for
the
were
31,
the
in the corresponding 1961
week. For the week ended March
same
as
24, no gain was registered when
compared with the same week in
1961.
For
the
four
weeks ending
decrease of 3%
reported as against sales in
the comparable period in 1961.
March
31, 1962,
a
Shopping Gains
Momentum
*
Sparked
by
generally
f air
weather and Easter fashion plans,
consumers
stepped
in the week
strong
up
purchases
This
ended April 4.
buying
however, is
comparison with
pace,
overshadowed in
levels -since
the
corre¬
sponding week of 1961 was the
previous Easter's final one/;-*'"A
bright spot in,the week's trade
picture1* was Philadelphia where
retailers reported
several
the
an
upturn after
discouraging weeks, but on
hand, Boston's ..volume
other
bogged
strike.
down in
Women's
transportation
a
showed the
wear
greatest improvement, while men's
and children's clothing continued
to lag.
Purchases of home goods
moderate
ran
were
chalked
to
.fair,
but
up in autos,
gains
,
The total dollar volume of retail
.:
trade
in
ranged
the
from
week
3%
under
below
Inter-American
|
Development Bank
Private Financing
Lazard;. Freres
Brothers
and
New York
vately
&
-
Co.,
Blyth
Lehman
&
Co.,
with:
a
of
group
an
American
Italian
to
Development
Bank
1982.
offer to sell nor a solicitation of offers to buy
offering is made only by the Prospectus.
Lire
bonds
due
any
of these securities.
The Yassar Corporation
per
share)
AVIC E L®
A PUBLICLY OWNED REAL ESTATE
CORPORATION
Share
J. R. Williston & Beane
DISTRIBUTION NOTICE
Directors
April 2,
on
1962, declared cash distributions of
«< per share per month on the
of
Birr & Co., Inc.
Company's Class A Stock payable:
May
10,
1962
to shareholders
OI1
June
11,
1962
to
April
10,
1962
to
at
Boettcher and Company
June 23,
A. G. Edwards & Sons
business
at
the close
at
the close of
Stanley Heller & Co.
of business
<
May 23, 1962.
shareholders of record
on
the glose of
1962.
shareholders of record
on
July
26,
record
Howard, Weil, Labouisse, Friedrichs
and
Company
business
Albert McGann Securities Co., Inc.
1962.
JOSEPH WOLF, President
'!>'■
"
'
?.Y-
..
...
•
.
.
Italian
Lire.-. (ap¬
proximately >$24,200,000) of Inter-
review
1%
Inc.,
City,;have placed pri¬
hafd-v banks ^ 15,006,000,00(1
and sporting equipment.
ware
According
to
the
Federal
Reserve
Board, "Interpretation of the weekly per¬
centage changes during the Easter season
is
affected
by the shifting date of the
holiday
(this
year,
April 22 and
last
year,
April 2). Adjustment factors have
been developed for this calendar irregu¬
larity.
For the week ending March 31,
the
factor
is—10;
this yields an
'ad¬
justed'
year - to - year
change
for
the
United States of
+8%."
—THE WOLF CORPORATION—
of
ended
March.
Copies of the Prospectus may be obtained from any of the several underwriters,
including the undersigned, only in states in which such underwriters are quali fied
to act as dealers in securities and in which the
Prospectus may legally be distributed.
Board
a
the Federal Reserve Board's in¬
dex reported an *8% increase for
the week ended March
31, 1962,
,
Price $10 per
I he
on
taken from
as
moved
(par value $.10
•
Middle
Nationwide Department Store
Sales Up
Common Stock
AVISTRAP®
0;
West
East
to i +3;
31, 1962, sales declined by
higher
at 2% below the corresponding
pe¬
wholesale, their increases were riod in 1961.
'
/
hot substantial enough to offset
According to - the Federal Re¬
the decreases in the other seven
serve
System department store
and
\*L
•
to
Central
124,900 Shares
shareholders
South,
4
-f-1;
a
April 18, 1962.
Vice President and Treasurer
RAYON
declared
per share on the common
of record at close of business
$6.03.
West
to
Central 0 to
Atlantic -fl to -f-5.
the
when
ago
year
week, and there
CORPORATION
May 1, 1962, to
on
a
—2;
—3
April 11, 1962
1962,
stock,
Mountain
Atlantic
The
Hams and cheese declined
Corporation, at their
April
to
and
NOTICE
regular
on
—6
fractionally, 0:5%,r
rent level is the lowest
siderably
1961
percent¬
AV1C EL®
Directors of the American Viscose
meeting
10,
for any week since March
The
A
to
came
This advertisement is neither
DIVIDEND
off
week
year-ago
two weeks
April
on
far this year.
so
Pre-Easter
slightly from the
as,
quotations
On
•
able
year ago.
wheat/ pats/ * and - wool, -. although
CHARLES E. ELBERT
Secretary
AVISTR AP®
•
up
same
prices ' paid
entitled
the meeting. The stock transfer
not he closed.
was
Central
Central
last
week
and
was;
lower thain In the compar¬
3.5%
following
was
this
flected
March 13, 1962
RAYON
296
preceding week, the current level
books will
/
a
$100,000,
from
r
$5.85
same as
While it
Company at the close
March 13,1962
321
past Monday, to 272.76,
reports- Dun & Bradstreet, Inc.
...
SECRETARY
tinder
to
Year Ago
The
on
losses
climbed
edging up on April 4 to
the
highest
point
since
midFebruary, the general wholesale
commodity
price
level
slipped
was
take action
change
After
accountants
of
was
from
the
by
New England —12 to —8;
Pacific —10 to
—6; East South
to
$5.82
index
liabilities
Wholesale Commodity Price Index
Inches Above Prior Week and
Waterbouse & Co.
to holders of record at close
no
at
lowest level
Canadian failures held steady at
Meeting
Stockholders
the
in the prior week,
but were slightly lower than last
year when 56 were reported in
the comparable week.
April 17,1962
the
with
last week and 299
the
Notice is hereby given that the Annual
of
exceeded
top¬
ping $100,000—they numbered 35
as against 34 a week earlier.
They
ended
•
Meeting
also
virtually
was
casualties
which
LONG ISLAND LIGHTING COMPANY
^
and
295 in the similar week.
There
in
6.4%
MEETING NOTICE
The Board of Directors has
Payable
week,
level of 44. All of the week's up¬
turn occurred among failures in¬
DIVIDEND
SYSTEM
four-week
than in pre-war 1939 when the toll
52, the
QUARTERLY
GAt
a
previous
comparable
1960
level
of
333.
Some 21 % more businesses failed
the
on
REGULAR
ICOUIM
to
the
freight did, however, fall below the 1961
Lumber Shipments Were
Lumber
dividend of
in
commercial and industrial failures
turned up to 356 in the week end¬
cor¬
conducted by the ATA De¬
United
a
,268,728
.
levels
ages:
edge down, the South
wholesale food price
index, com¬ North
piled by Dun & Bradstreet, Inc., North
239,551
After
Higher Than in 1961 Week
This is
1961
comparable
of
Dips to New Low for Year
203,642
'.248,756
Business Failures Up Moderately
be mailed.
declared this day
1962
____236,275 •234,753
level
\
stood
,„_254,878
low
comparable <1961
Wholesale Food Price Index
Apr. 1,
ed April 5,
mon
carriers of general
throughout the country.
20, 1962.
Checks will
Transfer books will remain open.
the
Orders ___>—,.259,629
partment of Research and Trans¬
port Economics. The report re¬
flects tonnage handled at more
than 400 truck terminals of com¬
quarterly dividend
a
for
Mar. 24,
1962
weekly survey of 34 metropolitan
STOCK
1962
27,
feet
in
Shipments
..
March
figures
Production
previous week of this year.;
areas
On
of
Mar. 31,
3.1% ahead of the volume for the occurred
American
the
^Continuing
of
1961,
the
reports Dun & BradAmerican Trucking Associations street, Inc. Casualties ran slightly
announced.
Truck tonnage was higher than a year ago when 343
DIVIDEND NOTICES
-i'v'
the
are
board
weeks indicated:
r
ahead
269.62.
239,551,000 board feet.
Compared
with
1961
levels,
output rose 16%, shipments were
6.40% higher, and orders declined
energy
by the electric light
industry for the week
originating this type
traffic in this year's week com- responding
commodity price index came to
higher than last year, according to
272.76, inching up from 272.53 in
spot estimates collected by Dun &
the prior week and 272.57 a month
Bradstreet, Inc. Regional estimates
ago. It remained noticeably above varied
from
was
Higher
Week
ended
road systems
Thursday, April 12, 1962
31,
totaled
254,878,000
feet, compared with 248,756,000 in the prior week, accord¬
ing to reports from regional as¬
sociations. A year ago, the figure
board
week
1960.
/
...
Parker, Ford & Company, Inc.
Sutro & Co.
April
5%
1,
Volume
195-
Number
6150
.
The Commercial and Financial Chronicle
.
.
expanding demand for
an
Our Reporter on
(1733)
and
credit
money
"
this
and
why,
reason
an
is the prime
adjustment
is
-
looked for in the bond market by
some
followers.
BY JOHN
and
money
The
capital
very
future
should provide the answer to this
one.
' V •
\
-.
T: CHIPPENJR.
i
.
On the other
mand
hand, the
new
de¬
which is appear¬
for bonds
Membership
New High
'
At
market
near
members.. The
ABA
Membership
Bankers
in
The
Association
.
states
are
Alaska,
Arizona,
Arkansas,
California,
Hawaii, Idaho, Kansas, Louisiana,
Mississippi, Montana, Nevada,
New
American
totals
,
17
Mexico, Oklahoma, Oregon,
Carolina,
Utah,
and
South
17,366
Wyoming.
banks and branches—a gain of 38
over
a
ago—John
year
F.
Geis,
ing and will most likely continue
The
find
an
a
turn
is
Government market to raise
than
in
Treasury in
this
week
good
surprise
a
took
advantage
$1,000,000,000 t of
through the sale of
due Aug. 15, 1968.
be
to
are
move
new
of
money
3%%
a
bond
These
funds
used to make payments
it
outlet
not
bonds.
The
only better in
stocks
common
as
in
though
will
to
a
a
against possible at¬
coming refunding
reserve
trition
in
Reason, for
the
operation
(in May)
Treasury decides to
provided the
the rights
method
instead of making it
a
cash operation by opening it up
to all investors. This borrowing,
according to the Treasury, will
also give the Government com¬
plete flexibility in the handling
of the big refunding of the debt
which
due next month. The
comes
May
will
operation
refunding
of
notes
involve
$7,700,000,000
certificates
and
Treasury
use
and
the
.
of
the
decide to in¬
clude in this venture $4,000,000,000
of
■
The
even
which
bonds
June.
to
may
terms
involved
be
in
due
come
issues
the
and
in
the; impending
will be . made known
the f end of the month.
refunding
near
ap¬
be;' gaining followers,
now that institu¬
to
pears
with indications
tional
investors
in
are
the current
operation
of
one
some
than
was
the
the
the
some
in¬
institutions
at
were
able
period,
in
a
consider¬
Govern¬
of
buyers
ment bonds are
going from inter¬
mediate term obligations into the
more distant Treasury bonds. This
It
took
balance
a
is
a
ion
some
money
market spe¬
payments
as
problem
gold, as
loss of confidence in the
It seems as
nation of the
going to have
fluence
on
though
considered
now
the
to be
constructive
very
side
a very
ing obligations since it is believed
that more investment funds will
banks
in
17
states
Columbia
of
and
Park
250
firm
simul¬
taneously announced that William
R.
the
Butler
with
ABA
are
The
has
them
associated
become
an
as
tive in the main
account
execu¬
office.
a
or
be large.
purchases of the tax
obligations by the com¬
of economy which
is being devel¬
Setback
in
not,
Fox
Garvin,
oped in this country.
Any
as
specialist in
a
THE
con¬
in
his
began
1940
with
business
Abraham
FRUITS
&
Co., and since 1955 had been with
Bantel &
Co.,
as
a
OF
con¬
,
vertible bond broker.
Bonds
Would
To Be V.-P. of
INDUSTRY
V
Walston & Co.
believe that any
setback
which
may
take place
will be of sizable proportions. Im¬
proving business conditions, it is
being pointed out, will result in
favorable in¬
All
firm's
heavy
career
are
have gone up so sharply, they do
all fixed income-bear¬
reason
Mr.
fitting much better into the kind
is
fears
mutual
the
office.
of
ager
Avenue
banks, 98% of all com¬
banks, and 28% of all
savings banks.
vertible securities.
much
and
elimi¬
the
inflation!
S
mercial
banks in foreign
represents 95J/2% of
offerings
will
The princi¬
for the very strong de¬
department
Be Minor
cialists,? could amount to some¬
thing since the demand for the
Even though there are money
longest Government issues could market experts around who hold
continue to expand with the end¬ the
opinion that bond prices could
ing of the inflation threat.
i
be in for a reaction because they
;gj
all U.
It
& Co., Inc., 20 Broad
St., New York City, brokers and
dealers specializing in foreign se¬
curities,
have
announced
that
Vernon Fox has joined its trading
movement which, in the opin¬
of
member
countries.
Carl Marks
Administration,
new
of
with the attendant loss of
on
13,287 U. S. banks, close
4,000 branches, and 125 as¬
Carl Marks Co.
dollar, to bring about changes in
open market operations that are
time
City, members of the
New York Stock Exchange, has
announced
the
appointment
of
Joseph E. Bitterly as sales man¬
Vernon Fox With.
,
ing longer) as well as adding to
their holdings of Treasury bonds.
first
to
sociate
120 Broadway,
York
this kind of buying.
the
well
the
to
New
in¬
up
stances extending maturities (go¬
For
McDonnell & Co.,
enrollment
of the
issues.
a
midyear
mercial banks. A pick-up in loans
would bring an abrupt ending to
with nearly all
of the low coupon bonds selling
at prices that locked them in for
years,
while
the
large
money
centers'
The
cludes
since
to
sheltered
ridiculous to say
The smaller country
ended
Association's fiscal year.
however,
vulnerable
more
the six months end¬
mand for these securities has been
case
were
least:
banks
be
continue
pal
in
covers
District
bonds,
exempt
corporates
in
previous years.
During that
period, longer term bonds, espe¬
cially Governments, went down to
levels that
looked for
are
set-back than the Governments
greater degree of stability to the
market
-
should
through the whole list
of Government securities for open
market
purposes
will impart a
bond
that
quarters.
Tax
over-all
an
important
an
rate issues
market followers that the
heap with the shortterm highly liquid fully protected
market
Government
Market
change by the monetary authori¬
ties from the policy of "bills only"
to
which
-
It is believed by more and more
money
top
Portfolio Extending
The
Stability in the
Bond
considerable
a
setback
any
a plateau
period of time
since the enlarging demand
for
fixed income
bearing obligations
could
absorb
the
modestly
in¬
creased offerings of new corpo¬
for
has been in recent years.
income tax refunds and to pro¬
on
vide
Names Two
quite
to
market could remain in
orderly affair than it
more
ing Feb. 28, 1962, midpoint of the
provide
might develop in bond prices.
Also, it is evident that the bond
bond
be
report
cushion
also
the
future
McDonnell Co.
to be there in the future is going
re¬
bonds
but
the
appears
market
much
in
Chairman of the ABA's Organiza¬
tion Committee, has reported. The
On
however,
Thomas
May 1st, George T. Thomson,
Jr., will become
of Walston &
New
York
a
Co., Inc., 74 Wall St.,
firmly
in "the guarantee to every¬
...
one
City, members of the
New York Stock
Jefferson
believed in individual initiative
Vice President
...
his
Exchange.
of the free exercise of
industry and the fruits
ac¬
quired by it."
This is
not
and is under
offer
to
no
buy,
circumstances to he construed
any
as an
offer to sell, or as an offer to buy, or as a solicitation of an
of the securities herein mentioned. The offering is made only by the Prospectus.
In
we
April 11, 1962
1961 Annual
our
faith in the free
believe.
This is
Brentwood Financial
Corp.
For here in the
per
prosperous
an
area
area
which
Jefferson—that
progressive, diver¬
farms. Above all, it is
an area
well rewarded by sane progress, sound pros¬
perity and the promise of
serving this
too, to share
share
serve—an
of growing businesses,
and
are
a
a
limitless future.
and serving it well, Vepco has been
area,
privileged to share this
$12
we
close look at this
sparked by individual initiative, enthusiasm and energy.
In
Price
area
a
An appropriate look,
strongly affirmed.
an area
sified industry
It is
Common Stock
take
we
includes the birthplace of the great patriot
faith has been
150,000 Shares
Report,
enterprise system.
progress
and prosperity. Privileged,
native pride in that promising future
For Your
The
Copy of
1961 Annual Report, please write to:
our
Secretary, Virginia Electric and Power Company.
Copies of the Prospectus may be obtained in any state only from such
dealers participating in this issue, including the undersigned, as may
legally offer these Securities under the securities laws of such State.
^
>1961 HIGHLIGHTS
Increase
%
1961
Over 1960
Property and Plant
Operating Revenues
$789,000,000
$71,000,000
$173,261,000
$12,673,000
7.9
Balance for Common Stock
$ 30,656,000
$ 3,558,000
13.1
Earnings
Increase
9.9
Allen & Company
...
•
E. F. Hutton & Co.
$.24
13.2
23,200
3.0
105,400
4,600
4.6
Electric Sales—thousands of kwh
8,880,000
770,000
9.5
Service Area Peak Load—kw
Incorporated
Paine, Webber, Jackson & Curtis
$2.06
784,900
1,925,000
.153,000
8.6
Gas Sales—thousands of cubic feet
8,668,000
794,000
10.1
per share
Customers—Electric
Hayden, Stone & Co.
Dean Witter & Co.
Schwabacher & Co.
we
helping create.
Gas
Incorporated
William R. Staats & Co.
VIRGINIA ELECTRIC
7fh
and
Franklin
AND
Str««ts,
POWER COMPANY
Richmond, Virginia
Financial Chronicle
The Commercial and
....
its
THE MARKET A
BY
.
AND YOU
.
the home appliance mar¬
on
which
ket
as a ;
produced
prelude to the new advance pre- i recurring expenses
dieted so widely by the chart fol- ^ the overall results.
'-i 1
WALLACE STREETE
preoccupation with consolidat-■>. sault
ing its advance, presumably
lowers/.
Steel
The
some
that
non-.
into
ate
'/*
4
Picture
"Montgomery's : long
series of;
/ There was little hope held out
that kept it restrained l for the steel
issues,, at; least until
for, years, had made it skip any '
time removes some of the major
ing and uncertain course despite
bull market excesses. The shares uncertainties that have kept them
reporting
a
first quarter sales Were last
split half a dozen years *
record with the prospects of bet¬
a drab group.
The argument rag¬
ago and the new ones, althoughter earnings..
7// /
7 tney came close twice, have never ing outside the industry was still
whether or. not a contract without
the / equivalent
peak
Bad News 'Emphasized * ■' /;'■> reached
direct wage increases was "nqnposted in 1955. • In fact1, through-inflationary'\* while the internal
Jn general the be.tt^ysales re-'
out all- the bull- swings Of - a gen¬
ports starting to come along were
problem was a; profit, pinch .that
eration-the shares/are
a
note-wasn't helped by fringe benefits
pretty much shrugged off by the
worthy case where the 1929 peak:
market which was bent on con¬
that add 10 cents an hour to, pro¬
was never surpassed/ 7}•:*■
duction costs. Recognition of the
centrating
on
*the
poor / news
rather than the brighter/tidings/ / The recent action, however, is: latter1 fact of life is seen in the
Financial Federation, which went- something of a .turnabout ' From; just announced price increase by
into registration with a blpck of peaks above 50 in 1959 and 1960,
U. S. Steel Corp.
Similar -action
when the company's long-delayed
is
stock; for
subsequent sale, .col¬
likely to be taken by other
expansion was eating into its sur-7
lapsed unduly when the news be¬
leading producers. How the mar¬
plus and earnings,. their values * ket will
came- general and, while it rallied
react, other than tempo-;
slipped down nearly to 25 in 1960
later, it was still an unsettling,
rarily, to "the price rises remains
element in an already cautious fi¬ and then did nothing last, year,' to be seen.
7.\V-'\/
holding throughout in a narrow,
nancial group.
Earlier in the year the strike'
The market climate, while def¬ eight-point range.
prospect had boosted steel demand
initely subdued, was far from
by half again over the level of a
Bucking the Tide
blue. Expectations of a good rally
year ago, inevitably calling for a
Electronics were far from im¬
eventually were widespread. An¬
cutback
once
the
strike
threat
mune to selling and, when there
alyst after analyst, finding that
evaporated. The problem now is
was
little
of that;'around, were
business was still headed upward
to
gauge
how steel production
troubles,
Industrials weathered at
test
of the year's
low
least one
in good
.
rails The
performance wasn't overly robust, i
particularly since volume was:
little affected either by the sellings
that precipitated the test,' or. by.;
style this week with the
lending a hand for a change.
the rebound.,
'
*
"The performance, however, was'
sufficiently encouraging to re-;
kindle again the hopes that the"
belated spring rally will show up*
and
help
the : general / market
' ,7
„
7
/
,
off the doldrums that pre-;
shake
March
through much of
and well into this month.
vailed
Tobaccos Under
Tobaccos
prits
were
Fire
prime cul¬
the
the market's slide to
the year's low, which was
for
around
fully reflected marketwise
it was thought, the stocks
had pretty much shaken off the
depressing
effects.
In
fact,
brighter earnings had given the
prices of some of the shares a big
lift in the last year or so and,
when the recent selling hit, they,
vulnerable
a
Chemical
strangers
while
to
the
new
du Pont followed
a
rally
ex¬
so
There
Below
was
no
1929
Peak
dearth
of good-
able to
ground well when
rife, and to forge
when there was
buying,
acting
issues
that
their
were
however mild, around.
ery
Ward, for
had
no
broken out
its
lists,
1961
the
expand
of
topside of
refused
range,
to
to
give
importantly,
Kollsman
Standard
which earlier
one,
on
-
Montgom¬
ground to any important extent in
waver¬
the
giving
More
prospect
far
available
sharp improvement in this
year's earnings. Helping along is
a
cutback in a costly attempt by
a subsidiary to make a major asa
than
in
issues, that
market
i ties
de-*'
partment. The:
•
depart¬
new
ment
will be-
^directed
by:
Walter
.
V/
Steiner, who
.has..; joined"
>
Paribas
as
a
Corp/
V i
v
c e -•
President. Mr/
Steiner
was
Managerof
the foreign se~
curities
"
and
foreign
Walter V. Steiner
ex-
"chang er de-:
of
partment
1943 to
frcm
Weld
White,
&
19627 >
*
'•
most
of
been
able
an
offer
to
sell
nor a
solicitation of
an
offer
to
buy
any
of these securities.
to
or
The
'
.
highs
improve¬
this
in
issues
the
arc
Cooke Dept. Mgr.;
For/First Boston /
section
selling
to give ground
ignore
7
.
:
..
.
Vice-President, hasmanager of the
Carl F. Cooke,
price
is
the
Nevertheless,
section.
aluminum
their
below
dramatic
of
one
ment
vof
case
a
grudgingly. " V / /..
is neither
foreign
cur
.
in other sections
announcement
e
trading,
.
..
was
have
This
s
-
*
Still
stand
lows
that
was
were
trust.
to
Monsanto
-
Co:
"7
;
The new department will make
trading markets in all foreign se¬
still erratic more times than not.
curities, especially those related to;
will fare for the rest of the year
Standard" Kollsman was the ob¬
the/European Common Market/
and what sort of profit showing
Mr. Steiner said. The department/
vious item in the group, able to
the .various
companieswill bo
he said, will provide to investors
hold well and, on occasion, edge
able to make.
Also, chilling .in-/ in the United
States a£ complete
higher in a promising fashion al¬
vestment; interest was the; fact service for •- overseas
investment/
though still without accomplish¬
that important tonnages of steel
one combining efficient brokerage
ing anything historic.', 7:.77a7/v;v/'
have, over the years, been lost tq with
up-to-the-minute basic in¬
Unlike some of the electronics
competing materials and to com-i formation about investmentsthat are almost completely
de-? peting
steel
producers / abroad abroad.'
pendent
on
government
work, better "able ' to undercut
prices
Paribas Corporation is an affili¬
Standard Kollsman has a profit¬
with their lower production'costs".
ate of The Banque de Paris et deg;
able bread-and-butter position as
What recommendations were still
Pays-Bas, the largest private bank
the largest supplier of television
trickling along pretty much con¬ in France.
/ Va.;:
■
/. 7 .a
;
tuners.
As far as the available
centrated on the specialty steel
evidence
goes,. factory
sales of
producer^' r
7/|/
television sets a re encouraging
and color set output seems about :
'Good Case for Aluminums
general, the
unanimity was breeding some dis¬
pectations
still holding to
and
note
cordant
ragged pattern, Union Carbide,
Dow
that the firm has opened a
•
-
ahead
were
H. / Craft,
President
of
Corporation, 40 Wall St.,
/York City, has announced
.
sure.
Chemicals
New
,
profittaking to add to the selling pres- ' selling
also
Robert
Paribas
*"
been
and,
As Foreign Mgr.
..
posted late in January. They are
facing official actions abroad that
could hurt—Italy voting to. outlaw
advertising of cigarets and Britain
restricting television advertising although not at a pace that could
as
a
runaway
boom,
to the hours when it will not nor¬ qualify
mally have a juvenile audience. emphasized that it would be de¬
cidedly unusual to have a bear
The various health scares that
have cropped up repeatedly since market in the face of good busi¬
ness
prospects.
The only -dis¬
the end of World War II have all
were
Thursday, April 12, 1962'
.
(1734)
18
been
appointed
states
l/mced.
Broad
15
7
St./
York.
New
aluminum companies have
turn -of their own from
made
Bond
Government
Department of The First. Boston
7"
'••'u:/;;./: Corp»oration,
•
City, ' it /hasb
a
e
e
a n-
n
overproduction in 1960 to a cleanout in part of inventories last year
as shipments edged higher/ Fore¬
casts are for increased shipments
<
•
'
'
'
April 6, 1962
-
dent,
suits, showed sharp improvement
offer is made only by the Prospectus/
nounced.- Wil¬
this
The
•
pointed
a$.
Deputy to Mr..
Cooke. ' /. :v
liam
Vice
year.As with much of, in¬
dustry, -fourth-quarter, 1961 re^
|1|||
/ '/V.
217,500 SHARES /
.
1|
leads
which
-
to
that
forecast
a
Fields Plastics and Chemicals, Inc.
fourth-this year-.
The aluminum
labor contracts, like those in the
a
tiations.
:
could
//',
COMMON,STOCK
A satisfactory
*
until
which,
in
garded
the recent
highly reof strong growth.
Share/.
*
not
cide
sThey
are
by, the Company
shares
as
are
at
not so
of, and
persons
designated
to the
presented
only.]
•
any
-
time coin-
"Chronicle."
of the
those
as
the
of
7-
-
LOS
-
Calif.—John
ANGELES,
Copies of the Prospectus
States
where
the
may
securities
of
be legally offered.
Chiles-Schutz
Omaha.
-
r
7
-
and
tion
7
Sutro Bros.
&
Co.
in
*'
4
•;
Schutz
Company
/ ! -
of
r,
,
other leading exchanges,
Two V.-Ps. for
Merrill Lynch
Jr7is
now
associated
tered
with
-as-a
:
representative.
.W, At
j
& Smith Inc.,
70 Pine St.,,
the
ef¬
City, members of
York Stock Exchange,
York
B. C. : Christopher
To Admit to Firm
KANSAS CITY, Mo.—As
28th,
B.
C.
of April
Christopher
&
Co.,
Building, members
the New York Stock Exchange,
will
admit
to
partnership .'Leslie
VH. Pihlblad, Philipp Kuhn,
H. Listrom,
Lowell
Ludwell G. Gaines III
and Robert F. Wilson.
With Carolina Sees.
an¬
that Lawrence L. Stevens,
---Philadelphia- office
j/;
Board of Trade
PHILADELPHIA/ Pa.
DeHaven
Townsend, Crouter & Bodine,
Land Title Building, members of
the New / York
Stock Exchange
nounce
elected an As¬
1954 and
was
&
and
1947, was
sistant Vice-President in
Vice-President in 1959.
fective April 19th.
With DeHaven, Townsend
:
Vice-President
in .1959^
joined the corpora¬
a
C-hisolm
Mr.
of
r
was-
C.
formerly Executive Vice-President
be obtained only in those
may
Assistant
New
Bateman, Eichler & Co., 453 South
Spring Street,
members of the
Pacific Coast Stock Exchange,' as
Mr.
1943,
/ v
: e 1 e c t e'd ' an:
Vice-President in 1954
;
Fenner
Schutz has become associated with
Vice-President.
Cooke,,
Joseph J. DuLong and John A.
Fitzgerald will become Vice Presi¬
dents
of Merrill Lynch, (Pierce,
Bateman, Eichler
public.
i
ap¬
First Boston
in
Carl F. Cooke
New
the public offering price. Such of those
purchased will be offered
those
Schutz V.-P. of
The Underwriters have reserved and will offer 25,000 shares
certain customers and employees
necessarily at
with
author
to
was
[The views expressed in this article
.
do
Price $13 per
one
as
this
of
some
'problems beset it,
*
settlement
to renewed
industry
trigger
interest
/investor
($1.00 Par Value)
the
be
a.
Presi¬
was
who. j oined.
steel industry, expire in midyear.
The early steel
settlement will
undoubtedly influence these nego¬
also
-
Mr.
earnings of the industry will jump
■
A... Chis-
olm,
their
regis¬
CHARLOTTE/ N/ C.—James , A.
Wilson-, is
now
affiliated
with
-
Carolina
Securities
Johnston Building. •:
.
Corporation,
7.;//
>
7
;
Volume
195
6151L.
Number
The Commercial and Financial Chronicle
.
.
(1735)
the banks,
BANK AND INSURANCE
STOCKS
This Week
paid will be absorbed and earnings should trend upwards
•
is expected to
a
FIRST QUARTER EARNINGS
c
Some of the
/ '.'A Vv 'C.
REPORTS— V
?; >V :
-
major commercial banks in the country have released
bank
shown
in
r.•
the accompanying tabulations covering
higher percentage of deposits in the time
a
which
Board has taken
though it is
•
,
western
concern
in
no
itself is
(Special to The Financial Chronicle)
now
DENVER, Colo.—John P. Haggerty
forecast
has
inflationary. The Federal Re¬
action to
encourage^ business borrowing
Obviously, the
year.
tration
whic)i
that the one-time
concerning high rates is not
acute.
now
:
Street,
Inc.
sen,
••
•:;
a
>
'/
v
1
<;.
a
This announcement is not
ties
In
the
past
he
Corporation.
pated that other major commercial
state will
banks in the
show satisfactory performances as time deposits do not
a
of these securities.
,
,
April 6, 1962
also
100,000 Shares
constitute
v
as well as earnings are divergent.
Although a rise in
activity was anticipated at the outset of 1962, ;this has
in materializing and is evidenced by the lack of tin*
crease
in loan demand. Deposits, however, are generally lower.
This situation should remedy itself in time when the flow of. gold
from the United States eases. Interest rates in England have come
Loans
TRYGON ELECTRONICS, INC.
business
slow
been
down and this
k-B
:
in
maintaining
:#
M
The
is
move
factor
other
Common Stock
(Par Value 25c)
-
regjarded as favorable to the United States
gold balances. V
our
earnings is Regulation
holding down bank
Q which now permits commercial banks to pay up to 4% on time
A.
!l
deposits. Although this has brought about
posits of
increase in time de¬
an
of the commercial banks, ensuing problems have
many
resulted.
V--'
m
;
v"
i': y'/■/;'j
■
m
-f-i'
%
Inc.
Earnings Per Sh.
1962
Trust
Bankers
Manhattan
Chase
National
First
Bank—*—1.22
1.25
1.31
.79
in Loans
."
8.5
15.9
«•
8.3
16.6
'
+ 11.5
17.6
-r-
—2.0
3.1
+ 3.1
+
—13.0' >'
Nat'l
Bank
Nat'l
National
First
1.35
1.37
.79
National
Crocker-Anglo
Sec.-First
Boston—
of Cleveland
of
National City Bank
Bk.
Bank
.81
v
.56
Bank
.84
Dallas.
in
'■
.96
.63
iA
ij:
.57
+
+10.5
+
Copies of the Prospectus
and such dealers
■
2.6
Estimated.
"
Commercial
+ !
v
-i'
!
<
•
IL
AA.
/,
banks
in
many
•
the
answer
15.0*
sections of the country
not
are
for many banks has been the entering of
tax-exempt, bond market with a-resulting increase in price and
STREET & COMPANY
inc.
-ii■■■■■■■■:
the
yield
average
on
The yield
these
on
rated) issues now approaches 3%
Aa
though this is equivalent to
tractive
a
rate
as
This
exempts.
should
the
same
maturity. Al-
that
growth in time
further
equivalent return
will
expense
deposits
V;t *•'.
a.''•*
•
•
A
•' V.-?
'
v*1'
■?'"**. '.3,
'■* i
v'«.1
'V* V.
•V.';.-;''-'';
V
r"
"
r's.t'j- .*.{>■/.
V *«■ •'
occasion
^
the
*
some
tax-
on
probably
result
...
This advertisement is neither
establishing of
mortgage departments in many banks not presently
lending.
«
GODFREY, HAMILTON, TAYLOR & CO., INC.
any
such
.,v
/,
* > •
at¬
as
formerly derived. Also, mortgage rates in
means
,/■
inc.
,
JOEL, ZUCH & CO.
quality (Moody's
same
for the
sections of the country exceed the 6%
"V:'\ v f'
In December of 1961
6% pre-tax return it is not
a
'•;*
GIANIS & CO., INCORPORATED
.
high quality tax-exempts approached 3%%
maturities.
CRICHTON, CHERASHORE & CO.
/
-
•.j
for 20-year
yt
WILLIAM, DAVID & MOTTI, INC.
V
lowering in yield of this investment media.
+1
may
42.3
equipped to enter the mortgage field in competition with savings
institutions. The
V.
.42.5
—13.7v,
:
0
as
f
be obtained from the undersigned
legally offer securities in this state.
may
22.9 a
10.5
—
5.2"
—7.7
'•
13.4
c
2.6
—
+ 4.6
—12.5
V
—rll.7
7.8
+ 1.9
—13.8
.65
Ang.)
(Los
+
!'"A
.
17.0
17.1
4.4
—
•
First
PRICE: $6 Per Share
14.6
—
4.4
—12~2
of
Total
8.1
.1;
—
+
1
1.59
Co.
„
4.8
As %
Deposits
—1.8
—3,5
.90
1.64
Trust
Deposits
or
Decrease
1.35
Bank—1.35
City
Manufacturers-Han.
Morgan-Guaranty Trust Co.
2.4_
+
-
Time y
%
Inc.
Decrease
1.22
Trust Co._
Y.
/
,
Inc. or
;
or
Decrease
.84
Co.__—
Chemical Bank-N.
1961
$.86
<:■:: ?
;
First Quarter
engaged
in
an
offer
sell
to
nor
a
solicitation of
offering
an
to
buy
of these securities. The offering is made only by the Offering Circular.
y
! I
Within the past few weeks, savings institutions are endeavor¬
ing
to
compete
creases.
The
stricted
to
mutual
4%
a
commercial banks
again with
savings
rate
banks in
limit;
New
however,
through
York
State
is- expected
it
rate
NEW ISSUE
in¬
are
re¬
that
the
KING ISLAND COSMETIC CO
Commissioner of Banks may permit mutuals to pay a higher rate.
Savings banks in Massachusetts
not subject to the
are
same
limi¬
tation, therefore a. rise in rates is expected in that state at
(A Colorado Corporation)
any
v-wAv* !
h
time.
The
California
creased rates from
savings and loan associations
Al/2% to 4.60%.' Presently
paying 4%%. Most of these institutions
and
are
instituting action to
With
an
upward
the movement of
or
even
cease.
trend
savings
some
institutions
in rates
paid
"J.
\j;
.
-*
V
y
'
'
:
-•;•
.
.
•' .*;
•
.
•
/
*
'
r
\
'
•
•
-
;
1
.
4'
'
i
.
I
•
'
•
'
' * "*
•
-
'
•
'
'
\
100,000 SHARES COMMON STOCK
(Par Value $0.50
;
by savings
i. «
'.
>
•.
are
Federal associations
rate restrictions.
remove
money
are
originally in¬
•;
per
:
share)
institutions
to the commercial banks
may
slow
Although this might not be considered healthy for
OFFERING PRICE: $2.00 PER SHARE
Bear, Stearns to
Copies of the offering circular
10 NEW YORK
Admit Three
the undersigned is
CITY BANKS
the
offering circular
j
,.
Harry Politi Opens
HEMPSTEAD, N. Y.—Harry Politi
is conducting a securities business
from offices at 90 Leverich Street.
:
,
a
may
dealer in securities and in which
be legally distributed.
.
First Quarter 1962
Bulletin
Exchange, will admit to partner¬
traub.
be obtained from the undersigned in states tvhich
to act as a
Earnings
1st, Bear, Stearns & Co.,
1
Wall Street, New York
City,
members of the New York Stock
On May
ship Lloyd S. Coughtry, E. John;
Rosenwald, Jr., and Allan Wein-
may
qualified
on
Call
Members New York Sleek Exchange
Members • American Stock Exchange
BROADWAY. NEW YORK 5, N.
Telephone:
Bell
-
write:
t
Request
Laird. Bissell 8 Meeds
120
or
BArclay
Teletype NY
7-3000
BIRKENMAYER
MAin 3-0173
•
AND COMPANY
734 Seventeenth Street
Y
'/•!':
.
Denver 2, Colorado
^
1-1248-49
Specialists in Bank Stocks
re¬
an
was
-
,
NEW ISSUE
0.-a;v:
significant percentage of total deposits.
any
The
expected, California banks, so far, have shown substantial
earnings declines. This is due to the very high percentage of time
deposits. The' only Tex'as bank included in the table is the First
National in Dallas.' Here earnings have increased and it is antici¬
H;;
offer to sell nor a solicitation of an offer to buy
offer is made only by the Prospectus. ; - ;
an
As
of
officer of Mountain States Securi¬
This
in the mid-west.
660
members
category; therefore the expectation has been for'lower earnings.-/
higher ratio of time deposits tends to be the case for banks
>
Bos¬
Inc,
cently been with Currier & Carl-
'
...
with
Co.,
Exchanges. Mr. Haggerty has
even-
of this Adminis¬
concern
&
the New York and Midwest Stock
independent agency, it must work with the Ad-
means
associated
Sullivan
Seventeenth
about
concern
become
worth,
ministration. No mention of lower interest rates has been made
by
the latter
'
an
the
to the Admin¬
gold is such that this agency is unwilling to lower rates and,
-
quarter of 1961. On balance, the New.York City banks show littler
change, with the exception of the Manufacturers-Hanover Trust
Co.-which is still, feeling the effects p£ the merger; The one midvarious institutions has
deficit
•despite the slow recovery this
earnings for the first quarter of 1962. Those banks below show no
consistent earnings performance versus the results in the first
■,' ■"
serve
far in 1962 is of
so
Also, budget estimates by Congress for 1963
sizable
as
show strength throughout the year. The'
lack of vigor evidenced
istration.
i
Ilaggerty Joins
Bosworth, Sullivan
eliminate this expense. Eventually the additional cost of interest
economy
Bank Stocks
—
it will lessen the need for mortgage departments and
19
t
:
-
-
y.,
.
'
20
The Commercial and Financial Chronicle
(1736)
With Lester, Ryons Co.
SECURITY SALESMAN'S
BY JOHN DUTTON
The
LOS
:/
Marshall has become affiliated
Atlanta,
Lester, Ryons & Co., 623
South Hope Street, members of
the New York and Pacific Coast
Stock
It seems we are
back
where
Exchanges.
Mr. Marshall
formerly conducted his own in¬
Another
started.
:
has
vestment
Groves has joined the staff of the
Dealer Services
Division.
Kalb,
in
Anaheim,
announced
Richard
that
**'•'
'
~'r
G.
V
'
;
v
,
•
.
Shearson,
3324
Wilshire
Taylor Opens Branch
Hills
at
7817
Ivanhoe
Avenue
saler about 17 years ago, when the
4
\
Hammill
&
Boulevard.
was
Stonehill & Co.
New Metropolitan Office
„
office
under the management
Y
Co.,
Mr.
formerly
Beverly
Manager
for
Federman,
Loomis
'
.
always,
v
Loomis has become associated
with
Fund
•
';. "
Ga.
ANGELES, Calif.—Theodore
area
'
industry, particularly in the
of
sales " promotion,
sales
.training and financial planning.
LA JOLLA,
Calif.
> Taylor
& fit'ME*
Gfbvejr:started' in?'the
Company has opened a branch : Mutual Fund
industry as a whole¬
ette, where there were no tables,
cycle is completing itself, and as.
and
sold
2,300 shares , of North
th,ere are those who ask,,
American Aviation when the stock
"what happened?" The press takes
first hit the market,
within 15
up the cry, "market slipping, Wall
Street in the doldrums, brokers' minutes, while I gulped a sand¬
wich and a cup of coffee.
Eight
offices empty."
And millions of
..
in -Washington,
(Special to The Financial Chronicle)
LOS
•
Back in 1928 I stood in a luncheon¬
Bldg.
Joins Shearson, Hammill
M.
Calif, and prior thereto was with i" Voorhis ' & "Co.
specializes
in
•'
Walston & Co., Inc.
dealer
.
•;
f
services
to
the
Mutual
(once again) right long it is becoming monotonous.
we
Kalb, Voorhis & Co., 27 William
St., New York City, member of
the New York Stock Exchange,
business
the
D. C. will be his
headquarters but
he
will maintain his home * in
with
What's Wrong With the Market?
in
Woodward
Kalb, Voorhis
Calif.—William
ANGELES,
Kalb, Voorhis office
Groves Joins
(Special to The Financial Chronicle)
F.
CORNER
Thursday, April 12, 1962
.
PADUCAH, Ky. — Metropolitan
Securities Corporation has opened
of Robert entire
industry consisted of $2x/2
fellows I knew who worked
F. Bender.
V billion.
He is well known to most a branch office at 2910 Adams
office gave me those or¬
everyone else was
of the dealers in the southeastern Street
under
ders that day.
direction
of
the
We had a contest
that some of their stocks may not
part of the country since he has William E. Young.
Balikian Opens
to see which salesman could sell
V.
make them millionaires in 1962;
been extremely active in that area
the largest amount of that stock.
and so where do we go from here?
WEST
LOS
ANGELES, Calif.— for
a
good
number
of years
(In those days, you could get a
North American Planning
Barkev M. Balikian is conducting
representing
several
of
the
fairly large allotment of a new
First, Let's See How We Got
issue if your firm had substantial a securities business from offices better known Mutual Funds. He WAKEFIELD, Mass. — North
This Way
American
Planning : Corporation
distributing power.) U.-K?;■
at 3755 Mountain View Avenue
will
now
be
servicing
the
Every so many years, a new
has opened an office at 20 Graf¬
I'll never forget it. I didn't leave under the firm name of
crop of people come along who
Balikian broker/dealer
clients
of
Kalb,' ton Street with James Cause as
think that all there is to build¬ the office until five-thirty. I was
Investment Research Association. Voorhis
resident manager.
in;, the
southeast
area.
ing up a fancied sort of financial dog tired from selling the stuff
heaven on earth for themselves, is over the telephone to a lot of peo¬
to buy some stocks.
When these ple who could see nothing but
cycles appear they feed upon aeroplanes flying around in the
This announcement is neither an offer to sell nor a solicitation of an offer to buy these securities. v
J
themselves.
We
are
a
volatile sky so thick that the blackbirds
The offering is made only by the Prospectus which is available only in such
emotional people. Tell a story in had no place to go. North Amer¬
States where these securities may lawfully be sold.
New York one day and the next ican Aviation turned out all right
NEW ISSUE
morning it is~in San Francisco. as time has well proved, but when
April 9, 1962
Put a hat on Jackie that looks like October
29, 1929 rolled around
there were a lot of people who
an upside down pill box and withing a week, millions of women are wondered what had happened to
tripping over their feet scrambling their stock which they had bought
into millinery stores all over the at twelve and was then down to
stock
bought when
buying now:find
who
buyers
young
near
my
,
.
135,000 Shares
three
country buying the things.
Inform
avaricious
one
and
shrewd
promoter that there is a
land, by .nightfall
has a company formed, and
boom in Florida
he
within
a
few months
lot of other
a
hungry Americans are buy¬
ing stock in that company at two
bucks a share, never even caring
or
knowing that they are taking
land away from the insiders at a
price many times what they could
have obtained for it if they had
money
it
to sell
tried
market.
Once
starts to
the real
on
such
estate
snow-ball
a
roll, everybody gets into
the act.
The
fellow
and
couple
a
an
the
of
Some
good
Parker Finance Corporation
paid off, but many,
many, more went right down the
drain then;
just as will happen
when this present spree has spent
Common Stock
itself.
I
sooth-sayer, I've just
been around quite a spell, and all
I can see is that the only thing
that is wrong with the market is
that once again, too many people
paid too much for a lot of stocks
am
that
no
what
not
Now
worth
the
were
cost.
inevitable
,
he
the
deals
Offering Price: $6.00
of
x
Good
•..
-
v:
•.
.
'
.
.'
••
V
.
'•
-
--v..'-
'*•
•
■
.
•
...
D. E, Liederman 8z Co.,
■
A
...
.
inc.
"goes public."
come
thick
and
fast.
hard time
alone
staying in business, let
money.
But unless
make
such periods of excess are brought
to a halt by natural forces, can
imagine the catastrophe that
you
would result?
Sooner
market is going to
trips to Mars, computing machines,
tranquilizers, weight reducers,
bowling alleys, uranium, atomic
energy, electrical devices that op¬
erate best at 350 degrees below
zero, solid fuels, liquid detergents,
roll on detergents, pills to control
pregnancy, stores that sell below
the price of other stores, vending
machines that sell everything from
comes
OF
ASKS, WHAT ARE
THESE
EARNING?
WHO
THE SHOW?
COMPANIES
IS
RUNNING
WHAT ARE THEIR
CHASTENED.
the
arrives
The
better.
again
salesman
when
sit
can
the
with
PUBLIC
DOUGH?
GETTING
Don't
IS
FOR
ask
THIS
THE
THEIR
such
silly
to
sell
nor a
solicitation
to
buy
prospectus.
April 10, 1962
client and go over his investments
when
carefully,
values, earnings,
look
based
praisal
the
of
and
business
and
not
can discuss
the future out¬
you
or
upon
a
as
climate
some
when
But
picks
87,500 Shares
realistic ap¬
economic
general
*
V>... ' >
QUAKER CITY INDUSTRIES, INC.
security salesman
a
the
■
phone
and all he
giving
piece of his mind because
didn't get him five hundred
up
Common Stock
hears is his irate customer
him
he
a
writing that came out at 20 to 50
times earnings, or no earnings at
INTO
offer
his
MOTERS
THING?
MUCH
an
NEW ISSUE
day
security
a
down
shares
PUTTING
is neither
of these securities. The offer is made only by the
this
sooner
When
ASSETS? WHAT ARE THE PRO¬
HOW
announcement
any
a psy¬
chological climate that WILL BE
«•'
day!
BUT WHO
This
later the
or
adjust to
as it exists,
politician or
hot coffee to chicken salad, the starry-eyed market letter writer
list is legion. Mystery, romance, paints it, then we will once again
glamour, growth, these are the be back In the investment busi¬
new words.
Tomorrow—that will ness; ,A/;
SOME
Share
per
'
This Is
The future, the future, the great
and glorious future!
It is always
the same siren song. Miracle dit-ugs,
the
A/A-UJO';.
'.*■*
"value," and "supply and demand"
catching up again as it always
has done, and always will.
a
They tack on warrants; they load
up with options, the insiders get
fabulous prices for something that
hasn't even been born yet, and
we've got a real jag going.
be
v'r'.Sj.
.1
of
Certainly, no one likes to see
His stock people get hurt, lose money, or
sky-rockets, so others join the pay too much for stocks in com¬
party. The underwriters get busy, panies that are going to have a
and
■"
they
law
(Par, Value $.50,per. Share)
't-r
is
coil of wire
electronic company
screwdrivers
becomes
with
four.
or
speculations
of
some
flub-dub
per
Share)
under¬
all, boys, you are not in the
rities business—and the
(Par Value $.01
•
<$
secu¬
Price $4.00 per
Share
sooner we
Read the prospectus. get back to it the better—even if
Well, I ask you—who reads the everybody makes less money. At
least we can keep some of that
prospectus? And I'll answer it for
questions.
The people who didn't buy
the "gold bricks," the
people who
did not care whether or not their
you.
neighbors
were
rolling
in
paper
other
kind
paper.-
—
it
won't
all
be
,
on
may
be obtained
in which the securities may
upon request
in
any
State
lawfully be offered.
v
Joins H. A. Riecke
profits, the people who never be¬
PHILADELPHIA, Pa. — H. A.
lieved you could get
something for Riecke &
Co., Incorporated, 1620
nothing. They read the prospectus
Chestnut Street, members of the
and they said, "Not for
me, I'll New York Stock
Exchange and
stick to my nice
quiet life and let
other leading exchanges, announce
all these wise
guys get rich."
that Michael A. Cruise is now as¬
All this is
nothing new. We have sociated with them as Director of
been going
through this act so Field Research.
Copies of the prospectus
M.
ALLEN J. WHITE &
J. MERRITT
&
CO., INC.
.CNSUBURBAN INVESTORS CORP.
I,.OC
Volume
195
6150
Number
.
.
The Commercial and Financial Chronicle
.
(1737)
The Plymouth Turbo-Fury
The Dodge Turbo-Dart
America's first gas turbine cars
>•-'
•:
- •:
7.,
••
• **
21
V
;
.
y'-U I
V."
•'
"! •.
.
...
y
4
-..••• ;
•. .•
,
• •
.
-y.
•
f>
.
'<
'
} '
* *
•
*
\V...r-
0'"
\'
•
•.
.
'
y.
•v
•'
"
:
'
r
'/■'
tVv.v'-y.
They
'Jf.'\
practically anything
run on
Here's the story
Imagine
that
car
a
will flow through a
•
.
behind
1. f Utfs■ on almost
•
better than you now get in a
conventional
driveshaft
engine
.
has
an
;
equal in
so you never
a
or
worry
per¬
a
as many
antifreeze (none is
one
moving parts
conventional
think what that
in
reduced
...
5. starts
needs
no
one
How about
instantly,
A gas
of these
one
the
you press on
cars,
"To
pedal. If
gas
hard, hang onto
caught
that of
your
Chrysler Corporation's
CR2A
turbine engine is 250 lbs.
lighter than
gas
the
hat...
the test stand
on
a
cars,
run
proves
the
TURBO CAR practical
In a recent cross-country run, the
Dodge Turbo-Dart averaged 52 mph
under all
pro¬
over
driving conditions. With
fuel, this engine has averaged
19
at constant speeds.
mpg
'
evaluation of
our
response
to the turbo
at Chrysler Corporation
we
V-8 engines, has 1 /5 the
have satisfied ourselves that
ket does exist for
moving parts,
instantly in coldest weather.
I.
How is it different from
a
sented
piston engine?
a
on
combustion
thing, it's
a
much
more
with
us
a
build
lighter. Being air cooled, the
passenger
to drive the turbine wheels and de¬
turbine
liver power to the
liquid cooling system. The electrical
wheels of the
car.
"There's good news for motorists
radiator
gas
or
come
50
cars
everyone
Corporation's
its gas
else
in
progress
report
on
turbine engines."
CHICAGO DAILY NEWS
able Gas Turbine
The
oration
answer
about
new
which should be¬
customers in the latter part
"The
a
questions
your
kind of
car
future. Ask for it at your
for the
dealer's.
big development in the auto¬
mobile
"Gas turbine engines may hold the
industry."
SAN FRANCISCO
NEWS-CALL BULLETIN
"The turbine engine is an auto¬
"Biggest
SYRACUSE POST-STANDARD
Passenger Car.'*
engineers at Chrysler Corp¬
of 1963.
SUN-TELEGRAM
motive dream coming true..."
FREE FOLDER "The Remark¬
have decided to
available for sale to selected
"Turbine engine is huge success
Chrysler
v
turbine-powered
we
75
to
pre¬
favorable report
a
SAN BERNARDINO
and
manufac¬
production possibili¬
result,
parts. The size is smaller, the weight
no
our
ties of the turbine engine.-
chamber. There, hot gases expand
requires
Also,
the limited
As
one
a mar¬
turbine-powered
turing research experts have
simple engine. It has 80% fewer
of the year
3100-mile test
diesel
200-hp piston engine.
consumer
pressed and is then heated with the
news
go,
you
breath at the acceler¬
my
On the basis of
turbine car?-
It's the automotive
it
available?
weather, and
the
heating oil.
or
When will they be
For
in
'■«
■
As
vides performance comparable to
even
turbine is something like
fuel
■
automotive editor wrote after
one
driving
small-scale jet engine. Air is com¬
burning
V
performance?
teristics of the gas turbine give
automobiles.
gas
;
mean
warm-up.
a
/•
spark plug.
starts
What is
'.;;'
The low-speed high-torque charac¬
horsepower
as
maintenance,
in the coldest
'
storage battery, starter generator,
coil, and only
ation." A gas turbine rated at 140
and repair costs.
tune-up,
a
I
engines—
can
'
from Chrysler Corporation
car
unusually quick acceleration.
about
spark plug and only about
1/5
'v.•
•
or
200-hp piston
have to
,•
system is extremely simplified with
press
4. has only
.
good
piston engine of equal
performance to
3. is air cooled
.
fuel that
economy as
.v
-■
kind of
new
engine that weighs less than
filling the radiator (there isn't one)
needed)
any
y
kerosene, gasoline, diesel fuel,
.
V-8—yet the 140 horsepower it delivers to the
is
.
.
2.
...
.
pipe, from kerosene to diesel fuel, from
gasoline to furnace oil—yet with fuel
formance
,
remarkable
a
:.-*y
\
news
future key to elimination of air
pollution from motor vehicles.. "
in the industry."
GLENDALE
INDEPENDENT
FORT WAYNE NEWS-SENTINEL
>.
H't
'i_;
H-jfit I.:
Where
PLYMOUTH
SIMCACARS
■
■
VALIANT
DEFENSE DIVISION
'■
■
DODGE
MISSILE DIVISION
DART
■
SPACE DIVISION
LANCER
■
M0PAR
■
■
AvU-v.«!",
■
f
f
V."
engineering puts something extra into
CHRYSLER
AIRTEMP
.
AMPLEX
■
■
IMPERIAL
CYCLEWELD
■
■
everg car
DODGE TRUCKS
MARINE AND INDUSTRIAL ENGINES
-
*
Financial Chronicle
The Commercial and
representative office
East
Far
A
of the Bank of Nova Scotia, Tor¬
NEWS ABOUT
onto, ^Ont.,
in
opened
been
has
Tokyo, Japan, according to an an¬
nouncement released March 29 by
BANKS AND BANKERS
Consolidations
Branches
New
•
New Officers, etc.
•
F. William
Revised Capitalizations
•
Nicks, President of the
Korenaga will be in
George J.
history of the United States
Trust Company of New York, Mrs.
■7;y.
'v.;V.
York,
Maur¬
.7
'a'
..
:
proval on
Total
49,005,873
82,039,278
1,094,559
817,664
profits
SOCIETY
U.
S.
and
52,384,079
1,262,866,467
56,187,738
115,540,280
123,431,290
241,638,258
Gov't
233,796,593
se¬
were
1,587,779,982
4,847,597,675
43,095,939
Mr.
#
*
J
se¬
!.*!
BANK
NATIONAL
THE
^ 1,419,616
1
1,462,084
_____
•
Mar. 31,
&
Dec. 31, *61
*62
profits
Deposits
*
*
*
National
First
Total resources
City
Cash
U.
York, opened its third Asuncion,
Paraguay, branch April 9 in the
This
Guarani.
Hotel
new
is
THE FIRST
Mar. 31, '62
S.
9,530,044,640
2,213,717,908
from
U.
[
Gov't se-
-
Loans
1,564,699,721
1,839,572,603
4,297,940,672
4,395,176,028
10,141,922
12,687,321
12,841,711
419,318
351,429
Undivided
Undividend
A'
profits—-.
V -A' '
MORGAN
*
The
*
GUARANTY
OF
NEW
TRUST
and
from
U.
S.
banks.
Gov't
Loans and
counts
1,086,971,455
se-
of
the
of the
Merchants Bank
of
ard &
2,529,032,274
2,454,646,724
by Farmers and Merchants Bank
of
150,904,408
John
Both
is
E.
be
in
a
an
firm
board
offices
18th
name
Slayback
Long Beach, Long Beach, Cal¬
The
offer
of
was
&
at
&
Co.
and
Co.
Frank
L.
sell
nor a
solicitation of
an
offer
to
buy
any
of these securities.
Women's
Centennial
Award-
(1946)
and
the
(1956) from Iowa
Medal
University, Ames, Iowa.
Common Sold
An
pays
A7A
from
clearance
Seventeenth St.,* Denver. Net pro¬
will
ceeds
•
development,
impairment
serious
earnings
any
or
seems
is traded
stock
;
N. V C.
.
.
has
securities
to
Innes
West
business.
is
offices
engage
Kenneth
Corporate Securities also main¬
Innes
a
branch office at 1400 West
Inv.
ment
DA VI
^
D
k:-
-
of
office
under
Road
Lester
*
eli-yss;
*
DAS
*
a'""ifv
at
•;
These Securities
arc
offered
may
as a
the
per
Price $5.00
per
NEW
Share
Copies of the Prospectus may be obtained from only such of the underwriters
including the undersigned, as may lawfully offer these securities in this State.
UO.OOO SHARES
Medex, Inc.
STOCK
(Par Value $.01 Per Share)
S1.00
PER
SHARE
Kordan & Co., Inc.
50
,
v
•
-7
-
T
April 6,01962
PRICE
Broadway, New York. N.Y.
offer
available only
ISSUE
COMMON
50
-
.
INC
share)
Stirling, Under X PrigaLInc.
*
as an
be laic fully sold.
speculation.
Common .Stock
(Par Value 10$
\;av,
Broadway, New York, N.Y.
GLOBUS, INC.
6344
di¬
Goldstein.
A.
solicitation of an offer to buy any of these securities.'
The offer is made only by the Prospectus ivhich is
f
.•
be considered
has
Inc.,
Group,
branch
a
Crescentville
:y' in such States wlicrc these securities
..
\ "
Planning Branch
;Planning
opened
.
or,a
,
PHILADELPHIA. Pa.—I nvest-
a f a*,a'.■'
* ,\v-* 1 * i
a"
This announcement is under no circumstances to
sell
.
Smith
offer is made only by the Prospectus.
to
L.
with
associated
become
Lynch, Pierce, Fenner &
Incorporated.
• A
o -; t
rection
in Salisbury.
l O.r-'
_t
&
a
L.
principal of the firm.
a
'"V
.
Company, 1645 Court
Place. He was formerly an officer
at
in
has
Wittow
—
with
formed
been
110y2
v •
\Vittow
of
Brody Investments; Inc. and
prior "thereto was with Merrill
Form Corporate Securities
SALISBURY,
V
(Special to The Financial Chronicle)
son
Over-
.
OA
DENVER,. Cqlo.—Carl H. Gustaf-
of
unlikely.
in the
manufacture .of
Gustafson* With
While the outcome is not predict--
able,
„
the
;
n
subsidiaries.
three of its
com¬
,
De¬
in
1955,
the
Department
has
charged monopoly against Grin¬
and
by the
repayment,
debt
ing ADT in 1953 and also before, be used :in
purchasing a competing company cosmetics.
nell
used
be
clay
advertising
and
working capital. f. - - - l
:
'Headquartered at Denver, King
Island is engaged' in developing
markets for a therapeutic clay to
for
pany
f
the
100,000 common
Island Cosmetic
Co.-, at $2 per share is being made
by r Birkenmayer ; & *Co.,
734
a
;*
offering of
of King
shares
NEW ISSUE
108,000 Shares
one
as
United
the
Cosmetic Co.
Assum- •
Corporate
Mr., Securities
Company, Incorporated
formerly with Sea¬
in
King Island
partment of Justice, before acquir¬
12825
Court, under the
Scott
Securities
Buentield
to
State
depreciation would
-
received
tains
is neither
Merit
$32.72 for 1961 and the priceflow" ratio wdtfld .be,
C Grinnell
Mattox
announcement
writing.
securities
from
election
women
the
at
Alumni
^cash
\
This
of this
Slayback,
engaging
her
was
100
Congress in New York, 1940. She
was
the recipient of the Alumni
not available at
was
share in ADT
The
Fla.—Scott
career.
Equity
1960.
the-Counter Market.
MIAMI,
Jr.
the
Catt
undis¬
ing that "it was ;-the. same as in
1960, the total per share "cash
flow"
of
Grinnell
including its
assets
ifornia.
146,079,286
are
Treasurer.
and
Northwest
t
Officers
Street,
formerly partners in PickCompany.
business
assumption of its liabilities
Wall
during her
States selected by Carrie Chapman
Although Grinnell states that it
Company, is
Forms Scott & Co.
997,248,242
dis¬
time
1961
dividend.
President;
Sackville-Pickard, Vice-
and the
>
America,
Sackville-Pickard,
Peter
ac¬
Southern
&
60
at
City.
Counties, Long Beach, California,
1,223,545,740
624,137,412
Undivided
profits
and
due
curity hold'gs
Governors
quisition of the assets of Farmers
4,135,554,504
Investment
of
securities 'business
a
offices
were
of
5,221,787,676
3,936,683,070
conducting,
from
Federal Reserve System March 28
$
4,847,327,618
Board
announced its approval
Dec. 31,'61
$
•'
resources
Deposits
Cash
COMPANY
YORK
Mar. 31, '62
Total
134,172,624
132,528,755
*
has
Form Sackville-Pickard
President
*
profits
He
as a governor and
the Chairman of the Cen¬
New York
counts
dis¬
and
counts
6,119,381
1
9,619,982
dis¬
and
the
in
Association
Sackville-Pickard
9,422,116
se-
curity hold'gs
v,
1926.
and
awards
many
Among honors Miss Kalsem has
of
subsidiaries'
$5.35ufor
dietitians
of this country
,
depreciation
for
29,498,537
]
banks-
Gov't
S.
and
had
received
$4 cash divi¬
tral States Group A He is Presi¬
dend and 5% in stock, giving a
dent of The Bond Club of Chi¬
yield of 2.2% on the cash divi¬
cago.
' V v;;
A dend and 7.2%
including the stock
$32,771,370
32,374,584
due
and
Charles R. Perrigo
having served
as
if
times,
has
t
;
honors accorded
in
$5.10
vs.
equity -in
the
the
active
11
about
at
ure
February,
Bankers
Dec. 29,'61
$35,708,006
Deposits
Cash
BANK,
KENTUCKY
Mar. 26,'62
Total resources
8,371,837,148
1,921,162,419
curity hold'gs
Loans
I
due
banks-
»l:
NATIONAL
SECOND
ASHLAND,
Deo. 31, *01
8,940,975,962
7,664,800,735
and
from
U.
THE
$
Deposits
Cash
*
■
i
resources
23,194,940
24,573,000
profits
in
also
v
r
stment
n v e
been
770,618,119
839,250,534
l.
YORK
i
1961
in
$4.84
and
subsidiaries
of
of
outstand¬
ing
Millie E. Kalsem
Undis¬
(1957).
earnings
recog¬
as one
the
this basis have been
$10.42 (1953) and as
as; $ 15.05
■
tributed
is
She
charges of ADT
were
$10.94 per present Grinnell
share in I960. A comparable fig¬
associ¬
with
firm
629,791,632
569,913,475
*
*.... ■
ated
dis¬
and
counts
500,397,592
*
'
Undivided
NATIONAL CITY HANK OF
NEW
413,355,893
-
curity hold'gs
the
2,182,834,076
1,983,725,737
se-
,
*
#
Total
banks-
Gov't
Loans
bank's 85th overseas branch in 29
countries.
S.
2,136,319,115
1,932,434,857
due
and
from
New
Bank,
high
1961
Weeks, be¬
came
Undivided
on
as
Cook
and
nized
.
in
of
Hornblowe
dis¬
counts
Perrigo,
partner
DETROIT,
OF
MICHIGAN
tal
County School
of Nur sing.
earnings
is included. Deprecia¬
tion charges, based on the present
number of shares were $5.02 for
general
a
County Hospi¬
quotation of $182.
$12.26 in 1960. During
year
period 1952-1961,
tributed
e-
r
low
as
Di¬
etitian at Cook
compared
Currently this stock is priced at
15 times its 1961 earnings
elected.
Undivided
profits
earnings
and
directors
ous
many years as
present number of shares,
net earnings including dividends
from
subsidiaries was $11.92
in
ten
re¬
after
Executive
On
and
30
her
upon
tirement
aries, the total of working capital
holdings alone aggregate
i
at
North La Salle
and ADT
with the current
since
tment
n v e s
firm
$97 per share of Grinnell
stock.
Excluding valuable plants
and investments in other subsidi¬
about $197 per snare as
Inc.,
represen¬
tative
of this
i
about
to
Previ¬
seven.
dis¬
and
board
the
full time
price of this stock of $125
1961
This increased
433,279,719
banks-
2,483,988,331
51,065,043
Gov't
$470,049,642
436,764,131
Blair,
a
indicated market value ot
an
1960, making a total of $16.76 in
and $17.36 in 1960.
Scien¬
Welch
L.
1957, became
about
tific Company.
counts
8,875,793,657
2,101,625,748
4,684,080,138
banks.
curity hold'gs
Loans
S.
U.
Loans
•
10,051,937,327
9,272,972,145
has
were
rectors of The
OF
due
and
-A;'A-
di-
•
Dec. 31,'61
curity hold'gs
"
of
Lorraine
of
was
Miss Millie E.
been a director
—
has
Kalsem who
Its investment in ADT at the cur¬
the
Perrigo,
$478,791,712
Total resources
due
and
from
•
8,122,691,253
Deposits
Cash
u'"1
R.
partner
CHICAGO, 111.
than $100 per share.
more
rent bid
1961
*
senior Chi¬
Hornblower &
Weeks, and Andrew E/ Wigeland,
Financial Consultant, have been
OHIO
Mar. 31, *62
Deposits
-
Charles
elected
BANK
NATIONAL
CLEVELAND,
'
i
-
Named Directors
v
*
Dec. 31, '61
$
*
jj!
BANK, N. Y.
$
in charge.
cago
Undivided
value.
Mar. 31, '62
resources
24,635,823
79,571,913
from
Total
23,348,633
banks-
49,025,672
Cash
CHASE MANHATTAN
V']
•
215,481,696
counts
*
S:
THE
$236,810,288
212,679,455
curity hold'gs
and dis¬
$3,288,060 consisting of 657,612
shares of the same par
European rep¬
office in Amsterdam,
a
Reindert Marsrhhn, will be
Mr.
Dec. 31, '61
'62
due
and
value of $5 each,
shares of the par
' V v.
" :»<
Scotia, Toronto,
announced the
the Netherlands.
Loans
603,012
of
*
y
also
has
resentative
OF
S. Gov't se¬
U.
was
consisting
Ontario,
YORK
NEW
*
establishment of
$236,895,475
resources
from
Department
increase its capital stock from
$3,015,060
*
The Bank of Nova
.7'
*
NATIONAL BANK
ISLAND,
Deposits
Cash
Banking
State
'7
*
Mar. 31,
given ap¬
March 30 by the New
York,
New
Bank Limited, Japan.
Sanwa
Lorraine Blair
2
capital
working
Net
000.
,
V-.
v
* A
SECURITY
LONG
Commercial Bank of North Amer¬
to
7vv--;'y■■■'■A;
'■
*
The
_•>;
*
s
Directors.
ice S. Handler,
also
*
*
j'.:*
Royal State Bank of New
_
Ammidon
•
elected Charles Evans and
announced
the appointment of Peter C. Arrighetti, William F. Moyer, Her¬
bert G. Reusch, and T. Richard
Spoor as Assistant Secretaries.
to
v.;*
Miss Kalsem With
I.Like Best
slightly
.
present appointment, was deputy
manager,
Foreign
Department,
,
Board.
York
a
Richardson has been
Director of Empire Trust
Company, New York.
the
of
Chairman
Ammidon,
y
elected
year
Caro} H. Baldi, has been ap¬
pointed an Assistant Secretary, it
was
announced April 5 by Hoyt
o r s e
.
Korenaga, at the time of his
Mr.
D
officer in the 109
The first woman
ica,
Thursday, April 12, 1962
.
The Security
Continued from page
Bank.
charge of the Tokyo office.
Mr.
.
.
(1738)
22
'
Volume
•
Number
195
6150
.
The Commercial and Financial Chronicle
.
.
(1739)
i
i
:
Is'
:
i'
..
.<^SSuJ
A
.
.....
HOME
OILS-
LIQUEFIED PETROLEUM
REFINED WAXES-which
PETROCHEMICALS
economical,
GAS—provides the <con-
find their way
building blocks of mod¬
HEATING
for clean
automatic home
Gulfinished
gen
of natural
venience
heating.
with
items
gas
as
into such
milk containers,
ern
chemistry for deter¬
for homes and farms be¬
candles, waxed paper
gents,
yond distribution lines.
hydro¬
and various
and many
for greater purity.
In
all,
more
products
are
polishes.
than
400
quality
plastics,
other products.
petroleum
uses-are
shown here.
1961, sales* of refined products by Gulf totaled
313,975,000 barrels,
the
fabrics,
manufactured and marketed
by Gulf. A few of these-or their
In
—
greater volume than ever before in
a
company's history. (Other departments turned in
creditable
Below
For
a
tions
performance records, too.)
are
salient facts from
our
1961 Annual
Report.
of the complete Report, write to: Public Rela¬
copy
Department, Gulf Oil Corporation, P. O. Box 1166,
Pittsburgh 30, Pa. yy;
Gulf Credit Cards
make
pur¬
chases of Gulf automotive,iaviation and marine
products more
convenient at Gulf stations.
A.VvvY
CONSOLIDATED FINANCIAL DATA
Net Income
.
Per Share*
.
...
7...
.".
..
.,....;...
..
.
.....
*...
/..:.'...:.
...
..
...
..
Cash Dividends ,..'.;........................7.. V.
Per Share
.
.
...
Stock Dividend
.
.
.............,...
.
......
338,537,000
$
■
";
.
$
.
...............
,
1960
isei
.
.
...
330,311,000
$
99,558,000
$3.13
$3.21
112,907,000
J;.;$1.10
$1.00
2%
.1
^
$
3%
Working Capital (current assets less current liabilities).....
$1,008,911,000
$
781,185,000
Long-Term Debt
$
231,658,000
$
257,385,000
Total Assets
.
.
.
.
............
.
..........
.....
.
.
.
$4,054,637,000
...
Sales and Other Operating Revenues
Capital Expenditures
*
Based
on
.
.
7.
.
the shares outstanding at
WORLDWIDE
.
average
$
344,445,000
$3,212,205,000
$
346,155,000
the end of .1961.
OPERATIONS**
Net Crude Oil and Condensate Produced
(daily
$3,253,788,000
:
.............
.
.
$3,843,429,000
barrels)
....
...
.
.
.
y
.
....
........
..
1,486,263
1,463,528
u
Net Natural Gas Liquids Produced
(daily
average
Crude Oil Processed
Petrochemicals Sold
**Include
average
(daily
(tons)
......
y
barrels)
.
barrels)
.
Gulfs equity in all operations in which it has
.
.
per
.
....
day)
.
.
.
.........
........
an
interest.
44,829
42,462
1,220,469
1,148,208
844,855
.
average
•
;
(thousand cubic feet
(daily
Refined Products Sold
•
7. y
barrels)
Net Natural Gas Produced
>
848,904
860,206
842,054
748,210
720,015
t'iwni'it:
23
24
experience gained with the little
on
mi
On
For Big Boys,
lic
Feb.
"n
potential maximum mem¬
bership. Of these, 55 utilize the
Carriers &
28,
total
Corp.
Too
the
are
general proposition, the pub¬
has come to know the seller
a
t
77^
net
General
ended Feb. 28 shows total net as¬
432,718, or $9.14 per share, at Feb.
28,1961.
Fidelity Capital Fund reports total
door-to-door-calls, Dr. Close says:
net assets of $158,500,000 for the
"The others will come along as
surprising that
quarter ended Feb. 28, compared
soon as we can. explain to them
Americans, by and large, should
with $160,000,000 at the end of the
think of funds as something de¬ such esoteric terms as nominee
previous quarter.
signed
uniquely for people of registration. This is a pretty good
During the quarter the company
moderate means. And, of course, record of participation for a fund
it
funds
the
the last 20 years
over
that
the
was
added such stocks
first of its kind in
performed nobly a chore the country and which won't be
that people with anywhere from seven years old until next May."
a few thousand dollars to $25,000
The fund is set up as a "legal
could not get done
somewhere trust," which in New York State
else: supervised management by means that not more than 35%
professionals of a highly diverse of the market value of the fund
portfolio of securities. Over-all re¬ may be placed in common stocks.
of
have
attained
no
been
cause
a
As
Comes
a
Invested
Dr. James
now
matter of
policy, the fund has
continually up to the
maximum in common stocks.
little pride.
Al dose,
Senior Vice-President and invest¬
When Bank Fiduciary Fimd was
Nation¬
al Bank & Trust Co. of Syracuse,
ment officer of Merchants
set up, the
bids
from
acting
remind us—if we needed
reminding—that the fund idea is
doing outstanding service for folks
of substantial means. Dr. Close
N. Y., to
board of directors took
custodian for
as
interested
banks
and
in
in¬
vestment advisor to the fund. The
Hanover
speaking before Pennsylvania
bankers
the other day on New
York's
Bank
Fiduciary
Fund,
which was authorized by an act
of the State Legislature in 1954.
was
Bank
(now
Hanover)
turers
was
Manufaclowest of
Bank Fiduciary Fund
investment company
of 1%. Other expenses in the ag¬
whose shares are eligible for pur¬
Indeed, the total of all expenses,
including management and cus¬
In essence,
is
mutual
a
chase
only
State
York
New
by
gregate totaled less than $10,000.
todian fee,
savings banks having trust powers
but not their own legal common
trust funds. Its purpose is to pro¬
vide the advantages of a common
trust
fund
are
the
of
departments
not large
own common
smaller
the
to
state
Of
bound
tain the
According
banker,
lower
the
to
there
costs
sional
of
banks
same
in
kind of diversifica¬
investment
advisors
reason
>
to be
dividends
who
of mutual
fund
active
trust
of
or
these
have
virtually
departments.
in¬
Real¬
istically, therefore, about 86 banks
Dr.
been
associates,
60
the
Close has
proud. Incidentally,
have
bership.
small
*
••v*-ai
*
assets
$46,-
Co.,
451,442
Rittmaster,
Voisin
&
Co.,
260
New York City,
t
Madison
Ave.,
members
of the
Exchange,
New York Stock
April 19th will ad¬
on
mit Herbert S. Cannon to partner¬
ship.
v; j
- • -
■.
■AU-
'-
Ltd. amounted to
latest, quarter the
made new. investments
in Aachen Munchen Feuer, a Ger¬
man
insurance
company;
Royal
the
company
Dutch
Salt, a Dutch chemical com¬
and Zwanenberg-Organon,
N, V., a Dutch food-processing and
*
drug
company.
Daniel Reeves
mission
Calif.
HILLS,
of
J.
Edward
William
and
A. Barnes
Ad¬
—
Bourbeau
of
CALVIN BULLOCK, LTD.
Established 1894
ONE
WALL
STREET,
NEW YORK 5
CP
Name.
New
Address.
in
reductions
were
v
investment
general
as
during the first quarter of this
partners in Daniel Reeves & Co.,
year totaled $3,476,186. Major pur¬
chases included American Viscose,
Lockheed, E. F. MacDonald Co.;
Insurance
selected
quality and income
possibilities. Sold only through registered
investment dealers. Ask your dealer for
free prospectus or mail this ad to
for
Admits Partners
stocks
common
A mutual fund owning stocks
were
BEVERLY
of
There
To Admit Cannon
Feb. 28, 1961.
on
During
1961.
Security
Rittmaster, Voisin
1962, net assets were $56,296,120
(Canadian), compared with $54,-
equal to $32.07 per common share,
down from the $32.60 on Dec. 31,
Haven.
Street, New York City.
share of Scudder
per
Fund of Canada,
General American
Inc.,
Arthur
G.
the three months. Net assets
and
Broad
$14.70 (U. S.) on Feb. 28, against
$13.59 a year earlier. At Feb. 28,
Altschul, Chairman, and Malcolm
B. Smith, President, stated that as
of March 31 net assets were $64,584,355, a decline of $1,047,876 for
Purchases
On April 19th, Edgar Mitchell will
acquire a membership in the New
York
Stock Exchange,
and will
become a partner in the Exchange
member firm of Hirsch & Co., 25
pany,
In the report of
Investors
Admit Partner
holdings of Amerada, Signal Oil &
Gas, McLouth Steel and Xerox.
are
increased
Close and his
beneficiaries
pioneering, prob¬
ably would be the first to admit
that they
Guardian
for
are
Mutual
the
current fiscal
Fund,
fifth
Inc.
month
re¬
the
of
that net assets
year
March 30 amounted to $18,025,270, equal to $22.42 per share.
This compares with assets of $14,on
Here
each year. And Dr.
About
as
The payoff is in the investment
New York State eligible for mem¬
extremely
*
'
1961,
earlier. At Nov. 30,
year
Net
same
period it elimi¬
Aerojet-General, Allied
Supermarkets,
Amphenol-Borg,
Borden, Friden, Gillette, Ginn &
Co.,
Gulton Industries, Houdry
Process, McLouth Steel, Micro¬
wave Associates, Proctor & Gam¬
ble, Richardson-Merrill, Sterling
Drug, H. I. Thompson Fiber Glass,
Wachovia Bank & Trust, Zenith
Radio and Strong, Cobb, Arner.
r!
Hirsch & Co. Will-
593,123, or $23.49 a share.
the
ports
performance.
Syracuse
146
are
years.
institutions.
t
,,
cost has
enough
a
nated
-
on
total net assets amounted to
R.
Tex-Star Oil & Gas and Thiokol.
-
high
28, 1962, was $23.21, against $21.80
Co., E. F. MacDonald Co.,
NuTone, Standard Packaging,
Over
all-
Feb. 28, amounting
to
$47,127,215, which compares
with
$39,672,104 a year earlier.
Net asset value per share on Feb.
Com¬
W.
Thursday, April 12, 1962
tion under the guidance of profes¬
higher quality invest¬
ment management, improved di¬
-
reasonable
And the funds
have given people, who are not
banks, a prime opportunity to ob¬
course,
and
been
the
over
trust fund.
operation."
people, are not
Overwhelmingly, the pub¬
indeed
Fund: "The chief advantages, are,
versification
all,
lic would agree that the
which
enough to have their
idea, Dr. Close
pretty much describes the mutual
fund. Says he, of Bank Fiduciary
of
mutual funds are
have
higher expense
After
banks.
the
Praising
to
ratios.
trust
$18,100.
was
course,
Securities Co., Inc. reached an
Grace &
_
which ended April 28, 1961,
was less than $8,400 on the fund's
total assets
of over $10,600,000.
That is a fee of less than 8/100ths
House,
Clearing
Nation-Wide
of
assets
net
time
Air Products
Caterpillar Tractor,
Corp.,
merce
nine bidders. The bank's fee for the
year
as
Total
& Chemicals, Amerada, American
Distilling, Armour, Burroughs
have
sults
*
*
*
not
is
.
This compares
who makes
an
$77,813,089, or $9.50 a share.
with assets of $71,-
sets of
*
*
net
Fund,
Series
K-l, report for the fiscal half-year
173,783. Asset value per share was
$35.96. Comparative year-earlier
figures are $18,748,241 and $33.42.
v
1962,
28,
Income
Keystone
$20,-
assets were
May
on
assets were $75,956,057.
services of Bank Fiduciary Fund.
of mutual funds as a man or wom¬
hence
fiscal year
Feb.
On
1961.
31,
j_
The Funds Report
.
30,
the close of the
C. POTTER
BY JOSEPH
Nov.
.
compared with $13.20
1961, and $12.59 at
share,
per
people's nest eggs.
MUTUAL FUNDS
As
Chronicle
The Cofnmercial and Financial
(1740)
profiting from the
887,130 and $21.57
31, 1961, close of
FUNDAMENTAL
INVESTORS,
share at Oct.
the last fiscal
a
year.
■-
•
-
William A. Barnes
Edward J. Bourbeau
•
Report
$
of
the
*
*
123rd
.
.
quarter
.
.
.
,
of.
398
South
Drive,
Beverly
of the
mem¬
York Stock
New
Investing in common stocks
selected for possibilities of growth
in income and capital
over
Ex¬
Investment Trust of Boston shows
bers
net asset value at Feb. 28 of
the years.
change,-Pacific Coast Stock Ex¬
change
and
American
Stock
Exchange (Assoc.) has been an¬
$12.95
m.
'
nounced.
as
his
and
firm
resident
was
since
the trading
1944 to 1949,
From
maintained
he
pygI
been
of
manager
department.
ment
has
firm
the
with
associated
1949
Bourbeau
Mr.
invest¬
own
prior
manager
to that he
of the Los
DIVERSIFIED
INVESTMENT FUND,™
Angeles office of Swift, Henke &
Co.
of
A balanced investment
Chicago..
educated in Sydney,
Australia, Mr. Barnes, since join¬
ing the firm in 1957, has been
Born
and
administrative
INCORPORATED INVESTORS
is
mutual fund whose investments
a
your
investment dealer
or
are
Reeves
&
Dept. CFC, THE PARKER CORPORATION, 200 Berkeley St., Boston 16, Mass., LI 2-0220.
years,
a
joining
he
Co.,
ES11925
selected for their growth possibilities in the years ahead. Prospectus from
to
Daniel
for
was
stocks.
common
Daniel
assistant to
Prior
Reeves.
in bonds, preferred stocks and
nine
western district manager
for Research Institute of America,
Inc.
DIVERSIFIED GROWTH
STOCK FUND,
R. J. Fay Joins
M. A.
M.
1
A.
jpossibilities in securities of companies!
Schapiro
Schapiro
Chase
Investing for long term growth
Manhattan
in many
Co.,
Inc.,
Plaza,
fields of scientific and
economic
New
&
development.
V
.
York
and
City, underwriters,
dealers
bank
in
INCORPORATED INCOME FUND
is
or
a
mutual fund whose investments
are
selected for current income
•
Prospectus from
has
the -firm
as
J.
has
Fay
Assistant
Vice President in its Trading De¬
your
investment dealer
Dept. CFC, THE PARKER CORPORATION, 200 Berkeley Street, Boston 16, Massachusetts, Liberty 2-0220.
that
joined
stocks,
Richard
announced
\
brokers
partment.
Mr.
ted
Fay
with
was
The
formerly associa¬
First
Boston
Cor¬
Hugh W. Long and Company
Incorporated
poration's Corporate Trading De¬
partment.
Westminster at Parker
•
Elizabeth, New Jersey
Volume
195
Number
6150
of
has joined the
Stock
Exchange
firm
Oppenheimer & Co., 5 Hanover
sales
penheimer's
wholesaling
in
Jersey,
Donald W.
Island
Prior
to
heimer
had
J.
Bernard
of
was
article
recent
company's sales
$17 million in 1951 to
whopping $486 million in 1961.
Koyo Seiko Co., Japan's largest
of
35
Japan's
in
acting
of
every
Granville,
Conference
trips
which
we
European
-
joining
recommended to Ameri¬
a
of Capitol Mar¬
financial leaders
eagerly to
an¬
great
$1.43
i
offered represent the initial finan¬
owned
at
properties
The group,
.....",V;
The
McPolin
has
of
Inc.,
Union
members
of
Exchange.
original trustees have been
formerly
liams
&
been
Wm.
J.
on
will
the
be
many
visit
first
to
of the experts.
impending
arrival
of
the
analysts has become a frequent
topic of discussion in financial
commentators are
even
fixing
significant
market
happenings
in
relation to the
Many
was
with
Co.
of important
one
new rec¬
production increased 7%
gas
Company participated in the completion
of 65
productive oil and
gas
wells during
tithe year compared to 36 in 1960.
if
Modernization and construction
Wisconsin, refineries
by
are
processing contract with
a
at the New Orleans and Superior,
programs
nearing completion. These two plants
a
are
supplemented
Danish refinery, well located in relation to the
European market,
if
Volume of sales of refined products
last quarter, after the merger
on
was
18% higher than in 1960 and in the
of Ingram Oil and Refining Company into Murphy
September 12, increased 38%
over
the
same
three months
In 24 of the United States and in Canada, marketing
In Europe
where the brand
dated
distribution
was
by "before" or "after" the visit of
the American analysts.
Sweden and
name
a
year
earlier.
is under the SPUR label.
will be MURCO, the first full
year
of fuel oil
England.
event. Predictions are being
The
visitors
will find
on
their
tour
many
favorable
factors
prompting their expected recom¬
mendations
for
investment.
Japan's rate of industrial and eco¬
nomic growth is the highest in the
world. Japanese living standards
by far the highest in Asia.
.are
W. Averell Harriman,
U. S. As¬
State for Far
Affairs, on his recent visit
Asia called attention to Japan's
sistant Secretary of
if
completed and
While not yet achieved,
stable North
a
a
beginning
was
made in gasoline retailing in
good balance is in sight between the large but
American markets and
the turbulent,
rapidly growing
ones
of
Europe. Company crude oil supply from Canada, the United States, and Vene¬
zuela has been augmented by purchases in the Persian Gulf at reasonable prices.
if
This
program,
it is believed, bids fair to continue the
of Murphy Cor¬
progress
poration well into the future. Net income has increased for eight consecutive
years
and
gross revenues
for
more
than ten. The
year
1962 should be
a
good
one.
Eastern
to
9%
outstanding
annual
growth
rate. He described the economy as
outstanding ex¬
ample of what hard work and
free enterprise can accomplish."
One important obstacle which
has limited foreign investment in
the past is the ruling on repatria¬
tion of capital. At present, two
years are required to elapse be¬
a
"striking
fore
and
invested
funds
can
be taken
out of the country. The Japanese
is now working on
plans to drop or at least to relax
this regulation.
In addition to developing new
government
products and techniques through
own research, Japanese firms
have
signed many technical co¬
operation and affiliation agree¬
ments with U. S. companies (185
their
in
1961
alone). This international
cooperation has helped Japanese
companies and made them even
better targets for investment.
During their first five days in
Tokyo, the analysts will visit the
famed
Sony
Radio and Canon
Camera plants, which have helped
establish Japan's growing reputa¬
tion for technical excellence. In
Osaka on April 25th the party
—A
MURPHY
CORPORATION
CONDENSED EARNINGS STATEMENT
Gross
revenues
1961
,v.
Costs and operating expenses,
exclusive of those below
Exploratory costs
Federal, state, and other taxes
'
Net income
Net income*
1960
$93,836
5,048
15,108
4,543
13,690
-
Cash flow*
W&fklng capital-year end* 16,923
Total assets-year end* 149,090
16,697
120,564
1.43
1.37
.50
4.32
4.14
Net income per
share**
paid per share
Cash flow per share**
Dividends
t
•Stated
-
»
on
of
outstanding
57048^745
$ 4,543,777
1961
Daily avg. crude oil prod.-bbls.
14,045
Daily avg. gas prod.-MCF
61,409
Gross
Net
.
productive wells drilled
producing acreage
65
45,474
Daily
avg.
refinery runs-bbls.*
30,759
Daily
avg.
product sales-bbls.*
39,476
Retail outlets
In thousands of dollars
common
89,292,657
j OPERATING SUMMARY
No. of
••Based
3,810,149
101,827,258
$
$106,876
80,983,175
4,499,333
4,612,626
3,054,445
Total costs and other deductions
Gross revenues*
$93,836,434
94,160,187*
.....
.
FINANCIAL SUMMARY 1961
1960
$106,876,003
898
served-year end
employees-year end
2,883
average shares
stock
•Computed
on
days facilities owned.
PITROlfUM
added
Mericka
the
Mr.
record, but crude oil production
new
become
Commerce
registered its first decline since 1955. The
progress
including
wives, will arrive in Tokyo
April 15th by Northwest Air¬
lines jet and return to the United
States on May 5th.
many
Natural
has
R.
con¬
Se¬
(Special to The Financial Chronicle)
staff
present.
Proceeds are to be used primar¬
ily in acquiring real estate invest¬
and cash generated set
a
m
CLEVELAND, Ohio-—Raymond T.
ords for the Company.
if
' >
•
Wm. J. Mericka Adds
share in 1961 after giving effect
to
analysts will spend nearly
the financial
climate in Tokyo and the manu¬
facturing areas in Tokyo, Nagoya
circles.
consisting principally of real
The shares being
preferred dividends. Net income, gross
revenues,
important
The
The
v
ties
for Murphy Corporation. Earnings
per
-\
Commonwealth
increased from $1.37 per share in 1960 to
ex¬
three weeks studying
1961
■
Ohio—William
Jr.,
with
year
pansion of foreign investment in
Japan.
This
Alexander,
,
year
v
(Special to The Financial Chronicle)
CINCINNATI,
interest in diversified proper¬
an
selected from different geographi-
The
V
s
curities Corp., Mercantile Library
Building. He was formerly with
vestors
with an opportunity
to, G. H. Musekamp & Co.
own, through transferable shares,
Japanese securities."
progress
,
Realty is a business
organized
to
provide
in¬
ments.
Of
are
the
securities
Canadian
alysts with hopes for a
Japan for
V •'
Franklin
trust
banks
and
brokerage houses. We hope to be
equally successful in finding
to
forward
Osaka.
V '
sales
York
view to facilitat¬
a
the Oppen¬
Mr. Spiro
New
the
visit this month of nearly 80 Amer¬
and
securities
institutions,
can
„
estate interests.
in
with
Joins Commonwealth Sees.
nected
are
Japan
and
to. Europe
Realty, Philadelphia, Pa.,
at $12.50 a share.
cing of the trust. No
finding
U. S. Analysts to
ican
leader
Franklin
1961 and 1959 and were successful
if
looking
and
Co., Inc., Chicago,
heads an underwriting group of¬
fering 600,000 shares of beneficial
interest, without par value, of
in
A
Corp. of Staten Island.
Japanese
the
said, "We made two
exploratory
>
for the Dreyfus Corpo¬
He also at one time was
Visit
during
conference and tour.
A
Recently, Fred A. Hesse of New
York, Chairman of the Japan
of the group,
out
and
Securities
host
as
com¬
Nagoya
The^Yamaichi
is
Business
one
major
Tokyo,
business
distribution.
the sales manager
ket
Co.
This
from
manager
ration.
than
areas
ac¬
national
organization,
been
Osaka.
a
appliances,
promising.
The Japanese export pattern is
Spiro
Metropolitan New York,
to
experts, in ad¬
plants, will have
cal
25
ing diversification
of
the
trust
portfolio in the
major
growth
areas of the country.
-'
A. G. Becker &
in Time
in
Electric
Franklin Realty
Shares Offered
as
panies
Matsushita
two
Japanese bearings exported. Its
growth rate is tops in the bearing
industry and in 1961 it raised its
production 55%. Its sales have
tripled in the last five years and
future prospects appear even more
He will be in
director
The investment
dition to visiting
factures
charge of Op-
cording
components,
such
bearings and machine tools.
producer of roller bearings, manu¬
announced.
Long
goods.
consumer
is strongly toward
fea¬
a
Simlovici,
Partner, has
and
now
industrial
talks with representatives of more
rose
Inc., Silvio M.
New
category of
The trend
known
" ' 1
panies.
magazine.
Fund,
activities
the
firms
internationally are excellent ex¬
amples of the
development of
Japanese manufacturing com¬
tured
Oppen¬
heimer
gradually changing. Over the past
decade most exports have been in
mentioned
household
manager
for the
last
(1741)
Co.,
largest Japanese manufacturer of
regional
tan
two
The
New
City,
metropoli¬
as
Electric
Matsushita
the
tour
though perhaps less well
Spiro
York
The Commercial and Financial Chronicle
The
W.
Square,
.
and Koyo Seiko factories.
York
New
.
will
Oppenheimer Co.
Names Spiro
'
Donald
.
PRODUCTS
to
the
&
Co.,
Budding,
Midwest
McPolin
Livingston,
Stock
was
Wil¬
The Commercial and Financial
26
is not due to an in¬ and public opinion against en¬
strengthening of the Brit¬ couraging additional competition
ish
and
American
economies through allowing Britain to join
would be no blessing in the long the Common Market. A>^A.AA-A
run.
Relief from pressure would
The "German experience shows
be secured not through sound and that
there
must
be
something
Wage Inflation Be
Imposed in West Germany?
heeded by German
labor, or
S. A. to West Germany. He
appeal for wage-rate restraint will be
U.K. and U.S.A. will use the lessened
their currencies — resulting from the weakening of West
Germany's position.— as a breather to right their own economies.
this attitude
economic
result of which the
its advantageous
position as a
that
imagines
be changed with
can
in
for something like 10 years.
different
is
Germany
from
human nature in the United States
Germany
was able to recover from the dev¬
astation caused by the war and
to achieve a substantial perennial
The reason why Western
But
Britain.
or
that
chances
the
is
too,
Germany,
are
for
in
a
inflation.
It is tempting to look upon this
export surplus, was the willing¬
change from the point of view of
ness of Germans to work hard for
the relief it is likely to bring on
relatively low wages. Judging by
a
recent speech by Dr. Erhard, the British and American econo¬
The
optimism
about the
the author of the "German Mir¬ mies.
acle"
of
economic
recovery,
wage
this prospects about the D. mark has
been
longer so. German workers
are now following the example of
their British and American oppo¬
is
no
site numbers by
in
dollar
pressing forward
result
a
main
the
of
one
pressure
both
of
causes
sterling and the
on
further
increase in
progress
of
integration.
...
in
You
stock
market
traders
to
always be trated explanation, of how chart:
which would "bottoms"
were
identified
and
be affected in the opposite sense. how different
kinds of chart pat¬
was
bursting with prosperity.
But the over-all picture is becom¬ terns
signalled the potential .end
French
and
Should,
however,
ing distinctly less attractive as a of major advances.
other Common Market products
result
of
the progress
of West
The book explains how charts
invade the German market on; a
German wage inflation.
can
help determine the current
large
scale
the West German
Would it be too much to hope trend for a stock—up, down, or
Government
have
There would, of course,
welcomed the
idea with enthusiasm because she
Germany
Hitherto
costs,
excessive
wage
demands. the German export surplus dis¬
they adopted that attitude appear and should the flow of
throughout the post-war period, foreign funds to West Germany
definitely
reversed,
it
Germany would
still be in become
would be much easier to maintain
shambles,
or
alternatively
srw
with
Had
certain
industries
might well
sec¬
the subject. Until
sterling and the dollar.
would be in the throes of runaway
Help
point to the West German example happen in France, Italy and other
couple chart reading with funda¬
to emphasize the contrast between industrial^ countries xif the free
mental
study.
He
recommends
the right attitude and the wrong world.
This conspiracy between
attitude,
;
i
V - ' trade*; uhions and employers to thorough analysis of a stock's
fundamentals
(financial and op¬
From the point, of view, of comr- exploit and! plunder the consumers
erating data of the company) plus
petitive co - existence with the is a far graver danger to our free¬
continuous analysis' of the stock's
Communist world, the. weakening dom: than the advantages .Soviet
technical' action (past and present
of the West German ecohomy is Russia has'in;the development of
price behavior as ~f disclosed by
yet another step towards, the de¬ rockets and, nuclear weapons.
charts).
"
AA A
cline of the West. It, will affect
The main argument in favor of
Sixty "case histories'* in the
the total output of the Free World
Britain joining the Common Mar¬
book show how early stages of
and will bring the day nearer ket is that continental competition
major advances and declines for
when the Communist, bloc; will
would cause British trade unions
catch
up
with
our
industrial and employers to come to their important listed stocks were first
indicated
by
significant
chart
output.
senses. This advantage is likely to
formations, or "signals." The mar¬
A
more
immediate danger is
disappear if, as a result of wage ket analyst who was working with
that a setback in West Germany
inflation
in Germany and else¬
up-to-date charts could have de¬
is liable to endanger European in¬
where, the Continent would cease tected these signals in plenty of
tegration.
Dr.
Erhard's remark to be competitive. It has become
time to investigate whether or not
about increased French competi¬
conceivable that for Britain ad- the chart action was
reflecting any
tion resulting
from the rise in
herence\ to the Common Market valid
fundamental1 changes,
ac¬
German
industrial
costs,
fore¬
would
mean
importing inflation
cording to the author.
shadow growing resistance to the
instead of importing disinflation.
The case histories include illus¬
recent years. Should, as
of the
Can
,
the aid' of exhortation. It remains
to be seen whether human nature
hardest cur¬
I) mark has been the
Erhard
that
seems
is rapidly
Charts
"How
.
the price of their products. It
to
LONDON, England—It now seems
on
Chart Analysis
advises
pressures on
that Western Germany
New Volume
The
Stock
Market,"
($10
per
policies but through the fundamentally wrong in the atti¬
copy) a study of stock market
tude of employers and employees
line chart analysis, has been pub¬
of other countries. The demoraliz¬ alike in Western industrial coun¬
lished
by
Commodity
Research
ing effect of inflation in Britain tries. What is happening in Ger¬
Publications
Corp.,
82
Beaver
and the United States might even many today has been happening
become
accentuated, because
it in Britain and the United States Street, New York 5, N. Y. ;
The
author, William L. Jiler,
would not longer be possible to for Some time and is likely to
happening in Britain and the U.
doubts Dr« Erhard's recent
rency
Thursday, April 12, 1962
declining soundness and efficiency
Apprehensive view is expressed regarding the—about face—accept¬
ance of wage inflation in West Germany. Dr. Einzig explains why it
would be short-sighted to rejoice over the extension of what has
losing
.
efficient
A
By Paul Einzig
•
.
herent
Will
been
.
that
dollar
*
Chronicle
(1742)
that the governments and the pub¬ sideways—and whether the trend
lic
of
Britain
and the
United is slowing down or speeding upNo Reason to Rejoice
recently resistance to Britain's in¬
remarks,
in the Commori Market States will look upon the decline Separate chapters are devoted to
In spite of this it would indeed clusion
West German employers, too, fol¬
of the drain on sterling and the the various classic, chart patterns
came mainly from France, A sub¬
low the example of their British be short-sighted to rejoice over
dollar resulting from the weaken¬ that develop for stocks—from day
short
sighted
to
rejoice stantial, rise in German wages is
and American colleagues in cheer¬ be
to day and week to week—how
over
Gerin any ^difficulties. A likely to influence West German ing of the West Germany position
fully conceding unreasonable wage
official opinion, business opinion as a breathing space to be used and. why
they gccur-^-and how
demands and adding the extra cost strengthening of sterling and' the
for
ond thoughts on
inflation.
Judging
by
Erhard's
-
,a
putting our houses in
order?
L B. A. Schedules
PERFECT CIRCLE SALES
Net Sales and Services
•
.
Income Before Income Tax
U. S. and
;
.
.
.
.
.
.
.
.
*
.
3,542,587
2.78
,
.
%.
V
t".
,
.
.
'
.
.
.
.
A 26,921,816
24,175,078
22.63
20.79
12,603,461
10,819,080
874,700
13,573,711
11,575,589
17,217,372
>
,
Physical Properties after Depreciation
.
Depreciation
Net
Working Capital
.
.
-.
.
Salaries, Wages, and Commissions
No. of
A
.
...
.
17,084,465
.
2,681
.
2,437
Employees-Average for Year
•'
.
Canada:
Meeting,
San Antonio.
.
„•
-
England: Group
Meeting, Boston. I'.
May 17-19—Western Pennsylvania. Gr.oup Meeting, Rolling
Rock, Pa.June 7-10?—rSouthernGroup Meet¬
previously published figures to reflect
consolidation of two companies acquired
over
Learn about Perfect Circle's growth, ex¬
pansion and diversification in the 1961
New developments
Send for
in cylinder
•
liners for aluminum
•
•
New Speedostat division
New piston
.
ring plant in
•
France
•
New castings
certain
proceeds
the
Subsidiary
PISTON RINGS
•
AND WHEELS
•
CIRCLE
CYLINDER LINERS
•
New
for
working, capital and
purchase of capital equipment.;
company
Of 111 Pleasant
the
operation
►
•
and Licansatt in
other elec¬
all
Sept. 7-8'—Pacific
over
Hill,, Darlington Adds
Oct.
Northwest
3—New York Group
been
ton
Northern
Ohio
Group
the world
8—Michigan Group Meeting,
A, Detroit..' 'A'
Oct.; 9-10
—
Minnesota
•
TURBINE
•
BLADES
SPEEDOSTATS
ing, Cincinnati.
26-28,— Southeastern Group
Oct.
v
Meeting, Hot Springs, Va.
INDIANA
SCHELLENS TRUE CORPORATION.
IVORYTON, CONNECTICUT
PERFECT CIRCLE! HOLLAND N.V..THE HAGUE. NETHERLANDS
MEXICO, ARGENTINA. AUSTRALIA, RRAZIL AND FRANCE
Merit
THE PERFECT CIRCLE
•
•
PERFECT CIRCLE
Fact<w.«t. Aflilutn
FOREST
Syndications
HILLS,
Syndications, Inc.,
a
.
securities
N. Y.—Merit
is engaging in
business
from
at 62-11 Boelsen Crescent.
Hill,
3,
(Special to The Financial Chronicle)
Wis. —Donald
J.
Haack has become connected with
Denison Co.,
C.
Bank
with
Security First
Building. He
was
formerly
Wayne Hummer & Co;
Form
Brokerage In v.
BALTIMORE,
Investment
offices
Md.—B r o k e rage
Firm,
Inc.,
has
been
formed with offices at 1222 North
Charles Street,
curities
•
was
Group
Meeting, Minneapolis.
24—Ohio Valley Group Meet¬
CORPORATION
of
80 Boylsformerly with
Grimm,
With H. C. Denison Co,
H.
Oct.
staff
the
to
&
He
SHEBOYGAN,
Meeting,. Cleveland.
*
added
Street.
Freeman & Co.
Meeting,
New York.
—
(Special to The Financial Chronicle) 7
Darlington
Meeting,' Santa Barbara.
Oct. 4-5
Pl»nh and Sutoidiariav HAGERSTOWN, RICHMONO. NEW CASTLE. TIPTON ANO RUSHVILLE, INDIANA
INTERNATIONAL. FT. WAYNE. INDIANA
of
tronic equipment.
.
Group
June
ring design for two-cycle
Complete listing of 133
ELECTRONIC PROGRAMING EQUIPMENT
COMPANY, LTD., DON MILLS, CANAOA
company
repayment
Ave.,: Roosevelt, L. I., New York*
designs, manufactures and sells
power supplies used in a wide
range
of
electronic
equipment,
These power supplies convert and
modify electrical energy to pro¬
duce the characteristics required
Meeting, Denver.
^
engines
PRECISION CASTINGS
HAGERSTOWN,
the
the
The
Oct.
PERFECT
stockholders.
to
for
used
BOSTON,. Mass.—Sumner Gill hag
-Meeting, Montreal.,
23-26—California
'
foundry at
original-equipment customers
New turbine-parts
for
be
of bank loans,
Group
Group"Meeting, Gearhajt, Ore.
Sept 12—Rocky Mountain Group
today.
a copy
Rushville, Ind.
automotive engines
•
total, 52,000 shares are
sold for the company and
Net
will
i4^-IBA Canadian Group
Meeting, Toronto, i
June 15-L-IBA C a n aid i a n
•
the
ing, Ponte Vedra, Fla.
June
November 16,1959.
annual report.
Of
being
Groups tthroughout
-May 15—New
restated
♦The amounts for' 1960 have been
.
April 8-10—Texas Ghoup
2,164
.....
IBA
the United States and
2,731
;
'
100,000 common shares of Trygon
Electronics, Inc., at $6 per share.
48.000
tion—Hollywood, Florida.
The following, dates have been
set for the Annual Meetings of the
various
*
No. of Stockholders -at Year End
Stock Offered
25-30—IB A Annual Conven-
.
...
„
•
1.00
1,002,614
.
19-21—Board of Governors
Santa Barbara,
California..
1,162,860
.
....
.
.
•
—Fall Meeting,
Nov.
Shareholders' Equity
Per Share
Sept.
2.13
1,235,853
.
.
11-12—IBA Municipal Con¬
ference—Chicago.
2,476,662
Per Share
Dividends Paid
Per Share
Sept.
2,532,357
3,307,591.
...
,
Electronics
May
5,009,019
*
D.
9-12—Board of.' Governors- William, David & Motti, Inc., 50
Spring Meeting, White Sulphur Broadway, New York City and
A Springs, West Virginia.
associates are offering publicly
A
$39,647,534
6,850,178
.
...
Foreign Income Tax
Net Income
$41,494,929
A
.
;
C.—The fol¬
lowing dates have been set by the
Investment Bankers Association of
America,for. its, national meetings:
WASHINGTON,
1960*
1961
SUMMARY OF OPERATIONS
Trygon
Meetings
AT ALL-TIME HIGH IN '61
they' very
often
foreshadow;
logical price changes. Chart lim¬
itations also? are enumerated.
to engage in a se-;
business.
Oficers
are
president and
treasurer; Barbara N. Cohen, vice
president
and
secretary.
Mr.
Cohen was formerly an officer of
Philip
A.
Cohen,
House of Securities Co.
/
Volume
195
Number 6150
.
.
.
The Commercial and Financial Chronicle
V> i*
(1743)
staggered installations of capacity not
by-eaeh
J'../-is.
to
company -
meet-
the
expect
to
have\ to do anv
financing until after
permanent
future requirements of both. With
■■■
1965.
i
T>
'
respect
SECURITIES
OWEN
BY
the long-term power
site in the northern part
of the territory suitable for the
installation ' of
up ; to r 2,000,0.OO
ELY
-
k
Central Hudson Gas & Electric Company
1
Gas
Hudson
resulting from the adoption of
Electric
&
The
of-generating
.
.
ac-
an.
intensive
-
examination,
fuel costs and has achieved
.
of • about
30-35%,
with
dividend
payout
around
65%.
Currently ;the- equity
ratio
is
about >35%\
.v,."
of
about
15%
.50%..■>.
some
preferred
and
stock
long-term
sy->/sr\
4-
.»,»■*
n
Savers,;,
«/>.
_
'
-\T
' -',/ ;4,
Inc.,
nounced.
of
E., at its
A
-
£
01
In
"has
it
his
been
an-
capacity
new
he
will be in charge of special projects
debt
J
-Central Hudson G. .&
-pi
.-JT.
Earle W. English has been elected
Vice-President of Beech-Nut Life
is
;L
l
l
:-
range
capacity
has yfeert. acquired.
policy
is
to
equity ratio in a
an
V
Jz>G6Ch~l\ lit
company's
maintain
r--The company has been conduct-
ring.
-
to
a
kilowatts
.
Central
,
supply,
tt
XL/ilgllSll
<
27
«
the
Beech-Nut
English formerly
-1
1
/—«
company
was
Mr
Vice-Presi'
:
i
earnings.
west,
the
southern
end
The
being
company
about 30 miles north of New York
substantially
City
power
and
miles
the
northern
10
about
Albany. Electric
service
is
available .. throughout
the- territory and
gas is
served
mainly in the area around Pough-
keepsie,
Beacon,
Kingston.
.
Newburgh
.
.
'
,
-
This
i;j.\ YY1
L TYP
»■
faster
a
of
has
growing
OHO
Poughkeepsie
communities
of
the
cost,- the
About one-third of the
dends
roads
1961
industry
to
For most
divi-
come tax purposes.
and- the,coal
the
was
tax-exempt for in-
Mr.
of his business
English
was
Edison
Co.
provide for require-
*■.
*-
..
,
.**v
provide for all ol capital require-. Robert N.
ments
.A
a
in
1962
and,
accordingly,
>•
•.
ated
*' j
Larson
is
now
Boettcher
with
1
'
•
the
V
-
"computer center of the world'
virtue of the major I. B. M.
installations
cities.
located
affiliI •
•
.u.j.
-
.
.
-
•*. - •
Utilities
-
r
„
,
the
feasibility
}
of, at the end
*
*'.**•
„
1
"
of
this
It
year.
does
Ind.
& Co.,
r V
"
-
'
' '
'•
'
'
'
1
*
alone
I. B. M.
employs more than 10,000
occupies nearly 51
acres
of
building space for en- "
gineering, research, manufactur¬
ing and education. In Kingston it
employs more than 5,000 people.
people
and
Recently, I. B. M. announced a
expansion of its facilities,
stating its intention to acquire
major
500
County
which
on
structed
land
of
acres
large
a
v
Dutchess
in
will' be con¬
facility for its
Components
Division, which is
responsible for the development,
procurement
solid-state
I.
B.
M.
manufacture
in
computer
of
for
product lines. The
include
magnetic
ponents
used
and
components
all
com¬
cores
»
units,
transistors for computer circuitry
and special semiconductor devices.,
important to the development of'
data
new
The
of
the
memory
processing systems.>;;i
has
area
.:
also
greatest
become
one-
producers
.
of
■I cement, stone and lightweight aggregate.
Geological
findings
in d.
the
Hudson
Valley during the
-
.
past, three years
make
this
cement
concrete
production for
cement
'
'
"
a
and stone
New' .York
aggregate,
century or more.':
major producers' of
Among. the.
-
expected to
the leader in
are
region
and
in the
Trap
area
are
Hudson,-
Rock,
Marquette, / Lehigh >;and ' Alpha-;
Cement' Companies.
~J '.".
The
has
a
good growth'During the period 195O-60,: :.
population in Dutchess" and
area
record.
the
Ulster
counties
about
grew
39%
and in
Orange County about..'2.6%,'compared with only 13% for New York
Stated The*;' counties " Of"*
Orange -and
Dutchess
are
ex-O
pected to gain, population' -at an.,;
accelerated' pace
over
the long
because of their jnclusion in
run
the
outer
ring of
the
New
York
"
Regional
indicated
90%
Plan
of
.
Hudson's
at
an
electric
sales
average
Gas
in¬
rate
increased
rate
at
averaging
an
even
11.3%,
al¬
though the gain in revenues was
only 8.9%. Earnings per share
rose steadily from 72 cents in 1951..
to
are;
converging
Bonds of the Commonwealth of Puerto Rico
on
is
sales
faster
beachhead after another
plants in ten years—20% of them in
the
annual
of 8.3% and the
forecasting a
con¬
tinued annual growth in the next
decade at between 7% and 10%.
compound
company
up one active
new
of both the tax incentives and
enlightened economic policies.
.
During the decade 1951-61 Cen¬
creased
in Puerto Rico. More than 750
1961 alone. These businessmen approve
about
in
population for these two
counties by 1975.
jV.
tral
Industries
Association
increase
an
Industry after industry is setting
t
City Metropolitan area. A recent
population forecast of the New %
York
an anticipated
in 1962. The average an¬
gain during the decade was
nearly 8% although some of this
$1.54 in 1961 and
era/ and state income taxes.
rity and liberal yields. Your
Puerto Rico
full information;
.
'
:
\
are
exempt from both U. S. fed-
They merit consideration for their sound
own
...
bank
or
investment dealer
can
secu¬
give
you
.7
GOVERNMENT DEVELOPMENT BANK
FOR
Fiscal
PUERTO RICO
Agent for The Commonwealth of Puerto Rico
: ' v*
$1.60
nual
increase
reflected
"flow-through"
for
the
tax
use
of
savings
r
from offices at 938 East 163rd St
V
these
Poughkeepsie
In
in
with
and
j ;.
.
by
-
career
associated
Merrill Lynch and its predecessor
—
Kingston land
-
constitute
now
W-
«••»../
the northeast in recent years,
The
half
Jack Marks Opens
Comments after 1966' the comPany is it: does not expect to have any pany, Antlers Hotel. He was BRONX, N. Y.
Jack Marks is
studying with Orange and Rock- short-term borrowing outstanding formerly with Dempsey-Tegeler conducting a securities business
regions
LOr V
Consolidated
jn^0 iqqq. To
Of'"*' ' til 0
economic
l* L 61*1*1
very
.
from
area,
factors
requirements .at the
amount to
company has been urging the rail-
a
prosperous
recreational
combination
P
| in
and.
electric
£fe *busineS
,
The .company's
service
area,
covering 2,500 square miles, offers excellent transportation facilities, attractive living conditions,
numerous
industrial
and
commercial sites and
producing
its
^
•
^farming
-
.
and
.
now
of
efficient Dnnskammer Point 280,- join with it in finding a way
V/
firms, having joined Fenner &
000 kw Steam Station. The latest to further reduce costs,
' -. Cambridge Syndications • Beane as a ; general partner- in
unit at this plant had a net heat ^ Indicated construction expendi- Cambrid ' cvndWinn~ Jru% ic 1940. Prior thereto he was chief
rate, last year of 9,194 Btu per
ur^s, for the four-year period
auditor of the Business Conduct
kwh. The present capability of . 1962-1965 are expected to be $32 fr0m offices at
120
East
Sftv Comn>ittee of the Chicago Board
generating plants (totaling 342,- million of which-amount some si ™ %r^t
vJrtr S of Trade and previously with the
100 kw) is sufficient to meet esti- $27 million should be provided 'Gordoii B Gershm^n h
nrS!?' Federal Reserve Agent of the
r?——
a—*
mated requirements through the from-internal sources. The com.
°
fr.^-snman 1S a Pnnci- Federal Reserve Bank of Chicago.
fall of 1963. The company has. pany. had a carry-over of funds
1 *
Mr. English served as a member
of the Board of Governors
decided to defer the-, installation available-for- construction from
Wifb RnMrL** A, C*
of the
New York
of additional capacity and to pur- 1961 which, together with funds
: vvllu *weiu,ner oc ^o.
Exchange from 1957 to
chase its additional requirements from internal sources in 1962, will COLORADO SPRINGS, Colo.— 19.50
of
south
is
all
1311
Ponce de Leon Avenue
Son Juan, Puerto Rico
'
45 Wall Street
New York 5, N. Y.
The Commercial and Financial Chronicle
OTC Market—The World's Largest
makers of
1.
absolute monopoly in
and all life companies
capital shares, if not
privately held, available for purchase OTC and
ing, Electronic Associates; the famous brewers,
such
gained much wider popularity among in¬
past decades, so that the markets
therein have become far broader and more active.
have
As
we
know, the equities of many of our largest
distinguished corporations enjoy active
trading markets on the major exchanges. What
is less known, however, is that these blue chips
all started their trading life, OTC.
The OTC
market remains a constant preparatory school and
In
training ground for issues ultimately listed. For
example, Financial Federation, Cities Service Pre¬
ferred, Gibraltar Financial, Unilever and North
American Coal, went from OTC trading to New
York Stock Exchange listing during 1961.
The
Among
oils,
there
is
diverse
publishers
field, there are three major
that, in quite recent years,
of securities
have entered the OTC market and have
become
popular and profitable among investors.
First,
there is the mutual fund management company.
Here, representative issues would include Ham¬
includes virtually every type of cor¬
endeavor.
Anheuser-Busch;
financial
the
classes
of equities, available for pur¬
panorama
chase OTC,
porate
ilton,
Aztec,
Wellington
Management,
Waddell
and
Reid, Hugh W. Long & Co., Keystone Custodian,
first
Equity, Belco, Colorado, Hugoton, Delhi Taylor,
and
Commonwealth and dozens of others.
largest, Investors Diversified Services A.
maker
of
Thursday, April 12, 1962
.
:-'yj i,;\
diesel
timber company,
ful toy company,
The finest
Mattel, Inc.;
one
be
to
The second type
engines, Cummins; the largest
Weyerhaeuser; the most
the
has
success¬
generated
a
publicly held, and also the
of financial corporation that
lot of market action OTC, is the
small business investment
of the largest
companies. These
com-
t'V
-V': J;-?5
Vv
panies were created under an act of Congress in
1958, to provide early phase capital to worthy
young companies. Among those on the list to
choose from, OTC, would be Electronics
Capital,
Florida Capital, Marine Capital, Midland
Capital,
Narragansett Capital, etc.
Grolier, Inc., Grosset & Dunlap, Blue List
as
Publishing and Western Publishing; building ag¬
gregate companies such as New York Trap Rock,
and Coral Aggregates; bowling chains, including
T-Bowl, and American Bowling Enterprises; Key¬
stone, St. Lawrence and American Cement Corp.;
all these and countless more representative com¬
panies in a myriad of industries have a regular
marketplace for their stocks OTC.
vestors in the
and most
and
Pabst
bank and insurance shares
where else. Both
prefab homes, National Homes; lead¬
ing land companies, Arvida, Alico, Del E. Webb,
and Disc., Inc.; romantic electronics such as Radi¬
ation, Inc., Scantlin, Del, High Voltage Engineer¬
the trading. All operat¬
ing banks (about 14,000)
(about 1400) have their
no
.
Shopping Con lor for Securities
K'>'.
Continued from page
an
.
(1744)
28
The third relative
newcomer
ket, moving animatedly ip
to the OTC
mar¬
trading orbit, is the
Savings and loan company stock. In a few states,
it is legal for these shares to be
publicly sold and
held. Because of the demands of the
building
boom in the West, financed
by high interest bear¬
ing mortgages, many S&L companies have at¬
tracted savers by
offering unusually high interest
rates. Their assets and
earning power have, in
consequence, grown rapidly, and some of the
a
company shares have performed spectacularly.
Lytton, Wesco Financial, Trans World Financial,
and
Far
West " Financial
are
representative
ex¬
amples of OTC equities in this field.
In real estate, too,
there have been interesting
catalog of attractive invest¬
ments. Since 1950, real estate
ownership and
construction by private syndicate
groups has
been nationally prevalent. A main drawback to
syndicate participation, however, is the lack of
marketability of the participation unit. To correct
that, many of these syndicate interests have been
delivered into corporate treasuries in
exchange
for stock, and public
offering made in due course
additions to the OTC
of
shares in these
companies.
Because of the
special depreciation allowances applicable to real
estate, it has been possible for many of these
companies to pay a good slice of their deprecia¬
tion in income to
shareholders, partially or fully
tax exempt, for several
years. Thus returns of 7%
to
10% from certain., real estate-corporation
shares, have been available—yields particularly
attractive
to
income minded investors who
can
LEE HIGGINSON
now
CORPORATION
Popular realty equities have included Futterman
A, Glickman Corp., U. S. Realty
Investors, In¬
obtain but 3.2% from Dow-Jones Industrials.
come
Properties, etc.
Real Estate Trusts
Members: New York and other
In connection with the
Principal Stock Exchanges
of
investment
service
since
1848
real
estate
issues
rapid rise in the number
traded
over-the-counter,
word should be said about the newest
a
equity in
this field, the real estate investment trust. Fed¬
eral Plan
BOSTON
NEW YORK 5
20
BROAD
STREET
HAnover 2-2700
Teletype NY 1-917
50
CHICAGO 4
7
STREET
FEDERAL
2S1
S. LA SALLE STREET
FRanklin 2-4500
Liberty 2-5000
Teletype
BS 452
real
PL-86-779, effective 1/1/61, defines
estate trust
as
"an
association
porated trust with transferrable shares,
one or more
a
unincor^
or
having
trustees."
Teletype CG 175
This law permits the formation of mutual funds
for investment in real
estate, and accents
not
assets must be in
real estate
Avon
income
Products, Inc.
Richard D. Brew and
Brown
&
Company, Incorporated
Sharpe Manufacturing Company
Bzura Chemical Co.
we
invite
inquiries
on
the
following
,
Cameo, Incorporated
Chemirad
Corporation
The Duriron
Company, Inc.
Dynacolor Corporation
Hudson Pulp & Paper Corp.
The Kerite Company
Lewis Business Forms, Inc.
Mary Carter Paint Co.
The Meadow Brook National Bank
Morningstar-Paisley, Inc.
National Blankbook Company
Rock of
Ages Corporation
Corporation
Rothmoor
Siemens & Halske A. C.
State Street Investment
government securities,
that'90%
distributed.
This
corporation taxes
advantage
the
of annual
permits
considerable
a
standard
the
income that
on
holders, and offers
over
realty corporation.
trust makes
form
The
of
the
real estate
special appeal at a time when good
equities yielding above 5% are rare.
In
a
1961, twenty real estate trusts
with nine of them
were
formed,
making public offering of their
securities. Some of these companies
immediately
bought properties; others have kept the funds in
cash
or
governments awaiting suitable investment
opportunity. In
an
any
attractive new,
adds
new
event the real estate trust is
high yield, security type, which
diversity and
volume
to
the
OTC
market.
Corporation
No article
Tracerlab, Inc.
Winston-Muss
be
is distributed to
traditional
either
mortgages, and
must
Nixon-Baldwin Chemicals Inc.
Philips' Gloeilampenfabrieken (Philips Lamp)
River Brand Rice Mills, Inc.
or
trust to escape
tax
Consolidated Rendering Company
Continental Screw Company
income?
gain. The law requires that 75% of invested
on
the OTC market would be
com¬
Corporation
Wometco Enterprises, Inc.
Wrather Corporation
plete without citing its key importance in regard
Zurn Industries, Inc.
ing phenomenon of the financial markets of
to
new
years.
issues.
"Going Public" has become
Over 1100 issues
time to the
were
a
lead¬
recent
offered for the first
public in 1961. Investors' enthusiasm
Volume
195
Number
6150
.
.
.
The Commercial and Financial Chronicle
29
(1745)
'
for
Toys
:
TABLE I
Mattel
of these has been unbounded.
some
Including *
issue of
Pharma- v
ceutical, which came out in units—1 share of
common and 1 warrant at 3V6. The package had a
whirlaway opening, and sold as high as 62 Mi
during the year.
their
become
.•'yr'1.Vv'C'' .'*• '.C:,
'*.
Women
"ft
market
'.!■>
•»t.V
'/
on
those
who
are
not
i
''i
i
i
\
J
■.
79V2
2.5
-
'•'v v*'
/ 2.25
35
16
.-/V
C.)
(R.
\
/
47
Approx.
'
4.8
Extras for
Quota-
12 Mos. to
tion
Dec.
31,
Dec.
1961
Divs. Paid
Based
on
31,
Dec. 31,
Retail sporting
Acme
25
0.25
30
0.8
0.30
20
1.5
Molded
rubber
balls
■
products
is
Casualty,
surety,' fire
Aetna
marine,
(Hartford)-
casualty
and
/"v.
Life
■
0.9
144
21
1.20
25
4.8
28
1.10
26%
4.1
*22
0.50
11%
159%
1.9
4.3
heating
equipment
Corp
related
and
cement
District
Telegraph
2.10
159
1.3
30
4.25
120
3.5
56
3.00
,74
4.1
28
Co
1.00
27
3.7
1-20
56%
2.1
0.80
14V4
5.6
Druggists
Co.
Fire
(Cinc.)_
and
Insurance
ex¬
' 28
1.55
137
1.1
98
Equitable
1.00
37
2.7
and allied
surance,
92
remit¬
fibre
23
Co
of
wool
and
1.20
11
29%
drapery
4.0
felts,
■
V
*
Details
not
t Adjusted
not
t Adjusted
complete
for stock
as
to
possible
longer
.
■'*> .
•'r lit
fabrics
.'
Pipeline
syn¬
fabricated felt
parts, filters, acoustic wall coverIng
materials,
and
decorative
Alabama-Tennessee Natural
the
(
cheques;
foreign
credit cards
Manufacturer
thetic
/
In¬
Co
travelers'
shipping;
American Felt.
acquired
by
Norfolk
&
Western Ry pending ICC approval.
peril
lines
Express
orders;
Money
foreign
&;
—
Assurance
multiple
marine,
American
____
casualty for
Co. of New York
insurance
Gas Co.
plus
only
druggists
Amer.
Fire,
___
_
3.00
90
surety
;:>;y
Being
~
'
'
as to possible longer
dividends, -splits, etc.
complete
for stock
^
record,
record,
v
dividends, splits, etc.
Continued
,
BANK & INSURANCE STOCKS
on page
Specialists in
CHRISTIANA SECURITIES CO,
OVER-THE-COUNTER SECURITIES
Preferred
Common
FUND MANAGEMENT SECURITIES
Inquiries invited in all Unlisted Issues
Trading Department, L. A. GIBBS, Manager
LAIRD, BISSELL & MEEDS
Members: New York Stock
American Stock
120
Exchange
Exchange
BROADWAY, NEW YORK 5, N. Y.
Telephone BArclay 7-3500
WILMINGTON, DEL.
Bell Teletype NY 1-1248-49
;
ZURICH, SWITZERLAND
NEW HAVEN, CONN.
PHILADELPHIA, PA.
CORRESPONDENTS
WHITE &
St.
EASTERN
Louis, Mo.
ROMAN &
Fort
CO.
COOLEY & COMPANY
INVESTMENT CORP.
Hartford, Conn.
Manchester, N. H.
JOHNSON
'
STEWART MILLER & CO.,
RUTNER, JACKSON & GRAY, INC.
Lauderdale, Fla.
Los
JOHNSON, COLEMAN, MANNING
Angeles, Calif.
SMITH, INC.
&
•
*
Charleston, S. C.
;;
-
•
Insurance
Writes;
accident, health
group,
Details
5.4
'
Corp._
miscellaneous
Cement
American
Co.
Insurance
(Hartford)
*
'
<
Dredging operations
1.35
54
Youngstown RR Co.
Market, for the benefit of
4.0
•
•
18%
protection services
tances;
present
25
f-...
<
tended" coverage,
business
Aetna
1.00
,
Insurance
Fire,
2.9
electric motors
American Dredging
marine
and
1.9
59
Electric
Y'M
insurance
fl.00
Co.
3.8
Aetna
Casualty & Surety Co.
(Hartford)
and
ventilating
American
26 Vz
1.00
Golf
and
14
products
*25
34
*25
.
Co
Manufactures
electrical industries
and
7
1.00
1
Aggregates
American
Mfg. of electronic and electrical
equipment
and
transformers for
electronic
0.13
'
.
21
distributor
gas
and
Filters
and
Corp
.-*•»
Gravel and sand
goods
Electric
etc.
American Air Filter Co
23
Abercrombie & Fitch Co._—
-•"*
Ma¬
10
(Louis)
American
1961
1961
$
3.8
*
V
financing
Generators
Paymts. to
26
,
.vv"
X >
Business
Gas Co.
Natural
Allis
1.00
training
v,
..
Finance Co.
% Yield
Years Cash
Akron Canton
Over-the-Counter Market functions.
Wo-
chines, Inc.
secutive
Diversified
how
i
•
l
courses Ay
Allen
No. Con¬
Trading
with
1961
carrier
Allied
Life,
conversant
>
Including
the difference between the listed
and Over-the-Counter
Dec. 31,
2.00
girdles
Publishing executive
I
Cash Divs.
Difference Between Listed and
discourse
Hosiery,
and
Inc.
.< : •
Agricultural Insurance Co
a
Local
Installment
ments, is appended.
we
Men's
Adding machines, typewriters,
indispensible than ever as a shopping place
for investors, and as an active trading area for
every type and quality of negotiable security. A
long list of OTC equities, distinguished by im¬
pressive records for uninterrupted dividend pay¬
Following the accompanying tables,
and
sweaters
Allied
more
Over-the-Counter
26
Albany & Vermont RR. Co.__
10 to 178 Years
So, whether in regard to new issues or old,
little companies or big ones, bonds or stocks, the
OTC
Paymts. to
1961
Alexander Hamilton Institute
Acushnet Process Co
diversified
Antonio)
Formerly Alba Hosiery Mills, Inc.
Name changed Dec. 31, 1961.
for
■-
and
tion
Dec. 31,
31,
1961
Alba-Waldensian, Inc.
most
democratic
v.
Consecutive Cash
over
earned, after-tax, cash to purchase a
that will enhance its earning power. It
instead, offer its own unissued stock in pay¬
vast
Based on
National Bank
(San
men's
hard
ment.
' r*'»V
iV
%:
Alamo
DIVIDEND PAYERS
company
can,
Quota-
„
$
OVER-THE-COUNTER
the arrangement
out
Dec.
Divs. Paid
issues start
acceptable exchange medium in
of corporate mergers. Fortified
by a stock that enj oys active trading at a sub¬
stantial price, a
company no longer needs to pay
a
Approx.
% Yield
,
12 Mos. to
Years Cash
the counter, even though,
later on, many may become listed. The great ma¬
jority of corporate equities, however, will con¬
tinueindefinitely to be tradedOTC; Thus, the
OTC market, frequently, functions as the testing
ground for new issues and plays, from the very
first, a vital part in the marketable evaluation
of corporate equities. Not only does the new issue,
for the first time, appraise corporate net worth,
but the new shares, because they are marketable,
trading life
Extras for
secutive
last year. The most spectacular new
1961 was probably Cove Vitamin and
new
Cash Divs.
No. Con'
70
It must be remembered that all
'
V
■
offered at 10 in 1960, and sold above
was
\
■
j
INC.
t
r
/
HARRY C. DACKERMAN & CO.
^
\
Chicago, 111.
Philadelphia, Pa.
I
!
i
i
I
30
30
The Commercial and Financial Chronicle
(1746)
.
.
Thursday, April 12, 1962
.
"
Cash Divs.
OTC Market—World's
f
,
-
i
:
••
v '■
secutive
Years Cash
Shopping Center for
Continued from page
Divs. Paid
Cash Divs.
% Yield
Wo. Con¬
secutive
12 Mos. to
Fletcher
Dec.
31,
Based
Quotation
Dec.
31,
1961
1961
on
-
Paymts. to
Dec. 31,
American
1961
Trust Co.
Corp.
forest
0.60
35
American
Furniture
Co.,
4%
Co.
4.2
84%
0.20
22
lr.c
0.7
Large furniture manufacturer
Fire
Insur.
General
American
American
tive
tion,
of
Hoists,
wire
Hoist
cranes,
2.6
19
0.50
20
Pressed
rope
mixing
accessories
4.4
13 %
0.60
22
asphalt
Sewer
Amicable
11
Custom
1.60
65
0.80
19
4.2
89
1.30
32
19
0.30
Life
of
Corp
Beer,
4.1
lockers
Class B—
in
fl.55
25
1.00
54
16%
1.2
Precision
2.2
spring
10.00.
15
+0.39
public
37
for
76
+1.90
2.5
2.3
68
16%
Aluminum
«
to possible longer record,
dividends, splits, etc.
complete, as
stock
Details
3.00
61
4.9
*17
0.45
11
4.1
28
0.40
13%
2.9
*25
f0.98
28
3.5
21
4.00
45
8.9
39
1.00
16
6.3
17
1.05
20%
5.1
58
1.20
80
10
0.63
9%
6.6
12
and
0.43
7
6.1
2.1
475
i
Spring Corp
—
springs;
■
public utility
1.8
211/2
cold
and
storage
E-Z
Service Stores
National
Bank
of Jacksonville
Finance
Auto
-
Co
financing
1*2.18
26
0.40
6%
5.8
Auto Finance Co. (N. C.)
Merged Oct. 1961 with American
Discount
Co.,
and
shares
ex¬
changed share for share.
29
1.50
561/2
2.7
Auto-Soler Co.
—
Manufactures
products
0.80
15
5.3
Automobile
19
0.15
6
2.5
Avondale
30
2.00
4.8
Avon
25
Auto
traps
41%
machinery
nailing
Banking Corp.—
financing
Cotton
fabrics
to
*>
possible
longer record,
splits, etc.
and
Details
not
31
3.5
1.15
107
1.1
yarns
complete
as
•
to
•
possible
for stock dividends,
splits,
longer record,
etc..
Established 1800
Teletype: Baltimore 383
BlythLCoJnc.
3.9
loans
Products
and toiletries
t Adjusted
8%
0.32
f1.09
43
personal
41
58
&
Mills
Cosmetics
as
1.5
2.6
85
26
complete
,
service
coal,
Curb
Co.
for stock dividends,
-
con¬
Atlantic Company
smelting
not
t Adjusted
2.6
liqueurs
mechanical
Sewerage
6.1
Atlas
Apex Smelting Co
products
3.8
,
carrier
Georgia
wrenches
and
.
19%
steel
Atlantic
Apco Mossberg Co._
ter¬
Tools
Manufactures various corn
of
.
f0.50
34
devices
Atlanta Gas Light
Ice,
Products
Inc
27%
*•
23
Co
and
221/4
stamping
Co. of America
variety
Large
7.1
4%
minals
American Maize Products—
nyt
corn
Animal Trap
insurance
Diversified
American Locker,
Details
0.20
+0.50
utility
gas
wiring
Cordials
alloys and products
yeast,
fl.04
6.8
transmission
Operating
Texas)
Anheuser-Busch
t Adjusted
38
25
plastic
(Newark)
14%
public utility, produc¬
gas
and
Associated
Co
——
1.00
meats,
Arrow Liqueurs Corp.
0.6
insurance
Bronze
18
groceries,
Atlantic City Sewerage Co.—
Ampco Metalj Inc.—
materials
American Insur.
♦
765
insurance
Insulator
moulders
Maintains
f4.50
40
Insurance
1961
5
Western Gas Co
Electric
pipe-protec¬
and
1961
on
trols
Great Lakes
Life
(Waco,
2.5
21
Corp.
and
Electric
2.3
bricks, tile
pipe,
products,
1961
W
■
Atlanta & West Point RR. Co.
parts
on
Divs. Paid
-
Based
Arrow-Hart & Hegeman
steel fabrica¬
Vitrified
American
American Home Assurance
Diversified
85
27
plants
American
f 1.78
Steamship Co
Freighters
equipment,
and
46
0.5
insurance
steel
American
Derrick—
&
cargo
3iy2
—
American Stamping
Miscellaneous hair & felt products
American
f0.17
tion
and
Re-Insurance
Diversified
greeting cards
Hair & Felt
American
1.3
54%
0.70
12
7
.7'
.
Electric
Insurance
concrete
Years Cash
^
vl
Natural
Construc'n
coatings, plate
construction
American
Greetings Corp.
Manufacture
(Galveston)
Pipe &
Reinforced
0.60
33
Co.
casualty insurance
and
7.5
0.15
32
American
U.W-
•
■
Trust Co.
National
1
12 Mos. to
tion
Paymts. to
Dec. 31,
Dec. 31, Dec. 31,
Arkansas-Missouri Power Co. *25
Trust Co. of Chicago
containers
American
'
insurance
American National Bank
2.4
24%"
»'
'
.
■■■'.
1961
Arkansas
—
% Yield
secutive
-fV£.
Dec. 31,
•
systems
Amer. Natl, Bank &
corrugated
and
products
31,
1961
Approx.
-
'v
Quota-
Extras for
-1
*10
Co.
(Chattanooga)
_
distributors
and
Manufacturers
Dec.
Paymts. to
Dairy
„—
Diversified
3.3
61%
Products
Forest
handling
Company
2.00
50
American
tion
Cash Divs.
Including
'
■
/:•
No. Con-
American Motorists Insurance
(Indian-
&
Monorail
Materials
National
Bank
31,
1961
-t
>
on
Arden Farms Co
Merged Oct. 1961 with Martin Co.
formed Martin-Marietta Ccrp.
Shares exchanged share for share.
and
$
American
Dec.
Based
American Marietta Co.
Approx.
Including
Extras for
Divs. Paid
12 Mos. to
Quota-
$
29
Years Cash
Approx.
% Yield
Including
•No. Coil--1. Extras for
ALEX. BROWN & SONS
BROKERS
AND
DEALERS
Coast to coast retail
Municipal and General. Market Bonds; Baltimore
distributing facilities
tJ,'.-.
'Bank Stocks and Local
through 28 offices
located in
Distribution
Orders Executed
principal
New
on
the
BepuritfesK Commission
Philadelphia-Baltimore,
York and American
Stock
Exchanges.
financial and business
centers.
r
-
-
Direct private wires to New. York, Washington,
,,..1
*,.
and Winston-Salem
■
America's Oldest Name in Investment
•
t
Banking. Members: New York and Other Lead¬
ing Stock Exchanges. Offices in Baltimore, Easton, Frederick, Towson, Md.; New York,
N.-Y.;
Washington, D. C.; Winston-Salem,
4
«'U
N. C.; Spartanburg, S. C.; Leesburg, Va!.
-a/'I
Industrials
Primary Markets
With
Public Utilities
Complete
Underwriters and Distributors
Bank and Insurance
Trading Facilities
Municipals
°f
Corporate and Municipal
Securities
Bonds
New York
Boston
Philadelphia
Detroit
•
Pasadena
Preferred Stocks
San Francisco
•
•
Louisville
•
♦
Chicago
•
•
•
♦
Seattle
•
•
Portland
•
Auchincloss, Parker & Redpath
Stock Exchange
principal exchanges
Members T^eto Tor\
Cleveland
•
Minneapolis
Sacramento
Indianapolis
•
Kansas City
Eureka
and other
Oakland
•
New York 4, N. Y.
Two Broadway
•
San Diego
NY 1-2291
HAnover 2-7430
Fresno
•
San
Jose
•
Palo Alto
•
;/£
Common Stocks
Los Angeles
Pittsburgh
•
Milwaukee
Spokane
•
•
•
■
Oxnard
•
Tacoma
•
Reno
WashingtonWilkes-Barre /
Newark
•
Philadelphia
Bethlehem ;•
7
Pottstown
Baltimore
:New Canaan
Montclair
Falls Church
-•
r
,
.
••
.
#
Volume
195
' ;
:
6150
Number
.
.
.
,
1
.
The
.
..
•; «
•
-
i
.
•
.
I
.
•
(1747)
Financial Chronicle
Commercial and
OTC Market—World's Largest
Shopping Center for Securities
Kent
A.B.A. Staff
Promotions
Cash Divs.
No. Consecutive
12 Mos. to
Four
% Yield
Based on
Paymts. to
Years Cash
Dec.
31,
1961
Divs. Paid
Quotation
Dec. 31,
>1961
ers
B/G
E. Walker.'
Sulphite
28
real
4.9
122
6.00
25
Mills
the Association's
*,
0.30
Charles
Cooley,
advertising
advertising
estate
American
has
Mass.
Brancato,
Jr.
ap¬
Resnick
Allan
with
Institute
Institute
Mrs*
manager.
Jen¬
Longstreth,
&
Mandel
nings,
—
affiliated
become
50
Mr. Resnick
was
formerly with Goodbody &
and Hill, Darlington & Co.
Co.
Franklin Street.
of
the
is
Banking.
Two With
educational
section of the Association.
Ruth
pointed
as
Reynolds
(Special to The Financial Chronicle)
K.
Medgyes,
the
ap¬
and Frederick A. Mooney,
:-'
•
,
connected
become
&
publication
H'
Institute.
;
BOSTON, Mass.—Cecil C. Marble
assistant editor of the
A.LB. Bulletin, official
of
sociation.
E.
BOSTON,
man-
Banking is the journal of the As¬
2.0
15Vi
Mr. Blatchford is
Mandel
(Special to The Financial Chronicle)
pointed assistant to the secretary,
The
pf Backing magazine to as¬
ager
sociate
paper
Bagley Building Corp
Detroit
6.7
15
1.00
.
and
pulp
.;
assistant
from
18
advertising
fice of the magazine.
announced
were
The four are: William P.
chain
Badger Paper
Bank¬
•Executive Vice-President Charles
4.1
stores
Foods, Inc.—
Restaurant
Association
here March 26 by
1961
34
assistant
to
Joins Jennings,
of.
promotions for members of headquartered at the Chicago of¬
Dec. 31,
in In¬
dianapolis and Lafayette, Indiana,
and Springfield, Illinois
Operates department
,
the staff of The American
$
tL38
27
Ayres (L. S.) & Co
Banking,
representative
manager, West.
Approx.
Including
Extras for
Blatchford, from western
advertising
31
Co.
Both
were
with
formerly
Mandel
Jennings,
Jr. have
Reynolds
with
Longstreth.
&
Baltimore National Bank
Name
changed
Nov.
1961
Maryland National Bank.
BancOhio
to
company—banks
Holding
38
Nation's
20%
3.8
n2.00
64%
3.1
23
1.40
30V2
4.6
82
27
Operating public utility
Bank of Amer. NT&SA
t0.77
29
Hydro-Electric Co.__
Bangor
1.7
111
fl.90
32
Corp.
1.60
2.25
59
69J/4
2.7
3.2
bank
largest
Bank
Building & Equipment
Corp. of America.
Manufacturers
Designers, Builders,
Bank
of
California, N. A
Commerce (N. Y.)
Bank of
BANK
COMMON¬
OF
WEALTH
(DETROIT,
APPEARS
ADVERTISEMENT
BANK'S
Bank
ON
PAGE
166
(The) of New York-— 178
51.
41 Vz
*11.36
13.00
Bank of Delaware
Bank
The Franklin Life Insurance
3.3
3.0
439
Home Office:
Na¬
Southwest
the
of
2.6
190
4486
25
MICH.)
1.7
95
Association, Houston
Bond
&
Mortgage
54
bfl.62
Co. of America.
16
0.40
9V4
4.3
16
3.00
65%
4.6
78 years
37
2.50
3.7
Statement of Condition
58
1.97
76%
2.6
a73
1.60
89V2
1.7
Assets...
28
tional
Bankers
Company
Springfield, Illinois
1.25
32
3.9
Cash
Guaranty
financing
Mortgage
Bankers
Chas. E. Becker,
Corp
Building
Chief Executive Officer
•
Francis J. Budinger, President
of distinguished service
Chicago office bnildine
Bankers Commercial Corp.
Control
Pacific
acquired June
C^rp.
1961
by
Finance
Bankers
Shippers Insur.__
&
Multiple
line
.68
Bankers Trust Co., N. Y
V
Jacksonville
Furniture
Bassett
Industries
Inc.
Complete
line
furnl-
domestic
of
and
Bavstate
rayon
Bonds
1.9
fabrics
2.6
58
1.50
35
1.25
28
Beauty Counselors, Inc
691/2
>
34
furniture
Designer,
fabricator
structural
and
11
7.7
2.00
' 22
9.1
Bro.
plastic
erector,
Finance
Berks
.
0.70
33J/4
2.1
(Liability included in Reserve)
Interest and Rents Due and Accrued
Other Assets
5.00
15
.
.
.
.
.
.
60,013,553.70
.
.
.
.
Operating
t Adjusted
Asset Increase
$59,165,277.38
hotel
$644,461,234.37
Pa.)
gas
for
26
1.32
33
4.0
40
-
1.00
22
4.5
Increase in Reserves
Liabilities...
public utility
stock dividends
stock
dividend.
Continued
on
page
32
Reserve for Taxes
■«- -iffwinnrr^vt., *
ma—■—cmnrrTiiH
tar.*irt*fawn,
.
•.
..
.
• v
*
.
Premiums and Interest Paid in Advance
•
.
.
.
.
Other Liabilities
:
U. Sv Government, State,
and Public
Municipal
j.;-■>
•
•
Y:Y;;V
2,326,653.45
506,809.67
.
Securities Valuation Reserve
$38,361,419.00
$475,299,587.00
> 47,553,572.00
Legal Reserve on Outstanding Contracts .
Other Policyowners' Funds
•
Reserve for Pending Claims
Accrued Expenses
.........
splits, etc.
Including predecessors,
b Includes 2Gc paid to trustees,
a
5','o
$945,202,553
4,735,634.92
3,873,934.25
.
.....
2.1
240
New Paid Business
21,553,551.92
....
County Trust Co.
(Reading,
Plus
.
.
(Secured by Legal Reserve)
Premiums in Course of Collection
Company
Berkshire Gas Co..
n
.
3.0
affiliate of
Benjamin Franklin Hotel Co.
Philadelphia
.
34
company
207,594,518.77
163,606,728.90
.
.
66
bags
Beneficial
.
.
2.00
textile and
the year 1961...
.
41
Bag Co
Beneficial Corp
Holding
.
Policyowners
'J
-5,001,120.07
22,064,970.11
.......
General
Surplus
.
.
Balance Sheet
as
2,147,411.71
5,311,110.36
V\v Wk
the
world devoted
of
BOND DEPARTMENT
30.Broad Street, New York 15
'.iv
NY 1-1246; 457 & 458
\
V-
.
•-
•
60,581,160.00
during
$560,211,234.37
84,250,000,00
year
.
and beneficiaries since
1884, plus funds
currently held for
their benefit
$915,280,026.75
stock life insurance company in the
ordinary
and annuity
plans
•
$42,687,655.89
Payments to policyowners
exclusively to the underwriting
if:
V and beneficiaries
in
force $4,429,292,122
largest legal reserve
•
Payments to policyowners
filed with Illinois Insurance Department
Insurance
.
^
$644,461,234.37
Chemical 15;
.
;;
$23,668,840.00
.
.
.
Surplus Funds
$11,250,000.00
i
.
Capital
V-'
Increase in
Surplus Funds...
Housing Securities '
-f HAnover 2#00 Y
during
progress
or
Real Estate
Loans to
_
Manufacturer of paper,
.
.
High points of our
313,556,866.44
21,170,784.46
284,254,542.11
•
.
.
on
steel
Bemis
$ 11,962,389.91
Guaranteed
|
Real Estate Loans
43,987,789.87
Other First Mortgage Loans
•;
wholesaler
Works
Iron
"'Belmont
0.85
.26
Belknap Hardware & Mfg
.**«•«
$ 29.302,324.33
....
Federally Insured
<&
.
(Including $14,769,232.95 of properties
acquired for investment)
1.8
and toilet
preparations
Hardware
.
Real Estate
corporation
Cosmetic
.
Other Bonds
Corp
holding
Wholesaler:
7%
0.15
16
Manufacturing Co._
Cotton
«••««.
United States Government
ture
Bank
of January 1, 1962
National Bank of
Barnett
Bates
as
insurance
J'M
..
>' j
32
(1748)
The Commercial and Financial
Cash Divs.
OTC Market—World's Largest
Extras for
Quota-
secutive
12 Mos. to
tion
Dec. 31,
1961
i
Divs. Paid
1961
Including
% Yield
Extras for
Quota-
secutive
12 Mos. to
British
tion
Years Cash
Divs. Paid
Dec.
31,
1961
Based
on
1961
1961
with Diamond
Stockholders
re¬
share $4 pfd. for each
Brooklyn
75
&
Co.
63
5.00
paper
16%
shingles,
90
26
floor
1.50
f0.81
27
5.6
22V4
3.6
and
10.72
1.00
17
30
49%
23
Bloch Brothers Tobacco Co...
51
1.65
45%
3.6
22
38
and
1.00
20
3.00
5.0
91
1.80
45
....
Metal
CALIFORNIA
1.20
36%
3.3
28
0.85
18V4
4.7
18
2.00
64
3.1
Felt
1961
by
Life,
28
4.40
110
4.0
Metal
radiators,
20
4.5
green¬
stock
dividends,
floor
base
splits,
etc.
t Adjusted
for
2.5
22
1.35
23
5.9
15
1.00
31
3.2
20
1.25
20
6.3
12
0.36
*16
Apartments
Corp.__
health
fO.79
24
3.3
15
1.25
53
2.4
28
1.75
47
3.7
and operating apartment
(Washington, D. C.)
„
oil
Trust, ctfs.
complete
f0.36
105
0.3
insur¬
(Denver)
Central Coal &
Coke
Corp.__
24
-
2.40
44%
5.4
mines
on
Central
Cold
Storage Co
r
as
to
possible
stock- dividends,
•
3%
9.3
wells
Central Bank & Trust Co.
29
and
house
Texas
products
not
360
coverings
Cedar Point Field
air ..furnaces
Manufacturing Co
Details
3.1
9.00
Owning
0.90
splits,
royalty
basis
Refrigeration
'
*
52
and
(William) Co
Leases
Butler
1.60
48
stores
Company
Cavalier
15
warm
accident
4.7
62
shoe
Plywood
Joseph
Brewing Co.
of America
6.0
Assurance
than life
retail
Cascades Plywood Corp
Business Men's Assurance Co.
Company
for
graph
castings
ance
t Adjusted
Operation
Operates telephone exchanges
Burnham Corp.
10
4.2
8%
0.6
Underwear
steel
boilers,
29%
0.40
134
Carolina Telephone and Tele¬
Burgermeister Brewing Co.
and
1.25
29
Carthage Mills, Inc
houses
fO-76
*16
6.8
4.3
2.8
56.
24
Inc
22
Nov.
48%
PAGE
manufacturing of shoes
Poconos
Acquired
1.36
ON
Bakery chain
1.50
Schlitz
3.8
48.
insurance
Cannon Shoe Co
25
0.4
0.60
APPEARS
Co
Buckeye Steel Castings Co.__
5.1
30
26
health
6.7
13%
Corp
Insurance
accident &
5.3
23%
31%
PAGE
Campbell Taggart Associated
Carter
to several Connec¬
other
Life
3.5
f0.10
1.20
ON
California-Western States
*26
17
11
3.1
&
ADVERTISEMENT
0.60
supplies
47
APPEARS
CO.
55
of
160
utility
Buck Hills Falls Co
Production
2.00
WATER
TELEPHONE
10.3
0.70
5.00
30
ADVERTISEMENT
1%
68
71
Cement
WATER
0.18
in
3.2
51.
products
21
Hotel
60
PAGE
utility-water
COMPANY'S
Crude oil producer
fabricator
Insurance
lime
28*4
,,,
ON
52
public
educational
British-America
Portland
and
Bakeries,
Oil
0.09
utility
Co
4.00
7%
common
SERVICE CO.
drugs
Buck Creek
4.0
communities
Brass
1961
held.
Co.
tools
Mfrs.
Bristol
1961
on
was
ADVERTISEMENT APPEARS
3.6
54
Bridgeport Hydraulic Co
ticut
1961
19
public
COMPANY'S
California
Buchanan Steel Products
stockyards
water
Operating
5.9
5%
3.3
%
of
share
0.20
0.40
Bradley (Milton) Co.
Supplies
shares
common
15
37
Boyertown Burial Casket Co.
Games, toys and
teaching aids
1.2
each
Life,
Operating public utility
funeral
102
Brooklyn
Brunswig Drug Co.._
life
Water Co
Bourbon Stock Yards Co
Miscellaneous
6.00
Manufacturing steel forgings
90
Louisville
two
and
UTILITIES
28
Corp.
88
than
Dec. 31,
June 1961 with Pacific
Light Co. Stockholders
COMPANY'S
play
Boatmen's Natl. Bk. St. Louis
other
for
5.5
Boston Insurance Co.
Insurance
31,
by American
Corp.
Operating public
clothes
Bound Brook
Dec.
Paymts. to
Dec. 31,
CALIFORNIA-PACIFIC
46.
Apart¬
Bryn Mawr Trust Co. (Pa.)__
Bell, Inc.____
work
PAGE
Payers From 5 to 10 Years Appear in the
Wholesale
1.20
chewing tobacco
of
ON
4.3
Operating public utility
Manufacturer
fO.79
APPEARS
Brown & Sharpe Mfg
21
Blue
tion
&
received
1.5
pulp mill equip¬
Light....
pouch"
Merged
Power
Inc.
Machine
"Mail
27%
3.0
Second Table Starting on Page 53.
ment
Black Hills Power &
12 Mos. to
Based
California Oregon Power Co.
Over-The-Counter Consecutive Cash Dividend
covering,
(Birmingham, Ala.)__
Black-Clawson Company
paper
3.3
Cement
National
Bank
Makes
32%
1.08
5.6
mills
Trust
% Yield
Quota-
Divs. Paid
Acquired Nov. 1961
3.7
CO.
ADVERTISEMENT
Garden
ments,
6.0
paper
Birmingham
326
CALIFORNIA
Son
Asphalt
and
1.00
37
Machinery for
GLASS
Own
and
operate
garden apartments
Water
Operating public utility
Bird Machine Co._
Bird
"*'■
;
containers
COMPANY'S
held.
Saco
>
v
Forest
Products
dissolved.
41
35
CjI&ss
manufacturer, Cotton
sheeting, etc.
&
Years Cash
business
INC.
Bibb Mfg. Co
Textile
secutive
Extras for
Timber Corp.
trust
Operating public utility
BROCKWAY
Co.
goods;
&
12.00
84
(Ont.)
loans
Brockton Taunton Gas Co
Merged Sept. 1961
Biddeford
Co.
Mortgage
*
one
-v..-
.
Mortgage &
Trust
Paymts. to
Dec. 31, Dec. 31,
Bessemer Limestone &
Cement Co.
common
No. Con-
Calaveras Land &
Approx.
No. Con-
three
on
$
Cash Divs.
ceived
31,
Based
Approx.
Including
■;
Dec. 31,
1961
Cash Divs.
v
Paymts. to
Dec.
Years Cash
Continued from page 31
Alkali
Approx.
% Yield
Including
No. Con-
Shopping Center for Securities
...cinorhC
Thursday, April 12, 1962
longer
record,
*
etc.
Details
not
t Adjusted for
5
complete as to possible longer
stock dividends, splits, etc.
iV'v
•
record,
Direct Wires to
Burton J. Vincent & Co.
Maclrie
Inc.
Members New York
Chicago
Saunders, Stiver & Co.
Cleveland
Evans MacCormack & Co.
NEW YORK
Security Dealers Association
Los Angeles
Jennings, Mandel & Longstreth
Philadelphia
Walter C. Gorey Co.
San Francisco
Stifel, Nicolaus & Company, Incorporated
St. Louis
Jones, Kreeger & Co.
Washington
■i
f
Volume
195
Number
6150
.
The Commercial and Financial Chronicle
.
.
:•
'
•:
(1749)
•.
•
....
~
No. Con-
Extras for
secutive
12 Mos. to
T*
-i
A-""''
-t
Cash Divs.
No. Con-
Extras for
secutive
12 Mos. to
Years Cash
Gas Co
water utility
and
gas
1961
?
f0.76
28
-
20%
0.80
22
34%
1.00
electric
Wood
ber,
2.9}
100
22
Power
COMPANY'S
Plastic
(subsidiary
Gas
gas
China Grove Cotton Mills Co.
25
12.50
250
5.0
Christiana Secur. Co.-
61
34%
f0.87
17
2.6
6%
6.4
84
7.50
25
16%
0.50
25
18%
1.00
Public
Merged
5.5
1.05
2.50
60
27
f2.32
72
3.2
1.60
56
48
8.3
Co.
National
ADVERTISEMENT
APPEARS
ON
PAGE
92
2.3
Commercial
27%
2.2
Dealer
a
Co.
27
1.50
50
3.0
0.80
0.40
73
9
1.1
f
metal
Insurance
4.4
Title
1.40
19%
7.1
2.00
77
2.6
1.00
48
2.1
0.60
13%
4.5
15%
5.2
27
0.80
57
fl.90
61
3.1
60
1.20
53
2.3
17
3.30
64
5.2
21
0.24
60
0.4
11
1.00
32%
3.1
products, hydraulic
and forgings
"
185
40%
0.55
7
3.7
7.9
e°
Commonwealth
Life
11
£
1
insurance
Co.
Life
Insur¬
(Ky.)—
Insurance
(no
accident
*
health)
Commonwealth Telephone Co.
mechanical
(Dallas, Pa.)
Telephone service
Details not complete as to possible longer
t Adjusted for stock dividends, splits, etc.
complete
as to possible longer record,
dividends, splits, etc.
to:
Pittsburgh
Portland, Ore.
Indianapolis
Kansas City, Mo.
Los Angeles
Salt Lake City
San Antonio
San Francisco
Minneapolis
Philadelphia
Washington, D. C.
St. Louis
*V
record.
Continued
Detroit
>■*
17
Commonwealth Land Title
Louisville
Rapids
.
2.5
s
(Pittsburgh)
Dallas
Grand
'
"
Formerly Commonwealth Trust Co.
Name changed in June 1961
Houston
Columbus, Ohio
■
50%
14
Banking Corp
Commonwealth Bank & Trust
received
Hartford
Cleveland
i
1.25
Jersey (Jersey City)
Private Wires
Chicago
'
; r
27
Commercial Trust Co. of New
&
Including predecessors.
Atlanta
-
£
financing
Commercial Shear & Stamp.
ance
for stock
8.9
for
(Nashville)
excavator*
not
^ 4%
0.40
46
mixes
f2.15
0.60
_.al08
Details
2.7
26
prepared
34
24
Insurance
t Adjusted
22%
.
;\";r
(Kansas City)
•
*
0.60
Commerce Union Bank
31.
record,
2.7
,
2.0
Conti¬
Bank
Conn.)
complete as to possible longer
t Adjusted for stock dividends, splits, etc.
20 %
14
Milling & Elevator
and
Pressed
Cleveland Trencher Co.__.
not
Flour
City Trust Co. (Bridgeport,
trench
0.55
Natural gas transmission
87
4.0
2.6c
44
received
1.70
4
99%
4.8
Commerce Trust Co.
0.16
2.60
3.7
83
share held.
2.2
2.6
of
27
wire
Colorado Interstate Gas Co.—
for each share held.
Manufacturer
for each
72
94
Title
Stockholders
oil equipment
into
1961
1.00
4;00
Southeast:'
1.60
f2.48
___al35
5.6
;,
57
Stockholders
shares
In
68
114
^„
Co.,
—
Colorado.
Colorado
City National Bank & Tr. Co.
(Kansas City)
*34
City Title Insurance Co.
26
.
9
Merged into Public Service Co. of
2.9
(Chicago)
Sept.
Illinois
food/; stores
baking
(Columbus, Ohio)
4.2
4.00
sales yarns
Details
—
utility
Trust Co.
3.0
22
0.50
Wallcovering?
Colorado Central Power Co.
6.6
*43
(Flint, Mich.)—
Insulated
Midwest
12/3 shares
28
CO.
19%
Sav¬
(Charleston)
Citizens Utilities Co., CI. B—
CHEMICAL BANK NEW
BANK'S
&
Bank of S. C.
Blankets, apparel cloth, upholstery
*
1.30
3.3
Citizens & Southern National
8.9
26
1.3
21
of
Color-Craft Products, Inc.
214
City Nat. Bank & Trust Co.:
operations
TRUST
5.2
-
7.00
11
(Savannah)
Trust
Manufacturing
48%
City National Bank &
27
Class A
YORK
Commercial
Bank
nental
Bank.
2.50
-
(Los Angeles)
4.8
0.40
475
53.
38
Stores
Retail
and
Citizens & Southern National
Manufacturing products for Utility
Line Construction & Maintenance
and
38
46
Downs, Inc
Colonial
■.
manufacturer
ings Bank
_
Va.)
magazines
Citizens Fidelity Bank & Tr.
2.4
22%
6.00
1961
and cable
Citizens National Bank
1-98
trust
Charleston Natl. Bk (W.
Charleston Transit Co—
business
(Louisville)
123
1961
/
,
CoUyer Insulated Wire-
"Kentucky Derby"
2-5
27
B.) Co
of
yarn
Citizens
Forging hammers, hydraulic
Chatham
Co.
Churchill
4.1
3.00
Paymts. to''1
Dec. 31,
Dec. 31,
*47
Manufacturer
38
utility
Manhattan
4.4
1.00
4*?
19
Chambersburg Engineering—
Chase
9
25
_
^^
56
Coca-Cola Bottling Co. of
Los Angeles
3.4
Ownership and rental of improved
W. Va. bus
,
,
Holding company
25
(Cinn.)
Chain Store Real Estate Trust
Chance* (A.
0.40
145
APPEARS ON PAGE 49.
Central West Co
Investment
23
5.00
of
Service Corp.
and
6.0
27
Co.)
ADVERTISEMENT
Central Trust Co.
21
""'""•*..7
:"P"""
molders
2.7
2,30
tion
on
Farm and cutting Implement*
74
2.50
26
Collins Co._
2.00
20
CO
31,
1961
ADVERTISEMENT APPEARS ON PAGE
Company
5.3
Chicago Title & Trust Co.
and distribution
&
142%
lum-
4.4
Central Vermont Public
Electric
boxes,
35%
134
service
1.25
TRUST
Dec.
% Yield
Based
Cleveland Union Stock Yards
'
;
1.54
Bank
CENTRAL TELEPHONE CO.
Western
}
—
Combed
(Philadelphia)
Telephone
7.50
BANK'S
Molded Products
Publisher
Central Steel & Wire Co
.
31
Chilton
National
processing
1.35
••
CLEVELAND
20
utility
(Des Moines)>—
Central-Penn
Metal
and corrugated
crude oil
Chicago
Corp.
Central National Bank &
Trust Co.
Divs. Paid
Chicago Mill and Lumber
Central National Bank of
Cleveland
12 IVlos. to
Years Cash
1961
i
Approx.
•
Quota-
Operates livestock yards
2.7
■,nJ"
3.8
V;
>
secutive
Dec. 31,
4.3
«
"r
Including.
Extras for
Operating telephone company
Chicago, Burlington &
Quincy RR. Co
1
27
Cash Divs.
No. Con-
Paymts. to
Telephone Corp.
Dec. 31,
1961
'
1961
on
Paymts. to
20
Central Maine Power Co
Public
Based
tion
'
tion
31,
Chenango 8c Unadilla
i;'isU
s
Central Indiana Gas Co.
Natural gas public utility ?} ,% V »>!:•
Central Louisiana Electric Co.
Electric,
Quota-
Dec. 31,
■
:
on
Dec. 31,
Dec.
Divs. Paid
:;.yv*;.
30
OperatihBvpublic utility
31,
1961
Divs. Paid
.
•.(Ci ■'
Central Illinois Electric 8c
•
Dec.
Based
1961
Years Cash
Approx.
% Yield :'v
^-Including
Quota-
36
4i-
'vv'.t:;'
Approx.
% Yield
••
"
Shopping Center for Securities
r
■■■'
i.;.,
Cash Divs.
Including
1
OTC Market—World's Largest
33
on
page
34
34
The Commercial and Financial Chronicle
,.(1750)
Cash Divs.
OTC Market—World's Largest
Cash Divs.
.
$
Wo. Con-- Extras for.
secutive '
Based
Quota*
12 Mos, to
Years Cash.' Dec.
tion
Textile,
r
Dec.
7;
1961
1961-
31, vDec. 31,
1961
X
stuffs,
t
Life,
Yoik, Pa., hotel
„
Concord Elect. (New
57"
^
in-
Discount
2.9
;.1T.75\ 313
40
0.6
'
Dixon
Connecticut
287
.
^
•
.
62
3.2
31
3.9
Sale
of
ice
Local
&
Manufacturing
Forbes
holders
common
2%
0.20
16
—
share
each
Tallow,
8.0
De Laval
Del
62
18%*
yl.50
1.20
29
27
2.4*
6.6
0.80
10
24
3.3
sand
^
Consol.
Pwr. &
Water
Manufactures
42%
1.40
29
Paper
and
paper r
_
3.3
31
Holding co.
*37
Life
accident
Diversified
3.8
L7r
83
fl.38
Detrex Chemical
tL40
102
1.4
Detroit Bank
Owns
&
3.9k
to/74;
27%,
2.7
1.00
21%/
4.7.
72
1.50
30
5.0,
29
1.25
78%
1.6
Duncan Electric Co., Class B_
Dura
Corp
24
t*0.93
23
4.0
28
0.40
27
11
4.00
188%
2.1
10
1.24
28%
4.4
0.47
69
30%
2.0
22
1.00
23
4.3
chemicals
Corp.-
manufacturer
to
0.20
...
3"
:
6.7
3.00
94
33
6.11
0.407
8
Craftsman Life Insurance Co.
life
0.307
t
lifting equip¬
'
12 7.
f0.50
21%
•
man-
——
resistant
-
_
Oil
2.3
Oil
and
in
21%
1.8
1.20
26%
4.57
0.60
17
3.5
0.30
26
v
equipment
Eagle Stores Company, Inc.—
1.0
-
-
agement
Eason
South
-
-
Co
21
1.2
production
gas
47%
2.5
0.60
13%
public
4.4
0.40
17
47
to
0.75
15
5.0
27
2.20
67
3.2
21
1.00
.16
6.3
,
Tunnel
0.80
24
f0.92
1.15: ' 18%
(Bahamas)
;
Holding
co.—brewing
40
16
27
0.90
19%
4.6
53
1*0.61
30%
2.0
(Texas)—
37
1*2.34
58
4.0
Electric Hose & Rubber Co.—
23
1.20
43
2.8
27
1.10
25
4.4
and
rolled
tires,
railroad
steel
rings
steel
and
Dickey (W. S.) Clay Mfg. Co/ 26
1.40
58
Electric
2.4
5.5'
2%
utility
El Paso Electric Co
"
0.9
phone.
and
36
sale
dictating,
of
1.40
hose
Rubber
4.2
331/4
Products Consol—
Electrical
Dicta¬
recording
"
El Paso Natl. Bank
tiles
nipes,
Corp.
Manufacture
Public utility
parts & specialties
culvert
12.3
6.8
6.3
and
7%
forgings
1X0
Sewer
1.7
interests
Edison Sault Electric Co
& Realty
financing
metal
46
3.00
E.
wheels
Windsor
Stamping Co.——
Pressed
"
44
6.2
29
Detroit
■
5.0
utilities
Edgewater Steel Co
18
.V//;'
England
.New
company,
Circle
Bridge-
6.3
4%
44
Ecuadorian Corp., Ltd.
international
0.13
estate
26
Associates-
Chemical compound manufacturers
23
Real
2.20;
,
Utilities
Economics Laboratory, Inc.—
and', ultra¬
& Trust Co.—
operates
0.30..
34
Downs
Eastern
Holding
*15
21
Racing Assn. Inc
Suffolk
1.20
75
*16
operates bridge
in¬
and
Electrical
signs
transcribing machines
6
not
possible longer record,
t Adjusted for stock dividends, splits, etc.
Details
and
Dun & Bradstreet Inc
5.0
29
and
Co._
Variety chatn
Brass—
Detroit Mortgage
Co.
surance
•
tools
v"'-:
Corrosion
26
*26
-—-T-
0/
of
Duff-Norton
3.2
2.00
marines// /
;
1
,.
(Chicago)- 79
Ducommuw; Metals: & Supply: 27
Windsor
Dictaphone
and
manufacturer
Eastern
Detroit International
0.7
0.60
health
;
metals,
industrial supplies
26
&
Canada
and
tunnel
23
and
r/
2.00
45%
n
of
Chemical Co.
Accident
;71;8?
-
v
23
Drovers Natl. Bk.
3.4'
*
auto
—
Detroit Aluminum
National
Shoe
4:>
•77/-^7;,f '7*'
877/?
.1.60,
.1.80
Industries,.
0.5.
County Trust (White Plains) *58
Shoe
17
—
198
Operating public utility-
industrial
1.00
7" 29
carrier
tl-03
27
Craddock-Terry
<
specialties/—/-.
.
Furniture
4.6
Bearings and bushings
Chicago
Mfg.
130
65
National Bank
49
Corning Natural Gas Corp.
Cowles
*29
dispensers
7
Drexel Enterprises, Inc.
Denver United States
28
Co.
.
Heavy engiheering projects,
equipment
Detroit
Trust
2.7
601/4/
in
Corp.^--..*-—_;_w—
Industrial jacks
Denver Chicago Trucking Co.,
Inc.
health
Illinois
10.51 i
'4.X
—
equipment
sonics
insurance
and
Bank
■*44^i
XL20-
4:2-
7
0.7
.■
byp.R.R:
Inc.
Casualty. Co.
Continental
printer
Publications and services for
Chemicals,<; equipment
and
5.0
'47%;,
In¬
Dempster Mill Manufacturing
Farm
21% 7 2.3
7
.
x
Dravo
type
switches, bicycle lamps and horns
marine
lights and horns
(Del.)—_—
Continental Assurance Co.—
Life,
'■
6.00;
11
Co
and
0.50
16
airline-catering
:'i i Household 7 .chemical
;
plastic sprayers and
1
lanterns
271/4
DuPiron Co:x
14
Electric Co.—
Hand
Participating life
Continental
$,15%
V
Properties Cp—
>
1.35
graphite
Co.—
Distributors
headed
v
25
r.':vx f/;'://?://;
ment
Leased and operated
'
Co.
-r>
•
133/4
'
0.10.514%
26
Corp
cold
,
4.5
United States'/,
Drackett
etc.
Railroad
Motor common
fL17
11
American
of
1961
265
'
products
Insurance
Monte
Delta
paper
Consumers Water Co
Continental
^ 0.50'
'•/•*/>
■
.
all
Largest-i commercial
4.1
O.53-4 13 -7
;
15
:
:
J;
Crucible Co.
:
and
Restaurant a;nd
5.9
13%
'
■
Savings & Trust Co.
(Youngstown)'-^—22
Donnelley (R. R,) & Sons Co. 51
3767
17%.
t/'0.80'7
16
Real estate.
-
and
:
fasteners'
Delaware
Consolidated Rock Products
Gravel
1
j-
»
-
1961
12.00
Dollar
■1
Decker Nut Manufacturing
fer¬
meat scrap,
hides and skins
r.^vi
equipment
display
pumps,
Manufacturer
Co.-
Rendering
grease,
tilizers.
'.
20
——
Steam Turbine" Co.
dustrial
held.
Co.
'7*
20
Corp.
Consolidated Financial Corp.-
1961
43
Dobbs Houses, Inc.—
r
0.9
_
.
coal
Bituminous
warehousing
1962 with
&
Wallace, Inc. Stock¬
receive
2%
shares
of
non-voting,
stock,
for
Consolidated
'
„
»
De Bardelebon Coal
3.6
3.1/
22
65
January
in
■-«"
•
60,57
-23 4f0.67'
Dayton Malleable Iron Co.—_
Consolidated Dry Goods Co._
Merged
7- ,.:t
overcoats-,,
transit'facilities
Turbines,
—
oil,
}4
Darling (L. A.) Co.-—-
printing
&
2.3
*V"
1
fO.557
Iron, steel &- aluminum castings
......
0.80
2.00
*21
Printers, Inc.-— 82
(Bridgeport, Conn.)
Connohio, Inc.
;
•i
Connecticut National Bank
Commercial
engines
gas
59
;"7fl-3^7
Doors, mouldings,'cabinets
,
Operating public utility
Connecticut
-36
Dallas Transit Co.---
w-k,'
1.20
40-
Light & Power.
and
suits and
'
peAclls
products
.
Clothing Co.
Men's
.
2.00
Co. 148
Diesel
,'/*
Curlee
,0.5
.
.
■
.
Corp. of New York
(Joseph)
Lead
_
Dahlstrom Manufacturing Co.
•
.
& Tr;
J/
*"
"
fl.35
84
-
,.7
,
accident and "health insurand individual)
Connecticut" Bank
77-7
•
Cummins Engine Co.—-—— ./
;% 5.0
12
also
insurance
on
tion
Paymts. to
Dec. 31/. Dec. 31;
31'/
in
U.
S.
Treasury
se¬
bankers acceptances and
negotiable time certificates of dd-
..
Diversified
Based
Dealers
/• posit:
sickness;
and
Crum & Forster.-__
■
*
7
—*—-
—
(group
ance.
5.6
46'
0.60
14
——
#
Life,
.
7^/7//
' * ;~
.
band
Connecticut General Life
Co.
80
2.40
struments
Insurance
annuities
;
•
Eng.)—
Operating public utility
Conn (G. C.), Ltd.Top
manufacturer of
4.50
accident
Quota-
curities,
Co.—_
Insurance
Dec;
% Yield:
-•
•
5
36
insulating
5r;
15
—
Divs.-Paid
:
cable
reinforced
plastics,
equipment
Extras for
12 Mos. to
Years Cash
^
-
Community Hotel Co. (Pa.)
-
secutive
and extruding
chemicals
and
dye-;
Crown Life
Approx.1,
Including
No. Con-
Paymts. to
1961
1962
Cash Divs.
on
packaging
machinery,
on
Paymts. to
Dec. 31,
Dec. 31,'
31,
1961
Divs. Paid
Crompton & Knowles Corp-
Approx.
M jfcjJS % Yield
tion
.1.00 7
30
Based
,
Including
.
Dec. 31,
1961
Divs. Paid
33
Continued from page
Quota-'
12 Mos. to
Years Cash
Shopping; Center for Securities
Approx.
Extras for
secutive
Thursday, April 12
>,
% Yield
Including
„
No. Con-
.
.
complete
For
as
"
to
Banks.
Brokers.
Dealers,
I
Details
not
t Adjusted
Financial
complete
for
stock
Institutions.
as
to
possible
40
years
highly experienced trading organization, plus
private
Through
system,
help
you
European
splits,
longer record,
etc.
large
our
on
vide customers
teletypes/ and
or
cable communication
we
pro¬
throughout the world with fast reliable service.
Call
?
.
in
.
any
*
For
latest
stock
on
these pages?
prices, quotes,
information,
or
simply contact—
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San
T. L. WATSON & CO.
Established
1832
to:
Atlanta, Boston, Chicago, Cleveland,
Dallas, Houston, Los Angeles, Louisville,
Hew Haven,
Philadelphia, Pittsburgh, Portland, Ore., Providence,
36
international
Remember, when it's Over-the-counter
120
page
our coast to coast
locate the best markets everywhere.
single telephone
a
possible
Marketing Department
wire
contacts
to
as
dividends,
Interested...
-
;
in the Over-the-Counter/field,
complete
for stock
Continued
.
over
not
dividends, splits, etc.
"Over-The-Counter" Experience Pays:,
Our
Details
t Adjusted
longer record,
Antonio, San Francisco, Toronto, Canada
,
.
New York Stock
25
,,
7
..
MEMBERS
Exchange
BROAD
*
American Stock Exchange
ST., NEW YORK 4, N. Y.
Telephone WHitehall 4-6500
Teletype NY 1-1843
Volume
Number 6150
195
New Mortality
.
The Commercial and Financial Chronicle
.
.
reflected, in- the premium rates
and policy dividends which are
Table
'
Adopted by All States
months, a task that would have
required two years with the old
adjusted from time to time as
current experience warrants.
However, because a changeover
desk calculator systerm
Concurrent
,
of the
the
adoption
Institute
announces
all 50 States have adopted, 1958
of this nature is a massive under¬
engaging in
a
securities
business from offices at
509 Fifth
Avenue, New York City,
have
.
35
Katcher Opens Office
Abraham Katcher is
A
y
;
new
states
with
J
mortality table, all 50
adopted a neyv pro¬
taking, requiring the printing of vision for setting up policies for
life insurance mortality table to replace currently used 1941 table. *
V entire new rate books, it is prob¬ women, recognizing the lower
able
that
many
companies will mortality for women than for
P
' »'•f
T '•
,v*.;
(.;
h-AJT f ^ V >
With the enactment by Mississip- t i a 1
mortality t improvements, take advantage - df the reserve men. This provision * permits an
pi of a bill authorizing use of a*; greater in the two decades prior change to incorporate other across-the-board drop of as much
new
mortality table by life in-! to preparation of• the table than- changes that are related to other as three years in the basis of es¬
This has-been the case
surance
companies, all -50 states in the previous half century. .It is factors.
tablishing reserves and cash
have now adopted the new table, based* on insurance company ex- with many of the companies al-' values for women, compared with
the Institute of Life Insurance re- perience for the years 1950-54 arid ready adopting the new table and
policies for men.
ports.
* 1 - was checked'for trend up to mid- this has led to widely held, Er¬
„
Life Insurance
the
under
Katcher
firm
of
name
A.
Co.
'
-
'
(1751)
Williston & Beane Branch
NEW
branch
belief that the
new
Beane
&
office
Avenue
N. J.—J.
has
40
at
the
under
Marvin
.
roneous
BRUNSWICK,
Williston
Tullman.
a
Livingston
direction
of
^
r
#
H. A.. Riecke & Co.
mor¬
iA'Tiie Mississippi bill sets Jan;'1958^> It1 ws^r adopted-b
New Sisco Office
1963 as the earliest date for use National Association of ^Insurance . tality table itself results in low¬
ered
premium
rates. * The
new* HUNTINGTON, W. Va. — Sisco
of the new table, but it can be
Commissioners
within ; a few,
table, under the new laws, merely Funds, Inc. has opened a branch
applied now in every other state weeks of final calculation and has
modernizes the basis for comput¬ office at 540 Ninth Street under
except Oklahoma, where Jbly*; 1:: J^een in- the process of securing
ing reserves and simplifies certain i the management of Raymond Cole.
of this year is the effective date, legislative approval for the pdst
bookkeeping procedures.;
•
The new table will replace the three years. J ?-?
R.
opened
.
Appoints Fund Dept. Mgr.
-
PHILADELPHIA,
Riecke
currently used 1941 CSO Table
applies only to new policies
:
not
issued,
'
,
was
;.i.
„
is
table
i
•
.
Nearly 100 life insurance
.
Principal purpose of the new
existing policies.
.
Premiums
Not Affect
Does
and
com-
have already adopted tne
table, chiefly smaller com-
names
to
policy
one
of
;
achievements
outstanding
the
,,
the * table
of
data
electronic
of
to
re¬
cash surrender values
and
serves
laws
state
enable
amended to permit
be
-
preparation
New
processing
table
has been formed
continue
to
basic
A.
announce
now
as¬
Meyers, Farnam Building.
with* their
office
investment business of Marvin M.
three
H.
sociated
the
in
prepared
exchanges,
that Manuel Glassman is
OMAHA, Neb—M. M. Meyers, Inc,
The
machines.
was
other leading
Now Corporation ^
UC
—
Co., Incorporated. 1620
Street, members of the
York
Stock Exchange and
,
The
•
Pa.
&
Chestnut
Manager of their Mutual
as
Philadelphia
Funds Department.
new
jn ordinary insurance policies to
panies not operating in Mississip- be calculated on a more- modern
pi or Oklahoma. Some of the com- basis than was possible under the
panies operating on a nationwide present .1941 CSO Table, which
basis are expecting to change over. was, adopted in 1948.
by
the start of next year, by .,
Ad0ption
of
the
new
table
time
which
,
*
150
least
_
,
,
..
it
is
believed
•
that
•„
-
u
Will
companies
have
adopted the new table.
This
> sroners
basically changes-only policy repmH
r»nlir»v
nnri-fnrfpitlirf
serves
and policy non-forfeiture
c-arxrat?
5
...
\
.
.
table, called the Commis1958
Standard -Ordinary
Mortality Table, reflects substan-
,
,
.
•
,
•
,
.
;
values-and does not affect premiums.
.
REINSURANCE
GENERAL
The improved mortality
of the new table has already been
CORPORATION
America's
SPECIALISTS
ALL
Largest Reinsurance Company
CASUALTY,
FIRE,
AND
ACCIDENT
FINANCIAL
in
ASSETS
INSURANCE
~
SICKNESS,
Investments:
Reserve for Claims and Claim
7,550,662
......$
Other Bonds
.
Preferred Stocks
BALTIMORE
MEMBERS:
Reserve for Unearned Premiums.
and other
New York Stock
.
.
.
.
.
69,790,640
.
,
.
.
.
Leading Exchanges
......
Other Liabilities
(not
over
.
.
.
Capital
ance
7,924,910
62,702,147
1,037,721
.
.
.
.
...
.
.
.
\
2,971,229/
.
are
valued in accordance with
Total
$198,059,204
the
DIRECTORS
A. CATHCART, JR.
ROBERT
Chairman of the Board
Securities
HARLLEE
;
f
REED
BRANCH, JR.
President, The Southern Company
O. HUNT
C. BRUNIE
Public Utilitie s—Industrials
ALBERT
J.
HETTINGER, JR.
N. BAXTER
/
FREDERICK
K. TRASK, JR.
Payson & Trask
JACKSON
ARTHUR
of Chemical Bank
B. VAN
BUSK1RK
Vice President and Governor
Company
T. Mellon and Sons
A. HOBBS
EDWARD
President and Treasurer
The M. A. Hanna
G.
LOWRY, JR.
ETHELBERT
Chairman of the Executive and
Company
WARFIELD
Satterlee,Warfield & Stephens, Esqs.
Finance Committees
*
LUTHER
-.
i
•
l-
G. HOLBROOK
\
Vice President and Governor
FRANEEL & CO.
INCORPORATED
Teletype NY 1- 4040; NY 1-3540
•• ■'.••
Home Office:
.Midwestern Dept.:
101
400
PARK
•
' ;
.
i'v
Pacific
•;
SAMUEL
■
C. WAUGH
International Consultant
.
*
AVENUE, NEW
WEST ELEVENTH
Chicago Office: 1"75. WEST JACKSON
Chief
■
L.MOORE
Kidder, Peabody & Co.
Washington, D. C.
;
YORK
STREET, KANSAS
BOULEVARD,
22, N. Y.
CITY
CHICAGO
5, MISSOURI.
4,
ILLINOIS*
Dept.: 610 SO, HARVARD BOULEVARD, LOS ANGELES 5, CALIFORNIA
Southern
NEW YORK 6, N. Y.
•.
FREDERICK
T. Mellon and Sons
,
Cleveland, Ohio:
f
.
Corporation
New York Trust
WILLIAM
v
Chairman, Executive Committee
*
Lazard Freres & Co.
N.OSBORNE
CARL
President, Crown
President, Empire Trust Company
L. BRADDOCK
President
Zellerbach
HENRY
WHitehall 3-6633
required by law. Bonds and
requirements of the National Association of Insur¬
Commissioners; if valued at market quotations, Surplus to Policyholders would be $65,884,510.
JAMES
BROADWAY
69,962,147
Surplus to Policyholders
.$198,059,204
Dealers In
39
10,668,810
$ 7,260,000
Surplus
178,574,682
90 days due)
stocks owned
Wm V
8,647,564
........
Securities carried at $10,863,008 in the above statement are deposited as
★
.
58,697,501
.
Total Admitted Assets
★
49,540,181
Premium Balances in Course of Collection
Other Admitted Assets
★
.
»
Reserve for Commissions, Taxes and
Accrued Interest
Unlisted
.
Funds Held Under Reinsurance Treaties
4,133,396
.
..
Other Common Stocks
Total
$ 59,240,502
9,123,825
SubsidiaryCompanies
Exchange
.
$36,829,320
Stocks of
/ PIKESVILLE / NEW YORK
Expenses
.
ment Bonds. •.;
-
LINES
MARINE
LIABILITIES
United States Govern¬
John C. Legg &ICo.
AND
STATEMENT, December 31, 1961
<
Cash in Banks and Office
BONDING
Dept.: 1421
PEACHTREE
STREET"
N.
E.,
ATLANTA
9,
GEORGIA
Agent for Canada: 360 ST. JAMES STREET WEST, MONTREAL 1, QUEBEC
36
The Commercial and Financial Chronicle
(1752)
Cash Divs.
OTC Market—World's Largest
.'.Vr
t
..
34
Cash Divs.
Including
No. Con-
Extras for
secutive
12 Mos. to
Dec.
Years Cash
Dec. 31,
1961
tories
abrasive
and
11%
0.60
28
products
»
•
Elizabethtown Consolidated
69
Natural
1.85
70
f 1.71
87
lated
2.6
16
Gas Co.
2.0
Industry machinery
State
Empire
Oil
15
Fire
and
19%
0-45
56
38
12.97
1.00
2.4
0.8
2.4
379
41
1.85
48
83%
Erie
Textile
holding
1.0
2.5
3.00
43
7.0
16
0.80
17
4.7
37
0.80
19
4.2
c2.00*
24
8.3
54
2.70
48
5.6
Federal
Electric
operating
fic
&
and
and
21
glass
45
.
1.10
27
4.1
c
not
complete
as
1961
75
3.2
*
•
2.00
,63%
3.L
24
f 1.20
43%
2.8
33
2.00
70
2.9
1.35
34
4.75
86
,
^
•
-
Bank holding company i :
:
i
4.0
5.5
;
t
"
!
National Bank
banking
Camden
/
f '
.
17
18
f0.96
48
2.0
29
1.25
63
1.9
First Natl. Bank of Akron
23
f0.99
68
1.5
96
1.60
64
2.5
156
f 2.00
69%
2.9
19
fl.40
t2.63
66
2.1
178
943/4
2.8
27
fl.53
First
5.3
City Natl. Bk. (Houston)
21
1.20
0.20
5%
3.5
36
1.50
32%
4.6
60
1.00
69%
1.4
First Natl. Bank
16
1.00
21
—
t
Bank
of
2.6
79
1.9
6.50
275
2.4
0.50
Fort
26%
i0.80
14
1.6
42%
3.3
1.40
72
1.90
135
67
1.40
46
First Natl. Bank (Miami)
26
fl.48
28
fl.95
50
3.0
96
First Natl. Bank of Oregon-
4.8
59
First Natl. Bank (Mobile)
First Natl. Bank (Omaha)
42
2.00
27
Trust
—
98
First Natl. Bank (K. C.)
First Natl. Bank of Memphis
3.0
traf¬
Publications, Inc.and
32
First Natl. Bank (Jersey City)
First
-
*63%
3.1
97
2.75
91
70
f2.94
'
125
|2.40
91
50.00 1450
Bank
2.6
3.4
First National Bank
Shreveport,
*
Details
mA
not
complete as to possible longer record,
Adjusted for stock dividends, splits, etc.
not
is
j,
100%
cents
80
1.7
3.1
4.00
105%
91
f2.14
f3,32
108
3.1
44
3.00
99
3.0
1.40
56
2.5
14.50M75Q
2.1
25
as
to
—
possible
42
73%'
3.8
2.9
longer record,
for stock dividends, splits, etc.
stock divdend was paid in Jan.
1962. New
dividend
rate
monthly.
Vorchheimer Opens.
Riecke Branch
Whitton Ojfferis Office
95
147
97
La.__
complete
1.60
4.50
''
of
First Natl. Bank (Wichita)
real estate
3.0
Passaic
of
First Natl. Bank in St. Louis.
3.0
2.3
25
*16
Natl.
1.4
-
26
County (Paterson, N. J.)
insurance
t Adjusted
Plus $25 per share special dividend.
1.4
77%
1.50
29
National
Worth
6.3
newspapers
Bank
107
2.00
*77
.
record,
Details
(Chicago)__
87
First
—
*
(Baltimore)
(Birming.)_
First Natl. Bank
5.7
,
(Cincinnati)
Fifty Associates (Boston)
Boston
to
1961
24.
Insurance
First Natl. Bank
37
Fifth Third Union Trust Co.
abrasives
possible longer
t Adjusted for stock dividends, splits, etc.
Details
line
Investment
3.8
26
Fidelity-Philadelphia Trust—
Fidelity Union Tr. (Newark)
2.2
fabrics
artificial
and magnetic separators
*
1.00
28
and
Manufacture
48
0.95
warehousing
signs, sirens, lights,
highway signs
Diversified
•
Operating public utility
Cotton
2.40
54
First Natl. Bank of Boston
Sign & Signal Corp.
-
Exolon Co
on
Paymts. to
Dec. 31,
99
(New York)
Fidelity & Deposit Co. of
Maryland
Electric
Manufacturing Co
,
;r
-
First Boston Corp
sponges
Co.
to mills
Hampton
Based
Dei. 31
1961
33
•
.
,
lawn-
—
line Insurance
Federation
Company1!———.—.-—
Exeter
,
4.6
sharpeners
compress
Michigan
Textile mills
Essex Co.
Water power
y y
-
retail bake shops
Federated
co.
Mills, Inc
Exeter
saw
and
Federal Screw Works
113
RR
tion
-*
31,
% Yield
:
First Natl. Bank of Atlanta-
fl.82
28
Compress & Warehouse
Multiple
York Central
and
4.2
.
Pennsylvania
First Bank & Trust Co.
.
Cold headed products and screws
Erlanger Mills Corp
Erwin
and
Cotton
51
Leased by New
8%
^
y.
y
First
27
Federal Insurance Co.
production
Kalamazoo
&
~
,r
locomotives,
machinery
Chain of
2.2
100
16%
f0.99
0.40
47
14
diesel
Miscel. rubber goods,
^
Equitable Trust Co. (Balt.)__
Equity Oil Co.
0.40
2.9^
.
of
First Amer. Nat. Bk. <Nashv.)
First Bank Stock Corp
re¬
Federal Bake Shops, Inc
Fed.
Multiple line reinsurance
oil
and
-
54%
41 y4
1.74
,
!
23
Multiple
-
v:
1.60
' 10
Faultless Rubber
2.4
58
1.40
28
»,
•
,
Co.
Real.estate and securities
Fireman's Fund Insur. Co
machinery
heavy
ceramic
insurance
Employers Reinsurance Corp.
Crude
coffee
roast
Manufactures
Casualty Insurance
Diversified
•
\.
>
ADVERTISEMENT APPEARS ON PAGE 47.
of
mower
Employers Group Associates-
5.5
,4.0
(STAMFORD,
Fate-Root-Heath Co.
production and refining
Empire Trust Co. (N. Y.)—
Employers Casualty Co
62
49%
76
-
Quota-
,
^
Oil
Divs. Paid
Finance
products.
Mfrs.
•
Glass
Dec.
Approx.
■.'*
$
2.00
.
Farrel-Birmingham Co
distributing utility
gas
secutive
1961
.
3.40
-69
Wholesale
Emhart Manufacturing Co
1961
50
c
Operating public utility
Farmer Brothers Co.—-
-
~
Extras for
12 Mps. to
Years Cash
s
•
—
Fall River Gas Co.
5.1
refrac¬
Paymts. to
Dec. 31,
Dec. 31,
1961
Including
No. Con¬
•
CONN.)
BANK'S
-
of crucibles,
tion
Cash Divs.
on
COUNTY
TRUST' CO.
Electro Refractories & Abra¬
Manufacturer
Based
28
Inc
/
Manufacturer of ball bearings
I
sives Corp
•
Fafnir Bearing ,Co
FAIRFIELD
Dec. 31,
1961
31,
1961
Divs. Paid
Tobacco wholesaler
" ; % Yield
QuotaBased on tion
Paymts. to
Quota-
31,
Thursday, April 12, 1962
.
*
Approx.
<
Dec.
Divs. Paid
Faber Coe & Gregg,
V
12 Mos. to
Years Cash
.
Approx.
% Yield
.
Extras for
secutive
..
Shopping Center for Securities
Continued from page
Including
.
No. Con-
•.
Ludwig H. Vorchheimer is en¬
READING, Pa.—H. A. Riecke &
Co., Inc., has opened a branch gaging in a securities business
ties business from offices at 6010 office at 537 Penn Square under from offices at 68 Thayer Street,
Wilshire Boulevard.
the
management of Joseph L. New York City.
LOS
ANGELES, Calif. —Robert
Whitton is engaging in a securi¬
Anderko.
Forms
K. J. Brown Branch
New
York
FT.
&
WAYNE, Ind.—B. C. Morton
Co., has opened a branch office
the
WERTHEIM & CO.
Members
B. C. Morton Office
RICHMOND, Ind.—K. J. Brown
& Co<, Inc., has opened a branch
office in the Leland Hotel under
at
2312
management
Davis, Jr.
Stock Exchange
Walter
of
C.
South Calhoun under the
management of Bert H. Leiter.
Sterling Holding
Sterling Holding Corporation is
conducting a securities business
from
offices at 475 Fifth Avenue,
New York
is
a
City. Menachem Rubin
principal of the firm.
NEW YORK
Christiana Securities Co.
UNLISTED TRADING DEPARTMENT
PREFERRED
COMMON
Bought
Quoted
Sold
Francis I. duPont & Co.
Members New York Stock
commodity exchanges
Underwriters, Distributors and Dealers
.
,
Exchange and principal security and
■
•
ONE WALL STREET, NEW YORK 5
-
.
•
77 offices Nationwide
4r»!
DIgby 4-2000
in
Corporate and Municipal Securities
PRIVATE
HIRSCH
Members
25
New
York
BROAD
Stock
&
CO.
Exchange and
WIRES
TO
Glore, Forgan & Co.
Chicago
Gunn, Carey & Roulston, Inc.
Other Exchanges
Cleveland
Schneider, Bernet & Hickman, Inc.
Dallas
STREET, NEW YORK 4,'N. Y.
Bosworth, Sullivan & Company, Inc.
Telephone: HAnover 2-0600
Teletype: N.Y. 1-210
Denver
G. A. Saxton
&
Co., Inc.
Teletype NY 1-1605-1606-1607
Underwood, Neuhaus & Co.
WASHINGTON
PORT PIERCE
Houston
NEWARK
MIAMI BEACH
PALM BEACH
LONDON
AMSTERDAM
LAKE WORTH
GENEVA
(HIRSCH & CO. S.A.)
Direct Wire Service:
New
York,
Washington, Newark,
Miami Beach,
Lake
Worth
52 Wall St, New York 5, N. Y.
Crowell, Weedon & Co.
Los Angeles
Hess, Grant & Remington, Inc.
Philadelphia
WHitehall 4-4970
Reinholdt & Gardner
Palm
Beach,
Fort Pierce,
*
St. Louis
Stewart, Eubanks, Meyerson & Co.
San Francisco
t
Trading Markets in
Public Utility, Natural Gas and Industrial Securities
Volume
195
Number 6150
.
.
.
The Commercial and Financial Chronicle
Cash Divs.
OTC Market—World's Largest
.
12 Mos. to
Years Cash
,
Extras for
secutive
,
Dec. 31.
Divs. Paid
•'
,v
Quota-
Based
tion
Dec.
1961
1961
Divs. Paid
on
Professional
Trust
Co.
34
1.00
24
f 1.02
46%
First National City Bank of
.
New York.
—
r..,,
149
v.
%.
Frontier
80
1.50
52
2.9
ings Bank of San Diego-iw-
and
1.00
27
49
2.0
373/4
.
(Conn.)-:
26
First Pennsylvania Banking &
Trust Co. (Phila.)—;
134
1.40
f
3.7
2.30
34
60
ON
PAGE
Fitchburg Gas & Elec. Light- 103
62%
4.8
Bank
f0.40
?
140
Globe
0.3
31.
40%
1.5
15%
0.50
3.2
Second Table
Starting
on
8.00
1 60
5.0
Storage.
32
11
6.8
Bank
49
Radio
,1.25
62% A'. 2.0
19
fO.72
2.6
28
Co.
23
0.48
6%
Florida Telephone
Corp. cl. A
21
12
0.15
9
Mfrs.
Telephone company
Class B
22
Precision;
and
industrial
transmissions, chain, etc.
Foote-Burt Co.
Drilling,
0.50
6.8
73/8
25
6.00
0.20
500
4%
4.4
1.72
39%
1.00
24%
4.1
22
0.20
15%
0.20
All
1.3
chines
Forbes &
Wallace, Inc., Cl. B
26
0.8
0.7
—
21
2.45
60
4.1
59%
3.3
1.2
(Indiana)
Ft.
27
Fort Worth Transit Co._Worth
Fort
Fostoria
Fourth
2.5
42
2.4
19
1.00
units
Bank
Gilbert
and
Trust
*37
50
fO.29
Fownes Brothers & Co
1.4
Wire
*
26
Wyoming Oil Co._—_
Details
2.9
35
1.00
Pulp
*
longer record,
t Adjusted for stock dividends, splits, etc.
not
complete
as
to
2.00
200
APPEARS
ON
PAGE
1.48
35.
fl.22
Stud
1.7
42%
possible
Details
not
3.00
Pipe
165
t Adjusted
for
*38
0.83
44
1.9
0.77
18%
4.1
11
0.70
14%
4.8
12
0.60
18%
3.2
27
refractory
canning
&
1*3.81
prod¬
distribution
electric and
0.60
2.65
Co
gas
Distributor
in Connecticut
of
Corp
systems
v-:'r-
.
«.•''*
'
.i
•
(Jacksonville,
7%
8.0
77
Life
3.4
and
30
0.60
45%
1.3
fO.98
52>/2
1.9
Fla.)
Hagan Chemical and Controls,
treatment chemicals
Water
1.20
41
2.9
•
Details
not
possible
record,
as to possible longer
dividends, splits, etc.
complete
t Adjusted
for stock
d Plus
in class A common.
1%
longer record,
Continued
dividends, splits, etc.
.
>
TRADING MARKETS
4-:
m
OVER-THE-COUNTER
1951-1961
SECURITIES
,
1961
1951
X INCREASE
*
.$14,942,723
$ 4,933,489
203
.
•
10,264,003
3,890,466
........
1,928,659
524,411
268
$1.68
$1.59
5.7
$61,114,063
$14,256,001
329
•*•*
>
••
«
.
,0
Operating Expenses
.
.
.
Net Income
Earnings
per
Average Common Share
Total Plant Investment
.
.
some
of the fastest
Louisiana and Arkansas. The
v"'. •'
v
;•
'■*'
/'••••
V"/
>
•'•*.*
VsV.fv*'v:;'
•%>
.v'*/
.v"':'
*••/:' *;*
' -If
.*•"*.
'•••/:•
*
'S <' y L;i-*4v'<'
'S':-
'•
1,920
444
Members New York Security Dealers Association
78,317
108
37 Wall Street, New York 5, N. Y.
growing
areas
telephone
in Texas, Oklahoma,
Teletype
Telephone
HAnover 24850
NY 1-1126 & 1127
Company's 1961 Annual Report fea¬
Branch Office: Miami
Beach, Fla.
growth and developments in the Southwest which have
contributed to the
on
Company's
success
in recent
years.
Copies
PRIVATE
are
CHICAGO.—First
request.
'
Southwestern
States
Company
300
V
L
Company-owned
service for
The
*
10,450
•
The Southwestern States Telephone Company provides
available
"
&Tcet\e«i£ompat\vj
?
.
Telephones
tures the
,
162,850
Number of Stockholders
Number of
,
164
'
•
Operating Revenues
MONTGOMERY STREET
•
SAN
Telephone
LOS
WIRE
Securities
SYSTEM
Company of Chicago
ANGELES—Mitchum, Jones & Templeton
SAN FRANCISCO^-Mitchum, Jones &
i
'■
J
*
Templeton
%
FRANCISCO 4,
CALIFORNIA
on
1962
Company reports;
COMPARATIVE HIGHLIGHTS,
~ v
accident
v.*.
Telephone
1.6
fO-98
insurance
The Southwestern
*
61
30
1 27
and casualty
1930
States
2.0
194
-
Inc.
18
to
J
11
in
gas
—
fittings,
sprinkler
piping systems
Fire
manufacture
stock
4.3
Gulf Insurance Co. (Dallas)—
1.8
Manufac¬
as
5.9
23J/4
Gulf Life Insurance Co.
20
complete
40
1.00
welding equipment and weld¬
studs
insurance
126
(P. H.)
of
Utility
Grinnell
2.9
Insurance
14
paper
12.37
36
Gregory Industries, Inc
85
Corn Exchange
(Philadelphia)
and
*25
P. Fire Brick Co.
utility,
Public
ing
Bennett
0.7
Greenwich Gas Co
1.0
and
Co._
Glatfelter
and
exploration
production,
development
fire
Trust
Bank
Oil
:
Public
cloth
Girard
Gloves
Franco
&
turing
2.4
20%
1.20
15
Co., Wichita
790
Vermont
15
allied lines
5.45
Green Mountain Power Corp.
Company
Fire and
62
Green Giant Co.
parts
ADVERTISEMENT
Fire
1.1
health
and
slippers
(A.
natural
Germantown
141
(Daniel) Co
Green
and
W
1.60
accident and health
Vegetable
Marble production
5.3
2.00
(Winnipeg)
Life,
electric
Georgia Marble Co.L--—19
62
6%
0.40
23
lighting
Natl.
,44
1.00
service
bus
Corp.
Industrial
1.10
88
14
:
89
Co. *37
insurance
accident
Co.
Automotive parts
Worth National Bank
•> v-; ■
fabrics
Southern Life Ins.
Life,
heaters
Genuine Parts Co
Wayne National Bank
;
t
/;•%
.v-'V
Great West Life Assurance
assemblies.
bonding
1.0
550
lines
COMPANY'S
6.3
28
1.75
Dept. store, Springfield, Mass.
Fort
for
28
casualty,
allied
88
4.00
Green
CORP.
1.3
15
ma¬
j
15
GENERAL REINSURANCE
33
tapping
3.8
►
ucts
automobile
recording
plastic
39%
119
Manufacturer
motors
10
1.50
1.00
4.3
24
Co
0.45-
14
:
0.90
Diversified
19
4.5
*34
broadcasters
15
producer
small
home
television
4.5
11
10
Great
29
d0.50
28
"
Great Amer. Ins. Co. (N. Y.)_
2.2
18
Custom-molded
gears,
-
reaming,
of
and
'
9.4
Corp.
House
phonographs,
Foote Bros. Gear & Machine—
'
Graniteville Co.
1.7
0.55
serving
Oklahoma and
Crude Oil
'
financing
Cotton
General Industries Co
3.1
32%
1.00
3.7
Insurance—casualty and fire
Grace Natl. Bank of New York
7.4
industry
distributor
Southeastern
Operating public utility
29%
Employees Insurance—
Nebraska
Florida Public Utilities Co.__
and
Auto
58
Kansas,
1.10
Pumps and water systems
Transportation holding company
Missouri,
1.9
*58.^ 1,50*;*/16'<
Government Employees
Gas Service Co
General
52%
Transit
Goulds Pumps, Inc
(Atlanta)
Bus
Elevator &
Goodwill Stations, Inc
0.75
warehousing
gas
1.00
cover¬
Hose, belting and packings
'
products
Natural
96
6.2
under¬
Goodall Rubber Co
.
40
Gary Natl. Bank (Indiana)—
Gary Railways, Inc
Page 53.
0.45
26
insurance
Co., Ltd
Mechanical
packings, gaskets, oil
seals, mechanical seals and plastics
Payers From 5 to 10 Years Appear in the
1961
•
Republic Insurance
Goderich
refining
Garlock Inc
Over-The-Counter Consecutive Cash Dividend
1961
Grain elevator
Brothers, Inc.
Lumber
1961
on
Dec. 31,
and allied lines.
Govt.
Gamble
0.60
26
&
ages
*,f0.2^J<l^%^.Hi;8 '
16
'1
Holding company.
(Jacksonville)
.15
Co., Class A—
Galveston-Houston
Florida National Bank
line
Fire, marine, multiple peril
Co.
electric company
Dec. 31,
16
Glens Falls Insurance Co
39.
City real estate
Natl.
31,
Brick and concrete products manu¬
facturer
4.0
Funsten (R. E.) Co.
Acquired Oct. 1961 by Pet Milk
3.3
3.00
and
(Louis) Realty Co.
Refrigerated
6.8
2.00
Gas
21
production,
marketing
Fulton
87
National
CO.
Fulton Market Cold
Bank
Trenton
25
Multiple
Refining Co.—
Brushes
First New Haven National
First
1.00
Co. of America
Fuller Brush
Dec.
% Yield
Based
Paymts. to
writer
Petroleum
Sav¬
&
New York
•
2.7
108%
f2.99
tion
Glen-Gery Shale Brick Corp.
19
insurance
Friedman
12 Mos. to
Divs. Paid
agency
COMPANY'S ADVERTISEMENT APPEARS ON PAGE
:///%/
Bank of Roanoke
Trust
1961
LIFE
INSURANCE
Quota-
'
'
;
Years Cash
•
—
Exchange
First National
2.2
f 46
Life
(TulsaK
First National
*
2.2
:
*
advertising
FRANKLIN
■;
Paymts. to
Dec. 31, Dec. 31,
1961
Including
Extras for
secutive
r
tion
1961
COMPANY'S ADVERTISEMENT APPEARS
1961
31,
'..Approx.
.
No. Con-
"■
.
.
on
(ALBERT)
GUENTHER LAW, INC.—_
%
First Natl. Bk. T. (Okla. City)
First National Bank and
Dec.
Based
/■
:•■
FRANK
Paymts. to
Dec. 31,
31,
12 Mos. to
Quota-
37
Cash Divs.
1
% Yield
Extras for
Years Cash
% Yield
No. Con¬
.
No. Con-
Approx.
Including
Approx.
Including
.,
:\^-r'. v"1'-'secutive
Shopping Center for Securities
Cash Divs.
(1753)
Direct private telephone: Philadelphia-WAlnut 2-1514
A"
*
"
\ %■''
page
38
38
The Commercial and Financial Chronicle
(1754)
Cash Divs.
OTC Market—World's Largest
;
.
.
•
-
.
No. Con-
Shopping Center for Securities
Continued
from
Cash Divs.
Extras for
Quotar
secutive
12 Mos. to
tion
Years Cash
Dec.
Dec.
31,
1961
Divs. Paid
Based
31,
Produces
Dec. 31,
Natural
gas
tioning
Halle
1.00
9.5
2.5
391/2
Home
appliances,
laundry
Electric
and
Knoxville,
casualty
Trust and
Harris
Home
2.4
310
*1*4.72
2.05
3.9
523/4
Fire
Hartford
and
Natl.
long
distance
2.00
1.6
39%
7.6
Title
1.25
19
6.6
1.10
80%
112
,
2.45
67
3.7
Trust 133
1.80
63
2.9
Hotel
606
1.8
137
insurance
44
61
35%
1.60
service
-
4.5
k
■.
"
Syracuse,
Corn
3.3
16
fO.98
30%
3.2
550
'
26
18
Texas
Operating
Details
not
complete
33
h
Plus
a
10%
97
3.00 -.105
2.9
72
2.00
6.9
0.80
1.5
...
'_??,.
,
??
;
Co.
,29%
5.00
127%
4.1
Trust
&
3.9
GUARANTY
GAGE
of
55
//" //"...
42 <f' 1.60
>58 /
2.8
-
14
COMPANY'S
,
MORT-
&
CO.
Ti'Ue; inauranre
—
3.6
,/v!
2.00
al70
of the State
3.6
INTER-COUNTY TITLE
2.5
f0.49 T20
V /•,; :•'r
ADVERTISEMENT
APPEARS
44.
PAGE
ON
*
-
-
,•:*
_•
Details
•
''-
'
.
V
.
r'j'U',.;.. i
complete as
—
.•
not
a
'•-f-./'v
■
•,
-tv
to
possible longer
stock dividends, splits-,-, etc.
t Adjusted'for
/?,?..•... ??/'?'?'.???/„•
stock dividend.
1.20
insurance
.? '"?.:
dividends, splits, etc.
<
50
Pennsylvania-
2.3/
35% •'
;
*35
Mortgage
(Ontario)
Diversilied
36% / 6.2 /
•;?'???'?
.
K
29
utility
water
Insurance
—
.•
f0.70 >. 19%
!??■?;.??/?/
;?;
.
for stock
of
; Savings, trust and-mortgages
•"v
13
_
refining
t Adjusted
to
possible longer record,
t Adjusted for stock dividends, spi.ts, c.u.
as
Bank
Industrial
*■
*
National
Indianapolis Water Co
1.1
-
.
''?.
*
utility
.
2.25
26
Corp.__
J
" ;
•
Gas
and water utility
gas
Industrial Natl. Bank (R.I.)
-
0.50-
>
.
Inc
Natural
'
Indianapolis
3.9
••
3.3
,
Coke
12.0
?
18
/ '•' ?
..
' '
.I
Hubinger Co.
.
38
Natural
3.1
/ 12%
6.00
-28
)
rooms
Southern
4.4
5.9
1.25
4.4
32%
0.70
*
Gary Corp.___
Houston
2.70
19'
?' ?
11
refining
Indianapolis Stockyards Co.»«
1.50
cleaners
Indiana Hotel
Insp
2.50
Co., class A
/
53
Indiana
8%
1.00
31
—
J1
'
'
42
Co.
York; City
devices
(
1.75
twine
Barbizon, Inc
Hotel
91
Co
2.0
24%
0.48
'
\
Operates livestock terminal market
„
New
"in-
Indiana Gas & Water Co., Inc.
3.6
/•
•
.
21
1.2
•
2.50
/2J)
.
59%
?
■
■
2.1
93
204
24 '?/
/
& Allison
and
Vacuum
Hotel
machinery
17
0.36
Insurance
Ropes
1.4
58
Gas
125
89
Insurance
Boiler
0.50r
h2.20
phone
4.4
felts,
???■:•.- /-? '•?
Indiana Gas & Chemical Co.
v.-yy-
??
(Brooklyn, N. Y.)
3.00
equipment
Steam
and
-
j
:
/
Including predecessors.
,*■
record,
f
>
Pacific Power &
Light Company-. ;.:/
Rights Offering ///
PRIMARY MARKETS MAINTAINED IN:
American Hoist &'Derrick
Lowes
Companies, Inc.
,
'*!■]•
-'i;
^
??
V:>.
Redwing Carriers
shares at $27
basis
the
of
one
each 20 held
share
a
Land of
of record
1962. Rights expire
on
for
share
new
March
't:
-
Kidder, Peabody &' Co., New
City heads an underwriting
group which will buy any unsub¬
Son
scribed shares.
Members New York Security
115
Ave.,- Portland, Ore., is
Dealers Association
BROADWAY
NEW
YORK
6,
N.
Cashier
BArclay 7-0130
BArclay
T eletype
Idaho.
NY
7-0138
of this
of
cash
and
will
to
take ad¬
...
and
substantially...
This is where
Sixthy
we
come
specific security,
a
in.
Complete information
on
particular company or special
studies tailored to
your needs is yours for the asking
in a language .you will understand.. ?Call or write.
The pleasure is all...
opera¬
proceeds
use
speak Japanese
a
financing along with $35,-? V
000,000
1-2278
It
to
vantage of an economy that continues to grow
of industries
?flourishing
ting public utility which provides;
electricity in Oregon, Wyoming,
Washington, California, -.Montana- '
Y.
and
T elephone
an
needn't know how
you
'
The company of 920 S. W.
INC-
^ Opportunity
True. The land of Mt. Fuji, the geisha and Kabuki is
indeed the land of investment
opportunity today; And
26,y
May 1.:
York
&
{SUA
,
fights to subscribe for 676,497 ad-1
ditional
Abraham Strauss
•
.
Pacific-Power & Light Co., is offering holders of its common stock
Mississippi Glass
JAPAN
J
To Stockholders
'//
first
on
mortgage
bonds
Nomura Securities Co., Ltd.:
■
hand, to retire bank
•borrowings and further the eonstruction program for 1962? arid
:
Japan's Leading Investment and Brokerage Firm
•;?? 61
/
1963.
Total operating revenues in
1961;!
Broadway, New York 6, N. Y.
Telephone: BOwling Green 9-2895
.
were
$95,278,000 compared with: '
$88,538,000 in 1960. NetTiricome'
applicable to common stock was.'
■
.
$15,530,000, equal to $1.15
of
UNLISTED SECURITIES
SPECIALISTS IN
FOR
PHILIPPINE SECURITIES
BANKS. BROKERS
•
DEALERS
13,446,000
compared
to
$1.07
& NEW ISSUES
shares
on
each;
outstanding.?
with
on
$14,177,000,-equal?
13,249,000 shares.- ? • [,*
1922
.
berS of the New York
change
1
EXCHANGE PLACE
JERSEY CITY 2, N. J.
has
as
'been
general
a
announced.
more
will
be
with
the
firm's
•
Prior* to
&
Co.,
senior
.
Ex-!
it?
Mr./Ken-?
primarily concerned?
institutional
joining
Roth,
Mr.' Kenmore
security... analyst
..
DEPT.: N.Y. BA 7-4300-12
CASHIER'S DEPT.: N.Y. BA 7-6740-44
Teletype JCY 783; 709
J.C. HE 5-9400-02
J.C. HE 5-0420-1
-
;
" >•"
'
1962
Ay.
and
of
■?.
?•-
Co., Inc.-
:
»?'/•
;?.•-'
?
?
■
(
V-^?
?
w;1.
''
'
-'/t"'*-?
?*,
with
i
'
V
.
?
r"
.//.';??
*
'
\
.;
'
■":??'??:*?
"/■'
?/;?
'
'•■???': /?':?-•'
SPECIALISTS SINCE. 1922
^
.-"? '?;••/r
^
!
-
INQUIRIES
INVITED
john j. o'kane, jr. & co.
Mr. Kulik'
Robinson
&
H-
4?:
the
W.
Xv
unlisted; securities
,
>.
■
.
Wellington
Pa.—Louis
of Kulik and Co.
formerly
li;
the;
is conducting a securities
business from offices at 8116 Wil¬
liams
Avenue, under
the
firm
name
?
Gerard?
was
Kulik
was
.
re-?
Kulik Forms Co.
PHILADELPHIA,
TRADING
Our Fortieth Year
.
■•'?
•?"??:v?:??;.?
Wellington Fund
Equity Fund.
Members New York
Security Dealers Association
Stock
partner,
search services.
Established 1919
-
H.
Kenmore has-joiried ti
Roth, Gerard & Co., 25 Broad/!
Street, New York City, mem-?
S.WIEN & CO. INC.
t.
Roth, Gerard Admits
'v.
.
'
,
Robert
31,
1961
29
Sugar
-v
41
and
Hoover
Insurance Company
Boiler
,•
14
Dec.
Dec. 31,
1961
Imperial Sugar Co
2.2
financing
Co.
r
;
Members
42
New York
Security Dealers Association
Broadway, New York 4, N. Y.
Phone—-Dlgby 4-6320
Teletype—NY
1-1525
.
on
Paymts. to
28%
jT-95
t2-38
;
,
precision
control
w
??~ ? •
$
55
papermakers'
and
?■'
1.26
25
products
fabrics,
struments
Casualty and Life
Hooven
&
In-
food
'* tion
products
paper
(Tom) Peanut Co.
Manufactures
6.7
1.40 ? 63%
estate
company—auto
and
Based
Quota-
I&aho/First Naiti; Bki; (BoisO)
92
power,
real
261/4
-;
1961
11
Huyck, Corp.
3.6
Home Title Guaranty Co.
Savings
Bank
2.3
-
service
Hartford Gas Co
Hartford
Huston
>?
90
Local
insurance
Diversified
2.8
33%
1.75
21.
(N.: Y.)
insurance
A
Industrial
hydraulic
24
Hartford
1.20
Home
30
Hotel
handling
128
processing
54
Grain
3.00
Dec. 31,
Huntington National Bank of
Columbus (Ohio);
i 50
-
,
Years Cash
'
t
M.
Confection and
Lumber Co.
27
Penn-Harris
118
18
8nd
.
Pulp,- paper
<'?
1
'
Insurance
Fire,
109
Co
3.25
Telephone and Telegraph Company of Virginia
2.3
80
CO oa
of
Tenn.__
Insurance
and
Fire
Bank
National
Hamilton
steam
Holding
(Chattanooga, Tenn.)
5.4
r-.
.
Home Finance Group, Inc.l
professional furniture
Hanover
and
dustrial
5.0
20
Hamilton National Bank
I *57
6,t2
46
27
Timber logging and
.4.3
231/4
1.00
'23
2.50
-
'
Holyoke Water Power Co
Mfg
1.
12 Mos. to
??/?:???,■;?; ?: V? /•?
Divs. Paid
?.?:????-?? ??'
?>?? •
Hudson Pulp & Paper Corp.,
f % Yield
-
Extras for
secutive
Class
?.■?..
Department store
Department Stores
Hamilton
30
Approx.
Including
No. Con-
1961
19%
1.20
(San Fran.14
Hines :(Edward)
1.00
47
1961
"
in Penn-
(New Orleans)
Higbee Co.
air condi¬
and
Bros
Retail
10
0.95
20
lieatlng
supplies
Cash Divs.
? '" '
T,
$
;/•-
-
„
dairy products
Hibernia Bank
supplier
Plumbing,
1961
27
Thursday, April 12, 1962
.
op
Hibernia National Bank
11
Hajoca Corp
Based
.?,'
sylvania
1961
Quota-
company
Hershey Creamery
on
$
Hagerstown Gas Co
-
:?;???>
Holding
Paymts. to
1961
V
Haverty Furniture Co.__>____
% Yield
No. Con-
*
Divs. Paid
Approx.
Including
*
f...?'?
,
•
-
37
page
'
•
,
Extras for
secutive
12 Mos. to
tion
Paymts. to
Years Cash
Dec. 31,
Dec. 31,: Dec. 31„
-
...
.
Approx.
% Yield ?
Including
.
'.
r
Volume
195
Number 6150
tlfif irxawrtl
I
The Commercial and Financial Chronicle
.
(1755)
7,.<;
OTC Market—World's Largest
.
,
v
/.
Cash Divs.,-
.
Approx.
.
Dec.
31,
tion
Dec.
1961
Divs. Paid
Based
on
\
Divs. Paid
Public
utility,
electric,
Quota-
Based
Cash Divs.
.Mo. Con-
Paymts. to
Dec. 31,
Dec. 31,
1961
1961
v
Ivey
(J. B.)
20%
3.9
.'
tl.60
56%
1.00
20%
0.20
8%
International
Textbook
Printing,
'V study
publishing
schools
/,•
11
Co.
and
bread
3.00
59 i
5.1
'
home
2.3
29
0.25
'4%
5.4
and
15
cake
1.60
;„30%
color
I
Small
bak¬
Financial
21
0.85
14
6.1
18
Corp
i
.
10.22
26
Sportswear
0.8
Jefferson
loans
Interstate Hosts,
Inc
j
Life
Julian &
44 :>
*
21
Standard
,t;
Life
Ins.
Bros.—-
1.1
1.59
42%
3.7
12
4.00
82
4.9
*27
tl.35
74
1.8
12%
2.0
Jersey
line
;
23
steam
gas,
0.90'
28%
banking
Temperature
3.2
and
real
and
air
Details
a
WE HAVE TRADING INTERESTS
i
in these unlisted securities and invite your inquiries
not
complete
for
stock
to
as
possible
longer
"
tools
dividends, splits, etc.
Miehle-Goss-Dexter
Monarch
share, This is the first public
Morton
Mechanical Handling System
*
Metal, Inc.
Marking System Co.
Orkin
Exterminating Co.
Billups Western Petroleum
Pacific Intermountain Express Co.
Bolt Beranek & Newman
Pako Corp.
Bqwmar Instruments Corp.
Paigas
Bruning, (Charles) Co.
Penick, S. B. Co.
Brush Beryllium Co.
Penn Controls
-
Pioneer Finance Co.
the
.
Cary Chemicals
Pioneer Finance Co. $1.25 Pfd. W.W.
Capital For Technical Industries
Products Research Co.
Public Service of North Carolina
Aerial Industries
the
v<
Purex Corp.,
Control Data Corp.
Quality Importers
Consolidated Business Systems
Radiation Instrument Development Lab.
Ltd/
Resiflex
Dashew Business Machines
•
and
now
operates
M.) & Sons, Co.
States
The
Standard Motor Products
Electronic Engineering of California
of
*
*
-
-
Corp.
Tastee
Baking Co.
;
Thermal Research &
Growth Capital
Therm-O-Disc Inc.
Gulf Life insurance Co.
Engineering Corpl
The
Tokyo Shibaura flee. Co. Ltd.
Transcon. Lines
Helms Express
Transcontinental T.V. Class "B"
/
to
.
be
shares
Union Financial Corp.
,
offered
be retained
(Ohio)'
The class B
Union Texas Natural Gas "A".& "B"
to
Veeder-Root Inc.
It
outstanding
stock
of
public, and
non-dividend
common
Kaiser Steel Corp.r
Wallace-Press, Inc.
Warner Electric Brake & Clutch Co.
La. Crosse Cooler
Warren Brothers Co.
^
messages
As
a
or
more
'Wesco Financial Corp.
Lestoil Products-"A"
Winston Muss Corp.
Magnin, (Joseph) Co.
Youngstown Research & Development Corp.
"
-
stock repre¬
of the outstand¬
I
hey
j
Reynolds & Co.
|
Members New York Stock Exchange
and other
EE
principal Stock and Commodity Exchanges
=
5§
Direct Private Wires Connecting Our Trading Departments in:
'
new YORK-120
1
Broadway
' '
'
'
a
you
will find
some
are:
■
pany's dividend and fiscal
can
be
made
on
the
of them provocative and helpful.
v/P.'■
con¬
dends and has declared
tive
rial
I
I
a
payable
June
.
dividend
30,
holders of record June
advertising in
publications.
Corporate
announcements
newspapers
'
r~J
1962
to
15.
sound
•
v,
corporate
relations
are
public
and
employee
also discussed.
Name
-v./ WOrth 4-6700
financial
ads—Admission
/
CHICAGO—111 w. Jackson Blvd.
E
PHILADELPHIA— 1526 Chestnut St.
5
LOcust 4-0505
37
\
,
427-9201
e
SAN FRANCISCO—425 Montgomery St.
E
SUtter 1-5451
HUbbard 2-6600
EE
\
BOSTON—125 High Street
=
5
F. S.
Many of each
hook,
as
a
are
reproduced
useful guide, to
Offices From Coast To Coast
>
E
COLUMBIA, S. C. — Frank S.
Smith, Jr. has become associated
with
Smith
Dick
was
&
Merle-Smith.
formerly
dent of Frank
S.
Mr.
Vice-Bresi-
Smith &
Co.
in
this
save you
time
and money in finding the kind of corporate advertisements you have in mind.
..Title
Street
.Zone
...........
.......State
,'
AT
01
Ar-bL
r
Dick & Merle-Smith
Partners,
Company
City
Smith, Jr. With
of
Offerings,-etc.
•
=
E
of
your
F. Y. I.—Samples of frequently required
-
E
survey
the technical details to keep in mind, in
Change of Firm Name, Formation of
New Firms, Corporate and Municipal
large and
employ advertis-
ing to assure a receptive market for new
equity or debt financing, in today's competitive markets. Six other aspects of
Calling Securities—A brief
preparing redemption notices for
security issues.
distincand finan-
Impact—How
small corporations can
stock.
of 14 cents per share on the com¬
]
work overtime for you, through
before
common
|
your com-
com¬
The company intends to follow
policy of paying quarterly divi¬
mon
think
Big Returns—How to make
I
March 1, 1967, unless certain mini¬
mum
dividend
payments' have
been made
management's financial team, you may want to read one
of the free booklets shown above and listed below. Check those that
common-
—
version
in attractive form—in effective words.
member of your
interest you—we
by the Werner family.
1, 1963, share-for-share into
mon stock provided that no
v
treasurers—bank and trust
officers— corporate counsel
company
stock to
20% per year commencing March
,
responsibility
■
111 the course of 90 years of working with industry and the financial
community, AF-GL has developed unusual creative facilities for serving
business. Unique speed and accuracy, for instance, in the production of
corporate and financial advertisements...and the ability to present their
ing common of the company and
will be convertible at the rate of
Kelly Girl Service
•
for
ter¬
Ohio.
common
the
sents about 70%
Waiter, (Jim) Corp.
A
has
of
.
International Stretch Products
%
Toledo,
425,000 shares
paying class B.
United States Leasing Corp.
International Recreation Corp.
=
and
company
175,000
Tuboscope Co.
International Flavors & Fragrances
12
located in
Mansfield
Thrtflway Foods
Handschey Chemical Co.
Hawaiian Pacific Industries
of executive
450
over
employs about 600 people.
Thompson (H. I.) Fiberglass Co.
;
operates
owns
Minneapolis, Minn.;
Wise.; Aurora, Chi¬
cago
and
Waukegan, 111.; Fort
Wayne, Ind.; and Cincinnati,
Cleveland, Columbus, Dayto n,
Telex, Inc.
Texize Chemicals
Gradiaz, Annis & Co.
and
Milwaukee,
Tally Register Corp.
Glatfelter (P. H.) Co.
■
f
pieces
rolling equipment. Its terminals
are
Swank, Inc.
Gem International
1
4 booklets that smooth the
jmth
and
arrangements
company
minals
Corp.
Sterilon Corp.
Fluke, John "Mfg. Co.
'
1
Indiana
of
means
interline
and
Southern Gas & Water Co.
State Street Inv.
by
Illinois,
interchange
with
connecting motor carriers.
-
Sexton, (John) & Co.
Shaer Shoe Corp.
Electronic Associates
40
page
3,084 route
over
Ohio—and provides service to and
from other sections of the United
Scott & Williams
Dumas Milner Corp.
on
-x''
more than 800 com¬
munities in five states—Minnesota,
Laboratory
Sessions Clock Co. Class f'A"
Documentation, Inc.
4.6
? 35
miles, serving
fij I.
*
Dictaphone Corp.
Inc._„
compositions, cutting
specialties
and
Minneapolis,
incorporated in
by Mr. Werner and associates
Wisconsin,
Sco.t (0.
Chicago Trucking Co.
Diamond Crystal Salt
1
5.5
in
Roadway Express
.Lestoil Products Common
25%
BIG
v
of¬
Schlitz (Jos.) Brewing Co.
Display Corp.
Deer Park Pine Industry
,v.
1.60
3.3
company was
1934
Reserve Insurance
Culligan, Inc.
Cp.
719
32%;
proceeds of this sale.
Headquartered
Clifton Precision Products Co.
Hqfman Laboratories
Hurletron, Inc.
Hutchinson, (W. H.) & Son"
•1.40
Refining Co
securities being sold are
owned r
I Hdrf^ ■ B.
Werner;
Chairman of the Board, and mem¬
bers of his family. Following this
sale, the selling stockholders will
continue t.o; hold about 70%
of
the company's common. The com¬
pany will not receive any part of
Overbite, Transportation Co.
,
;
fl.08
transmis¬
The
O'Bear-Nester Glass Co.
Corp.
Beneficial Corp.
General Waterworks
25
60
production,
distribution
gas
.v
fering of the company's stock.
Manufacturing Corp.
Neto York Trap Rock
Automation Industries
Gien Mfg
1.8
v
Co
Art
McLean Industries Pfd.
General Battery & Ceramic
14
Continued
Anheuser-Busch, Inc.
McLean Industries Common
M'g. Co.
Detroiter Mobile Homes1
0.4
Hard carbide
record,
American Maize Products Co.
Alberto-Culver Co.
California Liquid Gas Corp.
3325 ?
Producing, refining and marketing
petroleum and its products
New York Securities Co., 52 Wall
St., New York City, and J. M. Dain
& Co., Inc., Minneapolis announce
that they are joint managers of a
group
that is offering publicly
175,000 common shares of Werner
Transportation
Co., at $11 per
.
5.7
tanks
Including predecessors.
I
Bernz, Otto Co.
bridges and
Kennametal
dividends, splits, etc.
Babcock Electronics
32%
controls
&
Alico Land Development Co.
3.7
of
W('I'll CI' TFcIDS
1 Stnpk lOffprprl
=
0.25
and
Kendall
^
1
EE
sion
conditioning
suiiiiiiiiuiiiiiiiiiiiuiiiuHiiiiiiiiHiiuiiHiiiiiiiiiiiiiiuiiHiiiiiuiiiiiiuiiiiiiiiiiininiiiiiiiiiiiiiiniiiiiiiHiniuiiiuiig
I
14.00
-41
and
Kansas-Neb. Natural Gas Co.
estate
Service Co.
t Adjusted
Denver
*38
City Structural Steel 114
Kansas
insurance
Mortgage Co
Mortgage
*
Data
U.85
restaurant
Kansas City Life Ins. Co
4.7
0.25
consum¬
-
Chicago
46
Corp.
Natural
water
Alarm Devices
1.50
Hotels,
motels,
laundry operator
2.3
93
2.00
Jersey Insur. Co. of N. Y._._ a28
Multiple
Iowa Public Service Co
t Adjusted for stock
33%
43
27
~
3.9
Johnson
natural
34
Non-participating life and partici¬
pating life
35
.
3.9
■
shoes
L; Buildings,
Co...
65 ;;
communication pole
.
1.00
50
15%
loans
Electricity,
f0.77
manufacturing
0.60
Common motor carrier
financing and
and
Kokenge Co
Women's
4.4
Kahler
Valves
1
Automobile
50
2.20
:'t
,
13
Interstate Securities
2.9
heads and chastape controlled equipment
Electrical
—1)
insurance
Jenkins
Restaurant chain
Interstate Motor Freight
System
1961
21
Ing machines; die
line equipment
k
■
Jantzen, Inc.
Interstate
31,
-
eries
er
offset
Jamaica Water Supply Co
Public Utility,
water-supplier
5.2
Dec.
1961
.
on
Paymts.do
•
ft
Oilier Engraving Co.
Photo-engraving and
positives ~
.yp \
:
;:
Interstate Bakeries Corp.
Wholesale
;
y
$
"2.55
;v
'
23
tion
.
Dec. 31,
optical comparators; precision borers;
mowers
Divs. Paid
Joslyn Manufacturing &
Supply Co.
———'27
4.9
Manufacturing Co.-
Dec. 31,
1961
Based
Turrets;
automatic
and
tracer
lathes; thread and form grinders;
2.8
31
12 Mos. to
0.60
i.
I, 97
:Quota-
secutive
•'•
27
stores
lawn
Power
.
■;
Jones & Lamson Machine Co.
3.6
Operating public utility
Jahn &
I
,
41
% Yield
Extras for
Years Cash
gas
& Co
Department
1
;i
1961
;.\-1.48
Approx.
Including
on
tion
1961
16 ''
Irving Trust Co. (N. Y.)
Dec.'31,
'fa.
,0.80
' '
^
Jacobsen
.36
/
:
Telephone
Company
Extras for
secutive
12 Mos. to
Years Cash Dec. 31,
Paymts. to
.
31,
1961
«
Inter-Mountain
Quota-
12 Mos. to
secutive
Years Cash
% Yield
Mo. Con-
Iowa Southern Utilities Co
% Yield
Including
Extras for
."
..
...•
"
"Mo. Con¬
<'{,■. i.'
.
Approx.
Including
.
\
"
■/,*;/'>
Shopping Center for Securities
•; t-
Cash Divs.
•' ■'
39
ALBERTFRANK-GUENTHER LA W, INC.
Advertising
131 Cedar Street, New
York 6, N. Y.
•
•
Public Relations
COrtlandt 7-5060
Midtown Office: 44 East 53rd Street, New York 22, N. Y.
"ZIT
PWLADELPHIA
s^frawisco
LOS ANGELES
40
The Commercial and Financial Chronicle
(1756)
.
.
.
Thursday, April 12, 1962
'
Cash Divs.
OTC Market—World's Largest"
Approx.
,
Including
'•
No. Con¬
Including
Approx.
% Yield
•
Quota-
secutiwe
12 Mos. to
tion '
Years Cash
Dec.
1961
Organization
f0.99
14
*
23
,
and
<v';4.3
Special service tools & equipment
Kentucky Stone Co.
Crushed
stone
19
23
Electricity
supplier
4.8
3.4
30
—
1.50
22
*
and
work
18*4
f0.63
12
3.5
1.60
12
-
Co.
72
18
Brooklyn, N. Y.
Kingsport Press, Inc
•
2.20
f0.49
manufacturing
65
58
"
—
<
Life
hardware
5.3
1
24%
1.40
44
5.7
Wholesale
moving
equipment
melting
minum
2.6
Electric
Co
13%
0.80
16
transformers,
and
Steel
Laclede
steel
men's
of
51
—
205
8.00
Leader
3.9
•
:v.
26 %
1.28
26
(electric and water)
4.8
38
23
1.60
Lorain
7.0
View
Bank
Lamston
Variety
Lang
&
Trust
&
Savings
(M. H.)
Inc
chain
baker--
24
14
(Chicago)
24
Latrobe Steel Co
High speed, tool and die, specialty
steels and vacuum melted alloys
7%
5.6
of
20
construction
sldiarles
f2.93
1&9
1.7
13 %
3.0
2.3
1*0.26
99%
1
27
'
0.60
37%
1.6
Co.
complete as to possible longer record,
t Adjusted for stock dividends, splits, etc.
a
26
——al08
(N.Y.)—
3.4
26
6.2
.,
0.18
:
-
2.9*
6%
r
1.00
40
;
2.5;
0.25
18
1.4
10.80
177
|2.78
101
2.8
28
8.50
70
12.1
2.70
77
3.5
0.40
11%
3.4
26
1.00
37%
2.6
Detroit
25
2.00
60%
3.3
Retail
75
1.20
36
3.3
23
tl.00
32%
3.1
38
1.00
27%
3.7
12
0.15
10
1.5
*17
5.50
340
1.6
14
1.65
46%
3.6
a56
2.43
88
2.8
28
1.75
20%
8.6
(Buffalo, N. Y.)_
(LosAng.)
market
chain
Marlin-Rockwell Corp—
v
Mfr.
ball
and
roller
bearings
Marmon-Herrington Co., Inc.
duty trucks,
ment and supplies
'Heavy
20
0.20
4%
Marshall-Wells Co
—
17
2.25
36%
6.2
25
1.70
32%
5.2
Ship
construction,
repairs
1.40
41
»
■
£
and
.
0.80 ,V
21%
Accident
3.7
1.35
33
1.75
54
3.2
17
10.79
19%
4.0
2.20
48%
4.5
{and
v.
Protective
and
rug
Co
Real
27
5.00
115
0.25
1.2
138
22
sickness
8
in-
insurance
group
Corp.—
siding
brick
and
1.00
; 17%
~
,
Conveying equipment
516
Maxson Electronics
Electronic
.16
0.60
13
3.1
;
Insulating
"
Mathews Conveyor Co
v
4.3
estate
Mastic
equipment
electrical
1.70
29
insurance,
Imprinted
90
*
17
Inc
As¬
Massachusetts Real Estate Co./
Pacific Coast
plastics
;
and
through subsidiary
Paul Revere Life Ins.)
life
(The
4.1
i
*
of
surance,
*
(Ky.)_.,, 19
Co.
—
conversion,
manufacturer
sociation, Inc.
26
^
real estate
for stock
lines
industrial products
3.4
Milling
.
-
wholesales
Maryland Shipbuilding &
Drydock Co
Massachusetts
Typograph
&
'
Multiple-line insurance
Cement
22
on
kindred
and
Maryland National Bank
by-products
Trust
and
hardware
4.1
a66
Rice
on
equip-
mining
Maryland Casualty Co
Portland
2.9
1.4
250
Manufacturers & Traders
candy field
of
3.55
Manufacturers National Bank
0.5
Trust Co.
Co
68%
e2.00
insurance
2.8
„
t Adjusted
3.0
rolling stock
~
15
1.00
20
13
0.20
5.0
14%
/
>
—
L-.-.
1.4
equipment
4.6
products
*
Details
not
t Adjusted
not
-
and electric
gas
Manufactures
State
Automotive
air moving equip.
utility,
'
50
fl.39
pipe
Luminator-Harrison,
2.5
Stores
53
Railroad
*
1.60
16
of
Brewing Co
Typesetting
4
0.10
." 27
34
Pipe
paper,
Ludlow
k;
17%
cables
rope,
Public
0.3
43
Building Co.
sewer
cushions
•
Co.—^
Life
Ludlow Corporation
Textiles,
sub-
Market Basket
Retail food chain
'
and four
Manufacturers Life Insur. Co. *53
Lucky Stores, Inc
7.0
0.40
and
Louisville
:■>
Lau Blower Co.
Manufacture
Heavy
26
Title Insurance
1.40
::
.
Salle Natl. Bk.
rDetails
.
,
26
Louisville Title Co
;
Langendorf United Bakeries.
West Coast
49
30
—
Rice
,
0.40
60
1.2
3.7
135
13%
^
Co
Investments
La
1.60
0.50
*42
18
(Chicago)—
store
•
*
products
—
Magor Car Corp
Telephone Co
Co.
33
4.0
Manufacturers Hanover Trust
in the
Louisiana
Corp.
Mading Drug
3.8
>
Operating public utility
Operating railroad
0.60
"
held.
steel
25
Manufacturer
Railroad Co
Lake
1.15
27
Longhorn Portland Cement-_
'
fl.00
14
28
New
Madison Gas & Electric Co.—
2.55 /:•/ 67
Lager beer
Ishpeming
25
for
1961
Houston drug chain
Trust
City
Candy Co.
Lone Star
Superior Dist. Pwr. Co.
&
2.3
&
(Birm., Ala.)
Square
Joint
Loft
clothing
share
Wire,
21
Bank
Oklahoma
Water and
3.3
30
1.00
21
Co
Superior
52%
Grocery chain
Lock
1.13
System. Stock2% shares for
received
Macwhyte Co.
Loblaw Inc.
manufacturer
Public utility
1,20
.
Operating public utility
metal
-
Manufacturer
holders
Macco
0.5
39
Trust
Telegraph Co.
6.0
alu¬
packaging
Inc.
Lake
20
27
&
Springfield, HI. real estate
fabricate
furnaces,
f0.18
Lincoln Telephone &
Kuppenheimer (B.) & Co.,
Basic
-
•
(Rochester)
construction
and
products
11%
0.30
21
Earth
Manufacturer
3.9
;
19
Lyon Metal Products, Inc
insurance
Lincoln
Koehring Co.
Kuhlman
30%
1.20
products
dairy
y 3.4
Lincoln Rochester Trust Co.
22
for
supplier
gas
Fabricated
(Fort Wayne)
Creamery Co. of
California
Lake
>
52
Insurance
Life
re¬
common
share held.
each
1.75
17
Trust Co. of Central N. Y._ a27
Telephone Co
share
Exchanged Oct.
England 'Electric
Lincoln Natl. Life Ins. Co.
Communication
Knudsen
6.0
Lincoln National Bank &
>
Kittanning
5
Life, accident and health
refrigeration
and
1.6
371/2
0.30
10
Life & Casualty Ins. of Tenn.
Manufacture Venetian blinds, drap¬
hardware
0.60
>
Insurance Co.
3.4
0.8
,
18%
1.00
15
Company
a
;
by Wood¬
Stockholders
Co.
0.925
Natural
Liberty National Life
Company,
ery
each
credit
Natl.
of
Iron
ceived
N.Y.C. real estate
Liberty
5.9
27
Kings County Trust
Kirsch
3.0
Lynn Electric Co.
Manufactures cement
Book
20
ward
Co. of Louisville—
Cement
Portland
0.60
instruments
Consumer
1961
1961
Lynchburg Foundry Co.
Lynchburg Gas Co
Liberty Natl. Bank
fibrous plastic articles
Co.
4.6
Acquired in Oct. 1961
(Greenville, S. C.) Voting-
and
tion
Paymts. to
Dec. 31, Dec. 31,
I
20%
wear,
Liberty Loan Corp
Keystone
1961
'•
6.8
cable
molded pulp
12 (Vlos. to
Dec. 31,
Divs. Paid
Non-participating
Keyes Fibre Co
Manufacturer of
Years Cash
1961
0.95
27
Based on
Quota-
Dec. 31,
aircraft
Electronic
% Yield
Extras for
secutive
Paymts. to,
clothing
Co
Ley (Fred T.) & Co
and
wire
insulated
.
.
1961
39
western
sportswear,
Liberty Bank and Trust
Buffalo (N. Y.)
Liberty Life Insur. Co.
.
(The) Company
Manufacture
1.66
,
t
Dec. 31,
31,
1961
29
...
Leeds & Northrup Co
j
,
Kentucky Utilities Co
Kerite
52 %
48%/
2.50
•.
No. Con-
Starting-light equipment for autos
Dec. 31,
:'
of
Co. Inc
Leece-Neville
Paymts. to
1961
5
Kent-Moore
Mfr.
uniforms
on
Dec. 31,
31,
1961
Divs. Paid
Based
Dec.
k.
Approx.
Cash Divs..,
Including
v
-
•
*
Lee (H. D.)
Extras for
tion
Divs. Paid
Continued from page 39
Cash Divs.
Quota-
12 Mos. to
Years Cash
Shopping Center for Securities
No. Con-
Extras for
secutive
■
% Yield
Based on
dividends, splits, etc.
a
Including predecessors.
e
as to possible longer record,
dividends, splits, etc.
complete
for
stock
Including predecessors,
Indicated dividend
rate.
Interested...
...
For
in
any
latest
stock
on
these pages?
prices, quotes, or injormation,
simply contact—
Marketing Department
The Plastic Wire & Cable Corporation
Jewett City, Connecticut
MERRILL LYNCH,
PIERCE, FENNER & SMITH
Manufacturers of
MEMBERS
Electrical Wires, Cables & Cord Sets
Fiscal
Net
'
.
Ended
70 PINE
INC
OTHER PRINCIPAL STOCK AND COMMODITY EXCHANGES
STREET, NEW YORK 5, NEW YORK
Income
Net
Net
Sales
Income
$12,002,898
$379,931
13,142,463
429,018
1959
12,311,796
499,619
1958
10,093,714
332,629
1.62
1957
12,302,916
780,692
3.82
1956—
11,427,775
700,471
3.80
1955
8,512,565
331,021
1.84
1954
6,202,502
251,944
1.57
Sept. 30
'
F
Feat"
NEW YORK STOCK EXCHANGE AND
1961.
1960
NOTE:
....
The
net
income
per
share
is
calculated
on
the
o«^>Tes ouJ8t®n{fing at the close of the fiscal
10%
stock dividend
income
in
1954
and
10%
for prior years is restated on
depreciation policy effected in 1961.
stock
a
basis
year,
Share
•
of
$1.40
1.62
1.93
;
the
number
of
adjusted to reflect the
dividend
basis
Per
in
consistent
The
1960.
with
a
net
*Peterson Electronic Die Co., Inc.
Mersick Industries, Inc.
*
>::
Report Upon Request
BOUGHT
SOLD
-
-
QUOTED
G. K. SHIELDS & CO.
Members National
Security Traders Association
revised
15 WILLIAM STREET
Telephone: DIgby 4-9755
NEW YORK 5,
N. Y*
Teletype: NY 1-1632
Volume-195
Number 6150
,
Financial Chronicle
The Commercial and
.,
(1757)
Cash Divs.
OTC Market-World's Largest
Extras for
Quota-
12 Mos. to
Dec. 31.
Based
1961
on
4.oo;
98
1.50
78
1.9
10y4
3.1
33%
-}0.99
:■.•••
.
38
Corp
22
6.00
f4.00
»
'
6.1
33
Trust
Co.
2.8
Trust
Co.
217
1.8
34
5.9
and radio
broadcasting
of
director
dars
26
.
2.25
3.7
61
and
and
t Adjusted
for stock
-
-
-
481/2
3.5
58y2
1.3
4.5
35
2.7
2.60
58
-
4.5
1.00
25y4
4.0
25
1.00
16
6.3
Miller & Rhoads, Inc.———
2.9
Millers Falls Co
3.9
f0.82
reclaimed
of
Miller Mfg.
for
Richmond
22
1.60
1.40
351/2
Tools
.
141/2
/ 0.63
4.3
1
Co
auto
0.30
—20
and
(Va.)
engine
6%
4.4
repair
1.20
28y2
4.2
*25
|0.56
-16%
3.3
a43
1.60
38%
4.1
15
department
1.40
321/2
4.3
0.50
10y4
4.9
43
;
<
store
■
Minneapolis Gas
gas
Co
distributor
v
Mississippi Glass Co
Rolled
.
rubber
;
Natural
glass, wire glass, etc.
funeral
of
Storage
Mississippi Valley Barge Line
calen¬
%
Commercial
Ware¬
29
3.50
43
^
20
Co.
house Co.
dividends, splits, etc.
Including predecessors.
1.7
televi¬
service, religious
greeting cards
Metropolitan
22
49
1.70
55
26
sales
1.00
26
——-
Midwest Rubber Reclaiming.
34
and
2.4
23
97
:
<
1.9
42
Telephone Co.
Operating public Utility
&
Messenger Corp.
'.
(Mass.)
Tools
Syracuse
Publishing
sion
•
Bank
of
States
Middlesex Water Co
&
Bank
103
1.00
Middlesex County Natl. Bank
Mfrs.
(Indianapolis)— *37
National
fl.94
Illinois
1.65
61
Bank
(Lansing).
Telephone service
3.7
of
Bank
National
"
in
———
y
215
2.00
transient
Chicago
a
Middle
433/4
National
17
21
23
1.6
15V2
Steel tubing
of
24
0.25
utility
Michigan Seamless Tube Co.
Bank
Bank
Dec. 31#
1961
30.
1.60
Manufacture
National
3.1
58
1.80
PAGE
50
National
Electric and gas
Mich. Natl. Bank
5.5
hotel
Mercantile
National
Meredith Publishing Co
30
and
•
ON
on
Paymts. tr
21
————
Michigan Gas & Electric Co.
33
Mobile
manufacturer
residential
3.7
Corp.
Merchants
Melrose Hotel Co
Dallas
150
2.5
Merchants
v 2.00
Mellon Natl. Bank & Trust--a67
•
5.60
40
Merchants
2.9
v
Operating public utility
1961
tion
Dec. 31,
1961
Dec&lcomanlas
1.00
1.80
industrial
equipment
Meadville Telephone Co.—_
Lumber
94
Chicago
11
Medford
2.4
—
Merchants
McNeil Machine & Engineer¬
curing ; presses,
machinery, lubrication
53
62
31,
Based
Quota¬
$
28
25
Textbooks and duplications printer
ing Co.
Dec.
Divs. Paid
-
32
12 Mos. to
Years Cash
1961
1.28
ADVERTISEMENT 'APPEARS
Chicago
Merchants -Acceptance
.
21
Tire
1961
TRUST
of
of
——;
secutive
% Yield
Extras for
„■
Dec. 31,
Small loans and general financing
Merchants Fire Assur. Corp.-
distributors
etc.
Paymts. to
27
Deposit and
(Baltimore)-
Merchandise
McCormick-Armstrong Co.
Inc.
Co.
BANK'S
~
McCormicfc & Co. Inc
No. Con-
Meyercord Co
(ST. LOUIS)
4.1
38
31,
at
-
MERCANTILE
2.5
Meat and meat processing
spices, .extracts, 'tea,
1961
Dec.
Appro*.
Including
on
Mercantile-Safe
Trust
27
Bank
Dallas
1961
40
1.00
26
National
Mercantile
$
,v
,1
Cash Divsj
% Yield
Basea
$
Paymts. to
Dec. 31,
Dec. 31,
Divs. Paid
<fe
■
,
tion
Years Cash
Manufacturers
Dec. 31,
'
•
% Yield
secutive
Western softwood lumber
tion
Approx.
No. Con¬
McCloud River Lumber Co.
12 Mos. to
Divs. Paid
„
'•
Shopping Center for Securities
Mayer (Oscar) & Co., Inc.___
Quota-
Years Cash
.
'
.Including
Including
Extras for
secutive
!
_
Cash Divs.
Appro*.
No. Con-
.
V
41
carrier;
freight
on
rivers
12.1
Continued
General warehouse
on
page
42
Tennessee Gas
Transmission
Debs. Offered
Adams & Peck
Stone & Webster Securities
Members New York Stock Exchange
and American Stock
Corp.,
reasons
Co. and Halsey,
Stuart & Co. Inc., head an under¬
writing group which is offering
White,
Exchange
Weld
&
with
$75,000,000 Tennessee Gas Trans¬
mission Co. 5% debentures due
Brokers and Dealers in
:
INDUSTRIAL & RAILROAD SECURITIES
Kidder9Peabody
April 1,1982 at 101 to yield 4.92%.
f.The debentures will be non¬
refundable at a lower rate of in¬
terest for
period of five years.
redeemable at
the
company's option at prices
ranging from 106% to 100% and
for
the
sinking fund at prices
ranging from 101% to 100%.
a
Otherwise they are
120 BROADWAY
NEW YORK 5, N. Y.
•
Telephone REctor 2-4949
-
'
Teletype NY 1-724
'
;
two of its
extensive
•.
subsidiaries operate an
to
Philadelphia
gas
transmission
Midwestern
states.
this
issue
Department
will be
with
nection
both
Telephone
the
expansion
main
The
Tennessee
Gas
pipe
begins in the natural
producing areas of Texas and
line system
reports:
gas
Louisiana
across
OF VIGOROUS
GROWTH
1961
Earnings
per
300
4,796,529
232
3,349,067
442,138
658
$2.06
$.90
$84,478,535
$15,580,750
1,478
V 641
A
West Coast
.
.
subsidiary,
Transmission
10,953
....
.
.
195,189
81,876
.
138
Annual Report
of Washington, Oregon and California. Our 1961
describes the growth and developments in the Pacific
Northwest which have contributed to the
recent years.
Copies
are
available
Company's
success
in
West Coast
Telephone Company
•
SAN
FRANCISCO 4,
CALIFORNIA
without
handling
large
existing
disturbing
street markets
offices
Overseas
Buenos
in
Paris,
London,
two
North
Central
subsidiary,
Ten¬
pile line system in Ten-/
Consolidated
in
the
year
operating revenues
ended Dec. 31,
$619,302,000. -Gross
1961,
income
$101,748,000 and net income
$64,000,000.
revenues
MONTGOMERY STREET
in
experience
Long
Aires
and
Hong Kong
No
matter
experience
what
can
your
help.
trading
Call
or
problem
may
write David
D.
be,
our
Lynch,
Manager, Dealer Relations Department.
nessee.
was
300
operates
Natural Gas Co., operates a
791-mile
were
on request.
less cost
blocks
daily delivery ca¬
of the
Another
states.
nessee
areas
al coverage—at
coast
to
institution¬
549,000 Mcf, extending
into certain
Telephone Company, the 11th largest of the nation's
coast
for broad dealer and
Midwestern * Gas
Co.,
miles with total
3,000 Independent telephone companies, provides telephone service
in certain
or
system to 31 offices and
pipe line systems—a total of 902
pacity of
...
into
extends
and
A wire
correspondents
day.
Company-owned
Telephones
preferred stocks
Arkansas, Mississippi, Ala¬
442
Average Common Share
Number of Stockholders
stocks,,
common
bonds,
and convertible securities
bama, Tennessee, Kentucky, West
Virginia, Ohio, Pennsylvania, New
York, New Jersey, Massachusetts,
Connecticut,
Rhode Island and
New Hampshire. On Dec. 31,1961,;
it included 11,273 miles of pipe
lines and had design delivery ca¬
pacity of 2,617,000 Mcf of gas per
129
.
Total Plant Investment
Number of
x INCREASE
$ 5,886,292
15,932,867
Operating Expenses
1951
$23,528,269
Operating Revenues
.
of
range
of
pipeline and other operations
repayment of $10,000,-
000 notes.
Net Income
primary trading markets in
wide
corporate
added to
and for the
Company
YEARS
Active
a
general funds, to be spent in con¬
West Coast
TEN
expe¬
Another sub¬
sidiary, Tenneco Corp., is engaged
directly and through subsidiaries
in
the production, refining and
marketing of petroleum and petro¬
leum products and in certain other
non-utility
businesses. Proceeds
from
in the underwriting field
Trading
sys¬
the delivery of natural
certain Northeastern and
in
gas
large,
rienced
for
tem
Private Wire
A
Tennessee Gas Transmission and
/
-
A major name
income
In
were
1960,
operating
$554,707,000, gross
$95,977,000 and net income
$61,570,000.
Kidder, Peabody & Co.
Founded 1865* Members New York,
American, Boston,
Philadelphia-Baltimore, Midwest and Pacific Coast
Stock Exchanges * 20 Exchange PI., NewYork 5 • Boston
Philadelphia
Chicago
Los Angeles San Francisco
42
The Commercial and Financial Chroniele
(1758)
Cash Divs.
OTC Market—World's Largest
secutive
Nalco
Approx.
secutive
12 Mos. to
Years Cash
Divs. Paid
Dec.
Based
Quota-
and
Dec.
National
31,
New
1961
1961
and
Co
American
Bank
Bank
Holding
22
22
Pipe Line—
,
20
20
National
3.6
fO.98
17
17
1.10
In Memphis
National Bank
3.6
3oy2
17
17
0.40
20
Missouri Utilities Co.
27%
National
t0.91
Electricity and natural gas
in
Mobile Gas Service Corp
Operating public utility
Mohawk Petroleum Corp..
Oil
/ of
1.4
29
Rubber
Co
Rubber
tubes,
back and repair materials
mfg.;
29
Life
10
4.4
10%
0.45
1.00
17
ton
5.9
34
fl.00
102
1.0
25
0.80
18
4.4
22
Light
(Bait.)
Forging Co
machining
&
15
15
mills,
15
15
Co
2.00
Natural
5.2
39
grade
Life,
23
ADVERTISEMENT APPEARS
heavy
46^2
2.1
2.00
75
2.7
29
2.00
70
2.9
26
fl.35
681/4
2.0
22
4.1
37
1.50
,1.40
59
2.00
155
Gas
&
and
gas
37
-
Lock
Co.
Co.
Oats
Cereals,
animal
3.1
130
4.00
National
financing and insurance
Cottonseed
of "Texas
17
__
1.20
18
11
0.84
50
103
2.00
46
27
1.00
22 %
producer
utility
||
tools
England Gas & Electric
15
held.
All
22
insurance
lines
Operating
public
72
93
utility
t2.20
112
except
2.00
421/a
83
3.40
711/2
life
New Haven Gas Co
Oil
Corp
12
ance
4.4
243/4
1.10
in
Conn.
&
5!)
(Nashville)
0.60
TRUST
utility
21
New
11
0.10
CO.
N. J.)
Conn;
in
(CLIFTON
ADVERTISEMENT
gas
0.70
36
Co
3.0
21
3.3
-
.Fire,
multiple peril
allied lines
marine,
and
surance,
12
0.93
401/2
29
1.65
49
in¬
Continued
feeds
Insur¬
Life
•
Details
a
0.60
19
(Sioux Falls)....
42
46.
PAGE
distributor
New York Fire Insurance Co.
443/4
fl.36
157
(Newark)
ON
APPEARS
Jersey Natural Gas Co.
Natural
1.60
a93
_——
BANK'S
Co
Reserve
Co.
Co.—
Water
public
NEW JERSEY BANK
223
315
-
i
t
h
'
»
on
page
Including predecessors.1
not
complete as to possible longer
f Adjusted for stock dividends, splits, etc.
Participating and nonparticipating
oil
Haven
Operating
Pennsylvania
accident and health
National
Corp
51
17
New Hampshire Insurance Co.
oil
Co.
Banking
Sulphate pulp and paper
Finance
27
Co
New England Lime Co.
Acquired Oct. 1961
by Charles
Pfizer
&
Co., Inc. Stockholders
receive
1V2 shares for each one
insur.
91
2.20
18
/»
Owning investments in several
operating utility companies
Mortise locks
-
-
Association
Co. of Hartf'd
231/4
insurance
Cement
Machine
National Newark & Essex
Mosinee Paper Mills Co
Insur.
Britain Gas Light Co.
New
insurance
crude
National
ON PAGE 45.
con¬
struction
Murray
3.4
(Albany, N. Y.) 107
Co.
surance
CO., INC.
Auto
59
56
(Det.)_
casualty
Corp.—
Fire
Public utility, gas distribution
New Britain Machine——
National Life & Accident In-
MORRISON-KNUDSEN
Motor
Electric
New
Washing¬
City Bank of Cleveland
National
2.9
136y2
company
contractors,
22
1.20
;
field
stores
37
General
2.5
New
Morris Plan Co. of California
COMPANY'S
3.1
76%
etc.
cranes,
loan
303/4
f0.95
fl.94
29
18
health,
112
5.6
facilities
storage
Pennsylvania
Holding company; chain food
3.1
141/2
0.45
4.00
Industrial
60
....
Detroit...
of
1*2.55
15
oil
sells
and
Union
Diversified
3.4
2.00
f0.99
Bank
Diversified
6.1
97/8
0.60
a70
Guaranty Trust Co..a70
Morgan
79
2.65
69
(Pittsburgh)
2.4
451/2
2.60
Terminals
Midwest
National
1.10
(Boston) 125
(Newark) 150
Nevada Power Co
National Food Products Corp.
Engineering
Produces
2.9
Commerce
of
1961
,
Co
Nazareth
(Tacoma)
Trust
wholesaler
Hardware
69
73
Natl. Fire Ins.
Moore-Handley Inc.
Morgan
of
Paymts. to
Dec. 31,'•
1961
equipment
National Commercial Bank &
forgings
drop
2.00
28
—
..................
Accident,
Natl.
Bk.
2.0
Commerce
National Casualty Co.
insurance
Drop
-
tion
2.50
Mfg. Co.—
Tank
National
National Bank of Tulsa
feeds
Monumental Life Ins.
Moore
75
Commerce
of
Bank
National
Co
Flour Mills
and
f 1.48
23
Norfolk
(Ohio)
2.8
36
1.00
Thoroughbred horse racing
Flour
Bank
National
Sheetings and print cloths
Monmouth Park Jockey Club,
Common and VTC
Montana
of
% Yield
Based on
Dec. 31,
31,
1961
72
nuts
Bk.
State
Manufactures
—J—'
Orleans
and
National
3.6
National Bank of Toledo
Mills
Monarch
44
•
New
bolts
Shawmut
National
1.60
Commerce
of Sari Antonio.
2.2
41 y2
camel-
tires,
Natl.
Commerce
of
National /Bank
production
Mohawk
Bank
National Screw &
1.5
.
40
3.4
109
3.70
company
Dec.-
V.
-
iQuota-
$
65
of
of Houston
Missouri-Kansas
'
'
12 Mos. to
Divs. Paid
Screws,
■'
36
of
secutive
Years Cash
1961
$
1.00
'
..
Approx.)
-<•
Extras for
Paymts. to
Dec. 31,
31,
1961
"./
/Including
...
.
,
No. Con-
on
treatments
chemicals
Orleans
National
Based
tion
Dec.
31,
1961
34
__
petroleum
industrial
on
Pavmts. to
tion
Dec. 31,
31,
1961
Chemical
Water
% Yield
Including
Extras for
Dec.
*
Continued from page 41
Cadi Divs.
12 Mos. to
Divs. Paid
Quota-
Cash Divs.
,
% Yield
Extras for
Years Cash
Shopping Center for Securities
No. Con-
Approx.
Including
No. Con¬
Thursday, April 12, 1962
.
.
rff',
i o J
|
.1. ?
,
i
i
.;
/
record,
-
Established 1928
We
have
for
33
offered
years
special
a
service to
Retail
Organizations, Investment Trusts, and Institutions, furnishing
them with information
reports
supplemented by pertinent analytical
descriptive of—
•
Interesting growth securities
•
Utility and Industrial securities
•
Oil and Gas stocks
Your inquiries in these divisions J>f the Investment
Securities Business
are
respectfully solicited.
p. f. fox &
CO., inc.
120 BROADWAY, NEW YORK 5, N. Y.
Telephone
REctor
Teletypes
2-7760
NY
1-944
&
NY
1-945
Goast-to-Coast
•
Underwriters of
Bonds
Correspondent Netivork
Corporate Securities • Underwriters of State, Municipal and Revenue
Complete Brokerage Service in Stocks and Bonds • Comprehensive Research
•
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Primary Markets in
300 Unlisted Securities
over
Japanese Securities
'
"
_
YAMAICHI SECURITIES COMPANY
of NEW YORK, INC.
•-
\
-
*
-
•
New
York
,Members
,
Stock- Exchange
- • •
.
.
.
Telephone
WHitehall
*
_
Exdhahgd
Stock
American
•
Midwest stock Exchange
I
.
.
,
'
*.
.
"
.
\
.
3-7600
•
Serving Institutional Investors
Corporate Teletype:
and Brokers
NY
Cable
,
We have direct wires
Affiliate of
Albuquerque
Charlottesville
YAMAICHI SECURITIES CO., LTD.
El Paso
TOKYO, JAPAN
'"V
V»;\.
111
v
■
-*•./'
-
■
•
;/
BROADWAY, NEW YORK
Cable
Address MONTONESCO
'•
'-y/..
it
Tel. CO 7-S900
-
NEW
YORK
Los Angeles
Pittsburgh
San Antonio
;
Asheville
Chicago
San
Tulsa
Diego1
Utica
NY
1-1691
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San Francisco
Victoria, Tex.
Dallas
Santa Ana
Reno
Rapids
r
•
^ ■
Burlington
.
Detroit
Harrisburg
■
Kilmarnock, Va.
Kansas City
:
Philadelphia
Pikesville, Md.
Rome^ N. Y.--St. LouisSalt-Lake City
Sante Fe
Washington
■<
Boston
Des Moines
Denver
Grand
New Orleans
Redlands, Cal.
v,-,
Birmingham
Fullerton
Indianapolis
Potsdam
Teletype:
Gregsons
Correspondents in the following cities:
Cleveland
^Minneapolis
Portland, Ore.
Address:
Fayetteville, Ark.
Houston
Malone
to
Municipal
•
Baltimore
Cincinnati
Farmington, N. M.
Herkimer, N. Y.
.
6
Anaheim
1-865
'
Sarasota.
Westwood
.
Seattle
Whittier
Toronto
44
Volume 195
Number 6150
AS WE SEE IT
demand. Some carriers
i
•
.
.
Commercial and Financial Chronicle
The
.
[sage of
Standing
e0«p«ge i
(1759)
an
of
43
adequate under- presently demand construe-With Auchincloss ; Parker
some
of these tive attention Some of the
Fa.'-Auchin-
Philadelphia,
his
strong words on the sub- problems, and certainly no creeping socialism of recent ci0Ss, Parker & Redpath, 2 Penn
quired to charge rates which ject does not appear to under- clear indication of broad pol- years is showing its seamy Center Plaza, have announced that
are
...
;high in relation to cost stand some of the subtler and icy needed to deal with them. side.
in order to shelter
are re¬
phases of the It would be doubly encourag- ; :
•
as a registered
Patently, the factors ing to find the chief executive Norvell, Goudeau Formed
;
and familiar with some of .these
prevented from'< making full, the President cites
OKLAHOMA CITY, Okla.—NorMcDonnell Adds Two
use
of their capacity by re¬ others, he overlooks
only problems, since in one .form •. .ygjj-. Goudeau & Co. has been
(special to the financial chronicle)
strictions .on freedom to so¬ succeeded
through the years or another they are now en- for^ed with o££ices in the Mer. BOSTON, Mass.-Williamson h.
licit business or adjust fates. in
creating a complex web of countered in other areas cantiJe Building to engage in a Smith ..and Francis R. Spellman
Restraints;, o n cost-reducing* economic
anomalies
within where public regulation piled securities business. Officers
are
have been added to the staff of
rivalry in rate making often, the transportation industry it- on public ^regulation is caus- Joe D
Norvel^ President and McDonnell & Co., Incorporated, 80
cause competition to take
thef self. They have also led to the ing the development of very Treasurer, and Guy J. Goudeau, Federal Street. Both were forform
of A cost-increasing
ri¬ developments outside that in- serjous problems which will Vice-President and Secretary.
merly with Lee Higginson Corp.
which
are
[now devalry — such as excessive
promotion and traffic solicita-- pendent upon these anomalies
carriers.
Some
competing
carriers
representative
difficult
more
matter.
are
,
—
—
.
—
■
tion
or
excessive
service.
Some
frequency of
carriers
largely so—and consti¬
—or
,
are' tute
factor
a
which
must
be
subject to rate regulation on; taken constantly into consid¬
the transportation of particu¬ eration in
seeking solutions
lar
commodities
while
other
for the illnesses of the trans¬
carriers,
competing for the; portation industry itself.
We have a good deal to
traffic, are exempt.
same
Some
carriers
benefit [from
these
say
of us do,
public facilities provided for. about the ;^popubJioii explo¬
their use,
while others do not;
days,
or many
sion" and the trek of the pop¬
ulation to areas outside cen¬
and those
enjoying the use of
public facilities, some bear a
large part of the cost, while,
t
■
jpfft
tral cities. Whatever
might in
any event have happened to
others bear little or none. A A
population growth in recent
"No simple Federal solu¬
years, there can be no doubt
tion can end the problems of at all that
housing subsidies
any
particular, company or: in' one form or another and
1YYY >YY
YYII
.
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YY''
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Y*
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P":
,;C\
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jmimimnj
•
•>'•.'
'
-
'
A
:
/'
,
m
flL.
»'■' >••[.-
Y
v.
mode
oftransportation. On railroad [transportation of -A
the contrary, I am convinced commuters iat less [ than cost [\
that less ; Federal
regulation; have had no small part in the
and subsidization is in the relocation of the
population.
long run a prime pre-requisite Here is but one example of a
of a
healthy inter-city, trans-, situation in which mistaken
portation network. The con¬ public policies have created
■'■•■.••;•;••
SPV::W:
•
structive
efforts of state and
additional
and
even
ELECTRICITY
I
and the Connecticut Way of Life
more
local governments as well as
the A transportation-
complex problems for indus-;.;
industry "try and we as a people to cope
will also be needed to revital¬
with.
ize
tions
our
r
transportation
serv¬
ices
':
nite
Do.
relocated
depend
upon an
continuation
of
popula¬
indefi-
the
un-
:
ij
1"T h i s Administration's fortunate public policies
study of long-range transpor¬ [which helped create.them? A. rtation needs and policies con¬
The large centers of popu- ::
vinces me that current Fed¬ lation
are, transportationwise,
eral policies must be
reshaped not so important as they once A
in the most fundamental and
'were, but several of our large ;
far-reaching fashion."
vYY/ railroads- which are in real
[•The nation is indebted to trouble find it difficult if not
the
President
Electric services
...
which is and has been fester¬
real
estate
taxes
in
An
.
quite frankly there
basic
are
difficulties to be faced which
are
not
of
political
They inhere in the
origin.
very
ture of the processes
na¬
and the
problems to be solved.
which
to
us,
the
is,
or
so
President
it
what
has
part
now
subsidized
—-
of
heavily
for what has
been done is not
very
to
seems
-
despite
con-
been rather
Some Subtler Phases
The fact
a
until
be
likely
easily undone.
Its
Seamy Side
We find all
too
and people,
money
and
and suburban
areas
Y'■■
...
of Connecticut.
.
"■
V
*»
have formed
a
number
engaged in mechanical, electronic,
centers
electrical,
and
optical in¬
educational
:.j
institutions,
pharmaceutical,
private and public, attract scholars.
[
Cultural
opportunities abound and recreational facilities
include shore and lake resorts,
It -is
not
grown
and
faster
past decade.'
Annual
areas.
surprising that Connecticut's population has
three times
42%
hunting and fishing
as
fast
than
as
the
the rest of New England
United
States
during the
?
Report 1961 sent on request
THE HARTFORD ELECTRIC LIGHT COMPANY
system A
somehow do
siderable
/
:.
can
power
'
chemical,
*
•
self-sufficient
growing Connecticut
vestigations. Several of the nation's finest
!
A ;; again thanks in part to a pub-Y
beginning of wisdom in this lie policy of road building and
case would
seem, therefore, to tax apportionment. The rather ■
be a thorough
rousing of pub¬ general dispersion of industry A
lic sentiment,
particularly is certainly not wholly, or
that part of the public which
quite possibly not even chief- r
thinks of itself as "liberal," to ly, a result of such factors as [
the really serious situation in
these, but no one would doubt
which we have got ourselves. that
they have had their in¬
But, of course, such a consum¬
fluence.
Our
transportation Y
mation would,of: necessity: be
problem is now in part at
but [a first step in the:
long
and really difficult task that ; least
that of .contriving
a ;.v
sound,
urban
'"■*
of research
have acted in recent
years.
And let it be noted
.
Skilled scientists and engineers
t
own
party has, by and yet more and more the reve- 1
large, been the instrument [; nue of the carriers is derived ;
through which these forces from sources elsewhere— Y
us.
.
.
.-
dent's
faces
a
expanding networks of interstate highways links the
various
-
-
with
pace
markets, transport and training facilities.
these [ '
ing in our economic commu¬ centers. The railroads in the
nity for a long while past. It past have been excellent
is incidentally in
large part a sources of revenue to state
product of the interplay of and local governments which
political forces, and the Presi¬ are loath to give up any of it,
keep
which takes full advantage of its native
industrial ingredients
for
calling impossible to obtain much resharp attention to a^situation vlief from the killing burden of
state
a
little
dence in the President's
evimes-
176
.
Cumberland
Avenue, Wethersfield,
Connecticut
44
(1760)
The Commercial and Financial
Chronicle
Company, Ltd., and
Inst. Shares Names
Kenneth J.
and
son
Thornhill
to
to
he
Portfolio
was
The
Ltd., and Institu¬
tional Income Fund, Inc., 85 Broad
Street, New York City, has been
announced by Samuel R. Camp¬
Shares,
Manager
of
Inc.
Company,
Director
of
of
en¬
Frank
are
L.
Lynn,
is Vice-President
director
of
tary and
S.
Island
Long
common
a
sole
company.
Treasurer; and Selwyn
stockholder
1961
its
upon
in financing commercial
accounts receivable and retail in¬
engaged
stallment
payment
contracts, in
installment
con¬
rediscounting
tracts of other finance
in
and
(Established 1927)
companies,
miscellaneous
related
fi¬
nancing activities, including mak¬
ing chattel mortgage, equipment
and
Insert
Publishes
■).
New
inventory loans.
Rhode
;;
Norfolk
files,
Life,
accident
&
:'v
YORK
—
PENNSYLVANIA
DISTRICT
OP
KENTUCKY
NEW
JERSEY
OHIO
—
CONNECTICUT
—
NASSAU,
MASSACHUSETTS
—
DELAWARE
—
VIRGINIA
—
FLORIDA
—
—
INDIANA
—
COLUMBIA
BAHAMAS
—
—
NORTH
VIRGINIA
g
CAROLINA
^
BArclay 7-2700
Manufacturing
22
SUPERVISION
THE
OP
THE
STATE
INSURANCE
OF
NEW
DEPARTMENT
OP
North
Penn
Diversified
YORK
2.1
0.85
15V4
5.6
0.65
14y2
4.5
124
1.70
53
3.2
1.35
53
2.5
0.50
25
2.0
2.50
50
5.0
hard¬
Gas
'
Co.
of
(111.)
natural
being sold
and
of the proceeds will
none
Headquartered
the
Theodore Arrin
Co.,
&
Lodi,
N. J.,
in the
engaged
and
sale
of
'
16
'
*
Pennsylvania
a99
,
Engineering Works *22
0.60
9y2
6.3
50V2
hoists
3.0
.
(N. Y.)__
Co.
50
2.20
260
Northern Ohio Telephone Co.
insurance
Life
Insurance
Life, accident and
*
0.8
health
35
fl.60
54
3.0
Northern Trust Co. (Chicago)
67
3.00
210
1.4
Northwest Engineering Co.,
Class A
26
1.25
30
4.2
32%
2.7
Operating public utility
Excavating machinery
;
Northwest Natural Gas Co.—
■ixNatural yga£
l(L»,t-,Q.90
distributor
^
■•■>
in
is
company
manufacture
inc.
ac¬
to the company.
crue
•
19
gas
1.50
for
are
'
52
stock of Fields Plas¬
All the shares
.
47%
Co
Northern Insurance
the account of certain stockholders
>■
1.00
y
share.
5.0
,
/
insurance
and
making the initial public sale of
^yyvyy7/yyyy///yy//yyyyyyyyy/yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy//////^
20
99
of
Natl. Bank & Trust Co
Chemicals, Inc., through the
offering of 217,500 shares at $13 a
*
.• re¬
12
variety
distributor
Northern
common
1.00
—26
Gas
Shore
Northern
tics &
4.2
•
'3.1;, 7.0.6
0.20
15
Refractories
Natural gas public
utility
North River Insurance Co
Cranes
the
UNDER
v
ware
Sutro Bros. & Co., New York City,
heads
an
underwriting
group
NATIONAL HEADQUARTERS
Broadway, New York 6, N. Y.
60
.
,
North & Judd Mfg. Co
Diversified
111
2.50
.
,
health
Charlotte, N. C.
Reinsurance
Common Offered
5.2
Pire
Northeastern
Chemicals, Inc.
MARYLAND
WEST
—
i
7'25
Northeastern Ins. of Hartford
NEW
25
brick &
refractory materials
North Carolina National Bank
North
Fields Plastics &
OFFICES
1.30
v
■
Life
American
Retail
21
:
3.7*
.
saws
insurance Co. of Chicago—
North
,33:
County Trust Co.
American
43
1.23
90
■
&
1.6
-
(Brookline, Mass.)
North
9y2
4.40-103
;
23
rasps
1961
' v:
:
Yorker"
utility
File Co
Manufactures
0.15
33
Island
Nicholson
Dec. 31,-
1961
;
Magazine
"The
on
Paymts. to
31,
f
10
screening
Yorker
tion
Dec.
31,
Based
'
Newport Electric Corp
which $1,249,644 was paid in cash
at the closing. Parker Finance is
GUARANTY AND MORTGAGE COMPANY
New
Quota-
1961
:v-WV
Wire Cloth Co.
Metal
.>
purchase by
Credit Industrial Corp. The pur¬
chase
price
was
$1,362,644,
of
INTER-COUNTY TITLE
N. Y.
the
of
Dec.
Divs. Paid
financing
St., Silver Spring, Md., originally
organized in 1956, was succeeded
by a similarly named company in
June
Hakim, Vice-President.
12 Mos. to
Continued from page 42
the reduction
Credit Industrial
41
% Yield
secutive
Years Cash
to
from
Approx.
Including
Extras for
•
Parker Finance of 8650 Cameron
Sr.,
Cash Divs.
Mo. Con•
135,000 shares, at
applied
Corp.,
stock
Finance Corp., through
loan
President; Arnold Kinsler, Secre¬
Mr. Thornhill
a
be
ficers
sale of
Net proceeds from the
will
gage in a securities business. Of¬
0TC Market—World's
Largest
Shopping Center for Securities
y
Offered
the offering of
$6 per share.
Opens
Thursday, April 12, 1962
.
Co., Inc., New
City, has announced the in¬
York
itial public
of Parker
of America.
Avenue, New York City, to
Bank
Growth
International
The
Com¬
.
E. Liederman &
formed with offices at 350 Seventh
Foreign Power
and, until 1956,
National
of
D.
Oxford Securities Corp. has been
Fund, Ltd.
and
Officer
Common
with
before
Insurance
Oxford Securities
York, is also Director of
Canadian
Life
and
formerly Chair¬
Grace
of
New
&
Investment
pany
of the Board and President
American
Foundation
Guardian
group of mutual funds.
Mr. Robertson,
Ford
that
bell, President of the Institutional
man
Parker Finance
joining Long Island Company,
the Board of Directors, of Institu¬
tional
director of
a
Lico Petroleum Corporation. Prior
The election of William S. Robert¬
.
Details not complete as to possible
t Adjusted for stock
dividends, splits,
a
Including predecessors.
1
.
'longer record;
etc.
'
^
.
w,.
various
types of vinyl plastic sheeting for
in a wide variety of end
prod¬
ucts.
The
company's
sales
are
use
Brokers
Underwriters
Dealers
made to such industries
as:
BROKERS
hand¬
bag, wallet and accessories; furni¬
ture and marine upholstery; auto
CORPORATE
seat
Recent
covers;
outerwear and ap¬
parel. The company does not itself
Underwritings:
System, Inc.
Pickwick
Now
Organization, Inc.
Garsite Products, Inc.
FERRODYNAMICS
KOELLER AIR
ANGELES, Calif. — Mori
Securities Co., Inc., a corporation,
continuing the investment busi¬
of
South
Literature Available
on
are
Mori
San
Securities
Pedro
Street.
Co.,
NEW
YORK 4, N. Y.
INDUSTRIES, INC.
MANUFACTURING
CO. ;
Officers
Harrison
Brody
is
Wloyd
150
H. Brody Opens
BROAD STREET
TORRINGTON
202
Mori, President and
Treasurer; Ted I. Ahahoshi, VicePresident; and J. T. Mori, Sec.
Request
7
PRODUCTS
Torao
BO 9-4870
50
AIR METAL
is
ness
SECURITIES
Corporation
LOS
De-Flectronics, Inc.
DISTRIBUTORS
Active Trading Markets in
manufacture end products.
Dale
UNDERWRITERS
Broadway
Tele:
conducting
a
Securities
WO
New York, N. Y.
4-1870
Trader: WO 4-1874
securities business from offices at
369 Lexington
Avenue, New York
City.
Joseph D. Ryan Joins
Babcock Electronics
Aetna Securities Corporation
COSTA MESA, Calif.—An invest¬
ment
been
banker, Joseph D. Ryan, has
*
appointed
executive
tant to Ferris M.
of the
I: t
TRADING MARKETS
assis¬
Smith, chairman .♦
board, Babcock Electronics
FOR
BANKS,
BROKERS
AND
DEALERS
Corp.
UNDERWRITERS
•
DISTRIBUTORS
PARTICIPATING DEALERS
Mr.
Ryan,
combines
nancial
whose
both
training,
Broadway
New York 6, N. Y.
220 71st Street
Miami
WOrth 4-6400
UNion 5-3751
fi¬
was
Stock
Exchange.
Walston Opens Branch
CORONA
Beach, Florida
and
formerly
manager of the San Diego office
of J.
Barth & Co., members of
the New York
111
background
scientific
ston
&
branch
del
Co.,
office
MAR, Calif.—Wal¬
Inc., has opened- a
at
2700
Highway under the
East
Coast
DEALER
UNDERWRITER
BROKER
management
of Glenn Mi Jones.
PRIVATE
WIRES
Miami Beach and Los
TO
Angeles
New Hart Wood Office
80-PINE
STREET*
HONOLULU, Hawaii—Hart Wood
& Company
Ltd., has opened a
branch
office
at
1410{ Kapiolani
Boulevard under the management
of George S.
Ching.
Dlgby 4-6890
:
>
,
NEW YORK 5,
N Y.
TELETYPE: NY 1-4244
Volume
195
Number
6150
.
The Commercial and Financial Chronicle
.
,
(1761)
Cash Divs.
OTC Market—World's Largest
1
Shopping Center for Securities
r~.
Extras for
secutive
;*
12 Mos. to
Dec.
Based
Quota-.
;
'
J,
Years Cash
■Divs. Paid
.V-.r."
*
•
«
■
■
*
</•
•
* ■:
Northwest Plastics, Inc
;-;Vv *■
31,
.y••
Dec.
on
'
■■■
31,
1961
«
6*4
4.8
of
/Old
2.4
124
3.00
89
_
National
Co.
„
Life
26
212
1.80
15
(Minn.)—
Public
Service
I.20
27
4.4
and
59w,'.
.2,5
IO1/2
4.8
31
of
fl.50
25
Portland
0.50
Skin
39
I1-15?
76
and
Cover
Girl
Noyes (Charles F.)
Real
Ohio
estate
6.00
65
Ohio
*' "1.5
■
:
217
0.6
9.2
27
27
22
0.50
;
851/2
22
,
2.1
and
2.7
electrical
19
2.00
483/2
24
0.20
33/8
38
1.40
263/a
4.1
,
Co.
6.4
;
Crankshaft
Co.———
Pacific
163/2 ;
'•••/
;
24
...
6.1
1.80
411/2
'
*'
f
Pearl
;
38
1.00
26
":y
■
,
31
1.15
18
4.4
*38
0.60
88y2
0.7
26
fl.48
351/2
4.2
Tannery
Co
Express
Life, accident and health
Water
Retails
1.45
62
2.3
Motor
Service
treated
Pacific
27
wholesales
water;
68
Redwood
&
Fir
/ 0.80
6.1
\
36
2.2
•
71
0.50
*v,
•
13
3.8
and
waxed
:
,
23
>
,
1.35
25%
5.3
25
1.50 /
22
6.8
48
1.00
403/4
2.5
23
1.00
313/2
3.2
13
1.20
27%
4.3
10
0.60
193/2
3.1
v'
'
•.
;
Co
insurance
/
^
,
pfd.
conv.
into
Glidden
receive
for
two
each
com¬
held.
Pendleton Tool
Industries,
3.7
tools
Controls,
Penn
hand
Inc
Manufactures
automatic
electric
controls
0.65
26
12.00
173/s
3.8
Penn Fruit Co. Inc
forwarding
Regional super market chain
355
3.4
*
lumber
Details not complete as to possible longer
t Adjusted for stock
dividends, splits, etc.
products
,
Seattle
Hydraulic machinery
165
'
.
and
papers
Nov. 1961
Stockholders
mon
3.7
Pacific National Bank of
4.5
28
1.25
*20
2.50
5.2
'
10.00
:
12
hydraulic
Insurance
shares
,
Co.——
untreated
Oilgear Co.
57
15
freight
10
;v:
....
Inc.
Co.__
freight;
*
producers
Diversified
Co.
1.00
' 7.1 '
,
components
Merged
,
Lumber
of
\
crank¬
V
parchment,
Mechanics
'
191/4
3.0
v".
Pemco Corporation
v4
Insurance
insurance
1.00
220
V.1.-
Hardware
Intermountain
Pacific
Ohio State Life Insur.
line
7%
52
.
„
estate
made
Peerless
Insurance Co. of
Multiple
6.4
Ohio Leather Co
Ohio
19
Co.-
New York
Gears, speed reducers, etc.
0.55
Peden Iron & Steel Co
-
27
Pacific
2.6
6.50
Brewing Co
Beer
V.
Multiple line Insurance
Corp.
system
custom
distributing
Co.
purposes
Ohio Forge & Machine
22
*33
drop die forgings
real
C.
Vegetable
1.00
27
Employers
Y.
fluid
Heavy duty trucks, railway refrig¬
erator cars, heavy manufacturing
Crankshafts,
company
manufactures equipment for Die¬
sel and heavy duty engines, and
electrical
high
frequency
induc¬
tion
facilities
for metal
heating
'
Co
die-forged
Manufacturer
5.3
machinery
Pacific Car and Foundry
Besides
3.5
Parker-Hannifin Corp.
r
Ohio
20J/4
Paterson Parchm't Paper Co.
sets
and
0.70
Park-Lexington Co;
Industrial
energy
1.8
Forge
Manufactures
office-theatre bldg.
foundry
433/2
bottling
Drop
N.
of
0.80
3.1
-
oilseeds
Manufacturing Co.—
shafts & large
Manufacturing
20
of Americaa29
and
Corp.
Beverage
Park
!
sllverplate
Building Co
57%
'/
•
2.3
/
"
1.80
v
Textile manufacturing
-<
Panama Coca-Cola Bottling
tableware
matched
and
3.3.
18 %
'^73/23.2
f 1.81
/ 0.50
oil
Packaging
tableware
Generating
(Toledo)
2.5
Complete line of work clothing
Co.
58
27
26
sterling,,
stainless
15
6.3
.
trade manufactures
Pacolet
Otter Tail Power Co.-
II.89
1.50
3iy2
,
91/2
,
Pacific Vegetable Oil Corp.—
•
Oshkosh B'Gosh
2.0
36
0.72
40
Co.
/ 0.80
1961
,
0.6O
on
Paymts. to
Dec. 31,
Dec. 31,
1961
s
.
11
Foreign
a26
tion
31,
1961
advertising
vegetable
.
Manufacturers
\
Trust
Brewing
Osborn
Insurance
Citizens
1.25
% Yield
Based
electric)
Insurance
(Chicago)
Advertising.
Pacific Power & Light Co
Public, utility (predominantly
•
a50
'
Quota-
Dec.
/•
accident and health
brushes
22
.
.
Life,
Orpheum
Cosmetics
Co
Casualty Insurance
Diversified
2.9
health
and
/ San Francisco
Shaving
Cream,
accident
Republic Life
China
%■
Furniture and bedding springs
Cream
55
|T .58
.
Divs. Paid
.
Pacific Outdoor
Co.
26
/Onondaga Pottery Co
cement
Noxzema Chemical Co., CI. B
Noxema
3.1
Co.
(Milw.)
Manufacture
Co.
sale
America
end
No-Sag Spring Co
) i
,
Outdoor
-
Insurance
/Oneida, Ltd.
Northwestern States Portland
Cement
Life
12 Mos. to
1
.
Years Cash
1961
27
Approx.
Including
Extras for
secutive
.
H
Dec. 31;
1961
0.85
No. Con-
.
-s
Paymts. to
31,
:—- -f---.
-
-
/' 'C']" <■;/
Omaha National Bank
...
Electric and gas public utility
Mfr.
tion
Dec.
31,
1961
15
Olympia Brewing Co
0.8
7;
Life. Insurance
Northwestern
>
Company
-;
••
„
I.-
Line
Life,
1
T"
;'; f
'
•
on
'
Multiple-lino insurance
Insurance
Dec.
Divs. Paid
Coal. Corp..
(Grand Rapids)
,
Old
0.30
11
In-;/
(Milwaukee)
Northwestern
Years Cash
■■■
Ben
Marked coal
.<
5
National
Co.
surance
'
12 Mos. to
secutive
•
Based
Old Kent Bank and Trust Co.
Plastic products
Northwestern
"
Quota-
J
Old
Paymts. to
1961
1961
■
.
tion
Dec. 31.
% Yield
Extras for
Approx.
% Yield
No. Con-
^
v
-:
•
'
V":
:
v*-
Cash Divs.
,
No. Con-
■
...
Including
Approx.
Including
.
...
•
Cash Divs.
\
-
N
"
45
34
1.00
38
B.C. Morton Names
g
a
Including predecessors.
record,
V"'Z^'"-rZ•;/
;V
/
/
Continued on page 46
'
■
2.6
*
Chemical Fund Names
^York .varsity Medical
WILMINGTON, Del. — Whitman
Hobbs, advertising executive and
Howard A. Rusk, physician and
writer, were elected to Chemical
Medicine and Rehabilitation Serv-
BOSTON, Mass.
iCe, Bellevue Hospital, and
Messinger has been named Direc-
Fund's
Board
of Directors
Fund's i. 24thv annual
shareowners.
at
meeting
All other
^
Hobbs
is
Department
and
Physical
of
an as-
New
York
y
LUUl^n'
'Opens
'
in
Minneapolis
Minn.—Louis N.
since
scene
1949,
formerly
Rehabilitation
at
business.
Officers
are:
MUNICIPAL BONDS
►
MUTUAL FUNDS
►
FOREIGN SECURITIES
was
assistant director of Field Train-
with °ffices in the Grain Ex- Life Insurance Co., and also that
chdnge Building to engage in a firm's assistant director of agensecurities
OVER-THE-COUNTER MARKET
►
m- Messinger, who has been
active on the Boston insurance
& prv
ivt
LISTED SECURITIES
^
Bife Insurance Depart™nt of B. C. Morton & Co., 141
tor of
' Ritten & Co. has been formed ing for the New England Mutual
Dr. Rusk is Chairman and ProMedicine
"The
Richard Taft
Milk Street.
I 011:c
Vice-President MINNEAPOLIS,
DursUne^Osbornf lnc!'
fessor,
of
Times."
of
'
>
Mr.
editor
the
nominees
reelected.
were
sociate
—
Malogk 4 Company, he.
DISTRIBUTORS
UNDERWRITERS
DEALERS
cies.
MEMBER
NATIONAL STOCK
Direct wire
EXCHANGE
Ira Haupt & Company, New York City
to
ARLINGTON, VIRGINIA
304
ARLINGTON
BETHESDA, MARYLAND
BLDG.
TRUST
4925
Telephone: JAckson 4-1266
•
V'
7.
WASHINGTON,
6,
15TH
CELEBRATING OUR FIFTIETH ANNIVERSARY
;,
...•
r
AVENUE
*
H
'•
•
BUILDING
STREETS,
N.W.
TELEPHONE:.STERLING.
3-1677
F/rrn
•
WASHINGTON
—
z:
Mark
SECURITIES
companies in the world's largest industry—
Direct Private
Carl M.
Twenty-three consecutive
years
of cash dividend payments.
our
Wire to
Loeb, Rboades & Co.,
New
York
Correspondent
(Publicly owned since 1946)
/t:/;1' ••V-"'*1-1":r*V.
V. v.--
|*
..
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;.**•—
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Our 1961 Annual
Report, now being distributed, tells more about our world-wide
engineering and construction organization and our long-range operating record.
- .i
.1
ESTABLISHED
/
1920
•
Johnston, Lemon & Co.
MEMBER
PHILADELPHIA-BALTIMORE STOCK EXCHANGE
BOSTON STOCK EXCHANGE
MORRISON-KNUDSEN COMPANY, INC.
UNDERWRITERS
Southern
Contractors and Engineers
-
(Associate)
DISTRIBUTORS
-
DEALERS
Building, Washington 5, D. C.
Telephone:
STerling 3-3130
•
Established 1912
;
Bell Teletype:
r
-
f
The H. K.
Ferguson Company (principal subsidiary)
,
Trading Dept. WA 28, 95 & 509
Branch Office:
>■
5
C.
Forty-Second Year in Washington
Morrison-Knudsen Company, Inc.
—One of the largest
D.
•"
WOODWARD
8c
661
FAIRMONT
Telephone: OLiver 2-2769
-NZ\ '
LOBBY
TELETYPE: WA
i
Municipal Dept. WA 25
Alexandria, Va.
H'l
46
'U l»
'Mflill ifWM
M«>|-I
The Commercial and Financial Chronicle
(1762)
Cash Divs.
OTC Market—World's Largest
Approx.
Shopping Center for Securities
Dec.
Divs. Paid
tion
31,
Dec. 31,
1.50
Dec.
1961
50
.UV
v,
i
.
;
/ ;Z''r No. Con- =
//•:;
•/
w '
Dec.
*
,
L
.*
J: 1
Paymts. to
Dec. 31,
Dec. 31,
31,
1961,
%/'»
Steel
mills;
plants
"•
"'.'•V'.' ' "t
AL
14
0.40
1.20
2.9
f
"
361/2
3.3
.v\://V
\
Penn-i
soda
and
13
t0.55
1.00
27%
3.6
tl.38
82
1.7
+0.80
231/2
3.4
Rail
34
36,
Serves
14%
u.oo
1
21
17
1.00
0.10
5.9
CORP
transfer
heat
3.00
1
!f
133
53/4
26
0.40
CD
33
Ry
7.00
Multiple
5.9
0.58
11
0.90
38
33 y4
2,7
wire
1.00
Public;
18
.
Owns
.
Inc.
5
0:12
™;,22;'
2.4
lets,
finance
Consumer
Paul
40
2.60
72V4
3.6
10
+1'.08:
28
3.8
26
Inc
+0.46
351/2
Plastic
1.3
petroleum
crude
Producing
62
3.50
45
lumber
Corp...^
31
-
32
24%
+1.35
4.1
and
track
1.00;
20
0.88
3^5
25
steel,
and
copper
tools,
lated
m
0.95
27%
56
88
2.00/
;*
97
2.90
25
Mex.)
16
31
1
26
2 00
3.7
.4.3
2.2
;
45%
4.4
f
0.8
0 40
13
3.1
150
40%
3.7
0.30
10
0.60
i3y4
4.5
+0.68
83::;
.0.8
/
-
1 +0.34 /
26
'*
>
3.5
:
:H:3.7
243/4
+0 68
:
2.7
.77%,
1 06
/
43
.
Y *14
and
gas
4.5
54;
Bank
printing plant*'
chain
"■N
i
...
<-
21
air
c.
12
storage
2^%):
•
Diversified
23
60%/;
1.60
.
facilities
4.1
City
(Pa.)
/Co.
Life,
Life
13
Insurance
...
*16
health
Queen Anne Candy Co
13
'
0.10 /
4
Packaged, bar and bulk candy
alloy
v
refractories,
saws
and
fittings, wire rope and re¬
products
*P®'a8s'not complete
as
T
Adjusted for stock
a
3.0
Y
____
accident &
%
'
--
Insurance
Quaker
L6
39
+0:95,
18
(H. K.) Co. Inc. (Del.)
tool
4 00
"10.25
Quaker City Insurance Co.
metals,
forg¬
equipment,
ing and machinery
t.
Cold
2.1
11%
Manufactures electrical equipment,
industrial
rubber
products,
steel
4.2
compounds
Pettibone Mulliken
0.25
•
Porter
'
•
and-detergents
Filters oil,
Lightweight papers
and
natural gas
.-
rotogravure
cleaners
mills
Port Huron Sulphite & Paper
5.6
54
(Cine.)59
,i
/
/•
,
public
utility
22
27
-
(Phila.)—
California food
steamship service and
Coast
•
Insurance
Co.
2.8
Quaker City Cold Storage Co.
22
Intercoastal
-
•
Purolator Products, Inc.:....—
10
West
Exploration
/;71
specialties
Pope & Talbot, Inc
gas
Liquefied petroleum gas
Petroleum
4.5
v.
rubber
and
'.t
Purity Stores, Inc
plastics, plastic rematerials, fertilizers, pes¬
Plymouth Rubber Co
Service, Inc—
''/•
ticides'
Popular candles-
Petrolane Gas
3.20
1044
40.
extruded
lnforced
Petersburg Hopewell Gas Co.
ON PAGE
Manufacture of rope, harvest twines
twisted paper products, tacks, eye-
Bankers,
^ ^1.20
Manufacturer of household
APPEARS
Plymouth Cordage Co
Industrial
Personal
:
...
•
Purex Corp
5.6
cable
and
ADVERTISEMENT
r
Publication Corp. vot
3.2
CABLE
&
Co;.-.
utility
utility
Public Service Co.
(N.
2.8
'
48
:
'
..
-'-.YV
Public Service Co. of N.
H.JXi
.
10
covered
;r;f
: 90
2.50
,1.52
'
Tradesmens
Trust
Electric
a95
4.1
51%
^
.
Washington > Ins..
line
Provident
2.4
24%
&
WIRE
keyboards, piano
hardware,
small
Provident Bank
.
24
31,
1961
14%
1.47
Laundry and dry cleaning
6.2
118 /
\V;
16
*
*17
Progress Laundry Co.-
Texas
COMPANY'S
1.7
organ
piano
Operating public
2,3
<•
Gear Co.
Precision gears
Railroad
89
■/■
..u—
Plastic
products
Perkins Machine &
Chemical
West
'
'•;<
tools, aircraft woodwork
j';.'-
2.3
company
PLASTIC
13
Corp
of
Northern
(Chicago)
Pittsburgh National Bank
3.9
drinks
Manufacturer
+0.84 / Si 35'//
and
actions,
Pioneer Trust & Savings Bank
15-
......
-
.Piano
-t'
Providence
transportation
Financing
Bottlers,
General
Inc.
—
Pioneer Natural Gas Co
Telephone utilities
Pepsi-Cola
*21-
Electric__L
Pratt, Read & Co...
4.6
i
life)
(except
1961
0.60
utility
Princeton-Water
(Hartford)
Pioneer Finance Co..
<•
Peoples Telephone Corp. (Pa.)
-171/2
,
Pictorial Paper Package Corp.
/ 4.2
0.80.
Paper boxes
13
Peoples National Bank of
Washington (Seattle)
Petrolite
Portland General
public utility
carrier
Piedmont &
publications
persons
22
Dec.
tools
46.
by
Operating
sulphite,,
Publishing Co
Natural
3.5
60%
PAGE
on
Paymts, to
31,
$
(Mass.).. *24
hand
tools,
bolt cutbody and fender repair tools
equipment and hydraulic power
&
Electric
Philadelphia Suburban Water
woodpulp
Peter
2.10
ON
railway and motor bus
Insurance
14
bleached
Perfex
APPEARS
Transportation
Phoenix Insur.
Dec.
ters,
v;-
:
Based
tion
31,
1961
::
Porter (H. K.), Inc.
Suburban
sof
Dec.
% Yield
Quota¬
Mechanics'
-i.
street
Voting
Soft
3.0
>
r
118
ADVERTISEMENT
12 Mos. to
Years Cash
Divs. Paid
building :
NATION-.
Transportation Co
chemi¬
Operating public utility* In
sylvania and New York'
Business
office
*
Philadelphia
Penobscot Chemical Fibre Co.
Penton
BANK
BANK'S
1961
$
15
Corp..
refineries;
oil
•/
'••f
77
Engin'g
Pennsylvania Gas Co
Mfr.
and
PHILADELPHIA
on
tjon
.
1961
Divs. Paid
Based
Quota-
26
Approx.
Including
Extras for
secutive
'
,
31,
1961
'
1-V
Pennsylvania
cal
,:'V
Exhibition
% Yield
Extras for
secutive-. 12 Mos. to
Years Cash
.4
4
Philadelphia Bourse
Approx.
Including
'
*
Cash Divs.
"
No. Con-
.
Cash Divs.
-u.
J
;
.
Continued from page 45
'N
Thursday, April 12, 1962
.
•
on
Paymts. to
1961
.
..
Based
Quota-
12 Mos. to
Years Cash
.'v
% Yield
Including
1M0. Con- " Extras for
secutive
v
..
to possible
longer
2.5
record.
Including predecessors.
dividends, splits,
etc..'-
vnm
Form Mural Sees.
Mural
Securities
conducting
from
a
Associates
securities
is
business
offices
New York
at
277
Broadway,
City. Partners are Alex
Barbakoff and
Dealers
Forms Neilross In v.
Harry
Brooks
City,
under
the firm
-
-
'«
-v
,!.}
of
name
Murray Blatt.
1
.•
'
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*,
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f
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AT V011! SERVICE...
Neilross
" All WAYS!
:
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NATIONAL BANK
and'
East
57th
City,
to
in
the
with
Street,
in
engage
Officers
offices
New
a
Midwest
securities
.
under
Wil¬
'/■-"//- / />/
POMONA, C
are
branch office
Opens New Branch
at
York
a
Building
management of Norman
liams.
Henry H.
Harjes, President and Treasurer;
and M. F. Harjes, Vice-President
and Secretary.'
ifNEW^
^JERSEY
|BANK
THE PHILADELPHIA
formed
455
has opened
pany
Harjes & Company, Inc.
been
business.
A.
*
CASPER, Wyo.—Copley and Com¬
the
has
Copley Branch
a
Form Herman Harjes Co.
Municipa 1 Bonds
.
New
in
securities business from offices at
154 Nassau
Street, New York
Herman
.•
engaging
Investment Co.
in
?
■
is
ing
office
under the
.
1 i f.—Estate Fund¬
Corporation5 has
branch
H.
a
at
800
opened
North
management of George
Belliston.
companv.-;
trust
Rambo, Close & Kerner
Incorporated
Member Federal Reserve System
Organized 1803
Member Federal Oeposit Insurance
17
Corporation
1518 LOCUST ST., PHILADELPHIA 2, PA.
Offices in Clifton, Haledon,
Little Falls, North
Phila.
Telephone
New York
PEnnypacker 5-2800
Haledon,
Telephone
Teletype
REctor 2-2820
PH 63
Passaic, Paterson and West Paterson
Corporate and Municipal Securities
1869
—
OUR 93rd YEAR— 1962
EDMUND
A
Continuing Interest In v
SIVADJ
CHARLES
Vice President in Charge of
L. E.
Carpenter & Co., Inc.;
BROCKWAY
Vice
5
Keyes Fibre Co.
Richardson Co.
President
w
Municipal Bond Department
VISION IN PACKAGING
Combines
progresive
facturing
Rudd-Melikian, Inc.
Manager
Corporate Department
RUSSELL M. D0TTS
I
G. PRIGGEMEIER
Assistant
Corporate Department
the
management
skill
consecutive
that
dividend
leadership of
with
has
a
manu¬
resulted
payments
.
in
since
1927.
is
ESTABLISHED
in
1914
Brockway management's vision
responsible for the company's growth
net sales from $18.4 million to
$54.2
million
BOENNING & CO.
Members
Philadelphia-Baltimore
American
Stock
Stock
Exchange
111
♦
:
;
COrtlandt
Bell System
PH
Teletype
30
:
ten
years
—
THOMAS
8c
COMPANY
and
$1.66 per share in 1961, a genuine
growth potential that represents future
/if;
'
PORTER
BUILDI N G
,
to
PITTSBURGH
19.
PA.
^ t0*%
Brockway
Broadway
NEW YORK 6, NEW YORK
LOcust 8-0900
past
from earnings of 57<£ per share in 1952
i
PHILADELPHIA 3, PA.
the
earning improvement.
Exchange
The Alison
Building
Rittenhouse Square
in
7-1200
COMPANY
glass
INC.
Brockway, Pennsylvania
Sales
Offices
in
Principal
Cities
Subsidiaries: DeMuth Glass Works,
Inc.,
Parkersburg, W. Va.; Tygart Valley Glass
Co., Washington, Pa.; Celluplastics, Inc.,
Fitchburg, Mass.
Municipal and Corporate
Securities
a
Park
Volume 195
Number
6150
The Commercial and Financial Chronicle
.
Cash Divs.
OTC Market—World's Largest
>
.
Shopping Center for Securities
Cash Divs.
v
Including
V-
v/.'.v-;
' -No. Con-':vsecutive
"
■.
>
\
•
'■
r K*'
;vr
'''V/vi-v1-'^
...
Quincy Market Cold Storage
—,;■-
j 2.50
20
Makes
button
hole
machines
60
Small
*4.2?
;
;4 ",Y
Crepe paper
■y.
6
Leading
Writes
•'
only
reinsurance
Paints,
varnishes and
25
y;„
""r
ural
*Y
•
42
APPEARS
and
11.65
ON
*
>
I
*
0.10
"
West
Coast
distributor
water
works
of
'
and
0.60
*,
chemicals
151
stores
in
of
V
21%
56
^
2.40
1
'
7%
;
7.7
Oil
and
the
V
/
/.
^ i tHit- J.
a.oo
•)
137
3.6
26
1.00
Oil
3.8
&
gas
1.30
48%
2.7
1-00 :
23
4.3, ;
i.50i
37
(V.
j
*4"
(water
company)
19
-
locks and
operator
sugar
.
tools
38
and
builders'
hardware
Schuster (Ed.) & Co. Inc
Three
\
T—f CO
•>; '
'
4.1
C
;
■e
22
..'.j->5
33/V
0.98
-y
34%
y
;
-
Milwaukee dept. stores
"
rl.60/
*
3.5.
to.95
:
52%
37%
4
2.5
- 3?>"
1.00
*20
4
-
"
,25% '
Sateens,
Riegel Textile Corp
''i-
Over-The-Connter Consecutive Cash: Dividend!
v
Payers From 5 to 10 Years Appear in the
23v
Second Table
|1.20
29
35
1.40
40
1.00
20y4
4;9
Starting oniPage 53.
3.5
34*
Scott & Fetzer Co
Vacuum
cleaner
20
4
,0.40
/
10.0
34%
17
3.9
Builds
Department
Kansas
0.25
20
5
stores;
City,
8.5
2.50
41%
6.0:
•'
0.80
17%
./.yyXyyv
24
products
22
0.60
27
1.40
-
45
3.1
27
St.
1.30
134
1.0
11%
'5.2*
Louis,
Denver
Diversified Insurance
17
Searle
25
tl-48
5.9
(G. D.) & Co
Pharmaceuticals
royalties
steel
26
26
izM
0.63
0.80
Sears Bank & Trust Co.
4.8
(Chicago)
scaffolding,
Paper
y
22
not
complete
as
to
possible
3.00 ' / 94 ?/■.., 3.2
y
longer
1.25
42
:
27%
Kidder, Peabody & Co.
r
4.5
for stock dividends, splits, etc;
Including predecessors.
Current
annual
rate.
.
Continued
Equity Sees.
Harvey Roberts Office
,
LOS
name
Texas, Inc.,
ANGELES,
Calif.
—
McClain
Harvey
Roberts & Co., Inc., has opened
has been
a
on
page
Opens New Office
PASADENA,
Calif.—-McClain
Street, under the management of the management
McClain.
Joseph M# Bento.
poration.
of
Harold
'
Philadelphia-Baltimore Stock Exchanges
C
4 Tradingimarkets in4
England Bankj Utility and Industrial Stocks
%
.
NEW YORK
*
Federal/ streetjr Bdstou
"telejphonei Liberty
y
y
2-6200
Teletype: BS 338
PHILADELPHIA J
"
LOS ANGELES
SAN
; ■
CHICAGO
;
FRANCISCO
COUMTT
New England--Branches:
LOWELL
NEW
•*'
BEDFORD
PROVIDENCE
SPRINGFIELD
NEWPORT
TAUNTON
'
OFFICES
TRUST
COMMUNITIES
PAIVY
WORCESTER
<K«anrco£R«i ocposu insurance corporation
THE FAIRFIELD COUNTY TRUST COMPANY
HAROLD E. RIDER,
>
Sfocl( Exchange
Members New Yo.rk
COMPARATIVE
.
PU1HAM & CO. V
:
TEL. JA 5-1421
6 CENTRAL ROW
NEW
FARMINGTON
BRITAIN
MERIDEN
./
AVE.
■
WEST
•
'
1962
from
$ 16,354,003.13
Banks
$ 16,189,148.11
•
AD
Securities
6-5671
'
NEW LONDON
MANCHESTER
WATERBURY
;..
Securities..
38,346,680.99
Teletype 564
:
Real
109,020,951.19
3,188,441.88
5,486,250.00
1,000,000.00
2,204,438.65
2,116,368.30
$ 14,662,618.30
1,449,418.61
1,131,413.24
2,549,296.15
2,015,086.28
2,019,521.14
183,205,533.10
1,603,311.80
164,261,841.12
Underwriters and
,
RESOURCES
GREENWICH
$206,413,214.25
$183,140,331.34
Distributors of
Corporate and Municipal Securities
RJDGEFIELD
'
^
NORWALK
We invite your inquiries.
.
-
.
Reserves-...
Other
483,431.34
534,518.43
$206,413,214.25
.
Unearned
105,188.83
Discount...
$183,140,331.34
TOTAL
$
$ 11,189,438.65
....
Liabilities
Estate...
Other Assets
CONNECTICUT STOCKS & BONDS
a''**4";*4 i"4r.fay-
Profits
16,989,953.30
121,398,111.18
Banking House, Furniture
and Equipment....
3,892,581.53
PRIMARY MARKETS IN
13
5,985,000.00
9,000,000.00
31
1961
1962
Capital ......S
Surplus
31,111,469.00
19,938,334.08
WILLIMANTIC
Other
-
CONDITION AS OF MARCH
;
From New York, call WAlker 5-7887
.:
;
LIABILITIES
U. S. Government
HARTFORD
\
Undivided
Loans and Discounts.
AT&T
1961
President
Other Bonds and
MIDDLETOWN
TORRINGTON
STATEMENT OF
Cash and Due
;
HARTFORD
1000
RESOURCES
Deposits
.....
TOTAL
STAMFORD
DANBURY
OLD
GREENWICH
NOROTON
SO. NORWALK
MEMBER
&
Co. has opened a branch office at
Members New York, American. Boston, Midwest, Pacific Coast and
75
48
branch office at 639 South Spring 97 South Madison Avenue under
changed to Equity Securities Cor-
1865
record,
t Adjusted
manufacturers
2020 Richmond Avenue,
in
Details
a
of Allied Securities of
Founded
8.4
9%
twills
St. Croix Paper Co.
4.6
y';;,
broadcloths,
Now
--W
<
:
Seaboard Surety- Co;.—.™
5.0
25%
46
.knitting machinery
Scruggs-Vandervoort-Barney
of many
2.20
manufacturer
Scott & Williams, Inc.
14
"HOUSTON, Tex.—The firm
New
3.9
-J..:).
5.6-
?
gears
Sagamore Mfg. Co
2.8
Operates Atlanta department store
*
.
grand stands and bleachers
Rich's, Inc. —_:_J
textile
31
5.7
royalty interests"
Manufactures
plastic products
line
5.6
60
•
Wide
18
it 7 'rc /: 5.7
•
South
Safway Steel Products, Inc.—
and
1.6
1.00
Schlage Lock Co
,
8.0?
J
,
1.00
utility
Locks
12%
0.40 '
r
;22-:
off. /•''
;
Cane
1
.'v
•
f
v
>i
t
'
124,
Sabine Royalty Corp.
s
5.00
90
Schenectady Trust Co. (N.Y.)
5.6
•
suits
with producers
gas
70 ^
1.44
market
Savannah Sugar Refining
.;-:VV. 5 T
42%
'
:^.
Royal Dutch Petroleum Co.
Affiliated
4.00
46
Water Works
Hardware,
,
;-!
^
i l
yX
3.20
26
'
a
.S"
\
I—^ .25•.
; Xy.yy y;/y
steering
Women's-" coats and
5.1
v
.
..
30
of
Sargent & Co
1961
^
63
casualty insuranceUnion Stockyards—
Jose
nations y
93
Richardson. Co.
rubber
,
Royalties Management Corp.-
'
4.7
-i
1961
*
on
Paymts. to
Dec. 31,
31,
v
Manufacturers
"
y.;y/X.-yt-
Rhode Island Hospital TrustManufacturers
t
—
■*
,
Operates
'
20
Dog racing, near Boston
"
Ross Gear & Tool Co. Inc.——
.
Racing Assn
,1.00
fans,
>pumpsi
Rose's 5, 10 & 25c Stores, Inc.
>.
.
,,
13%
)
metals,
oil
equipment and Industrial supPlies
y > " '
San
y;
17
tools y.
power
0.1
materials,
field
Revere
motors,
and
cranes,
Rothmoor Corp
0.70
40
3.6^
and
Paul
Meters, valves and regulators," and
nat¬
fornia
22%.
St.
granite
48% Y 2.1
,
^
Granite
quarrying; and mfg.
granite
cemetery*
monuments,
markers, building and' construction
'
•
.
-
.97
1.00'
6.0
tion
Dec.
90
St. Paul Fire & Marine Insur.
Public
y,y)
Rockwell Manufacturing, Co.-
'
-
-
fO.83
r
,^»1&
Rochester, N. Y.V bus lines *
of Ages Corp
•
1.8
55.
yV
gas
tubing,
-
*
-
.
Vy91
PAGE
3.00
18^;
.
y
<
•
50
v
-
packager
gM-v.yy;;
Rochestei: Transits Corp.—
Republic Supply Co. of Cali¬
=;^
3s
Buttons-•
L8
y/
3.6
Based
Livestock
-
Rochester Button Co.
r
Y:' Y'-Y^V-vYYy
~
.—
oil
.45
;
44%
St. Joseph Stock Yards Co
Livestock
Manufacturers of construction.
2.0.
.
Dec. 31,
1961
*
DNs. Paid
4.3 ?
Fire
and
Approx.
f
,
Quota-
12 Mos. to
Years Cash
25
1.60
,
45
Rock
0.80
:
.
Republic National Life Insurance Co.
(Dallas)
16
Republic Natural Gas
±l" 26
crude
3.0%/
;
„fl.07
23
•'«. materials
V-." * 1 i >y" Y'> > ;Y'
y
miller
natural
Manufacturing
•
OF DALLAS
of-
T
secutive
5"
:
palls
-
Robertson (H. H.) Co.
;
:5 1/ 1 slQY Y:21f £ tfi
56
(Dallas)
ADVERTISEMENT
Producers
"■
y
YY
enamels
REPUBLIC NATIONAL "Y
BANK'S
r0.60
.
,v,£
■
'■'Fire: and casualty insurance :>V■
BANK
-s 5.8
;
Y;X;;-'x-y -Y.v :Y< "I
■Reliance Varnish; Gp Y
Republic Insurance
26
r
29
'
% Yield
Extras for
■i
Corp.-
/Robbins & Myers, Inc
hoists
'•/:
rM.50
>t
1961
31,
1961
No. Con¬
stampings
rice
Distributes
i,
; ■ 64 b',y 2.8 y
"" •••Vyy; Y'yY. 'Yy ■.
V--,"•>>
Reinsurance Corp; of N, Y.4r
,V
metal
Roanoke Gas. Co,
•
f rXl.SO.
:16
Dec. 31,
1961
River Brand Rice Mills, Inc.-C a29
.
v#*;v.
4\y'"[■'
ry
-
,
Reed4(C. A;> Co., class B-
Paymts. to
Dec. 31,
Dec.
on
Power steam generators
,
^ 80
tion
Years Cash
Divs. Paid
'♦
,
12 Mos. to
Risdon Manufacturing Co.
.
*
phain
>'}
■..»■,y.
.*
Closures for steel drums and
Machinery,,-Inc. —J——10 ;i .-V °-60' •' 20,
3.0*
Pumps, valves. etc/fy. • A-;.; /»''/ v •
Y:r'• ■~Y'Y •'
Red Owl Stores In^_—•—4—1/ 29 t;V11.60 Y 67 yV,; 2.4/
Retail '3c Wholesale grocery
Reece Corp.(Mass.)
i';1• s
:,
.
r
Including
Quota-
Based
47
Cash Divs.
% Yield
Extras for
secutive
•"
Riley Stoker Corp.
'
X;;
:'»1
■
;
■
Rieke Metal Products
,
■'i'C:;.
Bostonfopera•': %
Racine Hydraulics &
-
"i;
'y
No. Con-
•
-
*
% Yield
,
Quota*
Based on .
tion
Paymts. to
31, ; Dec. 31, Dec. 31, 1961
1961',; 1961 >
.
<y..
"
•
.•
Extra? for
12 Mos. to
•
Divs. Paid
"
<
.vyr"a//-. /" ;;V.;
s
Years Cash.» Deo.
"■
,
•
«
Approx.
>•
i
Approx.
Including
1
•
v
-v
(1763)
HEIGHTS
SO. WILTON
LIABILITIES
BETHEL
NEW CANAAN
GLENVILLE
RIVERSIDE
GEORGETOWN-REDDING
FEDERAL DEPOSIT'INSURANCE CORPORATION
WILTON
DARIEN
NEWTOWN
A.
48
The Commercial and Financial Chronicle
(1764)
Cash Divs.
OTC Market—World's Largest
Extras for
Quota-
secutive
12 Mos. to
tion
(V
'•
Approx.
% Yield
Including
No. Con-
"■
X...
Shopping Center for Securities
47
Cash Divs.
Approx.
Extras for
secutive
12 Mos. to
Dec.
Years Cash
31,
Quotation
Dec.
;
Portable
electric
Co.
Smith
Ice
81
Security First National Bank
(Los Angeles)
Security Insurance Co. of
Haven
fl.56
83%
1.9
Manufacture
f 1.55
14
—
0.50
Retail
1.3
69
Service
services
wire-line
electronics
Selected
28
Corp.__
exploration
and
34
—
12%
0.60
4.9
33
4.8
11
0.40
12
1.00
3.1
313/4
Sales
3.5
191/2
f0.68
life
11
9.1
27
1.25
21
6.0
Southern Gas & Water Corp..
0.88
a:
4.L
211/2
16
0.10
5.7
57
Wholesale
Sherer-Gillett Co.
commercial
1%
refrig¬
gas,
0.75
30
%
eration
"Rainier" and
"Brew 66"
and
25
0.24
5.1
4%
Ale
"Rainer"
36
Sierra Pacific Power Co
holders receive
2.6
32%
•{*0.86
22
10.99
32%
3.1
f0.47
93/4
4.8
livestock
58
34
2.00
financing, consumer loans,
casualty insurances *
Aug.
Co.,
duction
1.10
33
37
Natural
4.2
18
0.75
......
one
1961
Inc.
share
each
gas
production
Noel
j3acon7?ffttppte §
0.08
51/4
1.5
Sprague Electric Co.__
28 V4
3.5
Springfield Gas Light Co
Electronic
0.90
140
2.20
513/4
1.28
37.
1.00
17
22
fl.18
84
1.4
110
fl.16
29%
3.9
95
f0.98
43
2.3
28
Corn,
soybean
fl.32
41
3.2
66
1.80
37
4.9
41
0.80
14%
5.6
and chemical proc¬
essor
Stamford Water Co.™
Operating public utility
and
1.14
19
341/2
Standard-Coosa Thatcher Co.
3.3
.
Cotton spinning,
bleaching
dis-
1.50
26
214
0.7
*
Mass.
Details
not
t Adjusted for
branch
a
complete
Company, Inc. has been formed
Officers
have Peter W» Whiting, the home
Vice
office
representative,
staff
will
Other
be
as
Bruce
L.
EXCHANGE
Assoc. Inv. Branch
Willis E. Frazier, Jr.,
President,
ALLENTOWN,
Taylor, Jr.,
Secretary
of
Pa.
—
Treasurer; and Robert E. Walsh,
fice
his
Assistant Secretary and Assistant
under
Treasurer.
Kasenchak.
Lewis,
at
41
the
North
Eighth
direction
(ASSOCIATE')
UNDERWRITERS AND DISTRIBUTORS
California Water Service Company
PRIVATE FINANCING
V
63
Walv Street
1
'
V
!
i
«»'
1
f
I
'<•
-
1,
! '
/
1
^
,
I
*
\
V
"
4
Announces the Acquisition of
New York City 5
Telephone STate 2-3100
/'
Telephone
BOwling
Green
9-2070
4
Additional Water Systems
in California
Seventy-Two Years of Investment Banking
-
DISTRIBUTORS
-
SALINAS
DEALERS
LISTED and UNLISTED BONDS & STOCKS
These four additional systems serving about 14,000
customers have been purchased from Pacific Gas and
Stifel, Nicolaus & Company
INCORPORATED
MEMBERS
AMERICAN STOCK
105 W. Adams St.
CC 697
Private
and
to
STate
Wire Between
(ASSOCIATE)
Broadway
"ST. LOUIS 2, MO.
2-5770
SL 392
GArfield
CALIFORNIA WATER SERVICE COMPANY
1-1980
St.
Louis, Chicago and Moline Offices
Hayden, Stone & Co. and Singer, Bean <& Mackie, Inc., New York
Electric Company. California Water Service Company
now serves all or a
portion of 31 communities—a total
of 225,000 customers.
MIDWEST STOCK EXCHANGE
EXCHANGE
314 N.
CHICAGO 3, ILL.
KING CITY
HAMILTON CITY
INDUSTRIAL, PUBLIC UTILITY, RAILROAD
YORK STOCK EXCHANGE
.
SELMA
MUNICIPAL TAX and REVENUE BONDS
NEW
"
City
374 West Santa Clara
Associated
Investors has opened a branch of¬
and
co-
his
members
-
are
Clayton Beck-
man.
to engage in a securities business.
President; Walter S.
EXCHANGE!
fice at 2009 Pacific Avenue under
the direction of S.
with offices at 237 Fourth Avenue
in the investment business
record,
Beckman Opens Branch
W. E. Frazier Co. Opens
&
possible longer
STOCKTON, Calif.—Beckman &
Co., Inc. has opened a branch of¬
PITTSBURGH, Pa.—W. E. Frazier
years
EXCHANGE
to
as
stock dividends, splits, etc.
V.
Jenkins, Charles J.
Auditore, Marshall D. Scheinfeld.
Alstyne,
—
dyeing and
Charles
Noel Branch
Van
& Co. has opened
associate.
UNDERWRITERS
5.9
components
Staley (A. E.) Mfg. Co
Mr. Keller, whose more than 15
MEMBERS
Chicago 3
3.4
37*4
ON PAGE
Multiple line insurance
4.3
firm, Keller & Co. in Boston, will
135 South LaSalle Street
0.6
Distribution of natural gas
included the operating of his own
STOCK
52
17
management of Joseph P. Keller.
AMERICAN
c
..
21/
Mills, Inc
office at 50 State Street under the
-STOCK
3.7
into Air Re¬
Stockholders
for
f0.99
share for each
BOSTON,
MIDWCST
3.4
13%
16
17
71
Van Alstyne,
STOCK
22%
0.50
Yarn-dyed fancy fabrics
Life, health and accident insurance
YORK
0.76
Life" Insurance
Springfield Insurance Co
Southland Life Insurance Co.
Castings
NEW
4.1
held.
3.0
trlbuticr?
26
19%
-
w
:
.
21
Southern Union Gas Co
5.9
market
Sivyer Steel Casting Co
0.80
17
31
five
three held.
Operating public utility
City Stock Yards
3.6
Speer Carbon Co.
retails water and ice
one
11
COMPANY'S ADVERTISEMENT APPEARS
Southern Oxygen Co.
Merged July 1961 into Air Prod¬
ucts
&
Chemicals,
Inc.
Stock¬
beer
40
-
Operating public utility
Communications services
Sick's Rainier Brewing Co._„_
for- each
Drug Corp
TELEPHONE CO.
2.4
insurance
Telephone Co.
1.5
SOUTHWESTERN STATES
2.2
Southern New England
and hoists
Casualty
131
Nonparticlpating life
1.25
Southern Fire & Casualty Co.
and
2.00
;
and
Spindale
(Knoxville, Tenn.)
1961
•
20
for % in-
,
17
Operating public utility
Fire
share
Southwestern
receive
1.00
31,
Electricity supplier <
Merged
Southern California Water Co.
Vulcanizers
one
Wholesale drugs
3.6
baker
3.2
1961
Dec.
Merged.Oct. 1961 into Arkansas''
Louisiana1 Oas Co. Stockholders
receive
held.
26
37
'
1961
on
Paymts. to
Dec. 31,
28
lubricants
Southwest Natural Gas Co.
26
14
26
Manufacturer
1.60
Bk.
1.20
tion
31,
fif'%:
dustry
CO. (Dallas)
National
Dec.
11
Co., Inc.
U-
papers
24
Shepard Niles Crane & Hoist
Iowa
Carolina
Southeastern
Fishing reels, rods and lines
Sioux
specialty
Southern Bakeries Co
beverages
Shaler Co.
cranes
3.7
Telephone service
Shakespeare Co.
Electric
46
13
and
Quota-1* Based
...
Southwestern Investment Co.
Southeastern Telephone Co.—
insurance
carbonated
1.68
Operates Louisiana sugar planta¬
tions, refinery and oil producer
4.0
40
1.60
33
39
Operating public utility
South
Co.
Insurance
7.1
37
(Charleston)
Southdown, Inc.
(Branchville, N. Y.)
of
1.3
oilwell
mfg.
of
Seven-Up Bottling Co.
(St. Louis)
Bottler
37
lines
% Yield
.
12 Mos. to
:
Years Cash
Southwestern Electric Service
South Atlantic Gas Co._l—u
3.2
products
Risks
Diversified
,
74
{•2.35
10.48
22V2
/
Sorg Paper Co
Stock
Rochester
1.60
Paper and paper products
2.2
22%
14
and
Sonoco Products Co
Co.
secutive
•>
•
.
Southwestern
drug store chain
h-
Approx.
3
Southwest Grease & Oil
&
Sommers Drug, Stores Co.—
117
Insurance
Geophysical
tools
i
Southland Paper Mills, Inc.__
of
distribution
service
IncludingExtras for
Divs. Paid
2.7
related. Items
Security Trust Co. of
Seismograph
and
hand
r
<■
5
60
24
fountain
Cash Divs.
■'[.
$
1.60
Manufactures
Snap-On Tools Corp.
3.0
68
Security Title Insurance
(Los Angeles)
Title
74
soda
of
;'v
V-
,'r
fruits and flavors
cream
'
,y;/
1961
Newsprint;
———
:,"'W
"
Dec. 31,
tools
(J. Hungerford Co.)__
mechanics'
--
New
f2.33
81
—_
' *
31,
1961
varnishes
Manufacturer
Saginaw
'
27
*
_
Paints and
1961
Second National Bank
of
•
,
t
Dec.
Smith-Alsop Paint & Varnish
on
Paymts. to
Dec. 31,
31,
1961
1961
Divs. Paid
Based
1
31,
1961
Divs. Paid
i
Skil Corporation
% Yield
Including
No. Con¬
''
\ '
\
Dec.
Years Cash
«
>
•
Continued from page
/
Thursday, April 12, 1962
.
No. Con-
"■/:'
Based on
Paymts. to
,
'
•
(
.
.
Street, San Jose, California
of
Street
John
Volume 195
Number 6150
.
.
The Commercial and Financial Chronicle
.
(1765)
Cash Divs.
OTC Market—World's Largest
App'-ox.
Including
v
Cash Divs.
Extras for
secutive
12 Mos. to
Years Cash
Dec.
Divs. Paid
Quota-
Based
tion
Dec.
31,
1961
1961
Strawbridge
i
<
Screw
Cushion
Co
(Wm. J.)
Food
4.50
6.0
741/2
1,20
21
26
0.80
39
5.7
>
polishers,
and
Auto,
2.25
551/2
fire,
Local
86
0.85
159
32
for building trades, etc.
Bank of Albany
Loan & Finance Corp.
bus
20%
finance
fl.78
85
2.1
1.00
27
' 3.6
Trs.
6.00
410
(Richmond,
(Boston)
2.60
43
|-1.50
1.15
10
0.40
8
%
4.7
16
0.40
7%
5.1
;/ 39V2
2.9
nylon
20
26
3.8
491/2
t0.38
S
0.8
0.30
8
Formerly Stouffer Corp.
Name changed November
4.3
1.25
20
40
3.1
Ircn
technical
11 %
5.2
33
10.00
1.00
41 y2
2.70
60
1.40
26
16
f0.27
18%
25
0.90
551/4
27
0.80
■
%
0.25
650
drug
store
11
7.3
Time,
0.72
491/2
1.5
23
2.40
75
3.2
Hi
1.00
361/2
2.7
37
0.75
21
3.6
"Fortune"
&
"Speed
3.25 J
87
3.7
*16
2.00
35y2-
5.6
10
f 1.58
40%
3.9
3.50
82
4.3
68
fl.72
66
2.6
20
f0.89
27%
3.2
43
"Life,"
"Sports
1.30
281/2
4.6
1
loans
'
"Time,"
Illustrated"
Nuts"
(N.Y.)__
insurance
Insurance
Company
Insurance
(Los Angeles)
Insuring
Tobin
Lines,
12
0.60
14%
4.2
title
to
8
7.5
*54
2.00
41
4.9
castings
.
packer
Corp.
Gasoline
0.60
estate
Packing Co
Meat
Tokheim
26
real
pumps
J. A Details -not
t Adjusted
a
complete
for
slock
as to possible' longer record..
dividends, splits, etc.
Including predecessors.
Continued
gears
v
Joins United Sees.
Morton
(Special to The Financial Chronicle)
SANTA
GREENSBORO, N. C.—George G.
Egerton
has
joined
United Securities
eastern
the
staff
B.
—
Now Life Securities
C.
Morton & Co. has opened a branch
office at 326 Grant Avenue under
of
Company, South¬
the
d ire
t i qji
c
of
Richard
J.
DALLAS, Texas—The firm name
of
Lone
Star
Securities,, Life
Building,
has
to
changed
John
C.
has
Shamp
been
ad¬
mitted to partnership in the firm.
Ex¬
First Citizens Names
change.
Brophy has been elected President
GARDENA,
&
of First Citizens Corporation. Prior
Securities
Co. has opened a branch office
at
to this time, Mr. Brophy served as
Resident
Manager of the firm,
DECATUR, Ga.—B. C. Morton
Heathmoor
Place
under
the
which
management of Bennett H. Jordan.
is
located
in
the
Santa
Barbara Plaza.
il
Nikko-Kasai Branch
LOS ANGELES, Calif.—Donald R.
B. C. Morton Branch
656
been
..yru
Life Securities.
Gregory, Jr.
Building, members of the
Philadelphia-Baltimore Stock
Opens Branch
FE, New Mex.
Calif.
—
j4.£j4//i/h d Co.
Nikko-Kasai
Company has opened
a
branch office at 14325 South West¬
ern
Avenue
ment
under
of Paul N.
the
manage¬
Hayashi.
MEMBERS
New York Stock
Here We Grow Again!!
Midwest Stock
American Stock
Exchange
Exchange
Exchange (Assoc.)
WESTERN POWER & GAS COMPANY
(name changed from
Central
Electric
&
Gas
•
Company)
g
•
•
AND SUBSIDIARY COMPANIES
UNDERWRITERS
Pro forma'"
Historical
Fiscal Year
12 Months Ended
February 28,
1962
Ended
November 30,
1961
September 30
Fiscal Year Ended September 30
1961
1960
1960
1955
DISTRIBUTORS
1950
1945
Operating Revenues:
DEALERS
Telephone
.$42,721,841
$41,495,821
$40,688,233
$36,428,317
$29,291,488
$16,925,034
$ 9,753,576
$ 3,487,482
22,025,997
21,235,027
20,692,232
21,232,866
21,232,866
14,271,163
7,011,478
2,446,831
8,781,756
8,572,064
8,478,941
8,235,399
967,621
476,110
31,003
17,182
Gas
.
Electric
Water
.
(properties sold
Total
Net
42,170
before
Income
$71,302,912
$69,859,406
$65,896,582
$51,535,098
$32,154,889
$17,763,678
$12,236,456
$11,893,158
$10,808,266
$ 7,833,505
$ 4,240,511
$ 2,555,170
$
1,927,582
Minority Interest
Westgas
8,624,966
8,329,809
8,060,140
7,302,963
5,819,227
3,246,851
5,013,763
4,842,861
4,672,232
4,293,795
3,314,673
1,910,361
1,640,310
.$ 4,467,494
for
$ 4,296,592
$ 4,125,964
$ 3,747,235
$ 3,022,113
$ 1,743,517
$ 1,416,698
2,760,364
2,740,329
2,733,109
2,575,141
1,852,750
1,604,650
1,450,868
2,712,599
2,676,920
2,652,559
Shares
$1.60
$1.55
end
Average
Indicated
on
of
average
Notes: * For
(. (
.
period..
earnings
per
555,118
.
284,661
A
.
956,283
$1.64
properties owned
May 1, 1961 and
at
September
$8,335,813,^
properties
§ Western
Company
revenues
6 for
sold
5
in
stock
1951,
1957,
1960 and
1961.
split April 28, 1961.
;':/...
\
'/
& Gas Company has. contracted to
purchase not less than 72% of the outstanding common stock of Lee
Telephone
(headquarters at Martinsville, Virginia). For the year ended December
31, 1961, Lee Telephone had telephone operating
of 2,656,842, and had
31,819 telephones in service at December 31, 1961. Figures for Lee Telephone are not included above.
Power
NEW YORK
BOSTON
30,
1961. Southern Colorado Power Company (headquarters at Pueblo) was merged into Westgas
011
Southern Nevada Telephone Co. (headquarters at Las
Vegas) was merged into the Westgas subsidiary, Central
'Telephone Company, on September 21, 1961. For the 12 mouths ended
April 30, 1961, Southern Colorado Power Company had
electric operating revenues of
$8,312,028. For the 12 months ended August 31, 1961, Southern Nevada Telephone Co. had
telephone
operating revenues of
4 Reflecting
CHICAGO
share
basis
t Certain
Securities
.478,933
$
'
period
during
r
Municipal
824,755
$1.47
Outstanding*
.
At
'
Corporate and
2,544,892
.
Westgas
Common
&
$ 6,427,605
.$12,631,921
Income
Earnings Balance for Common Stock
of
916,522+
.$73,529,594
Operating
Net income
Net
1,010,744+
1955)
in
1.6
2.8
Title Insurance & Trust Co.
carrier
Corp.
1.4
0.9
24
;
9
33
of
Title
1*0.35
5.4
a54
finance—personal
•of Minnesota
20
i
chain
Inc.
Title
4.5
v
Temp
(Ky.)
Title Guarantee Co.
13
2.4
reinforced
Tinnerman Products, Inc
small
1.5
parts
Time Finance Co.
55
Fiber Glass
fabricators
Thrifty Drug Stores
Title
Turbines and reduction
5.4
0.60
2 1
products
fiberglass
Publishers
Terry Steam Turbine Co
papers
(H. I.)
glass,
Consumer
A
Manufacturing
171/2
*21
cotton
6.9
Terre Haute Malleable &
1961
of
16
Pipe lines
Manufactures fine printing papers,
and
34%
1.10
56 '
Inc.
Strathmore Paper Co.
papers
1.4
Thompson
poles
common
fO.95
73
&
Thomaston Mills
1.50
35
Tennessee Natural Gas
Manufactures
artists'
8.7
co.
Railroad
Stouffer Foods Corp
/•
-27
Tenn., Ala. & Georgia Ry. Co.
fabrics
Stonecutter Mills Corp., CI. A
Textile
23
insulation,
Ohio, Class B
Holding
Textiles, Inc.
and
1.50
(Spring¬
Formerly Third National Bank
Trust Co. of Springfield.
Name changed November 1961
range
1961
50
store
County
222
Telephone Service Co. of
financing
Hampden
Dec. 31.
;
98
department
(Dayton, Ohio)
Fiber
•
24
Inc
Third Natl. Bank in Nashville
Third National Bank & Trust
3.10
California land holdings
packets and boxes
Paymts. to
1961
100
Brothers,
2.00
De¬
Tecumseh Products Co.
3.2
473/2
tion
Dec. 31,
yarn
1.4
Sanitary
compressors,
31,
1961
21
cotton
California
Refrigeration
engines, etc.
(Houston).
Textiles, Inc.
Makes
Dec.
■
Texas Natl. Bank
plastic
and
Basedow
.
32 /
Mfr. of scientific instruments
2.4
1061/2
23
.......
rayon
Catamenial
Tejon Ranch Co
Sterling Discount Corp.
Auto
6.1
ranges
ties
Years Cash
'
Divs. Paid
-
Wide
Taylor Instrument Cos.
Stecher-Traung Lithograph
Silk,
19
J
Grey iron alloy castings
*40
Stern & Stern
20
Internal
V
<
V
field, Mass.).
Taylor & Fenn Co.
1.5
Com¬
Va.)
Labels,
10.45
45
Protection.
Gas
State Street Bank & Trust Co.
Corp.
of
Tampax,
Railroad
81
&
26
Taylor-Colquitt Co.
El Paso
merce
2.75
marine
Tappan (The) Co.
business
Bank of
0.9
12 Mos. to
Quota-
Third National Bank of
14
and
V
:....
operator
Manufacturer
State National Bank of
State Planters
casualty
-
V
Co.
Tampax, Incorporated
4.2
vices,
—
and
6%
refrigerator
Syracuse Transit Corp
Hardware
Loans
foams,
1
Richmond
0.06
assys.
Wholesale food distributor
4.1
brushes,
personal
Class A
4.5
insurance
Stanley Works
State
22i/i
condensers
and
toiletries
State
13
spring
(Allentown, Pa.)
,
25
V,
Thalhimer
Super Valu Stores, Inc
•
waxes,
1.00
Stuyvesant Insurance Co.
2.1
colorings and seasonings
Stanley Home Products, Inc.
(Non-Voting)
Manufactures and sells
back
and
polyurethane
shelves
57
Co
3.5
% Yield
,
Extras for
'
1961
stoiu
Screws and screw machine products
Stange
23
\
*
Approx.
Including
No. Consecutive
Paymts. to
Dec. 31,
department
Large Philadelphia
1961
0.80
15
Clothier
&
Stubnitz Greene Corp
11
Standard
Dec. 31,
1961
hardware
Wholesale
Paymts. to
Dec. 31,
31,
29
Stratton & Terstegge Co.
on
i".
papers
31,
1961
'V '/'v i„
V
on
'■
$
ing Co
Dec.
Divs. Paid
Paper Manufactur¬
Sulphite bonds & coated
tion
Years Cash
% Yield
l\lo. Con¬
Standard
12 Mos. to
Based
Approx.
Including
Quota-
secutive
Shopping Center for Securities
Extras for
Cash Divs.
1
% Yield
No. Con¬
49
Sxijf
II
OFFICES IN OVER FORTY CITIES
on
page
50
W v *w i0*rr^r<wt»ti itfitfliynVH" ' ^yjjW'JFw^MfYyfo <*?p|VwMPf)fc»>^^^Sjr^^rr
i^ Hfwjiiriwow*«v< ^»y \' ^
The Commercial and Financial Chronicle
50
.
.
Thursday, April 12, 1962
.
(1766)
Jl.
Cash Divs.
No. Con¬
secutive
Including
;
Quota-
No. Con-
Extras for
secutive
12 Mos. to
tion
Years Cash
Dec. 31,
1961
Dec. 31,
1961
Divs. Paid
28
lawn
Power
wheels
4.4
1.05
33%
3.1
Union
Life,
Co.
Ins.
Manufacturers
96
1.60
166
1.0
36
(Hartford)
2.50
56
4.5
Union
2.9
8%
0.25
19
COMPANY'S
28
f2.81
155
1.8
44
—
Details
0.80
51
1.6
of
oil
United
ON PAGE 54.
ADVERTISEMENT APPEARS
1.7
35
0.60
36
Life,
complete
is
Insurance
Life,
$1.40.
now
4
asif
i
U. S.
1*0.39
447/8
0.9
23
21
62
12.19
74
3.0
1.60
71
2.3
y.
MEMBERS NEW YORK STOCK EXCHANGE
Co
1.43
311/4
4.6
DETROIT STOCK EXCHANGE
AMERICAN STOCK
•
SOUTH
LA
NEW
YORK
7
v,
7".
EXCHANGE
U.
,.
25
S.
0.3
21
0.35
27
1.3
1.20
40
3.0
27
0.30
13
2.3
24%
4.1
2.9
name-
4.00
r:r
Investment
1.0
•
and
30
1.00
109
13.95
(Del.)
of N. Y
management,
151
2.6
trusts,
estates
23
0.84 X
31%
2.7
34
Utilities, Inc.
0.40
17%
2.3
Holding company
1
___
Manufacturer
0.7
600
inspection
Truck Lines
S. Trust Co.
U.
-
distributor
and
multifocal
and
eye
of
blanks
opthalmic lens
glass frames
*
•
One
of
offering
capital
60,000
of
Construction
of
the
most important services to
our
institutions and individuals
Design,
U. S. GOVERNMENT,
estimated
$247,000,
at
and
company
construction
MUNICIPAL BONDS
AND
used
loans
MERCANTILE
fi¬
to
to
cus¬
TRUST•
of 451 North La
Cienega Blvd., Los Angeles, is a
MILWAUKEE
-
MT.
building
general
RAPIDS
contractor
en¬
8th and LOCUST
gaged in the business of remodel¬
CLEMENS
modernizing
ing,
650
residential
and
expanding
commercial
and
New York
prop¬
erties.
Retail
Dial 211 Request
Lee & Johnson With
Coast
ST. LOUIS 66, MISSOURI
•
Correspondent 14 Wall Street
Chicago Telephone to Bond Department
Trading
to
STATE
per
will be added to the general funds
nance
GRAND
3-5700
Wire Connections Coast
89
18%
The company
TELETYPE
CG
2.60
0.05
production
Univis, Inc.
proceeds,
(ASSOC.)
3, ILLINOIS
ANdover
1
63
Inter-city motor carrier
United
833/4
0.82
share is being made
by Thomas Jay, Winston & Co.,
Inc., Beverly Hills, Calif., and I.
J. Schenn Co., New York City. Net
SALLE STREET
TELEPHONE
DETROIT
KANSAS CITY
4.3
radiation
and
tomers.
CHICAGO
3%
11
panels
research,
engineering
accident & health
of
39
0.15
min¬
18
Testing Co.
and
22
Inc., at $5
MIDWEST STOCK EXCHANGE
•
0.2
(Portland).
Testing,
utility
Construction
ox
McDowell
.V
79
estate
Common Sold
' V.. •-■.'7■
■
o 1—( CO
group
and
Industrial
dials,
2.3
produc-
Co.
shares
7
and
land
Bank
65:
fl.51
health
Public
^
1.6
2.8
Realty & Investment Co.
Listed & Unlisted Securities
Straus, Blosser
72
42%
U. S. Sugar Corp
Design, Inc.
U ndcrwriters—Brokers
1.15
1.20
41.
on
ni box
.auk;
Natl.
U. S.
United Life & Accident
for 2V2
rate
S.
Sugar
(Chicago)
accident Sc
23
53
*54
3.6
United Insurance Co. of
for stock
dividend
45
1.60
32
of Maryland
Illuminating
3.0
11
health
company,
sources,
57
Connecticut operating
x'
Interests
Real
Memphis—
Gas Corp.
gas
19%
XXX :
Insurance
Phosphors,
3.0
50%
0.60
9.8
5.9
plates
25
and natural
prod-
paper
U. S. Radium Corp.
1.50
17
insurance
accident,
eral
U.
United California Bank
as to possible longer record,
dividends, splits, etc.
for 1 split on Jan. 15, 1962.
j Figures adjusted due to 100% stock dividend effective Feb. 19, 1962.
Annual
5.2
Bank of Youngs-
Union Trust Co.
utility
Figures adjusted
Life,
Holding
58
3.00
1.00
22
ether
the City of N. Y
Texas Nat.
Crude
insurance
not
t Adjusted
i
2.6
*37
America
«■
47
Diversified
tion
Twin City Fire Insurance Co.
Diversified
1.20
3.3
6%.;,
U. S. Life Insurance Co. in
Planters National
Union
GAS, ELECTRIC
gas
3.9
24
Class B
Georgia
LIGHT AND POWER CO.and
3.1
41
40
30..
0.60
envelopes, tablets,
and
U. S. Fire Insurance Co
Pitts¬
Bank in
cups
U. S. Lumber Co
town, Ohio
2.6
46
1.20
25
insurance
Bank
Electric
443/4
1.60
14
Co.
burgh X.
saddles
TUCSON
ji
1.00
etc.
' X;
XX/
.X';X:X'Xi4
Fidelity & Guaranty Co.
ucts
U. S.
lighting poles and
piling
Union Natl.
Trust Co. of
1.2
redwood
Natl.
ice,
Diversified
19
—
Outdoor
automotive
Manufacturing Co.—
Bicycle
99
foundation
Trinity Universal Insurance
Company (Dallas)
Troxel
28%
1.28
3.8
20
Corp
Envelope Co
paper
utility
Lumber
Union
equipment
Diversified
U.
Union Metal Manufacturing
pipeline
Corp
of
4.5
15
.
System, Inc
gas
California
health
Products
173/4
Car-icing,
Co.
accident,
Trico
Gas
Union
4.1
24%
1.00
system
Travelers
0.80
Union Commerce Bank
11
gas
25
10.65
16
10
(Del.)
U. S. Cold Storage
;>
0.60
V
;
2.5
Manufacturer of
31%
Natural
lines
40
2.3
i'v;:.'x■:
23
bus
1.00
45
1961
■
Bolt Corp.—-
15
S.
Dec. 31,
•
23
Class B
28
Paymts. to
1961
wrapping and
United Transit Co.
—:
tion
Dec. 31,
Publishers,
gift
United Screw &
(Los Angeles)—
Bank
31,
1961
goods
party
refrigerators
(Cleveland)
natural
United Printers &
building'
1.40
carrier
Corp.
Interstate
office
forms
Business
ranscontinental Gas Pipe
Line
and
12
Lines
4.5
Inc.
;
——
Based on
$
Urban
17
freight—common
88
Dec.
Divs. Paid
J.
marine
Uarco, Inc.
Union
truck
Fork-lift
ranscon
'
gears,
Commercial
3.3
58
fl.94
45
xx-X:'/"
Quota-„
12 Mos. to
Years Cash
X'/ Greeting cards,
Tyler Refrigeration Corp
tableware
'• ,X
■
Approx.
% Yield
'
Extras for
No. Consecutive
,
"
couplings and
Bagley Corp.
•
■
I/''/"/:/'
reverse and
industrial
type
hydraulic
converters, and universal
Theatre
2.9
-
Towmotor Corp.
Motor
220
blower
Mfg. Co.
silver
;4.9
33
,►
torque
joints ;r'
1.7
blades
fan
and
clutches,
hydraulic
:.
.
1961
in¬
takeoff
units, machine
reduction gear
.
Dec. 31,
power
tool
' "
machinery,
Manulactures
Sterling
10.95
Paymts. to
1961
4.00
28
...
'
tion
[,
Including
on
duty
heavy
and
reduction
;
of
clutches,
1961
28%
mowers
Torrington Mfg. Co.—
Towle
1.40
27
Manufacturing Corp
Manufacturers
dustrial
Dec. 31,
70
il.20
16
Toledo Trust Co
Approx.
% Yield
Based on
Paymts. to
Based
Dec. 31,
31,
1961
$
Twin Disc Clutch Co
Cash Divs.
Dec.
Divs. Paid
Continued from page 49
Quota-
12 Mos. to
Years Cash
Shopping Center for Securities
Toro
Extras for
Cash Divs.
Approx.
% Yield
Including
OTC Market—World's Largest
Enterprise 81^70
RESOURCES OVER $600
Anderson & Strudwick
MILLION
RICHMOND, Va.—Garnett O. Lee,
Jr. and Thomas N. P. Johnson, Jr.
have^
become
Anderson
Main
&
Milburn, Cochran & Company
Members
1
.
Pont
Stock
•
Richmond
Stock
SERVICE
AT YOUR
Ex-
THROUGHOUT
&
with
was
Co. and prior thereto//
Scott, Horner & Masori. x-
•
/f//
V|iSCONSIN i
;
....
.investment facilities!
With Sutro & Co/b/x-
Incorporated
Midwest
-
-
changes. Mr./, Bee,;Was formerly/;
local/ Manager
for 'Francis
I
1934
du
v
with
Street, members of: the New
York, and
Established
associated
Strudwick, 807 East-
X
/ (Special to The Financial Chronicle) /r'/'?
Exchange
FRESNO, Calif.—George Flint, Jr.
has become associated
with
Sutro
&
MUNICIPALS
-
Co., 2132 Tulare Street. He was
formerly
with
Merrill
Lynch,
Pierce, Fenner & Smith Inc.
CORPORATES
I
&
With Stone & Webster
110 EAST
1ST ST.
WICHITA 2, KANSAS
FIRST NAT!
OKLAHOMA CITY 2, OKLA.
BOSTON, Mass.—William J. DeWan
has
Kansas City 5, Mo.
Private
to
611 Merchant St.
Wolcott Bldg.
Emporia, Kansas
Hutchinson, Kansas
wire
Kansas City, Okla. City, and Hutchinson
offices and
F* F. Hutton & Co. Kansas
City
become
&
Webster
associated
SECURITIES
INVESTMENT
with
*
Stone
15 West 10th St.
INCORPORATED
(Special to The Financial Chronicle)
BLDG.
.»
Securities Cor¬
.
.
•
\
.
•
E.
-
'
.
-
••
Mason
•,
poration, 49 Federal Street.
He
was
formerly with White, Weld
225
& Co.
Members: New York Stock
x'"/-
•
St.,
•
'
►
.,
'.1
Milwaukee 2, Wis,
'
..
.
'
■
X
Exchange*Other Principal Exchanges
Form Nathanson
to
Nathanson
50
,&
£o.,: Incorporated
with; offices: at/-/
Broadway, New York' City, to
'
has
been
engage in
a
:.•
-
xMI
405
.
formed
securities business.,.„ X
Phones:
Mi»;WAUKEE:
;QR
O:
ST 2-0933
Volume
Number 6150 V.'. The Commercial and Financial Chronicle
195
Including
OTC Market—World's Largest
';yV;,.V'
Shopping Center for Securities
1
■■
Extras for
Quota-
secutive
12 Mos. to
Hon
Years Cash
Dec. 31,
1961
Dec. 31,
Divs. Paid
Based
Van Waters & Rogers, Inc
on
and
Dec. 31,
u,?
^ .I
Electric
-14
,,m
ti '
Upson-Walton
ttt
blocks,
fittings
blocks
:
'
and
Company
and
9%
•
.,
'
.
v :
Valley Mould & Iron Corp...
3.00
29
Vanity Fair Mills
1.00
*14
"
33
4.5 V
1.45
•»
2.00
2fi
.
..**„
5.00
^0
60%
/■
yy
1961
1.35
IN
0.4
12
14
2.4
10%
2.9
39%
1.3.
fO.33
bowling pins, etc.
28
0.30
".W
ingot molds and
y
.Vy-
\
650 V/V 0.8
/
(Winston-Salem)
26%
9.00
63
169
Walnut Apartments Corp
...
.15
0.20
5%
3.7 V
i
.iVAvVV.'V: V. V
,
5.1
Owning
f 5.3
in
and operating
Philadelphia
tools,
Machine
earth
2.25
•
apartment
48
4.7
41V
3.9
13
1.60
moving ma- •'1 /-
,
V-''
;
/
:
V chines; textile machinery, etc.
lJOO': 44"%
f0.65
2.2
25'
♦Details
not
t Adjusted
12.6
a
complete
for stock
to
as
possible
dividends,
longer
splits.
1
record.
;
;
et»
,'■
v •
Including predecessors.
Continued
on
page
AND MID WEST
have
we
we
have excellent
ilffl
correspondent bank
,28
facilities
Bank Offices
AT YOUR
SERVICE
PUBLIC UTILITY
HANK oft/,e COMMONWEALTH
Resources
Member Federal
Reierve
Syitem
$396,000,000.00
Member Federal
Depot it Insurance
:
'y
California-Pacific Utilities
ex—*-
MICHIGAN
DETROIT,
gas, water
'V-y.
•
Company operates electric,
and telephone services. Its territory includes
.
r*<."
••••■;.
—
Distributors
—
Oregon, Nevada, Idaho, Wyoming, Utah and Arizona.
Corporate and Municipal Securities
.
During the
Bonds
Lutheran Bonds
—
California,
Dealers
'
Institutional
..W
.
86 communities situated in 25 counties of
Underwriters
x-^ibibiiiSbfc
:v:v:<l>:q:oxo:
Trading Markets and Retail Outlets
; : : : :
census
decade ended in 1960, the
popu¬
lation of. the counties in California-Pacific Utilities
.
territory increased 47
x-Xv:-:o:o>:o:ox
•x;::::!<if:b!b:<
•-X*:-:-:
...
per cent,
while that of the
.
United States
•:v:--'X«xo:o:-:i>:o;
as
a
whole increased 18 per cent.
'0O\
*V
^ 7
i
* SUCCESSORS TO PAUL BROWN & CO iffc.'if
9au!B rowfi iTiuilJing, St. oCouis
New York Stock
American Stock
Exchange
Exchange (AssocJ
'
TTloe
80
Midwest Stock Exchange
'
\
„
„
t,
90
,w
Chicago Board of Trade
_,
70
Chicago Mercantile Exchange
K
Teletype-,
SL
'
^ - - •
s
r
.
,
•.
-.
-
J
357
V
Direct Private
Wires
>
,
,
V'4 ,** ;.o
to
♦;
•,
t
Telephone
;
MA 1-5448
/ ^
*
\
<
>
•<
60
/
.
.
50
Vilas & Hickey, New York
E. F. Huttori & Co., New York.
-
40
30
20
^Specialize^
in
>
;•
•: ;
.-x\U}..'
10
making close and sizeable position
itaarkets ih( a wide variety of unlisted
! • i
/
issues and are always interested in
;-/v I
.
purchasing blocks for
'■*. y'
t->.v
■
our own
"
i'J..y-
,tr\
••
retail
Between 1951
'V
and
1961, number of customers increased from 44,726 to 72,553; total
distribution.
revenues
from
$5,339,630 to $12,981,918; and net income from $480,043 to $1,176,786;
representing increases of 62
145 per
SCHERCK; RICHTER COMPANY
Members
320
■
5
Midwest
N.
Stock
*
/
' *
V
.
.
in customers, 143
per cent
V
:
in
revenues,
;
•
f;
and
./;•
<*;
California-Pacific Utilities Company
ST. LOUIS 2, MO.
Bell Teletype SL 456
cent in earnings.
per cent
Exchange
4th Street
/
1
550
GArfield 1-0225
m-
f*
1
:
Warner & Swasey Co
.J
a40
0.50
*23
>
..
26
...
Wakefield Corp.
/
Abrasives and electrical products
IN MICHIGAN
DETROIT
iron
house
Inc-~ 13 |i
Vl™
'
heels,
106
1
Wachovia Bank & Trust
3.3
" 1 •*.;'' :/<
■y/.V'{\'.'ii.vi'r. ;;1 » h* ,-"4';•*
vr^.\
.,
Voi-Shan Industries, Inc
2.0
'
Manufactures metal fasteners and
V ./Vfe ■'
precision metal components
; -
•
.
Cast
[,
29
1.4
73%
Paymts. to
Dec. 31,
1961
f0.38
onl*
Vulcan Corp.
9SK.2BJ!* lMul. to vlretol*
•;
71%
*
" "
Corn
diking Pump Co
6.1
' V
.
tion
Dec. 31,
accessories
„
^
31,
1961
19
Co.
Vulcan Mould & Iron Co.
computing
.
Arizona—
Lingerie
V 49
'• V.
'
1.4
%
28
and
Rnnriholdpr?
...t.
Ingot moulds and stools
Valley National Bank
571/4
Wood
r.'">
/""v
"
26
;
1.50
28
3.2 : $ iy.Rota7 p"mP?
_
^
V •/>, Virginia Coal & Iron Co.
/V
*; 31
:
Dec.
"% Yield
Based on
Quota-
Volunteer State Life Insur¬
Non-participating
York City real estate,
"
1.00
'
:
Divs. Paid
ance
victoria oonanoiaers y,orp
-
.
-•
29
Insurance
f0.79
no
counting
Victoria
-
,
-
Years Cash
1961
devices
-
»
....
casualty
Makes
■
6.2
■
♦
-
23
Veeder-Root, Inc.
:
,
-12 Mos. to
Dec. 31,
chemicals
of steam generators/ thermostatic and electronic
devices, car heating systems
5.5
:
0.60
27
tackle
Extras for
secutive
Paymts. to
1961
Manufacturers
11
'y;_
Utah Home Fire Insurance
Fire
61
^
Co
rope,
tion
Dec. 31,
Name changed September, 1961
W
0
0.60'
«
(The)
hook
crane
v'
,ml
..Manufactures.-'Wire
rcpe
fift
*
21'
31,
1961
-Approx.
Including
v
No. Con-
Formerly Vapor Heating Corp.
1
■
.
public utility
board'°r """ IMelrtot abM wa"'
rr
Dec.
''V
on
apparatus
Vapor Corp
$
Unner Peninsula Powpr
scientific
r*n~rs
1961
1961
Industrial
Wholesalers,
Paymts. to
'
Upson (The) Co.
12 Mos. to
Divs. Paid
Based
$
% Yield
l\!o. Con-
•
y2?E,
Quota-
51
Cash Divs.
Approx.
Extras for
Approx.
including
% Yield
Cash Divs.
:
x
Cash Divs.
(1767)
CALIFORNIA
STREET
•
SAN
FRANCISCO
4,
CALIFORNIA
52
52
The Commercial and Financial
Chronicle
(1768)
assistance to states and local gov¬
IBA Opposes
ernments and educational institu¬
"Stand-By" Act §/
WASHINGTON, D. C.—Empha¬
sizing that states and local gov¬
ernment
financing continues to
set
Association
Bankers
opposed
Capital
1962."
c
President
the
available
to
make
additional
an
states
in
Investment
of America
the proposed "Stand-by
Improvement
Act
of
This proposed act would
authorize
to
the
records,
new
$2 billion
governments
local
and
grants and loans for public fa--
i 1 i t i
when
unemployment
specified levels.
e s
reached
Cushman
the
mittee
made
tee
that
McGee, Chairman of
Municipal
of
the
Securities
IBA,
the
Public
on
ready
the
before
Com¬
testimony
House
Commit¬
Works, pointed out
Federal
has
in
Government
authorization
to
al¬
make
in
the
fiscal
year
1963
for
public facilities and au¬
thorization to make Federal loans
aggregating over $1 billion in the
fiscal year 1963 for such purposes.
Mr. McGee stated that the pro¬
posed program to authorize an ad¬
ditional
$2
billion
of
Federal
grants
loans
and
is
unnecessary
and undesirable because:
operates automati¬
contra-cyclical basis,
increasing in recession periods.
This was illustrated by a sharp
rise in municipal bond sales dur¬
ing the 1953-1954 recession, the
on
1958
recession
$4.4 billion in
in
issues
of
bonds
1952
state
were
of
state
Sales of
and
new
ary
of 1962 continued at
aggregating
pace,
lion.
(2)
over
a
stock
Washburn
$1.9
in
bil¬
recession would be
a
alloy
tion
in
Federal
personal
and
Life,
Co.
latest
prices, quotes,
Producer
income
pounds,
glass
j have
advantage of operating
invigorate the private segment
Oils
acquisitions
FIRST]
The
27
shares
of
12
Co.
of
other
distributor
fl.60
78
261/2
I 2.1
1.34
iOVs
3.3
installation
2.1
of
lighting systems
COAST TELEPHONE
*
22
ADVERTISEMENT APPEARS
Steel
Steel
castings
equipment
ON
26
Foundry
and
PAGE
41.
1.00
5.5
181/8
transportation
Over-The-Counter Consecutive Cash Dividend
to
Payers From 5 to 10 Years Appear in the
Second Table Starting on Page 53.
its
use
West Ohio Gas Co
Natural
companies
of
12001
San
,
West Penn
;
since
1924
in
the
22
utility
gas
10.68
18%
(distribution
3.6
/ :? /'v.
,/r:
only)
Both
;
Co.--
*39
73
4.1
1.20
241/4
4.9
91
1.40
41
3.4
24
kl.40
58
26
and
3.20
75
utility
hold¬
ing company
West Point
Textile
i
Power
operating
Mfg. Co
manufacturing
Monrovia, Calif., near Los
Angeles. In 1961, Brentwood Sav¬
ings and Loan Association merged
Westchester Fire Ins.
Diversified
(N. Y.)
Insurance
Monrovia
Loan
Mutual
Western
Casualty & Surety
Company (Kansas)
_
•
Multiple
line, fire & casualty
fidelity and surety bonds
Savings
Association.
Western
Electric
Bell
Conductron Corp.
Class A Offered
Corporation
Member Midwest Stock
Exchange
McDonnell
National City E. 6th
Building
&
Co.
Western Light
•
Supplies
Electric
head
is
CV 444
A
shares
common
of
Operating
controls
Con¬
Youngs town
Corp. at $12 per share.
company, located in Ann
Arbor, Mich.,
was
*
formed around
group of scientists and engineers,
many of
whom were associated
with The
University of
Michigan.
primary activity
company's
consists
of
research
and
Details
POWER
0.8
23
fl.20
341/4
3.5
36
1.20
26%
4.5
20
fl.25
29%
4.2
and
k 25 %
Is
now
complete
stock
for
stock
GAS.
&
and
Gas.
Also
companies.
ADVERTISEMENT
not
t Adjusted
a
The
water
gas,
Electric
telephone
COMPANY'S
ductron
The
4.60
utility holding company
WESTERN
an
underwriting group which
offering for public sale 125,000
class
3.60
for
Western Massachusetts Cos...
&
Stieglitz, New York City, jointly I
14, OHIO
equipment
.
& Telephone.
electric,
2.4
telephone service
Halle
and
telephone
System
";
and
Co
Makes
to
as
possible
dividends,
dividend
splits,
paid
was
on
*
$1.20.
APPEARS
ON
PAGE
49.
longer record,
etc.
1962.
Jan.
Annual
dividend
rate
.
r
develop¬
ment in the general field of elec¬
tro magnetic radiation either di¬
&
4.9
101/4
around
and
Joseph, Mellen
6.4
flat
of
Corp.
West Mich.
Blvd., Los Angeles, has
engaged
with
Toledo
0.50
7
Brent¬
and
Municipal and Corporation Securities
Sandusky
0.45
4.1
241/2
10.56
savings and loan business in and
Columbus
1.00
stainless
greases
COMPANY'S
antee stock of Brentwood Savings
Loan Association which has
Distributors
been
Canton'
14
Rold
26
acquired all the outstanding guar¬
-
/ 6.6
,
Corp. at $12 per
company,
Vincente
Teletype: CV 443
38,
15
in its field.
Telephone PRospect 1-1571
2.50
Operating public utility
proceeds to finance expansion of
direct
operations
and
through
CLEVELAND
0.7
<<\
Maintenance and
The company
proposes
The First Cleveland
92V2
Wells Fargo Bank
Of the total, 30,000 shares are
being sold for the company and
120,000 for the account of certain
stockholders.
STREET, NEW YORK 5, NEW YORK
Dealers
fO.62
share.
NEW YORK STOCK EXCHANGE AND OTHER PRINCIPAL STOCK AND COMMODITY EXCHANGES
Underwriters
4.0:
producer
Micro
of
and
and
WEST
common
Financial
31 y2
Welsbach
City,
offering for public sale today
wood
PIERCE, FENNER & SMITH INC
70 PINE
Co
gas
Waverly Oil Works Co.
group
headed
by
Hayden,
Stone & Co. Inc., New York
150,000
1.25
Manufacturer of paints, varnishes,
industrial coatings, chemical com¬
A
H MERRILL LYNCH,
MEMBERS
a]nd
Watson-Standard
Stock Sold
is
4.6
39
CO.
Marketing Department
23%
health
steel and strip
Financial
simply contact—
1.10
strip
Washington Steel Corp
Brentwood
information}
or
1961
37
and
(Evanston, 111.)
oil
street
For
1961
23
wire
accident and
Crude
taxes which would operate imme¬
through bond diately to increase
spendable in¬
construction by
local come.
This device would
these pages?
Dec. 31,
19
Co
rods,
Washington Oil
of the economy which would need
the greatest stimulus.
on
Wire
steel
ance
Financing
sales
1961
on
Paymts. to
31,
Washington National Insur¬
reduc¬
a
tion
Dec.
31,
Manufacturers of high carbon and
(4) The most effective stimulus
record
Based
Paving contractors
fiscal year 1963.
bonds during January and Febru¬
Quota-
$
Federal loans aggregating over $1
billion for such purposes in the
municipal
Dec.
Divs. Paid
Warren Bros. Co.
and
six months of 1961.
issues
to over
Over
12 Mos. to
Years Cash
vide substantial funds for Federal
% Yield
Extras for
secutive
Existing Federal financing
programs already pro¬
(3)
Approx.
Including
lion for the fiscal year 1963 to as¬
sist states, local governments and
Interested...
any
Cash Divs.
No. Con-
assistance
to
in
Continued from page 51
$8.3
3,629 new
educational institutions for public
municipal
facilities
and
authorization
for
sold during the first
1961.
Thursday, April 12, 1962
1960-1961
grants and loans to accelerate
billion
.
recession.
the great
...
the
and
.
OTC Market—World's Largest
Shopping Center for Securities
a
cap¬
(1) State ana local government
ital expenditure programs when
financing of public facilities has
continued to set new records, with needed, with authorization under
programs
for
Federal
sales of new issues of state and existing
grants aggregating close to $6 bil¬
municipal bonds increasing from
grants aggregating close to $6 bil¬
lion
for
tions
governments
cally
.
UNDERWRITERS—DISTRIBUTORS—DEALERS
rectly or indirectly for the U. S.
Government.
The company
also
Miller, Inc.
in research and develop¬
production
for
other
corporations.
engages
ment
INVESTMENT SECURITIES
At
and
the
present
time,
virtually
all of the
East Ohio
company's research and
development
efforts
are
being
Building
carried
Cleveland 14, Ohio
Teletype—-CV
365
,
out
under
AVCO's
Telephone—TOwer 1-5565
Research
Conductron
tion
land
"
Ave., Mansfield, Ohio
of
proposes
for
debt
the sale
and
future
its inception to
St., New York, N. Y.
427 Glessner
with
Advanced
and
to
to
building.
jm
i
■
i
prompt; dependable
i
of
organization embraces
our
over
90 Account Executives in five states, backed by
experienced underwriting department. We will welcome
your
From
inquiry.
1961, the
V. De Curtis Opens '
326 Walnut
Phone 621-6316 —CI585, CI232
aniJjLompdny
Direct
Members
engaging in
a
securities busi¬
from offices at 1060 Allerton
Avenue.
NEW
Principal Exchanges
Street
Cincinnati 2, Ohio
Weslheimer
:
BRONX, N. Y.—Victor De Curtis
ness
■
apply
reduc¬
company had net sales of $924,501
and net income of
$30,337. .
is
—
placement and distribution for underwrites and offerings. Our extensive retail
acquisition
Dec. 31,
estheimer offers
Gen¬
Dynamics.
proceeds from
Broad
and
Development Division,
eral
25
contracts
Chrysler Corp.'s Missile Division,
——
YORK-CINCINNATI
Wire:
Offices
Hayden, Stone & Co.
Throughout the Midwest
TELEPHONE:
WOrth
6-2115
Volume
195
Number 6150
.
.
.
The Commercial and Financial Chronicle
(1769)
■'
■
■'".v..''.';
i..-.''
OTC Market—World's Largest
:v''
No. Con¬
Extras for
secutive
12 Mos. to
Dec. 31.
'J'Divs.
■
.•
Paid }
1961
Quotation
Dec. 31.
Based
■
0.39
10
Wiser
on
1961
Manufacture,
'
of
forest
29
____
and
1.20
32%
Diversified
3.7
0.80
16
Manufacturer
Paymts. to
Dec. 31,
1961
1961
OVER-THE-COUNTER
47
44
6.8
15
1.00
52
1.9
0.20
9
2.2
23
2.50
66
3.8
20
1.80
53%
3.4
13
gas
3.00
24
natural
5.0
insurance
Conversion
Manufacturer
sale
lating^
Corp.
of
automotive
0.80
16
5.0
pro¬
Consecutive Cash
of
'
.
Co.
wallboard,
cushioning
DIVIDEND PAYERS
insu¬
materials,
etc.
Woodward Governor Co.
Speed
cable
,
controls
for
for
;
engines
and
propellers
products
Whitaker Paper Co
products
and
3.05
28
90
cordage
Bank
turing Co.
16
Manufacturer
of
Portland
f1.62
'
musical
Whitin Machine Works
75
f0.99
Cranes,
and
of
1
v
•
Cash Divs.
0.40
9%
4.2
and
plate
fabricators
rubber
molded
49
and
2.00
41
chemical,
railway equipment
4.9
Whitney Blake Co.
Insulated wires
and
Will & Baumer Candle
and
beeswax
of
Wilmington
Winters
(Dayton,
Wisconsin
surance
Life,
Co.__
66
1.00
16%
York
1.60
and
heating
Trust Co.
&
——
33
4.8
2.75
54
public
69
1.20
80
30%'
Concessioner,
3.9
Young
0.60
63
Licorice
1.0
paste
Wisconsin
1.51
46%
3.3
Southern
natural
Owns
Gas
20
33
mines
f0.28
4.5
2.00
39
0.85
29
26%
4.5
Details
not
t Adjusted for
complete
stock
1.55
38
4.1
1.00
17
5.9
8
0.82
36
2.3
9
i'0.52
21
2.5
5
0.05
4%
8
0.54
23%
service
-
&
Puritas Waters
Bottled drinking water
Barcalo Manufacturing Co
5.1
Chairs, bedding, hand
3.4
;
Precision ball bearings
,
and
to
as
1.1
tools
: v"
-
■
.
v
possible
longer
Accident
record,
and
'
*7
health
tO-19
'
43%
\
0.4
•
,
„
dividends, splits, etc.
2.3
"
Beneficial Standard Life
Insurance Co.
*
0.2
;
7
Inc.
6.7
3.8
public
81%
8
Barden Corp.
23
10.19
apparel
Midwest
Illinois
1961
.-;
'
heating equipment
co.,
Arrowhead
75
$
^
Angelica Uniform Co
.
5.00
*15
in
6%
J
51
In
1961
8
Holding
4.7
tobacco
stores
1961
-mi:
Chemicals,
Formerly Air Products, Inc..
Name changed July, 1961
Kentucky
0.99
16
gas
55
fl.47
Park
Zeigler Coal & Coke Co
utility
Company, Inc.
Operating
utility
16
Dec. 31,
Industrial and institutional service
Curry Co.-
for
Pavmts. to
Dec. 31,
American Mail Line Ltd.—_
Younker Bros.
insurance
public
2.60
148
National
tion
Dec. 31,
Allied Thermal Corp.
17
.
on
12 Mos. to
Inc
6.7
.
(J. S.) Co.
Department
Operating
15
Operating public utility
4.0
and
Wisconsin Power & Light Co.
Air Products &
utility
Yosemite Park &
43
sickness
5.9
Trans-Pacific
In¬
Co.
.
■{'•
County Gas Co.
Operating
Trust
Life
1.00
plumb-
supplies
York Water Co.
Bank
20%
6.1
,
Ohio)
hospitalization
1.2
lng
29
National
accident,
520
1.20
26
stamping, wholesale
Based
secutive
■"
metals
(Del.)
Natl.
6.00
77
28
Corrugating Co.—
Metal
Quota-
Divs. Paid
~
steels
2.0
York
Williams & Co., Inc
Distributor
V 10%
cables
Whitney Natl. Bk. (New Or.)
Candles
0.20
20
finished
% Yield
Extras for
Years Cash
plastic
products
Wyckoff Steel Co.
Cold
Approx.
Including
No.- Con-
Trambean,
foundry
25
retailer
Wyatt Industries, Inc.
Steel
•
and
Instruments
.
3.4
29
machinery
Whiting Corp:
Company
Manufacturer
V
cement
5 to 10 Years
;:
4
(Mass.)
Wurlitzer
5.8
28
'
Worcester County National
3.4
Whitehall Cement Manufac¬
Textile
Dec. 31,
products
Whitaker Cable
Paper
and
(Battle Creek) Class A
Wood
27
conversioh
31,
1961
5
Company
oil
table ii
on
Wolverine Insurance Co.,
2.5
Holding company and /publishing
telephone directories
Weyerhaeuser Company
Dec.
Based
ducer
Dec. 31.
15%
Oil
Crude,
Paymts. to
1961
tion
Divs. Paid
.
Corn,
12 Mos. to
■
$
Western Utilities
Quota-
Years Cash
% Yield
Years Cash
.
Approx.
% Yield
Extras for
secutive
Appiox.
Including
>'•;
Including
No. Con-
Shopping Center for Securities
Cash Divs.
Cash Divs.
'
,
53
Continued
on
page
54
Littelfuse, Inc.
Common Offered
Firm
Cruttenden, Podesta
Trading Markets Maintained
and
cago
&
associates
are
WE
Co., Chi¬
offering
MAINTAIN PRIMARY MARKETSJN
AH States
Freight, Inc.
Monroe Auto Equipment Co.
American MonoRail Company
Littelfuse, Inc., at $11.50 per share.
Of the total, 50,000 shares are be¬
FLORIDA
Barton
Park Drop Forge Company
ing sold for the company and 50,-
Bloch Bros. Tobacco
OVER-THE-COUNTER SECURITIES
j
Ohio Crankshaft Company
publicly 100,000
shares of
common
000 for certian stockholders.
Net
proceeds
to
the
Distilling Company
Erie Resistor
company
Company Penton Publishing Company
Corporation
Rand Development Corporation
will be used for general corporate
Rdadway Express, Inc.
purposes,
including the acquisi¬
tion of additional production fa¬
Franklin Electric Co., Inc.
Steel Improvement & Forge Co.
cilities.
Underwriting and distribution
throughout Florida
Foote-Burt Company
Halle Bros.
Headquartered in Des Plaines,
111., the company manufacturers a
wide range of products for the
e.w.
electronic,
STEWART & CO.
INC
trical
automotive
industries.
portion
Company
Harris Calorific
FRanklln
United Screw & Bolt Corporation
substantial
A
Inquiries Invited
•
MIAMI.32, FLORIDA
of
Fulton, Reid
fuses
and circuit breakers, but it
designs and makes switches,
relays and related products.
also
7-4951
•
TELETYPE:
MM30
Tokheim Corporation
elec¬
and
its output consists of
devices designed to protect lowvoltage electrical circuits, such as
AINSLEY BUILDING
Sterling Seal Company
Company
2100 East Ohio
&
Co., Inc.
Bldg., Cleveland 14, Ohio
Telephone 241-1920
Two With McDonnell
Teletype CV 83
(Special to The Financial Chronicle)
SAN
FRANCISCO, Calif.—Peter
and Franklin D.
Stacy
joined .the-staff of McDon¬
nell i &
Co.
Incorporated,
Russ
Building. Mr. Rice was formerly
H.
-
Rice
have
Butler,Wick
&
Company
"
(Established 1926)
with
Hill
Richards
&
Co.
Mr.
1
security
dealers
fntacy was with Walston & Co>
MEMBERS
Now
\V<. New York Stock
Exchange
Exchange (Associate)
Midwest Stock Exchange
American Stock
Groff-Hopkins
Hopkins
formed
Investments
to
continue
Ajax Magnethermic
Ohio Leather
ment business
Automatic Sprinkler
Ohio Water Service
Partners
Atlantic Business Forms
Sawhill Tubular Products
ton L.
Atlantic Register
are
has
been
'■■K
invest¬
the
of Verne E.
.
.
•
*
-
;"
We clear for'dealers in
Groff.
New York
Mr. Groff and New¬
Hopkins.
-
-
Cleveland
Pittsburgh
-
Toledo
-
-
Chicago
Cincinnati
Union National Bank
C-F-M Co.
Commercial Shearing & Stamping
Diamond Alkali 4% 2nd Pfd.
Dollar Savings & Trust Co.
Mahoning National Bank
Valley Mould & Iron
Youngstown Research &
Development
Bldg.,
Youngstown 1, Ohio
TELEPHONE
744-4351
BRANCH OFFICES: Alliance, Salem, Warren, Ohio; Franklin,
Sharon, Pa.
Address Loans and Securities De<
Rauscher, Pierce Absorbs
Youngstown Fdry. & Machine
6th Floor Union National Bank
SPECIALIZED—PROMPT S
CLEARINGS
SALT LAKE CITY, Utah—Groff-
Phillip,
Hindley
ALBUQUERQUE, N. Mex.Rauscher, Pierce & Co., Inc., has
opened
branch
a
office
at
Richard
of
Hindley
Lagrave. All
cers
of
George
grave, Inc.
and
were
Phillip,
P.
hko 0.1 pa? opp.
Teletype: CV 240.
Bank Wire: NCLV.
219
Gold Street, S. W. under the man¬
agement
partment.
Co,
OHIO'S LARGEST BANK
Phillip,
Louis
J.
formerly offi¬
Hindley
&
La-
Assets Over One Billion Dollars
The Commercial and Financial Chronicle
54
Including
No. Consecutive
Approx.
No. Con-
Including
Extras for
secutive
12 Mos. to
% Yield
Based on
Paymts. to
Years Cash
v
Dec. 31,
1961
-,
Divs. Paid
Quotation
Dec. 31,
Drilling
Co*
servicing
and
space
>
r
16%
0.12
7
Co.
3.0
287/s
1.20
7
Corp
"
i.
•
4.2
and
-
yo
6
J
1.10
,
•
'.
Edible
0.70
13%
* >
6
0.30
12%
2.4
grain
2.00
12
3.3
0.60
16%
3.7
1.20
28%
4.2
distributor
t
and
■.:
"•
Flour,
0.7$
->
•
5.2
16
•
£.• 0.10
v-
4.7
•
-
-
Serves
Arizona
-
•*
Owns
30%
3.2
pipe
Y
Creek,
Buffalo
24%
"•<
0.30
!
-
1.00
8
2.0
Fire
and
7
Niagara
&
VAN
6.2
15V2
f 1.06
Falls
not
and
Line, Inc
—
products
operates; oil
0.33
5
-
-
212
uy2
5.2
'
c
'•
}
equipment
7
6%
6.3
g0.15
4%
3.3
6
1.40
6° ;
2.3
9
fO.29
7
4,1
w
-
charcoal
and
0.40
8
:
c
...
chain
1.20
40%
3.0
1.00
30
3.3
6
L0.43
21%
2.0
casualty
supplier
CAMP
Canned
Walter
4.7
7
SEA FOOD
fish
.
-
6
CO.
23^^1.2,
t0.28
-
Shell
Weco
Q.80;^20% X 3.9
homes
0.55
33
7
0.60
11%
5.2
6
f0.74
12
6.2
6
0.50
9
0.25
19
7
0.80
27
6
Products Co
1.20
75%
1.3
Toiletries
1.7
7
Transportation Co...
% 7
(Jim) Corp.
•'.''Ml
ON PAGE 56.
,
■
Steamship
'
_
6 ^ "3.24"
78%
'
4.1 "
.
v-I
Western
■
;:.I,
•
v,;, ^
v,
r.
;
^
Grocery wholesaler
"...
Piedmont Natural Gas Co.—
Portable Electric
as to possible longer record,
dividends, splits, etc.
Portable
public
-
*
'>
'
'J
'
,
Tools, Inc..
tools.'.
8
V--■
related
and
1.6
products
-
2.5
19%
Details
not -complete
to
as
possible
longer record,
t Adjusted for stock dividends, splits, etc;*fY
Plus one share Spacetronics, Inc. for each share held.
Y f
-y
ff0.36 ;
ash
Soda
3.0
.
utility
Wyandotte Chemicals Corp.__
jpperatin^ public utility
complete
Kentucky Gas Co.__
Operating
service
Pacific Gamble Robinson Co.-
instrumentality servmarket for resl-
for stock
33%
^
y
Details
4.5
Vegas,
Las
to
Pacific Far East Line, Inc
0.7
138
dential mortgages
•
M0.60
y
<
Trucking in southern states
Mich.)
secondary
t Adjusted
y:'
Thermostatic controls
*
Government
icing
.
.
.
5
Therm-O-Disc, Inc.
2.0
15
*
lines
Overnite
accident & health
Association
■'"
44
-
lil
•
.
Federal National Mortgage
*
0.75
pipeline
gas
Restaurant
Oklahoma Mississippi River
Federal Life & Casualty Co.
(Battle
2.00
8
'-'-
■v-
Cleveland
Utilities & Industries Corp._.
Products
compounds,
;> .
1.7
*9
0.50
*
5
Niagara Frontier Transit
System, Inc.
1.7
6
■
f0.99
9
Foods, Inc
;
3.1
instruments
control
Pipeline Co.
...
9
'
;
31
--y:
COMPANY'S ADVERTISEMENT APPEARS
,
'•*
revolvers
grain
Water
7
seasoning
i
: fO.48 t. 46%-V
6
y
Steak *n Shake, Inc.
coal
bases,
:
Business forms
Nevada
11%
0.60
Coal Co
:r/YYY .-W,
3.7
; •••
j
Toronto General Insurance
8
•
•
'/' ■'? ."v
'
5.4
Topock,
'.
I
36%
:
0.53
9
Bldg.,
and
2.3
distributor
Nevada Natural Gas
9%
0.50
5
Fairbanks Co.
Life,
■
0.40
5
finishes
etc.
'
4.2
87
■y ■y.:Vy
Standard Milling Co.
Class B, Voting
1.3
53%
0.70
Supplies Oak Ridge
Soup
gas
Measure
Co.
etc.
6
9
gas
0.5
104
mouldings & stampings
Valves,
,
"iY
Standard Register Co.
East Tennessee Natural Gas
Fearn
.
Communication systems
Natural
8
1.12
,6
;
Sprague Engineering Corp.-.-
equipment and bank equip¬
Douglas & Lomanson Co
Soft
i
0.25
rs-
ment
Di-Noc Chemical Arts, Inc.—
Manufacturers
of
plastics
and
photographic
materials,
lacquer
10%
' '.?•
,
f0.57
9
Diebold, Inc.
A;.f '
"
Smith & Wesson, Inc.—.
Natural
and
.
utility"
South Georgia Natural
Gas Co.
3.5
85%
3.00
9
—
and bank
systems,
!7
Superior Co.
Pistols
.:-v^vy^Hyyy,y vy
nuts
Natural
Elk Horn
.614
producer
5.0
office equipment
Auto
29%
8
Craig Systems, Inc.
wood
1.0
Aircraft
8
Power
—
Toiletry items
y.
■
s
commodities
Transports
.
Shulton, Inc., Class A & B___
.
insurance
Lines, Inc.
Office
*'
„
.
K
,
^'
9
0.2
180
&
•
':y.
y
public
Co.
Co., Inc.
Continental Transportation
Electronic
t
f 0.29
7
9
f0.30
9
0.40
'•
Security Columbian Banknote
•.
7;2
.15%
> ;
>'.'t
7
(San Fran.)_
4.4
Engraving
/.
.
share for each 3.3 held.
gas
13%
;
Operating
t
Aug. 1961 into 'Texize
Inc. Stockholders re-
Natural
0.60
walls,
-
5.5
5%
0.30
7
utility
floors,
Electric
Rockfeller
one
1.1
Co.
2.2
54%
1.20
9
.
Civil Service Employees
Diversified
2.4
.12%
y
for
f
Savannah
y
Shoe, Inc.
Merged
4%
h
Knowledge"
Chemical
1961
0.05
5
coverings
,
-yyy'y;:
_
0.30
5
—
shoes
1961
5
Reid, Inc.—
ycounters,
.
Inc.
of
Paymts; to
Dec. 31,
Dec. 31,
;
Sandura Co.
flight
and
Chemicals,
Chattanooga Gas Co
Insurance Co.
Rose Marie
;
.
.
.
• >
-
"
tion
31,
1961
1.1
Vodka
products
public
<
•
,
Heublein,. Inc.
Hood
ceive
Operating
of
distributor
equipment
Book
Men's
and . truck
Carnation Co., and
steel
Structural
test
Hanover
Bubsldiarlea
Ceco Steel Products
Dec,
7
fastening devices
Vinyl
V; ;
:
"Encyclopedia; Americana"
1.2
4
0.20
9
-
to
43
fO.48
9
*
______
.
instruments
"The
equipment
equipment
Missile
Grolier,
2.2
32 k
0.70
refrigerating
Leases
i
and
Basedon
Swimsuits
Genisco, Inc.
service
Cameo, Inc.
lift
5.0
*--■1
9
Carnaco Equipment
4.4
v,.
Telephone Co.
Telephone
9
0.40
,
ffood products
.
California Interstate
Gas
3.2
28
Metal
September, 1961
Name changed
Manufacturer
"
'
*
1.40
1
Bush Terminal Buildings Co._
Leases
6%
0.20
7
Prestole Corp.
3.7
15%
Formerly Frito Co.
•>
~ % Yield
.12 Mos-. to
secutive
Divs. Paid
.
7
air conditioners
Auto
•
Frito-Lay, Inc..
1961
contract
other, by
and
K
Frigikar Corp.
>
Y
Brewster-Bartell
items
""""
*
S
fO.57
5
and reinforcing
Structural
Dec. 31,
1961
1961
Approx.
•
Quota-
Including
Extras for
Years-Cash
Dec. 31,
1961
Dec. 31,
1961
31,
Dec.
Cash Divs.
^
No. Con-
5
Florida Steel Corp.
Cash Divs.
;
12 Mos. to
Divs. Paid
53
Continued from page
Quotation
Extras for
Years Cash
Shopping Center for Securities
Marine
Thursday, April 12, 1962
.
Approx.
% Yield
Based on
Paymts. to
Cash Divs.
OTC Market—World's Largest
'
.
.
(1770)
2.3
16
gPlus
one
L Includes
share class A for each 80-shares held.,
20c
M Dividends
•
in
not
cash
and
23c
in
stock.
subject to Federal income fax.
Difference Between Listed &
Over-the-Counter Trading
wmmummmrm wm
i'iri
11 iriiiJtr^iii
■ I'll tiPBM—
The
exchange market is pendent
often'referred
tion
to
as
market because
an
a
auc¬
stock
sources
;
thus risk his
exchange provides a focal
point for the concentration of
bids
tial
all
The
securities
listed
Genuine auction
on
it.
marketing in
own
money.
Over-the-Counter
Market
and
.offerings of poten¬
purchasers and sellers for
■
upon his financial re¬
and his. willingness to
Om
the
.
Over-the-Counter
Market the situation is
different.
Here
there
quite
are; a
tremendous
number of dealer
security cannot be main¬
tained, however, unless there firms from coast to coast that
interest themselves in making
is sufficient activity in it.
a
.
In
those
cases
active securities
where " less
are
traded
on
a
market
some
for
unlisted
and
listed stocks and bonds.
exchange, it devolves upon Most of them can communi¬
stock specialist for each cate with each other instanta¬
particular stock to create a neously through private tele¬
market, in the absence of suf¬ graph wires or other facilities
ficient public orders to buy at their disposal.
or
Thus many over-the-coun¬
sell, by, in effect though
not in strict parlance, putting ter
dealer-brokers, in New
in an order for his own ac¬ York,
for instance, will be
count. In other words, if you doing
business
throughout
wanted to sell 100 shares of the day with other dealerXYZ stock and the specialist brokers in Boston, New Or¬
had no .order :from anyone leans, 'Chicago/
St.
Louis,
else to buy that stpek, he him¬ Denver,
Los Angeles,
San
self would be expected to en¬ Francisco, Seattle and other
an
Estimated
>
Tucson
Area
Population
—
ESTIMATED
PAST
End of Year
FUTURE
1951
147,700
1962
292,100
1953
173,000
1963
308,700
1955
195,300
1964
325,300
1957
219,800
1965
342,000
1959
249,200
1970
425,000
1961
275,700
1975'
500,000
LIGHT
&
P.O.Box
POWER
COMPANY
711, Tucson, Arizona
the
ter
a
reasonable
own.
The
bid
on
his
cities from coast to coast.
an
As
integral part of their
op¬
erations dealer-brokers stand
continuity of any mar¬
largely de¬ ready to buy and sell substan-
ket thus treated is
i&wd*iAfis&ii» Viifi'S,lpir JHitt '»u?>,,1 i^ltf*'
Volume
195
Number
6150
.
.
The Commercial and Financial Chronicle
.
(1771)
55
&
tial
quantities of the securi¬
ties
they
try consisting of retail firms you and there is no commis¬ and the exchange stock ticker first three of these are tied
that are always looking for sion charge shown on his con¬ system
provide a ready vehi- 1 to the past, and subject to the
maintain inventories in them. securities that
The
over
the
cle for speculation and tend fact that
present good firmation.
accounting is an in¬
Some firms, of course, choose values to sell to their investor counter dealer
usually acts to center buying and selling exact science. And liquidat¬
to act solely as brokers and clientele.
just as a merchant does in decisions on short-term price ing value may be largely of
"quoting"
are
and
-
dealers.
not
Numerous
Because of competition,
the also
spread, between the bid and securities
the
asked
figures on more
stocks is quite narrow.
active
In less active stocks the
exchange firms
deal in over-the-counter
must
and any
buy front
or
that do not
sell to an
over-the-counter dealer to
over-
ex¬
other
lines
of
-
business.
In
a
fountain pen or
you,
swings in lieu of "real
eco¬ academic significance, if the
Many appar-< corporation is going to con¬
ently buy stocks according to tinue in existence. The
what have hoped-for price movement anticipated future average an¬
other fields when you buy a
set of dining room furniture,
the merchant sells it to
you at a flat price and does
not ; add
any
commission
nomic values."
and
not
for
true
investment
nual net income of
a
corpora¬
their interest being tion may be capitalized nu¬
the-counter dealer must find
unlisted securities. /
merely "where is the price merically,. but not without
contra-orders if he: does not
thereto. So with the "counter"'
to
going and when." '
'
; !
; v reference
many
non-nu-v
wish to assume inventory po¬ if Many listed securities, too, dealer.
ff
'V.v:;7"'-V'f • ;:'f
are
sold
over
the
counter
The mere fact that under mericalconcepts.
They in¬
ecute
customers'
orders
-
for
.
-
sitions:, in the securities in¬
when the blocks are too large
volved. It is his. business to
to make a quick orderlv sale
know which other dealers in
all parts of the country might
have a buying interest in a
on an
j
or more
dealers
in
over-the-counter
exchange possible,
rf An investor need not
cern
given security.
One, five, ten, fifty
con¬
himself with the intrica¬
cies enumerated
above, since
his dealer-broker will obtain
current, market quotations on
of the country
interest themselves in any over-the-counter stock or
bond, and handle all details
"making a market" for a
of purchase and sale.
given unlisted security. Pros¬
The longer trading day in
pects known to the first deal¬
the Over-the-Counter Market
er, or known to those other
dealers
he contacts
(either is often a distinct advantage
different parts
may
locally or in other cities), may
often include individuals who
belieyed to have
buying
or selling interest in the in¬
stant
security, or investors
who might be induced to buy.
The process of constantly
seeking out buyers and sellers
are
a
is characteristic of the Overthe-Counter Market.
A
major characteristic, too,
negotiation. If
exists
after
found,
the
die.
not
a
is
in price
prospect is
a gap
v a
does
transaction
Instead, negotiation
The
ensues.
of
market
"counter"
the
of
mere
existence
or sell order is the
for the "counter"
buy
incentive
to
the
investor.
change,
purposes,
On
securities
an
can
ex¬
only
be sold in Ne% York between
It
is
that
true
exchange
clude
■
Market and listed
on
a
stock
task.
They must take the
3:30; exchange, over - the - counter
initiative in assuming such
in the Midwest between 9:00 dealers
ordinarily lose inter¬
and 2:30, and on the West est in
positions. Although they must
it, for they cannot make1
be aware of and responsive
Coast betweefl the hours of a
profit trading in it at rates
7:00 and 2:3^
However, in comparable to the commission to the foibles of their custom¬
most instances unlisted secu¬
ers, they cannot without un¬
charges of exchange firms.
warranted hazard buy securi¬
rities can be sold any time
Though the "counter" dealers'
ties for inventory
between 9:00* and 5:00 in the
purposes
profit rates may be somewhat
Midwest, and on the West higher, they may afford in¬ unless theyv take cognizance
of basic economic values.
Coast it's even longer than vestors "better"
prices than
that.
Basic economic values may
Dealer^rokers in the the less expensive service of
Over
the
Counter Market
appear somewhat elusive, but
exchanges.
s \
there are on
they are nonetheless real.
jpie job from 7:00
in the mornihg until 5:00 in
.3 'Values
They consist of mathematical
For one thing, the basic and
the afternoon.
non
mathematical
ele¬
fact is that the price of over- ments.
Some insights as to
Stock Exchange Commission
the-counter stocks is not swol¬ the real value of a stock
the hours
of^L0:00 and
-
the
acumen, initiative,i
"exchange auction-spe¬
commission rates more often
cialist system" the spread be¬ imagination and forcefulness
than not are lower than the
of the officers and directors
tween bid and ask prices is
of the corporation.
profit rates over-the-counter close or narrow is no
Specula-*
indica¬
dealers are obliged to operate
tion as to how the
present
tion that the investor
gets
on.
An important reason for
and possible future products
good value when he buys or
this is the fact that the serv¬
of a corporation will fare on
that the seller obtains a
price
ices of the over-the-counter
the markets may be handled
in keeping with the intrinsic
dealer,
besides - frequently value of the
stocks he wishes numerically only to a certain
extent.
necessitating his taking the to sell.
Intelligent investors
risk of an inventory position,
•:
When an individual
are
con-^
quick to recognize the fact
include the extensive search¬
purchases
stocks'
that prices and values are two sistently
without regard to basic eco¬
ing for matching bids and of¬
totally different things.
fers
from
nomic values, he may at times
potential buyers
| As pointed out before, the make
and sellers.
/
money, but sooner or
When a security is taken assumption of inventory posi¬ later he will book losses. And
tions is an integral part of
from
the
Over-the-Counter
although he may remain "in
the over-the-counter dealers'
the
-
.
the market" for
an
extended
period, he cannot do so after
his capital is exhausted.
Inventory Positions
So it is with the over-thecounter
ually
dealer.
assumes
If
he habit¬
inventory
po¬
sitions at
prices out of line with
economic
values, the
basic
economic
forces
will in
due
time exhaust his capital and
drive him from the scene. For
.
k
-
survival he must be
of the
which
cognizant
elements, listed above,
are
determinants of the
real value of the securities in
may which he is taking inventory
by the premium the pub¬ be gained by checking such positions. His prices cannot
Charges
lic is ordinarily willing to pay things
as
its earnings and consistently be out of line
ket thus has no physical lim¬
When an exchange-broker for
exchange-listed securities. dividend records, book value with real values. Particularly
itations.
executes an order for you in
Then, too, active listed stocks and liquidating value. But the
Continued on vage 56
As
a
practical
matter, an exchange-listed stock, he
though, individuals fin any tells you the cost price as well
city of 100,000 or more can as the amount of his commis¬
frequently pick up a phone sion ^ on your confirmation
dealer
The
and
find
to
the
opposite.
call
get
an
for
a
dealer-broker and
execution
an
unlisted
on an
order
security mo¬
,
mentarily—often while
call is progressing,
[
Some
sell
"Counter"
directly
themselves.
to
In
the
dealers;
investors
other
Rates
Counter Dealer
vs.
Mar¬
Over-the-Counter
slip.
len
On the other hand the
over-the-counter dealer
more
often than not
sells to you
on
a
"net"
buys from and
"as principal" or
basis, as it is
termed in the
securities
cases
means
his
,
parlance of the
business.
profit
or
This
loss is in¬
they may have a dealer fol¬
lowing throughout the coun¬ cluded in the price he quotes
In the
REPUBLIC
Southwest, it's
NAT IONAL
K
OF
--
Complete
commercial hanking services,
DALLAS
v
international in scope!
'I ST
CAPITAL
AND
SURPLUS
LARGEST
IN
THE
SOUTH
*
MEMBER
FEDERAL DEPOSIT INSURANCE CORPORATION
56
The Commercial and Financial Chronicle
(1772)
Difference Between Listed &
Over-the-Counter Trading
Continued from page 55
the country
in
Therefore,
<
do
over
almost
entirely through
In¬
dealers.
individual
It is
that
♦
,
no
/
.
,
exaggeration to
both
say
Over-the-Counter Market
vital
to
-
the
-
count of their banks and com¬
are
life.
economic
our
fact
the
more
you get good or in¬
treatment and val¬
as
wherewithal
which to provide
/ r;
<
Just
that
the
tain
man
NOTES
;
exchanges and the
vestment
positions panies.
inventory
from
results
for
over-the-counter
counter dealers who take im¬
portant
so
or
own institution's
their own account
or
dealer you contemplate doing
business with has a good rep¬
the
medium
of
officers, of these in¬ Through
stocks and bonds, idle capital
stitutions, too, are continually
of individuals, banks, insti¬
buying and selling govern¬
tutions and the like flows into
ment, municipal and corpora¬
trade and industry and makes
tion bonds and stocks through
important
it possible for business to ob¬
"counter" dealers for the ac¬
an
of
contribution
stock
when buying
j firm
counter
Thursday, April 12, 1962
over-the-
the
sure
.
values.
investment
to
be
utation.
selling their
regard to the non-numeri¬
cal elements which go into
the making of the real value
Of a security in which he is
to assume a position, he must,
as a general rule, have knowl¬
edge superior to that of the
lay trader.
spect
Just
...
workers at
The Florida
Security Dealers Association will
hold its annual Con¬
vention September 13, 14 and 15 at Ponte Vedra
is planned to hold
mutual fund forum
a
on
Beach, Florida.
It
Sept. 14, to be addressed
by leading mutual fund executives.
with
j obs for
ever
effort and at
ever
less hu¬
ever
more
pricing must be different
remuneration. Savings there¬
influenced definitely by in¬ ues from both large and small
by become an asset to society
trinsic corporate value fac¬ stores in other lines of busi¬
and
not
a
problem.
The
tors. They must stress value ness, so it is with over-thebeauty of it is that the cap¬
consciousness over quotation counter dealers. It is not nec¬
ital needs of both big and
consciousness.
essary for a firm to have a small business alike can be
their market
and
Officers
dollars
of million
directors
thor¬
be
to
Henry M. Ufford
thus served.
the oughly trustworthy and to
If it were not for the ex¬
major insurance companies of have good judgment with re- changes and Over-the-Coun¬
ter Markets, investors of all
types would find it almost
impossible to quickly retrieve
the capital they put at the
Underwriters and
disposal of governments, mu¬
e s t M
nicipalities or corporations.
the
banks
14,000
and
^
Distributors
This is
Brokers -Dealers
rv
why it is socially im¬
portant that those engaged
one
of the many rea¬
sons
•<
fco
in
C
U
dent: Henry M.
COMPANY
Vice-President: Robert J. Pierce, Pierce, Carrison &
Wulbern,
Secretary-Treasurer: William R. Hough, Beil & Hough, Inc.,
St.
Petersburgh.
Governors: Loomis C. Leedy, Jr.,
Leedy, Wheeler & Alleman,
Inc., Orlando; Fred B. Clark, John Nuveen & Co., Miami; John
M. Chryst, Thomson &
McKinnon, Daytona Beach; Zoltan Salkay;
Merrill
6019 North Seventh Avenue under
MEMBERS:
the
management
PRIVATE
:
28
&•••
OFFICES
t*-
■
a
885
WIRES
.
«..
*«
South
of East
Spring Street
YORK
NEW
••
~ **
•
«»
AND
-,r
v.
<
ALL
THROUGHOUT
INVESTORS
DIVISION
•r--7?7
-«
.*•
•
Fifth
and
.y
■
•
*
OFFICES
*.■
-Sr..
v
CALIFORNIA
■„
&
'
Bowling Match of the Security Traders Association
Investment Traders Association of Phila¬
Whyte's Restaurant.
Tariff is $10 per person.
Reservation^
may
be made with
of
Sidney Jacobs, Sidney Jacobs Co., New York, Chair¬
the STANY Bowling Committee.
STANY GLEE CLUB
corner
Cayuga Streets
to engage in a securities business.
Teletype LA 533
TO
v
SERVING
formed with offices at the
647
Montgomery Street
O.
LAKE, Iowa—Fidelity
Corporation has been
ANGELES
Annual
delphia will be held April 26 at the City Hall Bowling Center,
New York City. There will be a dinner
following the bowling at
man
LOS
FRANCISCO
300
Donald
Fidelity Securities
STORM
Teletype SF
of
Nicholson.
Securities
SAN
Roberts, S. Petersburg.
of New York and the
PHOENIX, Ariz.—B. C. Morton &
Co. has opened a branch office at
Pacific Coast Stock Exchange
Midwest Stock Exchange
American Stock
Exchange (Associate)
Lynch, Pierce, Fenner & Smith Incorporated, Jacksonville;
and Arch W.
STANY BOWLING
Morton Opens Office
INCORPORATED
•
Presi¬
Inc., Jacksonville.
The
CALIFORNIA
FIRST
are
Ufford, Calvin Bullock, Ltd., Clearwater.
business
thrive.
\
R
investment
the
William R. Hough
Officers of the Florida Security Dealers Association
Officers are Wendell Pendleton,
president, and Richard L. Gaffney,
secretary and treasurer.
The
Security Traders Association of New York Glee Club will
hold their eighth annual dinner dance
May 25, at the Plaza.
will be
the Terrace Room followed
a
cocktail party at 7 p.m. in
by dinner at 8 p.m. in the Grand Ballroom.
Tariff $30 per couple.
Reservations may be made with William
Sabah,
&
There
Winslow, Cohu
Stetson, Inc.
J**'* \
1
■'
11
California/
Water &
IIJ
in
VAN CAMP SEA FOOD COMPANY
Telephone
840 VAN CAMP STREET
M
PORT OF LONG BEACH, CALIFORNIA
Company reports:
^
%Nt
Processors and Distributors of Canned Tuna,
Sardines, Mackerel,
iiiiiiiiiiiiiiiiiiii
TEN
YEARS
OF
Pet
EXPANSION
DYNAMIC
Foody Pharmaceuticals and Animal Feed Supplements.
BRANDS: Chicken of the
1961
1951
Sea®, White Star, Van Camp's, Capt. Kitt, Sea Pep, Vanco.
% INCREASE
Operating Revenues
.
$ 32,349,930
$ 6,200,295
422
Operating Expenses
.
21,258,108
4,324,217
392
.
5,365,857
829,483
547
$2.00
$1.25
60
Net Income
...
Earnings per Average Common Share
From net operating income
GROWTH RECORD:
Fiscal years ended on or
.
.
From net non-recurring gains
-
about
Net per
May 30
Sales
Net Income
Common
Share
.30
•
$2.30
"$1.25
*84
1957
$45,675,000
....
$126,370,490
$31,782,195
298
1961
61,748,000
2,670,000
0.78
Number of Shareholders....
16,638
3,684
352
Percent gain
35%
184%
189%
190,841
55,300
245
67,404
44,007
53
1961
$46,160,000
$1,839,000
1962
51,828,000
2,161,000
12%
171/2%
Total
Total Plant Investment
$
Number of
Company-owned
Telephones .......
Number of Water Consumers
California Water &
ice to
.
.
Telephone Company provides water and telephone
serv¬
portions of Riverside, Los Angeles, San Bernardino, San Diego and
Monterey Counties. The Company is
now
the 10th largest of the nation's
First 9 months ended
or
about
on
February 28
3,000 Independent telephone companies. Our 1961 Annual Report features
the
growth and developments in recent years which have contributed to the
Percent gain
*
•
Company's
success.
Copies
are
available
California. Water &
300
MONTGOMERY STREET
•
on
request.
Telephone Company
SAN
FRANCISCO 4, CALIFORNIA
0.27
941,000
Current annual rate
common
-J}
•
'
•
0.53
v
0.63
.
18%
.
share dividends 0.40
-
;
'
-;
-
-
~~
-
-
'
Volume
195
Number
6150
.
.
.
The Commercial and Financial Chronicle
sumer spending to take on a new ployment-and the enactment of
ahead efforts will be exerted, pattern, with less emphasis on successively higher minimum
through
fiscal
and
credit
policy
home building and durable goods,
?"d 0ther Government measures, and more on soft goods and on
W 6>v1.1
Kf
:JJrOD VJIQ .yj w w
OUiGS protracted advance. If and more services, such as education. This
t0 ~e7 further
vxu
action
development is
U1116SS
viHW
is
Continued
continued
from
jrom
?
o
vnae
page
fects
lects
distribution of the population,
age
which has resulted
riagesand
fewer
m
mar-
marginal
marginal,
as
as
onerating
operating
with
witn
recognize
nunanxs ot
sorbed by services, which
capitab. spending
our
economy.
'
.
be-
are
important
more
in
.
These considerations do not her-
aid
downturn
early
an
investment
decisions.
Furthermore, while the liberal- carried
from the past, may be
over
with
are
The Lag in Growth
The
uncertainties that surround
heightened
by
deeper
some
records
new
rise
the
in
set
by employment,
personal income,
total
and the
high rate of personal saving suggest that the public will
provide continuing support to the
economy in 1962.
However, conspending
sumer
seems likely to
a
sustaining than a
force in the period
ahead—a prospect reinforced by
the results of the latest surveys of
consumer buying intentions.
be
of
more
propulsive
,
Business
in
the
ing
l'lans—These
market
consumer
hhluence™pon
"
an
i
and
changes
i.
hsv-
sre
the
•
plans
p
t
^lorr
interest
ana aiviuenu payments.
Thus, there are many reasons
to doubt that the anticipated advance in new plant and equipment
expenditures will be of sufficient
vigor to keep business as a whole
moving upward into 1963. Indeed,
even if the rise im such outlays
should turn out to be greater than
is currently indicated, this is no
guaranty of a sustained economic
advance. It may be recalled that
business
in
latter
the
periods
have
men
little
short,
business-
incentive
to
hold
su.mers
could conceivably step up
their buying in the months ahead
by the
of spending inten-
surveys
fice to tip the scales in favor ot
a
resumption
ot the
cyclical ad-
with renewed energy.
reading of the evidence
tions, the behavior of new orders
for machinery and equipment, and
vance
of commercial and industrial
hand
struction
coursef
contracts,
of capital
and
con-
the
by
appropriations.
of these advance
indicators show less strength today
most
However,
A
suggests
however,
far,
so
of
the
statistics
it
is
worrisome
.
Specifically
ment
cash
Equip-
and
Many observers count
—
enhanced
the
;
Plant
of
flow
on
corporate
from
rising depreciation
charges and higher earnings to
bring forth
larger increases in
?EdnSrial
1963
activity
into
rated
seems
It
deterio-
have
too earlv as vet to
rate I It seems too early as yet to
P'
a
not
ncrcssnriiir
a
The
has been
consumer
himself, with
housing,
the
among
by
side
trained
unskilled
with
exists
shortages
personnel
Risin®
of
lahor
the" substi-
costs have accelerated
tution of machinerv for
mannnwpr
The economyr Phoneycombed with
FinaUy,
restrictive labor
nrac-
tices that add to production
costs
and
thus
limit
the
ability
to
broaden markets—and job opportunities—through lowering prices.
These
.
policies
and
fl
nractices
contributed^
have undoubtediv
uJ™0UDieaiy contributed to
i
^
o/em^loyment i^marmfacturin?
in transportation and public utilfties
in
and
construction
The
in
government—areas where productivity generally speaking is below
longer time
in
be
centives to
sequence
expand industrial
ca-
on
services
no
in
our
economy may
than the natural con-
more
of
ties
of employment opportuni-
for
finance
the
number
a
service
national
of
hac
vear^
industries
and
average
and
where
the
protracted im- the rate of productivity increases
consequently weak- provement in American living jn the
aggregate
is
relatively
ened to the point where public standards.
v-';si0w This shift in the use of labor
policy seeks to spur new investIn addition, however, public pol- resources currently
underway is
ment outlays through tax induceicy appears to bear some responsi- obviously not conducive to rapid
ments. The rising trend of delinbility for restricting the potentials'-economic growth,
quency rates on instalment and of
today's consumer markets as a
Prices
Further
indicative
of
mortgage debt suggests that the result of the encouragement bro- +uua
* •finer
maicatiye or
quality of individual indebtedness vided to the sustained rise
pacity
have
—
«
has
declined
the
over
and
years,
nf
pmprffpupp
fiiii
«
nomic
activity
Business
in the
appears
aggregate,
indeed to have
sba(je
below
4% annually, to
shghtly less than 3% in the more
a
period. The attention given
this
to
slowdown
edness
the
low
level
o£
e
ox
probably
has
indebt-J^t
individuals
of
postwar
hoi
of
debt
nersonal
WodrS
vvuou war
n
the
st
Derit
uD
u, pent-up
tion, steep increases in both mortand
gage
greato
throughout
1stabilVitv0'of
1
aj*4.
liew
In
era.
demands, and the advancing rate of household informa0onsumer
debt
consumer
~
^
assuredly to be expected. However,
time, and at a pace considerably
greater than the rise in personal
income or in gross national product. At the end of 1961, the total
debt of individuals exceeded $270
^
*
•
*
u
dustrial products, afterfifties, starising by
than 26% in the
more
hili7cd
in
1 Q5Q anH
imDortantlv
in
index
downward
bas
ha* nnt
the
Moreover
vears
were
this trend has persisted for a long
it
oast
is
wbdeh
three
significant
had
196(1-61
in the
edged
setback
eased
further during the reConsumer prices have con-
COvery
tinued
to
because
inch
upward,
persistent
the
of
tbe cos^ 0f services
|be
pace
mainly
rise in
but here
the' advance''
0f
billion, and in the past decade ^moderated.
alone, the proportion of such debt
After the
too
has
economy's long bout
price stability is
assure(jly welcome. Unfortunately,
however,
this development
has
.
to
personal income, after taxes,
from 45% to about 75%.
r
rose
Although
thjc neriod
economic
forces
in
already favorable
were
inflation
come
£:"^th i[n p^sonal in™
debt,
its
expansion
acceler-
was
ated by public policy, especially in
field of mortgage financing,
Mortgage credit, underwritten by
government, was made available
on easy terms; moreover, the terms
the
fairlv late
cost
of
An earlier curb—
and
price
fnfSion
through appropriate economic policies and more realistic business
and labor practices would probably have increased our ability to
meet foreign competition, to de-
eminently favorable to the hous-
domestic markets,
toward the goal
of greater growth. As it happened,
however,
inflationary
pressures
were not subdued until idle
ca-
ing market.
pacity and keener competition, in-
liberalized
were
repeatedly
in
a
period
when population factors
and backlogs of needs were still
Todav
debt
individual
aniiitv of
tne
borrowers to
been
heightened by the fact that,
that the most vigorous part of the following the postwar reconstruc1961-62jbusmess advance lies be- tion abr0ad, the growth rate of the
hind us. In the absence of greater American economy has been mastrength in consumer spending and terially lower than that of Continental Western Europe and Japan,
»
Al-
consumer.
development.
assume
load
is
ranidlv ris-
a
orobablv
ao-
Droachine the effective ceiline
indicated
for examole
in'
+rpnfq
bv the
delinauencies
*at hicreasr in
te
°
fit
Stands'on the^threshoh?of^anot^r
?nndt boom
capital goods hnnm
ment
Productive facilities has world. Thus, the greater emphasis
-
recent
a.
fact
though this contributes to the less
favorable showing'of our growth
likewise increased, profit margins
have been squeezed, and the in-
beyond what now seems to be in:, entered a Vnew era," but an era
prospect. Higher sales and orders that is different from the expanments is visible also in the failure, or rising prices could prompt busi- sive environment usually associof business to build up the heavy ness managements to quicken the ated with this term. The combined
backlogs of new orders which on building of stocks as well as to impact of these problem areas is
psst occasions served to maintain accelerate their capital expendi- reflected in what is generally dethe economy's momentum.tures, and credit is available in scribed as a lag in the rate of ecoEven
more ,5 significant >-is
the abundance to finance any addi- nomic growth.
.
course of capital outlays by busitional expansion that may be anGrowth in General—Bypassing
ness.
These outlays, which were ticipated.
With outlays by tne,difficulties involved in meascurtailed only moderately fin the Federal
Government^ contmuintoi urjng growth over the short term,
recession, responded fairly quickly upward and spending by state ana it is evident that economic expan-;
to last year's improvement in the local units also strong possibly no
gjon bag siackened from the pace
business
climate, and ; the signs more than a moderate improve- Q£ the f-rgt pt)Stwar decade, when
point to a continuing rise in such ment in business confidence and
reaj
gross
national product
investment expenditures through business expectations would suiwas advancing at an average rate
This prospect is supported
develop their
skills, so that greater unemploy-
been largely concentrated in trade,
large supplies, and this disinclination to anticipate future require-
,1962.
in
tad?vi^
reduced
to
than his and elsewhere Western
cOunterparts in
Europe
the
re-
policies of business. Inven- industrial activity m tne lauer emergence ot a iull-tiedgea baitories, especially J at the distribu- year showed only a nominal rise ance of payments problem for the
tors' level, have in most lines re- ar*d corporate profits actually de- United States evidences a basic
mained fairly low in relation to clmeddeterioration in the relationship
sales, and even hedge buying
Appraising the Outlook — As- between the American economy
against a steel strike has been at suredly there are imponderables and the rest of the free world.
a
distinctly slower pace than in which coud give the economy its
Forces thus seem to be at work
comparable periods in the past, second wind. Bolstered by high which are hampering the strong
With prices generally stable and levels of individual savings, con- and sustained expansion of eco-
delivery
are
have
incentives
crease
of
?tSS
uals'
automobiles, for a far appliances
household
and the like
some
on new the increase in business failures
pl&frt 3.nd equipment increased by looms in the background ss nnalmost 20% from 1955 to 1956, but other cautionary sign. Finally, the
artivitv
Services
equipping
expenditures
inriiiqfrial
rapid and where
^disconcerting changes that American
become
apparent
in
the
have
willRemain un- American economy in recent years,
For
tlme> each cychCal
^XiduaTsthrough an'ex- ces?ion h3f8 unemployment. Idlebeen 1?aving ?
reSidue
current business environment. The
heavy
where productivity inmost
are
brackets
timated $2 billion, thus adding to
(SSt°inSSi
in
a
tbe immediate outlook for business
in|con- the
especially
acquiring
greater importance in our way of
ilife, independently of the age
dealing
in
that began in
1955, that legislation also reduced
individual income taxes by as es-
spending. On the contrary, ?rs* A oflay, in contrast, individual
bearing in mind these underlying income tax ratesi
forces, consumer spending is prob- cnangea ana 11 is proposed, moie
ably making as good a showing as over,
can reasonably be expected in the
nom lnaiviauais inrougn an ex
sumer
investment,
creases
wage rates
a strong trend of capital side
f0" cTP°Unding
P™blems the contribution tc? economic
by
employing
measures
which, growth is thus most evident.
ized depreciation allowances of inappropriate
of retail fade reflects the
growing the Revenue Act of 1954 undoubt- new situation.
s
ale
°f consumer spending ab- edly contributed to the upsurge in
ever
some
economic
hold formation compared with five
to ten years ago.
In addition, as
is often pointed out, the slow
pace
coming
obviously not fa-
be constructive, however, it is vorable to
that we
essential
t^n^ossibiiuf^and xne prom out- current basic forces shaping and industry
°f the
the
tion possioumes ana the profit oui
environment
lower rate of house-
a
57
Probability that in the months
^
Dun viAnn All 4lrvAlr
I /I 111 111 1T1
KIICIVIPCC I 111 [ ()() K
J-yilllUllllg If UOUiCpD vubiuyxv
TTV>l/~woo TIL-. TW./at-. Al/1 riiPAO
.
(1773)
as
ud-.
Clearlv
individual
velop
broader
to
and
progress
eluding forecful competition from
abroad, had called a halt, and not
until prices and costs had risen
to a point where, as in home
building, they began to restrict the
potentials for market expansion,
Profit Margins
Moreover
—
SiMlSt reS!?in
the
WCl1 aS °f the S°Viet Uni° '
the public with less of a credit finished products has contributed
Economic growth is a conven- reservoir out of which to augment ,significantly to the squeeze on
ient and much abused term for a its purchasing power and to sup- profit margins. While sales prices
38
Wghly complex
phenomenon,
re-
economic
port
expansion
in
the
can
longer be raised with ease
no
fleeting among others the stage of early sixties.
and have in some cases been rehg ^ackl
f orJ industrial development, the ways
Unemployment
The
rate
of duced to hold markets, labor costs
a
§
relatively low
an
111 whl°h consumers spend their unemPiovment
which reached a continue upward, although not as
^
income, the interaction of savings Mgh
7%
the wake of t^''rapidly as a few years ago. As
other maior sector of and
investment activity, techno- past recession has dropped ma- managements seeks to offset this
one 01 the otner majoi sector oi
pasi^xecessiuii, udi> uiu^eu met
^
w+oiia+irm
.
*tivitv
as
a
whole
—
business investment pre
in
now
are
evidence.
however, whether this
consideration is likely to be significant in a situation where plant
capacity is already adequate and
wonder,
has not
where business
to
been
able
IolG ini° d 8«neicu uum
This
.
bility of the factors of production,
appraisal of the outlook
supported by experience. The
historical record shows that the
is
bulk of the cyclical rise m
a
period
large investments in new facilities
of business expansion usually occurs in the
first 12-15 months,
made
after
satisfactory return
a
earn
m
its
previous years.
Some
from
on
boost
tax
is
expected
also
incentives for new in-
vestment which
are
regulations ' concerning
the tax treatment of depreciation
are
being liberalized, and while
investment
credit
in
the
legislative
expectations still
ure
of
this
These steps
impetus
to
kind
are
to
process,
for
a
be
enacted.
meas-
should provide added
capital
outlays,
but
most business managements at this
time describe their probable ef-
lion
caj
climate
room
ion
in
Hnwnwm'dSwit,hinC^fwi
.,par<3
rnn?pnnpntlv
»hnnt
nrppp
fhp
prafinnc
brmabnn
wbinh
nf
arphp
hif*h
and
S " {!,.{ °fb 3
for
a
r»nn_
mndprafplv
v
*
for
as
to
a
business
leaves
confi-
considerable
great variety of opin-
the
reasons
for the
gr0wth and has led to
a
lag
plethora
of pohtical pronouncements ex-
pressing determination to raise the
grow3h ,rate' although to date no
practical programs have been precarry any
real
promise
valid,
there
is
Because of the broad defini-
used in measuring unemploy-
men+
;n
+be
United
ctatistirs
tend
Drobipm
but
plear
on
th't
States
overstate
to
it
is
underlying
easiiv
be
the
unemolovment has been
the rise over the years
this
these
nevertheless
trend
and that
will not
extent',
higher unem-
payment reflects the increase in
tbe
iabor
suppiy
through
of profits
depreciation
toll
greater
charges.
The increased pressure on profit
margins in general is evidenced by
the declining proportion of corpo-
rate profits to sales, to fixed investment, and to gross national
product. Pressures on profits have
reversed
To some
lescence takes its
stemming
from
been
especially
conspicuous
in
transportation, notably the railroads and the airlines, and in the
0f aehievinS this aspiration.
the rise jn the birth rate after the durable
goods industries, thus
Changing- Consumer Markets— Great Depression and in World adding to the deterrents against
Part of the slowing down of eco- War II. It also reflects the secular dynamic investment spending
nomic growth in recent years is rise in the number and proportion
Clearly, the rise in unemploya normal response to gradual shifts of women <at work...,
.
ment, the squeeze on profit marin the a^e distribution of the pop-Beyond this, however, the gen- Slns, the lag in investment aculation.
With the growing num- eral economic and labor policies tivity
and the
slackening in
,.
ber of children and adolescents in
Even so, if this interpretation of
the current economic scene proves
reasonably
and
This
dence>
ness prospects. However, tew bus- sented that
proposal of
the Administration has been scaled
down
_model tra current busi-
in the offing.
Treasury
the
^whichi the expansion typi-
cally slackens perceptibly, and tms
forrG
and such intangibles as tffe politi-
the
population and the declining
proportion of people of marriage-
the able age, it
is only natural for
con-
pursued since the thirties must
share some blame. Policies directed toward full employment—
at
times
resulting
in
hyperem-
ec101}05?1S
related
many
gIJowtn
UP~
developments. Obviously,
are at work, put
Continued on page 58
factors
r>-.r<su;
The Commercial and Financial Chronicle
(1774)
58
Dimming Business Outlook
Unless We Drop Old Cures
Continued from page 57
emphasis than can
be lightly dismissed, the evidence
points to rigid and inflated pro¬
with
greater
that government actions originally
introduced
to
moderate
cyclical
fluctuations
in
business
activity
operating as deterrents to
growth. In the field of
duction costs as a major and com¬
mon
cause.
This
conclusion is taxation, for instance, the substan¬
tial reliance upon income taxes
substantiated by the deterioration
of recent years in the international and the steeply progressive tax
now
are
economic
;
thought and action, some of them
developed over a quarter century
...
.
Some Criteria to Look
deeply ingrained in the
of policymakers in gov¬
ernment, in labor, and in business
managements as well. Neverthe¬
less, in the same fashion as we ■Continued
from page 5
succeeded in developing economic
would be, natural to expect an
policies that are responsive,vto
■adjustment within the industry in
cyclical fluctuations, it should be
which the smaller, weaker com¬
possible to develop flexibility in
may
be
merging and
response
to broader and deeper petitors
changes in the economic environ¬ pursuing other defensive tactics.
To some this may signal a dement which reflect slower moving
ago, are
attitudes
In the Electronics
of
■
structural shifts.
cline in
tronic
the
than 5%.
years.
Beyond this, our
gerrymandered tax structure frequently means that widely differ¬
ing tax consequences are incurred
unlikely to be achieved until late by economically similar activities
and this places a premium upon
in 1963.
payments
in
is
for
prospect
1962, and the Secretary of the
Treasury has recently indicated
that
a
satisfactory
condition is
considerable disagree¬
to whether this chronic
is
There
ment
as
directed
endeavors
view
In
purposes
abroad.
the complex inter¬
of
achieving tax savings than bring¬
growth environment.
relationships
involved,
no
one
Credit — Countercyclical
easy
category in our international ac¬ credit policies of the Federal Re¬
counts Can be singled out as the
serve, large Treasury deficits and
culprit. Nevertheless, there is con¬ government credit programs (par¬
siderable evidence that the sus¬
ticularly for housing) have like¬
tained inflation of costs and prices wise been
energetically employed
and the
continuing impediments as stabilizing devices in a business
to labor productivity in the United downtrend
and have repeatedly
States are important contributing been effective stimulants to eco¬
factors.
'
nomic activity in the short run.
This is demonstrated by the dif¬ They have also, however, helped
ficulties encountered by American avert price corrections during re¬
goods in world markets; in 1961, cessions and have added to the
>
American
,
exports not financed by strength of inflationary pressures
government
grants
and
capital in the ensuing recovery.
barely held their own. At the same
Today, one may reasonably ask
time, foreign goods are success¬ whether, out of excessive pre¬
fully competing in a wide range
occupation with the problem of
of domestic markets, and foreign cushioning recessions, undue en¬
countries
attracting American couragement has not been given
capital through th^ir to credit expansion, cost inflation
are
investment
lower production costs, greater ef¬
ficiencies
and
brighter
market
and
allocation
an
of
resources
which has gradually curbed the
I; prospects. In many other ways, economy's capacity for long-term
too, the long exposure of our growth. This question merits all
economy to inflationary pressures the more serious consideration in
has
contributed
strains
on
to
the
the
dollar
recurrent
in
world
markets.
the
economic
is
for
Concluding Thoughts
extent
that
the
to
credit and of deficit spending
slower
growth of recent
attributable
years
that
weakness in business activity
promptly stimulate demands
further massive injections of
will
Some
To
view of the virtual certainty
any
the
economy.
Labor
—
'
•
The
population fac¬
ihto
long-
range
effects of current
labor
changed Consumer prefer¬
policies were similarly obscured,
ences, the satisfaction of pent-up
demands for durable goods (espe¬ during much of the postwar era,
by
the
favorable
markets
for
cially of business plant and equip¬
goods and by a shortage of man¬
ment
and
of
housing)
and the
sustained rise in personal indebted¬ power that was intensified by the
low birth rate of the early thirties/
ness, we may have no alternative
to accepting it as a natural con¬ Today, the sustained rise in wage
costs is a major factor in the less¬
sequence of economic change until
ened ability of American business
expansion forces are strengthened
to expand markets at home and
with the passage of time. In an
to compete
aggressively abroad.
advanced economy, irregularities
Moreover, while higher pay and
in the growth rate
appear
a
normal
part
of
the
to
be
secular
hours
shorter
at
time
one
contributed to broader
have
process.
of
a
satisfactory long-term rate of eco¬
nomic growth and to increase
of serious economic
the
hazards
settlement in the years
*An address
Indiana
un-
ahead.
may
con¬
sumer markets, the more conspicu¬
addition, however, the econ¬ ous result in the
present environ¬
appears
to be feeling the
ment is higher unemployment.
consequences of policies, programs
Unemployment may be a prob¬
and
patterns of thought which
lem for some time to come and it
were developed in earlier decades
is essential to avoid actions such
under
vastly different pursued
as
shortening
the
work
week,
conditions, which were pursued
which
will
further
raise
labor
for years despite gradual
changes costs.
Rather, the cure will be
in the environment, and which are
found in measures designed to in¬
now
leading to results opposite to
crease employment
opportunities,
those originally
envisaged. There¬ with
encouragement of investment
fore, to the extent that economic
occupying a key role. Also, there
growth is being restrained by in¬
is
by Dr. Reierson before the
Business Conference,
University
Ind.,
Bloomington,
April
1962.
6,
Livingston Oil
Rights Offering
promise of the elec¬
in the
right
to
subscribe at par for $6,359,900
of
ing
its
the
stockholders
debentures
due
the basis of
each
June
1,
1982
on
$100 debenture ,|or
common shares
held of
34
one
record
April 10, 1962. Rights will
expire on April 25, 1962. The de¬
bentures
convertible into
are
com¬
at $9.50 per share.
The com¬
pany's common stock is, and the
debentures will be, listed for trad¬
ing on the American Stock Ex¬
change. Shearson, Hammill & Co.,
New York City, is the principal
mon
underwriter.
-
.
in undevel¬
also owns 1,535 net roy¬
company
alty
under
*'
acres
areas.
r
surface
11,431
used for repayment of bank
construction of
ing
system,
loans,
pipeline gather¬
to assist in the
a
and
financing of the drilling and de¬
velopment of the company's
prop¬
erties.
Livingston Oil is presently
engaged in a development pro¬
gram involving the drilling of ap¬
proximately 50 wells on proved
locations.
inherited
from
it
power
in
our
the
to
past,
remove
obstacles in favor of
structive
take
the
ments into
Taxes
—
approach,
more
we
a
more
have
these
con¬
designed to
develop¬
recent
It
could
very
well
be
need
to
facilitate
the movement of labor and to
pro¬
vide training for the
unemployed
in
order
to
enable
jobs for which they
ently qualified.
A
account.
obvious
an
New
easy
The New York
Security
nounced
Society of Junior
Analysts,
its
Officers
Reinisch,
Inc.,
has
are:
President,
Hans
Research;
Argus
Vice-President;
burger,
not pres¬
an¬
incorporation.
Eliott
Black,-Abbott, Proctor &
John
Loeb
Eric
&
Co.,
May,
Paine,
New-
Secretary;
urer.
to
May, Reynolds & Co., Treas¬
The
Approach—This
prescription.
Analysts '
Incorporate Ass'n
fill
them
are
New York Jr.
is
Patterns
not
of
1960,
four
association, founded in May
now
has
hundred.
a
membership
of
the
the
we who are in
products end of
business:
what
know
of
business v in ;;'its
the
for
price competition of the
past year provides 'another ex¬
ample which should chasten any¬
one who
thinks that stocks of a
Analysts
standpoint of invest¬
ment
analysis, my sympathies are
analysts. Because of the
dynamic growth and change in
with
the
the art, analysis of the industry
requires unusual perception and
;
ability to evaluate the fast moving
to
Quizzes P/E Ratios
Within the
(1)
to
look
to
is
stages
when
from
new
products doesn't yet exist.
(2) Our laboratories were
staffed
r
.
income
elec¬
trical
a
lesser
number of mechanical engineers.
Gradually,
physicists,
chemists,
metallurgists and mathematicians
will
increasingly
a s sum e
growth doesn't generally coippound indefinitely. Too-many un¬
foreseen
human and
accidental
im¬
disrupt the best laid plans.
pretty good bet that the
factors
L It's
a
amaze
us,
bet that
dividual
continue
art ' will
electronics
a
once
by
predominantly
engineers
and
price-
.
,
an
.
the
at
problems, the pitfalls, the compe¬
tition, . the ' obvious - fact . that
essential
now
our
earnings ratios that some investors
apply to the electronics
com¬
panies. We appreciate the confi¬
dence, but sometimes we wonder
if the' unusual
opportunities in
electronics have riot obscured the
Evaluate
electronics com¬
pany for the long range growth
to which it aspires
real re¬
search, not just product develop¬
ment. This is costly in the early
wonder
sometimes
for?
Research
prepare
industry, despite
faith in the long run outlook, we
must
criteria
dynamic,
growth
industry
can
only go up. Many casualties have
and will continue to' accompany
the growth of our industry. The
Ford acquisition of Philco is the
immediate evidence.;
technological
developments and
an
ability to distinguish those
companies which can exploit the
possibilities on a sound basis and
with
managements
which
can
survive the rigors of such a dy¬
namic
environment, particularly
when the going gets rough.
to
but it is nearly as good
the prices of some in¬
stocks
will
to
prove
be
disappointing. We obviously can¬
not control the price of our own
stock, let alone-that of the many
other companies in" the business,
but at the same - time,
because
electronics is going to be here fpr
long time it is not fair or good
its future be unrealisticalty
discounted.
Illusion breeds dis¬
a
portant roles.
that
(3)
The forms of
the
of
nature
products
our
electronic
ap¬
component-oriented business to
a
appointment.
at
We
*>
>
Motorola
•
want
don't
people, to lose faith in us or other
electronics companies because the
growth performance doesn't live
up to unreasonable
expectations
as
expressed in excessive priceearnings ratios.
■
And
so
when
we
enthusiasti¬
cally and genuinely talk of what
we see as an inviting and exciting
future for electronics,- we mean
it, but we hope no one concludes
that it is an invitation to pay un¬
(4) Capital investment in plant,
and equipment as a ratio to sales reasonable; and unrealistic prices
materials-oriented
business.
volume will climb because of the
more
elaborate^ laboratories
and
more
complex
production
equipment necessary for new in¬
tegrated circuitry. Is the company
of
aware
its
financial
problems?
(5) Increasing reliability of in¬
tegrated circuitry implies a reduc¬
tion in the per cent of the elec¬
tronics
dollar
business,
business.
for
the
particularly
service
the
Because the aim
parts
of
*
future.; 7
the
for
fore
the
Trust
:
by Mr. Vanderwicken be¬
American
Bankers Association
address
An
Conference, New York City.
-
Quaker City
;
Industries.
.
Common Sold
•
the
&
Inc., New
art is to produce equipment
that just won't fail in normal op¬ York City, is offering to the pub¬
eration.
' lic
87,500
common
' shares
of
Quaker City Industries, Inc., at $4
(6) Above all, the implication
per share. Net proceeds, will be
is
that
managements
must
be
used by the company for equip¬
flexible, indeed, seeking to change
their product, their manufactur¬ ping new plant facilities and mov¬
ing, purchase of additional equip¬
ing, their marketing and their
ment, advertising, working capital
markets.
and other corporate purposes.
'
M.
new
In
an
the
the
Proceeds of the offering will be
omy
appropriate policies and attitudes
Difficult Area
From
and
oped oil and gas leases aggregating
approximately 80,000 acres.
The
needed. '
be
chaotic
Tulsa, Okla.j the com¬
plications will change even more!
engaged principally in the
dramatically than in the past 15
exploration, drilling and develop¬
years. Is the management aware
ment of oil and gas properties and
of
this?
This
suggests
difficult
in
the
production and sale of
consequences for some component
crude oil, condensate and natural
manufacturers of today to face,'
gas therefrom. The company owns
and it suggests opportunities for
varying interests in approximately certain
qualified, science-oriented
206 producing oil and gas leases
component manufacturers to move
on which
389 producing oil and
into
equipment operations. The
gas wells were located as of Jan.
electronics art will evolve from a
In addition, the company
still
competition Can be. The
experience of the semiconductor
branch 1
Located at
varying interests
cost
reasonable
a
fierce
revolutionary art continues to un¬
pany is
has
the
so
Moreover,
electronics
fold.
.
sinking 7 fund
convertible
5%%
And
at the right time
way
will
consumer
recognize the con¬
sequences of these revolutionary
prospects. What are some of the
Livingston Oil Company is offer¬
right
limitation
ing, young industry. For the eleqtronics: ;art is really" still in its
infancy, and I submit that its po¬
tential is compounding as th is
Criteria
If
windfalls.
as
within
and
properly be expected as a
natural Consolidation of a sprawl¬
They
To Stockholders
well
ability to anticipate and select
the right product to be exploited
arts, but I suggest it should
,
1, 1962.
.
restrictive
tors,
growth
riers against the attainment
toward
more
sensible
imbalance is attributable to an ing about economically
business operations. A complete
inadequate surplus of merchandise
overhaul and simplification of our
exports, to an excessive outflow
cumbersome
and
of American capital, or to large unnecessarily
government spending for military complex tax system would con¬
tribute importantly to a favorable
and
economic
.
would be to build additional bar¬
change there will
be pitfalls
'
more
'
unit
less
of
represents
"
'
there will also
be. But
as
it
and
half
to
up
'
"
Growth
■
?
of
providing
Today
sales.
.
The
placed especially on individual in¬
great danger is that we
position of the dollar.
comes
constitute
an
important shall attempt, instead, to cope with
International
Imbalance — In
stabilizer of the economy
in a but* problems by continuing and
1961, for the fourth consecutive
business downturn. Until recently, intensifying the well-worn policies
year, the United States incurred a
little heed was paid to the other of the past, such as to the exten¬
large international deficit. Despite
side of the coin, namely, to the sion of easy credit, heavier public
efforts to bring the balance of
penalties upon incentive, the ad¬ spending, larger budget deficits,
payments under better control,
verse implications for profits, and
curtailment of working hours, ad¬
there was a further increase of
the resulting deterrent to invest¬ ditional wage increases, and fur¬
SI.7 billion in our short-term in¬
ment activity.
ther restraints upon raising pro¬
debtedness to foreigners, and our
The need to moderate the pres¬ ductive efficiency. Such tendencies
holdings of gold and convertible
currencies
declined
by
another ent unrealistically high rate of would merely aggravate the
handicaps under which the econ¬
$742 million. Moreover, another Income tax progression has be¬
substantial deficit in our balance come more widely appreciated in omy is already laboring. The result
recent
Thursday, April 12, 1962
Picking the Right Development
On
the
other
shows that any
hand, experience
revolutionary de¬
velopment gives rise to hopes and
expectations
realized. At
that
one
will
time
it
never
was
be
gen¬
J.
Merritt
The company
Co.,
of 234 Russell St.,
Brooklyn, N. Y., is engaged in the
manufacture, design and sale of
various
boxes,
types of
housings,
-
metal cabinets,
jackets, boiler
.
and radiator enclosures, for use
jn
there would be the heating, ventilating, construc¬
some
2,000 television broadcast-; tion and electrical industries, and
items
such
as
metal
ing stations. Actually, there are specialty
some 600 on the air today. At one
lockers, filing systems,
cabanas
and
time six or seven years ago color
pre-fabneated garages and
television presented the promise storage houses.
,
7
erally
estimated
.
Volume
195
Number 6150
.
The Commercial and Financial Chronicle
.
Indications of Current
The
(1775)
following statistical tabulations
latest week
Business Activity
IRON
Indicated
steel
AND
STEEL
operations
INSTITUTE:
AMERICAN
PETROLEUM
;
and
42
oil
gallons
Crude
54.0
7
2,361,000
2,417,000
2,367,000
1,580,000
;
Distillate fuel
oil
i
Residual
(bbls.
of
.
7,353,060
ASSOCIATION
OF
Revenue
3,140,000
i~
13,326,000
13,774,000
5,961,000
6,131,000
-Mar. 30
.
CIVIL
Mar. 30
■
(number
of
cars)
_
freight received from connections
205,818,000
|
of
14,776,000
6,195,000
S.
528,293
564,941
555,873
524,109
526,904
Apr.
Public
State and
Federal
COAL
;
;
OUTPUT
(U.
S.
5
152,900,000
;
500,184
OF
output
FAILURES
$417,700,000
214,500,000
169,600,000
323,300,000
193,500,000
203,200,000
270,400,000
162,800,000
233,200,000
5
36,100,000
129,800.000
40,400,000
37,200,000
SERVE
8,240,000
8,230,000
7,490,000
6,723,000
Adjusted
299,000
331,000
368,000
331,000
(E.
M. J.
&
-1——
-
Zinc
(East
St.
'-Aluminum
Straits
16,418,000
14,182,000
330
364
343
at
2
6.196c
6.196c
6.196c
6.196c
Apr.
2
$66.44
$66.44
2
$30.83
$31.50
$66.44
$39.50
Louis)
;
at
at—4
York) at
30.600c
30.600c
30.600c
28.600c
28.625c
East
28.525c
28.625c
27.350c
9.500c
9.500c
§§Prime
9.500c
11.000c
10.800c
«'
.
4
9.300c
9.300c
9.300c
4
12.000c
12.500c
12.500c
12.000c
4
11.500c
12.000c
12.000c
24.000c
24.000c
24.000c
U.
S.
Government Bonds
124.125c
121.375c
123.000c
Silver
Group-
Bonds—
Orders
87.59
87.18
89.64
89.23
88.95
88.40
89.92
Unfilled
orders
ROUND-LOT
BLRS,
Total
.
3.73
*
______
at
end of
4.65
specialists
sales
FOR
Total
stocks
in
primary
which
Short
5.00
4.89
4.74
96%
4.59
4.62
4.44
end
where
362,209
350,465
365,679
354,443
Apr.
EXCHANGE
483,209
440,723
6
110.00
109.26
for
account
/ -111.72
2,396,900
2,242,150
primary,
2,294,110
2,105,150
pig
Railroads
SPECIALISTS
sales
SECURITIES
Number
Dollar
Odd-lot
dealers
by
2,289,120
:
ON
N.
263,630
454,860
526,910
17,500
17,200
17,800
value
239,020
214,230
312,480
five
tons
or
more
AVERAGE
231,430
330,280
but
less
Mar. 16
78,860
Mar. 16
-
885,196
832,850
IN
(24)__
1,059,848
Mar. 16
964,056
851,702
922,700
3,296,670
3,597,570
purchases
Number
dealers
by
481,940
526,860
563,980
RYS.
2,978,120
4,865,688
3,188,282
3*542,100
Net
991,310
2,661,422
AUTOMOBILE
S.
Customers'
short
5,856,998
other
of
>
Number
•
1,702,013
$88,687,138
Mar. 16
1,794,980
1,669,528
1,761,777
—Mar. 16
7,476
9,669
8,651
1,787,504
1,659,859
Mar. 16
$89,798,846
$85,173,189
1,753,126
$87,347,853
$133,879,734
Mar. 16
554,740
509,420
557,690
554",740
509! 420
557~690
-Mar. 16
514,280
501,580
499,380
ACCOUNT
FOR
STOCK
SALES
ROUND-LOT
MEMBERS
OF
ON
THE
STOCK
N.
Y.
ITEMS
V."
v
round-lot
operating
Total
LABOR
—
PRICES,
'.
■'
Meats
All
v
sold
—
U.
2,801,270
U.
S.
DEPT.
S.
deductions
available
103,608,915
delivered
other
than
farni
at
centers
where
face
Total
16
f":
.
'
30,749,022
57,157,593
684,400
692,860
31
26,624,360
17,200,190
15,916,830
16,638,300
17,331,160
11,793,502
Cr8,096.842
59,061,303
24 016,742
4,301,058
3,688,643
2.99
2.86
$300,000,000
$298,000,000
$293,000,000
296,087,624
296,983,221
287,471.401
371,130
210,844
$296,489,467
(000's
that
$297,354,351
$287,682,245
435,709
437,037
398,265
$296,053,758
$296,917,313
$287,283,980
$3,946,241
$1,082,086
$5,716,019
$296,489,467
6,918,722
$297,354,351
5,625.587
$287,682,245
4,794,166
$291,728,764
$282,888,079
53,173,956
53,118,426
omitted):
be outstanding
may
—
public debt
gross
public debt & guaranteed
obligations
1,129,040
15,232,430
4,039,167
51.843,642
3.43
—
—
charges..
3,762,972
57,677,080
53,148,612
30,763,669
1,665,743
—
^
stock-
amount
Total
608,170
Deduct—Other
gations
27,753,400
-
unuer
3
100.6
100.5
100.7
Apr.
3
97.7
98.1
97.8
Not avail.
100 8
101.2
102.2
Not avail.
94.9
96.4
Not avail.
As
Not avail
General
outstanding
total
face
public debt obli¬
subject to debt
not
outstanding
amount
above
limitation
of
authority
—
obligations
Issuable
i..
Not avail.
3
—
from
7,790,561
87,906,615
Guaranteed obligations not owned by the
,—
freight
95,697,176
k
14.784,820
taxes
time
gross
Balance
foods—..
30.838.952
61,440,052
'
3,756,556
stock
March
of
any
Apr.
Apr.
3
94.8
—
Apr.
3
100.9
t Number of- orders not reported since
basis
income
—;
—
and
5,188,947
92,279,004
8,372,881
income
charges
Outstanding—
786,980
16,592,020
Apr.
—•___—_'—ir_'.———
$34,765,661
60,931,515
25,975,783
97.467.951
30,235,301
73,373,614
from
for fixed
charges—
after
fixed
charges
Grand
foods——
commodities
i.
'
—
$71,492,168
Commission)—
GOVT. STATUTORY DEBT LIMITATION
at
OF
1
45
111,981,796
preferred
Total
835~700
•;
—
products————__!—
-Revised figure,
on
SERIES
'
commodities--
Processed
.
NEW
f- *•
Mar. 16
—,
(1957-59=100):
Commodity;Group—
Farm
>
sales—-I.,——:—'———_—__Mai\
WHOLESALE
All
>.
-—_____—————Mar. 16
__—
46
1
TRANSACTIONS
L
sales——.——,
14,351,000
38,531,000
$57,165,397
54,816,399
S. CLASS
U.
OF
13,525,000
45
income
Ratio of Income to fixed
,r
(SHARES):
L
"Short sales—
Other
.
sales—
15,038,000
17,051,000
•39,792,000
December:
of
common
On
8,010
STOCK
•
Total
.!,
On
Mar. 16
AND
97,734
14,339,000
deductions—
As
sales—
Mar. 16
ROUND-LOT
506,273
408,539
98,693
15,309,000
(barrels)
fixed
Federal
835,700
•
.
by dealers—
sales
EXCHANGE
635,010
536,317
$289,570,745
2,809,280
Other
TOTAL
3.15
40,624,000
(barrels)
month
Depreciation (way & structure & equipment)
sales)—
Rouv.d-lot purchases by dealers—Number of shares—
3.51
2.50
v
69,617,058
2,761,738
$145,645,233
Short sales
<■
3.25
401,843
1,643,324
$86,138,259
Mar. 16
shares—Total
of
2.13
2.99
.
:
2.817.
3.00
..
(BUREAU OF MINES)—
(per cent)
Miscellaneous
Other
1,753,995
$91,424,262
Dollar value
sales
,
106,925
(barrels)
end
Income
4.84
•
603,355
coaches
motor
income
Total
sales
Round-lot
3.11
r.
710,280
and
(Interstate Commerce
Income
Mar. 16
sales
4.79
-2.93
February:
railway
Total
STOCK
sales—
Customers'
total
'
MANU-
Other income
•
Mar. 16
(customers'
of orders—customers'
3.02
t
2.94
FROM
SALES
vehicles
INCOME
SELECTED
COMMISSION
•:
—
§§Delivered
lot boxed.
ASSN.—Month of March: ;
CEMENT
at
Month
3,032,746
3,514,686
U.
of
Capacity used
5,990,300
Mar. 16
FACTORY
Shipments from mills
1,213,988
3,439,823
—
trucks
of
Production
154,140
'-813,250
■
•
carload
3.00
of passenger cars
of
Month
1,245,940
109,450
777,552
than
2.10
number
Stocks
74,150
•••.'"•
$1.60000
$1.50000
YIELD—100
(10)
PORTLAND
529,370
780,813
790,890
$1.71667
$1.50000
of March:
(200)—
Number
491,670
256,520
—
—:_i
;
$1.50000
4.88
FACTURER'S
purchases)—t
shares———
of
$1.61667
$1.75000
incl. Amer. Tel & Tel.)
(not
PLANTS
37,700
——Mar. 16
Y.
$2.25
$82,000
$1.50000
(25)
VEHICLE
Total
4,113,640
262,110
members—
EXCHANGE
(customers'
$2.25
$82,000
$1.65000
"
Odd-lot
74.000c
$2.25
(125)
Insurance
799,470
Mar. 16
;___—.
23.250c
81.250c
$82,000
pound)
STOCKS—Month
Industrials
3,314,170
Mar. 16
a_—
—
22.875c
81.250c
export
on reports from companies accounting for
of secondary tin consumption in 1957 and 97% of total stocks
WEIGHTED
COMMON
,
4,217,450
436,730
1,852,390
•■:
Mar. 16
———
26.000c
22.500c
29.500c
freight
Number
1
24.000c
29.000c
tEstimated totals based
95%
UDomestic
1957.
MOODY'S
112.70
;
Mar. 16
of
24.000c
(per lb.)
avge.
2.97
2,309,860
435,510
1,669,640
——
.L
AN.D
of
of
MOTOR
385,580
—i—.—
'
33.000c
from East St. Louis exceeds 0.5c.
•♦F.o.b. Fort Colburn, U. S. duty
ttAverage of daily mean and bid and ask quotations per long ton at morning
session of London Metal Exchange.
~
1,908,530
———-
? ! 32.590c
r
32.500c
included,
-
-—._—L
—
320,592
-
<
464,757
465,970
Mar. 16
—
36.250c
•>.
33.000c
small lots)
grade (per pound)
97%
♦Revised figure.
91
—Mar. 16
L————
—
DEALERS
335,296
349,612
i
96
Mar. 16
L_——
$35,000
$206,000
32.500c
(Per pound,
Cobalt,
Average
TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD-
LOT
372,414
:
97
V
-Mar. 16
transactions
sales
Total
5.05
4.87
Mar. 16
——.—
sales
•STOCK
5.03
4.86
4.58
:
the floor—
on
sales
Other
5.02
Mar. 31
——.
initiated
purcnases
103.443c
$35,000
4.56
4.42
--r—
—
round-lot
4.23
4.34
MEM-
floor—
sales-.
sales--—___
Tital
4.39
4.54
4.72
registered—
sales—
Total
4.38
4.68
Mar. 16
Other
121.076c
$191,500
36.250c
—
Utilities
—
the
off
sales
Total
79.625d
$2.79751
$35,000
pound)
grade
4.5l
367.2
—
Short
(per
99%
4.34
-Mar. 16
purchases!
91.375c
85.363d
123.108c
(per pound, delivered ton lots)
4.53
sales—ti————
Total
102.472c
$2.81458
$192,000
pounds)
76
ingot weighted
4.67
SPECIALISTS
AND
in
OF
__
sales
Other
Total
of
Cadmium
368.2
———_—La—
initiated
Other transactions
£83.437
84.608d
price)
S.
grade
"
4.49
purchases
Shore
U.
flask
99%
INDEX—
ACCOUNT
—
transactions
12.000c
£84.577
£69.534
101.500c
'
sales-—-
Total
11.500c
12.500c
$2.81527
4.53
4.68
369.0
—
sales—*_.
Other
12.000c
£68.784
Vs
Aluminum—
450
-
Mar. 31
purchases—
Short
•H'".
ft:
£69.920
ton)
(per pound)
refined (per
4.47
period
EXCEPT ODD-LOT DEALERS
of
£67.108
12.000c
Platinum,
367.7
■
—
REPORTER PRICE
DRUG
£59.334
£69.352
3.80
3.92
Mar. 31
(tons)
10.800c
£65.940
12.500c
pound)
(per
(per long ton)
months (per long
boxed
Bismuth
3.70
4.63
Mar. 31
Other
v.-
.
V
ASSOCIATION:
TRANSACTIONS
Transactions
,
"
Apr. 10
AVERAGE—) 00.
194 )
f'v
"•■
r
81.90
—Apr. 10
INDEX———
activity—
OIL, PAINT AND
v
86.38
Apr. 10
__.
(tons)
of
f:
Laredo,
87.72
!i
Jc,.'
Apr. 10
.
„
(ions )_
Percentage
9.383c
£58.678
£60.463
Laredo,
82.27
85.59
Apr. 10
.____
4.1
PAPERBOARD
received
11.000c
9.300c
York, boxed (per pound)
bulk (per pound)
91.05
87.99
81.66
83.66
Apr. 10
;
___.
Group
COMMODITY
£226.688
9.583c
£60.065
•"Nickel
—
Group
Production
<7 r,
lINew
88.27
85.85
83.91
_______—
Group
NATIONAL
■/:
88.67 ;
84.04
•
Apr. 10
MOODY'S
_
n
82.03
Apr. 10
Utilities
£234.306
Antimony—
Apr. 10
Public
..
92.64
Apr. 10
-
Baa
•
90.34
88.81
•
Apr. 10
-
90.48
DAILY AVERAGES:
A
Railroad
28.600c
27.303c
£225.278
9.500c
pound)
delivered
(per
Quicksilver
87.99
Apr. 10
Aa
'^Industrials
30.600c
28.620c
£235.031
£235.239
ton)
pound)
Louis
ounce
(per
88.40
'
86.51
-
Group.
; U. S. Government
Average corporate
•
New
Gold
87.83
Apr. 10
YIELD
30.600c
28.600c
£234.807
York
(per ounce)
(per ounce)
Exchange (check)
York Straits
Sterling
86.38
Apr. 10
•
Group-
BOND
146
132
-
Sterling Exchange—
86.78
,
MOODY'S
•150
♦112
QUOTATIONS)—
New
89.42
Apr. 10
Industrials
158
^
Silver, London
91.05
Apr. 10
a—T—
Utilities
402.5
'
Baa
Public
and
Silver,
.89.6Q,
,
Apr. 10
Railroad
8,051.000
133
(per
(per
three
Tin,
__
A
J.
(per
Western,
87.05
:»•
corporat
Aa
Louis
St.
ttLondon,
104.625c
4
__
-
Average
8,019,000
400-9
421.0
(per pound)
long ton)
London (per long ton)
'
MOODY'S BOND PRICES DAILY AVERAGES:
f
17.450,000
10,513,000
prompt
26.000c
Apr.
St.
prompt
ttLondon,
11.500c
4
_
——_
19.881.0CO
17,181,000
Zinc—
4
Apr
M.
&
York
months,
4
Apr.
,i_
_
,v 1
19,561.000
17,120,000
adjustment
(E.
East
Common,
ttLondon,
'4
Apr.
at-^
(New
$66.44
$32.50
'
Apr.
-—Apr.
.y
18,971,000
Average=10O—
variation
New
Common,
Apr.
:
651.523
17.450,000
Lead—
Apr.
—_l—
„
90,493
559,000
17,181,000
March:
seasonal
PRICES
ttThree
.
of
108,856
623,000
COMMERCE):
Domestic refinery
(per pound)
Export refinery (per pound)
ttLondon, prompt (per long ton)
ttThree months, London (per long
QUOTATIONS):
(primary pig, 99.5%)
tin
15,552,000
356
-
.
refinery
-
129,000
'
17,120,000
SALES—FEDERAL RE¬
SYSTEM—1947-49
for
636,686
1,691,930
11,145,293
•
Feb. 3
of
664,095
1,794,720
11,719.825
March:
&
a
868,061
1,966,368
11,128,147
Copper—
PRICES:
Export refinery at—
Lead (New York) at
'
Lead (St* Louis )• at--————
(delivered)
151
5
DUN
—
ib.)
(per
Electrolytic copper—
tZinc
119
15,569,000
.-—Apr.
INDUSTRIAL)
—
Domestic
141
7
_Apr.
AND
,/ Pig iron (per gross ton)—'
Scrap steel (per gross ton)___
-METAL PRICES
148
Apr.
INC.———
COMPOSITE
steel
.-Mar. 31
STORE
70,004
222,889
BALES:
(DEPT. OF
Without seasonal
METAL
—Apr.
(COMMERCIAL
Finished
DEPARTMENT
INSTITUTE:
L
as
78,007
84,787
144,719
OF
Spinning spindles in place on Feb. 3
Spinning spindles active on Feb. 3
Active spindle hours (000's omitted) Feb. 3
Active spindle hours for spindles in place Jan.
$440,000,000
Month
(in 000 kwh.)—
BRADSTREET,
IRON AGE
COTTON SPINNING
5506,100,000
182,800,000
244,500,000
31
DEPARTMENT
—
79,243
91,542
474,208
;
208,400,000
Mar!
LINTERS
spindles active
5
Mar. 31
SYSTEM—1945-4!) AVERAGE—
ELECTRIC
Cotton
5
_
85,509
138,686
Linters—Consumed, month of January
Stocks—February 3---
'
DEPARTMENT STORE SALES INDEX—FEDERAL RESERVE
Electric
In
MINES):
coal and lignite (tons)
Pennsylvania anthracite (tons)
(tons of
grades
month of January
consuming establishments as of Feb. 3—
public storage as of Feb. 3
In
Apr.
__
Bituminous
EDISON
AND
Apr.'
;
__
BUREAU
\
output all
(tons of 2,000 opunds)
end of period (tons)
at
Apr.
municipal
—__—•—
$397,400,000
Apr.
—
construction
5
v,s'.>*'• )•, '•
end of Feb.
Consumed,
506,917
-
'
smelter
COMMERCE—RUNNING
42,261,000
!
(short tons)
pounds)
COTTON
89,677,000
41,082,000 ; "
zinc
Stocks
26,006,000
>v
construction
138,560
287,392
Shipments
211,445,000
98,614,000
ENGINEERING CONSTRUCTION—ENGINEERING
U.
170,140
198,424
2,000
11,995.000
6,516,000
•
25,803,000
Mar. 31
cars)
157,701
190,751
Slab
2,931,000
.
205,569,000
Mar. 31
_
(no.
Private construction
.
~
206,631,000
23,668,000
•86,855,000
37,426,000
23,528,000
-'87,178,000
>38,915,000
NEWS-RECORD:
Total
.
Year
'Ago
INSTITUTE, INC.—Month of
'
AMERICAN RAILROADS:
Revenue freight loaded
„
at—
Month
MINES):
March:
7,855;000
2,842,000
29,214,000
;
3,620,000
28,708,000
Mar. 30
_i„_
„
(bbls.W--—
(bbls.)
OF
Production of primary aluminum in the U. S.
(in short tons)—Month of February
7,355,960
8,418,000
28,971,000
—
oil
7,402,810
8,152,000
*28,429,000
—_.
Residual fuel
7,356,610
7,971,000
Mar. 30
output (bbls.)
l
Mar. 30
Stocks at refineries, bulk
terminals, in transit, in pipe lines—
Finished gasoline (bbls.) at
Mar. 30
Kerosene
(bbls.)
at—
i
;
Mar. 30
Distillate fuel oil (bbls.) at—,—
Mar. 30
_
(BUREAU
AMERICAN ZINC
Mar. 30
______
oil
fuel
output
ALUMINUM
Previous
Month
81.0
Mar. 30
—
of that date:
Latest
82.5
—
(bbls.)
either for the
are
are as
Stocks of aluminum
(bbls.)
Kerosene output
of quotations,
cases
,
81.0
(bbls.)
average
in
or,
Ago
7
.•£
-
output—daily average
stills—daily
uutput
Year
Ago
Apr.
each)
to
runs
Gasoline
Month
Week
production and other figures for the
cover
Dates shown in first column
that date,
on
_Apr.
INSTITUTE:
condensate
Previous
Week
i
(per cent capacity)
Equivalent to—
Steel ingots and castings (net tons)
Crude
month ended
or
Latest
AMERICAN
<
week
month available.
or
59
;
East
%
100.7
100.7
SNITED STATES GROSS DEBT DIRECT AND
GUARANTEED—(000's omitted):
of
March
funds
31——
balance
t
—
—
introduction of Monthly Investment Planf^ Prime Western Zinc
St.
Louis
exceeds
one-half
cent
a
pound.
Computed annual average
-
3.210%
3.180%
3.109%
vwivguWtiiMVM/iH *•i«W« "«fyW ' *'*»»
60
The Commercial and Financial Chronicle
(1776)
.
.
Thursday, April 12, 1962
.
,v-v
* INDICATES
Now
Securities
in
Registration
•
trols and assemblies for the
—
Because of the large number
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but
E.
A.
(4/30-5/4)
Inc.
Electronics,
C.
1962 ("Reg. A") 100,000 common. Price-—$1.25.
Business—Design, development and sale of transistorized
ignition systems for engines. Proceeds—For equipment,
leasehold improvements, advertising and working capi¬
tal. Office—80 Wall St., N. Y. Underwriter — Bertner
Bros., N. Y.
L.
A.
Corp.
Steel
S.
Price—$4.50. Busi¬
ness—Sale of processed flat rolled strip steel. Proceeds
—For debt repayment, equipment, and working capital.
Office—126—02 Northern Blvd., Corona, N .Y. Under¬
Agency Tile Industries, Inc. (4/23-27)
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Importing, marketing and distributing ceramic
tiles.
advertising, new office and warehouse and
working capital. Office—522 W. 29th St., N. Y. Under¬
•
Packaging Corp.
Accurate
(5/28-31)
28, 1962 filed 80,000 common. Price—By amend¬
(max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
ment, advertising and other corporate purposes. Office
—651 Third St., Newark, N. J.
Underwriter-rBaruch
Feb.
ment
•
Accurate Parts, Inc.
1962 filed 100,000 common. Price — By amend¬
ment
(max. $13). Business — Rebuilding and sale of
starter drive devices for automobiles. Proceeds — For
March 30,
S. Jay St., Kokomo,
N. Y. and Raf-
selling stockholders. Office—1313
Underwriters—McDonnell &
Co.,
Ind.
fensperger, Hughes & Co., Indianapolis.
Adelphi Research & Mfg. Co.
22, 1962 ("Reg. A") 53,300 common. Price—$3.75.
print paper. Proceeds—For debt repayment,
expansion .& working capital. Office—3745 N. 2nd St.,
Philadelphia. Underwriter—Fred F. Sessler & Co., Inc.,
and
blue
New York.
Admiral
Automotive
(4/23-27)
Products, Inc.
11, 1962 filed 100,000 common. Price—$4. Business
—A warehouse distributor of automobile equipment ac¬
Jan.
cessories
supplies. Proceeds — For expansion and
working capital. Office—3294 Steinway St., Astoria, N. Y.
and
Underwriter—Baruch Brothers &
Co., Inc., N.Y.
to be offered for
subscription by stockholders on a l-for-5 basis. Price—
By amendment (max. $18). Business—Operation of a
chain
of
restaurants
expansion,
S.
a
motor
hotel.
Proceeds—For
repayment and equipment. Office—29
Blvd., Memphis.
Underwriter—James N.
debt
Bellevue
Raddoch
and
&
Ainsbrooke Corp.
Admiral
stockholders.
Price—$10.
Business—Manufacture
of
men's and boys* underwear and pajamas. Proceeds—For
expansion, inventory and working capital. Office—350
Fifth Ave., N. Y. Underwriters—Richard Bruce & Co.,
Inc., and Reuben Rose & Co., Inc., N. Y.
Air Master
Corp.
May 26, 1961 filed 200,000 shares of class A common
stock, of which 50,000 shares are to be offered for public
amendment.
aluminum
minum
Business
—Designs and produces printed business forms. Proceeds
additional
sales
personnel, moving
other corporate purposes.
Underwriter—Fabrikant
expenses
and
Office—233 W. 42nd St., N. Y.
Securities
Corp., N. Y.
Business
storm
—
The
windows
products.
manufacture
and
doors,
and
and
by
by
sale
other
of
alu¬
Proceeds—For
working capital, and
Office—20th Street, and Alle¬
other corporate purposes.
gheny Avenue, Philadelphia, Pa. Underwriter—Francis 1.
du Pont & Co., N. Y. Note—This
offering has been in¬
definitely postponed.
Air-Tech
Mar.
23,
Industries, Inc.
1962
("Reg.
A"')
73,500
Price
— $3.
variety*of
air-supported structures, radar antennae, and solar re¬
flectors. Proceeds—For: expansion and -working capital.
Office—30 Garden St., New Rochelle, N. Yv Underwriter
—Fred F. Sessler & Co., Inc., N. Y.
Business—Manufacture and
Alan-Randal
Co., Inc.
common.
distribution
of
a
(4/23-27)
Oct. 27, 1961 ('<Reg. A") 120,000 common. Price—$2.50.
Business—Distributor of pens and other advertising ma¬
terial. Proceeds
For working capital. Office — 11608
—
Ventura
Blvd., Studio City, Calif. Underwriter—Pacific
Alaska
Feb.
All
American
Francisco, Calif. '
Petroleum
15, 1962 filed 2,000,000
common.
Corp.
Price—$1.
Busi¬
ness—Acquiring, exploring and developing oil and gas
properties.
Proceeds—For debt repayment and other
corporate
Office—715 Midland Savings Bldg.,
Underwriter—None.
purposes.
Denver.
Alaska
Nov. 17,
Business
Systems, Inc.
Feb. 28, 1962 filed 70,000 common. Price—$3.
•—For
(4/23-27)
Jan. 8, 1962 filed 200,000 capital shares, of which 100,000
are to be offered by the company and 100,000 by the
•
Co., Memphis.
Allied Graphic Arts, Inc;
(5/7-11) "" ^
Mar. 27, 1962 filed 180,000 common, of which 60,000 will
be sold for the company and 120,000 for a stockholder.
Price—By
amendment.
circulation
catalogues
Business—Publication of mass
(for department stores and mail
firms), a semi-annual magazine and stamp collec¬
tors' books. Proceeds—For debt repayment and working
capital. Office-^551 Fiftn Ave., N. Y. Underwriter—«
order
Bache
&
CO., N. Y.
Mar. 30, 1962 filed 1,000,000 common.
Coast Securities Co., San
Admiral Benbow Inn, Inc.
March 23, 1962 filed 101,578 common
v
Clifton, N. J., and Market Values, Inc., N. Y.
Mar.
Business—Manufacture and distribution of diazo, brown,
Arrin
if Ail-Star Insurance Corp.
sale by the company and 150,000 outstanding shares
the present holders thereof.
Price—To be supplied
Bros. & Co., Inc., N. Y.
Co., N. Y. Offering—In June.
&
writers—International Services Corp., 1126 Clifton Ave.,
March 29, 1962 filed 100,000 common.
writer—Bernard L. Madoff, N. Y.
Proceeds—Debt payment, new products, sales pro¬
motion and
&
Proceeds—For in¬
Bethesda, Md.
Ave.,
advertising, and working capital. Office — 4116
Ave., Brooklyn, N. Y. Underwriter — Theodore
& Co., Inc., N. Y.
ment,
First
and
Feb. 28,
Doll
company.
Wisconsin
Office—7720
Toy Corp.
Feb. 27, 1962 filed 133,333 common. Price—$3. Business
—Manufacture and sale of dolls. Proceeds—For equip¬
Electronics, Inc.
16, 1962 ("Reg. A") 92,000 common. Price—$3.25.
Business—Design and fabrication
of
instrumentation
telemetry systems. Proceeds-r-For' equipment, in¬
ventory and working capital. Office—3181 Roswell Rd.,
N."E., Atlanta. Underwriter—Robert M. Harris & Co.,
Inc., Philadelphia.
business investment
Allied
ISSUE
REVISED
ITEMS
Underwriter—Allen
Aeroscience
offering dates.
•
Proceeds—For
March
general, to be considered as firm
not, in
are
vestment.
missile, rockets and aircraft
equipment, debt repayment,
expansion and working capital. Office—90 Gazza Blvd.,
Farmingdale, N. Y.
Underwriter—Robbins, Clark &
Co., N. Y. Offering—In late May. ;
of issues
SEC, it is becoming
awaiting processing by the
small
industries.
NOTE
ADDITIONS
PREVIOUS
SINCE
Pacific Lumber Co.
1961 filed 250,000
(4/16-20)
Price—By amend¬
company.
Proceeds—For
construction and working capital. Office—614
Equitable
Bldg., Portland, Ore. Underwriter—Dempsey-Tegeler &
Business—A
ment.
common.
lumber
Co., Inc., St. Louis.
Albee
Offer¬
.
Homes, IncU
,
Price—$3. Business
—insuring of buildings against fire, lightning and other
perils. Proceeds—^For working capital. Office—3882 N.
Teutonia
Ave.* Milwaukee. Underwriter—^None.
if Alsco Electronics, Inc. '
March 28, 1962
("Reg. A")
Price
—
$3. Business
electronic
—
> ;
100,000N class- A
common.
Wholesaling and distributing of
parts, kits, components, etc. Proceeds
—
For.
inventory and working capital. Office—2520 N. Broad St.,
vPhiladelphia. Underwriter — H. H. Riecke & Co., Ins.,
Philadelphia.
Alumatron
International, Inc.
Nov.
13, 1961 filed 73,000 common. Price—$7. Business
—Company plans to construct special type homes, and
in the general contracting business.
engage
For general
Proceeds—
Office—St. Petersburg,
corporate purposes.
Fla. Underwriter—B. C.
Malloy, Inc., St. Petersburg. Of¬
fering—Imminent.
Co7. (4/30-5/4)
1962 filed 1,000,000 of conv. subord. deben¬
tures due May 1, 1980, also^90,000 common shares, of
which 45,000 are to be offered by the company and 45,000 by stockholders. Price—By amendment
(max. $13
per'-common share). Business—Design, manufacture and
marketing of proprietary lines, of aluminum housewares.
Proceeds—For plant expansion, redemption of A, B and
C
preferred; and working), capital.
Office—16th and
Wollmer
Sts., Manitowoc, Wis.
Underwriters—Paine,
Webber, Jackson & Curtis, N. Y. and Loewi & Co., Inc.,
Aluminum Specialty
March
15,
Milwaukee.
Amerada
Properties Trust
1962 filed 112,000 shares of beneficial interest.
Price-^$10. Business—A real estate investment trust.
Proceeds—For acquisition of a shopping center. Office
—6363 Wilshire Blvd., Los Angeles. Underwriter—Real
Estate Underwriters, Inc., (same address).
Feb. 28,
Amerel
Mining Co. Ltd.
31, 1961 filed 400,000 common shares. Price—50
cents. Business—The company is engaged in exploration,
July
development and mining. Proceeds—For diamond drill¬
ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
writer—E.
A;
American
Manning,; Ltd., Toronto.
Bank Stationery
Co.
March 2, 1962 ("Reg. A") 21,000 common.
Price—$14.25.
Business—Design and manufacture of stationery for fi¬
nancial institutions. Proceeds—For equipment and work¬
14, 1962 filed $5,000,000 of conv. subord. deben¬
1982, also 150,000 outstanding common. Price
—By amendment (max. $30- for common) Business—
Sale of pre-cut, packaged home
building materials for
ing capital. Office — 7501 Pulaski Highway, Baltimore
Countyi Md. Underwriter—Robert. Garrett & Sons, Bal¬
construction of "shell" homes.
March
March
ing—Expected in June.
Aerodyne Controls Corp.
Jan. 29, 1962 ("Reg. A") 90,000 common.
Price—$2.
Business—Design, manufacture and sale of systems, con-
tures due
of
credit
sales;
Off ice—-931
Proceeds—For
Summit
expansion
St., Niles, Ohio;
Underwriter—G. H. Walker & CO., N. Y.
Alcolac
YOUR PRIME SOURCE FOR
Chemical
Corp.
March 23, 1962 filed. 50,000 common.
Price—By amend¬
$6).
Business—Manufacture of specialty
chemical products. Proceeds—For
general corporate pur¬
ment
(max.
Office—3440
poses.
writer—Robert
Fairfield
Garrett
&
Rd., Baltimore.
Sons, Baltimore.
Under¬
Ayres, Inc. (5/21)
28, 1962 filed 100,000 common. Price—$5. Business
—Design and manufacture of women's dresses. Proceeds
—For
debt repayment,
equipment, inventories and ad¬
vertising. Office—1400 Broadway, N. Y. Underwriter—
J. R. Williston &
Beane, N. Y.
BOUGHT
SOLD
-
-
QUOTED
for Banks, Brokers, Institutions
Allegheny Aluminum Industries, Inc.
Dec. 21, 1961 filed 100,000 common.
Price—$4.25.
Established 1942.
Members of
New York Security Dealers Association
39 Broadway, New York 6, N. Y.
'
Dlgby 4-2370
J
~
Direct Wire
v
'
i
"
'
\v '
M
TWX: N.Y. 1-5237
t
* Vv.'i* ' i'-v L "if
to
American
Bolt
&
(5/21-25)
Mfg. Corp.
Screw
15, 1961 filed 150,000 common. Price
—
By amend¬
special in¬
Proceeds^-For
ment. Business—Manufacture of standard and
dustrial
aircraft
and
missile
fasteners.
debt
repayment, equipment and other corporate pur¬
Office—Lawson Blvd., Oceanside, L. I., N. Y. Un¬
derwriter—S. D. Fuller & Co., N. Y.
poses.
American
Cardboard
&
Packaging Corp.
(4/23-27)
Jan. 5, 1962 filed 150,000 common. Price—$3.50. Business
and
sale of cardboard boxes, display /
—Manufacture
doors.
Office—1101 W. Cambria St., Philadelphia. Underwriters
—Milton D. Blauner & Co., Inc., M. L. Lee & Co., Inc.,
Proceeds
For
an
acquisition, debt repayment
corporate purposes. Office—5007 Lytle St.,
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
—
Allegheny Pepsi-Cola Bottling Co. (4/30-5/4)
March 5,
1962 filed $1,250,000 of 6Y4% subordinated
sinking fund debentures due 1977 (with attached war¬
rants) and 312,500 common. Price—By amendment ($8
max. for common). Business
Manufacturing and dis¬
tributing Pepsi: Cola and Pepsi Cola syrup. Proceeds—
—
For
an
acquisition.
Office—1601
Guilford
Ave., Balti¬
more..
Underwriter—Suplee, Yeatman, Mosley Co;, Inc.,
Philadelphia.
'
"*>
HOLTON, HENDERSON & CO., Los Angeles
covering^and industrial rubber prod¬
equipment, plant, expansion and
working capital. Office—22 Willow St., Chelsea, Mass.
Underwritcr-^-Goldman, Sachs & Co., N. Y.
Proceeds—For
ucts.
ness—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen windows and
and general
d sieoel
29,
for footwear, floor
•
Busi¬
Inc.
1962 filed 200,000 common, of which 100,000
are to be offered by company" and 100,000 by stockhold¬
ers. L Pricet--By:: amendment (max. $25).
Businessr—-Pro?
duction of rubber and vinyl soling materials and heels
e
Feb.
,
.
American Biltrite Rubber Co.,
Dec.
Alison
'
timore.
•
be
a
Capital Corp.
'
20, 1961 filed 213,427 common, of which 200,000 will-
Allied
Oct.
offered
l-for-10
to
the
basis.;
public and
13,427
to stockholders
Price—By amendment.
on
Business—A;
Proceeds—For general corporate purposes.
boards, etc.
N.
Y., and Hallowell, Sulzberger, Jenks, Kirkland & Co.,
Philadelphia.
^
•
American
Diversified,
Inc.
-
(5/7-11)
Dec. 21, 1961 filed 110,000 common. Price—$7.50. Busi¬
ness—A holding company whose three subsidiaries are
a
life
and
a
insurance
loan
and
company, a
broker-dealer-underwriter,
company;/Proceeds—For gen¬
finance
eral corporate purposes.
Office—930 Grant St.,. Denver.
Underwriter-^Nation-Wide-Underwriters^ Inc.,, Denver
fa subsidiary).
American
Gas
-
:',/./
».
*
' ;v:
Co.
March
26, 1962 filed 548,532 common to be offered for
subscription by stockholders on the basis of 3.6 new *
shares for each share held. Price—By amendment (max.
f
■
w*<»mhinv
^
Volume
6150
Number
195
.
.
The Commercial and
.
$5).- Business—Transportation, distribution and
'Appalachian Power Co. (4/17)
1, 1962 filed $25,000,000 of first mortgage bonds
due Apr. 1, 1992. Proceeds—For the prepayment of bank
loans and other corporate purposes. Office—Roanoke,
Va. Underwriters — (Competitive). Probable bidders:
First Boston Corp.; Halsey, Stuart & Co., Inc.; Harriman
Ripley & Co., Inc.; Kuhn, Loeb & Co.-Eastman
Dillon, Union Securities & Co. (jointly). Bids—Apr. 17
(11 a.m. EST) at 2 Broadway, N. Y. Information Meeting
—Apr. 12 (3 p.m. EST) at same address.
amend-
(max. $6). Business—Operation of hospitals and medical
laboratories. Proceeds—For debt repayment and work¬
ing
capital/ Office—660 S; Bonnie
Brae, Los Angeles.
Underwriter—California Investors, Los Angeles.
'
American
Investment Corp.
Management &
■
non-cumulative convert¬
ible preferred. Price—$10. Business—A management in¬
vestment company which plaqs to acquire firms in the
Dec, 20, 1961 filed 500,000 7%
Proceeds—For general cor¬
insurance and finance fields.
porate purposes.
Office — Warner
D. C. Underwriter—None.
(5/7-ii)
"
filed 200,000 common. Price—$2.50. Busi¬
ness—Manufacture of a type of component constructed
home.
Proceeds—For debt repayment, equipment, and
Nov. 27, 1961
North, Pinellas
Park, Fla. Underwriter—Equity Securities Co., N. Y,
working capital.' Office—4950 71st Ave.,
Mortgage Investors
American
8, 1962 filed 1,300,000 shares of beneficial interest.
Price—$15. Business — A newly-formed business trust
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Rd., Palm Beach, Fla.
Feb.
Stone & Co., N. Y. Note—This
formerly named American First Mortgage
Underwriter—Hayden,
company was
Investors. Offering—In May.
American
Phoenix
Corp. ;
1962 filed 315,000 class A shares. Price—$10.
Business—General real estate. Proceeds—For corporate
Jan.
24,
Office—320 Park Ave., N. Y.
Interamerica Securities Corp., N. Y.
purposes.
•
American
Underwriter—
1961 filed 400,000 common. Price—$5.50. Busi¬
ness—Writes life insurance in Florida. Proceeds — For
expansion and legal reserves. Office—307 S. Orange
Orlando, Fla. Underwriters—A. C. Allyn & Co.,
Ave.,
Chi¬
cago and Goodbody & Co., N. Y. Offering—Imminent.
March
Plan Corp.
/
1962 filed $2,480,000 of
30,
convertible deben¬
1982 and 248,000 common shares (of which
will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
one $10 debenture and one share. Price—By amendment
(max. $22.50 per unit). Business—Production and serv¬
icing of physical damage insurance on/ automobiles,
trucks and mobile homes. Proceeds—To purchase Ameri¬
can Fidelity
Fire Insurance Co. Office—American Plan
Bldg., Westbury, N.-Y. Underwriter—Bear, Stearns &
tures
due
218,000
American
Realty & Petroleum Corp.
Sept. 28, 1961 filed $2,000,000 of 6y2% conv. subord. de¬
bentures due 1971. Price—At par. Business—Real estate
and also the oil and gas
business. Proceeds—For repay¬
debt, sales and advertising, property improve¬
ments and possible acquisitions. Office—16 W. 61st St.,
N. Y. Underwriter—Troster, Singer & Co., N. Y. Offer¬
ment of
ing—Imminent.
American
;
Under¬
and Rauscher,
Office—800 Hartford Bldg., Dallas.
investment.
writers—Kidder, Peabody & Co., N. Y.
Pierce & Co., Inc., Dallas.
American
Life
States
Co.
Insurance
offered in¬
its stockholders and those
of its parent, American States Insurance Co.
The re¬
maining shares will then be offered to the public. Price
—By amendment (max. $5). Business—Writing of ordi¬
nary and group life insurance.
Proceeds—For general
corporate purposes. Office—532 N. Meridian St., Indian¬
apolis.
Underwriter—City Securities Corp., Indian¬
1962 filed 300,000 common to be
itially for a 30-day period to
apolis.
.
?
i
Ampoules, Inc.
March 28, 1962 filed 5,900 common. Price—At-the-market. Business—Design and development of sterile dis¬
posable
Arde
March
ampoules.
hypodermic
stockholders.
Office—34
Proceeds—For
N.-- Main
St.,
Hudson,
selling
Ohio.
Underwriter—None,
of which 80,000
by stockhold¬
ers.
Price—By amendment (max. $8.50). Business—Re¬
search, development and engineering under defense con¬
tracts. Proceeds—Repayment of bank loans, equipment,
plant expansion and working capital. Office—Paramus,
N. J. Underwriter—McDonnell & Co., N. Y. Offering—
1962 filed 100,000
30,
(4/23-27)
Jan. 26, 1962 filed 488,000 common. Price — By amend¬
ment. Business—Manufacture of pressure hydraulic hose
and metal tube assemblies. Proceeds—For selling stock¬
holders. Office—342 N. Fourth St., Libertyville, 111. Un¬
derwriter—Paine, Webber, Jackson & Curtis, N. Y.
Anchor Coupling
Anchor
Co.,
Inc.
Industries Corp.
(5/15)
& Sometime in June.
•
' '
■
tion, and working capital. Office—26 Essex
sack, N. J. Underwriter—Amber, Burstein
St., Hacken& Co., Inc.,
New York.
which plans to participate in the
long-term progress of
Pines Road, La Jolla, Calif. Dealer-Manager—Argus
nancial Sales Corp. (same address).
Arizona-New
Jan. 3,
Business
—
Mexico
Fi¬
Inc.
(4/23-27)
1962 filed 95,000 common. Price—$2. BusinessDevelopment, sale and distribution of specialty chemi¬
cals and detergents. Proceeds—For sales promotion, new
Jan. 6,
product development and general corporate purposes.
Office—Industrial West, Allwood-Clifton, N. J. Under¬
writers—Glass & Ross, Inc. and Globus, Inc., N. Y.
Apache Corp.
March 21, 1962 filed $3,750,000 of participating units in
Apache Canadian Gas & Oil Program 1962.
Price—
$7,500 per unit. Proceeds—Exploration and drilling for
oil and gas in Canada. Office—523 Marquette Ave., Min¬
Curtis, N. Y. C. Note
Price
—
This offering
—
indefinitely
was
postponed.
★ Atlantic Mid-Continent Corp.
March 30, 1962 filed 600,000 common. Price—By amend¬
ment (max. $6). Business—A holding company. Primarily
for
insurance
Office—8469
F.
Proceeds
concerns.
E.
—
For
acquisitions.
Jefferson
Ave., Detroit. Underwriter—
Winckler Co., Detroit.
:4v',
J.
Atlantic
Utilities
Corp.
(4/16-20)
Jan. 26, 1962 filed 200,000 common. Price—$6. Business
—Construction and operation of water-treatment and
sewage-disposal
plants.
Proceeds—For
construction,
plant expansion, and a loan to a subsidiary. Office—
N.
17850
29th
Court,
Opa
Locka,
Fla.
Underwriter—
Hardy & Co., N. Y.
:.
//
Atmosphere Control, Inc.
5, 1962 ("Reg. A") 86,000
:
.
Feb.
common.
Price—$3.45.
Business—Manufacture and sale of Mist-I-Cone humidi¬
fiers.
Proceeds—For
equipment, advertising and work¬
Office—668 Jenks Ave., St. Paul.
Under¬
ing capital.
writer—Pewters, Donnelly & Jansen, St. Paul. Offering
late May.
—In
-
Atmospheric Controls, Inc.
Aug. 22, 1961 ("Reg. A") 40,000 common. * Price—$3.50.
Proceeds
For repayment of loans, acquisition and
working capital. Office—715 N. Fayette St., Alexandria,
Va. Underwriter—First Investment Planning Co., Wash¬
—
ington, D. C. Offering—Indefinitely Postponed.
Aubrey Manufacturing, Inc. ;
28, 1962 filed 140,004 common, of which 100,000
are to be offered by company and 40,004 by stock¬
holders.
Price—By amendment (max. $7). Business—
Design, manufacture and sale of kitchen range hoods,
March
shares
Development Corp.
("Reg. A") 300,000 common.
1962
$1.
Development of underground caverns as a
exhaust fans and kitchen cabinet hardware.
Proceeds—
tourist attraction. Proceeds—For debt repayment. Office
—Suite No. 9—4344 E. Indian School Rd., Phoenix. Un¬
For
derwriters—Preferred
Underwriters—Pierce, Carrison, Wulbern, Inc., Jackson¬
ville, Fla. and A. M. Kidder & Co., Inc., N. Y.
Securities, Inc., Denver and Mit¬
Co., Phoenix, Ariz. Offering—Expected some,/ time Am,April. ,
•
*
chell
&
|
Arnav Industries, Inc. (5/7-11) v //
Dec. 29, 1961 filed $600,000 of 6% convertible subordi¬
nated debentures and''36,000 common stock purchase
warrants
to
debenture
offered for
be
and
60
sale
in
Price
warrants.
units
—
of one $1,000
By amendment.
hydraulic system devices and
parts for the aircraft and missile industries, etc. Pro¬
ceeds—For debt repayment and the purchase of addi¬
tional equipment.
Office — 32 Industrial Ave., Little
Ferry, N. J. Underwriter—Gianis & Co., Inc., N. Y.
Aronoff &
Richling, Inc. (4/30-5/4)
Nov. 27, 1961 filed 108,000 common. Price—By amend-
(max. $5). Business—Design and manufacture of
junior sizes. Proceeds—For selling stockhold¬
Broadway, N. Y. Underwriter—Carreau
Co., N. Y.
■I;; ment
&
Art
Packaging, Inc. (4/23-27)
("Reg. A") 70,000 class A. Price—$2. Busi¬
ness—Design, manufacture and sale of clear plastic,
vacuum formed "blisters" for packaging.
Proceeds—For
equipment, inventory and working capital.
Office—126/
Greenpoint Ave., Brooklyn, N. Y. Underwriter—Ber¬
nard L. Madoff, N. Y.
Jan. 26, 1962
Mills, Inc. (4/18)
Sept. 28, 1961 filed 135,000 class A common shares. Price
—$5. Business—The purchase, conversion, decoration,
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For inventory, repayment
loans
working capital. Office—1030 Pearl St.,
Long Branch, N. J. Underwriter—Mortimer B. Burnside & Co., Inc., N. Y.
f
*
f.
Publishing Co., Inc.
(4/23-27)
Jan.
29, 1962 ("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
—For general corporate purposes.
Office—14 W. ,55th
N. Y. Underwriter—Dana
Wall St., N. Y.
> v ,
•
Automatic
Controls, Inc. (6/20)
28, 1961' filed 50,000 common. Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and automatically operate indus¬
Dec.
trial machinery
and processes.
Proceeds—For general
corporate purposes. Office—3601 Merrick Rd., Seaford,
Underwriter—S. Schramm & Co.* Inc., N.
N. Y.
Automatic
Marker
Securities
Co.,
Inc„
80
St., N. Y. Underwriter—Rittmas-
1, 1961 filed 150,000 class A shares, of which 125,to be offered by the company and 25,000 by
Price—By amendment. Business—Sale and
distribution of a photocopy machine and supplies. Pro¬
ceeds—For equipment, expansion, and working capital.
000
are
Office—153 W. 36th
Price—At par. Business—Manufac¬
electromechanical and electronic devices.
Pro¬
due
1972.
debt
repayment, equipment and working
Office—Wilson Mills Rd., Chesterland, Ohio.
Underwriters—Prescott
&
&
Co.
and William T.
Robbins
Co., Inc., Cleveland.
Associated Baby
Services, Inc.
(4/30-5/4)
Jan. 17, 1962 filed 160,000 common, of which
to be offered by the company and 100,000 by
60,000 are
stockhold¬
ers. Price—$7.50. Business — Operates diaper services,
supplies linens, and publishes "Baby Talk" magazine
which
is
distributed
in
U.
S.
and
For equipment and working capital.
Canada.
Proceeds—
Office—149 Madison
Ave., N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
N.
Y.
Underwriter—None.
fice—32550 Pulaski
Dr., Hayward, Calif. Underwriter—
San Francisco. OfferingExpected sometime in May.
Pacific Coast
Securities Co.,
Corp. (4/30-5/4)
■■■
/'•■>;)
8, 1962 filed 35,000 common. Price—$50. Busi¬
ness—Distilling and bottling of "Bacardi" rum. Proceeds
—For a selling stockholder. Address—San Juan, Puerto
Rico. Underwriter—Eastman Dillon, Union Securities &
Bacardi
Co., N. Y.
Bank "Adanim"
Mortgages & Loan Ltd.
.Dec. 29, 1961 filed $556,000 of 6% cumulative
dividend participating dollar-linked shares.
preference
Price—By
/amendment. Business — A mortgage lending company.
Proceeds—For general corporate purposes. Address—108
Achad Haam St., Tel-Aviv, Israel. Underwriter—Adanim
American Israel Investment Co., Inc.
X
Barish Associates*
1961
1,
("Reg.
Inc*
^
s
50,000 common.
A")
Price—$4.
Pro¬
working capital.
Office—224 E. 38th St.,
N. Y. Underwriter—Gianis & Co., N. Y. Offering—In¬
ceeds—For
definitely postponed.
March
/.
n.
(5/14-18)
15, 1962 filed 200,000 common. Price—By amend¬
Barker
Bros. Corp.
of home, commercial
Proceeds—For expansion
Business—Merchandising
and
Assembly Products, Inc.
March 29, 1962 filed $1,250,000 of 5y2% conv. subord. de¬
capital.
St., N. Y.
Babs, Inc.
Nov. 27, 1961 filed 150,000 common. Price—$4. Business
—Sale of dairy products, through "Dairy Drive-ins."
Proceeds—For debt repayment and working capital. Of¬
ment.
ter, Voisin & Co., N. Y.
of
Y....
(4/16-20)
Business—Aeronautical research and development.
Corp. (4/23-27)
Feb. 23, 1962 filed 100,000 common. Price—By amend¬
ment. (max. $7.50). Business—Converter of linings and
interfacings used in the manufacture of clothing. Proceeds—For expansion, debt repayment and working capi¬
ture
Corp.
stockholders.
Sept.
Ascot Textile
bentures
Photo
Dec.
and
Ascot
repayment and
St., Union, 111.
March
Artlin
of
plant expansion, equipment, debt
working capital.
Office—South Main
Office—1400
ers.
ceeds—For
Industries,
Atlantic Capital Corp.
Aug. 29, 1961 filed 500,000 common. Price—$12.50. Busi¬
ness—A small business investment company. Proceeds—
For general corporate purposes. Office—744 Broad
St.,
Newark, N. J. Underwriter—Paine, Webber, Jackson &
'
Argus Financial Fund, Inc.
Feb. 12, 1962 filed 800,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50 per share).
Business—A diversified open-end investment company
tal. Office—335 W. 35th
.
Nov. 24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
ucts.
Proceeds—For machinery research, sales promo¬
V Anscott Chemical
—Lincoln, Neb. Underwriter—None.
common,
to be sold by the company and 20,000
are
St.,
•
,
Inc.
women's
(5/14-18)
Southwest Realty Trust
Feb. 12, 1962 filed 1,000,000 common. Price—$11. Busi¬
ness—A real estate investment company. Proceeds—For
March 22,
.
•
Business—Manufacture of
Co., N. Y.
•
^
savings and loan associations, and allied financial busi¬
nesses.
Proceeds—For investment. Office—1118 Torrey
Pioneer Life Insurance Co.
Dec. 20,
American
Appalachian Power Co. (4/24)
1, 1962 filed $20,000,000 of sinking fund debentures
due Apr. 1, 1992.' Proceeds—For prepayment of bank"
loans and other corporate purposes. Office—Roanoke,
Va. Underwriters
(Competitive). Probable bidders:
First Boston Corp.; Halsey, Stuart & Co., Inc.; Harriman
Ripley & Co. Inc.; Kuhn, Loeb & Co.-Eastman Dillon,
Union Securities & Co. (jointly). Bids—Apr. 24 (11 a.m.
EST) at 2 Broadway, N. Y. Information Meeting—Apr.
12 (3 p.m. EST) at same address.
( ;
*
Mar.
61
^Associate Underwriters, Inc.
March 29, 1962 (Reg. A") 71,428 common. Price—$3.50.
Business—General underwriting and brokerage. Proceeds
—For expansion and general corporate
purposes. Address
—
Manufacturing Corp.
Modular
American
Bldg., Washington,
APA, Inc.,
Mar.
American
Laboratories, Inc.
1962 filed 200,000 common. Price—By
(1777)
neapolis. Underwriters—The company and
Minneapolis (a subsidiary).
>
.
'
sale of
Proceeds—For debt repayment and expansion. Of¬
fice—546 S; 24th Ave.v Omaha* Underwriter—Cruttenden, Podesta & Miller, Chicago.
gas.
Feb. 28,
Financial Chronicle
n. y
institutional
and
debt
Angeles.
furnishings.
repayment. Office—818 W. Seventh St., Los
Underwriter—William R. Staats & Co., Los
Angeles.
* Barogenics, Inc.
March 30, 1962 filed
:
•
100,000 common. Price — $7.50.
ultra high pres¬
sure technology and the design and sale of ultra high
pressure equipment. Proceeds—For inventories, research,
and sales promotion. Office—51 E. 42nd St., N. Y. Under¬
Business—Research and development in
writer—Globus, Inc., N. Y.
Barr
Corp.
150,000 common. Price—$4. Business
sale of quilted and laminated vinyl
sheeting. Proceeds—Expansion and working capital. Of-
Feb. 27, 1962 filed
—Manufacture and
Continued
on
page
62
nHlil1
62
The Commercial and Financial Chronicle
(1778)
Continued from page
61
47th
Voisin & Co., N.
Y.
Barth Vitamin
•
Richmond
Ave.,
(4/24)
Corp.
23, 1962 filed 180,000 class A shares. Price — By
amendment. Business—The mail order sale of vitamins
Jan.
dietary products. Proceeds—For selling stockhold¬
W. Merrick Rd., Valley Stream, L. I.,
and
Office—270
ers.
N.¥. Underwriter—-H. Hentz & Co., N. Y.
Barton Instrument Corp.
'
•
.
1962
5,
#
Design, development, and manufacture of differential
pressure-measuring devices
and related instruments.
Proceeds—For working capital. Office—580 Monterey
Rd., Monterey Park, Calif.
& Co., N. Y.
Pass
ton
Underwriter—E. F. Hut-
Bay State Electronics Corp.
Oct. 27, 1961 filed 160,000 common.
Price—By amend¬
ment.
Business—Development of products and tech¬
niques for use in the fields of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
—For product development and working capital. Office
—43 Leon St.. Boston. Underwriter—43, D. Fuller & Co.,
NewYork* Offerings—Indefinitely postponed.
•
,
Investing Corp.
•
20, 1961 filed 300,000 shares of capital stock.
Beacon
Dec.
—Net
asset
Office—22 The Fenway, Boston.
—For investment.
Price
Proceeds
Business—A mutual fund.
value.
Un¬
derwriter—None.
Bebell & Bebell Color Laboratories,
Inc.
(4/23-27):
75,000 common. Price — $4.
Business
Production of color photographic prints,
slides, transparencies and photo-animations. Proceeds—
For
equipment, sales promotion, leasehold improve¬
ments, a new product, and working capital. Office—108
W. 24th St., N. Y. Underwriter—Stevens, Hickey & Co.,
Jan.
29,
1962
("Reg. A")
—
N. Y.
I tn»_
Feb.
14, 1962 ("Reg. A") 259,272 common. Price—$1.
Business—Design and development of an aircraft incor¬
porating radical concepts in design and construction.
Proceeds—For debt repayment and
general corporate
purposes.
Office—201 N. Federal Highway, Deerfield
Beach, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla.
Begley Drug Co. (4/16-20)
Feb. 5, 1962 ("Reg. A") 19,900
common,
Price-—$15.
Business—Operation of a chain of drug stores. Proceeds
—For debt repayment.
Office—201 E. Irvine St., Rich¬
mond, Ky. Underwriter-T-J, J. B. Hilliard & Son, Louis¬
ville, Ky.
'
Petroleum Corp.
(5/1)
March 19, 1962 filed $7,500,000 of convertible subordinate
debentures due 1977; also 300,000 outstanding common
shares.
Price—By amendment
(max. $20 for common).-
Business—Acquisition, exploration and development of
natural gas and oil properties. Proceeds—For debt re¬
payment and other corporate purposes. Not proceedsfrom
■
the
sale of
■'}<
holders.
the
will go to certain stock¬
Ave., N. Y. Underwriters-
common
Office—630
Third
White, Weld & Co. Inc., and Goldman, Sachs & Co., N. Y.
Bene
Cosmetics,
Inc.
("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and distribution of Italian
Proceeds
For
advertising,
inventory and
working capital. Office—114 W. 13th St., N. Y. Under¬
writer—Granite Securities, Inc., N. Y.
Berkshire
Gas
—
Co.
(4/23-27)
Feb. 20, 1962 filed 26,500 common to be offered for sub¬
scription by stockholders. Price—By amendment (max.
$24.50). Proceeds—For debt repayment. Office—20 Elm
St., Pittsfield, Mass. Underwriter—Smith, Barney & Co.,
N. Y.
•
Bernalen, Inc. (5/15)
March 7, 1962 ("Reg. A") 70,000 common. Price—$2,625.
Business—Design, manufacture and installation of photo¬
graphic processing and control equipment.
Proceeds —
for advertising, expansion and equipment.
Office—9821
Foster Ave., Brooklyn, N. Y.
Underwriter—Amber, Burstein & Co., Inc., N. Y.
•
Berne of
Oct.
27,
Business
California, Inc. (4/16-20)
1961 ("Reg. A") 85,000 common.
—
Price—$3
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of¬
fice—1621 S. San Pedro St., Los Angeles.
Underwriter
—Pacific Coast Securities Co., San Francisco.
International, Inc.
1, 1962 filed 1,000,000 common. Price—$5. Business
—Company plans to manufacture various type beryllium
products. Proceeds—For land and buildings, equipment,
and
working capital. Office — 528 Union Trust Bldg.,
Washington, D. C. Underwriter—None.
Bestform
Feb.
are
fornia
23,
Foundations,
Inc.
(4/23-27)
1962
filed 185,000 common, of which 36,500
by the company and 148.500 by stock¬
amendment (max. $20). Businessmanufacture of popular priced foundation
to be offered
holders.
Design
Price—By
and
Co., San Francisco; Hill, Darlington &
1 r
■
Seattle.
,
,
Business—Operation of
garments. Proceeds—For working capital. Office—38-01
Grimm,
sale of various
type toys. Proceeds—For
/ /
;
t
proposed
a
ac¬
quisition of another toy company. Office—200 Fifth Ave.,
N. Y. Underwriter—Milton D. Blauner &
Co., Inc., N/ Y.
Budget Finance Plan (4/23-27.)
./
16, 1962 filed $3,000,000 of 6% series A subord.
capital income debentures due 2010 (convertible into 6%
serial preferred shares) and 50,000 common shares. Price
March
.
common.
working capital. Office—1101 Albany Ave., Hartford,
Price—$5.
discount merchandise center
one
—By amendment (max. $21 for common).. Business-/-A
hosiery and lingerie stores. Proceeds—r. small loan company. Proceeds—For debt
repayment and
For expansion, inventories, working capital and other
Office—6434 Wilshire 'Blvd., Los /Angeles.
expansion.
corporate purposes. Office—249 W. 34th St., N. Y. Under¬
Underwriter—Shearson, Hammill & Co., N. Y.
v
and four ladies'
writer—Amber, Bursteirt & Co., Inc., N«" Y.
•
Burton Mount Corp. (4/16-20)
:yg-■ >
Sept. 22, 1961 filed 100,000 common. Price—$6. Business
—Importation and distribution of copying machines and
supplies. Proceeds—Repayment of debt, inventory, sales
promotion and other corporate purposes. Office—2147
Jericho Turnpike, New Hyde
Park, N. Y. Underwriter—
Reiner, Linburn & Co., N. Y.
/
^ \
Bilnor Corp.
Jan. 8, 1962 filed 100,000 class A capital shares. Price—
By amendment ($11 max.). Business-^-Manufacture of;
wading pools. Proceeds—For the selling stockholders.
Office—300 Morgan Ave., Brooklyn, N. Y. Underwriter
—A. C. Allyn & Co., N. Y. Offering—Postponed.
„
Biologies International, Inc.
C. M.
March 30, 1962 filed 125,000 common. Price^~$3. Business ;
—Company plans to breed and supply animals for bio-",'
Blanche
(Ernest E.)
&
Associates,
Caldwell
Oct
•
Underwriters—Lieberbaum
Price—At par.
&
Co.,
N. Y.
•
March
and
conv.
March
Morris
are
Feb.
7,
Sons
1962 filed 210,000
to
Business—Prospects for,-
30,
1962
Staats
&
::
/
Inc.
filed
80,000 common, of which 40,000
by company and 40,000 by stockhold¬
amendment (max. $5).
Business—Sale
Price—By
distribution
of
electronic
capital" and
23rd
St.,Appel, N. y.
Rosen &
Of¬
Underwriter—
R.
■
Office—220E,
Proceeds—
tubes.
other
Y.
N.
Proceeds—Inven¬
corporate-purposes.
Underwriter—Philips,
.
Cambridge Fund of California, Inc.
'
Sept. 28, 1961 filed.280,000 common. Price—By amehd.
ment. Business—General real estate. Proceeds—Debt
(4/17); /
re¬
payment and working capital. Office—324 E. Bixby Rd.,
Long Beach, Calif. Underwriter—To be named. Offering
,
—Expected sometime In May,
Cameo
Feb.
Lingerie,
-
.
,
.
*
Inc.
12, 1962 filed 190,000 common, of which 120,000 are
by-the company and 70,000 by stockhold¬
to be offered
ers.
Price—$5.
children's
Business—Manufactuer of women's and
tailored
panties.' Proceeds—For debt repay¬
ment, inventory and working capital. Office—Fajardo,
Puerto Rico. Underwriter—Schweickart &
Co.,; N. Y'.
(4/18)
common.
Underwriter—William
be offered
tory/working
for, develops, produces, and markets oil and gas. Pro¬
ceeds—For debt repayment, exploration and
develop¬
ment. Office—612 S. Flower
St., Los Angeles. Under¬
writer—Bregman, Cummings & Co., N. Y,
&
Proceeds—For debt repayment, con¬
Office—16461 Mojave Dr.,
^ Calvert Electronics,
subord. deben¬
gas.
Underwriter—Amber, Biirsteih & Co., inc., N.' Y.
Interstate Telephone Co. (5/7-11) :
29, 1962 filed 160,000 common.. Price—By amend¬
Victorville, Calif.
Co., Los Angeles.
by stockholders at the rate of $100 of debentures for
each 65 shares held. Price—At par.
Business—Prospects
(E. J.)
k
Price—$5.
general educa¬
/
struction and working capital.
Jan. 29, 1962 filed $1,024,700 of 6% convertible subordi¬
nated debentures due
1977, to be offered for subscription
Brach
.
shares.
and
California
ment {max. $30).
exploration, and development.
Corp.
capital
—
and
■
Oil
137,500
Calev
ers.
St., Los Angeles.
Bregman, Cummings & Co., N. Y.
Bolsa Chica
filed
equipment. Proceeds—For sales promotion, equipment
and repayment of loans. Office—21-20 45th
Rd., L. I. C.,
debt
Cohon & Co., N. Y.
• Boise Chica Oil
Corp. (4/17)
Jan. 29, 1962 filed $1,000,000 of 6%
•
Publishing .Corp^i (4/30)1.*
1961
Photolabs, Inc. ^6/4-8)1
/ ,
29, 1962 filed 93,000 common. Price-^-$3.25. Busi¬
Company processes black and white and color
photographic film, and sells photographic supplies and
—
For debt repayment,
fice— 612 S, Flower
27,
ness
Bioomfield Building'Industries, Inc.
26, 1962 filed $2,000,000 of conv. subord. deben¬
tures due 1977. Price
At par. Business — A holding
company for 16 subsidiaries in tRe real estate arid gen¬
eral contracting business. Proceeds—For
general cor¬
porate purposes. Office—2600* Popular Ave., Memphis,.
tures due 1977.
>/..,-•}
Jan.
Mar.
Tenn.
y
tional works. Proceeds—For general
corporate purposes.
Corp.
For
.
J-:/';
pfficer-339 W, 51st St., N* Y* Underwriter—S* B. Can¬
tor Co., N. Y.
moulding into plastic prod¬
repayment, equipment and
working capital. Office—35 Pequit St., Camden, Mass.
Underwriter—Godfrey, Hamilton, Taylor & Co., Inc.,
N. Y. Offering—Expected sometime in May.
—
,
(6/18-22)-
Business—Publishing of text books
extruding and
Proceeds
-
Santa Barbara, Santa
Paula, Calif. Underwriter—Pistell,
Inc., N. Y. ;
Inc.
Jan. 29, 1962 filed 120,000 common. Price—$3. Business/
—The processing of plastic raw materials into
com¬
pounds for
Corp.
principally melamine dinnerwear. Proceeds—For expan¬
sion, working capital and debt repayment. Office—118
March 15, 1962 filed 80,000 class A common. Price—$3.
Business—Application of electronic and mechanical data
processing techniques to solution of problems for gov¬
ernment and industry. Proceeds—For equipment, sales
promotion and expansion. Office—10419 Fawcette St.,
Kensington, Md. Underwriters—Jones, Kreeger & Co.,
and First Investment Planning Co.,
Washington, D. C.
Blane Chemical
P.
Jan. 19j 1962 filed 70,000 common* Price —
By amend¬
ment. Business—Manufacture of molded
plastic products,
logical research purposes. Proceeds—For equipment and
general corporate purposes. Offices — 7520 Bergenline
Ave., North Bergen, N. J. Underwriter^-None.
Price—By amend¬
ment.
Business—Manufacture of popular priced candies.
Proceeds—For
selling stockholders.
Office—4656
W.
St., Chicago.
Co., N. Y. j ;
Underwriter—Goldman,
Feb.
28,
1962 filed
Sachs
Cameo-Parkway Records, Inc.
150,000
&
(4/16-20)
•
Bridge Electronics Co., Inc.
corporate purposes. Office—1405 Locust St., Phila¬
delphia. Underwriter—Godfrey, Hamilton, Taylor & Co..
Inc., N. Y.
(5/28-31)
Nov. 29, 1961 filed 225,000 common, of which
200,000 are
to be offered by the
company, and 25,000 by the stock¬
holders. Price—$4. Business—Design and manufacture of
Proceeds—For
electronic equipment and communication
systems. Pro¬
ceeds—For general corporate purposes. Office—201 Lau-r
rel St., Beverly, N. J. Underwriter—Roth &
Inc.,
March
convertible
29,
1962
debentures due 1972 and 65,000 common to be
offered in 6,500 units, each
consisting of $100 of deben¬
tures and 10 shares.
Price—By amendment
(max.
("Reg. A") 75,000 common. Price—$4.
making of real estate mortgage loans.
Proceeds—For
subor¬
dinate
general corporate purposes. Office—1895
Newport
Blvd., Costa Mesa,
Richards & Co., Los Angeles.
$150).://
Business—Long-term leasing of automobiles.. Proceeds
• Capital
—For
March
possible acquisitions and working capital. Office
130 Cuttermill Rd., Great
Neck, N. Y. Underwriter—
D. H. Blair &
Co., N. Y Offering—Imminent
Mar.
26,
shares
1962
are
filed
be
offered
Bruce
29,
(Michael)
1962
filed
77,420
Distributors, Inc.
100,000 common* Price—$5. Busi¬
Operation of self-service discount department
stores. Proceeds—To retire
outstanding debentures, and
ness—
Leasng Corp.
("Reg. A") 150,000 common. Price—$2.
Leasing of trucks, auto-type trailers and
Proceeds—For
general corporate
Office—1123 Delaware St., Denver.
22,580
(max.
-
Underwriter—Hill
—
Machinery.
shares by
$7.75), Business—Importing and distribution of scien¬
tific instruments. Proceeds—For
research and develop¬
ment, equipment, debt repayment and other corporate
purposes. Office—115 Cutter Mill
Rd., Great Neck, N. Y.
Underwriter—D. B. Marron & Co., N. Y..
March
Calif.
26, 1962
Business
Inc.
100,000 common, of which
by the company and
stockholders. Price—By amendment
to
repayment
Highway Ave.,
Business—The
•
Instruments,
debt
and working
capital.
Jacksonville, Fla. Under¬
writer—Florida Growth Securities, Inc., Jacksonville.
Office—5440
1 Capital Alliance Corp.
Philadelphia.
Briggs Leasing Corp.
Feb. 8, 1962 filed
$650,000 of 6%%
*
Campbell-Lurie Plastics, Inc. (4/23-27)
Oct. 27, 1961 filed 574,250 common, of which 500,000 are
to be offered by the company and 74,250
by a stock¬
holder. Price—$2.50. Business—Company is engaged in
the plastic business as a converter of raw materials.
.
Co.,
gen¬
eral
Price—By amend¬
Business—Publishing of trade magazines. Pro¬
ceeds—For the selling stockholders. Office—770
Lexing¬
ton Ave., N. Y. Underwriter—A. G. Becker &
Co., Inc.,
common.
.
Business—Recording and
distributing of phonograph records. Proceeds—For
ment.
New York.
(4/16-20)
Dec. 29, 1961 filed 200,000 class A common, of which
40,000 are to be offered
by company and 160,000 by a stock¬
holder. Price—By amendment.
Breskin Publications Inc.
Brinkmann
Beryllium
Feb.
Buddy L. Corp.
}
April 2, 1962 filed 225,000 common. Price—By amend¬
ment (max. $10). Business —
Design, manufacture and
Kinbie
March 2, 1962
cosmetics.
Thursday, April 12, i962
Big "C" Stores, Inc. (4/23-27)
22, 1962 ("Reg. A") 18,000 common. Price—At-themarket.
Business—Company plans to operate super-, '
markets
in
Washington and Oregon.
Proceeds—For
selling stockholders. Office—1845 S. E. 3rd Ave., Port-,
land, Ore, Underwriters—J. Barth & Co. and First Cali- -
develops, produces, and markets oil and
•
Belco
.
Conn. Underwriter—Gianis & Co., Inc., N. Y*
Jan.
ucts.
Dickinson & Co. (4/23-27)
Jan. 26, 1962 filed 480,000 common, of which 200,000 are
to be offered by the company and 280,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
products used in the medical profession. Proceeds—For
expansion and working capital.
Office—East Ruther¬
ford, N. J. Underwriter—F. Eberstadt & Co., N. Y.
Becton,
DaHA
.
for
jr Big Mart Discount Stores
March 30, 1962 ("Reg. A") 60,000
filed 120,000 common, of which 50,000r;
are to be offered by the company and 70,000 by stock¬
holders. Price—By amendment (max. $11). Business—
March
.
Ave., L. I. C., N. Y. Underwriter—Smith, Barney
Co., N. Y.
^
,/_
Hill, N. V. Under¬
writers—Michael G. Kletz & Co., Inc., and Rittmaster
91st
fice—127-09
,
Capital
purposes.
Underwriter—None.
Management Corp.
("Reg. A") 60,000 common. Price—$5. Busi¬
investment company which will hold mort¬
Dec. 27 1961
ness—An
gages, land contracts, etc.
Proceeds — For investment.
Office—44 E. Indian School Rd., Scottsdale, Ariz. Under¬
writer—Pacific
Underwriters, Inc., Scottsdale, Ariz. /
Caribbean Capital Corp.
Feb, 28, 1962 filed 400,000 common.
ness—A
—For
small
business
investment
Price—$3.60. Busi¬
company.
Proceeds
general corporate purposes. Office—23 DronninGade, St. .Thomas, Virgin Islands. Underwriter—
Richard J. Buck & Co., N. Y. .•
y Yv-/:/"
~
'
gen£
-WW
Volume 195?-. Number 6150
; ;■
.
,1
The Commercial and Financial Chronicle
(1779)
63
-.x
Carolina Telephone & Telegraph Co.
.1
j
Feb. 16, 1962 filed 195,039 common being offered for sub¬
scription by stockholders on the basis of one new share
for each
10 held of record April 3 with
April 27,
rights to expire
Proceeds—For repayment
1962... Price—$20..
shares for each five held of record April
30, 1962.
Price—By amendment (max. $33). Proceeds—For con¬
struction and debt repayment. Office—Norwich, N. Y.
Underwriters—W. E. Hutton & Co., N. Y., and Laird,
Bissell & Meeds, Wilmington, Del.
new
..
of bank loans... Office—122 E. St. James Street, Tarboro,
Chesebrough-Ponds, Inc.
N. C. Underwriter—None.
r •->/
v»u
<+'■' March 29,
1962 filed 90,000 capital
shares. Price—By
(max.
$58).
Business—Manufacture
and,
sale of cosmetics, toiletries and related products. Pro¬
ceeds—For a selling stockholder. c Office—485 Lexington
Ave., N. Y. Underwriters—Lazard Freres & Co. and
Lehman Brothers, N. Y.
\
./
-
amendment-
Caroiinas
Capital Corp. (4/23-27)
500,000 common. Price—$10. Business
small business investment company. Proceeds—For
general corporate purposes. Office—1200 North Carolina
National Bank Bldg., Charlotte,- N. C. Underwriter—R.
Nov. 22; 1961 filed
—A
S/ Dickson &
Co.,* Charlotte.
'./.Vt/'
Chestnut
I
■
m
Hill
Industries, Inc. (5/14-18) "-/r-V.-"/
29, 1961 filed 300,000 class A-common, of which
Carrols,lnc.(4/16-20)v
Feb. 21, 1962 filed 688,375 common to be offered for sub¬
225,000 are to be offered by the company and 75,000 by
stockholders. Price—$7.50. Business—Design and manu¬
scription by stockholders of Tastee Freez Industries, Inc.,
facture of women's, misses' and junior sportswear, co¬
parent* company on the basis of one such share for each
two shares of Tastee Freez held. Price—$6. Business—^ ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
Franchising and supplying: of, stores and mobile .units
selling a soft ice product and.certain selected food prod-./ St., Hollywood, Fla. Underwriter — Clayton Securities
ucts. Proceeds—For expansion.- Office--176 W. Adams«
Corp., Boston, Mass,
•
,;;■?
Nov.
•
St.* /Chicago. Underwriter-^Bear,v Stearns & Co., N.r Y,* 'k'
Casavan Industries, Inc.
:
<
>
Aug. 21, 1961 filed 350,000 capital shares. Price — $7.
Business—Production of plastics, marble and ceramics:
Builders, Inc.
^
sified management investment company. Proceeds—For
investment. Office—501 Bailey Ave., Fort Worth, Tex.
the
for
Church
Feb. 6, 1961 filed 50,000 shares of common stock, series
2. Price—$5.50 per share. Business—A closed-end diver¬
•
packaging and building industries. Proceeds—
For expansion, leasehold improvements, repayment of
loans and other corporate purposes;
Office—250 Vree-
^Cine-Dyne, Inc.
land
April 9, 1962 filed 100,000 common. Price—$4. Business—
Distributor—Associates
Ave., Paterson, N. J. Underwriter—Foundation Se¬
Nii * .
v/
Cedar Lake Public Service Corp.
Business
qualify as a public utility and
furnish
water
and
sewage
disposal services in and
around Cedar Lake,
Ind. Proceeds — To construct a
sewage disposal system,- Address — R.R. N. 3, Box 28,
Cedar Lake, Ind. Underwriter—None.
Company, plans
to
Cinema
Cpmpldfipc
of
Amorira
In/*
March 27, 1962 filed $500,000 of 7% conv. subord. »ebentures due 1974 to be offered by the company
ancT;65,000
common
shares by stockholders.
The securities will be
•
shares.
of
cemeteries
in
mausoleums
Kansas.
Proceeds—For
construction
named.
working
capital.
> Officifer-3086
Hutching^ St.-, Kansas City, Kan. Underwriter—Bernard
M. Kahn & Co., Inc., N.. Y.
:
,
*
•
Central
Nov. 29,
finance
Proceeds—Pqr exEast, Westfield,-/N. J.
company.
pansion. Office—526 North Ave.
Underwriter—To be named.
-
-
-
-
-
,
.
_
.
.
*
Central Investment &
Jan.
26,-'1962
Mortgage Co.
«
,
amend¬
Business—Engaged in the consumer loan and finance 6uisness in Maryland. Proceeds—For general corporate purposes. Office—307 N. Eutaw'St., Baltimore.
Underwriter—Steip Bros. & Boyce, Baltimore.
Clark Equipment Co. ,
March 22, 1962 filed 125,000 common.
^
ment
if Central Commercial Acceptance Corp.
April 2r 1962 ("Reg. A") $240,000 10-year-subordinated
-8% registered bonds.' Price—$100. Business—Financing
of land development companies. Proceeds—For debt re¬
payment and general corporate purposes. Office^-526
North Aye., Eastr Wbstffeld; rN. J.
Underwriterr-^one.
•
'
ment.
Acceptance Corp. of Delaware
^
150,000 class A common. Price—$5
sales
'
Finance Co., Inc. (4/16-20)
Dec. 21, 1961 filed 110,000 common. Price—By
1961 filed
Business—A
120,000 common. Price—$2.50.
City
^
....
.
^
("Reg. A")
ing. Office—424 E. 89th St., N. Y. Underwriter—To be
and
lated
/
electronic
;
of which 62,500 are
95,000 by stockhold¬
Price—By amendment. Business—Design and manu¬
facture of digital equipment.
Proceeds—For debt re¬
payment. Office—983 Concord St., Framingham, Mass.
ers.
Underwrter—Kidder, Peabody & Co., N. Y. Note—This
registration was withdrawn.
Computer Oriented Research & Engineering, Inc.
23, 1962 filed 135,000 common, of which 100,000
are to be offered by the company and
35,000 by a stock¬
holder. Price—$4. Business—Electronic data processing.
Proceeds—For computer systems development, additional
personnel, and working capital. Office—119 Federal St.,,
Pittsburgh. Underwriter — Arthurs, Lestrange & Co.,
Feb.
/;/•:;/'
Pittsburgh.;
,
Price—By amend¬
Concord Products,
real
a
Business—Company
par;
the stocks of
•and
a
formed
was
to
hold
mortgage company, an insurance agency
estate
development company. Proceeds—For
•debt repayment and working capital. Office—44
Forsyth
St., N. W.,:Atlanta, Ga. Underwriters—Joseph Walker &
Sons, N. Y. and Clark, Landstreet & Kirkpatrick, Inc.,
Nashville,.; Tenn. Note
named
Continental
This
Investment
—
formerly
Mortgage Co.,
company
&
was
•
at $2 per share)
one-half
to be offered in units of
.
/each 50 shaies held of record April 6 with rights to. ex¬
pire April 27, 1962. Price—$250 per unit. Business—Pro¬
duction
—For
?—344
Bean
of
concrete
for
construction
purposes. Proceeds
expansion, equipment and working capital. Office
Duffy Ave., Hicksville, N. Y. Underwriter—Singer,
& Mackie, Inc., N. X
Champion Parts Rebuilders, Inc.
;Feb. 2, 1962 filed 150,000 common, of which 90,000 are
to be offered by company and 60.000 by stockholders
Price—By amendment. Business—Rebuilding functional
parts for
motor
vehicles.
Proceeds
—
For
equipment,
working capital and other corporate purposes. Office—
4301 W. 69th St., Chicago.
Underwriter—Straus, Blosser
& McDowell, Chicago.
•
Charter Credit Corp.
Feb. 28, 1962 ("Reg. A")
Price
common.
$2.
—
Business—The construction and financing of motion pic-
,,ture theatres. Proceeds—For general corporate purposes.
Office—234 W. 44th St., N. Y. Underwriter—M. R. Zeller
Co., N. Y. Offering—Imminent.
-
Chemical Coatings Corp.
1961 filed 75,000 common. Price—$5 Business—
Dec. 27.
Manufacture
.
and
and
of
paints particularly for use
semi-.tropical climates. Proceeds—for
working
capital.
Address—Santurce,
Underwriter—To be named.
:
:
~
in
tropical
equipment
Puerto
.
Rico.
-
•
Chenango & Unadclla Telephone Corp. (4/30) .»VMarch 30, 1962 filed 52,363 common, .* to be offered for
subscription by common stockholders at the rate of two
-
(4/30)
•
writer—Divine & Fishman, Inc., N. Y.
.
.
For general corporate purposes.
Under,
'.X.,/
Concors
.
.
Consolidated
-
College Publishing Corp.
March 16, 1962 ("Reg. A") 155,000 common.
—James
March 28,
to be
holders.
1962 filed 164,000 common, of which 115,000
company and 49,000 by stock¬
Price—By amendment (max. $15). Business—
offered by the
Manufacture of shoeboard and boxboard.
Proceeds—For
Office—615
Underwriter—Putnam &
expansion, equipment and debt repayment.
Parker
St., Manchester, N. H.
Co., Hartford, Conn.
holders
f
Consumers Mart of
common.
mon).
Business—Originates and services mortgage loans.
a general insurance agency and
Its subsidiaries conduct
America, Inc.
Harlem
Ave.,
Chicago.
Underwriters—Rittmaster,
and Midland Securities Co., Inc.,
&
Kansas
City. Mo. Offering—Expected in May.
Co., N. Y.
Continental Industrial
Electronics Corp.
Nov. 21, 1961 filed 200,000 common.
Price—$2.50. Busi¬
ness—Development and manufacture of television pic¬
ture tubes.
Proceeds—For debt repayment and other
corporate purposes.
;
geles.
Underwriter
Continental
r
Priced—By amendment (max. $35 for com¬
(4/23-27)
Inc.
Voisin
March 16, 1962 filed $1,000,000 of subord. s. f. debentures
due 1977 (with attached warrants); also 35,000 outstand¬
ing
held
8, 1962 filed 72,000 common. Price—By amendment.
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working capital. Office—4701
N.
*
17
Jan.
1
Office—1000 Vermont Ave., N. W., Washington, D. C.
Underwriters—Bear, Stearns & Co. and Allen & Co., N. Y.
Offering—Expected sometime in June.
share for each
writer—Shearson, Hammill & Co., N. Y.
23,1962 filed $30,000,000 of convertible subordinated
1,500,000 common to be offered
in units. Price—By amendment. Business—A bank hold¬
ing company recently formed to acquire stock of First
Western Bank & Trust Co., Los Angeles. Proceeds—For
acquisition of First Western stock, and working capital.
;
new
personnel to industry and government. Proceeds—For
selling stockholders. Office—650 11th Ave., N. Y. Under¬
debentures due 1987 and
\< "•
one
29, 1961 filed 180,000 common. Price—By amend¬
ment ($12 max.). Business—Furnishes technically skilled
Proceeds—For equipment
and working capital.
Office—Conway St., Dalton, Ga.
Underwriter—Norris & Hirshberg, Inc., Atlanta.
Colwell Co.
the basis of
on
Consultants and Designers,
backing carpets and rugs.
Bancorporation '
Inc.
Dec.
Chemical
Columbia
York,
•^Consolidated Vending Corp.
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt
•repayment working capital and other corporate purposes.
Office—129 S. State St., Dover, Del. Underwriter—Dana
Securities Co., Inc., N. Y.
Corp.
/
March 9, 1962 ("Reg. A") 45,000 class A common and
15,000 class B common to be offered in units of three
class A and one class B share. Price—$20 per unit. Busi¬
ness—Manufacture of latex and foam rubber compounds
for
New
29, with rights to expire Apr. 16. Price
—$100.
Proceeds—For repayment of bank loans and
construction. Office—4 Irving Place, N. Y. Underwriters
—Morgan Stanley & Co., and First Boston Corp., N. Y.
,
Colonial
of
of record Mar.
Co., N. Y.
Colonial Board Co.
are
Co.
5, 1962 filed 947,924 cum. convertible preference
shares being offered for subscription by common stock¬
Price—$1.
Business—Composition, publication and distribution of
study manuals for examination preparation.: Proceeds—
For equipment, expansion and other corporate purposes.
Office—142 Livingston St., Brooklyn, N. Y. Underwriter
.
Edison
Mar.
Feb.
100,000
—
E. 137th St., New York City.,
writer—M. G. Davis, 150 Broadway, N. Y.
St., Manchester, N. H. Underwriter—Eastern
Corp., Manchester, N. H.V//
—
.
nated debentures due 1976 with, attached warrants being
offered in units (of one $250 debenture and a warrant
to
purchase. 5 shares) for subscription by holders of
class A and class B shares at the rate of one unit for
cosmetics, toiletries, cleaning chemicals, jew-
—
Pa, Underwriter—Sandkuhl. & Co., Inc., N. Y.
Sept, 28, 1961 filed $400,000 of 6% convertible subordi¬
share and
Supply Co., Inc. (5/14-18) ■
Jan. 18, 1962 filed 120,000 class A common. Price—By
Oct. 19, 1961 filed 125,000 class A common. Price—$3.
amendment. Business
Distribution of special types of
Business—Sale of food service and kitchen equipment. electric wire and cable, and the manufacture of insulated
Proceeds
For equipment, debt repayment and other y
| wire and cable for electronic and electrical use. Proceeds/
corporate purposes. Office—110 "A" St., Wilmington. Del* i
—For equipment, possible acquisitions and working cap-£
Underwriter—Roth & Co., Inc., and Janov & Co., Phila¬
ital. Office—1900 N. River Rd., River Grove, 111. Under-—
delphia.
i
,• Century Brick Corp. of America (4/16-20)
Nov. 9, 1961 ("Reg. A") 75,000 common. Price—$4. Busi¬
ness—Company has developed a process for producing
simulated brick facing for buildings. Proceeds—For gen¬
eral corporate purposes. Office—4506 W. 12th
St., Erie,
/• Certified Industries, Inc..
one
Business—Manu-J
wai^ant. Price—$2 per unit.
facture of
Price—$12.50. Business—A small loan fi¬
Proceeds—For debt repayment. Office—:
Coleman Cable & Wire Co.
Inc.
Nov. 28, 1961 filed 120,000 common (with attached 3year warrants to purchase an additional 60,000 shares
Acceptance Corp. (4/17)
1961 filed 80,000 class A common, of which 68,to be offered by the company and 12,000 by
Investment
-V;-.;'
if Computers, Inc.
/I /
*
April 2, 1962 filed 10,000 common. Price—$40. Business
—Design, engineering, manufacture and sale of compu¬
ting systems and process control equipment. Proceeds—
For equipment, inventory and working capital. Office—
5123 Glenmont Dr., Houston. Underwriter—To be named.
Office—525-535
$5; for deben¬
$5.
Computer Control Co., Inc.
elery, etc. Proceeds
Price—For/stock:
—
Jan. 24, 1962 filed 157,500 common,
to be offered by the company and
nance company.
at
Co., N. Y.
(4/23-27)
porate purposes. Office—1012 14th St., N. W., Washing¬
ton, D. C. Underwriter—Doft & Co., N. Y.
36 Lowell
tures:
:
4
Business—Development and sale of advanced program¬
ming systems, for solution of business problems by the
use of digital computers. Proceeds — For
general cor¬
stockholders.
1974.
equipment.;
/
Computer Concepts Inc.
debentures
due
processing
N. Y. Underwriter—Jay W. Kaufmann &
130,000 (common, of which 100,000
are to be offered
by the company and 30,000 by stock¬
holders; also $600,000 of 6Vz% convertible subordinated
are
data
Computer Components, Inc.
6r 1961 filed 120,000 common, of which 90,000 are
to be offered by the company and 30,000 by stockhold¬
ers.
Price—$3. Business — Manufacture of miniature
coils for relays used in computers, aircraft, missiles and
guidance systems. Proceeds—For general corporate pur¬
poses.
Office—88-06 Van Wyck Expressway, Jamaica,
Coastal
000
filed
of
Dec.
(max. $34). Business—Manufacture of trucks/self-
Dec. 11;
use
Co., Inc., N. Y.
propelled construction machinery and highway trailers.
Proceeds—For
selling
stockholders.
Office—324
E.
Dewey Ave., Buchanan, Mich.
Underwriter—Blyth &
Co., Inc., N. Y.
(5/1)
to
Proceeds—For expansion and working capital. Office—
30 E. 42nd St., N. Y.
Underwriter—L. M. Rosenthal &
•
Business—The production of slides and color film strips.
Proceeds—For equipment, sales promotion and advertis¬
consisting of $100 of debentures apd 13
■;./ Price—$178 per unit.
Business—Operation of
Computer Applications Inc.,
23, 1962 filed 87,000 common. Price—By amend- /
ment (max. $5).
Business—Furnishing of services^re-.^
March
Cineque Colorfilm Laboratories, Inc.
Aug. 29, 1961
offered in units
five
Drug Co., Inc. (4/17)
9, 1962 filed 100,000 common. Price—By amend¬
ment (Max. 22). Business—Manufacture,
packaging and
distribution of proprietary drugs. Proceeds—For
selling
stockholdes. ; Office—505
Court St.,
Brooklyn, N. Y.
Underwriter—Shearson, Hammill & Co., N. Y. • /
(4/18)
1961 ("Reg. A") 75,000 capital shares. Price—$1.
Business—Production of motion pictures. Proceeds—For
working capital. Office—309 Ainsley Bldg., Miami, Fla.
Underwriter—Dalen Investments & Funds, Inc., Miami,
'
v
Inc.
A.
J.
Feb.
Dec. 29, 1961 filed 100,000 class A common. Price
,
Dec. 14,
.
«•
Studios
Mitchum, Jones & Templeton, Los Angeles and
Hogle & Co., Salt Lake City. Offering—In June.
Fort Worth.
TV films. Proceeds—
For production of a picture, equipment, debt repayment
and working capital. Office—40 E. 49th St., N. Y. Under¬
writer—R/ A. Holman & Co.j Inc., N. ,Y.
March 20, 1962 filed 9,964 common. Price—$100.
t—
Management, Inc.,
Production of motion pictures and
curities, anc.,
Proceeds—For working capital. Net
proceeds from stock sale will go to certain stockholders. '
Office—3223 W. Sixth St., Los Angeles. Underwriters—
Commerce
•
•
brokerage business.
Office—2724 Leonis Blvd., Los AnAmos Treat & Co., Inc., N. Y.
—
Investment Corp.
Dec. 29, 1961 filed 2,000,000 common.
Price—By amend¬
($3 max.). Business—A mortgage and real estate
investment company. Proceeds — For working capitaL
ment
*
Continued
on
page
64
"YiHnntt ■
„
64
The Commercial and Financial Chronicle
(1780)
Continued from page 63
•
capital. Office—640 Minnesota Ave., Kansas City, Kan.
.^:.:''7&v77ii
Underwriter—None.
Office—Scottsdale
Savings Bldg., Scottsdale, Ariz. JJn-;\
derwriter—To be named.
.
Continental Sound
Corp. W.
March 2, 1962 ("Reg. A")
34,000 common. Price—$5.
Business—Sound processing of commercial film used in
motion pictures and TV. Proceeds—For debt repayment
and working capital.
Office—722 N. Seward St., Los
Angeles.
Underwriter—Raymond Moore & Co., Los
Angeles.
'
ment
Price—By amend¬
(max. $15). Business—A telephone holding com¬
Proceeds—For debt repayment.
Office—111 S.
Bemiston St., St. Louis. Underwriters—Allen
F. Hutton
E.
&
& Co. and
Co., N. Y.
Control
Dynamics, Inc. (5/2-6)
Oct. 24, 1961 filed 500,000 common. Price—$1.15. Busi¬
ness—Development and production of electronic testing
and training devices. Proceeds — For expansion and
working capital. Office—9340 James Ave., S., Minneapo¬
lis.
•
Underwriter—Brandtjen
Cooke
(F. J.), Inc.
Dec. 29, 1961 filed
ness—Manufacture
of
& Bayliss, Inc.,
St. Paul.
Price—$3.75. Busi¬
common.
high
systems
vacuum
and
elec¬
tronic equipment. Proceeds — For debt repayment and
general corporate purposes. Office—145 Water St., South
Norwalk, Conn. Underwriters—John R. Maher Associ¬
ates and Bull & Low, N. Y.
^ Cooperative
March 30,
Trading,
Inc.
("Reg. A") 15,000 common and $100,000
% 3 year 5 %-5 year and 5 % %-10 year certificates
of indebtedness to be offered in denominations of $100.
Price—At par. Business—Operation of a dairy, a sausage
kitchen, egg grading and candling shop, auto service
station and food stores. Proceeds— For expansion. Office
•
Ave., Waukegan, 111. Underwriter—None.
Copymation, Inc.
For
—
debt
repayment
Office—815 N. Franklin
^
i
,
Metal
(4/16-20)
Price—$4.
Products, Inc.
Nov. 20, 1961 filed 100,000 common.
—Manufacture
hardware
to
Business
components
and
electronic
tolerances. Proceeds—For repay¬
precise
ment of debt and other
corporate purposes.
Office—626
Brooklyn, N. Y.
Underwriter—Blank,
Ave.,
Lieberman & Co.,
•
personnel,
advertising and working capital. Office—77 Searing.
Ave., Mineola, N. Y. Underwriter—Magnus &
Co., N. Y.
1
Price—By
derwriter—Drexel
air
(4/30-5/4)
rifles,
toy guns, fishing rods and outdoor
boots.
Proceeds—For selling stockholders.
AddressRogers, Ark. Underwriter
Eppler, Guerin & Turner,
Inc., Dallas.
—
Davis
(H.)
March 8,
est.
Toy Corp.
Cosmetically Yours, Inc.
29, 1962 ("Reg. A") 80,000
Jan.
Business—Manufacturer
debt
of
Price—$3.
common.
cosmetics.
Proceeds—For
repayment, working capital and other corporate
Office—15 Clinton St., Yonkers, N. Y. Under¬
purposes.
writer
Underhill
—
Securities
Corp., N. Y.
Corp. 4/30-5/4)
May 26, 1961 filed 231,444 common, of which 165,000 are
to be offered for public sale
by the company and 66,444
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business
The manufacture
Cosnat
—
and
distribution of phonograph records. Proceeds—For
the repayment of debt, and
working capital. Office—315
W. 47th St., N. Y. Underwriter—Van
Co., N. Y. Note—This firm was
Cosnat Record Distributing Corp.
Alstyne, Noel &
known formerly as the
^ Cotter & Co.
March 28, 1962 ("Reg. A") 3,000 class A common to be
offered in units
consisting of 10 class A common shares.
Price—$1,000
and
ware
unit.
Business—Retail
lines.
per
related
sales
of
hard¬
None.
Mar.
2, 1962 filed 150,000 common. Price—By amend¬
(max. $8). Business—Design and manufacture of
sports and casual wear for girls and women. Proceeds
ment
—For
selling stockholders. Office
1136 Washington
Ave., St. Louis. Underwriter—Goodbody & Co., N. Y.
Offering—Expected sometime in May.
—
J'ifi Cousins Properties
March
29,
1962
to
1972,
$1,000,000 of 6l/z% subordinated
60,000 common shares, and war¬
purchase 20,000 common shares. The securities
will be offered in
units of
$100 debenture, 6 shares
and a warrant to
purchase 2 shares. Price—By amend¬
ment (max. $140).
Business—Engaged in residential real
estate development. Proceeds—For
debt repayment and
other corporate purposes. Office—905
Fifteen Peachtree
one
Bldg., Atlanta, Ga. Underwriters—McDonnell &
Co., Inc.,
N. Yl, and Wyatt, Neal &
Waggoner, Atlanta. Offering—
Expected sometime in June.
Credit
Jan.
26,
bentures
Department, Inc.
1962
filed
due
1974
$1,200,320
(5/7-11)
7% conv.
of
de¬
Business—A
debt
Underwriter
consumer
sales finance
company.
repayment.
—
Bernard
Proceeds
Office—1775
M.
Kahn
Broadway, N. Y.
& Co., Inc., N. Y.
Crownco
Inc.
Feb. 26, 1962
("Reg. A") 52,000 class A common. Price—
$2.50. Business—Manufacture of
draperies, furniture and
bed spreads for hotels and institutions. Proceeds—For
expansion and other corporate purposes. Office—1191
N. W. 22nd St., Mami, Fla. Underwriter—Lancer Se¬
Co., 92 Liberty St., N. Y.
Decorel Corp.
1962 filed 115,000 common. Price—$4. Business
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt repayment and expansion.
Office—1925
Euclid
Holton, Henderson
&
Ave., San Diego. Underwriter
Co., Los Angeles.
of
air
cleaners.
94th
Donmoor-lsaacson, Inc.
Proceeds—For
St., Minneapolis.
&
Curtis, N. Y.
in May.
.
Feb. 26, 1962 filed 150,000
common, of which 50,000 are
to be offered by the
company and 100,000 by stock¬
holders. Price—By amendment (max.
$12). BusinessDesign and manufacture of boys knit shirts,
sweaters,
pajamas.
1115
Proceeds—For
working
capital.
Office—
Broadway, N. Y. Underwriter—Goodbody &
Offering—Expected sometime in May.
Drever
Co.,
Co.
March 9, 1962 filed 122,700
common, of which 42,500 are
to be offered by
company and 80,200
by stockholders.
$12).
Business—Design
metallurgical furnaces.
Proceeds—For debt repayment, equipment and
general
amendment
manufacture
of
(max.
industrial
corporate purposes. Address
—
Red Lion Rd., and PhilAve., Bethayres, Pa. Underwriters—Janney, Bat¬
tles & E. W. Clark, Inc. and Stroud &
Co., Philadelphia.
mont
Drew
Realty Corp.
March 6, 1962 filed 163,000 class A.
Price—$10.
—General real estate.
Proceeds—For debt
Office—50
(4/23-27)
120,000 common, of which 90,000
are to be offered
by the public and 30,000 by a stock¬
holder. Price—By amendment. Business—Production and
Broad St., N. Y.
Corp., (same address).
Business
repayment.
Underwriter—Drew Secu¬
Feb.
sale
ment
Dec.
29,
of
1961
wood
filed
and
metal
framed
pictures, wood
utility
rities
Dulany Industries, Inc.
26, 1962 filed 400,000 common. Price—By amend¬
(max. $6.25). Business—The canning and freezing
frames,
of
and
Third
etc. Proceeds—For debt repayment, inventory,
working capital. Office—444 Courtland St., Mundelein, 111. Underwriter—Clayton Securities Corp., Boston,
Mass.
foods.
Proceeds—For
debt
repayment.
Office—850
Ave., N. Y. Underwriter—Blair & Co., Inc., N. Y.
Offering—Expected sometime in June.v
Dunhill
Delford Industries, Inc.
7 5
Sept. 28, 1961 filed 95,000 common. Price—$3.50. Busi¬
ness—Manufacture of precision rubber extrusions. Pro¬
ceeds—Plant expansion,
equipment, debt repayment and
working capital. Office—82-88 Washington St., Middle-
town,
N.
Y.
Underwriter—I.
Levittown, N. Y.
R.
E.
Investors
Corp.,
Offering—Imminent.
Homes, Inc.
11, 1961 ("Reg. A' ) 60,000
Dec.
•
common.
/•;.//'/;'-"/f;,:'."*//"•,/■
Denie's
Jan.
(John A.)
Sons
15, 1962 filed 200,000
ment.
Co.
(4/17)
Business—Purchase,
Proceeds—For debt repay¬
Office—373 Adams Ave.,
Underwriter—M. A. Saunders & Co.,
working
Memphis, Tenn.
Inc., Memphis.
capital.
■/
W\77^•
7
■
: ■
7:''•"//"■'■■'•iv
Deuterium Corp.
A
stock held and one unit for each 10 class B shares
held. Price—$20 per unit.
Business—Company plans to
manufacture and utilize all kinds of chemical materials.
plant.
start-up
expenses
Office—360
for
Lexington
a
laboratory
Ave.,
New
and
York.
Underwriter—None.
Devoe
&
Raynolds
Co.,
Inc.
(4/30-5/4)
March 23, 1962 filed 400,000
common, of which 200,000
are
to be offered by
company and 200,000 by MerrittChapman & Scott Corp., parent.
Price—By amendment
Business—Manufacture of paints, resins and
Proceeds—For expansion and work¬
ing capital. Office—401 W. Main St., Louisville. Under¬
writing—Shearson, Hammill & Co., N. Y.
(max. $25).
products.
Dextra
28, 1962 filed 300,000 common. Price—By amend¬
ment (max. $6).
Business—Manufacture and test mar¬
keting of a vitamin-enriched sugar.. Proceeds—For debt
-repayment, expansion and general corporate purposes.
Address—Drawer A-Kendall, Miami, Fla. Underwriter
be named.
7 7-7*•
(4/23-27)
—For
1962 filed 125,000
common.
Price—$4. Business
debt repayment,
equpiment and working capital.
Broadway, N. Y. Underwriter — Godfrey,
Hamilton, Taylor & Co., N. Y.
Office—573
tV Duro-Test Corp.
April 6, 1962 filed $1,750,000 of subordinated debentures
(with attached warrants) to be offered in units
consisting of $1,000 of debentures and a warrant to pur¬
chase
60
$1,000
per
shares. Price—By amendment (max.
unit). Business—Manufacture and sale of in¬
candescent, flourescent and mercury vapor lamps. Pro¬
ceeds—For working capital. Office—2321 Hudson
Blvd.,
North Bergen, N. J.
Underwriter—Auchincloss, Parker &
Redpath, N. Y.
;
common
Dyna
Mfg. Co.
April 2, 1962 ("Reg. A") 60,000 common of which 40,000
will be sold by company and 20,000
by stockholders.
Price—$5. Business—Manufacture, installation and sale
of kitchen ventilating hoods and exhaust fans. Proceeds
—Expansion, new products and working capital. Office—
4865 Exposition Blvd., Los Angeles. Underwriter—Ray¬
mond Moore & Co., Los Angeles.
Dyna-Mod Electronics Corp.
22, 1962 ("Reg. A") 143,000 common. Price—$2.
Business—D e s i g n,
development and production of
"packaged" electronic circuits and sub-systems.
Pro¬
Jan.
ceeds—For
new products and working capital.
Office—
St., East Rochester, N. Y. Underwriters—Gen¬
Valley Securities Co., Inc., Rochester, and H. B.
Vesey & Co., Inc., Glens Falls, N. Y.
317 Main
esee
Eastern Camera & Photo Corp.
March 28 1962 filed $500,000 of 6% conv. subord. deben¬
tures due 1972 and 50,000 common shares
(of which
25,-
Corp.
Feb.
—To
5,
Co., Inc.
.
Sept. 28, 1961 filed 140,000 common with attached war¬
rants to purchase an additional
140,000 shares to be
offered for subscription by stockholders in units
(of orie
share and one warrant) on the basis of 3 units for each
5% preferred share held, 2 units for each 5%
preferred
small
Eisenberg Co., Inc., N. Y.
Duro Pen
due 1982
Price—By amend¬
manufacture and sale,,, of
common.
various building materials.
and
Paul
—Manufacture of inexpensive ball point pens. Proceeds
Price — $5.
Business
Construction and financing of shell homes.
Proceeds—For working capital.
Address—Allendale, S. C.
Underwriter—Alessandrini & Co., Inc., N. Y. Offering—
Imminent.
Food Equipment Corp.
(4/30-5/4) •
1961 filed 100,000 common. Price—$2.50. Busi¬
ness—Manufacture of food service equipment. Proceeds
—For development and
working capital. Office—79 Wal¬
worth St.,
Brooklyn, Underwriters — Carroll Co. and
Dec. 29,
Jan.
DeLuxe
—
Crusader Life Insurance
Co., Inc.
April 2, 1962 ("Reg. A") 17,500 capital to be offered for
subscription by common stockholders. Price—$17. Busi¬
ness—Writing of life insurance. Proceeds—For working
sale
Offering—Expected sometime
and
related
Mar. 26,
Office—500 Fifth Ave.,
Underwriter—Paine, Webber, Jackson
Price—By
Proceeds—For
subord.
and
54,560 common shares to be
offered in 2,728 units, each
consisting of $440 of deben¬
tures and 20
common
shares.
Price—$550 per unit.
—For
Price—
and
working capital. Office—1400 W.
Atlas Securities Corp., N. Y. Offering—Imminent.
ment
Inc.
filed
due
debentures
rants
warrant.
one
—
Country Set, Inc.
,!
■
Co., Inc.
26, 1962 filed 80,000 common, of which 35,500 are
to be offered
by the company and 44,500 by stockholders.
Price—By amendment
(max. $25). Business—Design,
per
curities
<.
1962 filed 1,000,000 shares of beneficial inter¬
Business—A real estate investment
unit. Business—Manufactures educational toys.
Proceeds—To repay debt and increase
working capital.
Office—794 Union St., Brooklyn, N. Y. Underwriters—
Hampstead Investing Corp., Aetna Securities Corp., and
Proceeds—For
working capital.
Office—2740 N. Clybourn
Ave., Chicago. Underwriter—
share and
Decorative Interiors,
-
Trust
Donaldson
$3.25
•
Estate
Feb.
photographic laboratory equipment, etc. Proceeds—For
Proceeds—For expansion and working capital.
Office—39 Broadway, N. Y. Underwriter—R. F. Dowd
& Co. Inc., N. Y.
Real
Proceeds—For investment.
N. Y.
company.
Pro¬
Underwriter—Bacon, Johnson Realty Management
offered in units of
Corporate Funding Corp. (4/30-5/4)
1962 ("Reg. A") 75,000 class A common. Price
$4. Business — A financial investment and holding
By amend¬
trust.
and
Jan. 9,
—
company.
Price—$10.
Nov. 27, 1961 filed 100,000 capital shares (with attached
warrants to purchase an additional 100,000
shares), to be
general corporate purposes. Office—5642-50 N. Western
Ave., Chicago, Underwriter—Kenneth Kass, N. Y.
Offering—May.
May.
Diversified
Dec. 28, 1961 filed 60,000 common.
Price—by amendment
($15 maximum) Business—manufacture of photo-copy
machines and the distribution of office copy machines,
one
Co., Philadelphia.
ceeds—For general corporate
purposes. Office—420 Lin¬
coln Road, Miami
Beach, Fla.
Underwriter — To be
named. Offering—Expected in late
manufacture
Daisy Manufacturing Co.
March 9, 1962 filed 135,000 common. Price—By amend¬
ment (max. $8.50). Business—Design, manufacture and
of
&
Diversified Collateral Corp.
Dec. 28, 1961 filed 78,000 common. Price
ment. Business—A
mortgage investment
Co., Inc., (same address).
(4/23-27)
Dec. 20, 1961 filed 100,000 common. Price—$4. Business
—Operation of beauty salons. Proceeds—For expansion.
Office—67-11 Main St., Flushing, N. Y. Underwriter—M.
J. Merritt & Co., Inc., N. Y.
sale
V
N. Y.
Inc., N. Y.
Cut & Curl, Inc.
'
common, of which 150,000 are
by the company and 100,000 by stockhold¬
amendment. Business—Manufacture of
women's nylon hosiery. Proceeds—For debt
repayment
and working capital.
Office—417 Fifth Ave., N. Y. Un¬
metal
of
Inc.
Feb. 27, 1962 filed 102,000 common.
Price—$3. Business
—Production of graded diamond
powder and compound.
Proceeds—For debt repayment,
additional
ers.
manufacture and sale of road con¬
struction equipment. Proceeds—For debt repayment and
working capital. Office — 815 N. Franklin St., Cedar*
Falls, Iowa. Underwriter—None.
Custom
Diamond Dust Co.,
Thursday, April 12, 1962
to be offered
St., Cedar Falls, Iowa. Under¬
Business—Design,
•
(4/30-5/4)
working capital.
and
.
Diamond Mills Corp.
Jan. 23, 1962 filed 250,000
• Curbmaster of America, Inc.
April 2, 1962 ("Reg. A") 159,200 common. Price—$1.50.
•
1962
of 4
—665 McAlister
Proceeds
.
Offering—Expected sometime in June.
6% debenture. Price—$1.50. Business—Design, manufac¬
ture and sale of concrete road construction equipment.
Atkins
(4/30-5/4)
125,000
shares to holders of 6% subordinated debentures on the
basis of one share for each $1.25 principal amount of a
writer—None.
Continental Telephone Co.
March 30, 1962 filed 475,000 common.
pany.
^ Curbmaster of America, Inc.
April 2, 1962 ("Reg. A") 200,000 common, of which 159,shares are to be offered to the public and 40,800'
200
.
"
"
~
w
-
•
000 will be sold by the
company and 25,000 by stock¬
holders). The securities are to be offered in units of one
$100
debenture
and
10
shares.
Business—Operation of retail
Price—By amendment.
stores and depart¬
Company also processes black
and
repairs photographic equipment.
Proceeds—For debt repayment and
working capital. Ofment
and
store
white
concessions.
film
camera
Volume
195
Number
6150
The Commercial and Financial Chronicle
...
fice—68 W. Columbia
St., Hempstead, N. Y. Underwrit¬
Hanley, Hempstead, L. I., and Street &
ers—Edwards &
Office—10 E.
40th
(1781)
St., New York. Underwriter—To be
named.
Economic
Eastern Aluminum
Manufacturing Co., Inc.
("Reg. A") 100,000 common. Price—$3.
Business—Manufacture and distribution of screens, win¬
dows, doors, etc. Proceeds—For debt repayment, plant
expansion, and working capital. Office—910 Line St.,
Camden, N. J. Underwriter—H, A. Riecke & Co., Inc.,
Philadelphia.
'
'
March
21, 1962
Security Corp.
March
8, 1962 ("Reg. A") $60,000 of 10% subord. de¬
bentures due May 14, 1972 and 30,000 common to be
offered in units, each consisting of
$100 of debentures
and
50
—An
shares.
common
insurance
Eastern
Investors, Inc. (5/7-11)
1961 filed 10,000 common shares and $625,000
27,
6V2%
of
subord.
con.
debentures
due
1972.
Price—For
stock, $2.50: For debentures, at par. Business—A hold¬
ing company for small loan and credit accident insurance
subsidiaries.. Proceeds—For
investment in a subsidiary
working capital./Office—147 Northeast Main St.,
Rocky Mount, N. C. Underwriter—Arnold Malkan & Co.,
Inc., N. Y.
V
•
and
Eastern
t
Pennsylvania
Investment Co.
vertising, equipment
Proceeds—For
company.
Office
3
—
general
corporate
purposes.
Pemu Center
writers—Drexel
Plaza, Philadelhia. Under¬
Co., Philadelphia and Kidder, Pea-
&
body & Co., N. Y.
Eastern
tures, $1,000; for stock, $10.
tate.
Business—General real
es¬
Proceeds—For the acquisition and
development of
properties, repayment of debt and engineering, etc.
real
29,
1961
and working capital. Office—Room
("Reg. A")
gen¬
corporate purposes. Office—180 Babylon Turnpike,
Roosevelt, L. I., N. Y. Underwriter—Sentinel Securities
Planning Corp., and Bassior & Co., both of
St., N. Y. Offering—Imminent.
11
ness—A
dealer
General
Valley City, N. D.
Valley City, N. D.
26,
ment
Underwriter—Reserve
(Hardy
Bolsa
Chica
(Offering
125,000
Automatic
Co.)
Marker Photo
(No
Oil
Corp
(Eastern
(J.
Son)
Coast
Burton
(A.'vQ. Becker
Mount
Co.)
&
$255,000
i.
..(Reiner,
v
150,000
&
Co.)
-i
(Offering
.
Bear, Stearns
&
"
^
la
.
(Sandkuhl As Co., Inc.)
~
Finance
..t
Co.,
*
:
First
Lieberman
Scientific
(Netherlands
Flower
&
Mastan
Class
Industries,
(Seidman
Inc
Williams
General
Hamilton,
Leasing
Co.,
Inc.)
Co.,
Inc.)
International
(Bache
&
Lowell
(H.
Co.
and
Toy
&
Co.)
Robinson-Humphrey
Co.,
Inc.)
&
Co.
and
Batchker,
17,000
Co.)
Blauner
N.'Edwards
Instrument
&
Co.)
Presidential
Alstyne,
Realty
All
150,000
Leonard
Co.)
Spencer Gifts,
(Carter,
Steel
H.
.—.Class
&
100,000
«fc
shares
135,000
Rupe
(S.
Tork Time
(Godfrey,
D.
&
152,000
&
Co.)
Hamilton,
Taylor
A
Co.
Ultra
Plastics
shares
and
(Globus, Inc.)
Magnus
&
April 19
Co.)
Co.,
Inc.)
Inc
—Common
■
•'
and
-
'V
-
'/•
'(Bregmah,
a.m.
April 23
;
.
„_
^.Bonds
EST) $25,000,000
Cummings
(Baruch
Co.,
shares
Inc.)
Debentures
&'
Co.)
$1,000,000
&
(Richard
A
$440,000
&
Inc.)
"v
*
Common
Inc.)
Co.,
$400,000
120,000 shares
Corp.)
150,000
shares
Debentures
$3,000,000
underwriting)
—Common
Units
&
Securities
Webster
Parks &
Everett
to
Florida
Palm-Aire
and
Reuben
S2.ooo.ooo
•
&
(Hardy
/
(No
v"
Motor
'
Co.)
&
&
Co.)
$306,000
Common
:
underwriting)
$330,000
Co
.Common
(First
Boston Corp.; Blyth & Co., Inc.;
Kuhn, Loeb & Co.; Lehman Brothers;
Fenner
&
Smith
Dean
Goldman, Sachs & Co.;
Merrill Lynch, Pierce,
& Co., Inc. and
2,250,000 shares
White,
Inc.;
Witter &
Co.)
Weld
Gateway Chemicals, Inc
Common
(Federman, Stonehill & Co.)
100,000 shares
General Battery & Ceramic Corp
(Dempsey-Tegeler & Co., Inc.)
Common
200,000 shares
General Devices, Inc....
(Offering to
Greater
Green
by
Grant
Hess,
Co
New
Common
Alstyne,
York
H.
Harrington
&
Metal
D.
Noel
Box
Blair
&
&
Co.)
$1,540,000
Common
Co., Inc
100,000
Co.)
Securities
&
shares
Corp.)
Common
$420,000
Common
Inc
Co.)
Richardson,
Hammill &
200,000
shares
Inc
Co.)
Common
180,000
shares
Common
Products, Inc.
Blauner
&
140,000 shares
Inc.)
Valley Construction Corp....
Hillside
(Milton
Common
stockholders—underwritten
(Shearson,
Co.,
Hardy
by
Common
Vending Co., Inc.—
$400,000
Rose
Common
Corp
(McDonnell
Common
Common
$500,000
Co., Inc.)
Corp
stockholders—underwritten
(Williamson
:
Common
and Market Values, Inc.) $300,000
$460,000
Inc.)
$620,000
:?
Corp.)
Inc..,.—!
Co..
Securities
Palm-Aire
(D.
Bonds
$325,000
Fidelity America Financial Corp
Florida
$300,000
Line Corp
Capital
Inc.
shares
Common
Higginson
(Van
Products, Inc
Corp.
Co.,
Common
180,000
Common
Remington,
Corp
Bruce
Inc
Co.)
—
Fastline Inc.
Gould Paper
Brothers & Co., Inc.)
(International Services
$500,000
Foods, Inc
(Monday)
Agency Tile Industries,
Ainsbrooke
Corp
$75,000,000
120,000
Co.,
Stone
•—
Hardlines Distributors,
Common
Appalachian Power Co.—.—
11
Debs.
Common
&
Hammill &
Merritt
J.
(Lee
$40,000,000
•
.
(Tuesday)
Oil
300,000 shares
Common
Gas Pipe
(White, Weld & Co.
$175,000
F.), Inc
(Bids
Debentures
$2,000,000
Corp
Admiral Automotive
Chica
Co.)
Class
Harris
Co.)
Equity Capital Co.—
Ford
(Thursday)
G.
Common
&
Photo-Optical Industries, Inc.-Common
A
110,000 shares
.•
&
&
$5,000,000
Co., Inc
Ehrenreich
Folz
shares
Class
Co.)
Ackerman
Transcontinental
*
Bolsa
100,000
EST)
Southwest
Rental
(B,
$306,000
(Godfrey, Hamilton, Taylor & Co.) $486,000
April 17
120,000 shares
Inc.—
(Stone,
.Common
Taylor
Pen
(Offering
Common
a.m.
Common
$1,435,625
Common
Co.)
&
(Clayton Securities Corp.)
Duro
$75,000
Telephone & Telegraph Co
11
$3,000,000
Corp
(Netherlands
Tyler Pipe & Foundry Co
shares
Universal Lighting Products,
(L.
Inc.)
Corp
Byllesby
(Bids
shares
Packaging Co., Inc
Widmann
M.
—Debentures
Inc..
(G.
Common
(Federman, Stonehill & Co.)
Haltone
Hamilton,
Funds,
Co.)
shares
50,000
Corp.
/
Common
&
Curl,
Common
&
Electronics
(H.
Units
17,500
&
Decorel
Capital
Byllesby & Co.)
(First
Fuller
Cut
$675,000
Royaltone Photo Corp
Controls, Inc
(Godfrey,
M.
Southern Bell
Industries, Inc
150,000
United
(H.
Newark
690,000
Inc.)
Inc.)
Electronics Corp
Common
Son,
(Shearson,
Corp.)
Common
Stone & Co.)
(Putnam
/
$208,980
Taylor Publishing Co
Tennessee
Co.,
Sons
&
Co.)
&
Dickson
S.
(No
Inc
Investments
Common
Hammill
Plan
(Doft
$850,000
Instruments, Inc
/
shares
Class
Co.)
&
Darlington
,
(Hay, Fales & Co. and McLaughlin, Kaufman & Co.)
&
/
'
-
(Godfrey, Hamilton, Taylor & Co.) $500,000
Kollmorgen Corp.
Sternco Industries, Inc.—
&
Inc.)
shares
Common
Consultants and Designers,
Common
Burnside
B.
Studios
Common
Hurley & Co.)
(Andresen
Co.,
Common
185.000
Co.)
Plan
Capital
(R.
Common
&
Barney
shares
26,500
&
Computer Concepts Inc
Common
_
Co.)
'...(Shearsonr Hammill & Co.)
shares
100,000
Co..
(Hayden,
Newark
Equipment Corp
(Dallas
y::V •./vV.''1>■
$700,000
Weill)
f
shares
170,000
Co.)
Inc.—
(Dalen
Common
(Joseph W.
Texas
B
Common
Inc.)
i
(M.
1
-v.;
>
...
Smith,
First California Co.; and Hill,
Grimm)
18,000 shares
r
Co.;
Finance
(Goldman, Sachs & Co.) 210,000 shares
Common
Lynch)
Potoma
Corp.)
•
—Common
(Florida Growth Securities, Inc.)
(Wednesday)
(E. J.)
Industrial
Inc
Beriind,
Plant
Mfg.
Mills,
Cinema
Inc..
Woodhill,
'
Common
Richter
v
shares
480,000
Campbell-Lurie Plastics, Inc..——
Common
(Mortimer
Brach
243,000
Spartan International Inc
(M.
\
shares
Allyn & Co. and Hornblower & Weeks) 800,000 shares
Artlin
shares
;
&
Industries,
(Moore,
Co.)
Corp
iBumham
*.
Season
Ctfs.
shares
Inc
April 18
shares
Capital
&
Boston
$300,000
Common
Co.)
Inc
(Shearson,
Budget
Common
Inc
shares
100,000
"
Carolinas
Boston
&
Barney
Finance
Budget
Extrin
Co
Noel
j
" y
First
Co.)
&
&
•
.Common
347,543
Common
Co..
Stores,
Barth &
MJ.
Notes
Inc
(Cruttenden
y
(Lehman Brothers and J. Barth & Co.) 125,000 shares
Premier
Microwave Corp
Common
(Van
Brands,
C.
f
Common
Co.)
&
$206,000
Foundations,: Inc
Common
shares
Inc
Co.,
Foods,
Wham-O
Common
200,000
«Bestform
% Big "C"
$400,000
129,000
Inc.)
stockholders—underwritten 'by
(Smith,
$300,000
Co.)
Mississippi-Red River Transport Co
(William
Wine
Capital
(Seymour
Precision
21
units
$600,000
Corp.
to
Common
(First
Common
&
Inc.)
to stockholders—underwritten by
40,312 shares
(A.
Eaton
Securities,
A
$140,000
Common
Co.,
Voisin
&
1
—_
Madoff)
Co., Inc
Eberstadt
&
.y-v'yy
$5,925,000
Inc.—.—
(Scherck,
Units
Manufacturing Corp
Milli-Switch
CST)
Wine
Trenton
$120,000
Airport Hotel Systems, inc
Frumkes
M.
Kaufman
Jones
Equip. Trust
noon'
Class
L.
Securities
Gas
(Offering
$5,000,000'
RR._.
$190,000
Inc.)
Corp
(P.
v
Berkshire
—
Co.)
.
Common
Globus,
Becton, Dickinson & Co
y.
/ '
170.000
and
(Stevens, Hickey & Co.)
•
1
Co.)
Inc.
(Rittmaster.
.....
$900,000
shares
(Offering
Taylor
Ross,
Textile
Common
$4,000,000
Securities
Co.,
&
(Dana
Debentures
Mitchum,
Taylor
...Common
(McLaughlin.
Co.)
Common
and
..Common
488,000 shares
Industries, Inc
Packaging, Inc
—.Debentures
(Glore,/Forgan
$279,000
Hydra-Loc, Inc.
snares
Corp.)
150,000
Inc.; M. L. Lee & Co., Inc. and
Jenks, Kirkland & Co.) $525,000
Bebell & Bebell Color Laboratories, Inc.—Common
(Jos.) Brewing Co
Common
Securities
Co.
Co.,
Webber, Jackson & Curtis)
Chemical
Art
_
Co.
Schlitz
&
Ascot Publishing
units
_
(Schwa'oacher & Co.)
$990,000
Corp
(Midland
68,000
.
Securities
&
York
(Bids
Rucker
..Common
&
Inc.)
66
$300,000
Co.)
Coupling Co., Inc
(Glass
Units
Co.,
Securities
Sulzberger,
(Paine,
&
page
Common
Coast
D. Blauner
Anscott
Ascot
Inc.
•
&
Taylor
(Milton
Anchor
Weld
on
Co., Inc
(Pacific
(Bernard
Inc
Securities
(Tyche
A
Cantwell) $325,000
Garden State Small Business Investment Co.—Com.
(Godfrey,
Co.,
Pal-Playwell
Securities Co., Inc.; Seymour Blauner Co. and
Sprayregen. Haft & Co.) $600,000
City
York
Missouri Pacific
-vV:
—
Alan-Randal
$300,000
Co.—
(New
$400,000
Corp
Continued
shares
Co., Inc..,—
:
Inc.)
building, and working
Office—187 N. Water St., Rochester. N. Y. Un¬
derwriter—Charles Plohn & Co., N. Y.
capital.
shares
Templeton)
(New
Common
Co.,
200,000
assembling
Proceeds—
products.
American Cardboard & Packaging Corp.—Common
(Kidder, Peabody & Co. and Mitchum, Jones &
r
(4/30-5/4)
Business—Manufacture,
Common
Co.)
Templeton)
■"■•.
Mastan
...Common
Products, Inc.-
(Blank,
'
/
-Common
(Stein Brothers & Boyce) 110,000 shares
„
Custom Metal
Inc.)
a.
Peabodv
Price—$4.
Common
Weld &
Realty
Inc.
and processing of metal parts and
For equipment, construction of a
-
$300,000
Inc..——
of
Common
Co.,
&
Nebraska
"-"V
Century Brick Corp. of America-————Common
City
Components,
5,
Hallowell,
Co
Realty Co
Macco
Freez—underwritten -'by
$4,130,250
'
Co.)
Eldre
100,000 shares
Stone & Co.) 150,000
Grader Corp...—
(Kidder,
Common
- - - -—- -- - -
•
$1,000,000
; (Hayuen,
.
(First
$600,000
:
/
,
equipment. Proceeds — For debt repayment,
inventory and working capital. Office—16 N. Salem St.,
Dover, N. J. Underwriter—Sherman & Hall, Inc., Allentown, Pa. Offering—Expected sometime in May.
'
:/(StockhoidersLvof/;:Ta8i«e
to
•
Macco
(Godfrey;^Hamilton,"Taylor & Co., Inc.) 200,000 shares
Carrol s, Inc. V-—- ------r
V
shares
Cameo-Parkway Records, Inc.-
&
Industries,
Lockwood
;.j......i._..CommonL
Linburn
\
'
,
Common
Co., Inc. )
Corp
Gas
y (White,
Lakeside
Common
Securities
St.,
sale
Intermountaip nGas Co
$298,500
Publications, Inc.—*'
,
Co., Inc.
Feb. 28, 1962 ("Reg. A") 75,000 common. Price —
$4.
Business—Manufacture of transformers and inductors for
Common
63,803
■
&
.
Eisler Transformer
Cummings
Discounts, Inc
shares
California, Inc.—
-(Pacific
Breskin
Bregman,
(Offering to stockholders—underwritten by White,
Class A
150,000
•
Class A
Corp.)
Hammill & Co.)
(Copley
.....Common
Hilliard
B.
J.
Global
shares
Corp
derwriter—Lee, Higginson Corp., N. Y.,/,
Debentures
Investment
Saunders
A.
Intermountain
Begley Drug Co.—:
Berne of
!
by
$1,024,700
Co.)
(John A.) Sons Co
(M.
$1,200,000
underwriting)
of
cameras, lenses, accessories and optical
Proceeds—For debt repayment, expansion,
and working capital. Office—111 Fifth
Ave., N. Y. Un¬
Inc.,
Price—By amend¬
common.
Business—Merchandising and
Commerce Drug Co., Inc
250,000
Price—By
1962 filed 100,000 common, of which 75,000 are
to be offered by the company and
25,000 by a stock¬
stockholers—underwritten
to
Common
Inc.)
150,000 common, of which 100,000
by the company and 50,000 by stock-»
amendment.
Business—Wholesale
be offered
holder.
$4).
Common
&
Funds,
phonograph records. Proceeds—For debt repayment, ac¬
quisitions, and working capital. Office—2235 TwentyFifth PL, N. E., Washington, D. C. Underwriter—Rittmaster, Voisin & Co., N. Y. Offering—In late May.
$6,000,000
Corp
filed
instruments.
Feb.
1962 filed
(max.
Denie's
{Dempsey-Tegeler & Co.,
Busi¬
Main
Edge Ltd.
(Monday)
Atlantic Utilities
E.
Coastal Acceptance Corp
Alaska Pacific Lumber Co
Cedar
Proceeds
Office—164
purposes.
(Shearson,
April 16
101
Price—$3.
finance business.
recourse
corporate
Bonds
EST)
a.m.
to
are
1962
electrical
Econ-O-Pay, Inc. (4/30-5/4)
26, 1961 filed 1,000,000 common.
Oct.
&
(Bids
26,
distribution
Price—$3.
common.
Photo-Optical Industries, Inc.
(4/23-27)
Jan.
holders.
eral
NEW ISSUE CALENDAR
April 12 (Thursday)
Mississippi Power Co
100,000
Ehrenreich
adr
Business—Sale and servicing of home food freezers and
sale of bulk food to freezer owners. Proceeds—For
Mar.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common shares. Price—For deben¬
Aids Co., Inc.
(5/7-11)
1961 filed 100,000 common. Price—$5. Business
—Sale of school
supplies, toys and notions. Proceeds—
For equipment, inventories and
working capital. Office
—1125 Okie St., N. E.,
Washington, D. C. Underwriter—
Wright, Myers & Bessell, Inc., Washington, D. C.
Business
Proceeds—For
Economy Food Enterprises Corp.
Nov.
•
Properties Improvement Corp.
unit.
per
broker.
and
614, 52 Broadway, New York, N. Y. Underwriter—None.
•
March 16, 1962 filed 450,000 common.
Price—By amend-,
ment (max. $16). Business—A small business investment
Price—$200
agent
v
•
Dec.
Educational
Dec. 26,
Co., Inc., N. Y.
•
65
&
Co.,
Inc.
and
M.
L.
Lee
&
Co.,
Inc.)
$1,800,000
Inc.)
•
Continued
on
page
66
66
The Commercial and Financial Chronicle
(1782)
Continued from page 65
':
if Electromagnetic Industries, Inc.
March 30,
1962 filed $250,000 of 6%% conv. subord. de¬
1987, also 70,000 common shares, of which
bentures due
be offered by company and 25,000 by
stockholders. Price—By amendment (max. $1 per com¬
45,000
to
are
Design, production, assembly,
of transformers, magnetic com¬
Business
share).
mon
distribution
—
sale
and
ponents and electronic instrumentation and control de¬
vices. Proceeds—For equipment, debt repayment, a new
plant and working capital. Office—Sayville Industrial
Park, Greeley Ave., Sayville, L. I., N. Y. Underwriter—
Pierce, Carrison, Wulbern, Inc., Jacksonville, Fla.
Electromagnetics Corp. (5/21-25)
Nov. 17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
instrumentation. Proceeds—For general corporate pur¬
Office—Sawyer Lane, Hudson, Mass. Underwriter
Co., Inc., N. Y.
poses.
Business—Operation of supermarkets. Proceeds—For ex¬
pansion and working capital. Office—896 Old Country
Rd., Westbury, N. Y. Underwriter—Meadowbrook Se¬
curities, Inc. Hempstead, N. Y. ,
: .
(R. J.)
if Enstrom
Corp.
/'■,
>
March
28, 1962 ("Reg. A") 30,000 common to be offered
subscription by stockholders on the basis_ of 4/5 of
for each share held. Puce—$10. Business—De¬
for
a
share
sign,
manufacture
Office—Menominee
helicopters.
of
sale
and
Proceeds—
facilities.
tests and manufacturing
For FAA certification
Airport, Menominee, Mich.
County
Underwriter—None.
Enviro-Dyne, Inc.
(4/30-5/4)
13, 1962 ("Reg. A") 300,000 common. Price — $1.
Business—Research, development, manufacture and sale
of enviromental testing equipment. Proceeds—For equip¬
ment and other corporate purposes. Office—24447 Haw¬
thorne Blvd., Torrance, Calif. Underwriter — Garat &
Polonitza, Los Angeles.
Feb.
Transmission
March
125,000
1962 filed
22,
ness—Manufacture
Corp.
Price—$3. Busi¬
common.
distribution
and
of
components
for
(4/30-5/4)
Epko Shoes, Inc.
March 27, 1962 filed 150,000 common. Price—By amend¬
ment (max. $12). Business—Operation of a chain of re¬
tail
stores.
shoe
Proceeds
background music; design, construction and installation
of
son,
For
—
selling
stockholders.
Office—237 Cherry
specialized closed circut TV system. Proceeds—For
repayment, expansion, sales promotion and work¬
capital. Office — 103 E. Hawthorne Ave., Valley
Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc.,
Thomas, Williams & Lee, Inc., and Crosse & Co., Inc.,
debt
ing
N.
Y.
St., Toledo, O. Underwriter—ShearHammill & Co., N. Y.
1 ,
,
Equity Capital Co.
Nov.
Ellner
Dec.
&
Pike,
1961
27,
Continued
A")
("Reg.
30,000
Kim
W.
Price—$10
common.
Corp
Co.)
&
29, 1961 filed $3,000,000 of 8% subordinate deben¬
(Arnold
Securities.
Inc.)
$286,875
(A.
&
Inc.)
$450,000
Films
(Pacific
Jiffy
&
Steak
Co.,
Ltd.)
Corp.)
72,000
Co.)
&
65,000
shares
&
Redpath)
$616,000
St. Capital Corp
Whipple
(Bacon,
Lab-Line
W.
(Godfrey,
Co.)
250,000
&
Co.)
142,860
Co.
&
and
shares
Penzell
Co.)
&
166,666 shares
Levine's,
•
Common
(Kidder,
Little
Peabody
Ruffy Togs,
(Glass
&
Ross,
&
Co.)
shares
80,000
Common
and
Samson,
165,000
Graber
&
Common
$2,450,000
&
Bessel)
$718,750
Magazines for Industry, Inc
(Arnold,
Wilkens
&
Co.,
Inc.)
(Lee
Semiconductor
Higginsoh
'
(Bertner
„
Corp.
77-'
$500,000
$300,000
Aluminum
Corp
and
Capital
Piper,
Jaffray
&
McDonald
Northwestern
Glass
Witter
(Dean
&
&
Hopwood)
Inc.)
$300,000
Co
Co.
Common
Pacific
and
95.000
Northwest Gas Co.)
shares
Island, Inc
(Investment Planning Group)
Public Loan
(A.
Class A
North & Co., Inc.) 50,000 shares
Becker
Co.,
Inc.)
Inc.
Products,
&
Co.
170,000 shares
Common
__
145,000
shares
Aluminum
Inc
Common
Elmaleh
and
&
Co.,
Inc.)
(Baruch
(Vickers,
$2,250,000
Brothers
&
Common
Co.,
Inc.)
$250,000
Corp.
Common
MacPherson
&
Warwick,
Inc.)
400,000
Star Tank & Boat Co., Inc.
(A.
Sun
G.
Becker
&
Technical
(Offering
R.
Inc.)
307,000 shares
Co.)
Common
$440,000
Animations, Inc.—
to
Maher
Towers
&
Units
,
stockholders—underwritten
Associates
Marts
(W.
and
R.
by
Tropik &
Bull
Co.,
International, Inc.—
C.
shares
Common
City Dairy Products, Inc
(Finkle
John
Co.,
&
Inc.)
;
Volt Technical
Blauner
&
.
Joshua
&
Co.,
Inc.
Co.)
$1,590,000
Class A
$1,947,000
Wallace
Reuben,
Rose
&
Co.,
(Norman)
Caldwell
Co
(Investment
Planning
Common
$300,000
World Scope Publishers, Inc.—
Common
shares
Units
Corp.
&
units
31,000
Inc.)
Co.,
Securities
.Debentures
$1,250,000
Corp.)
Electronics Co.,
Rico
Land
Inc..—_—7.—Common
Plastic
Rona
300,000 shares
&
Co.,
B.
Common
$357,500
Inc.)
Co.,
Products, Tnc
Anthony
&
—
R.
—_—Common
Edwards, Inc.)
Guerin & Turner, Inc. and R. J.
220,000 shares
(Eppler,
(Blair &
-
Visual
Arts
Common
and
Inc.
$25,000,000
Inc.)
Reed.
Industries,
(Globus,
230,000 shares
Annuities Fund, Inc
&
Common
Inc.——,
$190,000
Co.)
&
Lyon
Ross,
Shopping Center Limited
Units
Partnership
$444,000
Inc.)
Co..
&
Common
Wulpa Parking Systems, Inc
Irwin
(Ehrlich,
777777-7
$300,000
Inc.)
Co.,
&
Common
Securities
Co.)
&
Belco
$687,500
—Common
Weld & Co., Inc. and Goldman, Sachs & Co.)
1
shares
300.000
:
(F.
J.),
Fishman,
Common
Class A
Inc.)
Inc
Copymation, Inc.
Inc
Kass)
Class A
(R. F. Dowd & Co., Inc.)
$300,000
7
Corp.—
(Dominick
Noel
Daisy Manufacturing
Guerin
Co.)
&
Co
&
Common
Turner,
Inc.)
135,000
Common
shares
Devoe & Raynolds Co., Inc
Common
(Shearson, Hammill & Co.) 400,000 shares
Dunhill Food Equipment Corp._
Common
shares
303,900
Bonds
Co._—
Edison
$40,000,000
(Bids 8:30 a.m. EST)
150,000 shares
(First Boston Corp. and Johnston, Lemon & Co.)
May 2 (Wednesday)
Control Dynamics, Inc
(Brandtjen
Common
—.
Bayliss,
&
r
:
7— .Preferred
Washington Gas Light Co
shares
165,000
$100,000
Dominick)
&
California
Southern
Common
Alstyne,
Inc.)
Industries, Inc
Mandrel
shares
60,000
—Common
—
(Globus.
Common
Corporate Funding Corp
(Eppler,
Inc.)
Kogel,
$468,750
Clark, Landstreet & Kirkpatrick,
$600,000
:J'7-77;7..'
7>:7
and
Sons
Common
Kirkpatrick,
Mortgage Co.—.Debentures
Investment &
Walker &
Common
(JohirR. Maher Associates and Bull & Low)
Cosnat
(Joseph
;
shares
120,000
$7,500,000
Sachs & Co.)
Corp
Petroleum
White,
Capital
Co.)
—Debentures
Petroleum Corp
(White, Weld & Co., Inc. and Goldman,
Belco
$1,750,000
Central
&
-
(Tuesday)
May 1
(Offering to stockholders—underwritten by W. E. Hutton & Co.
and Laird, Bissell & Meeds) 52,363 shares
Cooke
7
-
Common
Inc.)
Co..
Common
110,000 shares
Day)
L.
Co.—
Insurance
(Hodgdon
$1,200,000
Cantor
$575,000
Inc.)
:.77*;.:
._
(Carroll
Co.
Econ-O-Pay,
and
Paul
Eisenberg
Inc.
Co.,
Inc.)
$250,000 7
;—
(Reserve Funds,
Eldre
Components,
Inc.)
Common
&
Co.)
$400,000
&
Polonitza)
$300,000
Epko Shoes, Inc.—
(Shearson.
Industries,
(Wright,
Common
;
Hammill
&
Co.)
150,000
&
Bessel,
Inc.)
t
Global
Noyes
Steel Products
Selden
$299,250
&
Co.)
(Paul
Forsyth)
Co.)
shares
&
Joanell
$800,00C
Ahalt
&
(Bernard
-
.
.
Co.)
Inc.-
O'Connor,
Stewart, Eubanks,
$1,200,000
and
—
Inc.)
& Co.)
(Arnold Malkan
Co.,
(Wright,
..
&
& Co., Inc.)
/'■/ "
.
■
•
/
'
.
:
....Common
Inc.)
$25,000
,
.
$500,000
—7—...Common
Pike, Inc
Securities,
Inc.)
$300,000
—Common
Airlines—
'••7/
$625,000
Inc—-Common
& Bessel,
and Pacific Coast Securities Co.)
$300,000
•
V
Continued on page 67
(Raymond Moore & Co., Inc.
Common
114,500 shares
Co.,
Myers
$1,500,400
——Debentures
Inc.—--—
(Meadowbrook
Futura
*
.
160,000 shares
Inc.)
(Arnold Malkan & Co., Inc.)
Educational Aids
units
-Units
&
Investors,
Ellner
$6,000,000
600
Inc
Kahn
M.
Inc..)
Investors, Inc.—_—
———Class A
&
Staats
Department,
Common
<
$825,000
Telephone Co.——Common
Eastern
$225,000
:•
Common
Inc.)
Units
Co..
&
(William R.
Credit
Units
Corp;)
Co., Inc.
Laboratories,
(Searight.
V
/
Inc
(Gianis
Eastern
Groceries, Inc.—
Securities
Liederman
Industries.
—..Common
Inc.)
7,-7:. 7'^V-
Common
180,000 shares
Inc._^
Underwriters,
California Interstate
shares
200,000
Corp
Eisenberg Co.,
Jaylis Industries, Inc
E.
Arnav
shares
68,000
-■
American Modular Manufacturing Corp.—Common
(Equity. Securities Co.) $500,000
.:7
.
Common
&
(Bache & Co.)
Diversified,
(Nation-Wide
Corp.—___________Common
&
(J. R. Williston & Beane)
(D.
/
Common
85,000
Investors Funding Corp
(IFC
*
.
Common
700,000 shares
Industries, Inc
(McDonald
7
Common
Corp
(Van Alstyne. Noel & Co.)
Glass-Tite Industries, Inc
(Hemphill,
7.
American
shares
Inc
Myers
May 7 (Monday) ^
Allied Graphic Arts, Inc.—
.
,
.
Enviro-Dyne, Inc.
(Garat
7
Common
Plohn
..Common
Manufacturing Co—.—
(Lehman Brothers) 349.590 shares
Franklin
,
.
(Thursday)
May 3
Common
$3,000,000
Inc
.(Charles
Meyerson
Common
&
108,000 shares
Seigel, Inc.)
Union
$1,000,000
Inc.)
Co..
Sperti Products, Inc.—
Inc.)
shares
&
O'Neill
(Waddell
Common
&
Malkan
(George,
State
Solid
Common
Loewi
and
-Common
Corp
Shelley Manufacturing Co
77V1-
$490,000
Development Corp.—.Units
&
and Morris Cohon & Co.) $5,000,000
(Lieberbaum & Co.
United Variable
Common
Dillon,
Hudson Wholesale
—_
(Standard Securities Corp.)
/■■■<;:
951,799
Corp.)
Management
(Horizon
Coleman Cable & Wire Co
Common
Inc.)
——.Debentures
$2,200,000
Co.)
&
Fund, Inc
West Falls
Services, Inc
Graham Chemical
400,000 shares
Group.
units
1,000
Industries, Inc
shares
Publishing Corp
Common
Co.—...
Co.)
&
Central Investment & Mortgage Co
(Joseph Walker & Sons and Clark, Landstreet &
Inc.) 130,000 shares
.7
Capital
140,000 shares
Ripley & Co.)
Plastics, Inc
312,500
Chenango & Unadilla Telephone Corp
Inc )
(Schwabacher & Co.; J. Barth & Co. fend
Bear, Stearns &
Co.) 135.000 shares
Wiggins
$1,250,000
Common
Inc.)
Corp.
(Treibick,
Investments, Inc
(Harriman
Inc.)
Co.,
Richling, Inc
(Eastman
Globe
ServiceMaster
(Laren Co.)
.Debentures
Frouge
Class A
and
Units
Kimball
C.
(Blair
Common
Curtis
&
(Brand, Grumet
$300,000
;
Wade, Wenger
Wiatt
Inc.)
Electronics Corp
(John
$650,000
Co
Jackson
Associated Baby
Fashion
j
&
—Capital
—Debentures
(Carreau & Co.)
Common
Co..
Corp
(Andresen
Voron
Low;
Langley & Co.) 550,000 shares
D.
(Paul
McWood
page 67
on
Inc
Rides,
$125,000
Co.,
90.000
$211,400
Capital
Trans-Alaska Telephone Co.
(Milton
Continued
1
•
.
(Arnold
-s *"
*
$525,0007
Co..
Specialty
Webber,
(Van
Ridgerock of America, Inc
Roadcraft
Mosley
(Kenneth
Common
&
(Hayden, Stone & Co.)
(Gross
$676,500
Co., Inc
G.
Regal-Meadows,
Research
Common
Hotel, Inc
(Barret, Fitch,
t
.
-
Southwestern
Bros.)
Mosley
Specialty
(Divine
Product Research of Rhode
Prom Motor
Yeatman,
Yeatman,
(S.
Common
Co.,
?
-
(Paine, Webber, Jackson & Curtis and Loewi & Co., Inc.)
75,000 shares
J.
Common
.
7././:
Allegheny Pepsi-Cola Bottling Co
Bacardi
New World Laboratories, Inc
(T.
Corp.)
Inc.)
Co.,
&
100,000 class A shares. Price—$2.40.
Business—Manufacture and sale of long-lived electric
lamps. Proceeds—New product development, inventories
and working capital. Office—41 E. Twelfth St., N. Y.
Underwriter—Planned Investing Corp., N. Y.
Mountain
$600,OQO
Inc.)
Allegheny Pepsi-Cola Bottling Co
Aronoff &
Capital
(Switzer & Co.. Inc.)
Underwriter—Allen
Chicago.
St.,
if Everbest Engineering Corp.
Puerto
Winslow,
(Balogh & Co.,
Common
7
Multronics, Inc.
National
&
Investing
Common
Myers,
State
(Standard
Common
April 30 (Monday)
A. E. C. Electronics, Inc.___
(Paine,
Inc
(Wright,
S.
Morse Electro Products Corp
$660,000
150,000 shares
$1,000,000
(Shearson, Hammill & Co.)
Films,
Inc.)
Co.,
shares
Livestock Financial Corp
Lunar
—36
N. Y.
(Dempsey-Tegeler
Common
& Co.)
Whiteside
(Cortlandt
(Suplee,
Inc
Inc.
shares
160,000
Equipment & Plastics Corp.—Common
(Suplee,
Inc.
'
///'/^-^/v"-:
1962 filed 130,000 common, of which 20,000 are
to be offered by the company and 110,000 by stockhold¬
ers.
Price—By amendment. Business — Retail sale of
wearing apparel. Proceeds—For working capital. Office
(Tucker,
Common
Taylor
.Common
Corp..
Policy-Matic Affiliates, Inc.—,
Common
Inc.
Hamilton,
(5/14-18)
Evans, Inc.
shares
Inc
Pressprich
Fashions,
(Chccs,
Common
&
Instruments,
(R.
Lee
Parker
•
Lincoln
April 25
(Wednesday)
Masury-Young Co.
Class A
^ (Auchincloss,
;
Salle
28, 1962 filed $850,000 of 6Vz% conv. subord. de¬
1977 and 112,500 common shares.
Price-1—
Debentures, $1,000; stock, $8. Business—Brewing of malt
beverages, the processing, cleaning and testing of metals,
and the sale of galvanized iron and steel products. Pro¬
ceeds—For debt repayment.
Office—10th & Callowhill
Sts., Philadelphia.
Underwriter—Woodcock, M o y e r,
Fricke & French, Inc., Philadelphia. Offering—In July.
bentures due
Class A
shares
180,000
Baum & Co.)
(Andresen
National
Kay Foods Corp
La
Co.)
Stores
(George K.
Common
Lestrange
Esslinger's Industries of Philadelphia, Inc.
(M'altz, Greenwald & Co. and Clayton Securities Corp.)
shares
Co
(Arthurs,
$20,000,000
.
&
$120,000
Common
Securities
•
March
Lamb
Littlefield, Adams & Co
Common
Corp
Coast
EST)
a.m.
(Hayden. Stone & Co.)
Common
—_
funds. Proceeds
subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Mil¬
waukee.
.V.
"
V
Kiddie
King Louie Bowling Corp
75,000 shares
Co.)
11
Hentz
Bargain
Common
Co.,
Conditioning Corp
(Martin-Warren
,
Jayark
Becker
G.
(Bids
(H.
John's
Corp
Malkan
$6.50).
Debentures
Vitamin Corp
Barth
Iowa Southern Utilities Co.
Jamoco Air
owners.
Proceeds—For repay¬
working capital. Office—430 First Ave.
North, Minneapolis. Underwriter—None.
property
Common
Protein
International
and
Common
$800,000
——
(Sunshine
(max.
firms selling life insurance and mutual
—For new sales offices, advances to
April 2, 1962 filed
April 24 (Tuesday)
Appalachian Power Co
Acceptance
(J.
Honora, Ltd.
ment
ment of debt and
from page 65
Builders
Home
(5/7-11)
Inc.
(4/23-27)
tures due 1965. Price—At par. Business—The investment
in mortgages and the making of construction loans to
builders
•
v
''
Price—By amend¬
Business—A holding company for
Equity Funding Corp. of America
March 29, 1962 filed 240,000 corpmon.
Jan. 23,
—Gianis &
Electronic
Thursday, April 12, 1962
....
.
Volume
195
Number
6150
Continued from page 66
Extrin
Nov.
\
Foods, Inc.
*.
.
The Commercial and
.
.
publicly in units of one $500 debenture and 50 common.
Price—$575 per unit. Business—Manufacture of con¬
zippers. Proceeds—Debt repayment, advertising
and working capital. Office—8 Washington
Place, N. Y.
-
.
(1783)
Financial Chronicle
(4/23-27)
Underwriter
Calif.
—
Dean Witter
&
67
Co., Los Angeles.
Offering—Expected in early June.
cealed
30, 1961 filed 125,000 common. Price—$5, Business
—The distribution of nuts, bolts and other
fastening
Price—$3.25. Busi¬
common.
Donnell &
.Underwriter—G. Everett Parks & Co., Inc., N. Y.
confectionary industries. Proceeds—For addi¬
personnel, new products and possible acquisitions.
Barclay St., N, Y. Underwriters—Hay, Fales
Co., and McLaughlin, Kaufman & Co., N. Y. <
and
ing
^ Financial Federation, Inc.
March 30, 1962 filed 75,000 capital shares. Price — By
amendment (max. $105). Business — Ownership of 11
California savings and loan associations. Proceeds—For
selling stockholders. Office — 615 S. Flower St., Los
Angeles. Underwriters—Kidder, Peabody & Co. and Mcr
devices
29, 1961 filed 100,000
ness—Creation and manufacture of flavors for the bak¬
tional
•
Office—70
Nov.
&
Fairbanks Wire Co., Inc.
Fastpak,
manufactured
and
repayment
Oct.
30, 1961 filed 54,000 common. Price—$3. Business—
specialized
machinery and equipment.
—
For debt repayment and general corporate
purposes. Office—Walnut St., M D 23, Newburg, N. Y.
Underwriter—First Madison Corp., N. Y.
Benson
Manufactures
•
Proceeds—For
Y.
Underwriter
!
debt
Office—8
purposes.
Arnold
—
1961
3,
filed
March
9, 1962 filed 200,000 common. Price—By amend¬
(max. $15).
Business—A small business invest¬
ment company.
Proceeds—For investment. Office—955
ment
,
Main
100,000 common. Price—$5. Business
company.1
Proceeds — Gen¬
'
corporate purposes. Office—42 S. 15th St., Phila.
Underwriter—Netherlands Securities Co., Inc.,, N. Y. v
1
tJ
'
',
i
'
•
n
•
i
j
-
*.
-t
•
'
v
„
,
'
First Financial Corp.
March
ov;
—$5.
£: Fidelity Mining Investments Ltd.
?Nov. 30, 1961 filed 800,000 common. Price—By
St., Youngstown, Ohio.
Co., Inc., N. Y.
'
Underwriter—A. J.
,':v\
'j,
6, 1962 ("Reg. A") 60,000 class A
Business—A small loan company.
•
Price
Proceeds—For
common.
.working capital. Office
—
751 Minnesota Ave., Kansas
Kan. Underwriters—Midland Securities Co., Inc.,
and Parker, Eisen, Waeckerle, Adams & Purcell, Inc.,
Kansas City,- Mo.
amend¬
ment. Business—Exploration and testing of mining prop¬
Carno
'
erties. Proceeds—For general corporate purposes. Office
—62 Richmond
Fashion Industries, Inc. - (4/30-5/4)
St., Toronto. Underwriter—Gr V. Kirby
■■.■-■'■i;.:
Feb. 26, 1962' ("Reg. At1) 63,000 commhn, Price—$4.75.; •/& Associates, Ltd., Toronto.
\
Business—Manufacture of blouses* Proceeds-—Debt re¬
Financial Corp. of Santa Barbara
payment, equipment,, inventory and working capital. OfMarch 16, 1962 filed 200,000 capital shares, of which
fice—Gauthier St., Tuskegee, Ala. Under writer—W right,
150,000 are to be offered by the company and 50,000
Myers & Bessel, Inc., Washington, D. C.
shares by stockholders.
Price—By amendment (max.
FastJine Inc. (4/23-27)
$20). Business—Company plans to acquire a savings and
Market
801
St., Bridgeport, Conn. Underwriter—P. W. Brooks
Co., N. Y.
7"
&
finance
eral
;j
f
Co., N. Y.
First Connecticut Small Business Investment Co.
Fidelity America Financial Corp.- (4/23-27)
Oct.
Inc.
March 19, 1962 ("Reg."A") 100,000 common. Price—$3.
Business—Operation of five discount merchandise cen¬
ters.
Proceeds—For expansion, advertising, inventories,
working capital and other corporate purposes. Office—
others.
corporate
Place, Freeport, N.
;—Commercial
IVIart
by
general
•
Malkan & Co., Inc., N. Y.
Proceeds
Fairway
(5/14-18)
Inc.
City,
•
Sept. 28, 1961 filed $400,000 of 6%
due
tures
1971
Continued
and
40,000
from
subord. deben¬
conv.
shares to be offered
common
loan association.
i
Northern
Wood
Products
Corp.^-
(United Planning Corp.)
Greater
Pittsburgh Capital Corp
(Moore,
•
Leonard & Lynch and Singer, Dean
Hanna-Barbara
(Carl
.
M.
Hargrove
Scribner)
&
(Stone,
Rhoades
Loeb.
&
Enterprises,
Co.,
Interworld Film
(General
Inc.-
Inc.
Co.,
k
.
Lehigh Industries & Investing Corp
Common
*
(To
Lembo
Corp.
named)
—.
(Blank,
,
be
/
(Eisele
Lieberinan
&
King,
&
Inc.)
Co.,
National Vended
Libaire,
Ski
&
$350,000.
Insurance
Corp
Orion
i
Electronics
'
■
(A.
.
.
Peabody & Cp.
School
v"1'
&
Inc.)
Primex Equities* Corp.—-(D.
H.
Blair
&
School
;
.
;
.(General
.
Securities
&
Co.
and -Zuclcerman,
Seashore Food
(Offering
&
•
&
Wayne
Co.,.
Inc.)
Aviation,
Bernalen, Inc.
Paine,
Iona
Webber,
Tremco
Warwick,
Inc.)
175,000
/v."
(Edward
White
Lighting
Lewis
(Stone,
A
Common
Inc.)
Chemical
Russotto
Co.,
&
Co.)
17
~
*
w.-
Wisconsin Telephone Co
9
$20,000,000
Southern
(Bids
be
to
Ohio
Western
.
Bonds
Florida
-(Bids
11
Electric
a.m.
EDST)
Interstate
$8,000,000
A.
(Offering
.
and .First
Boston
Reuben
Corp.)
by
Blyth
486,111
&
shares
Co.
.v
.
.
Kohnstamm
Inc.
Rose
&
Heritage
Co.,
Equity
"____
Inc.)
EDST)
<
'>
.
June 4
Calev
$25,000,000
Beane)
Co.)
.
(Monday)
R.
(J.
American Southwest Realty Trust
Corp
Inc.)
•
.
Salro
;
Common
Co.,
(Kidder,
Peabody
&
Co.
and
Rauscher,
Barker
Bros.
Corp
,(William R.
;
(Mayo
& Co.,
Inc.)
•*V
f
Co.)
&
200,000
(Arnold
shares
^Regulators,
*
Chestnut Hill
*
V
:
'
Concors
Evans,
&
•
Fastpak,
Co.,
Inc.
(Allen
Inc.
..
&
—
.
Class
and
Janov
&
Co.)
130,000
Whipple
Malkan
&
&
Co.,
Inc.)
Arts, Inc
June 18
Common
Freehling,
Myerhoff
162,500
&
(Scherck,
■...
Ricliter
.7■
Ipco
'
Hospital
•
Co.
,
-
Corp._____
Hammill &
Co.)
•
Micro-Dine
(R.
F.^Dowd
&
Co..
Inc.
'
&
Co.)
June 20
Co
375,000
Inc.;
&
Co.,
(Woodcock,
..Common
Bruce
Sierra
&
Co.,
Inc.
and
Western
Pioneer
T
Co.)
$300,000
$385,000
French,
)
(Andresen
$700,000
_____•
-V
May 22
-
&
Co.)
and
Irving
Weis
&
Co.)
Common
$750,000
Utah Power
'
-
'
\
11:30
a.m.
Common
Co.,
125,000
shares
'
,
•
*
$200,000
13,400
Inc..-Units
units
Bonds
Co
$5,000,000
(Monday)
Industries,
Malkan
&
Common
Inc
Co.,
$500,000
Inc.)
Common
(Arnold Malkan & Co., Inc.)
,
$325,000
(Wednesday)
(Bids to be received)
—Bonds
-~
$23,000,000
Preferred
Georgia Power Co
(Bids
Bonds
$22,000,000
Inc.)
Power
River
November
EDST)
Inc.)
Georgia Power Co
'•
—Common
(Tuesday)
& Light Co
(Bids
&
(Tuesday)
November 7
Capital
Inc.-.;
Mill
,
T
$300,000
Co
shares
Spears (L. B.), Inc
...__i.Common
Inc.)
70,000
(Monday)
(Arnold
(Kidder, Peabody & Co.) 371,750 shares
Wynlit Pharmaceuticals,
Schramm
Pacific
July 2
Saw
$375,000
Capital
&
shares
—Common
Inc.)
(Bids to be received)
Common
Fricke
——Common
156,000
Reuben
Common
Moyer,
25
June 26
shares
$600,000
Inc.)
Co.)
<
Brothers)
(Pistell,
Common
200,000
Corp.
&
Debentures
(Wednesday)
shares
~
•
Inc.)
June
Units
Richard
'
$25,000,000
Hi-Press Air-Conditioning of America,
Common
Inc.)
$50,000,000
(Monday)
(S.
$375,000
&
Warwick,
Torch Rubber Co., Inc
/
V
(Carroll
Vitamin Specialties Co
;-
'
&
Corp.)
received)
$800,000
Corp
(Magnus
Common
Corp.
"
•
•
(Irving J. Rice & Co.,
Molecular Dielectrics, Inc
(Street
Securities,
Tellite
*
290,000 shares
Co., Inc.)
MacPherson
Cycle
Co.)
;
Co.,
Jaap Penratt Associates, Inc.—
*.
(Lloyd
Common
and
Dempsey-Tegeler &
250,000 shares
•
r:. '.
Supply
(Shearson,
c
|
'
Investment Securities Co
.
'•
shares
Inc.)
Broadcasting
Boston
Units
;
Automatic Controls, Inc
Common
Lomasney
be
(Pistell,
Common
Co.,
$825,000
$316,000
C. M. P. Corp
$1,500,000
T
A.
Rose
-Common
and
"
•„
(Vickers,
$625,000
Inc
Co.
&
Inc.)
Corp.)
(Bids 11 a.m. EST)
sharev
Security Aluminum Corp
Stelber
Common
Research,
(Bacon,
(First
.
,
Inc.
Geriatric
A
$375,000
shares
Inc.
Scripps-Howard
Common
Co.)
Malkan
(Myron
*
:
:v
___
(Arnold
•
Class A
$2,250,000.1:
Supply Co., Inc
(Roth
.
Industries, Inc
'(Clayton Securities Corp.)
Co.)
to
(Lehman
;
shares
Parkway Laboratories, Inc
Common
Stoats
&
'•
Common-
Corp
Investors
June 11
(Monday)
Transogram Co., Inc
Common
Pierce
$11,000,000
Co.,
(Thursday)
>
-
1'
E.
&
:
shares
160,000
150,000
shares^
shares
Columbia Gas Systems, Inc
Common
Inc.)
146.000
90,000
(Tuesday)
(Bids
shares
240,000
Beane)
Beane)
Common
Manufacturing
June 7
Common
Co.)
&
Brothers)
Brothers
R.
,
Common
Williston
(Baruch
.
$302,250
shares
100,000
53,829
Inc.)
Mountain States Tel. & Tel. Co.______-Debentures
shares
...
&
Co.,
International, Inc.__—
June 5
shares
200,000
Co.)
Co.)
&
Corp.
(I.
Common
&
Common
Burstein
(Lehman
$375,000
Inc.)
&
R.
;
Oceana
Common
New Hope Academy of the
Common
.
.
Co
&
Bonds
Corp.
Geotechnical
r
Common
Williston
-
6,153,140 shares
$500,000
150,000
Co.,
&
Barney
(Monday)
Gemco-Ware
Common
Hammill
Co.)
Photolabs, Inc
(Amber,
Common
&
Co.,
Peabody
shares
Common
Smith,
by
(Thursday)
<J.
Lily Lynn, Inc.
May 14
Corp.)
shares
100,000
!
Stearns
872.876
Alabama Power Co
..
&
Common
System
stockholders—underwritten
to
May 31
Inc.)
Class B
(H.) & Co., Inc
(Kidder,
.
$150,000
(Bids to be received) $17,000,000
and
Co.,
Lomasney
(Shearson,
Corp.)
Common
a.m.
Vending
Philadelphia
V
&
Common
and
Bros., Inc
Light & Power Co.-Common
stockholders—underwrittern
to
:
:
Jarcho
Common
First
$183,750
Fuller &
(Bear,
.
Inc.)
Bancgrowth, Inc
(Myron
Co._______.Bonds
(Friday)
Tucson Gas Electric
Co.,
Inc.
&
275,000 shares
(Tuesday)
N.
(Offering
Gaslight Club, Inc.
Massachusetts
and
England Electric
Philips
$308,000
Williston
(Gianis
$16,000,000
(Thursday)
May 11
.
Inc.)
Bonds
(Dempsey-Tegeler
May 10
;
j
Common
Electromagnetics Corp.
Electric Co
received)
Weeks)
(Offering to stockholders—bids to be received)
(Monday)
D.
Stonehill & Co.)
„
..Common
Inc.
May 29
New
American Bolt & Screw Mfg.
(Wednesday)
Columbus &
$562,500
Co.,
&
11:30
(J. R.
(S.
May
Inc.)
&
Alison Ayres, Inc
Debentures
(Eids to be received)
(Globus,
&
Inc.
Ripley
Common
Common
Common
Co.,
Co.,
&
shares
517,122
Inc.
.....Common
Co.,
Common
Co.)
Welcome Baby, Inc
(Thursday)
May 21
-
.(Tuesday)
&
(Bids
V
8
Unishops,
$276,000
Florida Power Co
Common
v
May
&
&
(Hornblower A
Inc
Burstein
Ackerman
May
$300,000
Witter
175,000 shares
Duddleston)
Systems Corp
(Smith, Barney & Co. and Goldman, Sachs & Co.) 100,000 shares
,
Common
$651,300
(Stewart, Eubanks, Myerson & Co.) 125,000
shares
—
(Harriman
Common
Inc
shares
Sportsways, Inc.
.
,
300,000
(Troster, Singer fc Co. and Federman,
Kroeze, McLarty &
Zeckendorf Properties Corp.__
1
$500,000
Co
(Costello,
iWitco
Co.,
Co.)
&
Restaurants, Inc.—.
A
$420,000
Inc.—_
Industries,
'
and
150,000 shares
*
Universal
Bruce
Molecular
Class
(McDonald & Co.)
Common
$900,000
Shoe Stores, Inc
$840,000
shares
Manufacturing Co
v'm;
Pioneer
McLarty & Duddleston)
Manufacturing Co
(Richard
..
&
shares
Common
Pressprich
(Dean
shares
^Class
Burstein
(Amber,
.
MacPherson
150,000
May-15
;•l(Amber,
/■/".
Jackson & Curtis) $5,005,700
'Thunderbird International Hotel Corp.__Common
(Vickers,
Morton's
(Tuesday)
-"
Anchor Industries Corp.—
v
Debentures
by
80,000
(George K. Baum & Co.)
•
Common
(White
;
$300,000
stockholders—underwritten
to
Inc.)
;f Mac-Allan Co., Inc.
Common
„
—Common
Corp
W.
(R.
$1,000,006
(Irving J. Rice & Co., Inc.)
300,000 shares
Co.)
Products, Inc.
(Terrio
/Symington
Smith
Class A
Class A
60,000
units
$300,000
Common
Co.,
Halo Lighting, Inc
$2,000,002
Corp.
Common
Inc.)
Co.)
and Kroeze,
shares
Corp.
Ten-Tex
Brothers, Inc.—.A——L^.i—__..-Common
(Burnham
r
Co.,
&
(Roth & Co.. Inc.)
$200,000
Inc.-_-_-__„_1:_1L__i_____Common
Securities
-Units
400,000
&
Corp.
Pictures,
(Equitable
—
Co.)
Co.)
Bros.
Bridge Electronics Co., Inc
40,000
>
Rego Radio & Electronics Corp
*:Rosenau
Securities
Walston
$350,000
&
and Jessup & Lamont)
..Common
Co.,
(Baruch
541,000 shares
Pictures, tnc
(Equitable
Common
Corp.-
Gilhart
D.
'Y-:•
shares
(Monday)
Packaging Corp
Accurate
Salant, Inc.__
(Kidder,
(Pacific Coast Securities Co.) 550,000 shares
•
Common
480,000
EDST)
p.m.
May 28
Corp.)
Common
Malkan
$6,500,000
Co.)
Equity
Common
(Hirschel
Salant &
Ben. Int.
Stout
Heritage
Interonics, Inc
...
Common
.Metropolitan Realty Trust
12:30
page 68
on
*
2,000,000 shares
—
and
(Robinson-Humphrey Co., Inc.)
Richmond Corp.
Co., Inc.)
Utah Power & Light Co
(Bids
Republic-Franklin Life Insurance Co
Common
&
.Common
Inc
(Arnold
Kasdan
"•
$425,000
,
.
RF
Continued
$480,000
- k
.
$800,000
S.
Inc.
(Roth & Co.. Inc.)
Common
and
Co.,
&
Co.,
shares
200,000
Distributors, Inc
Securities
w
Publishers
Capital
Inc.)
National Television Distributing Corp.
29, 1962 filed 200,000 class A capital shares. Price
Common
Ackerman
...
Inc
First
Jan.
$350,000
Inc.
.
Productions,
(Switzer & Co., Inc.)
*
Optech,
$2,750,000 ;
r
.
Common
Bldg., Wilming¬
ton, Del. Underwriter—None.
Office—1035 State St., Santa Barbara,
66
page
Proceeds—For investment. Office—Trust
Proceeds—For acquisition of stock and
working capital.
it First International Realtv & Mortgage Trust
March 22, 1962 ("Reg. A") 28,500 common series A shares.
Price—$10. Business—A real estate investment trust.
to be received)
$7,000,000
28
(Wednesday)
Southern Electric Generating Co
(Bids to be received)
$6,500,000
^Bonds
68
(1784)
The Commercial and Financial Chronicle
Continued from page 67
•—$2.
Franklin
Business—Production, distribution and sale of TV
motion
pictures and tapes. Proceeds—For debt repay¬
capital and other corporate purposes.
Office^-505 Park Ave., N. Y. Underwriter—Internation¬
working
ment,
al
Services Corp.,
Paterson, N. J.
/'■;
Republic Corp. of America
19, 1961 filed $9,400,000 of 6%% convertible sub¬
ordinated debentures due 1981 and 188,000 class A shares
being offered for subscription by class A stockholders
in 47,000 units, each consisting of
$200 of debentures
and 4 class A shares. One right will be issued for each
class A share held, and 40 rights will be needed to
pur¬
chase
one
April
17,
unit of record March 26 with
rights to expire
1962. Price—$250. Business—General
real
es¬
tate. Proceeds—For debt repayment and other
corporate
Office—375 Fifth Ave., N. Y. Underwriters—
Morris Cohon & Co. and Lieberbaum &
Co., N. Y.
purposes.
First Scientific Corp.
(4/16-20)
Dec. 6, 1961 filed 200,000 class A stock. Price—$3. Busi¬
ness—Company plans to acquire, invest in, and finance
patents and new scientific technology. Proceeds—For
general corporate purposes. Office—375 Park Ave., N. Y.
Underwriters—Netherlands Securities Co., Inc., Seymour
Blauner Co., and Sprayregen, Haft &
Co., N. Y.
Fleres (A. J.) Mfg. Corp.
Feb. 2,1962 ("Reg. A") 80,000 common.
Price—$3. Busi¬
ness—Manufacture and sale of metal frames for ladies
handbags.
Proceeds—For debt repayment, equipment
and working capital.
Office—2024 Montieth St., Brook¬
lyn, N. Y.
Underwriters—Professional
&
Executive
Planning Corp., Long Beach, N. Y. and E. J. Roberts &
Co., East Orange, N. J.
Flex
Products, Inc.
March 16, 1962 filed $95,000 of 6% subord. debentures
due 1972 and 47,500 common
shares, of which 44,650 are
to be offered by the company and
2,850 by selling stock¬
holders. The securities will be offered in units consist¬
ing of one $100 debenture and 50 common shares (with
warrants). Price
manufacture and
Design,
$350 per unit. Businesssale, for amateur use, of
—
lighting equipment and photographic accessories.
For equipment, new product
development,
promotion and other corporate purposes. Office—
39-08 24th St., Long Island
City, N. Y. Underwriter—
Bond, Richman & Co., N. Y.
camera
Proceeds
—
sales
Florida
Bancgrowth, Inc.
(5/21-25)
Price—By amend¬
March 16, 1962 filed 200,000 common.
ment
(max.
$15). Business—An investment company
specializing in bank stocks. Proceeds—For investment.
Office—3356 Atlantic Blvd.,
Pompano Beach, Fla.
Florida Palm-Aire Corp.
19,
1961
filed 463,000
(4/9-13)
to
are
be
offered
related
activities.
general
corporate
for
Proceeds—For
purposes.
debt
Office
and
repayment
1790
—
N.
Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy
Co., N. Y.
•
&
Florida
Palm-Aire Corp.
(4/23-27)
1961 filed 100,000 common. Price—$3.25. Busi¬
Design and manufacture of plastic
artificial
Nov. 29,
ness.
of
Connecticut,
Inc.
Price—$7.50. Busi¬
common.
investment, company. Proceeds—•
repayment and expansion. Office—105 N. Sage St., TocGa. Underwriter—None.
&
St., New Haven, Conn.
Franklin
General
Leasing Corp. (4/16-20)
29, 1962 ("Reg. A") 62,000 common. Price—$4.50.;;;
Business—General leasing of equipment. Proceeds—For
working capital. Office—1719 Gage Blvd., Topeka, Kan.
Underwriter—Midland Securities Co., Inc., Kansas City,
(5/3)
22, 1961 filed 349,590 common. Price—By amend¬
ment. Business—Design, manufacture and sale of house¬
hold
freezers, refrigerators, automatic
washers and
driers. Proceeds—For a selling stockholder. Office—6522nd Ave., N. E., Minneapolis. Underwriter — Lehman
Brothers, N. Y. •
Frazier-Walker Aircraft Corp.
Jan. 26, 1962 filed 140,000 common.
Mo.
•
trust.
Price—By amend¬
Proceeds—For
investment.
^ General Vitamin & Drug Corp.
April 3, 1962 ("Reg. A") 78,000 common.
Business—Sale
Hollywood; Inc.
of
vitamins
March 26, 1962 filed 150,000 capital
shares, of which 70,000 are to be offered by company and
80,000 by a stock¬
products, sales promotion
holder. Trice—$5.
88 Cutter Mill
business
and
ceeds—For
a
Business—Operation of
chain
of
expansion
women's
and
mail order
stores.
Pro¬
corporate
Office—6608 Holy wood Blvd., Los Angeles.
—Garat &
•
and mail order.
a
apparel
other
Proceeds
Price—$2.75.
department stores
through
For
—
debt
repayment, new
working capital. Office—
and
Rd., Great Neck, L. I., N. Y, Underwriter
—J. J, Krieger & Co,,
Geotechnical
purposes.
Inc., N. Y.
Corp.
(6/ 4-8)
7, 1962 filed 90,000 common, of which 80,000 are
by company and 10,000 by a selling stock¬
holder.
Price—By amendment (max. $22). Business—
Underwriter
March
Polonitza, Inc., Los Angeles.
to be offered
Frouge Corp.
Jan.
Office—1221 -Harney >
drawn.
Underwriter—None,
Frederick's of
-
-
Mortgage Trust
St., Omaha. Underwriter—General Investor's Services
Corp. (same address). Note—This registration was with¬
Business—Company plans to produce its Gyrojet
FW-4, a four-passenger amphibious autogiro. Proceeds
—To produce prototype
models, and finance general
overhead and operating expenses. Office—10 E. 52nd
St.,
Y.
i
General
Feb. 8, 1962 filed 35,000 non-voting shares of beneficial
interest. Price—$10. Business—A real estate investment
ment.
N.
Underwriters—Ingram, Lambert
Stephen, Inc., and Reuben Rose & Co., Inc., N. Y.
Jan.
Manufacturing Co.
Dec.
(4/30-5/4)
26, 1962 filed 700,000 common.
Price—By amend¬
Business—Construction and operation of various
type apartment, industrial and office buildings. Proceeds
Design, development
ment.
and
Shiloh
and manufacture of, • instruments
used in seismology and other scientific
Proceeds—For
working
capital.
Office—3401
systems
fields.
an
acquisition, construction, and working capital.
Office—141 North Ave., Bridgeport, Conn. Underwriter
—Van Alstyne, Noel & Co., N. Y.
Rd.,
Garland,
Brothers, N. Y.
•
Texas.
Underwriter—Lehman
Geriatric
(5/7-11)
Oct. 20, 1961 ("Reg. A") 60,000 common.
Price — $5.
Business
Furnishing of scheduled air transportation
Research, Inc. (5/14-18)
12, 1962 filed 162,500 common, of which 12,500 are
to be offered by the
company and 150,000 by stockhold¬
ers.
Price—By amendment (max. $8.50). Business—Di¬
service. Proceeds—For debt repayment and
general cor¬
rect
porate purposes. Office—8170 Beverly Rd., Los Angeles.
Underwriters—Raymond Moore & Co., Los Angeles and
Pacific Coast Securities Co., San Francisco.
erly customers.
•
Future Airlines
Feb.
—
A Gabriel
1962
30,
Price—By
Proceeds—For debt repayment Office—184
N. Y. Underwriter—To be named.
Business
Fifth
Ave.,
cott &
IWvestmeHt Co.
Garland
14,
pants
Office—1180 Raymond Blvd., Newark, N. J.
Knitting Mills
1962
for
general
juniors.
corporate
eld¬
Inc.
Co., Cleveland.
1962 filed 254,000 common. Price—By amend¬
(max. $18). Business—Development and produc¬
tion of radar and other specialized electronic
systems-.
Proceeds—For selling stockholders. Office—1815 Venice
Blvd.; Los Angeles. Underwriter-—Blyth & Co., Inc., Los
Angeles.
Girard
Proceeds—For
purposes.
working
Office—117
capital
Industries Corp.
March 28, 1962 fled $250,000 of 6%
are
conv. subord. deben¬
tures due 1972 and 90,000 common shares to be sold by
certain stockholders. The securities are to be offered in
units consisting of a $100 debenture and 36 shares. Price
—By amendment. Business—Manufacture of restaurant
and
Bickford
St.,
Underwriter—Paine, Webber, Jackson & Curtis,
Boston.
to
ment
Business
filed 200,000 class A common, of which
to be offered by the company and 100,000
shares by stockholders.
Price—By amendment (max.
$22), Business — Manufacture of sweaters, skirts and
100,000
products
April 4,
Price—$3.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Mar.
mineral
^ Gilfillan Corp.
(4/16-20)
investment.
vitamin
of
Proceeds—For
Mar. 2, 1962 filed 140,000 common. Price—$10. Business
—Company operates a discount department store chain.
Proceeds—For expansion and
working capital. Office—
1407 E. 40th St.,
Cleveland, Ohio. Underwriter—Pres-
100,000 class A common shares.
amendment
(max. $11). Business—Design,
manufacture and distribution of toys and
sporting goods.
Small
selling
Giant Tiger Stores,
filed
Garden State
mail
working capital. Office
—179 N. Michigan Ave., Chicago.
Underwriters—Bacon,
Whipple & Co. and Freehling, Myerhoff & Co., Chicago.
industries, Inc.
March
Oct. 27, 1961 filed 330,000 common.
of which 310,000
subscription by the stock¬
holders on a l-for-3
basis, and 153,000 shares will be
sold to the public. Price—$2.
Business—Purchase, devel¬
opment and sale of undeveloped real
property and
shares
Investment Co.
14, 1962 filed 200,000
For debt repayment and investment. Office—348
Orange
—A small business Tn1v&stift£rit'
'company/'Proceeds—EW
common,
Thursday, April 12, 1962
.
nated capital notes due about 1970. Price—At par. Busi¬
ness—A consumer finance company. Proceeds—For debt
Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
Oct.
Mar.
.
ness—A small business
—For
Electric
attached
General
Co.
coa,
First
Dec.
Discount
Feb. 9,1962 filed $500,000 of 8% subordinated debentures
due serially 1969 to 1973 and $500,000 of 8% subordi¬
.
and
other
Boston;
dealers
•
furniture
type
in
Puerto
Rico.
which
it
sells
Proceeds—For
principally to
equipment and
foliage and flowers. Proceeds
For general corporate
purposes. Address—St. Thomas, Virgin Islands. Under¬
Feb.
general corporate purposes. Address—San Juan, Puerto
Rico. Underwriter—Edwards &
Hanley, Hempstead, N. Y.
writer— Seidman
Gaslight Club, Inc. (5/21-25)
28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $7)
Business—Company operates four "key
clubs."
Sept. 27,
—
—
Williams & Cantwell, N. Y.
Folz
Vending Co., Inc. (4/23-27)
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans,
purchase ma¬
chines, and increase working capital. Office—990 Long
Bqach Rd.. Oceanside, N. Y. Underwriter—None.
—The distribution of
Ford Motor Co.
March
23,
filed
2,250.000
common.
Proceeds—For the selling
Price—By
stockholder, The
Foundation.
Office—American Road, Dearborn,
Underwriters—First Boston Corp.; Blyth &
Co.,
Inc.; Goldman, Sachs & Co.; Kuhn, Loeb & Co.
Inc.;
Lehman
Brothers; Merrill Lynch, Pierce, Fenner &
Smith Inc.; White, Weld & Co.
Inc.; Dean Witter & Co.
Mich.
Forest Electronics
Corp.
1961 ("Reg. A") 130,000
Dec. ,21,
common.
Price—$2.
Business—Research, design, manufacture, sale
tribution of precision electronic
ponents. Proceeds—For debt
general
and
dis¬
and
mechanical
com¬
repayment, equipment and
corporate
Office
purposes.
425
Las
Vegas
Underwriter—Elmer
K
—
Blvd., S., Las Vegas, Nev.
Aagaard, Salt Lake City. Offering—Expected in
May.
Forst
(Alex) & Sons, Inc.
March 23, 1962 filed 100,000
commoii. Price—By amend¬
ment (max. $15).
Business—Wholesale distribution of
toys and games.
Proceeds—For selling stockholders.
fice—2885 Jerome Ave.,
Bronx, N. Y.
Donnell & Co., N. Y,
•
Four Star
Of¬
Underwriter—Mc¬
Offering—Expected
March 27,
in earlv Jane.
Sportswear, Inc.
1962 filed 103,000 common.
Price—$3. Busi¬
ness—Design, manufacture and distribution of men's
.outerwear, sportswear and rainwear.
Proceeds—For
:
plant expansion, equipment and working capital. Office
—665
Broadway, N. Y. Underwriter—Magnus &
Co.,
Inc., N. Y. Offering—Expected sometime in
August.
Four
March
1962
debt reduction, and
working capital. Office—13 E. Huron St., Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N. Y.
Gateway Chemicals, Inc. (4/23-27)
Nov. 22, 1961 filed 100,000
common, of which 50,000 are
to be offered by the
company and 50,000 by a stock¬
filed
211,250 capital shares. Price—By
(max. $25). "-Business—-Productionand mar¬
Proceeds—For selling stock¬
Office—4030 Redford
Ave., North Hollywood
Dempsey-Tegeler
&
Jackson
&
Curtis',
Co., Inc., St. Louis.
Business—Manufacture
seals. / Proceeds—For
equipment, investment in
pur¬
subsidiary, research
development, moving expenses, and working capital.
Office—725 Branch Ave;, Providence, R. I. Underwriter
—Hemphill, Noyes & Co., N. Y.
a
Glensder
March
23,
Corp.
1962
filed
150,000
of
common,
which
60,000
to be offered
are
by the company and 90,000 by the com¬
pany's parent, Glen Modes, Inc. Price—By amendment
(max. $7). / Business—Design, production and, sale of
Price—By amend¬
fashion
women's
—For
accessories, and sportswear. Proceeds
corporate purposes.
Office—417 Fifth
general
Ave., N. Y.
Underwriter—Sprayregen, Haft &■- Co., N. Y.
Discounts, Inc. * (4/17') *•
vFeb. 14, 1962 ("Reg. A") 120,000 common.
Price—$2.50.
Business—Sale of objects of art in discount stores. Pro¬
Underwriter—J, R. Williston & Beane, N. Y,
ceeds—For
•
Jamaica, N.' Y.
•
Battery & Ceramic Corp. (4/23-27)
Jan. 11, 1962 filed 200,000 common. Price
By amend¬
ment. Business—Manufacture of
replacement batteries
and spark plugs;
design and production of subminiature
hermetically sealed relays and glass-to-metal seals; man¬
Global
f
general
corporate
purposes.
Office — 107
Springs, Colo. Underwriter—
Copley & Co., Colorado Springs, Colo.
" /
Manitou
General
Ave.,
Manitou
—
ufacture
.
—
ness—Design,
plaques
and
•
2555
W.
G.
Kletz
Co., N. Y.
■
and
working capital. Office—
Underwriter—Michael
of
Devices, Inc. (4/23-27)
29, 1962 filed 140,000 common, to be offered for
subscription by common stockholders.
Price—By amend¬
electromechanical
and manufacture
components
of elec¬
—
Treibick, Seiden & For¬
Globe
miniature
electric
motors, powdered
metal products
—1784
Stanley
Ave., Dayton, Ohio. Underwriter—Mc¬
Co., Cleveland.
Gold Leaf Pharmacal Co., Inc.
March. 13v 1962 - filed • 80,000 common-. Price—$4. Busi¬
ness—Manufacture, development end sale of pharmaceu¬
Donald &
.
o.
and
systems
for multiple
telemetering. Proceeds—For inventory, debt
repayment, sales promotion, and working
capital. Office
tical and veterinarian products. ur-roceeds—For advertis¬
ing,
—Ridge
Rd., Monmouth Junction, N. J. Underwriter
—Hess, Grant & Remington, Inc., Philadelphia. <
\
of
and devices for the missile and aircraft industries. Pro¬
ceeds—For debt repayment and working capital. Office
General
and
Business—Manufacture
(4/30-5/4)
Trice—By amend¬
prefabricated - metal
Industries, Inc. (4/30-5/4) •
30, 1961 filed 200,000 common, of which 100,000 are
to be offered
by the company and' 100,000 by stock¬
holders. Price—By amendment. Business—Manufacture
•vv'/;."
Business—Development
Corp.
common.
Oct.
Diversey Ave., Chicago.
&
68,000
Brooklyn, N. Y. Underwriter
syth, N. Y.
105,000 common. Price—$3. Busi¬
assembly and distribution of trophies,
awards.
Proceeds—For debt repayment,
products, expansion
Products
filed
compartments. - Proceeds—Debt
repayment and
general corporate purposes.
Office—10014 Avenue D,
Inc.
new
Steel
1961
toilet
Dempsey-Tegeler & Co., Inc., St. Louis.
General Classics
March 23, 1962 filed
3,
ment.
of
Underwriter
Global
Nov.
voting machines and toll collection devices.
Proceeds—For selling shareholders.
Office—Reading, Pa.
tronic
Underwriters—Paine, Webber,
hermetic
leased discount departments
dealing in hard goods. Pro¬
ceeds—For
debt
repayment, expansion and working
capital/ - Office—134-OL Atlantic Ave.,
ment.
N. Y. and
Price—By amendment.
glass-to-metal
chase of
(max. $8).
Business—A holding company for a
restaurant equipment
manufacturer; a wholesale distrib¬
utor of houseware products and a
company operating
keting of television films.
Calif..
1961
and
Price—By amendment. Business—Compounding
packaging of chemical products, primarily deter¬
Proceeds—For working capital. Office—8136 S.
Dobson Ave., Chicago.
Underwriter—Federman, Stonehill & Co., N. Y.
amendment
holders.
of
gents.
ment
Industries,
Inc.
(4/30-5/4)
filed 185,000 common, of which 135,000
to be offered by the company and
50,000 by a stock¬
holder.
holder.
Gemco-Ware Corp.
(6/4-8)
March 9, 1962 filed 146,000 common.
Glass-Tite
are
Jan.
Star Television
16,
•
expansion,
and
(4/23-27)
1962
amendment.
Ford
Proceeds—For
research,
debt
Office—36 Lawton
~
—Droulia
&
Co..
repayment • and
working capital.
St., New Rochelle, N. Y. Underwriter
N.
.
Y.
.
...
,
:.
•
,
I *
Volume
X
Number 6150
195
.
.
The Commercial and, Financial Chronicle
.
.
^ Golden State Properties, Inc.*
March 29, 1962 ("Reg: A") 75,000 common. Price — $4...
Business—Real .estate. Proceeds—For working capital.
Office—1617 S. Pacific Highway, Redondo Beach, Calif. *
Underwriter—None.
if Good-Era Realty & Construction Corp.
April 2, 1962 filed 550,000 class A shares. Price—$10.
Business—Company plans to develop, operate, construct
and manage real estate. Proceeds—For general corporate
purposes.
N. Y.
•,
Gotham
other
-
corporate
•
Gould
•
(4/23-27)
Paper Co.
Price—$11. Busi¬
Proceeds—Expansion and
Office—Lyons Falls, N. Y. Underwriter
working capital.
—Van
s
of paper.
Alstyne, Noel & Co., N. Y.
Gould Properties,
Jan. 26, 1962 filed
Business—General
'
real
•
—
debt
Proceeds—For
fire and
Underwriter—None.
Feb.
28,
holders
Employees Corp.
'/
stockholders
the basis of $100 of debentures for each
on
Apr. 6 with rights to expire
April 30. Price — At par.
Business — Company and
its subsidiary provide, automobile and mobile home
financing
service
on
a
nationwide
basis
to gov¬
ernment employees and military officers. Office—Govt.
7
shares
held
of record
^
Employees
Insurance Bldg., Washington, D. C. Under¬
writer—None.
•
Graham
Chemical Corp.
(4/30-5/4)
Jan. 22, 1962 ("Reg. A") 100,000 common. Price—$2.25.
Business—Manufacture of dental anesthetic cartridges
products. Proceeds—Production, advertising
promotion of disposable needles.
Office—129-21
and related
and
Merrick Blvd.,
Springfield Gardens, N. Y.
—Paul Eisenberg Co.
Inc., N. Y.
Underwriter
\
Granco, Inc.
23, 1962 filed $600,000 of 6% conv. subord. de¬
bentures due 1977 to be offered in 1,200 units. Price—
March
$500 per unit. Business—Operation of jewelry stores,
jewelry concessions and a liquor concession in discount
department stores. Proceeds—For debt repayment and
working capital. Office—182 Second Ave., San Fran¬
cisco. Underwriter—Midland Securities Co., Inc., Kansas
City, Mo.
Grand Bahama Development Co., Ltd.
Jan. 23, 1962 filed 250,000 common. Price — By amend¬
ment. Business—Sale and development of land on Grand
Bahama Island for residential and resort purposes. Pro¬
geperal corporate purposes. Office—250 Park
Ave., N. Y. Underwriter—Allen & Co., N. Y. OfferingExpected sometime in May.
1
4
ceeds—For
Grayson-Robinson Stores, Inc.
Jan. 26, 1962 filed $10,000,000 of 5% senior subord. de¬
bentures due 1985.
Price—By amendment. Business—
Retail sale of women's and children's apparel and photo¬
graphic and audio equipment. Proceeds—For expansion,
diversification, and working capital. Office—550 W. 59th
St., N. Y. Underwriter — Bear, Stearns & Co., N. Y.
Offering—Expected sometime in June.
Great
Continental Real
Estate Investment Trust
Aug 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul Place, Baltimore. Underwriter
—To be named. Note—This firm formerly was known as
Continental Real Estate Investment Trust.
,
•
Great
Eastern
I
Price—$4. Business
Foods Corp.
Jan. 29, 1962 filed 150,000 common.
—Retail distributing of food freezers,
ceries, etc. Prcoeeds — For
Office—3325
Keswick Rd.,
frozen foods, gro¬
general corporate purposes.
Underwriter—
Baltimore
§witzer, & Co., Inp., Silver Spring, Md. Notf^This^ regis¬
tration was withdrawn.
V
'X
.
,
if Great Plains Corp.
March 26, 1962 ("Reg. A") 60,000 class A common. Price
—$5. Business—Company plans to establish an industrial
bank and an insurance agency. Proceeds—For working
capital, debt repayment and expansion. Office—368 Main
St., Longmont, Colo. Underwriter—Birkenmayer & Co.,
Denver. ■ ..V;.
X:/'X:X o
v X-XX X-X:-:"';-XX
•
Greater
New York Box Co.,
Inc.
(4/23-27)
29, 1961 filed 100,000 common. Price—By amend¬
ment ($7 max.). Business—Manufacture of corrugated
board and containers. Proceeds—For general corporate
Dec.
Office—149 Entin Rd., Clifton, N. J. Under¬
writer—D. H. Blair & Co., N. Y.
purposes.
•
Greater Pittsburgh Capital Corp.
(5/7-11)
14, 1961 filed 250,000 common. Price—$11. Busi¬
ness—A small business investment company. Proceeds—
Nov.
For
investment.
Office—952 Union Trust Bldg., Pitts¬
burgh. Underwriters—Moore, Leonard &
ger, Dean & Scribner, Pittsburgh.
'
ir Greenacres,
Lynch and Sin¬
Inc.
("Reg. A") 14,000 common, of which
to the public and 7,000 to stock¬
holders. Price—To public: $19.75; to stockholders: $18.
Business*—Furnishes a natural resource consulting serv¬
ice and conducts a reaL estate brokerage service. Pro¬
ceeds—For expansion and working capital. Office—4501
March
29,
1962
7 000 are to be offered
•
the
rate
of
$200 of debentures for each 60
Business—Company ;
in the development of planned communities
Florida.
Proceeds—For debt repayment and general
corporate purposes. Office — 557 Northeast 81st St.,
Miami, Fla. Underwriters — Morris Cohon & Co. and
Street &
Co., Inc., N, Y. Offering—Expected in May.;
plant and other corporate
landale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc., 115 Broadway, N. Y.
•
Halo
Lighting, Inc. (5 28-31)
,
Mar. 27, 1962 filed 300,000
common, of which 100,000
will ,be sold by->tha company and 200,000 by a stock¬
holder.
Price-^-By amendment. Business—Manufacture
of recessedj incandescent lighting fixtures. (Proceeds—
For
general ^corporate purposes.) Office—Chicago, 111.
Underwriter—R. W. Pressprich & Co., N.
YXXXX"
,
,
X
if Halsey Drug Co.
March 30, 1962 filed 79,500 common. Price—$4. Business
—Manufacture, packaging and sale of proprietary drug
products. Proceeds—For debt repayment, expansion andother corporate purposes. Office—1827 Pacific St., Brook¬
lyn, N. Y. Underwriters—Packer-Wilbur & Co., Inc., and
Alessandrini & Co., Inc., N. Y.
XXX'xX
.
Haltone Rental Corp*
Dec. 18, 1961 ("Reg. A")
Price—$2.
common.
Business—Rental of furs and fur garments.
Proceeds—
For
inventory, equipment, advertising and leasehold im¬
Office—350 Seventh Ave., N. Y. Under¬
writer—B. G. Harris & Co., Inc., N. Y.
/ .
provements.
,
Hampden Fund, Inc. 'XX
24, 1962 filed 500,000 common.
Jan.
Price—$10. Busi¬
ness—A
closed-end investment trust which plans to
become open end. Proceeds—For investment.
Office—
2100 East
Bldg., Cleveland.
Co., Inc., Cleveland.
Reid &
•
Ohio
Underwriter—Fulton,
XX. XX'1'X
X
Hanna-Barbara
Productions, Inc. (5/7-11)
Dec. 29, 1961 filed 200,000 capital shares. Price
—
By
amendment. Business—Production of television cartoons
and commercials.
Proceeds
For
building and
working capital. Office—3501 Cahuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
N. Y. '
'
XX
—
a
new
X-;'./;/•.//' X;; :''XX i?v;XX, X^X
.
Happy House, Inc.
July 28, 1961 filed 700,000
XXXX
shares
Price—$1.
Business—The marketing of gifts, candies and greeting
common
.
cards through franchised dealers. Proceeds—For equip¬
ment, Inventory and working capital. Office^-11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None. Offering
—Imminent.
Hardlines
Distributors, Inc.
(4/23-27)
filed 200,000 common, of which 100,000
are to be offered by the company and 100,000 by a stock¬
holder. Price—By amendment. Business—Retail sale of
housewares, hardware, lighting fixtures, automotive
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working
capital.
Office—1416 Providence
Highway, Norwood, Mass. Underwriter—McDonnell &
Co., N. Y.
Jan.
26,
1962
Hargrove Enterprises, Inc. (5/7-11)
8, 1961 filed 160,000 common. Price—$5. Business
—Company plans to own and operate an amusement
park. Proceeds—For property development, advertising,
and working capital. Office—3100 Tremont Ave., Cheverly, Md. Underwriter — Switzer & Co., Inc., Silver
Springs, Md.
Dec.
Harley
Products,
Inc.
75,000 common. Price—$4. Busi¬
ness—Design, production and distribution of bolts and re¬
lated products.
Proceeds—For sales promotion, expan¬
sion, inventory, and debt repayment. Office—476 Broad¬
way, N. Y. Underwriter—Finkle & Co., N. Y.
March
28,
Govt.
Proceeds—
& Shumaker,
Co., Chicago.
®
Indianapolis and Cruttenden,
*■;■ X. -ZX,;'
'-'.XXXZ '•■■■■.
Podesta
&
'XX';.
.■
Hartman
Marine Electronics Corp.
Oct. 27, 1961 filed 100,000
common, of which
be offered by the company and
to
25,000 by
75,000 are
a selling
stockholder.
Price—$4. Business—Manufacture of ma¬
rine and mobile communications and electronic
equip¬
ment and military transmitter-receivers. Proceeds—For
general
corporate
Plohn
purposes.
Island
Office—30-30
Northern
City, N.
Y. Underwriter—Charles
Co., N. Y. Note—This registration was with¬
&
drawn.
'■
Hart's
Food
•
,
:-;'lK,
Stores,
Inc.
March 28, 1962 filed 235,550 common.
Price—By amend¬
ment (max. $16).
Business—Operation of supermarkets
and
small
holders.
food
stores.
Proceeds—For
selling
stock¬
Office—175 Humboldt
St., Rochester, N. Y. Un¬
derwriter—Merrill Lynch, Pierce, Fenner & Smith Inc.,
Harwyn Publishing Corp.
Jan. 29, 1962 filed 300,000 class A common. Price —
By
amendment. Business — Publishes illustrated
encyclo¬
pedic works
for
children
and
operates
an
advertising
agency for sale of TV and radio spot time. Proceeds—
For working capital. Office—170 Varick
St., N. Y. Un¬
derwriter—Van
Herald
Alstyne, Noel & Co., N. Y.
Music
Corp.
("Reg. A") 60,000
March 20, 1962
Price—$3.50.
phonograph
records.
Proceeds—For relocation, equipment, accounts
payable, and working capital. Office—150 W. 55th St.,
N. Y.
Underwriter—Whitestone Securities Ltd., 15 E.
40th St., N. Y.
X'- XX';.
X X» :;■■■> XX"
Business—Manufacture and
common.
distribution
of
Hi-Press
Air-Conditioning of America, Inc.
X
,.XX.X
XX XX' V
X'-'X'"'XX
Mar. 26, 1962 filed $670,000 of 6X2% con. subord. deben¬
XX: (6/25-29)
tures due 1974 and 134,000 common shares to be offered
in units consisting of $50 of debentures and 10 shares.
Price—By amendment (max. $82.50
per
unit). Business
-^Production of air conditioning, commercial refrigera¬
tion
and
industrial
heat
transfer
For
debt repayment and general
Office—405 Lexington Ave., N. Y.
products.
Proceeds—
corporate
purposes.
Underwriter—Pistell,
Inc., N. Y.
(4/lSyXX/Xx
150,000
S.
if Harris (Paul) Stores, Inc.
April 2, 1962 ("Reg. A") 40,000 class A common. Price
—$7.50, Business—Operation, of wearing apparel stores.
Proceeds—For equipment and working capital. Office—
2920 N. Tibbs, Indianapolis.
Underwriters—Kiser, Cohn
Address—Hal¬
purposes.
of M-14
New York.
ic Hallandale Rock & Sand Co.
March 30, 1962 filed $250,000 of 8% subordinated deben¬
tures due 1977, 200,000 common and 6-year warrants to
purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
one warrant. Price—$18 per unit.
Business—Extraction,
processing and sale of rock and sand. Proceeds—For a
new
sale
Blvd., Long
shares held. Price—At par.
is engaged
in
/X'XC rXv:X-'XX XXXv:X^X;:;/X
Corp.
filed $11,000,000 of 6^% conv. subord.
1977, to be offered for subscription by stock*
at
rifles to U.
by stockholders.
Business—Manufac¬
(max. $30).
and
Equipment, plant expansion and working capital. Office
Ave., Worcester, Mass. Underwriter—Shearson, Hammill & Co., N. Y.
V
1962
debs, due
(4/23-27)
—320 Park
Land
Gulf American Land
common
Government
Price—By amendment
casualty insurance. Proceeds—To increase capi¬
surplus. Office—25 S, Perry St., Montgomery,
and
Harrington & Richardson, Inc.
ture
shares for each 10 held of record. Mar. 14, • with rights
to expire April 16, 1962. Price—$2. Business—Writing of
re¬
Jan. 8, 1962 filed $2,675,000 of 4%% conv. capital deben¬
tures due 1977 being offered for subscription by common
Green Acres
Corp.
Sept. 28, 1961 filed 226,004 common being offered for
suoscription by stockholders on the basis of three new
$10.
payment and general corporate purposes. Office—370
Lexington Ave., N. Y. Underwriter—Stanley Heller &
Co., N. Y.
•
•
29,
Gulf American
Ala.
estate.
in
—
March 7, 1962 filed 180,000
common, of which 40,000 are
to be offered by
company and 140,000
Underwriter—Williamson Securities Corp., N. Y.
.
tal
Inc.
200,000 class A shares. Price
area
Valley Construction Corp. (4/23-27)
1961 filed 80,000 common. Price—$5.25. Busi¬
ness—General contracting for landscaping and construc¬
tion work. Proceeds—For debt repayment and other corporate purposes. Office—97-36 50th Ave., Corona, N. Y.
purposes.
i
and recreation
For
expansion, debt repayment, and working
Seventh Ave., N. Y. Underwriter—
Greenman Co., N. Y.
Valley
Center,
69
capital. Office—498
Green
Nov.
Sept. 28, 1961 filed 140,000 common.
ness—Manufacture
ceeds
\•
Expected sometime in July.
Co.,
:
,
Underwriter—Pacific
Stream, L. I. Proceeds—For
general corporate purposes. Office—120 Broadway, N. Y.
Underwriter—R. L. Warren Co., St. Louis. Offering—
s
Office—1707 H St.,.
N. W., Washington, D. C. Underwriter—Rouse, Brewer,
Becker & Bryant, Inc., Washington, D. C.,
/
t >
and
Wash.
Funtown
Inc.
\
Jan. 23, 1962 filed 225,000 common to be offered for sub¬
Shopping
Nov. 21, 1961 filed 100,000 common., Price—$6. Business
—Real estate Investment. Proceeds—For working capi¬
tal
S., Seattle,
Seattle.
Green Acres
indoor amusement
t
-XX^
Investment Corp.
Ave.,
Northwest Co.,
scription by stockholders of Bowling Corp. of America,
parent. Price—$3. Business—Company will operate an
Office—151 N. Dean St., Englewood, N. J. Un¬
derwriters—Leiberbaum & Co. and Morris Cohon &
Rainier
(1785)
1962 filed
Harper Vending, Inc.
Jan. 12, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Operation of automatic vending machines. Pro¬
High Temperature Materials, Inc.
Sept. 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture of products from test
models.
Proceeds—For equipment, research and devel¬
opment, leasehold improvements, repayment of debt and
working capital. Office-A130 Lincoln St., Brighton, Mass.
Underwriter—To be named. Offering—Expected in late
April.
•
Hill Aircraft &
Leasing Corp.
29, 1962 ("Reg. A") 100,000 capital shares. Price—
$3. Business—General aviation. Proceeds—For working
Jan.
capital, equipment, advertising and inventory. Office—
Fulton County Airport, Atlanta, Ga. Underwriter—First
Fidelity Securities Corp., Atlanta. Offering—Imminent.
Hillside Metal
Products, Inc. (4/23-27)
filed 300,000 common, of which 200,000
offered by the company and 100,000
shares by stockholders. Price—$6. Business—Manufac¬
Dec.
15,
shares
1961
are
to
be
ture of steel office furniture. Proceeds—For debt
repay¬
ment, plant expansion and working capital. Office—300
Passaic St., Newark, N. J. Underwriters —? Milton D.
Blauner & Co. and M. L. Lee & Co., Inc., N. Y.
Hoffman House Sauce
Co., Inc.
28, 1962 filed $250,000 of 6J/2% subordinated sink¬
ing fund convertible debentures due 1977 and 25,650
common shares to be offered in units
consisting of one
$500 debenture and 50 common shares. Price—$1,000 per
unit. Business
Manufacture of liquid and semi-solid
salad dressings and specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.,
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee,
Wis. Offering—Sometime in May.
Feb.
—
Holiday Mobile Home Resorts, Inc.
31, 1962 filed 3,500,000 common and 5-year
Jan.
war¬
rants to purchase 700,000 shares, to be offered in units
of 5 shares and one warrant. Price—$50 per unit. Busi¬
ness—Development and operation of mobile
sorts.
Proceeds
working
—
capital.
home re¬
repayment, expansion and
Office—4344 E. Indian School Road,
For
debt
Phoenix. Underwriter—None.
Hollingsworth Solderless Terminal Co.
27, 1962 ("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison & Co., Philadelphia. Offer¬
ing—Sometime in May.
Feb.
Home Builders Acceptance Corp.
Feb.
9, 1962 refiled 800,000 common.
(4/23-27)
Price—$1. Busi-
Continued
on
page
70
70
The Commercial and Financial Chronicle
(1786)
chanical
Continued from page 69
ness—Company makes home improvement, construction
and subdivision loans and buys, sell and trades in mort¬
and real
gages
Underwriter
—
Proceeds—For working capital.
St., Colorado Springs, Colo.
& Co., 11 Broadway, N. Y.
estate.
North
Office—409
J.
Nevada
W.
Kim
Ltd. (4/23-27) *
("Reg. A") 76,500 common. Price—$3.75.
Business—Purchase of cultured pearls in Japan and
their distribution in the U. S» Proceeds—For general
Honora,
Nov.
29, 1961
Office—42 W. 48th St., N. Y. Under¬
Park, N. Y.
corporate purposes.
writer—Sunshine Secyrities, Inc., Rego
House of
,
29, 1962 filed 75,000 class A common. Price—$5.
Business—Importing of Japanese liquors. Proceeds—For
debt
repayment, advertising, inventory and working
capital. Office—129 S. State St., Dover, Del. Underwriter
—P. J. Gruber & Co., Inc., New York.
; .
March
,
debt
Slovin
•
Intermountain Gas Co.
(4/17)
1962 filed $3,400,000 of subordinated deben¬
tures due 1987 and 68,000 common to be offered in units,
each consisting of one $50 subordinated debenture and;
one
common
share. Price—By amendment (max. $70).v
Proceeds
For debt repayment and general corporate6,
—
Office
•
905 Main St., Boise, Idaho. Under¬
writer—White, Weld & Co., Inc., N. Y.
■
Intermountain Gas Co.
"•
(4/17)
'
Airport
Systems,
Hotel
Vision, Inc.
150,000 common. Price—By amend¬
(max. $17). Business—A dispensing optician and a
manufacturer and distributor of optical equipment. Pro¬
ceeds—For selling stockholders. Office—137 N. Wabash
Ave., Chicago.
Underwriter—Hornblower & Weeks,
Chicago.
Hudson Wholesale Groceries, Inc.
(4/30)
Jan.
23, 1962 filed 100,000 common. Price—$8. Business
Procurement, storage and wholesaling of groceries and
non-food items. Proceeds
: For debt repayment and
working capital.. Office—Lyndhurst, N. J. Underwriter
—J. R. Williston & Beane, N. Y.
/
Inc.
Corp.
1962 filed $1,600,000 of convertible subordi¬
due 1977 and 259,000 common shares.
Price
By amendment (max. $6 per common share).
Business—Construction of homes and apartments on land
which company has acquired in Southern Calif. Proceeds
—For debt
repayment and other corporate purposes.
+ Hurisaker
March
30,
debentures
nated
—
Office—15855 Edna PI., Irwindale, Calif. Underwriter—
Bateman, Eichler & Co., Los Angeles.
•
Hydra-Loc, Inc. (4/16-20)
10, 1961 ("Reg. A") 60,000 common. Price—$2.
Business—Design, development and manufacture of a
brake control. Proceeds—For debt repayment and gen¬
eral corporate purposes. Office—101 Park Ave., Hudson,
Oct.
N. Y.
Underwriter—McLaughlin, Kaufman & Co., N. Y.
March
97,000 common, of which 80,000
will be sold by company and 17,000 by certain stock¬
holders. Price—$5. Business—Manufacture, assembly and
sale of aircraft and missile components on a sub-contract
basis. Proceeds—For debt repayment and working
Office—7050 Valley View St., Buena Park, Calif.
capital.
Under¬
writer—Raymond Moore & Co., Los Angeles.
I. F. C. Collateral Corp.
Dec. 22, 1961 filed $1,500,000 of 10% registered subordi¬
nated debentures to be offered in five series due 1966 to
1970. Price—At par ($1,000). Business—Purchase and sale
of
real estate mortgages. Proceeds—For investment. Of¬
fice—630 Fifth Ave., N. Y. Underwriter—None.
•
Index &
jan.
Retrieval
Oklahoma
Systems, Inc.
common.
Price—By amend¬
other
Business—Publishes
indexes
and
"The
abstracts.
Financial
Index"
and
Proceeds—For equipment,
promotion, office relocation, and working capital. Office
—19 River St., Woodstock, Vt.
Underwriter—Searight,
Ahalt &
Instruments, Inc.
Proceeds—For
components.
general
corporate
purposes.
Rd., Cedar Grove, N. J.
Co., Inc., N. Y.
debt
repayment
Office—89
Commerce
Underwriter—Hayden, Stone &
Industry Capital Corp.
Dec. 26, 1961 filed 500,000
common.
Price—$15.
Busi¬
Co., Chicago.
Offering—Expected sometime in May.
-
Information Systems, Inc. (4/11)
Nov. 13, 1961 filed 1,166,000 common to
common
stockholders
be
of
offered
to
Ling-Temco-
trial
information, handling and control systems. Proceeds
—For the selling stockholder,
Ling-Temco-Vought. Of¬
fice—10131 National
Blvd., Los Angeles. Underwriter—
None.
ic Instromech Industries, Inc.
March 30, 1962 ("Reg. A")
100,000
common.
Price—$3.
Business—A contract manufacturer of
precision products.
acquisition of land and building, equip¬
Proceeds—For
ment, inventory and other corporate purposes. Office—
4 Broadway Plaza, Huntington
Station, N. Y. Under¬
writer—Price Investing Co., N. Y.
Components, Inc.
23, 1962 ("Reg. A") 135,000
and
••
Corp.
common.
distribution
of
Price—$1.
electro-me¬
each; for debentures,
par.
Business—Company was formed to construct the
luxury hotel "Tel Aviv Hilton" at Tel Aviv, Israel. Pro¬
ceeds—For general corporate purposes.
O f f i c e—229
South State St.,
"
mechanical and electronic equipment for government
agencies and the military. Proceeds—For equipment,
debt repayment and working capital. Office—Engineer's
Hill, Plainview, L. I., N. Y. Underwriter—International
Services Corp., Clifton, N. J.
^ Interstate Equity
March 30,1962 filed 1,605,100 shares of beneficial interest.
Price—(max. $10). Business—A real estate investment
Proceeds—For investment. Office—450 Seventh
Ave., N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.~
company.
Office—251
East
Proceeds—For
Grand
Ave.,
Film
Distributors, Inc.
Sept. 29, 1961 filed 106,250
selling
Chicago.-
Jamaica Public Service Ltd.
March 30, 1962 filed 215,000 common, of which
100,000
shares are to be offered by company and 115,000 shares
.
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Underwriters
Stone & Webster Securities Corp. and
Greenshields & Co., Inc., N. Y.
!
—
Jamoco Air
Conditioning Corp. (4/23-27)
Feb. 28, 1962 ("Reg. A") 40,000 common. Price —
$3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other
corporate purposes.
Office
954 Jamaica Ave.,
Brooklyn, N. Y.
Under¬
writer—Martiii-Warren Co.r Ltd., N. Y.
Jarcho Bros., Inc. (5/21-25)
March 23, 1962 filed 240,000 common.
Price—r-By amend¬
—
.
ment
(max.
$12).
Business—Installation
of
plumbing,
heating,
ventilation and air-conditioning systems. Pro¬
ceeds—For selling stockholders. Office—38-18 33rd
St.,
Long Island City, N. Y.
mill & Co., N. Y.
Underwriter—Shearson, Ham,/
; ?
f
Jayark Films Corp. (4/23-27)
Aug. 24, 1961 filed 72,000 common, of which 50,000 «re
to be offered by the company and 22,000 by stockhold¬
ers.
Price—By amendment. Business—The distribution
motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities
Co.,
(5/7-111*
distribution
of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co., Inc., and S. Kas-
Co., Inc., N. Y.
•
Investment Securities Co. (5/14-18)
March 16, 1962 filed 250,000
common, of which 125,000
are to be offered by
the company and 125,000 by a
,
i
,
K
Jaylis Industries, Inc.
18,
1961
filed
150,000
as
window
coverings,
Proceeds—For
debt
.
'
(4/30-5/4)
class
A
Business—Manufactures patented
etc.
Price—$4. Business
Theatrical distribution and co-production of
foreign
and domestic feature films. Proceeds—For acquisition,
dan &
.
and working capital.-Office—29 N. W. 10th
St., Miami,
Fla. Underwriter—Clayton Securities Corp., Boston. .
use
common.
co-production, dubbing, adaptation and
.
Price—By amendment (max.
$12.50 for common). Business—Operation of a chain of
retail department stores. Proceeds—For debt
repayment
Oct.
City.
;
and 53,334 by stockholders.
restaurants
York
American
-
Jackson's/Byrons Enterprises Inc.
>
March 13,-1962 filed $750,000 convertible subordinated
debentures due 1977; also 120,000 class A
common, of
which 66,666 shares are to be offered
by the company
San Francisco.
New
—
Jaap Penraat Associates, Inc. ^(5/14-18)
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
& Co., Inc., N. Y.
'.
; ,/ •
,
amend¬
ment. Business—Sale of products through coin-operated
vending machines, and operation of industrial catering
facilities in the New England area and Brass Rail
stockholders.
Underwriter
of
Vending Co. (5/21-25)
10, 1962 filed 53,829 common. Price—By
in
Dover, Del.
Israel Basic Economy Corp., New York City,:
•
^International Systems Research Corp.
March 30, 1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per
share, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit. Business—Design,
development and manufacture of mechanical, electro¬
Jan.
(with warrants). Also
6V2% dollar;• debentures
of
Price—For units, $1,050
,
Malkan & Co., Inc., N. Y. Note—This firm formerly was
room
common.
traversing
Price—r$8.
screens
for
dividers, folding doors,
repayment
and
general
corpo¬
rate
purposes. Office—514 W. Olympic Blvd., Los An¬
geles. Underwriter—D. E. Liederman & Co., Inc., NJ Y.,
and
Stewart, Eubanks, Meyerson & Co.. San Francisco.
+ Jays Creations, Inc.
March 30, 1962 filed 80,000 common. Price—$4. Business
—Design, manufacture and sale of young women's wear.
Proceeds—For working capital and possible acquisitions.
Office—254 W. 35th St., N. Y. Underwriters—Seymour
Blauner
Co., and Wm. Stix Wasserman & Co., N. Y.
Jefferson
stockholder. Price—By amendment (max.
$20). Business
management investment company 'specializing in
the insurance field. -Proceeds
For debt
repayment,
stores.
working
Office—901
Stores, Inc.
-
•
62nd
—
capital
Washington
Richter
Ave.,
and
St.
possible
Louis.
expansion.
Underwriters
—
Scherck,
Co., and Dempsey-Tegeler & Co., Inc., St. Louis.
Investors
Funding Corp. (4/30-5/4)
19, 1962 filed $6,000,000 of 10% registered sub¬
ordinated debentures, of which
$1,000,000 will mature
1966 and $5,000,000 from 1971
through 1975 (with war¬
rants). Price—$1,000
per unit. Business—Purchase, sale
and investment in real estate. Proceeds—For
investment.
Office—630 Fifth
ties
•
Ave., N. Y. Underwriter-^-IFC Securi¬
Corp., N. Y.
lona
Manufacturing Co. (5/15)
Jan. 26, 1962 filed 140,000
common, of which 125,000 are
to be offered by the
company and 15,000 shares by a
stockholder.
Price—$6.
Business—Manufacture
of
household electric appliances and electric motors. Pro¬
,
ceeds—For
new
products and working capital.
Office
—Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co.,
Inc., and Reuben Rose & Co., Inc., N. Y.
Iowa Southern Utilities Co. (4/23-27)
March 29, 1962 filed 75,000 common.
Instrument
Business—Manufacture
expansion, machinery, and working capOffice—233 Broadway, N. Y. Underwriter—-Arnold
Feb.
Vought, Inc. (parent) of record April 11, with rights to
expire May 4. Price—$3.30. Business—Furnishes indus¬
March
Business
Proceeds—For
•
•
and
,
—Distributes fishmeal and animal by-product proteins.
named Marine & Animal By-Products
shares
common
$2,760,000
were
1980.
by stockholders. Price — By amendment (max. $25).
Business—A holding company for> a Jamaican Electric
utility. Proceeds—For acquisition of additional stock, in
-
.
International Protein Corp. (4/23-27)
Jan. 26, 1962 filed 90,000 common. Price—$5.
—A
ness—A small business investment
company. Proceeds—
For general corporate purposes. Office—208 S. La Salle
St.. Chicago. Underwriter—A. C. Allyn &
preferred
-
•
Interworld
Price—By amendment (max. $10).
Business—Design,
development and manufacture of electrolytic and ther¬
mal conductivity equipment; general
purpose electronic
and electrical testing
equipment; and automated pro¬
duction and test equipment used to manufacture and test
and
Denver.
(4/18)
March 9, 1962 filed 120,000 common, of which 30,000 are
to be offered by company and
90,000 by stockholders.
electronic
ment, rent, salaries and working capital. Office—818—
17th St., Denver. Underwriter—Amos C. Sudler & Co.,
Underwriter—Bear, Stearns & Co., N. Y.
O'Connor, Inc., N. Y. Offering—In late May.
Industrial
filed
Interstate
29, 1962 filed 125,000
ment.
Plastic
1962
26,
Price—By amend¬
Business—Distribution of electricity
and natural gas in Iowa. Proceeds
For repayment of
ment
(max.
$50).
—
«
International, Inc.
,
,
• Independence Fire" & Casualty Co*
March 30, 1962 ("Reg. A") 125,000 common. Price—$1.35.
Business—Writing of automobile, property liability and
physical damage insurance. Proceeds—For general cor¬
porate purposes. Office — 610 Colcord Dr.,
City. Underwriter—None.
-
Container Corp. V
200,000 common.
Price—$2.50.Business—Manufacture of plastic products produced by
extrusion
and
thermoforming.
Proceeds—For equip- -
..■
1962'filed*
30,
-
Drug; & Surgical Corp.
1962 filed 150,000 class A shares.
International
ital.
Hydro-Swarf, Inc.
_
Price—$4.
Business—Importing, licensing, and manufacturing of.
pharmaceutical and medical instruments. Proceeds—For:
working capital and other corporate purposes. Office—
375 Park Ave., N. Y. Underwriters—Seymour Blauner
Co., and Wm. Stix Wasserman & Co., Inc., N. Y.
March
working capital and
repayment,
Jan.
Co., N. Y. and Robinson-Humphrey Co., Inc.,
,
March 23,
Hotels
debenture and 10
amendment. Business — Establishment and
operation of hotels located in or near airports. Proceeds
—For debt repayment and working capital. Address—
Miami International Airport, Miami, Fla. Underwriters
International
debt
N. Y. Underwriter—Shearson, Hammill & Co., N. Y.
Israel
due
Price—By
Atlanta.
For
—
registered
Jan. 4, 1962 filed $1,700,000 of convertible subordinated
debentures due 1977 and 170,000 common shares to be
offered in units of one $100 debenture and 10 shares. >
—Bache &
Proceeds
28, 1962 filed $4,036,000 of 6V2% sinking fund de¬
due 1980-86 and 40,360 common shares
(with
warrants) to be offered for sale in units of one $1,000
(4/16-20)
House of
ment
:
bentures
•
March 29, 1962 filed
V
••
Feb.
6,
International
'
other corporate purposes. Office—161 Avenue of Ameri¬
1
1962 filed 63,803^ common to be offered for
subscription by common stockholders on a l-for-10 basis.
Price—By amendment (max. $20). ;Proceeds—For debt
repayment and construction. Office—905 Main St., Boise,
Idaho. Underwriter—White, Weld & Co., N. Y.
•
Thursday, April 12, 1962
Ipco Hospital Supply Corp. (5/14-18)
March 16, 1962 filed 290,000
common, of which 200,000
will be offered by company and
90,000 by stockholders.
Price—By amendment (max. $12). Business—Distribu¬
tion of surgical and hospital
supplies and equipment.
cas,
purposes;
•
.
cago.
Co., Inc., N. Y.
March
,
loans, and construction. Office—300 Sheridan Ave., Centerville, Iowa. Underwriter—A. G. Becker & Co., Chi-
repay¬
ment, sales promotion and working capital. Office—312
Mt. Pleasant Ave., Newark, N. J.
Underwriter—Gold-
March
Koshu, Inc.
Proceeds—For
devices.
rotating
.
,
Jan.
25,
1962
amendment.
filed
110,000
capital
shares.
Price—By
Business—Operation of discount appliance
Proceeds—For
expansion.
Office—3700
N.
W.
St., Miami, Fla. Underwriter — Bregman, Cummings & Co.,. N. Y. Offering—In late May.
Jiffy Steak Co. (4/23-27)
5, 1962 filed 65,000 common. Price—By amend¬
ment.
Business—Processing, packaging
and
sale
of
Feb.
frozen meat and meat products.
Proceeds—For redemp¬
2,910 $50 par preferred shares, expansion, and
working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs, Lestrange & Co., Pittsburgh.
of
tion
Joanell
Laboratories, Inc.
(4/30)
Dec, 21, 1961 filed 114,500 common, of which 82,500 are
to be offered by the company and 32,000
by stockhold¬
ers.
Price
simulated
—
By amendment. Business
training
—
Development of
devices
for U. S. Armed
Forces and the manufacture of electronic control
equip¬
ment. Proceeds—For general corporate
purposes. Office
—102 Dorsa Ave., Livingston, N. J. Underwriter—Seaweapons
right, Ahalt & O'Connor, Inc., N. Y.
John's Bargain Stores
Feb.
14,1962 filed
160,000
Corp.
(4/24)
common.
Price—By amend¬
ment
(max. $10). Business—Operation of a chain of re¬
tail stores selling low priced
housewares, toys, etc. Pro¬
ceeds—For redemption of all
outstanding 6% preferred
Volume
Number
and working capital.
shares
Bronx, N ,Y.
•
195
Johnson
6150
.
.
.
The Commercial and Financial Chronicle
Office—1200
Zerega Ave.,
Kogel,
Underwriter—Hayden, Stone & Co., N. Y.;
Dec.
Inc.
12d,000 capital
ttept. 6,
iybl iiiea
amendment.
Business—The
design
(5/1-4)
Inc.
purposes.
floor
and
Calif.
cuating business. Proceeds—For product de¬
advertising, and working capital. Office—
26-32 Second St., Long Island City, N. Y. Underwriter—
Globus, Inc.
' -
shares.
Price—By
and production of
the commercial and
velopment,
special electronic components for
military market. Proceeds—For the repayment of debt,
and working capital. Address—Box 7, Casselberry, Fla.
.
(H.)
Kohnstamm & Co., Inc.
Underwriter—Jennings, Mandel & Longstreth, Philadel¬
Feb. 21
phia. Offering—Imminent.
ment.
Business—Manufacture
food,
.'88^--888'r8
160,000
(5/21)
Price
common.
colors
of
—
Corp.
88
March 29, 1962 filed 140,000 common, of which 70,000;;
are to be offered by company and
70,000 by stockhold-;.
ers.
Price—By amendment
(max.. $10).
Business—
Reclamation of metallics from steel slag; mining of sand1/
and gravel; and dismantling and salvage of industrial, :
Nov.
flavors
for
1961 filed 100,000 common, of which 40,000 are /
the company and 60,000 by stockholders.
Price—By amendment. Business—Manufacture of op¬
to be
9,
sold by
Underwriter-^Robert,, L. ; Ferman .& Co., Inc.,8 tical equipment. Proceeds—For debt repayment. Office
-r;v-i/'M —347 King St.; Northampton, Mass. Underwriter—Put- \
nam & Co., Hartford.
..8 88.888-'88888 8888--8
Kapner, ,'lnc.' ;888:8"88 8 888''888:8 8?88:'88.8
March 29,. 196% filed 50,000 common., Price--$5, Busi- ? ^ Kwik-Kold,.Inc.
: 88; 88888888*8. 8 888
land.
,
Miami,
v
.
ness—Mail
order
sale
of
March 29, 1962 ("Reg. A") 100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
holders. Price — $3. Business — Manufacture of certain
patented cooling packages. Proceeds—For debt repay¬
ment and working capital. Office—Jennings
Bldg., P. O.
Box 638, Moberly, Mo. Underwriter—John W.
Flynn
& Co.,
Covina, Calif.
'
8
merchandise. >Proceeds—For*
equipment and working capital.
Office—1924 Washing-1
ton
Ave., Bronx, N. Y. Underwriter—Arnold, Wilkens &
Co., Inc., N. Y.
-'-v 8 ^t :/8;8>;:8/':''' "8
^
.
Kaufman Carpet
Co., Inc.
'
\
•
.
March 29, 1962 filed 250,000 common;
Price—$5. Busi¬
ness—Operation of a chain of retail stores selling carpets
and rugs. Proceeds—For expansion,
inventory, debt re-;
payment and working capital. Office—1800 Boston Rd.,
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N. Y.
.Kavanau
,
La Maur Inc.
holder.
1962 filed 50,000 shares 6% cum. preferred
four-year common stock purchase warrants to be
in units consisting of one preferred and one
warrant.
Price—By amendment (max. $101 per unit).
offered
estate
investment.
Proceeds-—For- debt
®
repayment and working capital.
Office—30 E. 42nd St.,
Underwriter—Hayden, Stone & Co., N. Y*
Y.
Kay Foods Corp. (4/23-27)
29, 1961 filed 88,000 class A common shares, of
which 44,000 are to be offered by the company and
44,000
by stockholders. Price—$7. Business—Packing and sale
&
•
-8 V
filed 165,000 common, of which 100,000
are to be offered by
company and 65,000 by.stockholders.
Price—$4. Business—Design and manufacture of semi¬
rigid vinyl plastic cases and containers for packaging.
debt
For
—
and operates
apartment and office buildings. Proceeds—
For debt repayment. Office—1620 S. Elwood
St., Tulsa,
Okla. Underwriters—Fulton, Reid &
Co., Inc., Cleveland
and Walston & Co., Inc:, N. Y.
t
'related
aluminum products.
Edward Lamb
N. Y.
.
par.
heaters,
agricul¬
Proceeds—For debt repay¬
•
Office—500
Bldg,, Toledo. Underwriter—Blair & Co.;
7;8 8.8
Laminetics Inc.
.
.
Rides,
Inc.
March 22, 1962 filed 80,000 common. Price—$3.50. Busi¬
ness—Production and sale of gift sets, linens, place mats,
(4/30-5/4)"'
units
of
1971 and 30,000 common to be of¬
$1,000 debentures and 30 of
W.
Lee
purposes.
Office—8788
Rd., Overland Park, Kan. Underwriter—George
K. Baum & Co., Kansas City, Mo.
;
1961
Lembo
filed 166,667
Corp.
.
:
' 8/
r-8
1962 filed 172,500 common, of which 25,700
are
to be offered by company and 146,800 by stock¬
holders. Price—By amendment (max. $18). Business—
Manufacture and marketing of dinnerware and giftware.
Proceeds—For purchase of leased plant. Office—Prince
& Meade Sts., Trenton, N. J.
Underwriter—Hemphill,
Noyes & Co., N. Y.
March
Kinney Service Corp.
28, 1962 filed 262,500 common, of which 112,500
to be offered by the company and 150,000 by stock¬
holders.
Price—By amendment (max. $12). Business—
The operation of garages and parking stations; renting
and leasing of cars; cleaning and maintaining of com¬
March
Office—111
Proceeds
W.
50th
* -
30,
★ Lesser
•
(Louis)
Hills,
Leiber-
and
Office
—
8908
Ambassador
Dallas. :
Row,
Underwriter—Kidder, Peabody & Co., N. Y.
• Lewis (Tillie) Foods, Inc.
April 9,
1962 filed $4,000,000 of 5^%
ordinated
debentures due
1977.
convertible
Price—At par.
sub¬
Business "
canning, bottling and selling of fruits and *
vegetables. Proceeds—For debt repayment and working 1
capital. Office—Fresno Ave. & Charter Way, Stockton,»
Calif. Underwriter—Van
Alstyne, Noel & Co., N. Y.
■■•v
Lewiston-Gorham
Raceways, Inc.
14, 1962 filed $1,000,000 of 6^% first mortgage"
1977 and 200,000 common to be offered in
units consisting of a $500 bond and 100 shares. Price— <
$500 per unit. Business—Conducting commercial pariMarch.
bonds
due
mutuel
harness
Maine.
Proceeds
racing meets in Lewiston and Gorham,
For debt repayment,
property im¬
provements and working capital. Office—33 Court St.,
Auburn, Maine. Underwriter—P. W. Brooks & Co., N. Y.
—
• Liberty Records, Inc.
■%
April 2, 1962 filed $2,000,000 of convertible subordinated
debentures due 1977; also 100,000 common. Price
By
amendment (max: $20 per common
share). Business —
—
Records and distributes stereo and monaural phonograph
records and albums. Proceeds—For
expansion and work¬
ing capital. Office—6920 Sunset Blvd., Los Angeles. Un¬
derwriter—Crowell, Weedon & Co., Los Angeles.
•
Lilli
Ann Corp.
29, 1962 filed $750,000 of conv. subord. debentures
due 1977, also 100,000 common shares to be offered
by
stockholders. Price—By amendment.
Business—Design,
manufacture and distribution of women's
high fashion
March
suits and coats. Proceeds—Net proceeds from the deben¬
ture sale will be added to the
general funds of the
pany, a portion of which may
term loans. Office—2701 16th
be used
retire
to
com¬
short-
St., San Francisco.. Under¬
neously
stated that this registration was being under¬
by Sutro Bros. & Co., whereas it is actually
being handled by Sutro & Co., San Francisco.; There
written
is
connection between the two firms.]
no
Enterprises, Inc.
March 30, 1962 filed 1,000,000 class A common, Price—
8
>„
:
Lily Lynn, Inc. (5/21)
I
Feb. 23, 1962 filed 150,000
common, of which 86,000 are to
be offered by the company and 64,000 by the stockhold¬
ers. Price—By amendment
(max. $12). Business—Design,
sale of
women's
casual
dresses.
Pro¬
ceeds—For debt repayment,
working capital and expan¬
sion. Office—Herman L. Bishins
Bldg., Riverside Ave.,
New Bedford, Mass. Underwriter — J. R. Williston &
Beane, N. Y.
Lincoln
March
30,
Fund, Inc.
1961
filed
asset
(4/30-5/4)
951,799
value
plus
shares
of
stock.
common
7%
selling commission.
Business—A
non-diversified,
open-end, management-,;
type investment company whose primary investment ob- *
jective is capital appreciation and, secondary, income!
a
derived from the sale of put and call options. Proceeds—
For investment. Office—300 Main
St., New Britain, Conn.
Distributor—Horizon
•
-
Management Corp., N. Y.
Lithoid, Inc.
Nov. 22,
1961 filed 120,000 common. Price—$3. Business
—Development and manufacture of equipment and sys¬
tems for
the photographic
data processing industry..
Proceeds—For general corporate purposes. Office—232
Cleveland Ave., Highland Park, N. J.
Underwriter—
Godfrey, Hamilton, Taylor & Co., Inc., N. Y. Offering—
Imminent,
Little
Nov. 29,
888
8;.v8"88.8.8!8
Ruffy Togs, Inc.
1961 filed 165,000
Business
—
(4/23-27)
common.
Manufacture
and
Price—By amend¬
sale
of
children's
clothing. Proceeds — For debt repayment and working
capital. Office—112 W. 34th St., N. Y. UnderwritersGlass & Ross, Inc. and Samson. Graber &
Co.,
• Littlefield Adams &
Co. (4/24)
Inc., N. Y.
Dec.
28, 1961 filed 150,000 common. Price—By amend¬
ment ($5 maximum). Business—Publication and sale of
paperback school books; manufacture of stuffed novel¬
ties, college pennants, etc.; and distribution of medical,
nursing and law books. Proceeds—For debt repayment
and working capital. Office—128 Oliver
St., Paterson,
N. J. Underwriter—Andresen & Co.. N. Y.
Livestock Financial Corp.
(4/23)
Feb 23, 1962 filed 245,000 common.
Price—$10. Business
—An insurance holding
company whose subsidiaries in¬
sure the lives of all types of animals. Proceeds—To form
new
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
—Shearson, Hammill & Co., N .Y.
•
Livingston Oil Co.
Feb. 26, 1962 filed $6,359,900 of convertible sinking fund
debentures being offered for subscription by stockhold¬
ers
on
shares
April
the basis of $100 debenture for each 34 common
held of record April 10 with rights to expire
25,
1962. Price — At par. Business — Explora¬
development of oil and gas properties. Proceeds
—For debt repayment, expansion and
working capital.
tion and
Office
Mid-Continent Bldg.,
Shearson, Hammill & Co., N. Y.
—
Tulsa.
Underwriter—
Lockfast Mfg. Co., Inc.
Jan.
^
11, 1962 ("Reg. AM) 85,000
Business—Manufacture
to
7
Underwriter—Bear, Stearns & Co., N. Y.
Busi¬
concrete
^ Lenox, Inc.
~
are
buildings.^and conducting of funerals.
Price—$3.50.
Co., Inc., N. Y.
-
_
common.
re-inforced
utilities,
sanitary structures, fallout shelters and play sculptures.
Proceeds—For
debt
repayment, sales promotion and
working capital.
Office—145 W. 11th St., Huntington
Station, L. I., N. Y. Underwriter—Blank, Lieberman &
of capital stock of
company and 40,000
Price—By amendment (max. $17.50),
Business—Manufacture of prefabricated homes. Proceeds
—For a new plant. Office—1725 S. Gault Ave., Ft. Payne,
Ala. Underwriters—The Robinson
Humphrey Co., Inc.,
Atlanta, and J. C., Bradford & Co., Nashville..-
steel
Beverly
Co.
Co., N. Y.
stockholders.
ment.
common.
(5/7-11)
1961 filed 100,000
ness—Manufactures
stockholders.
.
Fashions, Incw (4/23-27)
27,
Dec. 21,
ic Kingsbury Homes Corp. April 9, 1962 filed 140,000 shares
which 100,000 will be offered by
automobiles.
Y.
Lehigh Industries & Investment Corp. (5/7)
29, 1961 filed 2,000,000 class A common. Price—By
amendment. Business—A
holding company for three
subsidiaries which operate utilities, engage in construc¬
tion, and distribute electronic parts. Proceeds—For debt
repayment, construction and working capital;; Office—
800
71st St., Miami Beach,
Fla. Underwriter—To be
named (a newly-formed subsidiary).
Metcalfe
additional
N.
expenses,
purposes.
Dec.
•
King Louie Bowling Corp. (4/24-25)
Sept. 27, 1961 filed 330,000 common. Price—$2. Business
—Operates a chain of bowling centers. Proceeds—Repay
corporate
sales
Off ice — 20
Underwriter—Fabrikant Securities
1
•
•
corporate
Price—By amend¬
ment.
Business—Importing of low priced ladies' scarfs
and blouses. Proceeds—For debt repayment and work¬
ing capital. Office—2529 Washington Blvd., Baltimore.
Underwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
and Penzell & Co., Miami Beach.
Co., Inc. 1
Nov. 21^1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
and working capital. Office—889 Broadway, N. Y. Un¬
derwriter-^Underbill .Securities Corp., N. Y.
other
equipment, moving
and/Other
27th
Dec.
Kine Camera
and-for
Proceeds—For
St.,
Corp., N. Y.
commoa
derwriter—Paul C. Kimball & Co., Chicago.
St., N. Y.
cane
ment, plant expansion and working capital.
children's amusement equipment. Proceeds—
For repayment of loans, equipment and general corpo¬
rate purposes. Office—2557 W. North Ave., Chicago. Un¬
buy
Price—At
tural equipment; aluminum doors,. storm windows, and
operated
'—To
warrants).
plumbing fixtures, water softeners; sugar
.
Price—By amendment. Business—The operation of coin
mercial
attached
Blvd.,
,
corporate
March
Price—Net
1977:; (with
promotion
by
(4/30-5/4)
due
etc.
debt
Inc.
Wilshire
general
Underwriters—Morris Cohon &
baum &
manufacture and
Price—By amend¬
Business—Manufacture of permanent
Industries,
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi¬
/
(4/17)
28, 1961 filed $2,200,000 of s. f. subord. debentures
nated debentures due
in
Inc.
Office—8737
and
writers—Sutro & Co., San Francisco and F. S. Smithers
& Co., New York. [Ed. Note—Our
April 5 issue erro¬
Business—Manufacture of gas and electric water
Price—By amendment (max. $24). Business—Manu¬
facture, design,, and distribution of plastic toys. Proceeds
—For generaT corporate purposes. Qffice-r-912
Sycamore
St., Cincinnati, Ohio; .Underwriter—Kuhn, Loeb & Co.,
fered
Corp.
(4/23-27)
Dec.
ers.
Kiddie
Industries,
(max. $11).
Lamb
March 30, 1962 filed 542,000 common, of which
205,000
are to be. offered by company and 317,000 by stockhold¬
New York.
Instruments, Inc.
was
indoor advertising displays, and toys.
Proceeds — For
building improvements, equipment and working capital.
Office—3200 Snelling Ave., Minneapolis.
Underwriter
—Hayden, Stone & Co., N. Y.
Realty Corp.
March 16, 1962 filed 430,000 class A common. Price
By amendment (max. $10). Business—Company owns
Co.
formerly
company
March 12, 1962 filed 150,000 common.
ment
Kelley
Products
This
—
Twentieth Century Capital
Lab-Lcne
Lakeside
repayment, working capital and
Office — 947 Newark Ave.,
purposes.
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y.
Kenner
Note
122,168 are
stockhold¬
ers.
aifi'din^ment (max. $9). Business—Manu¬
facture of an extensive line of industrial, hospital and
clinical laboratory instruments. Proceeds—For debt re¬
payment, construction, and working capital. Office—
3070-82 W. Grand Ave., Chicago. Underwriter—R. W.
Pressprich & Co., N. Y
Packaging: Associates
—
(4/23-27)
to be
1962
corporate
hair
Feb. 23, 1962 filed 142,860 common, of which
offered by the company and 20,692 by
—
other
of
Capital Corp.
Co., Chicago.
named
juice products. Proceeds—For general corporate
purposes. Office—24T N, Franklintown Rd., Baltimore.
Underwriter
Auchincloss, Parker & Redpath, /Wash¬
ington, D. C;;:8v:88 :'C'88: • 888:8
8';;8:;
Proceeds
La Salle St.
distribution
Proceeds—For general corporate purposes. Office—134
S. La Salle St., Chicago. Underwriter—Bacon, Whipple
of fruit
Keene
and
Nov. 24, 1961 filed 250,000 common. Price—By amend¬
ment. Business—A small business investment company.
Dec.
April 2,
(max.
$16). Business—
preparations and
cosmetics.
Proceeds—For debt repayment, equipment,
new products and
working capital. Office—110 N. Fifth
St., Minneapolis.
Underwriter—Paine, Webber, Jack¬
son & Curtis, Boston.
and
N.
Price—By amendment
Manufacture
March. 29,
Business—Real
4
March 22, 1962 filed 100,000 common, of which 60,000
are to be offered by the
company and 40,000 by a stock¬
Corp.
repayment
.>88 88888: :/88 —Processing,
Kollmorgen Corp. ;(4/18)
buildings,.Proceeds—For new plants, debt repayment:
and working capital. ; Office—6272 Canal
Rd., Cleve¬
debt
—
and
and cosmetics; also ;• industrial chemicals.
Proceeds—For general corporate purposes. Office—161
Avenue of the Americas, N. Y. Underwriter —
Kidder,
Peabody & Co., Inc. 888'' '"--/J'-8 •8'''888
Kaiser-Nelson
Proceeds—For
Levine's, Inc. (4/23-27)
19, 1962 filed 80,000 common. Price—By amend¬
-'.8! ment (max. $17.50). Business — Operation of a chain of
By amend¬
clothing and dry goods stores. Proceeds
For selling
drugs
V
1962 filed
71
$10. Business—Real estate management and construction.
1961 filea 100,000 common.7 Price—$1. Business
holding company for three subsidiaries in the wall
8,
—A
Electronics,
(1787)
of
furniture manufacturers.
8
common.
furniture
Price
hardware
—
for
Proceeds—For debt
Continued
$3.50
sale
repay-
on page
72
72
Tlie Commercial and Financial Chronicle
(1788)
Welch Rd., Palo Alto, Calif. Underwriter—Dominmk &
Dominick, N. Y.
Continued from, page 71
ment,
steel inventories nad plant expansion.
Office—
8006 Boarman Ave., Baltimore. Underwriter—R
Investors Corp., Port Washington, N.. Y.
&
Manhattan
D
(4/17)
Feb. 20, 1962 filed $900,000 of 6% sinking fund deben¬
tures series B, (with warrants). Price—$1,000 per deben¬
ture. Business—Design, manufacture, sale and repair of
machinery and equipment used in agriculture. Proceeds
—For debt repayment, equipment and general corporate
purposes. Office—7th & S Sts., Gering, Neb. Underwriter
For
equipment, new products, debt repayment and work¬
ing capital. Office—156 Tillary St., Brooklyn, N, Y..
Underwriter—Dana Securities Co., Inc., N. Y.
Maradel
Products, Inc.
March 12, 1962 filed 335,000 common. Price—By amend¬
ment (max. $20).
Business—Manufacture of toiletries
and cosmetics.
Proceeds—For acquisitions, debt repay¬
Securities Corp., Lincoln, Neb.
A Lordhill Corp.
March 30, 1962 filed 63,000 common. Price—$5. Business
—Company provides optometric services and dispenses
optical items. Proceeds—For expansion, a laboratory and
working capital. Office—130 W. 57th St., N. Y. Under¬
writers—J. R. Williston & Beane and Doft & Co., Inc.,
ment and
•
Manufacturing Corp. (4/16-20)
27, 1961 filed 120,000 common, of which 100,000 are
to be offered by the company and 20,000 by the stock¬
holders. Price—$5. Business—Design, manufacture and
6ale of toys and games. Proceeds—For equipment, ad¬
vertising and working capital. Office—1074 Brook Ave.,
N. Y. Underwriters—H. M. Frumkes & Co. and Batchker,
Eaton & Co., N. Y.
Price—$20 per unit. Business—Operation of a
marina. Proceeds — For construction, equipment and
working capital. —Address—Cummings, Ga. Underwriter
—First Fidelity Securities Corp., Atlanta.
Marks Polarized Corp.
June 27, 1961 filed 95,000 common shares.
Price—By
amendment.
Proceeds—For expansion, acquisition of
Lucks, Inc.
28, 1962 filed 282,496 common, of which 142,500
to be offered by the company and 139,996 by stock¬
holders/ Price—By amendment
(max. $5). Business—
Canning and marketing of vegetables and meats. Pro¬
ceeds—For expansion and debt repayment. Address—•
Seagrove, N. C. Underwriter—J. C. Wheat & Co., Rich¬
mond, Va.
Martin
Mastan Co.,
Price—$2.
Office — 191 Berry St.,
Brooklyn, N. Y. Underwriter—A. J. Gabriel Co., N. Y.
Masters
Mac-Allan
Co., Inc. (5/28-31)
23, 1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
tion of costume jewelry, ladies' handbags, and accesso¬
ries. Proceeds
For working capital. Office — 1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas City
by
a
of
one
stockholder. The securities will be offered in units
$100
—
due
1977;
(4/17)
$4,000,000 of
conv.
subord. debentures
150,000
common
shares.
Price—By
Business—Construction and sale of homes.
and Norton, Fox &
Proceeds—For
debt repayment and general corporate
Office—7844 E. Rosecrans Ave., Paramount,
Calif. Underwriters—Kidder, Peabody & Co., N. Y. and
Mitchum, Jones & Templeton, Los Angeles.
•
purposes.
and
financing
of
50,000
common.
Price
Business—Production,
manufactured
the financing of credit sales
Manchester Ave., Wayne, Pa.
of
Proceeds
other
industrial
and
For
—
floor
repayment
corporate
purposes.
St., Boston. Underwriter—Chace,
Winslow, Inc., Boston.
except
mainte¬
of
debt,
Office—76
Whiteside
&
• Mattel, Inc.
E.
April 4, 1962 filed 275,000
(max. $45). Business
Underwriter — Drexel &
Co., Philadelphia/ Offering—Sometime in May.
ment
sale of
Magazines For Industry, Inc. (4/23-27)
Aug. 2, 1961 filed 100,000 common, of which 80,000 will
be offered by the company and
20,000 by stockholders.
Price—$5. Business—The publishing of business period¬
common.
—
Price—By amend¬
Design, manufacture and
quality toys. Proceeds—For selling stockholders.
Office—5150 Rosencrans
icals.
Ave., Hawthorne, Calif. Under¬
writer—Smith, Barney & Co., N. Y.
McWood Corp. (4/30-5/4)
Feb, 8, 1962 filed $3,100,000 of 6% subordinated con¬
Underwriter—Arnold, Wilkens & Co., Inc., N. Y.
offered in 31,000 units, each
consisting of $100 of deben¬
tures and 10 shares. Price—By amendment
Proceeds—For promotion, a new publication and
working capital. Office—660 Madison Ave., New York.
vertible debentures due 1974 and
310,000
common
to be
(max. $160).
Business
Magellan Sounds Corp.
28, 1962 filed 60,000 common
Feb.
—
Micro-Dine
Corp.
(5/14-18)
13, 1962 filed 200,000 common. Price—$3.50. Busi¬
ness—Manufacture, sale and operation of vending ma¬
chines.
Proceeds—For debt repayment, inventories and
general corporate purposes. Office—6425 Oxford St., St.
Park, Minn. Underwriter—Irving J. Rice & Co.,
Louis
Inc., St. Paul.
^ Mid-America Minerals, Inc.
April 2, 1962 filed 225,000 common to be offered for
subscription by stockholders on the basis of one new
share for each four held of record June
1, 1962. Price—
$6. Business—Oil and gas production and
development.
expansion, preferred stock redemption
Working capital. Office—14 North .Robinson, Okla¬
homa City. Underwriter—None.
Midwest
Company
Investment Trust ;
("Reg. A") 15,000 shares of beneficial in¬
Price—$20. Business-—A real estate investment
which plans to own interests in medical office
terests.
trust
buildings, hospitals, etc. Proceeds—For working capital.
Address—Van West,
Meen & Co., Fort
buys
storage
Price—$2. Busi¬
ness—Company plans to engage in the commercial fi¬
and factoring business. Proceeds—General
corpo¬
D.
Office—1730 K St., N. W.,
Washington,
Underwriter—Affiliated Underwriters, Inc.
purposes.
C.
Midwestern Mortgage Investors
'
1962 filed 500,000 shares of beneficial interests.
Price—$10. Business
A real estate investment com¬
pany. Proceeds—For investment and
operating expenses.
Feb. 26,
—
Office—-1630 Welton
cher & Co., Denver.
Mil National
crude
oil
from
$3.
Medical Industries
Fund, Inc.
Proceeds—For
porate purposes. Office—Route
ness—Manufacture
Lafayette St., Denver.
sociates, Inc., Denver.
Medical Video Corp.
13, 1961 filed 250,000
Nov.
17, Rochelle Park, N. J.
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
Proceeds—For
Studio
tAt Mammoth Mart, Inc.
debt
St.,
repayment
Brockton,
New York.
•
For
Office—106 Main
Underwriter—McDonnell & Co.,
amendment (max. $20). Business—De¬
sign and manufacture of specialized photo-electric color
debentures
L;
switches and
other
elec¬
components.
Proceeds — For general corporate
purposes. Office—1400 Mill Creek Rd.,
Gladwyne, Pa.
Underwriter—Seymour
Blauner
Missile Valve Corp.
Nov. 24, 1961 ("Reg. A")
Business
valve.
—
Production
Proceeds—For
Co., N.
300,000
and
sale
purchase
Y.
Price
common.
of
of
—
$1.
type butterfly
patent and pro¬
new
the
duction and development of the valve:
Office
5909
Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
—
Co., Phoenix; Ariz.
Mississippi Power Co. (4/12)
March 16, 1962 filed $6,000,000 of first
mortgage bonds
due April 1, 1992. Proceeds—For debt
repayment and
construction. Office—2500 14th
St., Gulfport, Miss. Un¬
derwriters—(Competitive). Probable bidders:
Eastman
Dillon, Union Securities & Co.-Equitable Securities Corp.
(jointly); Halsey, Stuart & Co., Inc; Merrill Lynch,
Pierce, Fenner & Smith Inc. Bids—April 12 (11 a.m.
EST) in Room 1600, 250 Park Ave., N. Y. Information
Meeting—April 6 (3:30 p.m. EST) at 54 Liberty St.,
(6th Floor), N. Y.
•
Mississippi-Red River Transport Co.
(4/16)
Jan. 22, 1962 filed 200,000 common. Price —
By amend¬
ment ($2.50 estimated). Business — A motor carrier of
petroleum products. Proceeds—For purchase of tugs and
barges and construction of docking facilities. Office—
2809 N. Main St., Fort
Worth, Tex. Underwriter—WilIjam N. Edwards & Co., Fort Worth, Tex.
Molecular
Sept.
are
1,
Dielectrics, Inc.
1961
filed
150,000
(5/14-18)
of which 135,000
by the company and 15,000 by Cardia
Price—$5. Business—The manufacture of high-tem¬
common,
to be offered
electronic
and
electrical
equipment,
a
new
insulation
product
materials.
and
working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co.. Inc. and Irving Weis & Co.. N. Y.
•
Molecular
Systems Corp. (5/15)
12, 1961 filed 140,000 common. Price—$3. Business
—Production
of
polyethylene
materials
of
varying
grades. Proceeds
For equipment, research and de¬
velopment and working capital. Office
420 Bergen
Blvd., Palisades Park, N. J. Underwriters—Stone, Ackerman & Co., Inc.,
(mgr.) and Heritage Equity Corp., N. Y.
Dec.
—
common.
medical
Price—$10.
electronic
purposes.
Busi¬
equipment.
Office—
/
• Montebello
Liquors, Inc.
1962 filed 160,000 common. Price—By amend¬
(max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For
April 5,
ment
common.
Price—$4.50.
Busi¬
due
1977 to be offered by
company
by stockholders. Price—By amend¬
(max. $10). Business—Distribution of food and re¬
common
lated products to supermarkets and other
retail stores in
the New York
Metropolitan area. Proceeds—For general
corporate purposes. Office—345 Underhill
Blvd., Syosset,
—
Corp. (4/16-20)
("Reg. A") 100,000 capital shares. Price—
20, 1961
Business—Manufacture of
—
corporate
Inc.
1962 filed 55,000
34,200
ment
shares of its
Underwriter—Medical As¬
City, Calif. Underwriter—Financial Equity Corp.,
14,
nated
and
Price—By
sorting machines and geo-physical exploration devices.
For debt repayment, acquisition of 90,000
own stock, and
working capital. Office—800
to
the
Office
ir Met Food Corp.
March 30, 1962 filed
$1,500,000 of convertible subordi¬
Industries, Inc. (5/1)
Feb. 27, 1962 filed 303,900
common, of which 220,000 are
to be offered by the company and
83,900 by stockhold¬
Proceeds
in
ness—Publishing of newly written popular biographies.
Proceeds—For working capital.
Office—1512 Walnut
St., Philadelphia. Underwriter—Meade & Co., N. Y.;
Mandrel
ers.
general
investment
Mercury Books,
Feb.
and working capital.
Mass.
of
Los Angeles.
April 5, 1962 filed 200,000 common, of which 100,000 are
to be sold by company and
100,000 by stockholders. Price
—By amendment (max. $15). Business—Operation of
—
plans
open-end.
industry and capital growth situations.
—677
self-service discount department stores. Proceeds
Business
medical
Magic Fingers, Inc.
Dec. 29, 1961 filed 75,000 common. Price—$4. Business
—Production of a new electrically powered device for
messaging a person in bed. Proceeds—For general cor¬
sales
Proceeds—For
become
Office
Corp.
tronic
producers,
Oct. 23, 1961 filed 25,000 common.
Price—$10.
—A closed-end
investment company which
St., N. Y, Underwriter—Darius Inc., N. Y.
Underwriter—Boett-
Milli-Switch
Dec.
perature
games. Proceeds—For general corporate purposes.
Denver.
Price—$5. Business
laundry equipment.
promotion, inventory and working
capital. Office—1101 E. Tremont Ave., Bronx, N. Y.
Underwriters—H. M. Frumkes & Co., Abraham &
Co.,
and Berman, Sterling & Vine
Co., N. Y. Offering—Ex¬
pected sometime in June.
*
Proceeds—For
Dempsey-Tegeler & Co., Inc., St. Louis.
—130 E. 40th
St.,
28, 1962 filed 100,000 common.
—Distribution of dry cleaning and
chase
—Production of educational and recreational devices and
Mc-
nance
Co.
60,000 shares at $4.50 per share) to be offered in
(each consisting of one share, one class A warrant
and one class B warrant).
Price—$4 per unit. Business
Allen
Midwestern Investment Corp;
16, 1961 filed 200,000 common.
areas and sells it to refiners.
Proceeds—For debt repayment and
working capital. Of¬
fice—Oil & Gas Building,
Abilene, Tex. Underwriter—
units
Underwriter—J.
Oct,
(with attached oneclass A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to
pur¬
year
Ohio.
Wayne, Ind
transports it to
own
Medical
Dec. 11, 1961
&
Roland
Proceeds—For
Office—315
shares,
Co., Inc., N. Y.
commercial
nance
products.
equipment, and
By amend¬
sale, erection
homes.
common
Masury-Young Co. (4/25)
4, 1961 filed 100,000 common. Price—$6. Business—
Manufactures
—
homes.
10
Dec.
Madway Main Line Homes, Inc.
March 6, 1962 filed
ment
(max. $10).
and
partment stores selling a wide variety of merchandise.
Proceeds—For
expansion.!
Office—135-21
38th
Ave.,
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
also
amendment.
debenture
that up to $700,000 of debentures and 70,000 shares
may
be offered separately.
Price—For debentures, at par;
for common, $10.
Business—Operation of discount de¬
.
Realty Co.
•
Feb.
•
Inc.
March 22, 1962 filed $1,500,000 of 6% conv. subord. de¬
bentures due 1972; also
150,000 common shares, of
which 80,000 will be offered by the company and 70,000
Feb.
St.,. N. W., Washington, D. C. Underwriter—Eisele &
King, Libaire, Stout & Co., N. Y.
'
Feb.
(4/17)
porate purposes. Office—350 Fifth Ave., N. Y. Under¬
writer—New York Securities Co., 52 Wall
St., N. Y.
payment and working capital.
Office—1700
K
•
Notes: 105%; Stock: $12). Business—A commercial and
industrial finance company. Proceeds—For general cor¬
machines and related equipment. Proceeds—For debt re¬
(5/7-11)
Proceeds—For general corporate
purposes.
,
,
Feb. 9, 1962 filed $5,000,000 of 5%% senior notes due
1977 and 170,000 common. Price—By amendment (max.
Business—Design and manufacture of automatic filling
Macco
Inc.
Metropolitan Realty Trust
Dec. 20, 1961 filed 1,000,000 shares of
beneficial interest.
Price—$6.50. Business—A real estate investment trust.
rate
,
(L. P.)
Underwriter—Johnson, Lane, Space Corp., Atlanta.
MRM
•
Office—
Maintenance Corp.
March 23, 1962 filed 100,000 common, of which 20,000
are to be offered by company
and 80,000 by a stock¬
holder. Price—$5. Business—Cleaning and maintenance
of buildings and the sale of janitorial supplies and
equipment. Proceeds—For debt repayment and work¬
ing capital. Office—840 DeKalb Ave., N. E., Atlanta.
filming and production and working capital. Office—
543 Madison Ave., N. Y. Underwriter—Wright, Myers &
Bessel, Inc., Washington, D. C. Note—This firm formerly
was named Lunar Enterprises,
Inc.
Dec. 21, 1961 filed
corporate purposes.
Globus, Inc., N. Y. C.
Films, Inc. (4/23-27)
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—Foi
common.
and other
153-16 Tenth Ave., Whitestone, N. Y.
Underwriters—
Ross, Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and
Lunar
150,000
facilities
new
Thursday, April 12, 1962
and
common.
Feb.
.
Proceeds—For
Corp. this issue.
March 30, 1962 ("Reg. A") 15,000 units consisting of one.
share of 8% cumulative preferred and two shares of
are
A")
Protein
Marine Development Corp.
Lowell Toy
Nov.
Marine & Animal By-Products Corp.
See International
Dec.
Co., Inc.
29, 1961 ("Reg.
working capital. Office—510 Ave. of the Amer¬
icas, N. Y. Underwriter — Hornblower & Weeks, N. Y.
Offering—Expected sometime in June.
N. Y.
•
Inc.
29, 1962 filed 72,000 common, of which 58,000 are
to be offered by company and 14,000 by stockholders.
Price—$3.50.
Business—Manufacture,
packaging
and
sale of various proprietary drug products.
Proceeds—
Lockwood Grader Corp.
—First Nebraska
Drug Co.,
March
.
.
N. Y. Underwriter—Brand, Grumet & Siegel, Inc., N. Y,
inventories,
Bank
St.
&
equipment,
advertising
and working capital. Office—
Ave., Baltimore. Underwriters—
Morris Cohon & Co., N. Y.
Central
Street & Co. and
Morse
Electro Products
Corp. (4/30)
29, 1961 filed $1,250,000 of 61A>% convertible sub¬
March, 1977. Price — At par.
Business—Operates retail stores selling sewing machines
Dec.
ordinated debentures due
and
cleaners. Proceeds
For expansion and
working capital. Office—122 W. 26th St., N. Y. Under¬
writer—Standard Securities
Corp., N. Y.
;
vacuum
Morton's
Shoe Stores, Inc.
(5/28-6/1)
16, 1962 filed 517,122 common, of which
175,000
io be.., offered by company and
342,122 by. stocks
March
-are
—
i
Volume
holders.
195
Number
6150
.
.
.
The Commercial and Financial Chronicle
Price—By amendment (max. $18). Business—
of popular priced shoes. Proceeds—For debt
New
Brunswick Scientific Co., Inc.
28, 1962 ("Reg. A") 50,000 common. Price—$6.
Business—Design, development and manufacture of pre¬
cision apparatus used in production of pharmaceuticals
Retail sale
N. Y.
,
J\
/
:
Mosler Safe
and other chemicals.
,
Co.
Price—By amend¬
ment (max. $20). Business—Manufacture of safes, bank
vaults, security systems and office equipment. Proceeds
—For selling stockholders.
Office—320 Park Ave., N. Y.
to
•
holder.
Parts
amendment. Business—Distribution
—
—
For
debt
repayment
working
•
Electronics
Co.,
Inc.
by
a
Whitemarsh
Rd.,
Philadelphia.
•
New
World
Nov.
13, 1961
Business—Manufacture
(4/30-5/4)
tions;
Proceeds—For
of
debt
cosmetics
porate purposes. Office—1610
ton,
D.
C.
Underwriter—T.
14th
J.
hair
and
repayment
and
and
$3.
St., N. W., Washing¬
& Co., Inc.,
•
Proceeds—
Sponsor—John
Corp.
30, 1962 filed $4,674,100 of G% subordinated
con¬
Oceana
International, Inc. (6/4-8)
29,
1962 filed
150,000 common.
Price—$5.50.
Business—Manufacture and sale of synthetic pearl but¬
tons.
Proceeds—For
equipment and working capital.
Halsey St., Brooklyn, N. Y. Underwriter—
Co., Inc., N. Y.
Office—1331
Baruch Brothers &
v
Operations Research, Inc.
?
14, 1962 filed 100,000 common. Price—By amend¬
ment (max. $9). Business—Furnishes research
and de¬
velopment services in the field of operations research.
Newark Electronics
Feb.
Corp. (4/18)
Jan. 17, 1962 filed $2,000,000 of convertible subordinated
debentures due 1982 and 110,000 class A shares. Price—
At par; Stock: By amendment. BusinessDistribution of electronic parts and equipment and elec¬
Debentures:
supplies. Proceeds
believed
are
taxes.
111.
March
working capital. Office—47 West St., N. Y. Under¬
writer— Bobbin's, Clark & Co., Inc., N. Y. Offering—In
trical
which
income
Price—$100 per unit.
Business—Production of oil and gas. Proceeds—For debt
repayment, working capital and general corporate pur¬
poses. Office—8255 Beverly
Blvd., Los Angeles. Under¬
writer—Allen & Co., N. Y.
cor¬
and
Series
Federal
vertible debentures due 1977 to be offered for
subscrip¬
tion by stockholders on the basis of
$100 of debentures
for each 100 common shares held.
Testing Laboratories, Inc.
Price—$5. Business—
Analyzing and testing of electronic, chemical and other
materials.
Proceeds—For
plant relocation, equipment,
Municipal Investment Trust Fund, First Pa.
subdivisions, thereof
Nuveen & Co., 135 So. La Salle
St., Chicago.
Occidental Petroleum
McDonald
early June.
amendment.
Fund, Series 4
Office—Chicago,
New York
ment, and working capital. Office—2000 P St., N. W.,
Washington, D. C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md.
political
be exempted from
For
investment.
Washington, D. C.
(4/23-27)
Tax-Exempt Bond
to
Jan. 29, 1962 filed 50,000 common.,
("Reg. A") 100,000 capital shares. Price—$3.
^
interest-bearing obli¬
gations of states, counties, and municipalities of the U.
S.,
prepara¬
general
By
—
17, 1961 filed $15,000,000 of units representing
fractional interests in the Fund.
Price—By amendment.
Business—The Fund will invest in
Un¬
—
Price
Oct.
March
Laboratories, Inc. (4/23-27)
("Reg. A") 100,000 common. Price
Fund.
of
Nuveen
stock¬
develop¬
derwriter—Mayo & Co., Philadelphia.
Business—Production of electronic parts and components
and the furnishing of consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
•
75,000
a
Office—152
poses.
repayment and working capital. Office—708 Bigley Ave.,
Charleston, W, Va, Underwriters—Maltz, Greenwald &
Co,. N. Y. and Clayton Securities Corp., Boston.
Multronics, Inc.
and
Business—Exploration,
school of performing arts for children
and young adults. Proceeds—For
general corporate pur¬
Jan. 16, 1962 filed 140,000 common. Price—$3.50. Business
—Wholesale distribution of radios, television sets and
other electronic products and parts. Proceeds—for debt
Jan. 5, 1962
company
New
—Operation of
Super Markets, Inc.
March 29, 1962 filed 75,000 common. Price—By amend¬
ment (max. $8). Business—Operation of a chain of su¬
permarkets. Proceeds—For debt repayment, equipment,
and working capital. Office—59 Leggett St., East Hart¬
ford, Conn. Underwriter—D. H. Blair & Co., Inc., N. Y.
Mountain
the
by
Price—50c.
the
John Nuveen & Co., 135 So. La Salle
St., Chicago. Of¬
fering—Expected in mid-June.
Hope Academy of the Arts, Inc. (5/21-25)
Jan. 17, 1962 filed 150,000 common.
Price—$10. Business
Mott's
•
offered
in
in interest
bearing obli¬
states, counties and municipalities of the
U. S., and political subdivisions thereof which
are
be¬
lieved to be exempted from Federal income
taxes. Pro¬
ceeds—For investment.
Office—Chicago, 111. Sponsor-
gations
mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
of automobile
and
be
interests
Business—The Fund will invest
expansion, equip¬
ment and
By
parts.
capital.
Office—900-908 S. Oyste£ Bay Rd., Hicksville, N. Y. Un¬
derwriter—Street & Co., Inc., N. Y. Offering—Imminent.
Proceeds
For
—
Tax-Exempt Bond Fund, Series 3
17, 1961 filed $15,3uu,uuo of units representing frac¬
tional
New Campbell Island Mines Ltd.
Oct. 13, 1961 filed 475,000 common, of which
400,000 are
Underwriter—Blyth & Co., Inc., N. Y. Offering—June.
Industries, Inc.
Oct. 30, 1961 filea 120,000 class A shares. Price
Proceeds
Oct.
ment, research, and working capital. Office—1130 Som¬
erset
St., New Brunswick, N. J.
Underwriter—John
Schuss & Co., N. Y.
,'■///
March 23, 1962 filed 260,000 common.
Motor
Nuveen
March
repayment and working capital. Office—558 Pleasant St.,
New Bedford, Mass. Underwriter—Dean Witter & Co..
73
(1789)
Proceeds—For debt repayment and
fice—8605 Cameron St., Silver
working capital. Of¬
Spring, Md. Underwriter
For
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Commonwea th of Pennsylvania
and its political sub-divisions.
general corporate pur¬
poses. Office—223 W. Madison St., Chicago. Underwriter
—H. M. Byllesby & Co., Chicago.
—Auchincloss,
Nigeria Chemical Corp.
7, 1961 filed 90,000 common. Price—$5. Business
—Company plans to construct a plant for production
of ethyl alcohol and dei ivatives and to distill and sell
industrial and potable alcohol in Nigeria. Proceeds—For
equipment, debt repayment, and working capital. Of¬
fice—1060 Broad St., Newark, N. J.
Underwriter—Scott,
Harvey & Co., Inc., Fairlawn, N. J.
Dec.
Proceeds—For investment.
Dec.
Sponsor—Ira Haupt & Co.,
Ill Broadway, N. Y. C. Offering—Imminent.
Municipal investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of
states, counties,
municipalities and territories of the U. S. Proceeds—For
—
investment.
/
Nordon
Sponsor—Ira Haupt & Co.. Ill Broadway,
March
—
•
Marrows Premium Corp.
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premiums in New
n
York State.
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari,
Inc.,
Beverly
Hilis, Calif,
!;/:
-A-National Directories, Inc.
March
„
March 29, 1962 ("Reg. A")
100,000
Norda
Essential Oil & Chemical Co., Inc.
20, 1962 filed 200,000 class A shares. Price—By
$15). Business—Manufacture, process¬
ing and distribution of natural and synthetic essential
oils, flavor, essences, etc., to food and drug industries.
amendment (max.
Price—$2.75.
Business—Compilation and publication of regional classi¬
fied telephone directories. Proceeds—For
general cor¬
common.
Proceeds
For
debt
porate purposes. Office—3306 Lancaster Ave., Philadel¬
phia. Underwriters—William, David & Motti, Inc. and
Crichton, Cherashore & Co., Inc., N. Y.
other corporate purposes. Office—601 W. 26th
• Nation?)
Equipment & Plastics Corp. (4/25)
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
Sept.
ated
Price—By
stores.
Proceeds—For
debt
repayment,
store
working capital. Address — Portage,
Underwriter—Cortlandt Investing Corp., N. Y.
•
writer—G. A.
•
Feb.
&
Hopwood,
Minneapolis
capital. Office—718 Atlantic Ave.,
N. Y. Underwriter—Ezra Kureen Co., N. Y.
Brooklyn,
Vended Ski insurance Corp. (5/7-11)
common.
Price—By amend¬
ment.
Business—Distribution of coin-operated insur¬
ance
vending machines to brokers at sporting centers.
Proceeds—For inventory, advertising and
working capi¬
tal.
Office—420 Lexington Ave., N. Y.
Underwriter—
Pacific Coast Securities Co., San Francisco. <
National
Oct.
30, 1961 filed 550,000
National
Work-Clothes
Rental
March 6, 1962 filed 500,000 common. Price
ment
appliances.
— By
amend¬
(max. $11). Business—Company rents and launders
work clothes and
uniforms. Proceeds—For selling stock¬
Products Corp.
(5/14-18)
Price—$3.50. Business
Proceeds
For
debt
repayment, expansion,
working capital. Office—201-221 Godwin Ave., Pet¬
erson, N. J. Underwriter—United Planning Corp., New¬
ark, N. J.
—
Northwestern Glass Co.
common,
working
Wood
and
(mgr.).
of which 65,000 are
to be offered by
company and 17,000 by stockholders.
Price—$3. Business—Manufacture of closed circuit TV
systems. Proceeds—For inventory, debt repayment and
Northern
(4/23-27)
Jan.
24, 1962 filed 95,000 common, of which 60,000 are
offered by the company and 35,000 by stockhold¬
ers.
Price—By amendment. B u s i n e s s—Manufacture,
warehousing and distribution of a diversified line of
glass containers. Proceeds—For debt repayment, plant
expansion, and equipment. Office—5801 East Marginal
Way South, Seattle, Wash. Underwriter—Dean Witter &
Co., San Francisco and Pacific Northwest Co., Seattle.
to
er
be
Nuclear
-
March
28,
to
be
Data, Inc.
1962 filed 170,000
of which 30,000
140,000 by stock¬
holders.
Price—By amendment (max. $12). Business—
Design, development and assembly of instruments for
detection, measurement and analysis of nuclear radia¬
tion.
Proceeds—For working capital.
Office—3833 W.
Beltline Highway, Madison, Wis.
Underwriter—McCormick & Co., Chicago.
are
offered
by
common,
company
•
and
holders.
Office—Elizabeth, N. J.
Underwriter—Hornblower & Weeks, N. Y. Offering—Expected sometime in
June.
'
.
Nuclear
Nationwide
Bowling Corp.
Oct. 19, 1961 filed 100,000 capital shares (with attached
warrants). Price—By amendment. Business—The oper¬
ation of bowling centers. Proceeds—For a
realty acqui¬
sition and working capital.
Office — 11 Commerce St.,
-Newark," N. J, Underwriter—Jennings, Mandel & Longstreth, Philadelphia. Offering—Sometime in June,,
-s
-
&
Engineering Corp.
March 29, 1962 filed
ment
•
Science
on
(max.
100,000 common. Price—By amend¬
$15). Business—Research and -development
contracts
using radioactive tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
ment
ment,
services.
Proceeds—For
expansion
Box 10901,
and
working
equipment,
capital.
debt repay¬
Address—P. O.
D.
C.
(5/14-18)
in
used
and
optical
working
electronics.
capital.
Proceeds—For
Office—246
equipment
Main
St., Chatham,
Underwriters—Stone, Ackerman & Co., Inc., and
Heritage Equity Corp., N. Y.
//-:v/| J/
N.
'
•
J.
Corp. (5/7-11)
*.*•^
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Bust- ;
ness—The manufacture of precision electronic
sub-sys- i'r
terns for the generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
.
-.••••
/
■>>
r-
■.>
*
Inc., N. Y. C.
Outlet
Mining Co., Inc.
1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
Feb. 28,
P-G
Products Manufacturing Co., Inc.
("Reg. A") 100,000 common. Price—$3.
and distribution of replacement
parts for home appliances. Proceeds—For debt repay¬
March
13, 1962
Business—Manufacture
ment,
Office—230
Kahn
&
Peck,
E.
162nd
Cohn &
St., N. Y. Underwriters—
Co. and Ross & Hirsch, N. Y.
and
Robinson-Humphrey Co., Inc., Atlanta, Ga.
Pacific Big Wheel
Oct. 26, 1961 filed 100,000 common. Price—By amend¬
ment.
Business—Sale and
installation
of
automobile
ac¬
cessories. Proceeds—For expansion and working capital.
Office—6125
El
-A\
Cajon
Blvd., San Diego. Underwriter—N. C. Roberts & Co., Inc., San Diego. Offering—Immi¬
nent.
•
Pacific Power & Light Co.
27, 1962 filed 676,497 common
subscription by stockholders on the
share for each
expire
May
1.
of record
20 held
Price
—
$27.
being offered for
basis of one now
Mar.
26 with
Proceeds
—
For
rights io
debt
re¬
and construction.
Office — 920 S. W. Sixth
Avenue,
Portland, O.
Underwriter—Kidder, Peabody
& Co., New York City.
payment
Pacific
States
Steel
Corp.
June.21, 1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price-—
$6. Business—The manufacture of steel products. Pro¬
ceeds—For the
selling stockholder. Office—35124 AlvaCity, Calif. Underwriters—First
California Co., Inc., and Schwabacher & Co., San Fran¬
rado-Niles Road, Union
cisco (mgr.).
Pacific
Offering—Indefinitely postponed.
Westates
Land
Development Corp.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
offered
in
units, each consisting of $100 of debentures
Price—$200 per unit. Business—
General real estate. Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd.. Beverly
Hills, Calif.
Underwriter — Morris Cohon & Co.. N. Y.
Note—This company was formerly named Westates Land
Development Corp. Offering—Expected in May.
and 20 common shares.
Pak-Well
Paper
Industries,
Inc.
March 30,
1962 filed 150,000 class A common. Price—By
amendment (max. $13). Business—Manufacture of en¬
velopes, packaging materials of various kinds, wrapping
stationery, and school supplies. Proceeds — For
selling stockholders. Office—198 W. Alameda, Denver.
Underwriter—Francis I. duPont & Co., N. Y.
paper,
Palmetto State Life Insurance Co.
March
........
-
/
For expansion, equipment and working
capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart &. Co-
28,
1962 filed
100,000
capital shares.
Price—By
Pittsburgh. Underwriter—Johnston, Lemon &
Co., Washington, D. C.
1
Orion Electronics
Feb.
•—Manufacture of wooden kitchen cabinets and related
Tele-Systems, Inc.
27, 1962 filed 82,000
Co., Inc., N. Y. Offering—Tem-
Nov. 29,1961 filed 100,000 common.
—
Jaffray
Saxton &
porarily postponed.
Business—The design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds
For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
Piper,
amendment. Business—Manufacture of pre¬
instruments. Proceeds—Repayment oi
electronic
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview. N. Y. Under¬
—To be supplied by amendment.
National
Industrfes, Inc.
filed 131,500 common, of which 120,000
by the company and 11,500 by a stockholder.
26, 1961
cision
National Semiconductor Corp.
(4/23-27)
May 11, 1961 filed 75,000 shares of capital stock. Price
and
North Atlantic
will be sold
Pa.
and
repayment, working capital and
St., N. Y.
Underwriter—S. D. Fuller & Co., N. Y. Offering—June.
ex¬
pansion
—
Inc.
Washington,
26, 1961 filed l6u,0Uo common. Price—$3. Business
—Research, development and fabrication of materials
29,
Proceeds—General corporate purposes. Of¬
fice—9805 Fourth Ave., Brooklyn, N. Y. Underwriter—
Pearson, Murphy & Co., .Inc., N. Y. Note—This regis¬
tration was withdrawn.'
*
,
Optech,
Corp., Ltd.
1962 filed 375,000 capital shares, of which
100,000 are to be offered by company and 275,000 by
stockholders.
Price—By amendment (max. $6). Busi¬
ness—Acquisition and development of oil and natural
gas
properties;
Proceeds—For drilling expenses and
N. Y. C.
Parker & Redpath,
Offering—Expected in June.
....
Continued
on
vaac
74
/
74
The Commercial and Financial Chronicle
(1790)
Continued
share for each five
from page 73
shares
of life,
Proceeds
Columbia,
|S. C. Underwriter—R. S. Dickson & Co., Charlotte, N. C.
amendment
Business—Writing
$19).
(max.
Pal-Playwell Inc.
(4/17)
terdamsche Bank,
•
Realty & Development Corp.
12, 1962 filed 400,000 class A stock.;. Price—$10.
Business—A real estate holding and development com¬
.
•
corporate purposes/ Office
L. I., N. Y. Underwriter—
Underhill Securities Corp./ N. Y.
'
pany. Proceeds—For general
—70 N. Main St., Freeport,
stockholder.
tion
Aug. 25, 1961 filed 112,500 common. Price—By amend¬
ment. Business—Sale of pre-cut (finished) homes. Pro¬
ceeds—For working capital. Office—499 Jericho Turn¬
pike, Mineola, N. Y. Underwriter—A. L. Stamm & Co.,
N. Y. Offering—Expected in early May.
Y.
•
Office
Underwriter—Stewart, Eu-
St., Sacramento.
WMiWB
Pfasticon Chemicals, Inc.
7, 1962 filed 150,000 class A capital shares. Price
—$3.50. Business—Manufacture of a plastic protective
coating and a water proofing solution. Proceeds—For
inventory, equipment, sales promotion, and other cor¬
porate purposes. Office—507 Fifth Ave.. N. Y. Under¬
writer—Arden Perin & Co., N. Y. Offering—In June.
Price—By amend¬
•
P!asto-0-Tron, Inc.
Jan. 26, 1962 ("Reg. A")
84,666 common.
Price—$3.
Business—Design and manufacture of vacuum thermoforming machinery for production of plastic packaging
materials. Proceeds—For inventory, equipment, expan¬
sion and working capital.
Office—60 Park PL, Newark,
N. J. Underwriter—To be named.
•
Road
construction, sale of liquid asphalt, production and
concrete, sand, gravel and crushed stone. Pro¬
ceeds — For debt repayment, equipment, purchase of
plant, and other corporate purposes. Office—50 Haarlem
Ave*., White Plains, N. Y. Underwriter—First Albany
Corp., Albany, N. Y.
of
Plymouth
Aug.
1961
28,
Corp.
A"). 100,000
common. Price—$3.
financing. Proceeds—For re¬
Business—Consumer sales
payment of notes and working capital. Office — 2211
Church Ave., Brooklyn, N. Y, Underwriter—M. Posev
Associates, Ltd., 50 Broadway, N. Y'.' Kote—TiLis letter
withdrawn.
was
Radio
Corp.
March 22, 1962 filed 120,000 common, of which 100,000
are to be offered by the company and
20,000 by stock¬
holders. Price
$4. Business — Distribution of electric
parts and components to industrial customers. Proceeds
(4/25)
Oct. 16, 1961 filed 200,000 capital shares. Price—$3.25.
Business—Leasing of insurance vending machines. Pro¬
ceeds—General corporate purposes. Office—1001 15th St.,
N. W., Washington. D. C.
Underwriter—Balogh & Co.,
Inc., Washington, D. C.
•
debt
repayment, inventory and working capital.
St., Lynbrook, N. Y. Underwriter—
Kordan & Co., Inc., N. Y.
Wilbur
Components Co.
common. Price—By amend¬
ment. Business—Manufacture of carburetor replacement
parts.
Proceeds — For debt repayment, retirement of
6% pfd., and working capital.
Address — Ballwin, Mo.
Underwriter—G» H. Walker & Co., Inc., N. Y>;
• Penn Square Corp.
Dec.
March 30,
1962 filed 60,000 class A common. Price—$4.
Business—Company plans to provide management and
financial consulting services to various businesses. Pro¬
ceeds—For equipment, salaries, advertising and
working
capital. Office—6 Penn Center Plaza, Philadelphia. Un¬
1961 filed
28,
100,000
derwriter—Robert M. Harris & Co., Inc., Philadelphia.
•
Pennsylvania Mutual Fund, Inc.
March 21, 1962 filed 1,000,000 capital shares. Price—By
amendment (max. $10.29). Business — A mutual fund.
Dec. 28, 1961 filed
125,000 capital shares of which 111,000
are to be offered by the
company and 14,000 by stock¬
holders. Price—By amendment. Business—Development
Proceeds—For
and
Office—60
Underwriter—Sackville-Pickard
&
Wall
Co., Inc.
St.,
N.
(same
Y.
ad¬
dress).
Pennsylvania Real Estate Investment Trust
21, 1962 filed 500,000 shares of beneficial interest.
Price—$10. Business—A real estate investment company.
Feb.
Proceeds
—
For
debt
repayment
working capital. Address
and
acquisition
and
2220
Philadelphia Saving
Bldg., Philadelphia. Underwriters—Stroud & Co.,
Inc., Philadelphia, and Walston & Co., N. Y.
Penthouse Club, Inc.
Feb. 28,
1962 filed 80,000 common, of which 70,000
—
Fund
are
to
be
offered
by the company and 10,000 by stock¬
holders. Price—$5.
Business—Operation of a private din¬
ing and catering club and a motel. Proceeds—For ex¬
pansion and working capital. Office—15th & Locusts
Sts., Philadelphia. Underwriter—To be named.
Perfect Photo,
Feb. 14, 1962 filed
ment
(max. $20).
Inc.
154,800
Price—By amend¬
tribution of
photographic equipment and supplies. Pro¬
ceeds—For selling stockholders. Office—4747 N
Broad
St., Philadelphia.
Underwriter—Bear, Stearns '& Co.,
N. Y. Offering—Expected in late
May.
Perpetual Investment Trust
Nov.
9,
1961
filed
500,000
shares of beneficial
interest.
Price—(For the first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission.
Business—A real estate investment trust.
investment.
D.
Proceeds--For
Office—1613
Eye St., N. W., Washington,
Underwriter—Sidney Z. Mensh Securities Co.,
C.
Petro-Capital Corp.
March
28,
1962
filed
small
•
556,700
business
common.
Price—$11.
investment
company. Pro¬
general corporate purposes.
Office—6130
Lane, Dallas. Underwriter—McDonnell &
Co.,
Offering—Expected sometime
Phi!fps N. V.
April
3,
by
in
July.
(5/29)
1962 filed
subscription
automotive, marine and household fields.
repayment of debt, new equipment and
Office —184 Woonasquatucket Avenue,
working capital.
North Providence,
R. I. Underwriter—Investment Plan¬
ning Group, East Orange, N. J.
Motor Hotel, Inc.
(4/23-27)
19, 1962 filed 50,000 class A common. Price — By
amendment (max. $10). Business — Company owns and
operates a motor hotel. Proceeds—For expansion. Office
Prom
Feb.
—6th and Main Sts., Kansas City, Mo.
Underwriter—
Barret, Fitch, North & Co., Inc., Kansas City.
Prosper-Way, Inc.
/-Vvkvkvk
V
7, 1962 filed 85,500 common. Price—$3. Business
—Development and promotion of "one stop dry cleaning
and laundry" establishments, and the sale and main¬
tenance of dry cleaning and laundry equipment. Pro¬
ceeds—For real estate, sales promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd., Los
Angeles, Calif. Underwriters—Crosse & Co., Inc., V. S.
Wickett & Co., Inc. and Thomas, Williams & Lee, Inc ,
Feb.
n.
Public Loan Co., Inc.
manufacture
of
Co.
(4/16-20)-V
instrumentation
„
magnetic tape re¬
cording equipment. Proceeds—For debt repayment, con¬
struction and working capital. Office—1011 Commercial
St., San Carlos, Calif. Underwriters—Lehman Brothers,
N. Y. and J. Barth
Premier
Feb.
&
Co., San Francisco.
ment
(max. $17). Business—Operation of small loan of¬
fices. Proceeds
For general corporate purposes. Office
—
—Binghamton, N. Y. Underwriter—A. G. Becker & Co.,
Inc., Chicago.
Public
Loan
Co., Inc.
Price—By amend¬
$17)., Business—A small loan company.
Proceeds—For
selling stockholders.
Office—41
Che¬
nango
St., Binghamton, N. Y.
Underwriter—A.! G.
Becker & Co., Chicago.
ment
•
(max.
Publishers
Co., Inc. (5/14-18)
28, 1961 filed 541,000 common. Price—By amend¬
Nov.
ment. Business—Book publishing. Proceeds—For an ac¬
quisition and other corporate purposes. Office—1106 Con¬
necticut
Ave., N. W., Washington, D. C. Underwriter—
Roth & Co., Inc., Philadelphia.
Puerto
March
23,
Rico
Brewing Co., Inc.
1962 filed $2,500,000 of sinking fund deben¬
shares.
Price—$18 per
to>-produce-beer and
Corp. (4/16-201
150,000 common, of which
28,
to
be
,
bentures
fered
tures
due
1971
and
»
4
•i/'/'-ok
and
units, each consisting of $160 of deben¬
eight shares.
Price—$200 per unit. , Business
—Real estate and construction. Proceeds
Price-—By
amendment.
Business—Acquisition and development of
projects. Proceeds—For debt repayment and
the purchase of stock in subsidiaries. Office
180 S.
estate
—
Broadway, White Plains, N. Y. Underwriter—Burnham
& Co., N. Y.
/
Primex Equities
Corp. (5/7-11)
27, 1961 filed 400,000 shares of 60c cumulative con¬
preferred, and 400,000 of class A common, to
vertible
be offered in units of
ment.
Business—A
one
real
share each.
estate
Price—By amend¬
investment
6,153,140
stockholders
common
on
the
to
be
basis
offered
of
one
for
new
•
&
firm.
Pro¬
Co., N. Y.
Producers Cotton Oil Co.
Jan.
18,
ment.
1962
filed
200,000
common.
Price—By
amend¬
Business—Growing cotton, operating cotton gins,
processing cottonseed and selling raw cotton and cotton¬
seed products. Proceeds—For
expansion. Office—2907 S.
Maple Ave., Fresno, Calif. Underwriters-^Kidder, Peabody & Co., N. Y., and Dean Witter, San Francisco. Of¬
fering—Imminent.
-
•
•
general
Un¬
Quality Brake Rehuiiders, Inc.
3, 1962 ("Reg. A"), 300,000 common.
Price—$1.
Business—Rebuilding and reconditioning of automotive
brake shoes. Proceeds—-For general corporate purposes.
Office—94 Gazza Blvd., Farmingdale, N. Y. Underwriter
Jan
—Meadowbrook
Securities, Inc., Hempstead, N. Y. Offer¬
ing—Expected in May.
,
.
Queens way Mines Ltd.
"k
•;
.
March
15, 1S62 filed 150,000 capital shares. Price—$1.
Business—Mining. Proceeds—For debt repayment, sur¬
veying and general corporate purposes. Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
v
Ltd., Toronto.
J
■
RF
Interonics, Inc. (5/14-18)
Oct. 30, 1961 filed 40,000 common. Price—$5. Business
—Manufacture of radio frequency interference filters
and
capacitors. Proceeds—For equipment,' working cap¬
ital and other corporate purposes. Office—15 Neil Court,
Oceanside, N. Y. Underwriter—Arnold Malkan
&
Co.,
n. y.
Radio Electric Service Co. of New Jersey,
Inc.
Jan. 23, 1962 ("Reg. A") 75,000 comrhon, of which 67,500
will be offered by the company and 7,500 by stockhold¬
Price—$4. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
ers.
and working
N.
J.
repayment, expansion, moving expenses
capital. Office—513-15 Cooper St.. Camden,
Underwriter—D. L.
Greenbaum
&
Co., Phila.
*.
Regal-Meadows, Inc. (4/23)
March 22, 1962 filed 145,000 common, of which 100,000
are to be offered by.the
company and 45,000 by stock¬
holders. Price—By amendment (max. $11). Business—
Operation of leased departments in discount department
stores for the sale of men's wearing apparel and hard
goods. Proceeds—For debt repayment, inventory, and
other corporate purposes. Office—11 Stanley St., New
Britain, Conn. Underwriter—Hayden, Stone & Co., N. Y.
>
Business—Wholesale
Blair
For
derwriters—Lieberbaum & Co., and Morris Cohon & Co.,
New York.
March
H.
—
Office—San Juan, Puerto Rico.
ceeds—For debt
•
Presidential Realty Corp. (4/16-20)
Jan. 29, 1962 filed 243,000 class B common.
200,000 class A shares to be of¬
in 25,000
.
it Prescott-Lancaster Corp.
.
*.
k
« '
March 30,1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of
mortgages, and
working capital. Office—18 Lancaster Rd., Union,-N. J.:
Nov.
natural
Puerto Rico Land and Development Corp. (4/30)
Nov. 24,- 1961 filed $4,000,000 of 5% conv. subord. -de¬
•
holders.
real
unit.
Business—Company plans
malta • (a
non-alcholic
beverage). Proceeds—For construction and operation of
a
brewery and working capital. Address—San >Uuan,
Puerto; Rico.- Underwriter—Merrill Lynch, Pierce, Fenner
& Smith, Inc., N. Y.
.
tion
Microwave
1962 filed
75,000
offered by the company and 75.000 by stock¬
Price—By amendment (max, $12). BusinessDesign and manufacture of microwave components, Pro¬
ceeds—For debt repavment and working capital. Office
—33 New Broad St., Port
Chester, N. Y. Underwriter—
Van Alstyne, Noel & Co., N. Y.
»•
are
(4/23-27)
March 28, 1962 filed 170,000 common. Price—By amend¬
—D.
ceeds—For
New York.
the
Proceeds—For
property acquisitions and working capital.
Office—66 Hawley St..
Binghamton, N. Y. Underwriter
•
Sherry
Instrument
ceeds—For
Washington, D. C.
Business—A
Precision
Underwriter—Jacey Securities Co., N. Y.
common.
Business—Photofinishing and the dis¬
—
in
used
corporate purposes.
Precision Automotive
investment.
July 28, 1961 filed 330,000 common shares. Price—$2.05.
Business
The manufacture of vinyl plastic products
.
Policy-Matic Affiliates, Inc.
—
Island, Inc.
.
tures due 1977 and 500,000 common shares to be offered
in units consisting of a $10 debenture and two common
Discount
("Reg.
Thursday, April 12, 1962
March 28, 1962 filed 170,000 common.
Feb.
it Peckham Industries, Inc.
April 2, 1962 filed $500,000 of 6% convertible subordi¬
nated debentures due 1974. Price—At par. Business—
Office—19
J
N. Y.
Development, Inc.
$26). Business—Company owns and operates
a brewery. Proceeds—For selling stockholders. Office—
312 Pearl Parkway, San Antonio, Tex. Underwriters—A.
C. Allyn & Co., Chicago and Dewar, Robertson & Pancoast, San Antonio. Offering—Expected in May.
—For
Proceeds—For
30,000 by stockhold¬
ers. Price—$5. Business—Manufacture of wrought iron
furniture. Proceeds — For inventory, advertising and
working capital. Office—4601 Georgia Rd„ Birmingham,
Ala. Underwriter—Godfrey, Hamilton, &' Taylor & Co.,
Pearl' Brewing Co..
Peerless
Sacramento.
to be offered by company and
are
ment (max.
sale
Business—Opera¬
amendment.
in
^ Plantation Patterns, Inc.
March 30, 1962 filed 100,000 common, of which 70,000
150,000 common. Price—$5. Busi¬
ness—Design, manufacture and sale of new products in
various fields. Proceeds—For general corporate purposes.
Office—35 Third Ave., Long Branch, N. J. Underwriter
—Louis R. Dreyling & Co., Inc., New Brunswick, N. J.
common.
*
banks, Myerson & Co.. San Francisco.
1962 filed
30, 1962 filed 148,300
Price—By
restaurants
six
of
—1626
v
•
"
expansion, debt repayment and working capital.
Parkway Laboratories, Inc. (5/21)
Dec. 6, 1961 fUed 160,000 common. Price—$5. Buslaess
—Manufacture of drugs and pharmaceuticals. Proceeds
For an acquisition, research and other corporate pur¬
poses. Office — 2301 Pennsylvania Ave,, Philadelphia.
March
(5/28)
Restaurants, Inc.
21, 1961 filed 125,000 common, of which 75,000 are
to be offered by the company and 50,000 by a selling
,
15,
Pioneer
.
Dec.
Paragon Pre-Cut Homes, Inc.
Patent Research &
18, 1962 filed
.
*"
(4/23-27)
•
Corp.
80,000 common. Price—$5. Business
—Manufacture of professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip-.?
ment and working capital. Office—236 E. 46th St., N. Y.
Underwriter—To be named."
•
"
March
Feb.
Pictronics
Jan.
N. V., Rotterdam, The Netherlands.
.
Product Research of Rhode
15 participating preferred
products in the Netherlands and 30 other countries for
sale throughout the free world; Proceeds—For general
corporate purposes. Office—Eindhoven, The Netherlands.
Dealer-Managers—Smith, Barney & Co., N. Y., and Rot-
28, 1961 filed 100,000 common. Price—$4. Business
—Design, assembly and manufacture of toys. Proceeds—
For debt repayment and working capital. Office—179-30
93rd Ave., Jamaica, N. Y. Underwriter—Tyche Securi¬
ties, Inc., N. Y.
V-.*'"''
Underwriter—Arnold Malkan & Co., Inc., N.
or
May 29. Rights will expire June
facture of
Nov.
PanAm
common
record
of
Price—By amendment (max. $65). Business—Manu¬
a wide range of electronic, electrical and other
22.
health, accident and hospitalization insurance.
—For working capital. Office—1310 Lady St.,
held
.
•
Rego Radio & Electronics Corp.
1, 1962
(5/7-11)
("Reg. A")
80,000 common. Price—$3.75.
of automobile radios,
replacement parts, air-conditioners, etc. Proceeds—For
inventories,
research and development and
working
capital. Office—46-25 58th St., Woodside 77, N. Y. Un¬
derwriter—General Securities Co., Inc., N. Y. •,
■
•
distribution
.
•
Inc.
(5/21-25)
Jan. 29, 1962 filed 75,000 common, of which 50.000 are
to be offered by the company and 25,000 by Electronic
Specialty Co., parent. Price—$5.. Business—Design'and
Regulators,
Volume 195
manufacture
the
of
electric
6150
.
The Commercial and Financial Chronicle
.
.
regulating and control devices used in
and
repayment
Number
fields.
electronic
Proceeds—For
Nov.
working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co.,.N. Y
;
•
holders.
and
Insurance
Co.
vestment.
Price—$7.50.
legal reserve life insurance company. Pro¬
debt repayment, operating expenses and in¬
Office—12 N. Third St., Columbus, Ohio. Un¬
Research
Products, Inc.
(4/23-27)
,
common.
•
Rex
to
/
exteriors
for
buildings.
Pro¬
Corp.
Dec. 21, 1961 filed
(5/14-18)
nate
debentures
mon
shares to be
Price—$7. Business
Proceeds—For debt
repayment and general corporate purposes. Office—220
K St., N. W., Washington, D. C. Underwriter—Hirschel
& Co., Silver Spring, Md.
'V • * • v v
142,858
debentures and
Ridgerock of America, Inc.
ceeds—For
debt reduction
Address
(4/23-27)
and
general corporate
—
in Cleveland: Proceeds—For
organizational
investment.
pur¬
Baruch
' ;
—
Office—1717
E.
to
be
offered
Price—$30
units
in
four
of
shares
and
writer—H.
Neuwirth
Rising's Inc.
18, 1962 filed
Jan.
&
—
1.962
filed
.
Roadcraft
Corp.
(4/23-27
Dec; 26, 1961, filed 400,000 common. Price—By amende
rhept. Business—Design, manufacture and sale of mobile
porate
purposes.
trailers.
Proceeds—For
general,
~
.
Price—At
par.
of
rolling mill,
a
companies..-Proceeds—For general
porate purposes.
da,
N.
New
•
Y.
Dec.
cor¬
Office—101 East Ave., North Tonawan-
Underwriter—Brand,
York.
Rona
'
;■
15. 1961
filed
'
*
Plastic Corp.
.
.
•
Grumet;& Seigel,
.
Inc.,
-
{'March
are
>
Price—$5. Business
•
Roberts
Ave., Philadelphia. Underwriters—Burnham &
Co.,\and Zuckerman, Smith & Co., N. Y.
! /V
(Henry), Inc.
*
March 23, 1962 filed 120,000 common. Price—By amend¬
ment
(max. $10). Business—Design, manufacture and
sale of women's dresses. Proceeds—For a selling stock¬
holder. Office—498 Seventh Ave., N. Y. Underwriter—
Robert A. Martin Associates, Inc., N. Y.
Schlitz
!
Life
Selective
Business
N.
Remaining
94,822
and
any
Sale
—
Insurance
Co.
-
("Reg. A") 40,000 common. Price—$7.50.
of
conventional
insurance
programs.
Office—830
Central Ave., Phoenix. Underwriter—None.
increase
capital
and
surplus.
+ Servotronics, Inc.
March 30, 1962 filed 125,000 capital shares. Price — $3.
Business—Design, development and manufacture of pre¬
cision control components and associated products. Pro¬
ceeds
For debt repayment, equipment and working
capital. Office — 190 Gruner Rd., Cheektowaga, N. Y.
Underwriter—General Securities Co., Inc., N. Y.
a
100,000
selling
(Sam) Co.
filed 236,000 common. Price—By amend¬
ment (max. $13). Business — Operation of a chain of
junior department stores and self-service discount stores.
Proceeds—For selling stockholders. Office—1325 Warford St., Memphis. Underwriter—New York Securities
Co., 52 Wall St., N. Y.
ic Shainberg
of
March 30, 1962
'
Co.
Robert Garrett & Sons,
held.
Life
nix. Underwriter—None.
26, 1962 filed 240,000 class A common. Price — By
amendment (max. $17). Business—Manufacture of tires
and tubes. Proceeds—For selling stockholders. Office—
Railroad
Union
&
Aves.,
Baltimore.
Underwriter—
,
Brothers, Inc. (5/7-11)
'
March 8, 1962 filed 300,000 common, of which 150,000
are to be offered by the company and 150,000 by stock¬
holders. Price—By amendment (max. $12). Business—
Manufacture and sale of girl's dresses and sportswear.
Proceeds—For
debt
repayment.. Office—Fox St. and
the basis of 4 company shares for each class A or
two-thirds share for each class C share of
March 28, 1962
:
(max. $10). Business
measuring, indicating,
recording, testing and controlling devices used in air¬
craft and missile systems.:1 Proceeds — For expansion.
Address
U. S. Route 130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Co., N. Y. Offering—June.
manufacture
Rubber
on
share and
—
to.3be offered by company and 50,000 by
Schenuit
offered
common,
for subscription by
be
corporate purposes. Office—830 N. Central Ave., Phoe¬
Feb.
Rosenau
;
Corp.
500,000
to
Proceeds—To
;
filed
unsub¬
public,
$6; to stockholders, $5. Business—Company plans to en¬
gage in the
consumer finance, mortgage,
general finance and
related businesses. Proceeds — For general
—
plastic housewares, baby products and
other plastic items. Proceeds—For debt repayment and
other
corporate purposes. Office—1517 Jarrett Place,
Bronx, N. Y. Underwriter—Arnold Malkan & Co., Inc.,
N- Y.
/• •.
''
;
\..■,/
Financial
1962
scribed shares will be offered publicly. Price—To
Engineering
and
28,
Selective
■
13, 1962 filed 150,000 common, of which
—Design
—Manufactures
Rosenfeld
B
ate,
B
equipment.
of which 405,000
holders of the A,
and C stock of Selective Life Insurance Co., an affili¬
are
stockholder. Price—By amendment
•
,
common.
*':^
program
Selective
Feb.
Proceeds—For working
Schaevitz
(4/30-5/4)
200,000
transmission, filters, transceivers
Proceeds—For equip¬
ment, research and development, repayment of loans and
working capital. Office—12 Hinsdale St., Brooklyn. Un¬
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
Inc.
Underwriter—Bear, Stearns & Co., N. Y.
.
data and
for
and related electronic
(max. $9). Business — Wholesale distribution of
printing paper and paper products. Proceeds—For debt
.repayment and expansion. Office—240 W. 18th St., N. Y.
stevedoring business and
a
•
Seg Electronics Co., Inc.
Sept. 28, 1961 filed 110,000 common. Price—By amend¬
ment.
Business—Design and manufacture of networks
Santa Fe Springs, Calif.
Inc.
Paper Corp.
ex¬
peka.
equipment.
ment
Business
—Purchase and sale of scrap steel and other metals and
demolition
and
March 30, 1962 filed 200,000 common. Price—By amend¬
Vickers, MacPherson & Warwick,
1982.
repayment
River
Sawyer's
Saxon
Inc.,
debentures due
debt
equipment, moving
Security Equity Fund, Inc.
14, 1961 filed 400,000 capital shares. Price—Net
asset value plus 6%. Business—A mutual fund. Proceeds
—For investment. Office — 700 Harrison St., Topelca,
Kan. Underwriter—Security Management Co., Inc., To-
capital. Address—
■Portland, Ore. Underwriters — Straus, Blosser & McDowell, Chicago, and Hill, Darlington & Grimm, N. Y.
cor-f
RobEm-Seaway Industries, inc.
March 29, 1962 filed $1,000,000 of 6% convertible sub¬
Mill
and viewers.
Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter
Proceeds—For
doors. Proceeds—For
and
and working capital. Office—503 /E. Pine Ave.,
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y.
Co.
Mar. 26, 1962 filed 240,000 capital shares, of which
.140,000 are to* be offered by company and 100,000 by
stockholders. Price—By amendment (max. $9). Business
—Manufacture and distribution of stereo photographs
working capital. Office—1927 New York Ave., HuntingN Y. Underwriter—Robbins, Clark & Co.,
\
Inc., N. Y. Offering—In early June.
office
oil.
Saw
.
torn Station,
(5/21) '*.=••
Corp.
penses
Industries, Inc.- (7/2-6)
March 29, 1962 filed 100,000 common.
Price—$5. Busi¬
ness—Design, development and manufacture of steel
products for home use. Proceeds—For working capital.
Office—1051 Saw Mill River Rd., Yonkers, N. Y. Under¬
writer—Arnold Malkan & Co., Inc., N. Y.
;; /
.
and
Drilling
Fe
Save-Mor Drugs,
•
and
tubes, television
picture tubes, and electroinc components, parts and
equipment. Proceeds—For an acquisition, equipment and
homes
Security Aluminum
26, 1962 filed 200,000 common. Price—By amend¬
ment. Business—Manufacture of alumnium sliding win¬
•
62,000- common.
distribution of receiving
—Sale
Co., Cleveland. Offering—Expected in late June.
$3. /ja chain of drug stores. Proceeds—For general corporate
purposes. Office—3310 New York Ave., N. E., Washing¬
ton. D. C. Underwriter—C. A. Taggart, Inc., Towson, Md
•
Inc.
29, 1962 filed 125,056 common. Price—By amend¬
(max. $12). Business — Operation of a chain of
Dec.
/
'
>
\
.
Price—$6. Business
>
storm
supermarkets. Proceeds—For selling stockholders. Office
St., Toledo. Underwriter—McDonald &
dows
Office—11015 Bloomfield Ave.,
Polonitza, Inc., Los
Angeles. Note—This registration was' withdrawn.
combination
—1514 S. Detroit
Underwriter—Dean Witter & Co., Los Angeles.
Los Angeles. Underwriter—Garat &
aluminum
Jan.
for
N. Vermont Ave.,
(max.
of
Seaway Food Town,
ment
Dec. 28, 1961 ("Reg. A") $300,tfOO of 6% 15-year subord.
conv, debentures. Price—At par. Business—Operation of
100,000 capital shares. Price
;
•
March
to be offered by company and 60,000 by stockholders.
Price—By amendment (max. $33). Business—Furnishes
labor and equipment to major oil companies and drills
Business—Distribution of electrical and electronic parts,
components and equipment. Proceeds—For debt repay¬
Electronics, Inc.
1972, and 16,500 outstanding com¬
consisting of $500 of
33 shares. Price—$632 per unit. Business
offered in units
are
Co., Inc., N. Y.
ment and working capital. Office—151
due
March 30, 1962 filed 160,000 common, of which 100,000
one
distribution
windows, doors, railings and handrails. Proceeds
—For debt repayment and expansion. Office—Route 119,
Indiana, Pa. Underwriter — Moore, Leonard & Lynch,
Pittsburgh.
ir Santa
Business—A real estate
development and management company: Proceeds—For
construction, acquisitions, debt repayment and working
capital. Office—LaGorce Sq., Burlington, N. J. Under¬
of which 50,000 are
50,000 by stockholders.
$30). Business—Manufac¬
screen
—
unit.
per
and
(4/16-20)
common,
by company and
Price—By amendment
ture
estate concern, motor inn, shopping centers, bowling establishments, etc. Proceeds—For debt repayment
and working capital. Office—222 E. Erie St., Milwaukee.
Underwriters
Straus, Blosser & McDowell, Chicago
and Dempsey-Tegeler & Co., Inc., St. Louis.
,
and
expenses
offered
be
real
.
Corp.
v '/>,r.V
'jh
March 29, 1962 filed 200,000 class A common and 50,000
two
to
Co., Washington, D. C.
Industries, Inc.
26, 1962 filed 100,000
Sampson Enterprises, Inc.
Feb. 28, 1962 filed 450,000 common. Price — By amend¬
ment
(max. $8). Business—A holding company for a
Delaware
operation
Feb.
Office—413 Thatford Ave.; Brooklyn, N. Y. Under¬
writer—J. R. E. Investors Corp., Levittown, N. Y.
St.;, Cleveland Under¬
writer—Fulton, Reid & CoM Inc., Cleveland.
ordinated
Season-All
ceeds—From the stock sale will go to selling sharehold¬
9th
29,
Fla. Underwriters—Terrio &
ers.
Ridgewood Financial Corp.
March 30; 1962 filed ,60,000 common, of which 11,250 are
to be offered by company and^ 48,750 by stockholders.
Price—By amendment (max. $9.75). Business—Owner¬
ship of stock of Ridgewood Savings Loan Co. of Parma,
Jan.
*
Price—By
frames, for certain manufacturers. Proceeds—For
repayment, equipment, and working capital. Pro¬
debt
Sebring, O. Underwriter
Co., Inc., N. Y.
' '
Brothers &
Rite
Products, Inc. (5/7-11)
("Reg. A") 75,000 common.
Price — $4.
Business—The manufacturing and processing of assorted
food products. Office—13480
Cairo Lane, Opa Locka,
bags
Dec.
29,
1961 /filed
100,000
common.
Price—$2.50.
Business—Production of stone facing'for buildings. Pro¬
•
shares.
Seashore Food
Aug. 29, 1961
—Manufacture and distribution of metal purse and hand¬
,
warrants
A
TV, radio and FM broadcasting stations. Proceeds
selling stockholders. Office—1121 Union Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y.
Salro Manufacturing Corp. (6/4-8)
March 19, 1962 filed $250,000 of 7% convertible subordi¬
common.
warrant.
ates
—For
•
—A real estate investment company.
Riker
,
(max. $35). Business—Manufacture of men's
utility and sports' clothes. Proceeds—For selling stock¬
holders. Office—330 Fifth Ave., N. Y.—Underwriters—
Kidder, Peabody & Co., and Jessup & Lamont, N. Y.
.Avoca, Pa..Underwriter—M. G. Davis & Co.,
Richmond
poses.
~
-
(5/21-25)
March 20, 1962 filed 375,000 common. Price—By amendment (max. $20). Business—Company owns and .oper¬
amendment
Inc.', N. Y.
•
Sa!ant, lnc. (5/14)
1962 filed 150,000 class
23,
(5/14-18)
Inc.
7,
Scripps-Howard Broadcasting Co.
v
V-.-irV;
Salant &
ceeds—For general corporate purposes. Office—Route 315
& Vine St.,
,
16, 1962 filed 129,000 common, of which 43,000 are1
March
School Pictures,
1962 filed 60,000 common and 40,000 class A
common, of which 41,864 common are to be offered by
the company; the entire class A and
18,136 common
will be offered by stockholders.
Price—By amendment
($35 max.). Business—Company develops, prints, and
finishes "school pictures." Proceeds — For plant and
equipment, acquisitions, and working capital. Office—
1610 N. Mill
St., Jackson,, Miss. Underwriters—Equi¬
table Securities Corp., Nashville, and Kroeze, McLarty
& Duddleston, Jackson, Miss.
offered by the company and 86,000 by stockhold¬
Price—By amendment (max. $13). Business—Design, development, manufacture and sale of electronic,
electric,
hydraulic
and
pneumatic •--* control
systems.
Proceeds—For repayment of bank loans;: Office—4700
San Pablo Ave.. Oakland, Calif.* Underwriter—Schwabacher & Co., San Francisco.
•■7,.'/
Associates, Inc. ■-•'I'' ("Reg. A") 100,000 common. Price — $3.;
Business—Design, installing and constructing packaged
and
•
Feb.
be
Craft
interiors
■
•'
Price—By amend¬
Proceeds—For ac¬
estate.
derwriter—None.
ers.
■
27, 1961
commercial
"
75
quisition of property. Office—67 W. 44th St., N, Y. Un¬
Develops
Co., N. Y.
Rucker Co.""(4/17)
Feb.
search,
field. Proceeds—For expansion of facilities, debt repay¬
ment and working, capital. /Office—396-406 Adams
St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
Dec.
—
black
and
writer—To be named.
Laboratories, Inc.
4
1962 filed 105,000 common. Price—$3.50. Busi¬
Operation of a laboratory for contractual re¬
development and engineering in the chemical
—
Business
Fibre Chemical Corp.
Sept. 25, 1961 filed 120,000 common. Price—$5. Business
—Exploitation of a new process for reclaiming unvulcanized rubber. Proceeds—Purchase of equipment and
existing plant building, repayment of debt, and working
capital. Office—300 Butler St., Brooklyn, N. Y. Under¬
Resin Research
ness
amendment.
Rubber &
Price—$9. Business
—Manufacture of lithographic blankets used in
printing.
Proceeds—For
debt
repayment and working capital.
Address—Hato Rey, Puerto Rico.. Underwriters—Gross
& Co., and Elmaleh &
Co., Inc., N. Y.
V •
Feb., 27,
color,
Stonehill &
derwriter—Robinson-Humphrey Co., Inc., Atlanta.
Dec. 28, 1961 filed 250,000
By
—
Business—A
ceeds—For
prints
—
and white photographic
film. Proceeds
For equipment and working capital.
Office—245 7th Ave., N. Y. Underwriter — Federman,
(5/14-18)
common.
Price
Business—General real
ment.
are
.
Republic-Franklin Life
A stock and 10% debentures due 1976.
Royaltone Photo Corp. (4/18)
29, 1961 filed 300,000 common, of which 100,000
to be offered by the company and 200,000 by stock¬
debt
and
Feb, 15, 1962 filed 266,667 class A
(1791)
Baltimore.
,
,
•
Shaver
Food Marts,
Inc.
19, 1961 filed 170,000 class A common, of which
30,000 will be sold by the company and 140,000 by cer¬
tain stockholders. Price — By amendment. BusinessDec.
*
Operation of seven supermarkets in the
Bluffs
area.
Proceeds—For expansion.
(Jos.)
Omaha-Council
Office—139
Brewing Co. (4/17)
March 2, 1962 filed 347,543 common. Price — By amend¬
ment
(max. $35). Business—Brewing of "Schlitz" and
St., Omaha, Neb. Underwriters—J. Cliff Rahel
Co., and Storz-Wachob-Bender Co., Omaha. Offering
"Old
S.
Imminent.
Milwaukee"
holders.
beers.
Office—235
W.
Proceeds—For
selling
stock¬
Galena
St., Milwaukee. Under¬
writer—Glore, Forgan & Co., Chicago. Offering—In May.
Schneider
40th
(Walter J.)
Corp.
•
(•
*
Feb. 28, 1962 filed $5,500,000 of 6lk% subordinated con¬
vertible debentures due 1977 and 110,000 5-year warrants
to
purchase a like amount of class A common.
The
plans to offer the securities in 5,500 units (each
consisting of $1,000 of debentures and warrants to pur¬
company
chase
20
shares) for subscription by holders of its class
Shel!ev
Manufacturing Co.
&
(4/30-5/4)
1961 filed 55,000 common. Price—$6.50. Business
—Manufacture
of automatic
equipment for handling
Dec. 29,
packaged foods, and various food
serving devices. Pro¬
equipment, advertising, plant expansion and
working capital. Office—3800 N. W., 32nd Ave., Miami,
Fla. Underwriter—George, O'Neill & Co., Inc., N. Y.
ceeds—For
-
V
Continued on page 76
76
The Commercial and Financial Chronicle
(1792)
Continued from page 75
;
selling stockholder.
debt
Jan.
29, 1962 filed 126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
for use as indicators and circuit components. Proceeds—
For debt repayment, equipment and working capital.
,
Office—1933
Heck Ave., Neptune,
Milton D. Blauner & Co., N. Y.
(4/30-5/4)
29, 1961 filed 230,000 common of which 200,000 are
by the company and 30,000 by stockholders.
Price—By amendment. Business—Manufacture of drug
to be offered
products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of debt, and working capital.
Office-—730 Grand St., Hoboken, N. J. Underwriter—
Blair & Co., N. Y
—
—
Sportsmen, Inc.
29, 1961 filed $100,000
D. C.
Nov.
Sixty Realty Trust
1962 filed 350 common. Price—$1,000. Business
•—Company plans to qualify as a real estate investment
trust. Proceeds—For general corporate purposes. Office
—909 Howard Bldg., Providence, R. I. Underwriters—G.
H. Walker & Co., Providence and Blair & Co., N. Y.
6%
subordinated
10
Price—$60 per unit. Business—Design and
archery equipment and fiber
glass household items. Proceeds—For general corporate
purpose.
Office—131 Saw Mill River Rd., Yonkers, N. Y.
-
•
Y.
capital.
1962
1,
repayment
filed
Salem, Mass.
Day, N. Y.
^
Solon
be
For expansion
named.
Products, Inc.
and
—
buildings, repayment of debt and
Office—253 Columbia St., Brooklyn,
Underwriter—To
Solid State
Feb.
goods. Proceeds
110,000
(4/30-5/4)
n
common.
plant, debt
Pingree St.,
Anthony & R. L.
a
new
working capital. Office—1
Underwriter—Tucker,
Dec. 28, 1961 filed 75,000 common.
Price—By amendment.
Business—Installation of its coin operated
laundry equip¬
designated residential locations. Proceeds—For
selling stockholders. Office—115 L St., S. E. Washington,
ment
D.
at
C.
Sonic
Development Corp. of America
1961 filed 56,000 common, of which 30,000 are
be offered by the company and 26,000 by stockhold¬
ers. Price—$5.
Business—Design, development and man¬
ufacture of devices using sound or fluids as a source of
Oct.
27,
Feb. 23,
debentures
^
Star
Southeastern Real Estate Trust
April 2, 1962 filed 700,000 common. Price—By amend¬
(max. $13.80). Business—A real
trust.
Proceeds—For
investment.
estate
E.
Tank
Boat
&
Co.,
Inc.
common
Wash¬
Office—Goshen,
Southeastern Towing & Transportation Co.,
Inc.
29, 1961 ("Reg. A") 100;000 common. Price—$3.
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
derwriter—A. G. Becker
Nov.
Starmatic
Nov.
&
Price—By
gasoline dispensing pumps, service station equipment,
specialty steel castings for railroads, and mechanics hand
tools. Proceeds—For debt repayment and working capi¬
tal. Office—Salisbury, Md. Underwriter—Paine, Webber,
Industries,
3, 1961 filed 100,000
ment.
Business
Jackson
29, 1961 filed 66,666 common. Price—By amend¬
($1.50 max.). Business—Design and manufacture
of ordnance,
automotive, aircraft and guided missile
parts and components. Proceeds—For selling stockhold¬
ers. Office—4417 Okechobe Rd., West Palm Beach, Fla.
ment
Inc.
common.
William St., N. Y.
Office
Southern Bell Telephone & Telegraph Co. (4/18)
March 28, 1962 filed $75,000,000 of debentures due
April
I, 2001.
Proceeds—For repayment of advances from
Price—By amend¬
Manufacture
A. T.
March
252
W.
30th
Underwriter—None.
Tabach
March
named.
T., company's parent, and construction. Office
67 Edgewood
Ave., Atlanta. Underwriters
(Competi¬
tive). Probable bidders: Morgan Stanley & Co., and
Halsey Stuart & Co. Inc. Bids—April 18 (11 a.m. EST)
and
•
metal
showers,
radiators and rope and twine. Proceeds—For
in Canada. Office—52-55 74th
Ave.,
a
•
Maspeth, L. I.
Underwriter—M. H. Woodhill, Inc., N. Y.
Inc.- (7/2-6)
plant
NY
.
Oct. 30, 1961 filed 65,000 common.
Price—$5, Business—
Operation of retail furniture stores. Proceeds
—
March
are
ers.
30,
Utilities,
Inc.
*
line.
•
•
.
Business—Installation, operation,
Spencer
Gifts,
Inc.
(4/16-20)
main¬
v..
-
equipment used in missiles, helicopters and aircraft.
selling stockholders
Address^—Bridge¬
v
Teaching Systems, Inc.
March 8, 1962
("Reg. A") 50,000
Business—Production
records.
the
rate of $100
promotion and
Under¬
of debentures for each 280 shares held.
unit ($100 of debentures and one war¬
purchase 14 class A shares). Business—Design
and manufacture of animated transparencies and other
technical training aids and displays. Proceeds—For debt
Price—$100
rant
and - working capital.
East Port Washington, N. Y.
Underwriters^—BulP & Low;-John R. Ma her Associates;
Office—11"
and R.
•
expansion,,
Sintsink
research,
Dr.,
Topik & Co., Inc., N. Y.
Wi
;-.Vfiled 100,000 common. Price—$3.25.yBusi-
Tec-Torch.Co., Inc.-
Nov.
-
per
to
repayment,
~~
Corp^i:
March 23, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Sale of home stereophonic sound
equipment.
Proceeds—For equipment, sales
scription by holders of class A and class B common at
new
Instrument
common.
Price—$2.
musical educational
• Technical
Animations,<Inc. (4/23-27 F/.'v*4 y
"Nov; 30, 1961 filed $211,400 of 7% conv. subord. deben¬
tures due 1972 (with warrants) to be offered for sub¬
tion of fish foods and distribution of various
types of fish
Stereotrinics
of
sale
Office—1650 Broadway, N. Y.
writer—Ezra Kureen Co., N. Y,..,-«.
^
aquarium supplies for hobbyists. Proceeds—For a
plant and working capital. Office—52 Cottage Plaza,
Allendale, N. J. Underwriter — Andresen & Co., N. Y.
and
working capital.
Co., Inc., Beverly Hills, Calif.
and
-
Tayior-Publ^Sttiing Co.4/16-20)*
'
Berriman
21, 1962 filed 115,000 class A, of which 40,000 are
to be offered by the
company and 75,000 by stockhold¬
ers. Price—$6.
Business—Manufacture, sale and distribu¬
sewage
Corp.
Taylor Wine Co*; Inc* (4/17)
15, 1962 filed 210,312 . common, of nvhich 170,000
are to
be offered publicly by stockholders, and 40,312
shares for subscription by the stockholders for the ac¬
count of the company.: Price—By amendment
(max.
$25). Business—Production of various type wines., Pro¬
ceeds—For plant expansion and working capital. Office
—Hammondsport, N. Y.
Underwriter—First* B o s t o n
Corp., N. Y...
r,
,
convertible debentures
Industries, Inc.. (4/16-20)
Fluid Controls
Feb.
Feb.
tenance and ownership of
public water distribution and
Jan.. 29, 1962 filed 135,000
common, of which 15,000 are
to be offered by the
company and 120,000 shares by a
Sternco
S6.
Pro¬
year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un¬
derwriter—Dallas Rupe & 'Sony Inc., Dallas, Tex:
—
&
—
wear.
Dec. 21, 1961 filed 152,000 common. Price—By amend¬
ment. Business — Production and distribution of school
(M.)
Winston
women's
.
•
and
Office—744
Price
common.
of
port, Conn; Underwriters—Stroud & Co.,: Inc. and >Penington, Colket & Co., Philadelphia.
1
(5/21-25)
.fittings and connectors. Proceeds—For debt repayment,
inventory, equipment and working capital. Office—814
E. 29th St., Los Angeles. Underwriter
Thomas Jay,
For
disposal systems. Proceed—For general
corporate
purposes. Office—3110 .Northern Lights Blvd., Anchor¬
age, Alaska. Underwriter—To be named.
1972
sale
Proceeds—For
(4/16-20)
Stephens Mfg., Inc.
March 28, 1962 ("Reg. A") 75,000
capital shares. Price—
-$4. Business—Manufacture and distribution of electrical
1962
$2.50.
Corp.
and
March 29, 1962 filed 90,000 common. Price—By amend¬
ment (max. $7.50). Business—Manufacture of fluid con¬
St., Brooklyn, N. Y. Under¬
writers—Lloyd Securities, Inc., Richard Bruce & Co.,
.Inc., and Reuben Rose & Co., Inc., N. Y.
filed 117,541 common, of which
50,000
to be offered by
company and 67,541 by stockhold¬
Price-
Tactair
and
60,000 common shares to be offered in
units, each consisting of one $200 debenture and 50
shares. Price—$500 per unit.
Business—Manufacture of
bicycles, tricycles and toy automobiles. Proceeds—For
debt repayment, moving expenses and a new
product
working capital. Office—2212 Third Ave., N. Y. Underwriter—Arnold Malkan &
Co., Inc., N. Y.
• Spenard
Equipment Corp.
Stelber Cycle
due
baseboard
new
Steel Plant
Jan. 5, 1962 filed $240,000 of 8%
Spartan International Inc. (4/16-20)
Dec. 22, 1961 filed 175,000 common.
Price—$4. Business
—Manufacture of metal shower
receptors, precast con¬
f
investment
-•
Oklahoma
B.)
Proceeds—For
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Norristown, Pa.
City. Underwriters—Eppler,
Guerin & Turner,
Inc., Dallas and R. J. Edwards, Inc.,
Oklahoma City.
'
(L.
insurance.
Oct. 2, 1961 ("Reg. A") 69,660 common. Price—$3. Pro¬
ceeds—For equipment and working
capital. Address—
Oklahoma and Arkansas. Proceeds—For
redemption of
surplus fund certificates and expansion. Office—5620 N.
Spears
(max. $5). Business—Writing of life, health
accident
("Reg. A") 50,000
ceeds—For debt repayment, leasehold improvements and
expansion. Office—217 E. Eight St., Los Angeles, Calif.
Underwriter—Costello, Russotto & Co,, Los Angeles.
Price—By
common.
ment, leasehold improvements, expansion and working
capital. Office—354 Hempstead Ave., West Hempstead,
N. Y. Underwriter—M. H. Myerson &
Co., Inc., N. Y.
Southwestern Insurance Co. (4/30-5/4)
26, 1961 filed 220,000 common. Price—By amend¬
ment. Business—Writes automobile
casualty insurance in
•
300,000
beverages, candy etc.,
through vending machines. Proceeds—For debt repay¬
Dec.
prefabricated
filed
March 23, 1962 filed 88,250 common.
Price—$4.25.—Busi¬
ness—Sale of cigarettes, coffee,
—
rceptors,
1962
Industries, Inc.
29, 1962
Business—Manufacture
Statewide Vending Corp.
$40,000,000 of first and refunding
mortgage bonds, series O, due May 1, 1987. Proceeds—
For construction. Office—Edison
Bldg., 601 W. Fifth St.,
Los Angeles. Underwriters
(Competitive). Probable
bidders: First Boston Corp.-Dean Witter & Co.
(jointly);
Halsey Stuart & Co. Inc.; and Kuhn, Loeb & Co.-Equitable Securities Corp.
(jointly). Bids—May 1 (8:30 a.m.
Calif, time) at the company's office.
crete
be
trol
(5/1)
filed
Ave..
To
writer—None.
Southern California Edison Co.
Western
—
working capital. Office—1760 High St., Denver. Under¬
(Room 2315), 195 Broadway, N. Y.
1962
27,
amendment
—
9,
St., N. Y. Underwriter
State Life Insurance C<k of Colorado
&
April
—
Curtis, N. Y.
Dec.
Un¬
Co., Inc., Chicago.
of
boxes, brochures,
packaging materials and packaging machines. Proceeds
—For debt repayment and general corporate
purposes.
—
&
Szemco, Inc.
Pro¬
Ind.
(and warrant holders) at the rate
(or warrants)
amendment. Business—Manufacture of
held.
(4/23-27)
facture of aluminum and fiberglass pleasure boats.
ceeds—For -working capital.
ington: St,y Orlando, Fla, Underwriter—None.
stockholders
of $100 of debentures for each 38 common
Feb. 27, 1962 filed 307,000 common, of which 27,000 are to
be offered by the company and 280,000
by'stbckTidlclers.
Price — By amendment (max. $18). Business — Manu¬
investment
Office—600
Symington Wayne Corp. (5/7^11)
1962 filed $5,005,700 of convertible subordinated
due 1982, to be offered for subscription by
Proceeds—For working capi¬
Office—Washington Ave., Knoxville, Tertn. Under¬
& Co., Inc., Fred. D. Benton & Co.
and Investment Corp. of
Fidelity, Knoxville, Tenn.; Ab¬
bott, Proctor & Paine, N. Y.; J. C. Bradford & Co. and
Cumberland Securities, Nashville, Tenn.; and McCarley
& Co., Inc., Asheville, N. C.
general corporate purposes. Of¬
Ave., Yonkers, N. Y. Underwriter
—Meadowbrook Securities Inc., Hempstead, N. Y. Offer¬
ing—Expected sometime in May.
ment
30,
writers—Davidson
Hawthorne
Dillon, Union Securities & Co., N. Y»
Superior Bakers, Inc.
Feb. 28, 1962 filed 325,000 common, of which 294,000
are to be offered by the company and 31,000 shares by a
stockholder. Price—$3. Business—Manufacture and sale
of baked goods. Proceeds—For debt repayment and gen¬
eral corporate purposes. Address—New York & Drexel
Aves., Atlantic City, N. J. Underwriter—Balogh & Co.;
Washington, D. C.
tal.
energy. Proceceds—For
fice—260
derwriter—Eastman
underwear and outerwear.
to
&
tegrated oiLcompany. Proceeds—For debt repayment, re¬
demption of 4V2% and 5Yk Vo preferred and working
capital. Office^—9th St. & Detioit Ave., Tulsa, Okla. Un¬
Knitting Mills, Inc.
1962 ("Reg. A") 24,985 common, of which
21,049 will be sold by stockholders and 3,936 by com¬
pany. Price—$12. Business—Manufacture of men's wear,
March
Shields
• Sunray DX Oil Co.
April 10, 1962 filed $75,000,000 of sinking fund deben¬
tures due 1987. Price—By amendment. Business-—An in¬
-Ar Standard
Underwriter—None.
K.
Products, Inc. (4/23-27) ;
27, 1961 filed 110,000 common. Price—$4. Business
—Distribution of eggs and dairy products in Florida and
other southeastern states. Proceeds—General corporate
purposes. Office—3601 N. W. 50th St., Miami, Fla. Un¬
derwriter—Finkle & Co., N. Y.
Squire For Men of Southern California, Inc.
March 26, 1962 ("Reg. A") 75,000 common.
Price—$4.
Business—Research, development, manufacture, sale and
service of hairpieces for men. Proceeds—For
expansion,
equipment, sales promotion and working capital. Office
—328 S. Beverly Dr., Beverly
Hills, Calif. Underwriter
—Adams & Co., Los Angeles.
Industries, Inc.
equip¬
Oct.
N. Y.
working
N.
household
of bank loans, additional
Sun City Dairy
.
semiconductor devices. Proceeds—For
other
modernization of
repayment
St., Wilkes-Barren Pan Underwriter—G.
Co., N. Y. Offerings—Imminent.
Sportsways, Inc.
Price—By amend¬
ment. Business—Development, manufacture and sale of
and
1961
ceeds—For
(5/28-31)
Feb. 20, 1962 filed 175,000 common, of which
50,000 are
to be offered by company and
125,000 by a stockholder.
Price—By amendment, (max. $7). Business—Manufac¬
ture and distribution of skin diving
equipment and ac¬
cessories. Proceeds—For working capital. Office—7701
E.
Compton Blvd., Paramount, Calif. Underwriters—
Troster, Singer & Co., and Federman, Stonehill & Co..
and
28,
ment, expansion and working capital. Office—60 N. State
Underwriter—William, David & Motti, Inc., N. Y. Offer¬
'
named.
Directory Publishers, Inc./,
filed 90,000 common. Priee—$3, Business
—Publishing and distributing telephone directories. Pro¬
Dec.
shares.
ing—Imminent.
be
Suburban
manufacture of fishing and
Brothers Furniture
Inc. t
Realty & Construction Fund,
investment. Office—50 E. 40th St., N. YV Underwriter—»
con¬
offered in
Co., Inc.
Sept. 28, 1961 filed 240,000 common. Price—$2.50 Busi¬
ness—The instalment retailing of furniture, appliances
»
Stratton
To
of
29,
March 20, 1962 filed 500,000 common. Price—$20. Busi¬
ness—A real estate investment company. Proceeds—For
vertible debentures due 1977 and 50,000 common to be
units, each consisting of $20 of debentures and
Feb. 28,
,
Financial Corp.
1962 filed 315,000 class A shares of which
218,000 are to be offered by the company and 97,000 by '
the stockholders.
Price—$6. Business—Commercial' fi¬
nance company.
Proceeds—For debt repayment. Office
—95
Madison
Ave., N. Y. Underwriter—Mortimer B.
Burnside & Co., Inc., N. Y.
Nov.
By amend¬
(max. $4). Business—Construction of homes. Pro¬
ceeds
For debt repayment, acquisition of land and
working capital. Office — 1093 Frank Rd., Columbus,
Ohio. Underwriter—H. P. Black & Co., Inc., Washington,
_
Stratford
and food
Feb. 27, 1962 filed 135,000 common. Price
Office—39
March
Sperti Products, Inc.
ment
Sokol
expansion, inventory and working capi¬
Harriet
PL, Lynbrook, N.. Y.. Under¬
writer—S. B. Cantor Co., N. Y.
tal.
bany Blvd., Atlantic City/Underwriter—Carter, Berlind,
& Weill, N. Y.
;V'://y'/ •.•...V'3'r-'
N. J. Underwriter—
Thursday, April 12, 1962
Proceeds—For
Potoma
Inc.
Site-Fab,
Price—By amendment. Business—
order, sale of general merchandise. Proceeds—For
repayment and working capital. Office—1601 Al¬
Mail
/
•„
Signalite Inc.
...
ness
28, 1961
—
Design
and
.
.
manufacture.' of
inert
eas
welding
Volume
195 ' Number
6150
.
The Commercial and Financial Chronicle
.
.
equipment. Proceeds—For debt repayment, expansion
and working capital. Offiee—153 Union Ave., East Ruth¬
erford, N. J. Underwriter—Scott, Harvey & Co., Inc.,
Fairlawn, N.J. Offering—Imminent.
i
;
Tele-Cine
Dec*,
29, 1961
*
'lite
4
*
**
("Reg. A")
100,000
common
and $100,000
of 6% 5-year subordinated debentures. Price—For stock,
$1; for debentures, at
of
television
($100). Business—Production
Proceeds—For equipment, debt
repayment and other corporate purposes. Office—1017
New Jersey Ave., S. E., Washington, D. C. Underwriter
—Turnbull, Deter & Sullivan, Inc., Charlottesville, Va.
Offering—Imminent.
,
Tellite
•
Corp. (5/21-25)
Jan. 29, 1962 filed 125,000 common. Price—$3. Business
—Manufacture of "Tellite," a new material used in con¬
nection
with
electronic
circuits.
Proceeds—For
expan¬
sion, research and development, acquisition a technical
library, and working capital. Office—200 S. Jefferson
St., Orange, N. J. Underwriter—Magnus & Co., N. Y.
•
Ten-Tex
Corp. (5/14-18)
Jan. 31, 1962 ("Reg. A") 120,000
Price—$2.30.
of
Proceeds—For debt repayment
and working capital. Office—4813 Tennessee Ave., Chat¬
tanooga. Underwriter—Irving J. Rice & Co., Inc., St.
Business—Manufacture
tufted
of
a
common.
machine for production
textile products.
Paul.
•
?■ V".
Texas Technical
Oct.
16, 1961 filed 250,000 common.
Proceeds—General corporate purposes.
Office—1947 W.
Gray Ave., Houston. Underwriters—F. S. Smithers & Co.,
Y., and Moroney, Beissner & Co., Inc., Houston. Note
—This company formerly was named Texas ElectroDynamics Capital, Inc.
N.
Oct.
26,
shares
Industries, Inc. (4/16-20)
175,000 common, of which 150,000
filed
1961
are
to be
stockholders;
offered by
also
17,500
the company and 25,000 by
class- A
stock
purchase
war¬
rants. The securities will be offered
•
of
10
shares
and
one
warrant.
in units consisting
Price—By amendment.
Business—Manufacture of water coolers, water cans and
portable hot beverage dispensers, proceeds—For debt
repayment and general corporate purposes. Office—■
6502 Rusk Ave., Houston. Underwriter—S. D. Fuller &
Co., New York.
4
^
it Thermotronics Corp.* Inc.,,
March 30, 1962 filed 100,000 common. Price—By,amend¬
ment (max. $10).t Business—Development of electronic
and electrical devices used in
plumbing and heating
fields
and
the
manufacture
of
electric
compact
water
heating, units. Proceeds—For equipment, working capi¬
tal and other corporate purposes. Office — 492 Grand
Blvd., Westbury, N. Y. Underwriter—J. B. Coburn Asso¬
ciates, Inc., N. Y.
.
.
Thom-Tex Paper
Trans-Pacific
Nov.
debt repayment and working capital. Address—Highway
3, Rio Grande, Puerto Rico. Underwriter—Meade & Co.,
N.
Y.
Thompson Manufacturing Co., Inc.
Dec. 22, 1961 filed 90,000 common, of which 80,000 shares
r
to be offered
by the company and 10,000 by stock¬
holders. Price—$4. Business^Design and manufacture
of special machinery for the paper industry and the
construction of bowling alleys. Proceeds—For expansion
and general corporate purposes. Office—Canal St., Lan¬
caster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y.
are
Offering—Expected sometime in May.
Thunderbird
International
-
Hotel
.
(5/7-11)
Jan. 2, 1962 filed 175,000 common. Price—By amend¬
ment ($10 max.). Business—Hotel ownership and man¬
agement. Proceeds — For construction. Office — 525 N.
Sepulveda Blvd., El Segundo, Calif. Underwriter—Vickers, MacPherson & Warwick, Inc., N. Y.
Tomorrow's
Industries, Inc.
16, 1962 filed 300,000 common, of which 100,000 are
to be offered by the company and 200,000 by stockhold¬
ers.
Price—$6. Business—Design, manufacture and sale
of women's and children's footwear. Proceeds—For debt
Feb.
repayment, equipment, leasehold improvements and
working capital.
Office—703 Bedford Ave., Brooklyn,
N. Y.
Underwriter—Godfrey, Hamilton, Taylor & Co.,
Inc., N. Y. Offering—Expected sometime in
Torch
Rubber Co.,
May.
(5/21-25)
Jan. 26, 1962 filed 110,000 common. Price—$3.50. Busi¬
ness—Manufacture of waterproof rubber footwear. Pro¬
ceeds—For equipment, moving expenses, expansion and
working capital, Office—1302 Inwood Ave., N. Y. Un¬
derwriter—Carroll Co., N. Y.
#
Inc.
Tork Time Controls,
Dec.
Inc.
(4/16-20)
1961 filed 150,000 common. Price—By amend¬
ment. Business—Design and manufacture of time con¬
trolled switches. Proceeds—For debt repayment, expan¬
12,
sion, and working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
& Co., and Magnus & Co., N. Y.
y
Towers Marts
Feb.
1,
International,
Inc.
(4/23-27)
1962 filed 550,000 capital shares. Price — By
—
Company builds and operates
amendment. Business
retail discount department stores. Proceeds—For expan¬
sion.
Office—41
E. 42nd St., N. Y.
Underwriter—W. C.
Langley & Co., N. Y.
Traid Corp.
Feb.
ment
12, 1962 filed 150,000 common. Price—By amend¬
(max. $9). Business—Design and sale of special
for scientific photography. Proceeds—For gen¬
cameras
corporate purposes. Office—17136 Ventura Blvd.,
^Encino, Calif/ Underwriter—J. A. Hogle
Co., Salt
Lake City. Offering—Expected in mid-May. ' '
eral
Research
27, 1961 filed 47,000
Business
ment.
&
Capital, Inc.
Price—By amend¬
Tyler Pipe & Foundry Co. (4/18)
25, 1962 filed 120,000 common. Price—By amend¬
Business—Design, development and manufacture
of cast iron products. Proceeds—For
selling stockhold¬
ment.
»'/
Co.,
&
/.;/■>.//;
Transdata,
Stone
and
&
Webster
'X yV/ry'
■
•'
.../:V/'yf;y, Ayyyy;/;;
Inc.
and
N.
Ave., El Cajon, Calif.
Co., Inc., San Diego.
Johnson
&
other
corporate
Transogram Co., Inc.
debt
Underwriter—N.
.
,
C.
,
toys, games, children's playroom furniture,
sets. Proceeds—For a selling stockholder. Of¬
fice—200 Fifth
ers,
Ave., N. Y. Underwriter—Lehman Broth¬
N. Y.
Transport Industries, Inc.
Feb.
16.
1962
("Reg.
A")
Price
common.
—
$4.
it Trans-Western Service Industries
April 2, 1962 filed 100,000 common, of which 20,000 are
to be offered by company and 80,000 by stockholders.
Price—By amendment (max. $10). Business—Operation
of dry cleaning and laundry plants. Proceeds—For debt
repayment. Office—1167-65th St., Oakland, Calif. Under¬
writer—Granbery, Marache & Co., N. Y.
.
1
Tremco
Manufacturing Co. (5/7-11) //.///y/X;
26, 1962 filed 150,000 class A common. Price — By
amendment (max. $15). Business—Producer of protective
coatings, sealants, mastics, paints, etc. Proceeds — For
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
land/Underwriter—McDonald & Co., Cleveland.
Feb.
Business
Foods, Inc.
(4/17)
.
i
»
Tri-Department Stores Associates i--
9, 1962 filed $2,436,000 of limited partnership in¬
Price—$6,000 per interest. Business—Company
was formed for the purpose of acquiring for investment
the fee title to three discount department stores. Pro¬
ceeds—For debt repayment. Office—30 E. 42nd St., N. Y.
terests.
Feb.
1962
Corp., N. Y.
Co., Inc.
("Reg. A") 12,500
March
,
23, 1962 filed 150,000 class A shares, of which 100,000 are to be offered by company and 50,000 by stock¬
holders. Price—$8. Business—Through its subsidiaries
the company is engaged in the wholesale distribution
of electrical supplies and equipment. Proceeds — For
debt repayment and working capital. Office—514 E. 73rd
St., N. Y. Underwriters—Richard Bruce & Co., Inc., and
Co., Inc., N. Y. Offering—In June.
Reuben Rose &
Turbodyne Corp.
March 2, 1962 filed 127,500 common. Price—$5. Business
—Research, development and production and overhaul¬
ing of gas turbine engines. Proceeds—For debt repay¬
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—Sandkuhl & Co., Inc.,
N. Y.
& Son, Inc.
Mar. 27, 1962 filed 120,000 common, of
to be
which 60,000 are
and 60,000 by a stockholder.
(max. $15) Business—Sale of
merchandise. Proceeds — For general corporate
offered by
Price—By
retail
Inc.
(5/28-31)
common. Price—$1.50.
high-precision instrument
missile guidance systems.
Proceeds—For debt repayment, equipment and working
capital. Office — 1634 Marion St., Grand Haven, Mich.
Underwriter—Gateway Stock & Bond, Inc., Pittsburgh.
—
components
Manufacture
for
aircraft
purposes.
company
amendment
Office—East Main St., Scottsville, Ky. Under¬
writer—Bear, Stearns & Co., N. Y.
of
and
United Camera
Exchange, Inc.
1962 filed 105,000 common. Price—$3. Business
—Operation of retail camera stores. Proceeds—For ex¬
pansion and general corporate purposes. Office-r-25 W.
Jan. 29,
43rd
N. Y.
St., N. Y. Underwriter—M.
;rX- a X, V '
.
-
G. Davis & Co., Inc.,
assort' .1
it United Data Processing, Inc.
v
April 2, 1962 ("Reg. A") 3,000 common. Price—$17.50.
Business—Furnishes electronic data processing services.
Proceeds—For working capital and expansion. Office—
1430 N. W. 10th Ave., Portland, Ore. Underwriter—First
Cascade Corp,, Portland, Ore.
United
ElectroDynamics, Inc.
1962 filed 412,636 common, of which 100,000
are to be offered by the company and
312,636 by stock¬
holders. Price—By amendment (max. $23). Business—
Development and manufacture of electronic measure¬
ment instrument. Proceeds
For an acquisition and
working capital. Office—200 Allendale Rd., Pasadena,
California. Underwriter
William R. Staats & Co.,
Los Angeles. Offering—Temporarily postponed.
21,
—
—
Inns, Inc.
26, 1962 ("Reg. A") 80,000 common. Price—$3.75.
Business—Construction and operations of motor hotels
under license granted by Holiday Inns of America, Inc.
Proceeds—For debt repayment and general corporate
purposes. Office—704 Dermon Bldg., Memphis. Under¬
writer—Wilder, Hansbrough, Finch & Co., Memphis.
March
Dec.
*
•
Life
Investors
United
1961
share
filed 562,500
Insurance
Co.
of which 472,100
shares are to be offered for subscription by stockholders
of Waddell & Reed, Inc., parent, on the basis of one
15,
for
each
two
common,
Waddell
shares
held.
The
remaining 90,400 shares will be offered to certain per¬
sons
associated with the parent company or its sub¬
sidiaries. Price—By amendment. Business—A legal re¬
serve life insurance company. Proceeds—For the account
of Waddell & Reed. Office—20 W. 9th
St., Kansas City,
Reed, Inc., Kansas City,
Mo., and Kidder, Peabody & Co., N. Y. Offering—Ex¬
pected in late June.
y
Mo. Underwriters—Waddell
,
&
...
,
United
Markets, Inc.
March 15, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Operation of "Foodtown" supermarkets. Proceeds
—For general corporate purposes. Office—531 Ferry St.,
Newark, N. J. Underwriter—Moran & Co., Newark, N. J.
United-Overton Corp.
Mar.
26, 1962 filed 450,000 common, of which 90,897 are
offered by the company and 359,103 by stock¬
holders. Price—By amendment (max. $18). Business—
Operates hard goods' departments in discount depart¬
ment stores. Proceeds—For debt repayment. Office—19
Needham St., Nugent Highlands, Mass. Underwriters—
McDonnell & Co., Inc., and Oppenheimer & Co., N. Y.
Offering—Expected in early June.
to
be
United Packaging Co., Inc.
(4/16-20)
1961 filed 102,000 common. Price—$3. Business
general packaging business. Proceeds — For new
machinery, debt repayment and working capital. Office
—4511
Wayne Ave., Philadelphia. Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y.
Nov. 29,
—A
United Telephone
(J. L.)
—
$3.
coin-operated
30, 1962 ("Reg. A") 100,000
Business
Mar.
Turner
used
by the company and 250,000 by stockhold¬
ers.
Price—By amendment (max. $16). Business—Re¬
tailing of men's and boys' clothing. Proceeds—For work¬
ing capital. Office—15 Linden Ave., East, Jersey City,
N. J. Underwriter—Hornblower &
Weeks, N. Y.
United
units,
^Tucson Gas Electric Light & Power Co. (5/11)
April 11, 1962 filed 486,111 common, to be offered for
subscription by stockholders on the basis of one share
for each 10 held of record May 11, 1962. Price — By
amendment (max/ $25). Proceeds—For debt repayment
and construction. Office—35 W. Pennington St., Tucson,
Ariz. Underwriters—Blyth & Co., Inc. and First Boston
Corp., N. Y.
Tujax Industries, Inc.
and
to be offered
Steel
each consisting,
of two common shares and one (par $10) 7% convert¬
ible subordinated debenture due April 1, 1972. Price—
$20 per unit. Business — Steel fabricating. Proceeds—
Plant additions, inventory and debt repayment. Office—
20001 A St., Meridian, Miss. Underwriter—McCarley &
Co., Inc., Asheville, N. C. Offering—Imminent.
23,
new
United
Feb.
Tucker
of
Feb. 26, 1962 filed 275,000 common, of which
25,000 are
Mar.
Price—By amend¬
ment.
Business—Preparation and packaging of meat
food products for other firms and the large scale breed¬
ing of pigs. Proceeds—For debt repayment, plant ex¬
pansion and working capital. Office—4733 Belleview,
Kansas City, Mo. Underwrite].' — Scherck, Richter Co.,
26, 1962 filed 100,000 common.
St. Louis.
Purchase
—
vending and recreational machines. Proceeds—For gen¬
eral corporate purposes. Office—250 Meserole
St., Brook¬
lyn, N. Y. Underwriters—Fabrikant Securities Corp. and
Karen Securities Corp., N.
Y,X;VX.;;,.
•
Trenton
Jan.
Vending Service, Inc.
("Reg. A") 73,500 common. Price
1961
^ Unison Electronics Corp.
75.000
Business—Design and manufacture of truck and auto¬
mobile brake systems. Proceeds—For inventories, ad¬
vertising and working capital. Office—Pearl & Elk Sts.,
Albion, Pa. Underwriter-^A. J. Davis Co., Pittsburgh.
•
14,
UnisHops,
of
and sports
Dec.
(6/11-15)
March 15,. 1962 filed 156,000 common. Price—By amend¬
ment (max. $12). Business—Design, assembly and man¬
ufacture
Inc.
(4/18)
1962 filed 110,000 class A
Uneeda
Office—1000
purposes.
Plastics
tal. Office—875 North 28th
St., Philadelphia. Underwriter
—Stone, Ackerman & Co., Inc., N. Y.
X/
Proceeds—For
repayment
Underwriter—
common. Price—$4.
Business—Manufacture of urethane foam board and the
production of new patented plastic signs. Proceeds—For
equipment, debt repayment, inventory and working capi¬
■
Nov. 29, 1961 filed 100,000 common. Price—$5. Business
—Research and development in the data and image
processing and transmission field.
Ultra
March 23,
Securities
;'Vy..X':X-.y
Rd., Swan, Texas.
Co., Dallas.
.
sale of natural gas. Proceeds—For debt repayment.
Office—3100 Travis St., Houston, Tex. Underwriters—
:
.Office—Lindale
ers.
First Southwest
Gas
and
Weld
repayment, expansion and working capital.
St., N. Y. Underwriters—A. C. Allyn
Co., and Hornblower & Weeks.
Jan.
Pipe Line Corp. (4/19)
March 13, 1962 filed $40,000,000 of first mortgage pipe¬
line bonds due 1982. Business—Company owns and oper¬
ates an interstate pipeline system for the transportation
White,
Corp.
v
Office—23 W. 52nd
&
expansion, working cap¬
ital, and possible acquisitions. Office — Pacific National
Bank Bldg., Bellevue, Wash. Underwriter—To be named.
X Transcontinental
(4/17)
—For debt
Co., Inc., N. Y.
Manufacture of high pressure valves
—
Brands, Inc.
22, 1961 filed
77
800,000 common, of which 550,000
are to be offered
by the company and 250,000 by stock¬
holders. Price—By amendment. Business—Distribution
of imported and American wines and Whiskies.
Proceeds
common.
Underwriter—Adler Securities
-
Corp.
21
Dec.
and accessories. Proceeds—For
•
Converting Corp.
March 15, 1962 filed 70,000 common. Price—$4. Business
—Manufacture of writing paper items. Proceeds—For
/
Underwriter—Milton D. Blauner &
Texas Tennessee^
•
(4/23)
holder. Price—$6. Proceeds—For construction, and ac¬
quisition, repayment of debt, and other corporate pur¬
poses.
Office — 110 E. 6th Ave., Anchorage, Alaska.
Price—By amend¬
Business—A small business investment company.
ment.
Trans-Alaska Telephone Co.
Roberts
Capital, Inc..
(1793)
Nov. 29, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by a stock¬
par
programs.
,
Services, Inc.
March 30, 1962 filed 150,000 class A common. Price—By
amendment (max. $5). Business—A telephone holding
company.
working
Proceeds—For debt repayment, equipment and
capital. Office—645 First Ave., N. Y. Under¬
R. Williston & Beane, N. Y.
writer—J.
Continued
on
page
78
•
78
*. i
4 ijf.'jt
l,,,3;WlW.tMr,
»>•*
The Commercial and Financial Chronicle
(1794)
.
.
.
Thursday, April 12, 1962
"V
Continued from page
U.
Electronic
S.
Val-U
77
Publications, Inc.
Sept. 26, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
repayment, expansion and work¬
books. Proceeds—Debt
Office—480 Lexington Ave., N. Y. Under¬
8856 18th Ave., Brooklyn.
capital.
ing
writer—Douglas Enterprises,
* United States Realty & Investment Co.
March 30, 1962 filed 150,000 capital shares. Price—By
amendment (max. $8). Business — General real estate.
Proceeds—For working capital. Office—972 Broad St.,
—765
Mar. 22,-1962
filed 85,000 common, Price—$4, Business
—Company plans to merchandise and distribute a line of
consumer
products, including an air vent cigarette
holder; a transistor ignition unit for automobile spark
plugs, and a small plastic capsule containing a chemical
to increase efficiency of spark plugs. Proceeds — For
equipment, inventory, advertising and sales promotion,
research, and working capital. Office—220 E. 23rd St.,
N. Y. Underwriter—Edward Lewis Co., Inc., N. Y.
(4/30-5/4)
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
Universal
Aug.
7,
1961
(5/7-11)
100,000 common shares. Price—$5.
importation and distribution of Italian
Industries, Inc.
filed
Business —The
marble and mosaic tiles.
'
'•;>)
installation of new
and
Proceeds —For the purchase
moulds, machinery and equip¬
ment, research and general corporate purposes. Office—
Road, Hawthorne, N. J. Underwriter—Edward
250 Goffle
Lewis
Co., Inc., N. Y. Note—This company formerly
&
Aero-Dynamics Corp.
named
was
Universal Lighting
Products, Inc. (4/16*20')
Sept. 21, 1961 filed 175,000 common. Price—$1. Business
—Manufacturer of lighting fixtures
and display and
merchandising equipment for use in gasoline service
Proceeds — Repayment of debt and working
stations.
Office—55 Bergenline Ave.,
Underwriter—Globus, Inc., N. Y.
Universal Telephone,
N.
Westwood,
J.
1962 filed 150,000 common. Price—By amend¬
(max. $5,625). Business—Operation of telephone
March 29,
ment
Wis. Proceeds—For expan¬
working capital. Office—2517 E. Norwich St.,
Milwaukee. Underwriter—Marshall Co., Milwaukee.
sion
and
Urban Development
Corp.
March 29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $10). Business—Company plans to construct
residential and commercial buildings. Proceeds — For
debt
repayment, sales financing and working capital.
Office—1959 S. La Cienga Blvd., Los Angeles. Underwriter—Holton, Henderson & Co., Los Angeles.
Urethane of Texas, Inc.
14, 1962 filed 250,000 class A and 250,000 common to
in units of one share of each class. Price—
Feb.
urethane
foams.
Proceeds—For
equipment,
working
capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas.
Under¬
writer—Rowles, Winston & Co., Houston. ■
;
per
unit.
Utah Concrete
Business—Manufacture
of
Pipe Co. V
Feb.
8, 1962 filed 110,000 common. Price — By amend¬
ment (max. $10). Business — Manufacture and sale of
concrete pipe, masonry products, corrugated metal pipe,
telephone conduit and miscellaneous concrete products.
Proceeds—For debt repayment and working capital. Of¬
fice—379 17th St., Ogden, Utah. Underwriter—Schwabacher & Co., San Francisco. Offering—In May.
(5/22)
April 2, 1962 filed $22,000,000 of first mortgage bonds
-fa Utah Power & Light Co.
due
1992.
tion.
Proceeds—For
Office—1407
West
debt
repayment and
North
construc¬
Temple
St., Salt Lake
City. Underwriters — (Competitive). Probable bidders:
First Boston Corp.-Blyth & Co., Inc. (jointly); Kidder,
Peabody & Co.; Halsey, Stuart & Co. Inc.; White, Weld
& Co.-Stone & Webster Securities Corp. (jointly); East¬
man
Dillon, Union Securities & Co.-Smith, Barney &
Co.-Salomon
Brothers
& Hutzler
(jointly); Lehman
Brothers-Bear, Stearns & Co. (jointly). Bids—May 22
(11:30 a.m. EDST). Information Meetings-May 18 (2 p.m.
EDST) at 2 Rector St. (Room 240) N. ;Y.
+ Utah Power & Light Co. (5/22)
April 2, 1962 filed 480,000 shares of $25 par cumulative
preferred, series B. Proceeds—For debt repayment and
construction. Office—1407 West North Temple St., Salt
Lake City. Underwriters—(Competitive). Probable bid¬
ders: First Boston Corp.-Blyth & Co. (jointly); Lehman
Brothers; White, Weld & Co.-Stone & Webster Securi¬
ties Corp. (jointly);Kidder, Peabody & Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Eastman Dillon,
Union Securities & Co.-Smith, Barney & Co.-Salomon
Brothers & Hutzler (jointly). Bids—May 22 (12:30 p.m.
EDST). Information Meeting—May 18 (2 p.m. EDST)
at 2 Rector St. (Room 240), N. Y.
U-Tell
Sept.
18,
Business
Corp.
1961
("Reg. A") 33,097 common. Price
—
$5.
discount department store.
Office—3629 N. Teutonia Ave.. Milwaukee. Wis. Under¬
writer
—
—
Operation
Continental
Offering—Imminent
Vacco
Feb.
of
a
Securities Corp., Milwaukee, Wis.
iv
•
>
"_
■*.
•
v
;
Valve Co.
12, 1962 filed
10(^000 common. Price—$5. Business
—Production of valves, and regulators for oil, chemical
and missile industries. Proceeds—For acquisition of land,
equipment and working capital. Office—1445 Lidcombe
Ave., El Monte, Calif. Underwriter — California Inves¬
tors, Los Angeles.
To be
-
Der Hout Associates Ltd.
29, 1961 filed 100,000
,
common.
•
Walston
Aviation,
Inc.
•(5/14-18y-v
Oct.
30, 1961 filed 90,u00 common, ol wnich 60,000 are to
be offered by the company and 30,000 by a stockholder.
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
Corp., Ltd., Toronto.
plies; also repairs and services various
Feb. 2, 1962 filed 156,762 common. Price—- By ^amend¬
ment. Business—Manufacture of steam generators for
diesel
Proceeds
-
airplanes.
type
For
expansion and general corporate»pur¬
poses.
Office—Civic Memorial Airport, E. Alton, 111.
Underwriter—White & Co., Inc., St. Louis.
locomotives; temperature control systems for rail
cars, buses and aircraft; and door control devices for
rail passenger cars. Proceeds—For selling stockholders.
Jan.
Office—80
—
ment.
E.
Jackson
Blvd.,
William Blair & Co., Chicago.
Chicago.
Underwriter—
Proceeds—For
acquisition and general cor¬
porate purposes. Office—1290 Bayshore Blvd., Burlingame, Calif. Underwriter—Pacific Coast Securities Co.,
Francisco.
San
* Vending
March
an
Offering—Expected sometime in June.
Components, Inc.
1962 filed 100,000 common. Price—$4. Busi¬
Manufacture, design and sale of metal valves,
mixers, taps, etc., for vending machines. Proceeds—For
expansion, new products and other corporate purposes.
Office—204 Railroad Ave., Hackensack, N. J.
Under¬
writer—Keene & Co., Inc., N. Y.
ness
30,
—
* Verlan Publications, Inc.
1962
filed 89,500 common, of which 80,000
are to
be offered by company and 9,500 by a stockholdre.
Price — By amendment (max. $5.50).
Busi¬
ness
Preparation and production of books, catalogues
and other printed
material.
A subsidiary publishes
photography books. Proceeds—For expansion, debt re¬
payment and other corporate purposes. Office — 915
Broadway, N, Y. Underwriter—Searight, Ahalt & O'Con¬
30,
—
Inc., N. Y.
Electronics, Inc.
Jan. 23, 1962 filed 150,000 common. Price—$5. Business
—Manufacture, lease and sale of an amusement device
as Golfit. Proceeds
For debt repayment and
general corporate purposes. Office—1 Bala Ave., BalaCynwyd, Pa. Underwriter—D. L. Greenbaum Co., Phila¬
delphia. Offering—In late June.
known
—
^ Video Color Corp.
April 6, 1962 filed 1,000,000
Price—$1.15. Busi¬
Proceeds—For
equipment; inventories and
working capital. Office—729 Centineia Blvd., Iiiglewood,
Calif. Underwriter—Naftalin & Co., Inc., Minneapolis.
Video
equipment, and
Office—2263 Valdina St., Dallas.. Un¬
derwriter—Eppler, Guerin & Turner, Inc., Dallas. Offer¬
ing—Imminent.
•
Washington Gas Light Co. (5/1)
April 4, 1962 filed 150,000 shares of no par cumulative
serial
preferred. Price—By amendment
(max. $100).
Business
Purchase, distribution and retail sale of
natural gas in the Washington, D. C. area. Proceeds—For
construction. Office—1100 H St., N. W., Washington, D. C.
—
Underwriters—First Boston Corp., N. Y., and-Johnston,
Lemon &
•
Co.* Washington, D. C..
Waterman Steamship Corp;
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business —The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
Office—71 Saint Joseph St., Mobile, Ala. Under¬
ital.
writer—Shields
& Co., Inc., N. Y,) (mgr.).
Temporarily postponed.
Engineering
Co.,
services closed circuit television systems. Proceeds—For
debt
repayment, advertising, equipment and expansion.
Office—Riggs Rd. and First Place, N. E., Washington,
D.< C. Underwriter—Mitchell, Carroll & Co., Inc., Wash¬
ington,,'D. C,
of retail stores. Proceeds—For debt repayment and
gen¬
purposes. Office—210-07 48th Ave., Bayside, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp., N. Y.
J
Welsh Panel Co.
March 30, 1962 filed 135,000 common. Price—^By
ment
Virginia Telephone & Telegraph Co.
16, 1962 ("Reg. A") 13,946 common to be offered
subscription by stockholders (other than Central
•
West:
Bay Financial Corp.
1962 ("Reg. A") 60,000 common. Price — $5.
Business—A savings and loan association. Proceeds—For
expansion, investments and possible acquisition of .simi¬
March 7,
businesses.
of
on
the basis of
record
one
Office
—
1275
W.. Redondo Beach
Blvd.,
Gardena, Calif. Underwriter—Mitchum, Jones & Templeton, Los Angeles. Offering—Irrimihent.'
West Chemical
Products," Inc.
15, 1962 filed 41,000 common. Price—By amend¬
(max. $35). Business — Manufacture and sale of
sanitation products and pharmaceuticals. Proceeds—For
selling stockholders. Office—42-16 West St., Long Island
City, N. Y. Underwriter—E. F. Hutton & Co., and Coffin
March
ment
• West Falls
held
Way, Longview, Wash. Underwriter
Miami, Fla.
—Ferman & Co.,
&
Telephone Co., the parent)
amend¬
(max. $9); Business—Company processes plywood
into factory finished wall panelling. Proceeds—•
Equipment, inventories and working capital. Address—
sheets
Mar.
shares
Business
—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
for
14
:
Welcome Baby, Inc. (5/28-6/1)
Dec. 28, 1961 filed 75,000 common. Price—$2.
lar
Inc.
Mar. 26, 1962 filed 125,000 class A common. Price—$4.
Business ■— Company designs, fabricates, installs and
each
Offering—*
P. O. Box 329 Panel
common.
ness—Development, manufacture and distribution of pic¬
tubes.
Press, Inc.
*
25, 1962 filed 180,000 common. Price—By amend¬
Business—Printing of legal and financial docu¬
eral corporate
Victor
ture
Warlick
working capital.
Jan. 12, 1962 ("Reg. A") 300,000 common. Price — $1.
Business—Manufacture of coin operated vending ma¬
chines.
•
ments/Proceeds—For debt repayment,
Vendex, Inc.
be offered
$5.05
—
Price—By amend¬
ment Business—National distributor of automotive parts
in Canada. Proceeds—For selling stockholders. Office—
1480 Lake
Shore Rd., Toronto.
Underwriter—Rosmar
nor,
Inc.
facilities in N. Mex., 111., and
St., Paterson, N. J. Underwriter
Investments, Inc. (4/23-27)
12, 1962 filed 400,000 common. Price—By amend¬
ment (max. $22). Business—Company makes short-term
real estate loans, acquires, develops and sells land, and
engages in the mortgage loan correspondent business.
Proceeds—For selling stockholders.
Office—1111 Hart¬
ford Bldg., Dallas.
Underwriter—Harriman Ripley &
Co., N. Y.
/
Feb.
jr^'vk■-
Van
-
Nov.
March
capital.
Wallace
Corp. of Delaware
Vapor Corp.
U. S. Scientific Corp."
Fund, Inc.
River
named.
Newark, ,N. J. Underwriter—H. Hentz & Co., N. Y.
United Variable Annuities
Homes
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated buildings and build¬
ing components. Proceeds—For working capital. Office
Burr, N. Y.
•
.
Shopping Center Limited Partnership
(4/30-5/4)
share for
-■/
,
$16.25. Proceeds—For construction. Office—417 W. Main
Nov. 14, 1961 filed $444,000 of limited
partnership inter¬
ests to be offered in 444 units.
Price—$1,000. Business—
St., Charlottesville, Va. Underwriter—None.
Development of
Apr,
13,
1962.
Price
—
Visual Arts
Industries, Inc. (4/30-5/4)
Dec. 26, 1961 filed 95,000 common. Price—$2. Business
—Design, assembly, production and sale of creative arts,
crafts, hobbies and educational toys. Proceeds—For debt
repayment. Office—68 Thirty-third St., Brooklyn, N. Y.
Underwriters—Globus, Inc., and Ross, Lyon & Co., N. Y.
*
Vitamin
Specialties
Co.
drugs. Proceeds—For debt repayment and working
cap¬
Office—3610-14 N. 15th St., Philadelphia. Under¬
writer—Woodcock, Moyer, Fricke & French, Inc., Phil¬
ital.
adelphia.
Corp.
(4/23-27)
29, 1962 filed 190,000 class A shares. Price—$10.25.
Business—Preparation of technical publications. Pro¬
ceeds—For
selling stockholders. Office—241
Underwriter—Andresen & Co., N. Y.
Church St.,
July 28, 1961 filed
,
—
$3.
Business—The manufacture of electronic test
equipment,
the sale, installation and servicing of industrial and
commercial communications equipment and the furnish¬
ing of background music. Proceeds—For tooling,- pro¬
duction, engineering, inventory and sales promotion of
its products and for working capital.
Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa. Underwriters —John
Joshua & Co., Inc., and Reuben, Rose &
Co., Inc., N. Y.
Wade, Wenger ServiceMASTER Co. (4/23-27)
28, 1961 filed 140,000 capital shares. Price—By
Dec.
amendment. Business—Sale of franchises for on-location
cleaning and moth-proofing of rugs, furniture, etc. Com¬
also manufactures and sells cleaning equipment
and supplies to franchise holders. Proceeds—For- debt
repayment, new building and equipment and other cor¬
porate purposes. Office — 2117-29 N. Wayne, Chicago.
pany
Underwriter—Laren Co., N. Y.
Office^-1411
Western Gas
Service Co.
s<
.
,
March 19, 1962 filed 65,000
common, of which 50,000 are
to be offered by company and
15,000 by stockholders.
amendment
to
gas
communities
in
(max. $25). Business—Distribu¬
and the furnishing of water service
southwestern
U.
S.
Proceeds.—For
debt
repayment and expansion. Office—9065 Alameda
Ave., El Paso. Underwriter—Underwood, Neuhaus & Co.,
Houston,- Tex.
Western Lithographers,
Inc.
I 1962 ("Reg. A") 120,000 common.. Price—•
$2.50. Business—General printing and lithography. Pro¬
ceeds—For equipment, debt
repayment, and inventory.
Office—3407 N. El Paso, Colorado
Springs, Colo. Under¬
writer—Copley & Co., Colorado Springs, Colo. &
30,
• Western Massachusetts Electric Co. (5/10)
April 3, 1962 filed $8,000,000 of first mortgage
Voron Electronics
Corp. (4/23-27)
100,000 class A shares. Price
shopping center at Falls Church, Va.
St., N. W., Washington, D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C..
.
March
Jan.
a
general corporate purposes.
tion of natural
6, 1961 ("Reg. A") 100,000 capital shares. Price—$3.
Business — Sale of vitamin products and proprietary
N. Y.
K
&
Price—By
(5/21-25)
Nov.
Volt Technical
Proceeds—For
bonds,
series E, due 1992. Proceeds—To redeem a like amount
of 5%% first mortgage bonds, series
D, due 1989. Office
—174
Brush Hill Ave., West
Springfield, Mass. Under¬
writers—(Competitive). Probable bidders: First Boston
Corp.-White, Weld & Co. (jointly); Blyth & Co., Inc.;
Equitable Securities Corp.-Lee Higginson Corp.* (joint¬
ly); Halsey, Stuart & Co. Inc.; Eastman Dillon, Union
Securities & Co. Bids—Expected May 10
(11 a.m. EDST)
at 201 Devonshire St., Boston. Information
Meeting
May 7 (11 a.m. EDST) at same address.
:
.
.
.
Western Pioneer Co.
(5/21)
X":;'
Feb. 19, 1962 filed 371,750 capital shares of which
175,000
are to be offered by the
company and 196,750 by stock¬
holders. Price—By amendment (max.
$42), Business—
The making of loans secured by first liens on real
estate
Proceeds—For
debt
repayment. Office
Blvd., Los Angeles. Underwriter
Co.,
Y.
—
—
3243
Wilshire
Kidder, Peabody &
Number 6150
Volume 195
...
The Commercial and Financial Chronicle
World Scope Publishers, Inc., (4/23-27)
July 31, 1961 filed 300,000 common snares. Price—By
amendment. Business—The publishing Of encyclopedias
Western States Real Investment Trust
Nov.
13, 1961 filed 32,000 shares of beneficial interest,
price—$6.25.
Business—A small -business investment
company.
Proceeds—For investment.
Office—403
Ursula St., Aurora, Colo.
Underwriter—Westco Corp.,
Aurora, Colo.
and other reference books.
Wham-O Mfg. Co.
(4/17)
100,000 common, of which 72,500 are
to be offered by the company and 27,500 by stockhold¬
ers. Price — $8.50. Business — Design, manufacture and
sale of toys arid games, sporting goods and housewares.
Proceeds—For working capital. Office—835 E. El Monte
St., San Gabriel, Calif. Underwriter—Cruttenden & Co.,.
Inc., 618 S. Spring St., Los Angeles,
;
:
.
- .
CoY(5/7rit Y' ■ Y^':- YYY*"^1'
26, 1962 ("Reg. A'4) 75,000 common. Price — $4.
Business—ManUfacture and distribution,-Of electrical and
White Lighting
Co.
(Norman)
**
Proceeds—To open loca¬
tions and increase working capital. Office—370 Seventh
Ave., N. Y. Underwriter — Ehrlich, Irwin & Co., Inc.,
New York.
;
-v;
Y\\YY'-'Y
Wynlit Pharmaceuticals, Inc. (5/21-25) YY, •
Dec. 28, 1961 filed 125,000 common. Price—By amend¬
ment. Business—Development and manufacture of phar¬
(4/23-27) :YY
■-
nually Mar. 15, 1963-77. Office—Missouri Pacific Bldg.,
St. Louis.
Underwriters—(Competitive). Probable bid¬
corporate purposes. Office—91 Main St., Madison, N. J.
Underwriter—Andresen & Co., N. Y.
ders:
gen¬
•
Widman
(L. F.), Inc. (4/16-20)
1961 filed 162.UU0 common, of which 102,000 are
to
be offered by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and^working capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Louis.
Mountain States
March
21, 1962 it was reported that this A.T.&T. sub¬
sidiary plans to sell $50,000,000 of debentures in June.
Proceeds—To repay bank loans Office—931 14th
St.,
it Zero Mountain, Inc.
March 30, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of underground cold storage facil¬
ities. Proceeds—Expansion, debt repayment and working
capital.
Address—Box 594, Fayetteville, Ark.
Under¬
writers-Don D. Anderson & Co., Inc., Oklahoma City.
Denver. Underwriters—(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; First
Boston Corp. Bids—Expected June 5.
New England Electric System
Feb.
industrial, commercial and household applica¬
selling stockholders. Office—7500
was reported that this company plans
stockholders in June the right to subscribe for an
additional 872,876 common shares on a l-for-15 basis.
Office—441
ATTENTION
Blvd., Pittsburgh. Underwriters—Eastman Dil¬
lon, Union Securities & Co., N. Y., Moore, Leonard &
lynch, Pittsburgh and Reinholdt & Gardner, St. Louis.
Stuart St., Boston, Mass. Underwriters—
(Competitive). Probable bidders: Blyth & Co.-Lehman
Brothers-Bear, Stearns & Co. (jointly); Carl M. Loeb,
Rhoades & Co.-Ladenburg, Thalmann & Co.-Wertheim
& Co. (jointly); Merrill Lynch,
Pierce, Fenner & Smith
Inc.-Kidder, Peabody & Co.-White, Weld & Co. (joint¬
ly). Bids—May 29. Registration—Scheduled for April 12.
UNDERWRITERS!
Thomas
Do you have an issue you're planning to register?
Our
Corporation
to know about it
it Wjerrer Shoes Inc.
Would
-
write
you
us
Department
News
so
that
we
can
would
prepare
an
like
item
you'll find hereunder.
similar to those
April 2, 1962 filed 80,000 common. Price — By amend¬
ment, (max. $11). Business—Operation of a chain of shoe
stores. Proceeds—For debt repayment, ^expansion
and
telephone
us
at 25 Park Place,
at
REctor
2-9570
or
Northern States Power Co.
(Minn.) (6/12) Y*
19, 1962 it was reported that this company in¬
tends to sell $15,000,000 of 30-year first
mortgage >bonidS
New York 7, N. Y.
March
808 Dakin St., New Orleans.
—
Labouisse? Friederidhs &
due
•iiiiCt
_..
Co., New Orleans.
Wiggins Plastics, Inc.
Oct.
20,
(4/23-27)
Prospective Offerings
("Reg. A") 100,UUO common. Price—$3
compression, transfer and injection
1961
Business—Custom
Alabama Power Co.
plastic materials. Proceeds—For debt re¬
general corporate purposes. Office—180
Kingsland Rd., Clifton, N. J. Underwriter—Investment
Planning Group, Inc., East Orange, N. J. «
molding
payment
of
Business—Publication
amendment.
of
text
12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $17,000,000 30-year first
mortgage bonds in June.
mingham, Ala.
bidders:
—
books
Columbia
E. 41st
Y
(with attached warrants)
subscription by stockholders of class
A stock on the basis of $500 debentures for each 100
class A shares held. Price—$500 per unit. BusinessReal estate. Proceeds—For debt repayment and realty
N. Y. Underwriter
—S. E. Securities, Inc.. N.
;
Corp.
Mar.
,
26, 1962 filed 130,000 common. Price—By amend(max. $27). Business — Manufacture and sale of
work clothing. Company* is also engaged in industrial
laundering And garment rental. Proceeds—For debt re¬
payment, acquisitions and working capital. Office —
1768 E. 25th St.; Cleveland; * Underwriter—Hornblower
& Weeks, N. Y.
.
,
Y-..-Y ment
Co.
(5/17)
On Jan. 12, 1962
the Southern Co.
By amend¬
(max. $6.50). Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building and equipment. Office—1650 Howard St.,
Lincoln Park, Mich. Underwriter—F. J. Winckler & Co.,
-
Power
Georgia Power Co. (11/7)
it was reported that this subsidiary of
plans to offer $23,000,000 30-year first
mortgage bonds in November.
Office—270 Peachtree
Bldg., Atlanta. Ga. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co., Inc.; Harriman Rip¬
ley & Co., Inc.; Blyth & Co.. Inc.; Kidder, Peabody &
Co.-Shields & Co. (jointly); Equitable Securities Corp.Eastman Dillon, Union Securities & Co. (jointly); First
Boston Corp.; Lehman Brothers; Morgan Stanley & Co.
Bids—Expected Nov. 7.
Registration—Scheduled for
Corp.
ment
" ;
Florida
repayment, and construction. Office
St., South, St. Petersburg, Fla. Underwriters
—(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Kidder, Peabody & Co.-Merrill Lynch, Pierce, Fen¬
ner &
Smith Inc (jointly); Lehman Brothers-Blyth &
Co. (jointly); Eastman Dillon, Union Securities & Co.Harriman Ripley & Co. (jointly); First Boston Corp. Bids
—Expected May 17 (11:30 a.m. EDST) at office of Shear¬
man & Sterling, 20 Exchange Place, N. Y. Information
Meeting—May 15 (11 a.m. EDST) at Morgan Guaranty
Trust Co., 54 Liberty St., N. Y.
offered for
Work Wear
N.
Proceeds—For debt
ordinated debentures due 1977
Detroit.
plans
1992.
—101 Fifth
'YY
Jan. 26, 1962 filed $4,500,000 of 6.5% convertible sub¬
—
(5/9)
March 19, 1962 it was reported that this utility plans to
issue $25,000,000 of 30-year first mortgage bonds in May.
Y
Wolverine Aluminum
7
Front St., Columbus/Underwriters —
Probable bidders: Lee Higginson Corp.Salomon Brothers & Hutzler (jointly); Halsey, Stuart
& Co. Inc.; Dillon, Read & Co.-The Ohio Co, (jointly);
Lehman Brothers; White, Weld & Co.; Eastman Dillon,
Union Securities & Co.-Glore, Forgan & Co. (jointly).
Bids—Expected May 9, 1962.;
YyYYyY'Y
—Smith, Barney & Co, and Goldman, Sachs & Co., N. Y.
March 5, 1962 filed 100,000 common. Price
June
(Competitive.)
(5/7-11)
acquisitions. Office-—10 E. 40th St.,
Y.
^87. Office—120
Underwriters—(Competitive). Probable
Columbus & Southern Ohio Electric Co.
gents, and petroleum derivatives. Proceeds—For selling
stockholders. Office—122 E. 42nd St., N. Y. Underwriters
be
plans
Merrill
Office —215
Oct. 5.
Y
Georgia Power Co. (11/7)
1
On Jan: 12, 1962. it was reported that this
1992.
Proceeds—For
subsidiary of
thef Southern Co.- plans to offer $7,000,000 of preferred
expansion.
Office—15
So.
5th
St., Minneapolis. Underwriters—(Competitive). Probable
bidders: Halsey, Stuart & Co.; Merrill
Lynch, Pierce,
Fenner & Smith Inc., Peabody &
Co., and White, Weld
& Co. (jointly); First Boston Corp. and
Blyth & Co.,
Inc. (jointly). Bids—Expected June 12, 1962.
Sierra
Pacific
Power
Co.
(6/26)
Mar. 28, 1962 it was reported that this company plans
to sell $5,000,000 of first mortgage bonds. Office—220 S.
Virginia
St.,
Reno, Nev. Underwriters—(Competitive.)
Kidder, Peabody & Co.-White, Weld
& Co. (jointly); Salomon Brothers & Hutzler; Halsey,
/Stuart & Co., Inc.; Stone & Webster Securities Corp.Dean Witter & Co. (jointly), Bids—Expected June 26,
Probable
bidders:
Southern
(6/7)
Mar. 28, 1962 it was reported that this company
to sell $16,000,000 of first mortgage bonds due
-
.
to
Inc.
Halsey, Stuart & Co., Inc. Bids — Expected
(11:00 a.m. EST) at the company's office. V
March 20, 1962 filed 100,000 common. Price—By amend¬
ment (max. $45)
Business — Sale of chemicals, deter¬
Y Wolf'Corp.
Systems,
Lynch, Pierce, Fenner & Smith Inc.White, Weld & Co., (jointly); Morgan Stanley & Co.;
Electronics, Inc.
Dec. 28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment. Prodeeds—For debt repayment1 and •. other corporate pur¬
poses. Office—1005 First Ave., Asbury Park, N. J. Under¬
writer—Amos Treat & Co., Inc., N. Y.
Inc.
St., N. Y.
bidders:
Winslow
Co.,
Gas
On Mar. 7, 1962 it was reported that this company
sell $25,000,000 of debentures due
Office—2357 S. Michigan Ave.,
Chemical
Blyth
to
Windsor Texprint, Inc. ^ YYYY
Aug. 25, 1961 filed 265,000 common, of which 250,000 art
to be offered by the company and 15,000 by stockholders.
JPrice—$2. Business—The printing of towels and other
textile products.
Proceeds—For repayment of loans.
Witco
Probable
Halsey, Stuart & Co. Inc. Bids—Expected May 31.
•
■
Underwriters—(Competitive)
(jointly);
college, post-graduate and adult education courses, and
professional books, encyclopedias/ handbooks, etc., Pro¬
ceeds—For selling stockholders. Office—440 Park Ave.,
N. Y. Underwriter—White, Weld & Co., Inc., N. Y.. Of¬
fering—Imminent.
*
•
f
Office—600 N.. 18th St., Bir¬
& Co. Inc.-Kidder, Peabody
& Co.
Morgan Stanley & Co.; First Boston Corp.;
Eastman Dillon, Union Securities & Co.-Equitable Secu¬
rities Corp.-Drexel & Co. (jointly); Lehman Brothers,
By
for
Chicago. Underwriter—
D. E. Liederman & Co., Inc., N. Y. Note—This registra¬
tion was withdrawn.
;
Y
s
*
(5/31)
On Jan.
and
• Wiley
(John) & Sons, Inc.
I^eb. 21, 1962 filed 150,022 shares of capital. Price
(5/29)
13, 1962 it
to offer
Proceeds—For
Weil,
Telephone & Telegraph Co.
(6/5)
New York.
Wiegand (Edwin L.) Co.
'
*
"
March 30, 1962 filed 606,450 common. Price—By amend¬
ment. Business—Manufacture of electrical heating ele¬
Halsey, Stuart & Co. Inc.; Salomon Brothers &
Bids—Expected April 17 (noon CST) in St.
v-• v'Y;yy!;,,-Y'
,'YY;
Hutzler.
Zeckendorf
Properties Corp. (5/15)
March 30* 1962 filed 100,000 class B common. Price—By
amendment (max. $16). Business—Real estate. Proceeds
—For general corporate purposes. Office—383 Madison
Ave., N. Y. Underwriter—Harriman Ripley & Co., Inc.,
Oct. 27,
Underwriter—Howard,
(5/21)
Missouri Pacific. RR (4/17)
Feb. 21, 1962 it was reported that this
Company plans to
issue $5,925,000 of equipment trust certificates due an¬
maceuticals and medical products. Proceeds—For general
Co., San Francisco; and Bear, Stearns & Co.,
working capital. .Office
Utilities
States
expansion. Office—285 Liberty Ave., Beau¬
mont, Tex. Underwriters—(Competitive). Probable bid¬
ders: Lehman Brothers; Stone & Webster Securities
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc. and
White, Weld & Co. (jointly); Salomon Brothers & Hutz¬
ler and Eastman Dillon, Union Securities & Co.
(joint¬
ly); and Halsey, Stuart & Co. Inc. Bids—May 21 at 12:00
noon (EDST) in New York
City. Information MeetingExpected May 16, 1962 at. 11:00 a.m. (EDST) at the
Irving Trust Co., 1 Wall St., New York City.
<
vice called the "Wulpa Lift."
N. Y.
tions.
Gulf
Wulpa Parking Systems, Inc. (4/30)
13, 1961 ("Keg.; A") 75,000 common.
Price—$4.
Business-rrCompany plans to manufacture a parking de¬
corporate purposes. Office—124 E. Olympic Blvd.,
Los Angeles. Underwriters—Schwabacher & Co., and J.
ments for
Oct. 5.
ceeds—For
eral
&
Bldg., At¬
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Lehman Brothers.
Bids—Expected Nov. 7.
Registration—Scheduled for
Oct.
135,000 common, of which 45,000
by the company and 90,000 by
stockholders, Price—By amendment. Business—Design
Barth
Proceeds—For repayment of
of commercial accounts receivable. Pro¬
general corporate purposes. Office—114 E.
40th St., N. Y. Underwriter—D. A. Bruce & Co., N. Y.
filed
ladies' dresses. Proceeds—For
ders:
March 19, 1962 it was reported that this
company plans
to sell $17,000,000 of 30-year first
mortgage bonds. Pro¬
shares are to be offered
and • manufacture of
Office—270 Peachtree
Underwriters—(Competitive). Probable bid¬
Blyth & Co.* Inc.; First Boston Corp.; Morgan
ceeds—For
Blvd., Los Angeles. Underwriter—Costello, Russotto &
Co., Los Angeles. Y' ■ Y';'Y
\/ Y;' ■' YYV-"' v
28, .1961
November.
—Financing
lighting fixtures, Proceeds—For debt repayment, equip¬
ment and- working capital. Office—5221-W. Jefferson
Nov.
in
79
lanta, Ga,
Worth Financial Corp.
Mar. 22, 1962 filed 61,000 common. Priced—$5. Business
Feb.
'e Wiatt
stock
debt, working capital and general corporate purposes.
Office—290 Broadway, Lynbrook, N. Y. UnderwriterStandard Securities Corp., N. Y.
Dec. 26, 1961 filed
•
(1795)
Electric
Generating Co.
(11/28)
On Jan. 12, 1962 it was reported that this subsidiary ol
the Southern Co. plans to offer $6,500,000 30-year first
mortgage bonds in November; Office—600 N.
18th St.,
Birmingham, Ala. Underwriters — (Competitive) ProbCorp.; Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Ihc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
i able bidders: First Boston
tration—Scheduled for Nov. 1.
Virginia Electric & Power Co« (6/5)
March
19, 1962 the company announced plans to offer
publicly 650,000 common shares. Office — Richmond 9,
Va. Underwriters — (Competitive). Probable bidders:
Merrill Lynch, Pierce, Fenner & Smith Inc.; Stone &
Webster Securities Co.; Kuhn, Loeb & Co.-Ladenburg,
Thalmann & Co.-Allen & Co. (jointly). Bids—June 5
(11 a.m. EDST) at One Chase Manhattan Plaza (23rd
floor), N. Y. Information Meeting — June 1 (11 a.m.
EDST) at same address.
Washington Gas Light Co.
Mar. 28, 1962 it was reported that this company plans
to sell $15,000,000 of bonds. Office—1100 H St., N. W.,
Washington,
Underwriters —
(Competitive.)
Dillon, Union Securities &
Co.; Equitable Securities Corp.; Kidder, Peabody & Co.;
First Boston Corp.; and Halsey, Stuart & Co, Inc. Bids—»
Expected in May.
Probable
D.
bidders:
C.
Eastman
Whirlpool Corpi
April 2, 1962 it was reported that Radio Corp. of Amer¬
ica plans to sell 1,000,000 shares of this firm's outstand¬
ing common, and retain 158,563 shares. There are some
6,260,000
Whirlpool
shares
outstanding.
Business—
Manufacture of major home appliances and other type
products. Office—Benton Harbor, Mich. Underwriters
—To be named. The last sale of common in July, 1959,
was handled by Goldman, Sachs & Co., and Paine, Web¬
ber, Jackson & Curtis, N. Y.
Wisconsin
Telephone Co.
(5/8)
Mar. 28, 1962 it was reported that this A. T. & T. sub¬
sidiary plans to sell $20,000,000 of 40-year debentures.
Office—722 N. Broadway, Milwaukee, Wis. Underwriters
—(Competitive.) Probable bidders: Morgan Stanlev &
Co.; Halsey, Stuart & Co. Inc.; First Boston Corp. Bids
—Expected May 8, 1962.
80
The Commercial and Financial Chronicle
(1796)
.
.
Thursday, April 12, 1962 '
.
t
•.
17-19,
May
WASHINGTON AND YOU
•
•
1962
Rock,
(Rolling
,
Pa.)
Western
Pennsylvania Group In¬
vestment
Association
Bankers
Meeting.
behind-the-scenes interpretations
(Detroit, Mich.)
May 19-23, 1962
from the nation's capital
Financial Analysts Federation
15th Annual
Convention at the
Hilton
Statler
WASHINGTON, D. C. — Despite
the fact the economy did not move
ahead
productivity. As
authori¬
forecasted, the projected
increases have
this
had
ties
year
some
as
ward
will roll
trend.
quarter
marked upward
up
tural
a
people working
ing
development
ministration
little less.
for
the Council of Economic
sales
grow
and
sales
the steel
negotiations settlements all
support to indications for
wage
gave
March,
mediately ahead
and
lead
to
cations
and
1961
in
of
record
a
to
of negotia¬
economy
Heller
Dr.
will be at the rate of
are
a
share-the-work cut in the work
"I want to
between
distinguish carefully
the
per
from the nation's Capital and
cent
the
average
approximately half
week reduction in
per
work
coincide ivith the "Chronicle's"
may not
through
week
The
ago.
increase
cash flow in
twice
as
1961
great
a
in
was
in
able
going to
not
than
of
30
recovery proceeds," lie
said, "these funds will not be left
corporate
will
be
used
and
renew
to
treasuries
but
expand,
replace
Nation's
the
capital
stock."
"It is
is
governments—federal, state
and local—get bigger as the nation
grows
larger, government pur¬
chases
increase.
crease
in
purchases,
the
the
may
trend
of
in¬
year,
but the
Lehman
Street
elected
vs.
economist
this country are
increase in
our
asked
was
if
it
out of line with
productivity.
has
been
course," said Dr. Heller,
"the question of what is too
high,
and what
or
the
comes
egg,
in
first, the chicken
this
situation
is
always an extremely difficult one
to disentangle
I would not
rule out the possibility
you have
...
postulated. At the
same
time
not
are
we
can¬
problem
Henry
New York
Bowling Match against
Traders
Association
as
arbitrary
have
we
arrived
Astoria.
diminish
our
and
as
we
the
average
take out
some
of
advanqes in standard of living
in
production,
and,* more
leisure."
One
of
,
Walter
levels
of
New
York
of
(New York City)
Commodore Hotel.
May 4, 1962
Mr. Richard¬
son
is
also
member
of
National
committee of
Dorsey Richardson
and
is a Trustee of
College and a member
the Council on Foreign Rela¬
He
He
pacities
in
served
with
said
chairman
of
Reuther's
Lehman
the
Certainly
need
to
create
is
more
1927
organizations from
through 1961.
be
grows
as
expected.
Spring
the
Olympic
Bankers
Meeting
of
13-15,
Florida
Invest¬
Meeting.
con¬
1962
(Ponte
Vedra
Security Dealers Associa¬
Sept. 19-21, 1962
Calif.)
(Santa Barbara,
Bankers
Association
Board of Governors Fall
Meeting.
TRADING MARKETS
American Cement
Botany Industries
Maxson
Association
Board
(Chicago, 111.)
tion annual convention.
Hotel.
Electronics
Official Films
of
Governors.
,
~
Waste King
May 14-15, 1962 (Detroit, Mich.)
Association
of
Stock
Exchange
Firms Board of Governors spring
Loomis, Sayles Appoints
Group
Municipal Bond Club of Chicago
outing.
(White Sulphur
Springs, W. Va.)
Investment
(Denver, Colo.)
Mountain
Attention Brokers and Dealers
Mutual
Our
New
York
telephone number is
CAnal 6-4592
meeting at the Dearborn Inn.
BOSTON, Mass.—Loomis, Sayles
&
Company,
Inc.,
140
Federal
May 15, 1962 (Boston)
Street, has elected Peter G. Har-
Bankers Association Meeting.
wood
May 17-18, 1962 (Nashville, Tenn.)
Nashville Association of Securities
treasurer.
Robert
B.
redge has joined the firm
as
Kitt-
legal
counsel.
New
England
Dealers
Group
annual
Investment
LERNER & CO., INC.
Investment Securities
10 Post Office Square, Boston 9, Mass.
Telephone
spring party.
Teletype
HUbbard 2-1990
*
s,c^S
BS
69
Cove Vitamin & Pharmaceutical
Common and Warrants
Versapak Film & Packaging
Kennedy's
an
Carl Marks
&
Co. Inc.
Common & Warrants
urgent
and
employment. It is estimated
26,000,000 young Americans
the
Brothers
associated
on
Council of Eco¬
there
ca¬
at
Association
pro¬
unemployment
President
various
of
Invest¬
Meeting
(Chicago, 111.)
Bankers
Sept. 12, 1962
Rocky
May 9-12, 1962
Briarcliff
of
Association
Savings Banks 42nd annual
ference
Mfg.
Group
Municipal Conference at the PickCongress Hotel.
Investment
May 6-9, 1962 (Seattle, Wash.)
executive
Company.
,
(Pittsburgh, Pa.)
Pittsburgh Securities Traders As¬
sociation
Annual
Spring Outing
at the Oakmont Country Club.
a
Director and
the
(Gearhart, Ore.)
Northwest
Beach, Fla.)
Stock
Exchange Con¬
ference on Registered Representa¬
tive Selection and Training at the
the
Investment
>
national scale," said a questioner.
"That is a very interesting pro¬
posal,"
Sept. 7-8, 1962
Pacific
Sept.
May 2-4, 1962
at
the 40-hour work week
on
dent
and
asked.
was
Group
Sept. 13-14, 1962
of
New
Sleepy
ment Bankers Association
New York Dinner at the Waldorf-
by
C.
tions.
more
that
will
entering the job market during
next decade. They must be
given jobs, and they will be given
wage useful employment if our economy
advances in the past two or three
(New York City)
Association of
Traders
Security
an¬
nounced
Security
April 27, 1962 (New York City)
pire Trust
Company, it
the Black
avail¬
nomic Advisers,"
"Of
for¬
Em¬
Decker
economic
gradually
total
wage rates in
and
Fund, Inc., has been
posals makes the reduction (work
week) not arbitrary, but tied to
Productivity
our
assume
will
a
is possible that
Brothers
Di¬
a
the
arbitrary level, but it
an
which
one
up¬
will continue.
Wage Rates
The
rate
outlay of
be smaller during
next fiscal
ward
The
Federal
tossing
along with modifications through
holidays
and
vacations
and
so
forth, through a long-run process.
I
As
is
but we
because
hours," he
the
in
April 26, 1962
consultant
Richardson,
of
at
(Santa Barbara,
Sept. 11-12, 1962
Named Director
rector of
outing
Association Meeting.
Investment
saying we
of
"Isn't 40 hours just
,
idle
This
a
unemployment."
as
"As
the
apparently
This is
it
use
solve
of
unemployment
resource
manpower,
week
is essentially
defeat.
sponge.
this
an
means
a
and
this
.
as
work
as
the
.
of
the
have
the rise in capital
as
.
counsel
corporate
outlays.
30 hours
overcoming
far
as
the
in
cut
or
problem
few days
more
35
"But
sharing the work
been fully reflected
and equipment outlays,
Heller
IN INVESTMENT FIELD
views.]
with
(New York City)
ment Bankers Association
bank.
asserted.
arbitrary
yet
Chairman
or
Brunie, Presi¬
say
taxes)
surpassed their previous
peak rate of $51.5 billion, but the
improvement in corporate earnings
plant
may
15,
Country Club.
California
EVENTS
tlie "behind the scene? interpretation
he
said
COMING
reflect
to
June
Association
annual
Bankers
increasing holidays, vacations and
so
forth, which tends to occur,"
1961.
not
$584 billion.
[This column is intended
Philadelphia.
out
generally
are
in
favorable position to step up their
purchases. Corporate profits in the
fourth
quarter of 1961
(before
in
1963
for
liam
a
Businesses
has
Product
Investment Traders Association of
disguised wage
increase, and those that are truly
that
the Securities and Exchange Com¬
mission's
survey
of
plant and
equipment purchases for 1962 is
expected to be about 8% greater
than
15, 1962
23-26, 1962
Calif.)
merly President of The One Wil¬
con¬
&
Investment
Toronto;
June
the
that
believes
National
Gross
own
week.
points
June
Dorsey
tracts which
Rise
To
tative!"
tween those short work week
only $1.5 billion.
economist
long-range
on
(Toronto
Group
(June
14,
Montreal).
The economist replied that first
of all one has to distinguish be¬
was
Capital I Expenditures Expected
The
to go into
men
space—I'm going to suggest my registered represen¬
contracts,
industry experiencing higher
levels of productivity increases?
added to the con¬
sumers liquid assets in this coun¬
try. while their debt total amount¬
ed
looking for more
government is
and
than
more
week
tion of short work-week
by
$29 billion
pressures
for
contracts. What
work
1962
Bankers Association Meeting
"The
Administration
goals of the
this
that
that
would be the effect
He
homes.
new
the
short
expectation is
consumers'
strong
liquid asset position. For instance
insists
(New York City)
14-15,
Hollow
discouraged
has
penditures of household durables,
fortified
Investment
Meeting.
Montreal)
Week?
Chairman
Heller,
who
hails
originally from industrial Buffalo,
N. Y., was asked about the indi¬
relatively
automobiles
Vedra,
Outing at the Westchester
Canadian
Shortening the
Work
spending, par¬
larger ex¬
increased Consumer
ticularly to
Group
Association
Investment
About
How
rising
that
will
incomes
June
farms
as
York
well as later
as
believes
Heller
(Ponte
Country Club.
automation.
of
this year.
Dr.
1962
,
8, 19§2
Annual
bigger and fewer people are
to grow and harvest the
stronger economic conditions im¬
household
Hotel.
Municipal Bond Club of New York
crops. The farm underemployment
problem is growing. There are
benefits and increasing problems
upward in Feb¬
were
in
600,000
June
needed
auto sales were mere than
ruary;
7-10,
Fla.)
Bankers
communi¬
by agri¬
many
mechanization
cultural
this
Strengthened
have
Manufacturer's
belief.
retail
Fla.)
Clubs
Investment
of
Seville
Ad¬
been hard-hit
ties have
this year
quite favorable. A series of devel¬
opments
^
a
Unquestionably
horizon
is
economic
remainder of
the
for
the
that
fident
the
Southern
pressing
likewise
is
dance at the Plaza.
June
re¬
area
The
of
Association
Kennedy,
President
for
at
$600,000,000 public works
program
seeking
to
help
these
communities get over the hump.
Chairman of
Advisers
is con¬
Heller,
Walter W.
various
;
(New York City)
Glee Club annual din¬
Association
grow¬
programs.
pre¬
cocktail and
a
Spring Conference of the National
80,000
projects
on
the
of
out
have
hopes to
Day at
Club;
June 1-2,1962 (Miami Beach,
By the end of the year the Ad¬
billion
by probably $4
ner
parts of the country?
ministration
''
•
Traders
New York
communities
industrial
and
scattered
in
Product
National
Gross
short
a
May 23 by
on
May 25, 1962
doing to provide areas of
unemployment in both agricul¬
Field
Country
dinner party.
is the Kennedy Adminis¬
What
(GNP) for the first quarter had
been placed at roughly $553 bil¬
lion. It now appears that it will
or
Omaha
ceded
wage
tration
Council
is
Advisers
fall
Annual
the
six
Administration's Philosophy
Nevertheless,
the
of Economic
convinced
that the
best.
the
President's
The
Association
stair-stepped dawn-
Security
Forecasting the economy a few
months ahead is a risky business
second
Nebraska
know wage
-increases as well as
total compensation, including
fringe benefits.
$570 billion Gross National Prod¬
uct
for
1962
probably will be
Hotel.
(Omaha, Neb.)
Investment
Bankers
May 24, 1962
in
advances
you
the average the past
on
years,
reached.
at
of
bounds
overall
rapidly in the first quar¬
as
of
ter
have been well within the
years
FOREIGN
SECURITIES
20 BROAD STREET
TEL: HANOVER 2-0050
•
B ought—Sold—Quoted
SPECIALISTS
NEW YORK 5, N. Y.
TELETYPE NY 1-971
*
{ILL, THOMPSON & CO., INC.
70 Wall
Strael, New York 5, N; Y,
Tel. WH 4-4540
?
"
Tile. NY 1-0154
j
I
@FedFRASER