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ESTABLISHED 1839
Reg. U. S. Pat. Office
Volume
195
Number
Theodore Roosevelt
to
had
contend with. It
thwarted
the
iwas
New York 7, N. Y.y
Thursday, April 19, 1962
AS WE SEE IT
EdiMai
iwho
6152
was
"malefactors
a
Woodrow
the
term
of
little group of "willful men"
Wilson. "Economic, royalists":
conform
who
or
:the
present Chief Executive
By Leonard Coe Scruggs, Senior Analyst,
'
their
needs
and
entailing
of
attack
in
so
a
And, of course,
It
seems
case
,
This
Each of these phases was mirrored in the stock
market. The first period (1953-57) found investors
active in a wide range of individual issues and in¬
nullifying advantages of
seen
and
growth
stocks.
Recommends
dustries with intense interest concentrated in natu¬
potential than
offer
many
less
downside
risk
other groups in
ral
and
: the
little futile to
a
Public
decade
the
is
is
Dow-Jones
have
from
a
five
exploration. The
and the market at
an
ten
buck this trend
The
predictable
future
'state
psychology
concentrate
in
the
investment
*
1
Electronics
-
investor
,
has
strained
affair
for
are
amenable to
capacity
rate
.-v
r
.
••,V•. V
•.
'• '•**
years.
,
Ahead
will
have
been
margin of surplus
absorbed and, with the
of
family formation then sharply rising,
(family formation should
(Continued on page 33)
"
-
'
State,
Municipal
Housing
NATIONAL AND GRINDLAYS
A
(licmieal
.
20,
Head Office:.'; V
STATE
' •
•
.
STREET, S.W.I.
the
KENYA,
Government in:
UGANDA,
Branches
IIAnover 2-3700
INDIA,
UGANDA,
ADEN,
AND
ADEN,
FIRST
in:
SOMALI
NATIONAL
CITY
To
T. L. Watson & Co.
Active
Markets
Dealers,
Banks
New York Correspondent
Block
New York Stock
Exchange
American
Exchange
Inquiries Invited "v
..f
STREET
-
;.V
"•
.
.
BANK
DIVERSIFIED
CANADIAN
BONDS & STOCKS
,
Exchanges
CANADIAN DEPARTMENT
.
Teletype NY 1-2270
Goodbody
"
'■
•*
#
MANHATTAN
Execuljed On All
8f
J
PERTH AMBOY
Grporatiom
MEMBERS NEW YORK STOCK EXCHANGE
2.BROADWAY
,
Dominion Securities
Co.
-
BRIDGEPORT.
Pershing A Co.
CALIFORNIA
DIMCT WIRES TO MONTREAL AND TORONTO
NEW YORK 4, N. Y.
"
Orders
Canadian
'
:
r
—
CHASE
'?
Commission
v
Southern
Brokers
Members
:
on
THE
Maintained
and
Canadian Securities
'
25 BROAD
Notes
Exchange
California Securities
Bond Dept. Teletype: NY 1-708
RHODESIA
Net
Stock
Bonds and
.
Santa Monica, Whittier
BANK
Inquiries Incited
REPUBLIC
; ESTABLISHED 1832
Agency
Municipal Bond Division
ZANZIBAR
SOUTHERN
v'V,
in Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
-
NORTHERN
Co.
Offices
PAKISTAN,'
CEYLON,'
BURMA,
KENYA,
TANGANYIKA,
ZANZIBAR,
NY 1-457
&
Street, Los Angeles 17,
Associate Member American Stock Exchange
Members Pacific Coast Exchange
SQUARE, S.W.I.
York 8, N. Y.
So. Hope
Members New York Stock
BONDS
ST. JAMES'S
Bankers to
BOM) DEPARTMENT
623
California
Branches
PARLIAMENT
13
CHEMICAL BANK NEW YORK TRUST COMPANY
'
BISHOPSGATE, LONDON, E.C.3.
London
Lester, Ryons
MUNICIPAL
AND
; >.
;.
54
more
Economy
X-: Around 1965, however, the
-Industry Featured In This Issue
BANK LIMITED
NY 1-1246,
persist is problemat¬
and Public
..
P. O. Box 710, New
several
Rising
Municipal
Securities:•
can
Leonard Coe Scruggs
equation that
-.V-
been
The economy
variables
readily discernible:
.
monopo¬
Thus, the stock market
unusually selective, volatile
is still inhibited by the surplus
capacity built up during the 1953-57
boom? and by a very adverse population pattern
(the present rate of family formation is under
800,000 yearly vs. 1,500,000 in the early 1950's; in
addition, the economy is currently supporting an
exceptionally large - proportion of unproductive
high school and college students)..Fundamental
depressants such as these ordinarily have to cure
themselves. Hence, barring the outbreak of war,
it is likely that the economy will remain a re¬
end of the Korean War, two distinct phases in the
economy are
out, and naturally
industrial
investigation. Looking backwards to 1953 and the
•
stood
prone
ical.
given and
as
those
on
■\.-i
attention.
and investment conditions
we
years
elements.
of
?
to private bull and bear moves.
How much longer the current set of economic
A psychology ; is completely un¬
predictable. A Therefore,
this
study has no choice but to
take
1957
and
•
.contains
investor
since
now
will, be
shaped
primarily / by
two
factors:
(1) the economy and (2) in,' vestor psychology. Only one of
these
factors, - the: economy,.
•
fj"'"
lized
its-
Industrials
or
front,
Prosperity was general, hence
general; equity prices advanced on a
Housing,
State and
TELEPHONE:
the
will
and this fact has to be borne in
mind at all times?
What disturbs us about this whole affair is of a
some-,
what different
order.,:We suppose that, "whatever the
results of the present
controversy
(Continued on page 33)
U. S. Government,
of
-six months away.
The sort of stock market
who arrogate unto themselves the
prerogative of ^etermiriihg what .the ^public, interest"' is.:
But this is. an
intensely practical world in which we live,
..
end
It
principal concern,, not the level
;of
regarded and still regard as
"public responsibility.?; They doubtless resent,^ as^
do we, the notion that somehow the
operation of any
private business must* be conducted within limits im-
,-■»
and its accompanying buy list is
strictly in the direction of long-term in¬
economy
stocks.
was
contrast, during the second period (1957 to
date) investor interest has been pretty much con¬
fined to a narrow spectrum of growth and defen¬
sive issues. The last five years have been a period
of no earnings growth or even
retrogression for
most companies. Those stocks that
managed to
analysis
considerations.
resource
In
today's
Author appends a list of 35 suggested issues.
vestment
in the
TELETYPE:
is
possible state of the
| posed by politicians
'
"defense"
upside
oriented
advance "in steel
| theirreference to what they
due
a
restraints
materialize, such stocks
market.
argue about > the merits of
premises at this time, however. The water
: is over the dam and bygones had better; to left as
byAigones. Certainly we have notAthe slightest' • belief that
any "tiny handful of steel executives"' was motivated
i by
considerations of private power and profit without
the
emerging "Siege Economy" and
not
prices at this time regardless of what,the politicians did
or
might have done.
A
s.
mid-1960's prosperous economy
a
an
broad
more
Kennedy delivered so effectively.
opinions differ and will doubtless con¬
an
1953-57—a period of capital goods boom and
interest
that left them open to such an
tinue to differ about the wisdom of
1
prosperity that culminated in a sharp
of wage push-administered price inflation^
(2) 1957 to date—a period of capital goods slack
and high level business stagnation characterized
by
steadily weakening inflationary pressures.
politician
as
Section
burst
radical shift in investment selection. Imposition
a
government
"defensive,"
their
manner
—
general
'
three-phased shift into currently depressed cyclical groups
and Canadian equities. Opines that, even if
prediction does
concept of public duty, chose a
very unfortunate time to proceed with price increases,
and did
analyst postulates
running headlong into
having his way in matters that deeply con-operation of private industry than most of those
have gone before him. There are
those, of course,
say that the steel executives, right or wrong about
who
(1)
Detvar, Robertson & Pancoast, Dallas, Texas,
Members New York Stock Exchange
Texas
more
the
who
-
Sections
Siege Economy
a
'
successful in
cern
In 2
Copy
a
conformed with
to have been
seems
Cents
Hedge; Against
•
reluctance. President Kennedy's complaint is
against a
;"tiny handful of steel executives whose pursuit of private
;power and profit exceeds their sense of public respon¬
sibility." By and large and for the time being at least,
'
50
Radical Stock Portfolio Changes to
great wealth"
early New Deal leaders applied to
those who would not
Price
NEW YORK '
.1 NORTH LA SALLE ST.*
'
.
-
CHICAGO
40
Garment Industry
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA
Exchange Place, New York 5, N. T.
~
Teletype NY 1-702-3
WHitehall 4-8161
N.T.&S.A.
SAN FRANCISCO
•
*
LOS ANGELES
•
Chronicle
The Commercial and Financial
2
Like Best....
The Security I
Brokers, Dealers only
For Banks,
This
Forum
in the investment and
favoring a particular security.
of experience
years
41
than
more
.
.
Co., Chicago, Illinois
yourself to reach
,
the-Counter structure.
dyc^eoA°
of
$520
Call "HANSEATIC."
farm
million,
e(iuipment. $ f3
almost entirely
Established 1920
world.
dia n-b
over
CHICAGO
SAN FRANCISCO
Wire System
Private
B.
Irving
other
and
Write
for
Digest, and our other reports
that give you a pretty clear
Whole.
economy^
outstanding
had
The Nomura Securities Co., Ltd.
».~'v
*•<"•
,
*
•
61 Broadway, New
Telephone:
is
This
not
orders
BOwIing Green 9-2895
an
for
York 6, N. Y.
offer
any
solicitation for
or
particular securities
poorly
been
of
number
years
^
-
i1^
~in Qsn
Q
,
,
..
.
managed for a
and was not
for
processors
indus
in
Largest Manufacturer of Complete
f
Equipment for Discount Houses and
farm
more
markets
equiprapidlv
Rcvlon, Johnson & Johnson, Cannon- IVlills, Loft, Ideal Toy and
many,others.
After-tax income
f°r l9jj9* 999 amounted to
shout $44,000 and in 1961 totaled
$67,000, sn improvement of 50%U
third position
the TJ. S. and increased its share
the market
about 5%
from
the
under
iq%
M0RELAND & CO.
customers in more than 40 industries and
include such wellknown firms as Cluett Peabody,
—
seventh to probably
.
All Other Retail Stores.
605,000. ^Saies are made to 900
to
Members
Detroit
1501
company's liquidity deteriorated
to an alarming point in mid 1956.
r
Branch Office
.
ing
any
tax credits, comparing to
dition with
a
99!WALL
solvent
price
cutting
position. But, the
com-
shares from presently outstanding
convertible preferreds. Such an
earnings outlook thus makes MSE
vigorously
turned
.
to attractive.
•
J
the
of
JOHN ARNOLD MC LEOD
*
have been
the short
costlyjand unsettiing in
and their construe-
ers
.
remains
faith
not
come
dual
U.
eliminated
It
reduced
the
established
and
service
U.
$4)
—
and
U.
S.
men's
K.
centers
compensation,
bound
publication
©n
well
you
all
as
the monthly
listed
those
securities
"hard
Over-the-Counter
Write
prices
or
WILLIAM B.
to
as
find"
quotations.
call:
DANA
CO.
in
-
REctor 2-9570
_
g
i
DIgby 4-2727
reiation
to
I
U.
K., getting
diesel
motors
MSE
bought
Motors
in
$2.2
Over
this
n
than
last
a
the
I
n
the
and
a world source of
for its equipment,
this
-
25%^ of the
is close to 80%.
acquisitions,
<P
%
year.
Sales
were
over
of 40%
increase
an
for
of
^
more
CO
January
reported
the
up
same
"
4
additional
stream later
going on
1963 sales
to
total
results
than
more
Earnings for
1961
are
$3
were
ex¬
for the new food line and
share.
founded
are.
operations " this
and
year,
estimated
1963 earnings per share range be-
tween 75 cents and $1.25.
-
The common stock of J-E Plasis traded in the Over-theCounter market, and is currently
offered at about $6 a share, its
low for the year. The 1961 price
range was $12.50-$5.50. It is beally
cuts,
forms
and
ejects v a lieved that over 30% of the stock
package directly from polystyrene, is closely held. With the potential
using a minimum of manugl labor., that exists in the multi-million
Currently five machines are in dollar-Tood industrv, J-E should
operation, with four more sched-; continue to realize larse sales inuled for summer delivery.
Each creases' with accelerating profit.
tics
'
Over-the-Counter
Quotation Services
for 49 Years
National Quotation Bureau
Incorporated
Established
a
is
under
no
solicitation
circumstances
of
an
offer
to
to
be construed
buy,
any
as
an
offer to sell,
or
security referred to herein jr J
I
1913
margins." For the discerning busi46 Front Street
(This
rn
-V With four
per
share earnings for
estimated at 25-35 cents.
Because
of
the
swingabout
in
1
«
o
mmmm
•
month
Pr^ent
.1962
x
about
J-E - Plastics,
amounted to nine cents per
Standard
products it sold—today, this figure
year.
penses
J-E Plas-
1 9 49
growth
-1
|
*
§f. depressed because of start-up
been in-
tics,
in
63%
million.
dustry sales
have
1961,
year
•' exnected
qualifying
company.
million,
machines
•
: js
y
Motors,' specializing in
John Arnold McLeod
achieving full control of its manu- packaging, has
facturing operations in the U, K. out-performed
industry
growth.
and France. It built a major new J-E's sales in 1961 increased 21%
plant in France. Company closed over 1960.
three plants in the U. S. and exJ-E
Plastics
has
been
work-'
panded the Detroit facility sub- ing with the Plax Corp. in develstantially. It bought transmission oping machinery that automatic-
manufactured
future
*
*
finance
sales for 1962 should easily total
past,
Corp.ofYonk-
jvj
to
^ "The prospects for the future are
a
Plastics
ers
sales-
modernized and expanded
the German plant. In 1956, MSE
-
j
of
pany
New York 7, N. Y.
Liquid
■—-
annual sales volume of
internally.
v
Perkins
to
pects
ooinion
mv
andaxlefacilitiesinDetroit.Com25 Park Place
RejFined
$4.5 million. The company has no
creasing about
(2) Company bought the highly;; 15%. a year
will
successful
give
0nments
increasing
incentives.
This
—
Exports—Imports-—Futures
financing plans at present and ex-
.
present
and
future
devel-
number
It revised
in
the"
drastically.
and efficient
large
price
m-
dealers
and
parts
Copy
the
distribution system. It
distributors
entirely
S.
branches
in
eliminated
Company
(1)
and
(Single
able
accounts. To enumerate: ;•
yet revealed
sufficient
considered
an
company in a growth in- ~ very -bright-for
dustry that is selling at a reason-Without
including
of
article
an
are,
support
growth
run
nature
tive
(Only $45 per year) '
Raw
pany's present facilities in Yonk-
.
.
MSE five years Arldy^ Uardmi m im & c
ago is impressive, but so are the
- •
~
large number of major changesDuluth, Minnesota
■
■
made
in
subsequent
years.
As J-E Plastics Corporation
y
might be expected, these moves Today it is difficult to find
Record
STREET
SUGAR
pany.Total capitalization1 consists > of .776,263 common shares
and
options to purchase
12,500
problems lacing
Bank & Quotation
;> l f I U 't :
P.j Taylor and ColopeLW. Eric, coihmoh, ■<."how 'around'; 13,.2quite shares"are outstanding.' The com-
longer term solutions.
A
general
cataloging
IN
-
current ratio of 2.5
in
pany's problems were then evident
and the Argus group, headed by
PhiDips..
YOU WILL FIND THEM
DE 75
NEW YORK ,5, N." Y.
credits, exchange adjustments or is free of bank and long-term debt
1958 profits on the sale of assets, and and a credit line in excess of
and 1957 returned the company to-with !allowance
for* 13%
more'-$200,000 is available-to the com-
E.
»
City, Mich.
LAMB0RN & CO., Inc.
y
Drastic production cut-
and
backs
5 QUOTATIONS?!
r
'
Bay
this
In
agement.
a
Exchange
DETROIT 26, MICH.
WOodward 2-3855
$0.88 in fiscal 196-1. It seems prob- to 1 and total assets of $1,250,000
crisis, the controlling able that earnings in three to fouH/reported as of Dec. 31, 1961. Cash
stockholders,
Argus Corp., took years will be in excess of $2.00 per totaled 141,000 with current liaover and installed new
top man- share with no benefits from tax bilities of $224,000. The company
Need Hard to Find
Stock
Penobscot Building
whlyh
,
-
:
Midwest Stock Exchange
..In June of last yehr, Mr. Her-
regime. .
the basis, for
new.
(3) Establishing
bert Magnus,;!Xhairm'4n!-ypf<_.th^
prevailed improved profit margins, through; Board, resigned : because of ill
following the early postwar and integration and improvement of health. The company is now being
Korean War boom in the farm manufacturing.
guided by the well-qualified and
equipment industry. With conWe are estimating now that in extremely aggressive President,
tinued
high production, J inven- fiscal 1962. (October) M$E • will Mr. Warren Weinberg.
tories got far' too large and the ..earn $1.10-$1.40, per share exclud* J-E is in sound financial conconditions
L A. DARLING CO.
th
tnal P^nt feeding
^e -jj. S.
equipped for the highly competitive
SOLD
—
L
gfowiAg busi-'
vending machfne and
food
f
/£) Increasing its position in the
slower growing but large U
S
market
MSE has moved from
companies, addinS!
tractor line and
changing its
name
to MasseyFerguson. However, the company
picture of the Japanese
several
European
growing
is
^ar[
Harry Ferguson
an
cashi'
BOUGHT
^v5+ee^'Tempera-
cold
and
been-
demand
TYigot
the
acquired
it
1953,
In
bine.
hot
extreme
mariv* currencies^ 190,000 in 1959. Sales in 1960 were
' $1,330,000, up 12% over 1959 and
Maintaining its top position 1961 sales increased 21% to $1,-
wbere
during and just after 'World War
II with a large self-propelled com-
Monthly Stock
our
and
assets
important
in
became quite successful
company
IN JAPAN
branch offices
our
sales increased from $306,000 in
*951 to $559,000 in 1954 and $1,-
n)
Massey-Harris, the
Operating as
(Opportunities Unlimited
to
i<
u
During the past decade, J-E s
msE^ has
America, Europe
parts of the world.
....
Direct wires
| strength^ah^ elas
qf^^e?u a^ni^L1lUS
equipment pnnrhirtpd^ irf
business in North
Birmingham, Ala.
r.::v,Mobile, Ala. .vf:
.
?:
ac-
of
sales
of
has
Massey
exchanges.
long history in the farm
NY 1-1557
Hflnover 2-0700
New Orleans, La. -
'
quisitions. Cutting through the
complexity of a world business
Harris
Exchange
York 6, N. Y.
strength and e asttcity, coupled with the ability to
withstand temperatures above 180
a
earnings
have
by tax credits',
exchange adjustments, the effects
American
stock
/
Exchange
nnn
worth .of packages
ytiys
'
dition,
reported
been complicated
and
Toronto
nft
YeTy„
at an 8% annual rate. Howoperating
earnings . have
shown little improvement, In ad-
the
on
,
t
9',
ever,
trading
and
nnn
grown
outstanding
'
•.
.
Stock
American
-
t
..
to handle retail
company t0*ancfle
New
19 Rector St., New
—
Son
During these transition years,
worldwide
sales.■ have
shares
■
Stock
York
Members
Members
,
MSE's
has
12,000,-
000
•
Steiner, Rouse & Co.
—>■
,
controls? have^been
comnanv
nane?
d
a s e
actively
Nationwide
finance
a
company
5
Teletype NY 1-40
•
rest
T h is Ca n a-
Associate Member
American Stock Exchange
•
Jbn^ nold
Co., Duluth, Minnesota.
(Page 2) ■y,. ..
greatly
strengthened.
In North
America, the company has set up
of
19%
the
CORPORATION
■
■
Louisiana Securities
B.
gins &
centralized market basis. Cost and
>
i
Bought—Sold—Quoted
Company'
Management strucr
has been realigned on a de-
inventory
.
_
„
within the company and
ture
America, 45%
Europe and
Hanseatic
BOSTON
T
outside.
from
North
3 6 %
NEW YORK
PHILADELPHIA
company
agement, with new people coming
from
equip-
ment,
divide
approximately
WOrth 4-2300
its
.
,
•
Harris, Resident Partner, Robert
J.
Levy
& Co., Chicago, 111.
ucts, a program that continues. ?'
Massey-Ferguson Today-ranks- as-. ~
There has been practically
one
of the-world s largest pro- a
complete turnover in top man-
Over-
120 Broadway, New York
today.
Ltd.—Irving
Massey-Ferguson
has added related industrial prod-
Massey-Ferguson Limited
_
vast
of the
ment
market
each
in
>
; (Page 2)
yveL.Ja full line
& P™ it is
so that
Resident Parmer, Robert
broad markets in any seg¬
Alabama &
Their Selections
broadened
Company
(3)
IRVING B. HARRIS
.
"
helping buyers and sellers
Week's
Participants and
advisory field from all sections of the country
participate and give their reasons for
offer
like
Thursday, April 19, 1962
.
j
which, each week, a different group of experts
A continuous forum in
"41 Bid"
We
.
(1862)
ufative"short-"along^^rmPap"
CHICAGO
New York 4, N.
SAN
Y.
FRANCISCO
Volume
195
Number
6152
.
.
The Commercial and Financial Chronicle
.
(1863)'
3
CONTENTS
*
.*
4
Today and Tomorrow J
Contributors
to
^
position
present
of
and offer
economy
CHRONICLE'S Symposium discuss the
the
the
Electronics
Industry
the
in
nation's
v
*
evaluating what's ahead for the country's fastest growing industry.
.
?
■
Si
>* ■
v
./
s
J
v
The
outlook-.for electronics across its broad front for
growth—from 5% to 15%—depend-,
ing on the segment of the industry.
This, however, is
Easter
_„__Cover
unusual.
:
*
just., in
last
the
;
10
Rebound—Ira
U.
—--Nicholas
national
future
A
of
:
fast
as
^
has the total
as
output.;- Tjhe. longer "f run
as
promising.
\
-
looks
continuation
of
annual
the
;
5%
the
of
Somewhat
total,..
:
;;
Military and
to
be
jectives.
of
.
increase
increased
color
32
KING'S DEPT.
STORES
pictures in this
last; is
in
of
Major
exception.
no
KELLY GIRL SERVICE
issue
and
J.F.Reilly&Co.,Inc.
39
Regular Features
products
'J
Bank
being
test,-
measuring
'The:/outlook ;forythese
the
aggregate amount to
Communications
i.?
simpler
over
very
■
y
?
use
Satellite
of satellites
Plan.
as
beyond
>
1962. " One word of
is
virtually, certain*"
NSTA
caution
is
in
The amount of hardware required for such a
one
Our
negligible.
The
system of
-
segment of the industry that is
At
a
level
of
components business itself is
For the .future, and
a
even
developments in molecular,
or
$3
billion
very
a
more
year,
conventional
these
as
1962,
components.:.
»
-
Utility
Securities
Security
if.l-l -7.-
new
,
on
/,
"
f
page
*Column
not
BROAD
Albany
Nashville
Boston
Newark
TELETYPE NY 1-5
St. Louis
'
54
Los Angeles
San Francisco
-
Washington
Glens Falls
Worcester
-
2
Corner
♦
< ■
Twice
FINANCIAL
•»
.
25
.'
V ;
\
,.2-.'"
;....
'
.
"•
:
;
'•
(The)
.
,
9
D.
Mackey
E. F. MacDonald
6
56
this week.
Weekly
i
'
Copyright 1962 by William B. Dana
U.
REctor
CLAUDE D.
J.
Reentered
Office
Patent
S.
COMPANY, Publishers
to
Subscription
.9576
Subscriptions
Possessions
SEIBERT, President
SEIBERT,
19,
Union,
Treasurer
$72.00
corporation
and
Other
Chicago
city
Office:
3,
111.
news,
135
news,
bank clearings,
etc.).
South
matter
Febru¬
Members
States,
U.
S.
Pan-American
of
year;
per
$68.00
per
Rates
United
per
in
year;
Other countries,
Dominion
of
K V. FRANKEL A CO.
year.
INCORPORATED
1962
Every Thursday (general news and ad¬
vertising issue) and every Monday (com¬
plete statistical issue — market quotation
state
in
and
$65.00
Canada,
Editor
MORRISSEY,
second-class
as
ary
25,
1942, at the post office at New
York, N. Y., under the Act of March 8, 1879.
New York 7, N. Y.
2-9570
DANA
GEORGE
,
Company
CHRONICLE
DANA
B.
Park Place,
records,
Schenectady
Cleveland
Philadelphia
27
2
The COMMERCIAL and
WILLIAM
Exchange
Chicago
Y.
;■Teletype NY 1-1825 & 1-4844
20
ST., NEW YORK 4, N. Y,:,,
TELEPHONE HAnover 2-4300
inc.
40 Exchange Place, N.
36
Offerings,,
available
Thursday, April
25
mackie,
.
,
1868
Stock
^
Washington and You
Spencer Trask & Co.
York
:
14
2 Tax-Exempt Bond Market—Donald
25
New
&
HA 2-9000
Direct Wires to
Registration,
Security
i-
Reg.
Members
Singer, Bean
4
gradually
.
request.
t:t
PREFERRED STOCKS
Founded
in
Salesman's
r-, ;
WILLIAM
^
'
56
May
Securities,,
Now
Published
specialized in
__1
State of Trade and Industry
the present forms
Continued
For many years we
.
18
Governments,
on
on
the
A substantial
techniques
many of
Wilfred
*Prospectus
•
.
Security I Like Best (The)
integrated, circuitry are
new
eliminate,
•' >/
'
1
2.
—
A
portion of the electronics components industry will be
substitute for, and
Reporter
Prospective
respectable indus¬
beginning in
the most important phenomena to watch.
profoundly affected
t
Notes
.Public
gain in component business of 6% to 10% is also antici¬
1962.
4
will
users
logically called "Electronics" is that of components.
for
....
^
Chicago
the major benefits, not the industry.
Finally, the
■
35
^
j.;
Electronic Int'l Cap. Ltd.
*
:=
order
-
is
.
16
Observations—A.
here, however, with respect to the electronics industry.
communications
Bargeron^.,,
•
News About Banks and Bankers,
profound effect in the
a
• -
Funds-2
part of the communications, i
a
'
>•
.
17
Mutual
Dorset Electronic Lab.
11
'•~
important devel-.
one
It
<
.p. and You (The)—Wallace ,Streete_
•
Espey Electronics
-
&
From Washington Ahead of the
News—Carlisle
-'Market
55
Inflation"
-7
v.'.T~
■
-.■■■,
Indications of Current Business
Activity
'.V*'..'
/..T
r'[ ^-r'^ ~
v:
i
••
products
Unishops, Inc.*
•
.
'
Recommendations,
p-f
$800 million- of
■
32
>?v-v:a; V'p'.\
v-.;:
Investment
.2;,;r2
}p
;
ig
Einzig: J'British Budget Foreshadows
_
■V-
further gain this
a
Stocks
4
.
#
Dealer-Broker
control
and
__Cover
Coming Events in the Investment Field^.,.^,,^
y
:
systems of the future will have
1
Insurance
2
Businessman's Bookshelf
consider¬
by less sophisticated "but
met
the field of communications,
pated
and
1
this segment,
of
opment for observation during 1962 is that of the Telstar >
satellite
'
DIgby 4-4970
factory sales value per year, is for
years
Broadway, New York S
'
As We See It (Editorial),
,
year'and well into the future.
that the
appear
u:.
.
control
single-. function
equipment.
In
Dinner
/
devices, and various .forms- of
communication equipment.
In industrial
market
in
Annual
Association
J
.
the
electronic process control systems conceals the
which
30th
Traders
in Section Two of
today's issue.
electronics, the popular image of fully automatic
effective
Bond
the
y v;
undertaking, as a > >
giving greater attentionZ
program
a
at
'
tangible
posture and
taken
warfare capabilities.
measuring
laboratory
able
Toronto
-
computers and ancillary equipment, both for busi¬
data processing and automatic control systems, .test,
control
photos
of. the
;;
In ..-the commercial and industrial aspects ofy electronics, growth for many years confidently can be pre*
dieted.
This year, with possibly a. 10% growth over
have
'
23
u.
UNISHOPS, INC.
Candid
y
of
COMPANY, INC.
and. y
television
product .output-for
will also result from the new evalua-
defense
policy,
limited
try.
THE TAYLOR WINE
Centennial of Dual Banking to Be
Celebrated in 1963
•
space
purposes
our
national
reap
BRANDS, INC.
15
larger'
$9.5
An
military
-
4-6551
are
electronics output for 1962 is esti¬
billion; by some estimates $2 billion
ahead of that for 1961.r ;A substantial portion of this.
growth is in stepped-up research, development and engineering projects for both new military and space ob-
mated
ness
>
NEW' YORK
WHitehall
1
i-'.
Sproul_________l___-
—Allan
■
are
"21"
:
Economic Growth and Our Payments'
Balance Problem
i.
STREET,
field.
ment
to
" V'l!' t.*
'
J
<
%
it.
5
/.
;.t- •/ 4
before
said
.
from
tion
•'
Depressed Stocks and Stock
Averages—Roger W. Babson,,,_
products sales—some of these outside the entertain¬
new
*" > ••••';.
v
,
Roy L. Ash
'
pr—Robert W. Galvin.i
imports of con- ; "
sumer electronics products— chiefly
j.
radios, phonographs, record players •
•;and tape recorders. All in ah. a f^br:';.'
-degree of stability is in sight, with
•
continued ' modest; ; growth, " mostly*
:
increasing,
S
v
*
"product will remain small—less than
and
'
rate
billion sales is
expected in the consumer electronics
market.
The export element of this
$2.7
-
■
-'J '•'« *
it
-;4
:
Socialization of Patents Threat to All Industries
~■
approximate
*■'"*
■
WALL
Telephone:
5
'
movie
Obsolete Securities Dept.
4
Reitenbach.
>
knew
the
3
Cobleigh-.
''
\ creased twice
prospects)
Electronics Distributors for Investment Growth
V-
has .in- >
years
We
1962—Harriet Seibert-
Electronic
For in the last 25 years, electronic output
has > increased
over
30
times, and
and future
(Industry leaders
99
1962 is for continued
not
discuss current position
vi
:
r4:::..'
FALL
DOWN
ash
President, Litton Industries, Inc.
Siege
a
Economy—Leonard Coe Scruggs,:
Electronics Industry: Today and Tomorrow
roy l.
COMPANY
ALL
Radical Stock Portfolios
Changes to Hedge Against
.
guidelines for
some
AND
Page
'-1..
.
forecast of future-trends. These especially
a
prepared articles should afford the reader
LlCHTtllSTEIIl
Articles and News
,
•
La
•_
Salle
(Telephone STate
St.*
2-0613y.
Other
Bank
$45.00
and
Note—On
the
rate
foreign
must
be
Quotation
year.
per
Publications
Record
(Foreign
39
Monthly,
Postage extra).
account of the
fluctuations
of
in
New
York
funds.
WHitehall
3-6633
In
exchange,
remittances
for
subscriptions and
advertisements
made
BROADWAY, NEW YORK 6
—
Teletype NY 1-4040 &
1-3540
The Commercial and Financial Chronicle
(1864)
4
OBSERVATIONS..
of
THE STEEL INVESTOR
Highlighting
SIVE.
Whatever
In
is ahead.
already au¬
squeeze
1962 completion of
have ments of facilities will require
may
the investing
public. For, among the millions of
words written and spoken in react¬
ing to the impact of the Steel Cor¬
poration's performance in the areas
of public relations, politics, union¬
ism, national security, "greed,"
etc.,
vitally important implica¬
by
in
a
tions in the investment area have
grossly
been
disregarded.
(As
York Times colum¬
nist Arthur Krock, a convention
noted by New
accountants
of
was
the
proper
the
of growth needed to as¬
prosperity and reasonably
employment")
is virtually
endorsing
the
Administration's
net income declined in the 1957-
from
interval,
1961
$
$122 million; in the face of
$627 million spent on "capital ad¬
ditions," improvements, and ac¬
quisitions. But, unlike U. S. Steel
and some of its other competitors,
Inland,
as
without
made
were
forefront
of
such
ac¬
any
is
This
particularly true of moderniza¬
tion
capital expenditures.
which
absorbs
over
debt
in
half
of
1956
exploded by the relevant record
in the steel industry.
the
tween
"Unaligned"
be¬
correlation,
inverse
Sharp
Financial Picture of the
of
course
and
income
the stock market's
price, giving
Kaiser
Steel, which remained the
optionees an independent mar¬
"unaligned" with U. S. Steel last ket
flyer midst stockholder dilu¬
week did so despite a profit and
tion, is exemplified by U. S. Steel's
financing squeeze. From 1956-1961 actual record over the
past decade.
$240 million has been spent on
From January 1, 1961 through
property, plant, and equipment; Feb.
1, 1962, when the market
and long-term debt has been in¬
price ranged between $71% and
creased from $118 million to $237
$91V4, existing options by officers
million; but net earnings fell by and other
employees to buy 80,095
28%. Capital expenditures in 1962 shares were exercised. These
op¬
are being accelerated, the company
tions had been granted, to officers
and
.
other
employes
five
at
and
pe¬
at
which
ranged from a low of $18.50 in
1953 to a high of $55 in both 1956
Net income in 1961 compared and; 1958.
As summarized in the following
with 1955 actually scored an in¬
crease while capital expenditures
table, during each of the optiontotaled
about
$480 million, and holding intervals to date in all
real and profitable
be valued by the
riods
the
between
1951
market
current
1958,
prices
growth should
investor more
highly than those in a business
which requires their devotion to
debt
more
than of which substantial market rises
competitive modernization. This Ion g-t erm
occurred, they were accompanied
is particularly true in periods of doubled.
by large drops in earnings, rang¬
inflation, when the inefficiency
Financing Modernization
ing from a high of $7.54 in 1953
of the permitted depreciation al¬
The financing, with compensa¬ to the low of
$3.04 per share re¬
lowances Is aggravated.
tion for insufficient cash flow of
ported for 1961.
The
Treadmill
of U. S. Steel clearly demonstrates
the
tread-mill
process—now fur¬
aggravated by the evidenced
government-imposed lid on sell¬
ing prices. Since 1957 its longterm debt has increased from $216
million to $423 million in 1960,
and to $893 million at the 1961
year-end; with expenditures for
plant and equipment totalling $2.1
ther
billion
val.
over
the
1957-1961
usual
the
Record
The statistical long-term record
inter¬
The reported
earnings, how¬
ever, during this period fell from
$419 million in 1957 to $190 mil¬
in 1961, the profits decline
being interrupted only in 1960.
lion
"defensive
growth"
ordinarily can be readily
accomplished without difficulty,
company
cgnized,
though
-Period*
1951
300%
50%
1953
338
59
70
53
stock offering
view
highly publicized
the
now
so
U. S. Steel, there may
difficulty in financing
squeeze on
well
be
common
*The
stated
Mr.
through
more
Thus,
titude
social
the
already beset by a mul¬
of so many political and
factors,
the
investor
where
tomb
He had
This year, I think, Easter means more than ever be¬
In these troubled days more and more people are
turning to religion realizing that a power greater than
their own is needed to gain strength and stability when
there are so many world problems to be faced.
Everyone
of us should pray fervently that our own decisions and
those of our Government will help to bring about peaceful
relationships with other nations.
Furthermore, I believe that the orbital flight of Col.
John
has
Glenn
strength to our religious
were raised for his safe
return than at almost any other time in history.
Radio
and television commentators who ordinarily do not seem
moved by spiritual ehiotions were witness to this fact.
The very exactness with which the time of his flight
around the earth could be determined within only a few
faith.
Probably
given added
more
indicates
seconds
an
prayers
of
the
of
range
Jan.
purchase,
data
Universe
the
orderliness. within
accomplish miracles when working in
accordancewitKGod's laws, Butipost of ;^ tl^; faith of
Col. Glenn himself, a religion of everyday life—-hot one
used just in times of great extremity is to be noted. Out¬
standing was the fact that prayers, formed a prominent
wherein
men, can
part in all the ceremonies in his honor,
Central in the observance of Easter stands Jesus
Him¬
"the highest, holiest manhood"
It is easy to believe that a life
like that could not end with its earthly existence.
Fur¬
thermore, to all He gives the promise of life everlasting.
"Because I live " He said to His first disciples, "Ye shall
self.
To all He represents
the world has ever known.
How blessed for those who
mourn
is the cer¬
God
as a
Father whose immeasurable love stretches out to
Of such
a
God
can
we
say
with Tennyson:
37
collated
during
J%1
He thinks he
1,
statement,
Reports and proxy
Statistical Services.
was
he knows not why,
die;
not made to
And Thou has made
company's
from
Annual
funded debt.
fore.
1,
Feb.
the
lives.
own
"Thou madest man,
price
period
Calculated
ence), but there is no doubt room
for
have felt in their
all mankind.
50
,
46
mean
with the
from
tainty that they shall see again those they "have loved
long since and lost a while." Constantly Jesus spoke of
Period
46
1958
stock (in line
misgivings expressed by
Blough at his press confer¬
through
Jesus
placed after His crucifixion three days before. The
joy of the first disciples knew no bounds on learning that
their beloved Master was still alive.
They had followed
Him gladly before, but they were now so eager to spread
the: news of the Jiving Christ that they were willing to
endure hardship, even martyrdom in proclaiming His mes¬
sage of love and good will for all. The joy of those early
apostles is reflected in the faces of all true Christian wor¬
shippers. There is a radiance that comes from the cer¬
tainty of a living Christ whose presence and power they
Exercise
Granted
a
of
been
live also."
Decline to
Rise to
Exercise
funded debt. However, in
of
% Earnings
■% Market
Year
since the "defensiveness" is unrec-
or
-
the resurrection
j
effort, is again
stick of managerial
or
capital spending total. Actu¬
ally they result, treadmill like, in
barely retaining the existing level
of earnings instead of achieving a
proportionate increase. Such out¬
lays the investor should charge, at
least
mentally^'&'ghih^t
■' re¬ discloses.
ported current income figures in¬
Th6 financial record of Inland,
stead of considering them capital
the chief recalcitrant against last
assets.' '
:*'week's
price
raising move, is
Furthermore, the earnings of a
unique.
business that are usable for its
the
Option Aspects
premise that the course of
the market price of a company's
stock reflects changes in earnings
which are relied on as the yard¬
ne¬
by even the experts, of the fre¬
quently defensive nature of socalled
increase
Again the joyous season of Easterns at hand. Everywhere
hymns of gladness will fill the air and messages of hope
and triumph will resound/: For Christians this celebrates
$ .■■.■■■; $
The
outlays
capital
these
at his press conference, Mr.
query
preferred stock.
the
us
million Blough agreed on its possibility.)
$199
to
companying
In
rate
sure
full
a
place for Blough's explanation of
glected items is the fact-of-investment-life, commonly unrealized
achieve
and to
world markets
proposal for a tax rebate geared
to plant and modernization
out¬
substantial profit
decline, it has escaped a financing lays, along with possible acceler¬
ated
depreciation, which would
squeeze.. Perhaps the latter con¬
the
cash
flow needed
tributed
to
its
backing
away increase
from a price rise. But here too therefor. (In reply to this writer's
experienced
the
price rise.)
the success of
competitive
largest producer, has also
second
EASTER 1962
.y J
efforts to remain
our
'
sition) last week, they presumably
did not include precaution against
Subsidy
vital to
dustry is
prompted the presence of plain further;outlay, of $300 million.
clothes?' security" nieri' - At% U.; 'S.fc
vThe Bethlehem Picture
Steel
Chairman
Blough's cele¬
brated news conference (or inqui¬
While Bethlehem, the industry's
demonstration
A::...;,. > ^
Incidentally, Mr., Blough, in
stressing the indispensability of
stepping-up plant, and equipment
modernization;: ("m o r e
r a p i d
equipment modernization by in¬
thorized additions to and replace¬
reasons
OFFEN-
or
:
Tax'
this
of
nature
that
is,
—
v
ON THE "DEFENSIVE"
More
Common
a
Pitfall
outlays
whether DEFENSIVE
•
WILFRED MAY
BY A.
capital
Thursday, April 19, 1962
the
analyzing,
of
sibility
.
him; Thou art just."
and
—HARRIET SEIBERT
Thus, the option is once more
revealed
must
in
additionally shoulder the respon-
as
a
ticket to
a
free ride
the stock market.
on
Blyth & Co. Names
>t
SixV.-Ps.
'
■.■'.i.i./ r
York
Loring
James
1870
T.
A.
m
.
Japanese Securities
Blyth & Co., Inc., 14 Wall Street,
New
11
City,
has
elected
Briggs, John H. Leib,
Sanford, Raymond A.
Johnson, Edward J. O'Rourk and
George
T.
of the firm.
their
All will make
headquarters
York office with the
Correspondents inprincipal cities
Mr.
Los
throughout the United States and Canada
Vice-Presi¬
Stewart,
dents
Johnson
who
in the Newexception of
is
located
YAMAICHI SECURITIES COMPANY
in
of NEW YORK, INC.
Angeles and Mr. Sanford who
his
headquarters in San
makes
Francisco.
UNDERWRITERS AND DISTRIBUTORS
Brokers and Investment Bankers
Cecil Warren With
OF INVESTMENT SECURITIES
Perkins & Co.
Dominick
;
&
DALLAS, Texas—Cecil W.
Dominick
ren
has
Perkins
Members New York, American & Toronto Stock Exchanges
become
&
Co.,
Affiliate of
Inc.,
with
•
NEW YORK
Mercantile
dent and manager of the
syndicate
Mr. Warren was for¬
department.
merly with Glore,
.
TOKYO, JAPAN
Securities Building, a Vice-Presis
14 WALL STREET
YAMAICHI SECURITIES CO., LTD.
War¬
associated
Forgan &
Co.
V
111
BROADWAY, NEW YORK 8
1-
-
,
COrtlandt 7-5900
Volume
195
Number 6152
.
.
The Commercial and
.
Financial Chronicle
(1865)
as
Electronic Rebound
entry.
risen
the substantial
on
areas in which
price erosion among electronic
are
sales
an
20%
is
to
wait till
an
1965.
a
companies
offering the best potentials for a
"comeback." ■>;-//I
.
current
your
.
been
ueen
pieiny:
plenty!
Take
idKe
the
In
m
Texas
xexas
bellwether
rnndnr»fnrc
earnings
not
Was
and
ana
Bigger units
share
snaie,
with
wim
carried
carnea
at
up
the
me
180y4.
at
year
1 predicted
tpreaiciea
wound
stock
siock
A
TXN to 2063/^
iajn to 2Ub*/4
are
rPoPatv>h
19fil>
lot
a
of
do
not
where
in
in
the
y
Instruments
company
had
the
on
General
/Microwave
Hewlett
Packard"
lins
.
seems
to be
hnvers
current.lv
L
Col-'
Sp'SS
value,? sirice
May :of I960, and
undergone sharp downward
have
revisions
in
their price/earnings'
Thus, we - - can docua
heavy market pounding
fueled by the recession of
appraisals.
ment
here,
1960/61,
reductions in net
sharp
revenues
(or
^
losses), and
glamor, sponsor-
of
ship
and support.
market
l r
;
/Evidence
So
we've
reannraisal"
list
of
an
irv
SO
i
the
hnd witnessed
tio/s
Upturn
ang
haH
-^-tteLThnnfhey
drastic that
no
ugher'price quotations..
/
eleetronie^
revalua-
thlre?shbuld
logically exist today, some genuine bargains, particularly among
ment > have
been
tributor
ucts
turers.
"Our
a
up
cline
the
who
as
re-
ana-
sales
come
stock
the
electronics industry, many investors have turned to the common
equity
of
electronics
Electronic
distributors.
*ot
necessarily-.,.the ■ issues that
bave takervthe, worst price beatbut .the ones showing j,ne
strongest^ earnings ^uptrends.
interesting fomnanips
^
-
interestmg,upmpantes
too,
•
should
be
v
said about the distributors. They
have
problems of product
no
the
extent
parts
distribu-
years,:
this
company
the
is
past
now
participate in the attendant
these
ahead'microwaves, capacitors, ket buoyancy.
tranisistors,'diodes and rectifiers^ - ; ^
^
end?i ' '
28, 1963), sh°uld be at a feeord level of $90 million -or more,
those^ companies _wbosq /
j
may
^
,
'
■
w
l£\
,
,
Form J' Angel Co.
Angel
formed
&
one
,
has
at
■.
been
214
Inc.
Co.,
with 'offices
West
f
manufacturer at
a
given time,
name
picture
by
much
a
less
manufacturers
extensive
ciicmivc
sales
cannot
Wi„Morganiza-
sa.eo
u.
the warranty by the distributor
safeguard
a
liable
in
purchasing
Components'-
Because
of
-
as
re-
/,
the
has
as
been freed from
large an inventory
previously and has
more
aVailable for research
opment
and
also
and
cash
devel-
exoansion.
/
,
Small
vs.
Electronic
business
become
many
more
Large
distributing
will
continue
to
as
a
grow,
competitive, and in
respects,
it
will
become
specialized. Mergers, buymore
outS) public stock offerings, and
private financing deals are going
The tyIHcal industrial or mcU- on continually. These factors add
iLslnes- with the distributor be- "P
3 gr6a
confusi n
b^^ u®
FeSonably predSab^
not only to the average mvestor»
;tstarted-....tp -,head,v .tUpwajd^®*13^?-m- .a St., JST^w Yor^ City,to^gago. with a single order, with fast
securities business., Officers
the
distributor's
?
again.- Before we probe for these, against around $0.40 for 1961. Ac- are^ Josef Angel,; President/ and
? T,.
however, we should pause toTiote'-,cordlng^'vG?e h.bT
Instrument Trensurer,' and Leon .Shiffman, warehouse, at a' price usually
V that the entire statistics of .the- common, ai 19 /if-*down from a yice-president^^ and
equal to the manufacturer's price.
Secretary. %
industry have substantially 1m- 1961 highf of 55, looks interesting. / g , ' "
' •
;
?
nave,.
Brand
Also, smaller electronic
facturer,
Trailp
one manufacturer to another, since few companies make
all the parts necessary for their
own finished products. There are
many
equipment manufacturers
who require parts from numerous
different parts manufacturers, but
not very many - parts from any
mar-
of
well
manufac¬
tions, whereas a good distributor
can
supply broader, lower-cost
selling and more intensive coverage
of
specific markets. Many
customers
care
primarily about
ag
some
recross
an
small
identification
selling
component
to from
740 this year, then
electronics shares
to
t
The electronic parts distributor
supplier of components
which the "yo-yo"- price of steel
will
affect
market
confidence,
six
< mW
serves as a
Along these lines, we'suggest a
look at General Instrument Corp. but if the D.-J. Average is destined
in
item.
an
product
Hisltri^toimaintaining
Especially Small Manufacturers
re-
search or obsolescence—they just
merchandise the hardware.
Nobody knows
to
distributor/ the
solescence risfe characterized by electronics parts maker,, as well
producers of component parts.,as the finished equipment rnanu-
off,
; >
inven¬
distributor puts it,
care
little as to
one
made
a
afford
drop. In order to partici-
stock
aid
component
As
believe."
Nicholas Reitenbaeh
pate in the future growth of the
be
price
dis¬
than manufacturers will have
you
invariably
favor
more
a
customers
tor's
earnings
causes
on
a
customer enters into the distribu¬
de¬
in
and
paying
take
»
companys
sieeve
by
most items with
on
valuable
electronic
prod¬
are
to
extremely
obso¬
new
protected
are
The electronics distributor is
sieeve, tnere
to
and
proper
tory.
naPlJen?'
■
to
-
^
applying
good customer service, and
protection will encourage
provide that ex-uMotorola, Zenith and Magnavox, tors have the advantage of being
pa^ion in earning power which .Here, quality of product and su- able to do business without the
^ .the most reliable propellant of periority of research and develop- high development cost and ob-
'RU1"ld®au;ab?u^1
selec-^consistently.
;
10fs at this time would, be to seek - >A kind word,
when
industry,
haVe be.en huiJ by £°th Price and inventory. This is
te?"and
Wh°SC beCaUse manufacturersstocked the
want for
distributor to be well
only
suiting
seem -
electronics
C°mpameS
ha opens
at
new
Selections
in
techniques."
lete, and when
•
equities
respected
1
on
comes
;
Pr®s.e"tjy
the
profits
p/VdTc fte-
In the consumer field, the most
were
'>art0n;7;nrf diversified and has moved strongly
nrice
auv
niot
By. acquisitions
.
Assorted
}ysts
a year aga; and that certain com~
actual
loss
"
handsome
occasion-
?£
aggres-
Avnet
attracting
c^nWy-
reap
of
product.
As
Avnei,. ai
that the price-readjustment IT&T, Litton( which has just
'Associates/:
Hoffman
sociates, to name a few, all have
dipped 50% or, more irx^market
:
27»
^So lnten^tional -Panies"-can<bOW
Radio
Redsta^ce''
Ling
and
can
growth
LU1U
™
electronics has Jaeen adequate, out with a , pew 3/•> • convert,
excessivc^^at.-.-the overBll available at par), and a consensus
Temeo, / §r??p.?c!is ^
are faV90e is Radio Corp. common.
plenty
down-side.
Instruments,
Ampex,
Bendix,
merger-minded
was
*
based
one
mis-
was a "hot issue." ' Among the big companies,
now
Texas
Ko
and
maior dis-
y merger mlnafa-
today are' financially
-competitively sturdier than
they were, in early 1961, when.-
short years ago.
-
ol
future
Distributors
"Jfurf
as.semDlies. Avn^us a major ais
eivelv
area
the
manufacturers
bet-
a net
for this
in
obtainable
of this segment of the
industry are pro¬
investment- selection criteria,
Analyst • writer
represents "a well diversified vehicle for
Although the electronics industry
connectors;
a
as
selection
transform-
is
opportunities
are
*v
assemDies ana
Avnet
investment
has grown rapidly in the. past,
are
demand
in
investor
an
•
assembles
*•
rectifiers
-
assemblies
and
p.
elecbonic
Net
UCinaiiQ ill IIUS
computers, TV and radio
and
-
T
strong
111
'
..There is considerable evidence
of
jn
ware
surviving
one-third of its quotation just two
y
caoacitors
nnnl
companies
31—less'than any
•
a
Avnet
the
par-
ticipating
foerge,
closely
nnrl
cost-cutting
and
i
-
l9bi,
support foi such valuation. The
at
Even
cooperating
marketing
beTt_ tiehtenincr
•
well
as
concludes this
against $0.74
•
electrical
taienrs. ihere has, been, gen- tnbutor for
,
erally,
.
*
*
of
unaware
description and statistics
vided
amounted
around $0 80
vear
j- 7.
■?
distributes
torpp
ing their engineering and scientifio talents There" has been
gen
the
me
net
& Co.,
City
supplied the information they may
lack about this small but vital
part of the electronics industry. Brief
would expect
we
share of
E
fiscal
nrnHnpt
product
<?alp<?
68*4
Current profit margins
*5sea£cp>^marketing, and in pool- S1iery
per
but earnings provided too meager
ls^oweavaUable
companies
many
hope
in Mav
in May
Investors
electronic parts distributors
coverage, and and distributes transistors, diodes,
.
5much
of
larfpr
a
small
_mucn
closing
Closing
burst
more
earlier
year
Der
support a iaigei sales toice,
W15 wider market
reduce
overhead.
tunes
$3.91
a
facilities,
nnmnlpfpcomplete'
mnrp
to
to only $0.65 a share
too
afford'-
can
extensive R and D
ci,nno-t
distribution
York
Chair-
sales for year ended June 30, 1961,
were at a high of $191/4 million,
.,but
investor
]\ve^
($3.59). The prom
performed 111 19b0,
earnings
earnings
higher)
Jr.,
knd
1961, between Ws
Mergers
nrovidp
provide
semi-
71.4
:
I Trend Toward
mcre
Mav 199U, TXN sold at 256 Va
ivmy 1960 1XJN sold at 25b l/4,
1959
lSe
in-
is the trend toward mergers in the
insiruInstru-
in
of
to
Important to the
.
-
gaudy P/E ratio
a
i,
<J1
ments,
expected
are
1970.
mSe Irosfon'there"''has
pi ice
erosion
tnere has
Ket.
ket
Wilson,
Civilian
8% : this ^ear> and rise
i0o% above 1961, to $4 billion, in
toward
gaze
R.
New
,
If that technique for gleaning
capital gains appeals to you, then
its
logical to suggest that you
direct
By Nicholas Reitenbaeh, Analyst, S. D. Fuller
(ended Now 30) Avco reported a
of $1.24 per share. For 1962,
crease
Hit Maiketwise
For fiscal 1961
year.
-
electronics
ua
T,
Investment Growth
have
more
,
the
among
1957,
rate of
demand,: too, is in man, , has predicted a per share
long-term upswing, activated net of between $1.45 and $1.50.
importantly* > by the- NASA pro- Avco now pays a $0.70 dividend,gram, .-".which
has
expanded
its and seems to be winning a lot of
budget from $840 million in. fis- friends in market board rooms. 4
cal 1961, to $3.8 billion for fiscal / Avnet
Electronics.. Corp.
has
1963. Factory sales of consumer been
Quite volatile, "ranging, in
in-
dustry, has been pounded unmercifully,- and then prudently ,and
cautiously.to make selective share
purchases
since
average
a
Kendrick
One method of successful market
speculation
Electronics Distributors for
net
possibility "
a
Its
at
than
improvements in earnings and market
quotations
an
Avfco Corp. is another animated
,
Current comment
solid value, with
attractive growth rate of upwards
of 10% annually.
By Dr. -Ira U. Cobleigh, Enterprise Economist
shares, and the
pretty
a
5
........
*
but also to many small distribu—.
.
tors.
..
.
Distributors
are
warned
of
.
staying too small, and yet,: experts
.
proved; For example1, the. demand;./• Sprag'ue Electric has a favorable ;
for military electronic equipment,"'look; even
though it has advanced :
which flagged1 last
year,1 is ae- sharply from its 1961" low of 53.
;
-
^
~i—
"•
:
—
•3 tually
in. a / powerful long-term "Spragile is Renowned for'the qua!- > -«
/ uptrend. Demand has risen at the 'Uty and precision of ; its products
/
rate of about 20%
a
year since
and is a leader In capacitors and
rl946. The military budget1 for 1963*.resistors; For
;Sprague>T96T was '
is
$52.7
billion, of which 12% is
for:* military
elec-
earmarked
Continued
■
Blyth£.Co, Inc.
'banner year. This year should'
be still better and result In a 1.0% /
a
"f/V
ANNOUNCES THE OPENING OF A
-.J.
■j-;,1,
,
-wrfYr
United-States
■
-
r'-*'
•;
'
We
are
•
k:
'
.
.
.
announce
that
>
UNDER THE MANAGEMENT OF
U.S.A. Retired
James
has been elected
a
Vice President
VICE
G. Wilson
PRESIDENT
NEW
DIRECT
.
Hill, Thompson & Co., Inc.
70 WALL
4
■
v"
Securities
Department
pleased to
Col/David C. Wallace
.
Government
•
STREET, NEW YORK 5, N. Y.
;
....
APRIL 16,
1962/
i
,1
•
.v!
YORK
TELEPHONE
TELETYPE
•
•
RECTOR
NY
1-728
2-9610
on page
19
The Commercial and
6
Financial Chronicle
.Thursday, April 19, 1962
.
(1866)
yield from 1.40% in 1963 to 3.20% Harriman, Ripley & Co., First
in 1997. The last five maturities Boston Corp. and Kidder, Peabody
technical factors are altered.
Were not reoffered. Today's bal- & Co. The bid was 98.015 for a
The
calendar
for
the
month ance is $2,670,000.
variety of coupons setting the anahead
now
totals
about; $700,The best bid for $26,430,000 nual net interest cost at 3.1725%..
satisfactorily sustainable- in. the
future as economic, political and
TAX-EXEMPT BOND MARKET
By DONALD D.
MACKEY,
°22'02°n'nThi? .t0«aT1„- '"—J
State
$95,000,000
The market -level for tax-exempt
bonds has changed but
little since
reporting. However, the tendency toward lower yields has
inexcrably
continued
and
the
Commercial and. Financial Chron-
last
municipal
lias averaged
tele's 20-year state and
bond
yield
against 3.034%
as
This represents a
improvement
of
little
than one-eighth of a point
week
a
Index
3.023%
at
out
ago.
market
more
the lengthy
period of rise and its steady persistence
since
December
early
combine to almost certainly forethe
for
tell
at least the
ket's
seem
higher
even
an
but
week,
for
market
technical
so-called
future than has been the case
factors
years.
many
•
•
&
Continued
-
12
on page
—
—
;
•
• J.
- -
-
-
-
■
.
1
i
i
t
t-i
r>i
i
Larger Issues . Scheduled For Sale
tjie • following - tabulations we A list the bond issues ],ot
jn
$1,000,000 or more for which specific sale dates have been set A
4 •
'4, .-4 4A ' April 19 (Thursday)
r
~
r
, ;
-
17
•
^
Salt Lake City Sch. Dist., Utah--- ..' '.6,000,000 . 1963-1977
Texas State IVater Developmt Bd. 15,000,000.,.; .1964-1997
(Friday)
important- and in-r.
new issues ! have come
Numerous
Already the process teresting
respective
is being felt in these
less favorable than they did
for
offering a:net
interest cost of 3.187%, came from
A/;4A- A
.■.
^
.
4:00 p.m.
-
"
10:00 a.m.
-
11:00 a.m.
.
St". Joseph College, Conn._ - - - -— -1,200,000 -1963-2000
April 23 (Monday)
-
week ago, but the techni-
markets. •
cal
factors are,
to some extent ■' It is our feeling that tax-exempt
at least, temporarily more than bond prices are in a reasonable
offset by current economic and enough yield area to attract conpolitical considerations.
siderably further general investor
interest. Beyond that we feel that
even
;
•
...
future. The mar-
near
are
bid>
'
The second
and Building Authority
(1962-2001)
bonds
came
from the group
headed jointly by Drexel & Co.,
Illinois
of
becoming' a rela- $35,000,000 City of Pittsburgh, Pa.
tively more important factor in bonds to be offered on May 15
this bull market trend. It seems but as yet not formally adverto us that the full impact of in- tised. 'A >4-4 A';/A;A4 A-V4' 44;
The, relatively heavy schedule
dividual investor interest in taxunderwriting
will
test
the
exempts is just beginning to be of
felt.
A.
Although disenchantment with
the so-called growth stocks had
empts^Brute %f°ree
been evident for months, it has
'taken the Administrations reac- soplSstich^e? investors ^ha reas
potential - tax-exempt
tion to the "steel case" to develop main
a general revision of thinking in bond buyers. However, set-backs
regard to equities in general, are not to be averted even'in this
Portfolios seem likely - to possess power play through centerj
a
more'' sensible proportion- of
A.
Recent Awards
4
tax-exempt bonds in the near
investors
a
Steel Price Rise Question
Aids
As has
happened two
four
saw
S9 %0 000
for
Com-
Sealfii^f i^u2ky^tSe
Washington County Sch. Dist., Ore. ^2,720,000
-
Building Commis-
and
Property
times since the state and munici-
.
_
BfvthV
Inventories Satisfactory
.
t
1,230,000
^17,975,000
2:00
1954-1992
1963-1982
;
Cleveland, Ohio
Blyth & co gioup was
Co. erouoYvns
ThP
The
1992
1992.
V
„
.
April 24 (Tuesday)
«■
Bristol,: Tenn.
years.
bond market took off early
in. December,: a brief lull in new
issue activity early last week developed
some
slight
market
pal
1963-1997' 10:3'0a.m.
1970-1992 A. 2:00 p.m.
1963-1982;, 3:00 p.m.
district,,Texas ------,----4 1,000,000
Orrville, Ohio
; 1,800,000
groups''
been priced during the past few
three
or
-comoetin-
prices may be run up as exorbitantly as ■ some equities have
Tax-Exempts
:i'mo'00^ 1963-1^ 2:o0--
;
LaTThursday
2,000,000
Decatur, Ala.
p,mU
11:00 a.m.
1983-1980
.
11:00 a.m.
..
727^
designating
of
3
The IsliP Union Free S. D. No. 3, N. Y.
2,580,000 1962-1991,;; 1:00 a.m.
From the so-called technical inte^stCe^o^
bid
a
La Canada Unified S* D" Calif.— ; ;2,750,000 1963-1987;; 9:00 a.m.
viewpoint the market might ap- rmmli-UD
10:00 a.m.
vacuum.
With
the
steel
conpear
to
be
entering an over- 3 738% net interest co!t° was made Madison, Wis. ———1,000,000,-1963-1992
SD N°' 276' Min"' iiX
trcversy generating at the time bought condition. Such an atti- by the
The
Blvfh
iffroun
scaledthe Nashville, Tenn.
6,875,000 1964-199o Vj , 7.30 p.m.
the market showed signs of being dude, however, would- seem to be
New York City, N. Y.
108,530,000 1983-1982 ,11:00 a.m..
restive and the dollar quoted is- over-academic, even with dealers serial bonds to vield from 2 20%
S ; : Norfolk Co.V Bd. of Education, Va. 3,000,000 1963-1982 ,
sues
nervously backed off about to a larger extent anticipating re- 5
: ' 3,000,OOO;, 1963-1982,,11:00 a.m.
a half point before traders almost
-tail demand. There -is bound to offered at 3110% Demand for this Norfolk County, Va.——...
1,500,000; 1963-1982 11:00 a.m.
immediately turned the market be some lag in investor interest efferine was immediate w?th ill Nueces County, Texas
£»t^igfifrinnnft. Louis Sch. Dist., Mo
—8,040,000." 1963-1932
2:30 p.m.
about.
but the
circumstances presently
By the week's/ end most of the. testify" that the lag is of small
period and
• 1,206,000. 4963-1982 1.1.3,0 a.m.
ance was sold within 24 hours and
Vernon, Conn.„——————
long-term
dollar
quoted issues .proportions.
were
at new highs for the year..
;
■ .•
Inventories are up over the last the account marked closed.
April 25 (Wednesday)' 4 *
t 8
'
*
Traders as well as investors ap- month but only moderately so far
On Friday, -April 13, only one ^Austin
Independent Sch; Dist, Tex.i ' 3,500,000
1962-1986 v 10:00 aim.
.issue of note carpe .to market
peared to translate the Adminis- as can. be calculated.. Our;most
and4'Chatham, Mass.
-1,310,000
1963-1982 J 11:00 a.m;
tration's aggressive reaction to the coherent measure, the Blue LUt this issue was purcnased througn /
Chicago Board, of Education,-111...^ 16,500,000
.1965-1981 - 10:00 a.m';
steel company's move as a further
offerings of state and municipal negotiation by a syndicate ipaiv* Gec des and Camillus Union^--Free
frustration to the struggling busi- bonds, indicates a
aged, jointly
float of
^by Rauscher, Pierce --- School District No. 2,IN. Y.___^ '1,850,000 1963-1982 -11:00 a.m.\
ness
recovery
and
as
further $448,381,000 as of April 18. This 6 Co. and Almon & McK'inney.& Huntington Un; Free SD-:#13, N.Y.v • 4,845,000 -1962-1989 ^11:00 a.m.
'
7^ It
-
.
thl Z- U^V^outttem Mississippi: 3,435,000;;
origin$ai6oX
„
evidence
that
the
.for Avblume
demand
strain
certainly no
is
on
Co. Involved
n0|0».m.
.
$9,200,000'rCal-- Oceanside, Calif.
u— V ■' 1,750,000; 1963-1992
2:30 p.m.County, Navigation District, Sacramento-Yolo Port Dist., Calif. - 2,850,000 ; 1964-1992 ;10:00 a.m.
'Texas revenue (1964-1.982) bonds
g^pauj port Authority, Minn.___
• 2,500,000
.1965-1992
Noon--"-A";;:
which were offered to yield
from-Washington County,; Md._„
A
1,000,000 •'1962-1979
11:00 a.m.
were
—
capital funds might be substaritially
reduced
in ' the
months
investment banking resources and
quite obviously does not presently
ahead. Late last week and during
all
of
this
week, dealers have
impede the market trend,
„
bidding for new issues with
unimpeded
enthusiasm
and,
to
some
extent,
developing
.
with
in
greed
'
appetite
tor
>
-
•
,
.
,
the
much
banks
heaviest
state* and
is
the
that
new
'
.
calendar
issue
.
2.00%
has
to
mancl
.
was
relatively
past
few
has
months
added
individual
erate
end
dealer
that
price
our
ac-
mod-
far the
Rate
progressively higher
Housing
be
may
The
3.40%
1981-1982
3.20%
3.10%
1981-1982
3.10%
2.95%
1981-1982
3.05%
2.90%
(State)
...
3%%
1974-1975
(State)
...2.90%
1981-1982
New Housing
Auth., (N.Y., N.Y.)__ 31/2%
1981-1982
Los Angeles, Calif
3%%:-1981-1982
Baltimore, Md.
•_ 31/4%
1981 :
Cincinnati, Ohio (U. T.)4~—— 3%%
1981
Philadelphia, Pa.
31/2%
1981
♦Chicago, Hi.
31/4%
1981
New York, N. Y._.3%
-1980
•
-
2.85%
2.70%
3.05%
2.90%
3.10%
2.90%
3.35%
3.20%
(State)
New Jersey Highway
New York State..
Auth., Gtd._ 3%
-
3V4%
Bid
♦Pennsylvania
Delaware
April
18,
1962
Index=3.023%
*
Asked
apparent
availability.
3.15%
Smithers
3.15%
,-3.10%
3.20%
go
count
3.15%
-
the
and
Co.
and
\
Goodbody &
<
7:30 p.m.
10:00 a.m.
•
11:00 a.m.
1966-2002
"April 27; (rriday) •
' 3,114,000
;
'Y
A'-
'
.,
'
"
' 1,415,000
:
.1,700,000
——-
April 30 (Monday)
' 3,000,000
<
,
Akron, Ohio
Mich.
•
'
has
been
MUNICIPAL BONDS
worked
down
1963-1982
3,500,000 :1963-1990
group
Co.
and
the
Bank
Robinson-Humphrey Cdirtpani|Jnc4
Bank
for
the
■
St.
Mary's
the
penncauken
securities
to
bank's
investment'
portfolio, it is reported.;
The only other P; H. A.
palm
Beach, Fla._
1
—
A
Twp. Sch. Dist., N. J.
Phoenix, Ariz.
Seattle University, Bd. of Trustees
Washington
Toledo
.
"
'
-
■
;
•
:
Contra
!
Noon
.18:00 p.m. ■
,*
1963-1982 , 9:00 a.m.;
1963-2002
8:00 p.m.5.
V 1964-1987
-1:00 p.m.
1964-1984;: 11:00 a.m.
1963-1992
2:00 p.m.
1963-1992
.
-
•;" ; 4 *7: AAA:-"A-:;A' A A1,140,000
1964-1999 - 10:00 a.m.
4,000,000
1963-1982
2:00 p.m.
1,600,000
1963-1982
3:00 p.m.
1,000,000
1963-1986
2:00 p.m.
8.000,000
1968-1990
10:00n.m;
2,507,000 * 1954-2001 - 2:00 p.m.
4,000,000
1963-1983
Noon.7 i
1,120,000 ' 1963-1982 s 8:00 p.m.
_... \ ;-v;
AAA4
""
-
.
A
'
,
-
-
,
May 2 (Wednesday)
Costa Water Improvement
.
•
A
,
'.A
A'
^'-rAA; 'A,; A 4
1964-1989 ; 11:00 a.m...
1965-1932" > 2:00 p.m.
;■' A. i
•>,>' ;A " District No. 1, Calif—:
.2; A 1,000,000
issue Hawaii (State of)_—-_2
—I2J2
10,000,000
of
importance
was
$6,855,000 Los Angeles "Dept. of Water
•Newark,
New .. Jersey
Housing •• . Power," Calif.<i
Authority
bends
arid Ait:
was •San^ Juan, P. R.__-____aA--—
ATLANTA 3, GEORGIA
,
C.ty Sch. Dist., Ohio—____
Mont-A
Yellowstone County S. D.,
*
-
'
1,700,000
(Emmits-A *
College
burg, Md.)
Newport News, Va.-_
during the order period "all but
$2,095,000 of the bonds were sold.
An issue of $17,605,000 Pittsburgh,
Housing
Authority
bonds
was
bought by the Pittsburgh National
y-
Mt.
bought five-is$29,695,000.
This
yield from 1.50% to 3.30% depending on the various issues and
LOCAL STOCKS
Minot Special Sch. Dist., N. D
Chase
,
May 1 (Tuesday)
*■
to
City Bank and
managed
by A the
11:09 a.m.
10:00 a.m.,
.
''
.4
-
J
ac-
National
11:00 a.m.
'A
*'•
;
-
1963-1977
1963-2000
April 28 (Saturday) /"' '
,
11:00 a.m.
.
•
County S. D. 48. Ore, ' 2,720,080
{
1963-2002
1964-2001
4,000,000
'
different-Lansing
upon
totaling
group
offered
CORPORATE BONDS
;
.
to press, the balance in
Manhattan
"
.
1964-1983
1963-1982
Azusa Unified Sch. Dist., Calif.-— v. 1,690,000
Benicia,* Calif. ____i
4.—— _A 1,200,000
only $16,500,000.
- A A A AAA -A
Chippewa Falls,-Wis.——_—A.A .1,250,000
The account headed by, Lehman. Guilford
County, N.; C.———
4
5,000,000
Brothers, Blyth & Co. and Phelps, Macomb & Oakland Cos., Mich.—
2,350,000
Fenn & Co., in association with
Mesquite lndep. Sch. Dist., Texas—
1,000,000
we
3.00%
3.30%
&
sues
JAckson 1-0316
3:00 p.m.
2:00 p.rt).
1964-1992 -.'Jl.:00 p.m.
1964-1988 r; 2:00 p.m.
1964-1983
A2:00 p.m.;
2,000,000
made
offering about
$28,000,000 of bonds were sold. As
issues
3.00%
3.25%
:
which
?^JieldI varied on the 1,'.4d% td
ran-ge,d fr®.m
3.25% and
3 ESTABLISHED 1894fc
RHODES-HAVERTY BLDG.
2,300,000
1963-1984
1,200,000 ' 1963-1978.
-
were
'split ; culture & Applied Science— — _
agencies and all Mobile County Board of School
separately. A' Commissioners, Ala. ___—
amount
of
bonds, Wesley an Univ., Middletown,!Conri.
Bankers Trust
The
;
A
oAl8nifsutAw«e0AwadrdeOft rn! ' '' A •' ''
groupF. ^ Washington
'
STATE AND
,
Floyd County, Iowa___C_—
'A—
kV»Gv6shen, Ind. ;____l___i_--___1_A2A
local
largest
the First
*No
-'.4'/•
.■
.
ac-
A A;
,
Major Sales
were-
-
3.25%
3.15%
.
,
$101,055,000 ' Publ i c .Louisiana State Board of Education
Administration
(1962- -Michigan State University of Agri-
28
awards
3%%
(State)
Connecticut
••
„
s
2C02)' bonds
more
31/2%
,
*
the -Emerson School District, N. J
largest issue of the week
involved
Maturity
1982
AV'
•'
April 26 (Thursday)
;
j
»
■
.
may
among
«
and Ihe
sold
^'
••
the L'
at
closed*'..
.-,
Week
bidding views to- the
structure
and
Hammond Sanitary District, Ind...
.3,100,000
-ALehigh County, Pa.
5,000,000
After a brief respite on Monday ; Little Rock Sch. Dist., Ark._
.4,500,000.
the market swung into high- gear ^Santa Clara County, Calif..——"8,000,000
on
Tuesday with four issues of "Tampa, Fla
; 15,400,000
importance" on the calendar.-:-By A • /
*.•'
;celeration to the bull market. The
of
been
.A
^
market trend. Tne
light ' calendar of the 4
present
MARKET ON REPRESENTATIVE SERIAL ISSUES
California
excellent
and we believe this to be . a
definitely positive development in
de—
3.50 %.* Initial retail
of the order period all of
end
had
continue ^heavier volume ahead
purchasers
.
marked
municipal bonds there
evidence
.
„
bonds
;AAv.
4
,
count
,
,
"Get the Message"
Although
be
The
,the
Individual Investors
A.
:been expanded since last report-
tax-ex.A,;
...
empt securities.
to
.an
anticipate the investors' >ing
to
,
Substantial Borrowing in .Sight,.
been
effort
A
houn
"4
A ;"A: vAa'
1963-1992,- 11:00 a.m.
' ' 5,970,000
/1983-1986'. 11:00 a.m.
bought by John Nuveen .&> Co A Southeastern Oakland County
>
"»A' : A A ;A 4 V'•'
The obligations were offered to A- Incinerator .Authority, Mich,2^50,000 ;1935-1991- « 2:00 p.m.
&
.9.009,000
Volume 195
'
Number
6152
„
,
The Commercial and Financial Chronicle
.
•This announcement is under
no
(1867)
circumstances to he construed
as an offering of these bonds
for sale or as a solicitation of an offer to bug ant/ of these bonds, and is published
behalf of only such of the underwriters, including the undersigned, as may legally offer these bonds in such state.
'The offer of these bonds is made only by means of the Official Statement.
•
•
'
1
in any state on
'
■■
•
NEW
C ;
ISSUE
;•••
;
.
"Y-
*'
YY
"
-
'
•
'
State-Public School Building Authority t
0.,vonvyealt>h -'oUPennsylvam^
;
:
;
/
-/■YlYSchool Lease Revenue Bonds,:. Series;11
Dated
May 1, 1902
The Bonds
"
Y.
on
'
"/Y
•
...
jY.'"
Y;"Due November 1, 1902-2001 inclusive,
~"
'/-■
-YY Y,
shown below
as
subject,to redemption prior to .maturity at the option of the Authority as a whole'or in part, in the inverse order of their maturities, on November 1,1971,";
date thereafter,- or pursuant to the requirements of the Indenture, as supplemented, in part, in the inverse order of their maturities on November 1, 1937, or
date thereafter on 30 days' prior notice, in accordance with the following schedule of prices and dates: at 103 beginning on November 1, 1937 and there-
are
or on any
any
after to and including October 31, 1970; at 102)4 thereafter to and including October 31, 1973; at 102 thereafter to and including October 31, 1976; at 101/2
thereafter to and including October 31, 1978; at 101 thereafter to and including October 31, 1980; at 1()6J^ thereafter to and
including October "31, 1082;
■
;
j,
7'
*
8:
and at 100 thereafter; plus,-in each
■
.
accrued interest to the date fixed for redemption.
case,
~
-
~
Principal and semi-annual interest (May 1 and November 1) payable at Melton National Bank and Trust Company, Pittsburgh, Pennsylvania, or, at the option of the holder
Y
r,Provident Tradesmens Bank and Trust Company, Philadelphia, Pennsylvania, or at Morgan Guaranty Trust
Company of New York, New York C'tij.
Y-YY Y8
Coupon Bonds in the denomination of $1,000, registrable as to principal only or registered Bonds without coupons in the
Y
-v-.;.;;,Y y'YYY
YY-Y;-Y> Y '■ Y"
denomination of $1,000 and any integral multiple thereof, interchangeable.
7v ffy ' c ; Y
Y
Y- V''
\
'
"
.
at
..
-
Y
.
j
.
'•
,v/y'"
.Y
.
,
Interest exempt, in the opinion of counsel, from Federal Income Taxes under present stahdes and decisions.Y.
-
Building Authority Act of 19f7, as amended, provides that the Bonds, their transfer and the income therefrom (including
J
\
any profits made on the sale thereof), are exempt from taxation, other than inheritance and estate
,1 ,YY-Y.Y-Y
>8Y:;-"YYYtaxation; within the Commonwealth of Pennsylvania. Y- .Y
•
/.
k
-
_
..
-Y.
.
.• •
<
„
The Bonds
.
.
....
.
The Act provides that the Bonds ape authorized investments for fiduciaries within the Commonwealth of Pennsylvania.
direct and general obligations of the Authority and alHlie Bonds issued and to be issued will be secured by the full faith and credit of the
Authority, and
by the pledge, to the extent provided in the Indenture, as supplemented, of all revenues, rentals and receipts of the Authority, including all rentals payable by School
Y\ Districts of the Commonwealth of Pennsylvania pursuant to Agreements and Leases and contracts to le&,se and leases, as said terms are defined in the Indenture, in
respect of Projects, as said term is defined in the Indenture, arid of all right, title and interest of the Authority in and to said Agreements and Leases and Contracts to
Y
lease arid leases wit h respect to said Projects, including any amounts payable .to.tlie Authority by the Superintendent of Public Instruction of the Commonwealth of' PevmY sylvania (or person holding similar office) by reason of the failure of any School District to provide for the payment of any rental or rentals to the Authority under
"said Agreements and Leases and contracts to lease and leases. Y Y VYY YJ- Y. .-Y1 YY''-Y.
are
■
Neither the credit
•
the
taxing power of the Commonwealth of Pennsylvania or any of its School Districts is pledged for the payment of the principal of, or interest
on. the Bonds; nor, shall the Bonds be deemed to be obligations of the Commonwealth or
of.any of its School Districts; nor shall the Commonwealth or anyuqf jfs S(qhoq|(
Districts be liable for the payment of principal or interest on the Bonds. 1 ;
Yr -1
:.
'
--Y;
...
nor
.
YY
;•
•
..
Th^,Bonds
•/;
7
are
■
offered when, (is and if issued and received by us and-subject to an unqualified approving legal opinion by Messrs. Burgwin,- PuffinPerry <£• Pohly
c
Pittsburgh, Pennsylvania. It is expecleddhat delivery of the Bonds in definitive form will be made on or about May 22;■TQiUVao -bt-i
Yield to
Interest
Principal
A mount
6%
1062
345,000
6
1963
[ 400,000
6
'
6
475,000
v.-
1.70
•
1066
:•.
u'Y:;
1967:.'..
Bate
ff:.
>'1075
2.00
2.00'
3
Y 3".
6
:•>
Y 535,000
8-.:
Q
515,000'
6
;
•
•-
Y 100
>
Y 1082
'
1083
'
3.20
>
865,000
3.20
>810,000
?
1070 >
YY
SAO
•
2.55
Y
•
3.30
> 1901
3.30
1002
3.40
3,30
1093
3.40
1004
f 3.40 Y
>:. 1,265,000
.
-
Y
1000
1,210,000
3.15
■
840,000
2.45
1060
1
v.
;/Y
100
: >•
ioo:
y
'
*
C
•
>575,000 >>■
■500,000
Y
610,000
-1971Y
,-:,6Yv-
Y
6
1073
•
2.75
-
■'
'
Yv*
100
1974
-
3.20
:/ .1084;
-
A >1085
Yc<)30;000-.; ,3.20-b
070,000 f;i 3.30 Y ;
! V.
-
YaYV
yy
Y'U'vVi*
s
•'>
;-
;-Y-'Y
r,.--
; -
«
Y
;.
-
-
3.25
1086
.
130,000 '
:
-1087:
100
;
"135,000
"
:
:
•
•;
Y'Y
.
4
135,000
:
135,000
3.35%
■
1005
1098
1999
Y
<
Y
3.35
4.10
-
4.40
4.40'
4.40
>4.40-
2001
f:
*
4.40
2000
•,
,
r
1997
Ho ' //'
Ho;Y
Ho
Ho
Ho
-
1996
Ho
125,000
*135,000
«■-
.
3.25-
-
-Y ipss
yY::^ .1.010,000; r 3.30
Y
1
,*
.
Y.
Y '.,, ,>,-005,000.
> '.2.70
4072
*
4Y\ A
0% c
2.65-
.
i-/ >
3.30
?
1,000,000
-
:
550,000
..
100
•
3.30
1,165,000
A
.
3.05
1081
"•
780,000 Y 3.10
YY
.
1080
(or Price)
1,125,000 '/
'
>Y /
100
;
1980
8
j
-
500,000
2.05
1070
Y-,:
Due
'3.30%
-
Yial l to
Maturity
Rate
1,080,000
100
1078
Interest
v
$1,045,000
2.85
-
1077
'.
■Principal
8Y Amount
2.80%
1076
:
605,000 V
,
Maturity
(or Price)
Due
2.00
-
..v>. 730,000
-Y'y' 750,000
v.
2.35
Amount
675,000
Y
^
2.25
1068
.
Interest
650,000
-
2.15
.
„
Yield to
V-/"
,
$630,000
'■
:
'2.05
c
■"
■■
v
LOO
1064
.445,000 K ()
-.8
Principal
:
1.40%
'
>1065
6"
425,000
L>Y'
Maturity
Due ■ Y (or Price)
Bate
$5-10,000
v.ij
Y YY
The State Public School
•
.
Y
"
.
| 4.40
-
Y 100
(accrued interest to be added)
-
l
;
•'
•; •
Y
Fop-information relating to the State Public School Building ''-Authority and to these bonds, reference is made to the Official State me-:i' of the Stale Public
yyyy' SchoolBuilding Authority whieli shouldhe/rcinl priordo any purchase of these bonds. The Official Statement may be obtun^l in any
;state from only such of'the under writers,' including the undersigned, as maylegally offer these bonds in such stale.
yiyv'vy'y; yy"
v
-
Y
'<
t
;
•
:t
...dkexel & Co." ' y /
."-'-,yy y ,) .y;y (y-'y;yy; ■'■1,
"
y
harriman ripley. & coy;^f-yytiie first boston corporation
'
incokcouated
y:';b,
^
y.
y- y;
.
;
"-y j"
>
vy-.:i
;-
•
'yyy
yyvvt kidder, peabody &: Co.
-y;
'
j
/"
y.
-
,
'
smith, barney & cq,
:
blytii & Co., inc;
.•
,
leiiman brothers
,
b; j. van ingen & Co. inc.;.
wertiiem^ & Co.
'y
;yy-r' " y7;y '• yy^y
white', weld & co.
equitable securities corporation
.stroud & company :;;uf.:s. moseley ■& Co. y yarnall, biddle & Co.
y.y.--'
incorporated
,;'y"-";:y/' yy'\y-'/
yy
yy.1'
)
' yy
_
-dominick & dominick
-
vw. E. hutton & Co.;
y"'.- y,';
-.'.y ■'
reynolds & Co., inc. -' iiallgarten & Co.
,
•-
// / granbery, maraciiiy& co. /
>■*
•
green; ellis & anderson
y
>•
"
.-'.r;'•.
'.April 18,1962.
c
u
/
,
^
>
iving; quirk & Co.
«•
-
,,incorporatedy
.•
.
y
;•
.
,
• /
•-
-!
'
.
.
-•
sciiaffer, necker & Co.
" y';y
'
roosevelt & cross
-
incorporated
""
braun, boswortii & co.
*
■
,
incorporated
;
schmidt, roberts & parke
allan blair & company
newburger, loeb & Co.
'■
,
•
cooley & company
yy
robert garrett & sons
^
x
"
butcher & siierrerd
y'-/stein bros. & boyce
-
hemphill, no yes & Co.
michigan corporation
.ernst & company
b
moore, leonard & lyncii
-
of
*.'■/ y;.
.
xucklr; anthony & r. l, day
first
y
; ; /, auciiincloss/parker &;redpatii
'y/y- : ;
- \ '
'
yy y.y
v....-y.y
julien collins & company
( estabrook & Co. v/;/
■
>
'
rand & co.
.
alex. brown & sons
.
/ -american securities corporation-^ barr brothers & Co.'
....
eastman dillon, union securities & Co.
(
-
.......
■
stern, lauer & Co.
kenower, macartiiur & Co.
7
L 'Ti 4
flWWSW
Financial Chronicle
The Commercial and
market
New York 4, N. Y
,
;
V
.
Bulletin
Reading,
Street,
Also available is
bulletin
a
'
Canada—Monthly bulletin—Ross,
Knowles & Co., Ltd., 25 Adelaide
Ont., Canada.
St., West, Toronto,
Review—Bro¬
Securities Corp.,
Canadian
Business
chure
Royal
—
Montreal
1,
available
are
2, Mass.
tional Minerals & Chemical
Canadian Drug Companies
on
ten issues
Public
and
corporations
York 6, N.
Bul¬
Japanese
Daiwa Securities
—
New
Broadway,
149
Ltd.,
Co.,
selected
149
of
ments
Industry — Review
Securities Co., Ltd.,
chinery
Nomura
—
61
Broadway, New York 6, N. Y.
Japan e s e
Mark
e
t— Review
Stocks.
Inc., Ill Broadway, New
York 6, N. Y. Also available are
reports on Japanese Watch Indus¬
try,
Kirin
Brewery
Co.
Ltd.,
Kajima Construction Co., OhbaYork,
Review—
Equitable Securities Canada Ltd.,
60 Yonge Street, Toronto 1, Ont.,
/
struction Co. and Taisei Construc¬
of
Transportation Co., Roadway Ex¬
Trust Co., First National Bank
press,
of Chicago, Harris Trust & Savings
,,
Co.
Northern Trust
and
Bank
/
Hornblower
Station
—
tions—Discussion—David L. Bab-
S. J. Lind, 10
Forest
Square,
Hills
75,
Natural Gas Industry
—
Review—
Company, Inc., 89 Broad with particular reference to Ame¬
Natural
Gas,
Arkansas
rVV/;,• rican
and
Street, Boston 10, Mass.
page
&
body
Co.,
Study
—
Mack
Co.,
New York
Miiltary Electronics,
.Brooks, Inc.,
Steel, and Fire-Casualty Insurance
New York
Favored Common Stocks
review
—
Eastman
—
Quar¬
Banks
Report — M. A.
Schapiro & Co., Inc. 1 Chase Man¬
hattan Plaza, New York 5, N. Y.
& Co., 15 Broad
Street, New York 5, N. Y.
Stocks
Review—W.
As
E.
showing
Co., 14
son
Wall Street, New York 5, N. Y.
Income
view
and
of
30
Appreciation
issues—F.
S.
—
-—
Over-the-Counter
Investments—
Hutton &
Clearing House Associ¬
ation
Dillon,
Union Securities
Gold
City Banks—Quarterly
nine largest New York
on
City Banks —Bankers Trust Co.,
16 Wall Street, New York City.
Stocks.
terly
list of stocks for income.
a
figures
Bobbie
Trucks,
and
ers
reviews of Eli Lilly
are
&
Manufactur-.
United Merchants &
Hemphill, Noyes & Co„ 8 Hanover
Street, New York 4, N. Y. Also
available
Re¬
an
between
stocks
used
Averages
Moseley
available is
counter
a
Index
—
Folder
up-to-date
compari¬
listed
industrial
the
the
in
and
the
industrial
35
Dow-Jones
over-the-
stocks
used
in
banks, brokers and financial institutions
REALTY & PETROL.
BRIGGS LEASING
BESCO
"21"
UTS.
ENTERPRISES
BRANDS, INC.
TAYLOR
YOUTIICRAFT CREATIONS
BUCKINGHAM CORP.
Analysis
on
request
I-'-".-
.
•'»
••
Bemis Bro* Bag Co.
-
-—
;
•
•
Trinity Place, New York 6, N. Y.
HAnover 2-2400
-
Sewer
Raytheon Co. — Review — Sutro
Bros. & Co., 80 Pine Street, New
York 5, N. Y. Also available is a
review of Alberta Gas Trunkline
4, N, Y. Also available
Black
Decker and Uni-
&
/
y
Sewer
Report
Authority, San Juan, P. R.
Hayden,.
—
\versal Leaf Tobacco,
-Theaters
.Warner'
/and
Co., Ltdv.
1,
' • r_
•
«
^
-
Aviation and Garrett.
Lambert-can
?Savannah Sugar Refining Corp.—-
Corp.:.
Analysis—First Securities Corp.,
TH-Corcoran Street, Durham, N. C.
—
Dempsey-^Tegeler ^
-Analysis
IVCaiden;
Julian
available
Also
North
reviews
are
.
•
Lines
Van
American
Boston Pneumatics Inc.
—T...M.
Kirsch
.available
—
Report
Inc.,' 54 Wall
Co.,
'/■'
...
•
;
data
on
Fabien Corp;,
.
American Cyanamid, and
Ilannafin Corp.
v.
..
tronics
puters,
Bulletin—Rauscher,
Pierce & Co., Inc., Milam Build¬
ing, San Antonio 5, Tex.
—
Co.,
.
—
Sherrerd,
Analysis
1500
—
VP.
Droulia
a
list
issues
of
which
&
New York
Philadelphia 2, Pa. Also available
Hooker
gomery
Report
Co.,
—
61
-
Broadway,
..5 -1
Soya
New
York
6,
.
/
l
•
surveys
of
Clark
Portland
Equipment,
Cement,, Penn¬
sylvania Power* & Light, Pennsyl¬
vania Railroad and Phelps Dodge.
—
Report —
Colby & Co., Inc., 85 State Street,
Boston, Mass. Also available are
reports
on,
Ex-Cell-0
Corp.,
C
Hammermill
c r p.,
.
V;,
of
Petroleum
Corp.;
V
-
•
Metals
&
Soda
J.
Ray
Hotel,
New
Dravo
Corp.,
Co.,7 Canal
Reduction
&
Co.,
Phillips
land 14. Ohio.
Randolph
;
Co.,
Holt,
Badische
—
Anilin
js
&
Co., Inc
&
a
report
—
•
Analysis
Stieglitz,,52 Wall St.,
Also available
Celanese Corp.
5, N. Y.
on
Suburban Propane Gas
—
Street, New York 5, N. Y.
Halle
New York
Fabrik.
McDcrmott
/•
Stein. Hall & Co., Inc.
Winston,, .Reynolds
and
Francisco 6, Calif. Also available
^re analyses of DiGiorgio Fruit,
American^ Can. and; Continental
;
V
Steel Improvement & Forge Cornpany — Analysis — Fulton, Reid &
Co., Inc., East Ohio Bldg-., Cleve-
Analysies •—Walston & Co., Inc.,
74 Wall
4,
'T,
^an*
70
Air
„Rinehart
&
York
Standard Oil Company of California—Analysis—Dean Witter &
Co.; 45 Montgomery Street, San
Lynch, Pierce, Fenner &
Inc.,
reviews
Stout
Standard Kollsman Industries, Inc.
Pine Street, New
York 5, N. Y. Also available are
Philadelphia 2, Pa. Also available
are
,
Sheraton-Atlantic
Fay, Inc., 221 MontStreet, San Francisco 4,
Massey Ferguson—Review in current issue of "Investor's -Reader"
Smith
•
New
York 1, N. Y.
&
—Merrill
Survey — Newburger & Co., 1401 Walnut Street,
—
King, Libaire,
Broadway,
,
Calif.
Arthur Wiesenberger &
50
Sheraton's "True" Earnings—Bul-
Manhattan Shirt Co.— Analysis—
appear
A"
—Annual Report—Standard KollsCompany — Bulletin— man Industries, Inc., 2085 North
Co., 25 Broad Street, Hawthorne Avenue, Melrose Park,
4, N, Y.
111.
:
v
Magnavox
Street,
Com-
Hydrospace
and
.
t
Butcher
Walnut
Corp., / Scientific,
:
letin—Sheraton Corp. of America,
Co., 39 Broadway, New York 6,
N. Y.
M.
Elec-
N. Y.
Lorillard—Analysis—Sartorius
&
O.
Sears, Roebuck & Co.—Analysis-
Industries
trict Bonds
Inc.,
Transistor
Sons,
Inc.,
Technology.
Corp.—Analysis Lewis Business Forms -r- Analysis
—Troster, Singer & Co., 74 Trinity —Johnson, Lane, Space & Co., Inc.,
;16 North Laura Street, JacksonPlace, New York 6, N. Y.
ville 2, Fla.
/
''-.A;*
Calhoun County Navigation Dis¬
Cadre
Josten's
on
&
Parker; Eisele &
.
.
data
are
d;. Scott
_
Auchincloss, Parker & Redpath,
2 Broadway, New York 4, N.. Y.
Also
available ^are
reports
on
—
...7 v-..7;
„•
are
—
Street, West, Toronto 1, Ont.,
Canada.
Bulletin — .4- Craig-Hallum;' Kinhard, Inc.,
Wall 133 South ^Seventh; Street, MinAlso neapolis 2,: Minm... Also available
..Kaiser Aluminum—-Chart Analysis
Study
—Kernaghan & Co., Ltd., 67 Rich¬
mond
—
and Federal Resources.
.
Street, New York 5, N. Y.:;/;V/%7,;
British Columbia Power
Sportswear.
of .Robbins, Clark & Co., Inc., 82
and
Street, New ^York 5, N. Y.
United States Freight Co.
—
Memo-
randurn—Golkin, Bomback & Co.,
67 Broad Street, New York 4, N. Y.
Steel,
Universal
Great
American
Industries and Litton Industries.
Chicago Title and Trust Company
—Analysis—The
La Salle
Illinois
Co.,
231
Street, Chicago 4,
111.;"1' ;vf,
135 South La Salle
Street, Chicago
Tappan Company — Analysis
McDonald & Co., Union Commerce
Building, Cleveland 14, Ohio.
3, 111.
Celanese,"
Cyclops
South
Teletype NY 1-376; 377; 378
Annual
vT-Y .Louis
MfmUrs Now York Security Dealers Association
74
Aqueduct and
—
Co.,, "Inc,:, 10001 Lpq^ist;;iStreet,^.St. wgaxtqn Products, Inc. — Rep^ft—
l,, :Mo. Also..;;available As Stern,: Zeiff & Co.-Inc',, 50 BroadReview -ri ,'analysis, o| inyestinent, opportiin-;;.way,". New York .4,hN, Y. -
r.Y"
'S-V" ''"J
Viscose,
.
Rico
Vanden Broeek,. Lieber & Co., 125
Whirlpool
,
Puerto
.
Letter"
Re-
Co., Inc., 44 Wall
If6
Du Pont of Can¬
on
V/v/
-■
Paper, Reed Roller Bit, American
Troster,
Singer & Co.
_
--
Street, New York 5,>N. Y.
discussions of Pittsburgh Plate
Glass,
a
Chadbourne Gotham
Primary Markets
Prospectuses
are
-r-
Qnt., Canada.- Also available is
Medusa
COMMUNITY CHARGE PLAN
,4
,.
.
Authority
McLeod, Young, Weir. & Co., Ltd., Pharmaceutical.-A
50King -Street,. West, ; Toronto,- Interstate Engineering
Central
TilOMASVILLE FURNITURE
'
Co,,, RpcJiestei;,.TcIephone — Analysis—
Street, New York 5, N. y. Blair
& Co.,. Incorporated, 20
Analysis — Mitchum, Jones
& i7Also• available are data on Im- Broad Street, New York 5, N. Y.
Templeton, .650 South- Spring. St„ .periaL Tobacco of Canada; Kaiser Also available are memoranda on
Los Angeles 14, Calif. 7
:k ,\~t- Aluminum. & Chemical, Loew's Lockheed, Boeing, ; North Ameri-
N. Yf'
CORP.
i
and
Metromedia
.
National
and
Pickwick International Inc.
Steel
Power,
Mohawk
.
.
Corp.
Company'
7
R'scuit
36 Wall
BRENTWOOD FINANCIAL
PRINTING
National
Heli-Coil—Report—-Bache &
MORSE SHOE
CORP.
Acceptance
Co., Inc., 25 Broad Street,
New York
Carriers & General Corporation—
FIRST REPUBLIC
VASSOR
WINES
•Stone &
—
interesting.
Trading List:
Co.
H. J. Heinz—Discussion in current
/'Investment
.
of Mississippi
survey
Rockwell,
&
Southwest Corp.,
Universal
American, Pepsi-Cola, General
ri
a11 S, uf1' NCW Y0rk
Arrowhead and P.uri tas Waters
is
our
Co
.e.
Wm. Wrigley, Jr. Co.
—
Paine, Webber,
i Marlin
are,^ data ;.on
Carl M. Loeb, Rhoades
Corp.,
—
Francisco, Bullock's Inc., Central
'
Niagara
Review
—
.Indianapolis Power & Light, Tidewater Oil Co., St. Louis San
Inc.—-Analysis
River Fuel.;>
&
AMER.
Co.
Refining
Nairn
Pac.f.c Tea
&
(Australia),
Draper
Survey — Abraham & Co., 120
Broadway, New York 5, N. Y. Also
Cameo Inc.
For
Recently added to
:'fi
Sugar
memorandum
—
ium
Corp.,
ada.
Outlook
tion
Jackson & Curtis, 25 Broad Street,
Inc.;,- New York 4, N. ,Y. Also available
5, N. Y. Also available are reviews
of Celanese Corp., Myer's Empor-
International
Hoist & Derrick
'.
?*?V\2,
Harvester.
American
Sealright-Oswego
on
Stratton. w;
.xv /r/:/.-..
Philadelphia & Reading Corpora-
NY
4
.
Atlantic
-—Review
Also available is a
:'fi
Products
York
„
Great
Crossroads—
on
Gas—Purcell &
Co., 50 Broadway,
New York 4, N. Y. Also available
are
bulletins
on
Collins Radio,
...
Data— A. M/
r-
Congoleum
Co.,
New
report—GoodBroadway, New
2
York 4, N. Y.
memorandum
.
Toledo Edison, Tim ken
Roller Bearing .and -Briggs &
-^Elliot, Evans Inc., 52 Broadway,
economic
Louisiana Gas and El Paso Natural
Economic
Discussiori
At; The
S. Trade
,
data
are
Co., Inc., A Wall Street,'
Glasrock
Farrell, Inc., 119 Monona
Avenue, Madison 3, Wis.
Discount
Stores—Analysis—David
& Co., Inc. 89 Broad
Street, Boston 10, Mass.
Re-
—
New York 5, N. Y. Also available
are data on McCrory
Corp., It. C.
&
L.
Babson
.
Schering Corp. and Otis Elevator,
Asbestos Corp. Ltd.,—
.
,
Convertible
Can
U.
Reading Corpo-
&
Kidder &
19, Va. Also available
reports on Ex-Cell-O Corp.
and Weyerhaeuser Co.
23
233
Philadelphia and
Data—McFet-
—
Fireco Sales Ltd.
•
N, Y,
Common Market and Its Implica¬
son
Funds—Comparative data
performance
on
Chicago 3, 111.
La Salle Street,
North American Van Lines.
Mutual
—
134 South
Weeks,
Overnite
Freightways,
solidated
Continental Illinois National Bank
&
S. Truck Lines,
Inc., T. I. M. E. Freight, Inc., Con¬
Natural, Gas
are
—
—
ration—Analysis-—Laird, Bissell &
Meeds, 120 Broadway, New York
5, N. Y.
/
: ; ;
.
Richmond
American
Transcon Lines, U.
& Trust Co.,
Street, New
Broadway, New. York 4, N. Y.
Co., 1001 East Main St.,
Bell
Co.
port—Hi E, I-Ierrman & Co., 26 Falls,
Industry—Report—J. C.
Wheat &
Tobacco Industry
Insurance
Sanford, Hanauer &
Sansome
Street,
San
-
.
Energy Components Corp.
t
7—
lar reference to Associated Trans¬
& Co., 2 Broadway,
4, N. Y., with particu¬
Co.,
Life
—
Co., 132 St. James Street, -Philadelphia & Reading CorporaWest,
Montreal,
Qu,e.,
Canada, tion — Analysis — Hornblower &
Also
available is a bulletin on Weeks, 1 Chase Manhattan Plaza,
Convertible Securities./ 7.
New York 5, N. Y. Also available
port, McLean Trucking Company,
growth characteristics of Ame¬
rican National Bank
rick
Analysis — Piper, Jaffray & Hopwood, 115 South Seventh Street,
Minneapolis 2, Minn.
Dreyfus
—
New York
Stocks—Discussion
Bank
;:
..
Stocks
Selected
Co., 40 Wall
5, N. Y. «
Preferred Shares
Street/Chicago 4,
■'
.
;J:
Freight Industry—Analysis
Motor
Archer-Daniels-Midland.
Chicago
,
Co.
tion
&
McKinnon,
2
Broadway,
New
York 4, N. Y. Also available are
analyses of Montgomery Ward and
/
Con¬
Shimizu
Ltd.,
yashigumi
'
Chemicals—Review—Thomson
South La Salle
Bulletin
—-
&
Paso
El
Textbook
Y.
Japanese Household Electric Ma¬
—Yamaichi Securities Co. of New
Canada.
York
Comparative
figures on issues which appear in¬
teresting—Courts & Co., 11 Mari¬
etta Street, N, W., Atlanta 1, Ga.
25 Adelaide Street, West,
Toronto, Ont., Canada. Also avail¬
able
is
a
bulletin
on
Foreign
—
rish
ates, 53 West Jackson Boulevard,
Chicago 4, 111.;'v7*
area
Ltd.,
Market
—Report—S. M. Rubel & Associ¬
Japan—Analysis of financial state¬
Ingraham <fc Bell Ltd., and Metro
Drugs Ltd.—Draper Dobie & Co.,
Canadian
the
.' Y
111.
Chemical Co. of Canada,
&
the
Cyprus- Mines
vents,
& Co., National
Charles E. Frosst
in
Analysis
De; Francisco 4, Calif.
Mott
Associates, Inc., 600 Old: Pacific Petroleums Ltd.—Bulletin
Country Road, Garden City, N, Y. —Walston & Co., Inc., 74 Wall
Elastic Stop Nut — Bulletin—Par- Street, New York 5, N. Y.
Dialight Corp.
of 5% — Savings & Loan Industry^—Anal¬
Shields & Co., 44 Wall Street, ysis of impact of higher, taxes
and intensified competition—Mit¬
New York 5, N. Y. Also available
are
reports on Commercial Sol¬ chell, Hutchins & Co., Inc., 231
Corp.
—
Stocks—Data
yielding
particular reference to
letin with
vv
Income
.
Co. and Interna¬
Paper
&
Co., 50 Congress Street, Boston
State
Sealright-Oswego
Corp.
Ohio
—
d
a n
Falls
Analysis
The
Michigan
Street, Milwaukee 2, Wis.
525
Pa.
Service of New Hampshire.
James Street, West,
Que., Canada. Also
analyses of Abitibi
Ltd., 244 St.
&
categories.
Milwaukee Co., 207 East
Companies
Real Estate Investment
Analysis of
outlook — Fahnestock & Co., 65
Broadway, New York 6, N. Y.
—
on
in/various
L. L. Cook Co.
......
Co.,
&
Mackay
—
Washington
construction field.
Aluminum Industry
;.
of ; Recommended Bessemer
and; lists
Securities
Paper and Paperboard Industry—
THAT THE FIRMS MENTIONED WILL BE PLEASED
INTERESTED PARTIES THE FOLLOWING LITERATURE:
SEND
Co.,
Bureau,
UNDERSTOOD
TO
5, N. Y. Also available-Jng .industry
(with particular
reports on Foxboro Co., G. C. reference to Johns-Manville and
Murphy Co., and Socony Mobil Oil Flintkote, Celanese Corp., Cooper-
period-—National Quotation
Inc.,
46
Front
Street,
year
RECOMMENDATIONS
AND
Drug
Thursday, April 19, 1962
,
are
both as to yield and
performance over a 23-
Averages,
INVESTMENT LITERATURE
Power
.
New York
Bureau
Quotation
National
the
DEALER-BROKER
IS
.
(1868)
8
IT
^^B««iiU!f^Jrt»^(te^MMIi*»Tii
;
Tenney Engineering Inc.—Annual
Mercantile
Discount
Corp.
—
Re-
port—H. M, Byllesby & Co., Inc.,
-
,
v
H.
Report—Tenney Engineering Inc.,
Street, New
York 5, N. Y. Also available are
Springfield Road, Union, N. J.
New
York
Central
—
Data
—
Hentz & Co., 72 Wall
data
on
United ^States
Plastics
Inc.—
Illinois Central, Western * Analysis — Roman
Johnson, 15
Commonwealth, Edison
Report .Pacific and Atlantic Coast Line of
—Reynolds & Co., 120 Broadway, ,Connecticut and reviews of build—.
Southeast Third Ave,, Ft.
dale, Florida,
;
r!
Lauder-
Volume
Number
195
6152
.
.
The Commercial and Financial Chronicle
.
(1869)
Steel
Production
Electric
The State of
•
Retail
Trade
Price
Auto
TRADE and INDUSTRY
Production
Business
Index
Failures
Commodity Price Index
The Federal Reserve Board's
partly offset by
holdings of U.
sum¬
of national business conditions, as reported on April 13,
follows:
v...
■;;
"The
index
duction
to
a
high
of
116%
pro¬
of
mercial
"Total
widespread among consumer
business
equipment
and
"Auto
'
ber
increased
slightly in March, and April
fur¬
schedules
indicate
a
furniture,
and some other
goods
increased
in
consumer
business
equipment
gold
securities.
and of commercial equipment
increased further and both groups
ery
at
were
un¬
outflows
and
were
V-
;•
•
"Yields
on
ernment
equipment
passenger
about
were
the
Security Markets
highs. Production of
new
and
from
supplied through Federal Reserve
purchases of U. S. Government
indus¬
tries, output of industrial machin¬
freight
dur¬
somewhat. Mem¬
Reserve
through
March.
"In
ex¬
changed. Reserves were absorbed
principally through an increase
in
currency
in circulation and
ther rise. Production of television
sets,
to
increased
borrowings
clined
advanced and output of farm ma¬
little
chinery
State and local gov¬
bonds,
earlier
which
this
had
de¬
changed
year,
on
sharply in February
rose
rate.
: y
'
"Production
tinued
to
1
of
materials
advance
flecting
durable
and
in
increases
term U.
March,
re¬
"The value
in
of
raise
>
edged
reflecting
up,
in
all
types
Bank
show
resi¬
dential
building, which was unchange d. Public construction,
revised
was
downward
whole,
In
the first quarter
construction
cities
cate
in
as
activity
that
all
cities
a
in
ment
adusted
nonfarm
employ¬
tive
ernment employment continued to
advance, but employment in
struction
reduced
was
con¬
5.6%
in
Distribution
"Retail
March
sales
to
a
similar rise
a
of
new
car
cars
sales
ment
store
A
1%
February. Sales
10%
rose
and
advanced.
sales
used
increased
high reached
price
index
and
same
and
in
continued
centers
19G2
bank
-
related
a
local,
and
other
securities
j-
1961
January,
the
as
Steel
estimates the
in¬
juggling following
signing of a new steel labor
tract
still
ket. The
characterizes
the
could
a
ton.
gross
week
No.
at
1
A
and June produc¬
*
and
setbacks will
Inventory
Cuts
Expected
to
into
The
steel
market
balance
common
will
be
into the
summer.
continues
following
This depends on
the rate of overall business.
On
the
tinued
optimistic
side, con¬
strong auto sales and sales
of other durables would
a
keep the
relatively shallow level.
if
there
is
no
corre¬
a
its
inventory cuts could extend
ness,
through
brief
August
and
drop
Continued
on
April 19, 1962
City of Miami, Florida
5%, 3%, 3.10%, 3.20%, 1% and 1/10% Bonds
Exempt From Present Federal Income Taxes
AMOUNTS, RATES, MATURITIES,
$270,000
1963
5%
275,000
5
2.00
5
1966
2.15
5
1967
2.25
590,000
+
0.1
+
2.8
493,647
+
5.0
'
5
1968
5
-
the
at
New York
2.55
pay¬
principal office of The Chase Manhattan Bank
Citv,
2.65
or at
in
The First National Bank of Miami,
2.45
1970
1971
A
able
2.35
1969
5
;
Due July 1, 1963-90, incl.
Principal and semi-annual interest (July 1 and January 1)
1.80
1965
305,000
350,000
788,515
January 1, 1962
1.60%
1964
5;
365,000
1,138,000
Dated
AND YIELDS OR PRICES
3
1975
3
" A
1976
590,000
3 A-
1977
590,000
3
590,000
3
1979
@ 100
ended April 14,
1962, was 2,244,000
tons (::T20.5%), as
590,000
3
1980
@100
590,000
3
1981
590,000
3.10
1982
@100
000
590,000
3.10
1983
@100
590,000
3.10
1984
590,000
3.20
1985
590,000
3.20
1986
590,000
3.20
1987
590,000
3.20
as to
principal alone and also
as
2.85
590,000
Miami, Florida. Coupon bonds in denomination of
$5,000, registrable
2.75
590,000
in
518,128
t
;
Production Data for the
Ended April 14, 1962'
According to data compiled by
■
the
American
stitute,
Iron
and
production
for
Steel
the
In¬
week
against 2,361,-
tons
(*126.7%), in the
ended April 7. v
Production
14
index
.
year
amounted
to
/
through
35,607,000
*
These
2.90
2.90
-1978
:
-
will
2.95
:
tions of the
® 100
V
which may
1988
3.25
1
1989
the
all of the taxable property within
City, excluding homesteads.
'
4.40
with
on
both
V
4.00
1990
Production
be levied
.
as to
ad valorem taxes
3.25%
1/10
concludes
City of Miami, Florida, payable
@100
590,000
Ingot
Refunding Sewage Disposal System Bonds of 1962
principal and interest from unlimited
3.15%
590,000
52.2%
principal and interest.
constitute, in the opinion of counsel, general obliga¬
v
3.05%
above
or
both
2.70
through April 15, 1961.
Institute
of
; 'V
this!
(*127.4%),
the period
week
-
1972
to
The above Bonds
by
us,
are
offered when,
as
and if issued and received
and subject to prior sale and approval of legality by Messrs.
(Accrued Interest to be added)
Mitchell, Pershing, Shetterly & Mitchell, Attorneys, New York, N. Y.
by
Districts for week ended
April 14,
1962,
as
follows:
♦Index of
Ingot
The Chase Manhattan Bank
Smith, Barney & Co.
Production for
Chemical Bank New York Trust Company
Blyth & Co., Inc.
Week Ended
April 14,1962
V.;
Phelps, Fenn & Co.
Salomon Brothers 4 Hutzler
R. W. Presspricft 4 Co.
The First National Bank
110
Bacon, Whipple & Co.
145
147
_
.
Commerce Trust Company
130
Cincinnati
Kean. Taylor 4 Co.
of Miami
115
Cleveland
Detroit
Chicago
Stone 4 Webster Securities Corporation
98
__
Pittsburgh
Youngstown
Kansas
Incorporated
Rauscher, Pierce & Co., Inc.
City National Bank 4 Trust Co.
City, Mo.
St. Louis_______2__
Julien Collins 4 Company
132
Southern
J. A. Hogle 4 Co.
Robert W. Baird 4 Co.
Kansas City, Mo.
-
Incorporated
103
The First Cleveland Corporation
120.5
•
Pohl 4 Company
Incorporated
production
«
Multaney, Wetls 4 Company
based
weekly production for 1957
-
on
1959.
average
~
Third National Bank
In Noskvllfo
Bums, Corbeff 4 Pickard, Inc.
Underwood, Neuhaus 4 Co.
Incorporates!
Total
of
Bacon, Stevenson 4 Co.
McDonald-Moore 4 Co.
114
Index
W. H. Morton 4 Co.
126
Western
*
Ladenburg, Thalmann 4 Co.
North East Coast__ 120
Buffalo
Arthur L Wright 4 Co., Inc..
Piper.JaffrayAHepwood
J. A. Overton 4 Co.
steel-
page
$14,565,000
Interest
done
sponding pickup in general busi¬
Operations
shakeout
not
inven¬
early to estimate whether in¬
ventory liquidation will extfmd
However,
Sharply Curtail Steel
Industry
are
the
by reducing orders for late May
and following months. It is still
unsettled period when prices were
most
1.3
1,139,000
"
mar¬
big question: How much
big part of bringing inven¬
tories
dip at
the
%
+
the
con¬
too
composite
scrap
mild
+14.9
1,343,566
by
were
before
price lists had been prepared.
expected to complete
tory liquidation.
heavy
melting was priced at $31-$32 in
Pittsburgh; $29-$32, Chicago; $32,
Philadelphia.
590,000
Week
A
State,
$31.33
315,000
$14,975,601
the
out
cases
Even so, adjustments then
the
hearths—those used
produce
many
Order
downtrend
price
unchanged
last
was
operating
conditions.
Despite the great potential, oxy¬
gen will be applied only to high
open
wiping
increases—in
new
V 2.80
substantial fur¬
ther rise in bank holdings of
Steel's
1973
credit
borrowing
that
dissimilar
to
of
since
dustry poured last week.
1974
expansion, including large tax and
businesses, and
tons
the
only 25 to 30 tons an hour
are producing
125 to 150 tons an
hour
with
oxygen.
Gains
vary
from
plant to plant because of
volume
week
level
continues.
This week's output is expected to
be slightly less than the 2,330,000
5
increased further in March. Loan
dividend
second
5 Av.
April 10 and 11,
commercial
that
lowest
production
5
general price increase of 31/2%.
"Total
with
the
590,000
show
Bank Credit and Reserves
then
hearths
open
instituted last week. Other mills
that had followed the
price move
also followed in
toward
Steelmaking dropped last week
to
turn out
N
1,361,126
City
Steel
major steel producers announced
a
one
esti¬
590,000
Kansas
.
little change. On
No
Steel
explanation that the growing use
of oxygen was pushing up capaci¬
ties so phenomenally that no one
could accurately estimate them.
follows:
$17,200,391
industrial
to
but
last
Some
at
materials, imports, and not make much of a dent in April
weight reduction shipments. April will probably be
via improved designs and the use down
only about 5% from March.
of better and stronger steels.
A sharper drop is expected in
May.
trend
.5
tons
as
produce?
discontinued
re¬
price levels after U. S. Steel
rescinded the price increases it
Cancellations
a
melting capacity fig¬
ure (148,570,970 net
tons) was re¬
ported on Jan. 1, 1960. Reporting
was
Age
usual
as
from other
capacity is 160 mil¬
lion ingot tons yearly.
The
Iron
old
Steel
necessary.
mates current
the
of
(000s omitted)
,
__
The
April
level
most
and
commodities
States
some
April of the three preceding years.
In the
recent period,
prices of
foodstuffs
S.
sure,
The
continued
demand is curbed by competition
emphasis
590,000
pre¬
in December.
early
ended
810,565
April
commodity
remained stable in
at about the
U.
for
Business
will it hit May
tion?
'
295,000
Boston
sub¬
wholesale
March
late
was
week
United
for
money
Chicago
Philadelphia
Commodity Prices
"The
the
1961. Our compara¬
April 14—•
New York
Depart¬
stantially and exceeded the
vious
in
high, following
in
also
?
advanced
new
can
knows
substan¬
5.5%, compared with
February. A-.--Ay
1957,
expansion.
at
summary
Week End.
tially. The average work-week in
manufacturing increased. The sea¬
sonally
adjusted
unemployment
rate,-was
The
Capacity — particularly melting
capacity—is now far ahead of the
country's needs. How much steel
preliminary
$30,679,229,446
$27,707,190,359
for
the
principal
accounted
for most of a 95,000 rise in manu¬
facturing employment.
Finance,
service, and State and local gov¬
on
and
Our
year.
week in
same
establishments
industries
the
stand
against
increased 50,000 further in March
to
54.8
million. The metal and
metal-using
will
country, indi¬
the
of
last
totals
Employment
"Seasonally
the
for
was
1956
the air,
with
which it is possible to ob¬
tain weekly figures will be
10.7%
above those for the
corresponding
week
■
week
compared
from
was
below the fourth quarter and
3% above the first quarter of 1961.
:
of
in
in
Saturday, April 14, clearings from
4%
/
increase
chief
February, declined moderately
further.
Week
clearings this
an
up
ports.
10.7% Above
a
year
ago.
Preliminary figures
compiled by the Chronicle, based
on
telegraphic advices from the
in¬
small
except
3-month
on
analyses of steel in big lots for
big uses, such as auto body sheets.
-
New Issue
Clearings Up
1961
changed
little in
following a sharp decline
in February. Private construction
creases
rate
money."
place
March
which
new
Bank
construction
new
The
rose
Treasury bills changed little. On
April 9 the Treasury sold $1 bil¬
lion of
3%%, 6V3 year bonds to
Output of iron and steel changed
little, however, and in early April
steel ingot output declined.
put
S.
somewhat.
goods.
Construction
those
through early April and then
both
nondurable
and
Government securities
declined considerably further
con¬
among
-
mid-March
corporate bonds declined slight¬
ly. Yields on medium- and long-
and March from the reduced Jan¬
uary
after
in*
.advantages, of oxygen
A quiet
but vigorous techno¬ practice cannot be fully realized
logical revolution is underway in unless
handling facilities have
the nation's steel plants, accord¬ high
efficiency. In some instances,
ing to Steel magazine.
companies are beefing up finish¬
The industry's estimated expen¬
ing capacities. As in the case of
ditures
of $1.3
billion for new melting
capacity,
finishing ca¬
equipment and, construction in pacity is no longer thought of in
1962 will go almost entirely for terms of sheer
volume, the new
increasing efficiency and improv¬ standard is quality.
ing product quality. In only three
It is unlikely that
finishing ca¬
other years (1956, 1957, and 1960)
pacities will have to be increased
has the industry spent more for
across the
board, but spot adjust¬
new equipment
and construction, ments
will
be
and
rose
bank
Federal
pro¬
duction
continued
reserves
also
serves
''A.+ 'Y
assemblies
banks
ing the four weeks ending April
11; most of the increase was in
required reserves but excess re¬
goods/
materials.
The seasonally adjusted
pand rapidly.
the
1957 average, 13% above a year
earlier. Production gains in March
were
in
Government
average money supply increased
slightly and time deposits at com¬
point in March
one
rose
new
industrial
of
securities.
reduction
a
S.
Underway
Steel Industry
Food
mary
Revolution
,u
*<
Carloadings
--
;
Vigorous Technological
Output
9
10
IL
9
Continued from page
capadfy.°Perati0nS ^ ®0% ? r2n
ivrrMTiVider'the
Mav'and
ni
In the
be
:+;^+%+-size carp.
;
;
v
*
week,
Thursday, April 19, 1962
.
^
•
.
..
"
*
parable 1961 levels by the following percentages: West South' Cenr
*
thai
and
Mountain
+1 to
"East' South' Central" +2 "to
Central -f5 ;to
Business Failures "Reach
in - the
tonnage
'
'•
*
?
11.1% Gain Vs. 1961 Week
Intercity truck
*
-
n
i
n* n
t
«/•/ tx i\
tr
»■
inr n
t
**▼
Eight-Week High
-*.-»■
.
«
.
-:v''
,v
A-xAAA
At:'
r.,.ttreiW
against
rate
anticipated
the
<>on<5iimntion
.*■■-*. 4 -M;:
•
consumption.
.
.
V-,v*
v
Y? W®®
_
+9;
uuuuuvitcu
uj
me
mn
i/v-
•
.
Depari^cnt store sales
..
Store-
1961 W«ek
h
on
Trans^J^el '?]??5hACf^Q^a?nh
^asis as taken from
*port Economics. The report refhl li?
the Federal Reserve Boards mfleets tonnage handled at> more ^n/iimf '?vfX reported a ,7% increase dot
Week
lOfil
••.
•
..
-
-
v
,
,
of revenue freight, in than 400 truck Terminals,ofrain n5e ^ 1
^pr^ended April 7 totaled mon .carriers of -general freight.
Liabilities of $100,000 .or more compared with the like period m
the Association .of -Coughourtho country
wpre involved in 43 of the week's .1961, Fortius week ended March
American
Railroad '■announced.-.
4m: Avfailures,up
from 35 a week 31, sales were up. .8% compared
This was a decrease of 17,215 cars
Lumber Shipments Down 0,1% >. earlier and about the same as the with the corresponding 1961 week.
or 3% below the preceding week-From 1961 Level
a.
41 of this size last year. Casualties In the four-week period ended.
due principally to the observance Lumber shipments in the United With losses under $100,000 also April 7, 1962, sales were 4% above
of the Eight-Hour-Day Holiday in states in the week ended April 7 .Advanced slightly from 321 in the the corresponding period in 1961.
the coal fields.
totaled
241,528,000 board feet,./P'fvjAusjveek ,but fell snortot - According 'to" tlie^Federal ReThe loadings represented an m- compared with 254,878,000 in the ^heir comparable, lyoi. level ot serve System department store
crease of 41,796 cars or 8.3% above prior week, according to reports
...
sales in New York City for the
the corresponding week in 1961, from regional associations. A year
ended April 7, were. 22%
but a decrease of 53,021 cars or ag0 the figure was - 241,770,000 were reported in the week just ; greater than in the corresponding
8.8% below the corresponding
feet.
devious week h,7 more"than I?61 uWS?k' For -the week ended
of :v .Loading
,
-4-5;
*+6;
,
^AboVe;:^';:: partment of Research and
8
5vn\m«P fn
;
week
r> y.'^the
.
..
rarinadinir«
—
Department
7% From
Up
!''!•'%+
assessed their inventory po- |
•sition. They hesitate to. place new
ordersruntil they gage their stocks
.
American Trucking Associations week ended ApriU12.from .356
*?nwunc«l;Track toppag^wbs ;theprecedingDm.tp^l7; *d^e Atlantiq'^14 to
general market, the wave
yet
,
South. Atlantic +6 to +10; New?
England +8 to +12; Pacific +9
in .to +13; East North Central ,+13
Nationwide
:'i '
.
ahead of the volume in the;cot-y- commercial ana industrial tailresponding week:,of 1961,.; the ures continued up to 377 in tne
•++!,Vv:;-
.
,
above that of tne comparable 1961
present
In the
.
week's total of 15,569,000,000 kwh.* by Diun .&-.Bradstreet,' Inc.? Reand 1,166,000,000 kwh.,- -or 8.1% gichal estimates 'varied frond coth-
.
Intercity Truck Tonnage Shows
Motors is slated to better its 1961
mark in production of standard-
first
will
this loss
Of
Tune
S.^OOa
of
in: the corresponding week in
- vi
>
"
1960
0.
been' turned ouU by the industry
+
-
51
AND INDUSTRY
STATE OF TRADE
iSiS!? Mrit
Financial Chronicle
The Commercial, and,
(1870)
10
cars>
:l%;i
660,000 Units p
Production in
Output Is
Auto
Ahead
of
1961 Period"
ended
week
the
auto
nation's
The
;
;
industry
April
,
in
14 assem-
2,000,000th car since Jan. 1,
putting 1962 output almost six
weeks and 660,000 units ahead of
last year, Ward's Automotive Re-
bled its
ports
P
said
production
b80ard
estimated
the above- week in
The statistical agency
for
1969.
■^r?h-1, no gSln *£» registered,
Vv- compared :withi -1961v levels,toU of 22
13,701 cars reported output rose 6.8%, shipments- were>
,g.Ineir
142,670, only 1.6% below the yeaUs loaded with one or more revenue o.l% lower, and orders declined Wholesale Commodity Price Index
peak session the preceding week highway trailers or highway con- by 3.1%.
-L
v,
Lowest in Six Weeks But Remains
which yielded 144,943 units. Ex- tainers (piggyback) in the week;
Above Last Year
mentioned
reach
would
week
pected output will be 25% above
114,108 cars assembled in the cor-
There
Following are the figures in-
ended March 31, 1962 (which were
included in that week's overall:
+;nn(ftcr
-v—,
entire
model
1961
Pre-
year.
viously (March 27) Buick division
of General Motors
pa^d up 1961
model output of its Special make.
In
the
week, StudebakerCorp. topped its entire
same
Packard
1961
An
1962
count.
163,902 cars for an increase
29,795 cars or 22.2% above the
corresponding period of 1961, and
of
There
were
58
class I
rail-
U. S.
4,378,000
model vintage have
cars
of
systems originating this type
traffic in this year's week com-
thus far pared
with 58
one
and
ago
year
week
•
—-
-t.
*
According
to
the Federal Reserve
Board, "Interpretation of the weekly per-
day, the lowest point since the
beginning of March, reports Dun irlffe^ted^by8 thT'stiJung^at^ of3the
Bradstreet, Inc. Although the -hoHday (this year, April 22 and last
index fe][1 below the level Qf a year, April 2)
Adjustment factors haye
■
ii
in*
been
ji
^e. daily wliolesale
+
NEW
an
offer to sell
solicitation of offers to buy
nor a
securities. The offering is made, only by the Prospectus.
+;;
'
ISSUE
I
'
•
preced-
V
it
;
Ariril
v
■
JftS R9.
17 frnm
v
•
week. While the decrease from a
0.4%,^the-
/.-• '
-i" '
-.
:
'■;
*
•
-f-
tHe similar day last
:
> k
':..
•J week in
\
•
"I
'
Mortgage Pipe Line Bonds,.414% Series due 1982!
'
•
(Due November 1, 1982)
:
•
'
•
?
;
were
year.
v-
u
-
<
'
- -
by- ?
.
t h e
,
n
...
i l'si
c
^
m
^
'
mVest
-
"
in-
-
erica
^ ^ ti ri d
(1
e
is
a
non.prt)fit adV
ucaUohal or-
• conization dethis- voted to better
' registered
the wholesale cost ot-
wheat, corn.rye,hams,
-.
First
Declines
h
c
o
in. 1949,
( week ago was a slight
index was off ,3.7% from $6.02 on*
Corporation
the
JdheraV •chair-1
9+ April 17 from $5.82 in the prior
r
of
been
^an
tP»p rvrinr"
rrt
has
i
C
f for the year as it dipped to $5.80
Transcontinental Gas Pine Line
•; ■,. ;
irreffu-
Inc.,
Wilfred Wottr
■■
calendar
chairman
Yor k
ew
announced
Wholesale Food Price Index
Again Hits New Low for '62.
week,
the Wholesale Food Price Index,
compiled' by Dun & -Bradstreet,
Inc., inched down to a new low
$40,000,000
appointed
.Cotmcii
For the third consecutive
.
this
in-America
n
•
April 19, 1962
f
i-v.:■;
for
finance committee .of the Invest-
ing week but exceeded by a moderate margin the 269.16 recorded
on the similar day a year ago.
of these
any
been
J0
^m^°?lty porioer,inm ^u ppe
from 272.76
the
271.76
This announcement is neither
develcped
earlier-as well as a month
__
21.9% . above the
period
in
1960.
roa(j
estimated
i962, an increase
^ Yfas rel)or^i as against
?niSS m ttie comparable period in
,
larity.
For the r week ending April 7
Than
i«
IQfil
Wi»elr
•; agO, it remained moderately above
the factor is +1S% ; this yields an/adlast year's
level for the corre- |"s,tfed' year -to change for the
The amount of elefctric energy
,"sp0nding..'. date.
Corn, oats and United States of +7%.
; - .
:
distributed by tRe electric light steers were quoted considerably
and power industry for...the week ■ lowerj;,at
wholesale this week,
H AQriQ I ll"\7 /S |
ended Saturday, April 14, Was es- while mild dips also were regis-1
V.L; r ;■
;,
timated at 15,600,000,000 kwh., ac- tered in hogs, hides, wool, rubber I-titt
1T1
A TYIOTIPQ
cording to the Edison Electric In- and tin. In contrast,, the only ap-' J-1TV
lUcl
?
stitute.
Output
was
31,000,000 preciable increase this week Look Tiittrpll Miclin
narfn^r
kwh. above that of the previous place in wheat. .
" ' .
,
' 1 Webber, Jackson & Curtis
has
taled
29,469 cars or
corresponding
the
throuehout
e5 -151 April 7
j£ard feet for
total). This was an increase of wet;Kl5 luuitdteu.
2,575 cars or 23.1% above the corApr: ?,
196!'
19G2
responding week of. 1961 and 2,434 Productlbll''' : 233^75
238,275
218.881
and Imperial, both made at Chryscars
or
21.6% above the
1960 Shipments
254,878.
241,770
241,528
Orders
259,5-9
<252,120
244,252
ler Corp.'s Detroit Jefferson Ave. week. '[
v.
plant, would reach 1962 producCumulative piggyback loadings
Electric Output 8.1% Higher
tion totals exceeding output for for the first 13 weeks of 1962 toresponding session last year.
Ward's said that during the oast
week two makes of cars, Chrysler
the
.when compared ,with the same
we®.k mA196.J*,, °,rnS}e fouF weeks
were
Luttrell Maclin
public undefstanaing of the* role
lard,sugar."of 'savings and investment in the
S2
SS7? oil, cocoa and steers. American economy.
:
Meanwhile, some 17 foodstuffs reMr
Maelin, formerly a financial
.' mamed unchanged m price and writel..with the New York Herald
only barley, bellies,peas, eggs and Xribune, has been associated with.
hogs were quoted higher in: price.; piihWebber, Jackson & Curtis
:
I■The.I"dex ^Presents the sum, ginrA i951. He also serves as a
■
■
.
-
•
•
Price 100.71%
total of the price per
pound of 31
raw
Plus accrued interest from May 1, 1962
use.
index..
i
member
foodstuffs and meats
in.g?.n-
eral
'
It is not
chief
Its
function
_
the
show
general
trend
of
of
the
investment
planning
.
board
the 'Institute
at
lecturer
and
cpst-of-living
a
of
Banking, Wharton.
is to school of Finance', University Of
food.
penrisylvania:
■
Copies of the Prospectus
writers,
may
be obtained in
including the undersigned,
as
any
may
prices at the wholesale level.
State only from such of the several Under¬
Consume?
lawfully offer the securities in such State.
,
Continues
Surge ■ :
?
Buying
Pre-Easter
-
.Strong gains were registered in
purchases
in
the
week
ended
April
11.
The
upsurge
The nationwide observance of
Ixivest-in-America Week is scheduled this year during the period
April 29-May 5.
retail
1
White, Weld & Co.
Stone & Webster Securities Corporation
Blyth & Co., Inc.
The First Boston
Corporation,
Incorporated
Kidder, Peabody & Co.
r
Incorporated
.
.
"
.
i. "
Smith, Barney & Co.
Incorporated
'1
.
-
'
Kalb, Voorhis & Co., 27 William
L*
clothing
and
" moderate advances
^
were noted in
home
I furnishings,
and' hardware.
•
-
garden
-
-
r
■
goods
i
•+
i.
of the New York St(^k Excha igp,
Y
' W
J!?
fL*
^
/?enfu
psrtnership m
the firm- On the same date Belle
E11-,,.
i
Feinberg; and- Celia L. Raumann
will become limited partners.
-
r-
i.
•
.The;total dollar yoltune of re%
X
men's
after faltering in /recent
weeks, at last made substantial
headway.-While fashion purchases
stai'
naturally
held- the
spot,
";'
it
4
Dean Witter & Co.
XT0]U VnnpVilQtn
XVd/lkJj VUUIIilo tU
jCxQIlllU UO U II 111
wear,
"
"
consider-
w^ek 'a"' year-a'go."
;
Lazard Freres & Co.
Iricorporated
volume
ably above the comparable 1961'
level, but it should be remem-
Goldman, Sachs & Co.
Merrill Lynch, Pierce, Fenner & Smith
...
Fame, Webber, Jackson & Curtis
'
over-all
children's
Glore, Forgan & Co.
Lehman Brothers
lifted
!
Eastman Dillon, Union Securities & Co.
Harriman Ripley & Co.
,
:
Capital Planning Branch
Capital Planning Services, Inc. has
f v view. ranged from.. 1Q to " 14% opened a branch office at 50 Broad
Street, New York City, under the,
higher than a year, earlier, ac
-cording to-spot-estimiates collected-' direction: pf Murray Aronson.
tailv trade in the! week
..
under re-'
Volume 195
Number 6152
.
.
,
The Commercial and Financial Chronicle
rates, so that the maximum rate is
90%, which is a great deal higher
than that of the capital gains tax
operating in most,countries,Moreover, while in several other coun-
.
The British Budget
(1871)
.
.
.
tries
TrwiWri
"KT.
J OlilS IN
/\i?
TTt*
V
1
•
Cl-P-Pl
.
T)
-4.
:
_
,
Blyth & Co.
Opens Govt. Dept.
UII1C6
4.
vjl-1? IlSt JL)OSIOR
-
_
;
/
Dr.
By .Paul Einzig
'V.
.
,
v
losses' are
offset'
against' curfent income, in Britain
they can only be offset against
in
Blyth & Co., Inc., 14 Wall Street,
New York City, has announced
the
opening of
a
Government
Bond
Department
which
will
operate on a national basis out of
' Buckley, Vice-President
ot The-: First Boston Corporation,
will join. the. National Sales Dept.
capital
'
capital
era
ins.
.
ij
*
"
Einzig decries the inflationary aspects of Britain's recent budget,
•
the corpo¬
ration's,
head
"
the exceptionally
May Hurt Balance of Payments
harsh newly Introduced capital gains tax, and the
neglect of measures to encourage exports. Turning to the criticalness
of automobiles in the
V
y
:
y
.
villain
.
in
picture.
Einzig says it has tied the hands of
Dr.
Government which
the
is
more
interested
of inflationary prosperity at
ances
<■
the
in
the
home than
re-election
upon
.*
assur*
♦
the balance of,
mean
of
.New
encourage exports, but
has
with: the
which
has
e, 4
its
be
was>
James
n
B
shown-
o
a
g e *
s
ton's
off ice
signs of
months.
in
improvement in recentPhiladelphia.
y;'v,::V.y.y
;
payments with its inevitable consequences.
;
; ^ . V
.
During
the
next' few
T,
months, however, it will produce •. Mr. Buckley
LONDON, England — Although other sweets will tend to work in an expansion' of the output Profit J01necl First
Boston
in
official spokesmen and most com-'• the
same
direction,
not. * only margins which have been falling T
.
1Q_n
.
:
Lloyd's second budget
as
"neu-
a
budget, in reality it has
its
material
-
effect
hut. duririg th«! past'year
also: through its psychological ef-
A
- -
-+w
are
likely to-
-n
,
and
But in view of the
come.
relaxation
the
of
they are inclined to be influenced
by extremists.
■
.
credit. squeeze
of the pay pause, a
will .compel the authorities to re- Manager
of.
effect.- In the
budgetary
absence
disinflation
•„
should go some way towards off-
pansion,
wage
and the accentuation
increases
oeivveen
tnem
f
mlim
ce^iato^duclUrisei^
Purchase Tax
-.
:
y
Nor is this all. While the
as
whole
a
be more
may
budget
or less
neutral, some of its details tend to
the inflationary pressure.
Foremost amongst them is
the inexplicable reduction of the
purchase tax on automobiles. If
is
factor
one
umv
if
a
mini-
Kao
business
-—i——
government's life
.....
.
cycle.
depends
..
.
its
on
.
in the British
merely
a
tax
IV/TQtTT, Pa
A
from coast to coast.
tomers have
:~
fn
inS an upward Swinte,.For the sake
e®Pe?'ahy as employers will be
-
Joseph
Mayr
&
nil..
active interest
currently offered by Blyth's CorSecurities
50 porate and Municipal
"
Departments:
J.
Messrs. Wilson
Briggs and
change, on May 1, will admit many of their staff bring to Blyth
Giulio Ghiron and Morteza Khosmany years of experience in the
rovshahi to general partnership' government securities business.
in the firm.
On the same date
Carl Ghiron and Phyllis Krosrov-
Forms Mutual Fund Sees.
shahi will be admitted to limited
partnership.
;w
y,
-
ATLANTA, Ga.
—
J
^ck Foreman Opens
curities
business from
I486 Fama
Drive
under
the additional cost.
from
offices
at
4550
Alonzo
Ave.
Rankin Inc.
British
is
.y,I-:'V;
an
offer to sell
nor a
solicitation of an offer to buy any of these Debentures#
The offer is made only by the Prospectus.
booming most other expanding
industries
are
forced
to
compete
with
it in bidding for the scarce
labor force. There can be no ques¬
of resisting
tion
excessive
$75,000,000
:
wage,
demands.
,
solution
The
be
drastic
increase
tax
on
ures
to make it
tem.
the
difficulties
through a
purchase
and meas¬
difficult to
on
Southern
6eU Telephone and Telegraph Company
the
of
automobiles,
them
sell
of
achieved
would
more
the installment sys¬
1
;v
Thirty-Nine Year 4%% Debentures
Due April 1, 2001
Dated April 1, 1962
Lloyd was illenough to reduce the pur¬
chase tax. This necessarily means
Instead, Mr.
advised
an
of
increase
domestic
for automobiles. Since
no
Interest
payable April 1 and October 1 in New York City
V
,
demand
purchase
tax is
the
charged on exported goods,
change .does not affect the
prices of exported automobiles, so
that
a
larger proportion of the
Price 102.875% and Accrued Interest
output will be sold in the domes¬
tic market.
In
.
theory
should
tend
lower
to
t
,
purchase
reduce
the
profit
1
cost
unit, owing to the increase in"
the output. In practice thd trade
unions will lose no time grabbing
additional
y
tax
per
the
i
Copies of the Prospectus may be obtained in any State from only such of the
undersigned as may legally offer these Debentures-in compliance
with the securities laws of such State.
their
for
Moreover, since other
will
have to
defend
members.
industries
themselves
against
their
in¬
losing
to the automobile
manpower
MORGAN STANLEY & CO.
dustry by putting up wages, their
costs
will
increase.
Other budgetary measures
mak¬
for inflation include the in¬
crease of purchase tax on clothing,
shoes, furniture and other essen¬
tials the prices of which affect the
cost of living index. The cost of
EASTMAN DILLON, UNION SECURITIES & CO.
THE FIRST BOSTON CORPORATION
ing
GOLDMAN, SACHS & CO.
HARRIMAN RIPLEY & CO.
Incorporated
LAZARD FRERES & CO.
LEHMAN BROTHERS
KIDDER, PEABODY & CO.
...
•
•
MERRILL LYNCH, PIERCE, FENNER & SMITH
Incorporated
automobiles is not included in the
index, so that the fall in automo¬
bile
prices through the reduc¬
SMITH, BARNEY & CO.
tion of the
EQUITABLE SECURITIES CORPORATION
offset
purchase tax does not
in the prices of
the: rise
furniture.
clothing,
shoes,
will
additional
be
stepping upi
new
15%
wage
tax
on
There
excuses
for
demands. The
chocolate
and
April 19, 1962. f
\
,
a se¬
offices
at
the firm
eNCINO, Calif.—Jack Foreman is name of Mutual Fund Securities
a
securities business Co. He was formerly with McNeel-
and
:
Leonard B.
Sheffield';; Jr., is engaging in
*
able to pass on to the consumer conducting
This announcement is neither
'
;
and
automobile.industry. Owing to the
craze which seized the
people, that branch of in¬
can
afford to v pay top
wages and drains the manpower
from other industries. So long as it
in
pected to complement the services
p
motoring
-
cus¬
ment. The new^d^artment is ex¬
Company,
xt
an
the economy it is expansion of the
dustry
*
-
securities of the Federal Govern¬
p] -ry\ i -j- T^QT*f"T"|OT*Q
is levied at
surtax
States
supplement the wire system now
connecting the firm's 28 offices
JOS. IVLEiyT UO. TO
j........
Xfed^lSl rainTtax^Yet reStraint wU1 have been f°rg0tten
in many ways the new tax is ex-
-Philadelphia
of.the
tl/t
t
T
.
on
situation which bears outstanding; ceptionally. severe. It
responsibility for the overload on r the full income tax
United
•
The
u 1 Ctl UliV/J.
x.
of it the crusade against inflation
certain types will have to be relaxed. Already
of speculative transactions. What wage increases twice the governis in a name? A great deal in given —.
lirvt.+
- 01LO/
situations. The Opposition seized meni s proposea nmii 01 z /z /<,
-upon- Mr. Lloyd's blunder and the conceded "Without any protest from
government has been subject to official quarters. Before long Wage
but
accentuate
there
the
went out of his way to emphasize
that it is not a capital gains tax-
Decries Removal of Auto
.
hv
complete
a
«
the
Many of the firm's present
1964 there is not enough time for
^uce its favorable effect-to
an
-rr.
deputy,
general election. Between now and
setting that influence. But the
government has managed to1 reikao uiauagw iu
the
lower interest rates; tne credit.ex-
department will deal
,
.
,
f la tionary
new
.
sort to measures which will halt office, and Phillips B. Street, Asthe boomlet. For one thing, the- distant Vice-President, will act as
his
disinffa- vf^4 ' i:: J:
:
:
Capita! Gains Tax
tionary budget would have been :
government can ill afford a recesnecessary
in '■order to
prevent
jt
is
true, the psychological- sfon in view of the approaching
those changes from producing in-,
effect
0f
the
camtal
eainq
tax
view 01 ine. approacnm^
.
-
T
™
tain to
The
in securities of
.
feet,
a
of
management
Treasury, as well" as in issues of
various Federal Agehcies. For the
John s. Buckley
was named an
efficient handling' of these trans¬
Assistant.Vice-President in Febru- actions, Blyth has built a modern
1^9.and a Vice-President in trading room equipped with a
^ e^'j,
magnetic quotation board; a direct
^
•+ na,
■??' ^lce"fresi~ new dialing telephone hook-up;
Sf
rePla9?
?yuas and teletype machines which will
because
the
irritation
it exPan<I nnd this will mean a
distinct
inflationary bias,
it is causes is quiteout of proportion boomlet inequities, rIt- may take
true, the overall deficit is small— with its proceeds. This is the kind some time before the adverse efunless we allow..for the supple- of thing that puts trade unionists
feet on the balance of navmentsmentary estimates which are cer- into a frame of mind-.-in--which-*'^.y, ;&^Al•
~
tral"
the
G;
sembled for the task.
„
_
mentaiprs described Mr; Selwyn through
Wall
14
at
government bond department of
Blyth & Co., Inc., will be staffed
by an experienced trading and
sales organization expressly as¬
First
0f
office
Wilson, Vice-President,
with sales directed by Loring T.
Briggs, Vice-President, - the new
.formerly
a
York
Under
en
M
New
Street.
announced. He
deterioration of the balance
payments
15
Street,
York, it
c
Broad
or
reinflationary
measures
in other spheres it is
likely, to stimulate domestic demand. In the long run this may
t
The approaching British elections is said to be the
demands.
together
.
tionary. pressures and discourage general resistance to .excessive
wage
has done little
budget
I nothing to
British'economy, the commentator says the
reduction in the auto purchase tax will substantially add to infla-
:
The
\
f f i
o
11
WHITE, WELD & CO.
I DREXEL & CO.
DEAN WITTER & CO.
WUW«flW»l
12
The Commercial and Financial Chronicle
(1872)
ly served by present Defense De¬
partment policy giving the gov¬
ernment royalty-free license un¬
der privately owned patent. To
the contrary, I propose that it is
Socialization of Patents
Threat to All Industries
nor
By Robert W.Galvin,
consistent, legal, practical,
in the public interest to con¬
heither
President, Motorola, Inc., Franklin Park, III.
tinue
with
or
ernment ownership of
pending Congressional
Refutes rationalization
proffered to justify this step, and makes one
exception with regard to our early atomic research inventions
cause
of the lethality of the weapons involved.
revolution cur¬
rently is taking place within the
electronics industry. Translated in
technological
A
terms of
man's progress, the capa¬
be¬
•
ing congressional legislation
tablishing
the
federal govern¬
ment's ownership of patents. This
is
socialist state.
a
within the in¬
No
of the industry
dustry
tain
advancements
next
20
than
in
prior
years
all of
rights resulting from work per¬
formed by private industry on de¬
and aerospace contracts. In
history.
Amazing
fense
strides already
opinion, such legal recourse
would pose significant conse¬
quences on the electronics indus¬
try's ability to control its destiny.
my
being
are
within
made
the
of
state
this
rapidly
changing art.
will
Others
t
k
e
p
wonders in store
which
zons
years
.
.
.
The
all.
ment
achievements
electronics
of
nature
the
there that the
in¬
end.
a
the
grave
matter
motivation
which
very
normally would be spawning the
technical
progress
and
general
growth of the industry. This threat
to which I call attention
is pend-
forced
would
enter
any
and
their respective
writings or discoveries. The ob¬
jective of defense procurement is
to
know-how that
assure
can
be
translated quickly into equipment
for our armed services—it is not
make
to
ideas,
leave
you
virtually
1994.
The
1%
a
1995
maturity
carried
and was offered at
4.10% yield. The last six matur¬
ities carried a 1/10 of 1% coupon
coupon
a
and
were
offered
at
yield of
a bal¬
of $9,994,000 remains in ac¬
4.40%.
•
As
go to
we
a
press
attained through defense contracts
that the public is paying
for the work. Does it then follow
the
government should take
the patent of the builder who
invents a new way of lifting stone
over
while
building
it
Does
federal
a
follow
court
that
the
government
should
usurp
the
patent of a conveyor manufacturer
who
invents
mechanism
on
;
a
new
while
handling
under
contract
post office installation?
a
The government should have no
claim
own
than
that
Motorola
the patent on a com¬
ponent that a supplier develops as
he attempts under contract to sat¬
isfy one of our tighter specifica¬
$6,650,000
89, Oklahoma
bonds
due
1964-1977
to the group headed by
Trust &, Savings Bank at
Harris
^
net interest cost of 2.6534%. All
the
for
alleged
justification
for
government ownership of patents
that
awarded
of
Refutes Rationalization
v.
Oklahoma County, Independent
School District No.
a
The
should
one hand, there is noth¬
inherent in private owner¬
ship of patents that in any way
Halsey,
count.
more
On the
by
v-/v:;■
The bonds were offered to yield
from 1.40% in 1962 to 3.40% in
ance
me with ten
ideas, we could rebuild
our
corporation in a few short
years. But if you leave me all of
our physical assets and take away
private enterprise.
ing
group
headed
Stuart & Co.
of
men
for government to
enter business in competition with
way
the
ventory, and leave
nothing.
business,
Continued jrom page 6
Motorola's factories, all of our in¬
house?
visions stipulating that the federal
;A/3-:::v3 A Deadly Blow
government
to
ownership policy on
industry, it would
strangle the private companies.
This involves
ownership of the
very basis of our industrial econ¬
omy. 3: ■:>33;: 3;: r;;;:;.;:/.3;
If you were to take away, all of
exclusive right to
Recently the National Aero¬
tential.
indi¬
hard
work is
nautics and Space Administration
established
No
so
patent
selling patent rights. On the
contrary, our Constitution vests
in Congress the power to promote
the progress of science and use¬
ful arts by securing for limited
times to authors and inventors, the
weapon. But it is
justification should
dustry has been cataloged as hav¬
However,
the
works.
strive
the
Exempt
-
company
the (electronics
—
ing virtually unlimited growth po¬
threatens
patentable
our
let alone the business of acquiring
There may have been unique
justification for the government
owning the inventions associated
//3-3 with this country's early atomic
ahead hold research
because of the lethal
promise bright, new hori¬
for
for
Constitution, which is a
limiting device on federal action,
never
contemplated that govern¬
Robert W. Galvin
1 a c e
during 1962. The
a
vate
Tax
Bond Market
rewards,
The
My contention is directed at
that legislation which would grant
federal
ownership of all patent
within the
Reason
Government's Entry
and endangers the
very foundation of our democratic
society.
to at¬
greater
<
no
Thursday, April 19, 1962
stifle the
strive with vigor to moti¬
If
a
bility exists
Without
would
ideate.
places us on the threshold of the
or
incentive to invent.
patents, In
to
political action which strikes
vital blow at the root strengths
the time to dull
would
persist, it is quite con¬
ceivable
that
the
government
wouid eventually possess the
power to determine whether or
* ,'; not a
company could remain in or
enter a given business . . . and
ultimately, to a point where Con¬
gress would enact governmental
es¬ control
over
all
patents.
This
lowed
government ownership of patents to
.
a
single idea may strike the
balance of power in the world is
vidual
fact, should this condition be al¬
proposal to
inventions arising from
NASA projects. Asserts this would mortally affect the electronics
industry's unlimited future, and constitutes a threat to all industry.
assails
industrialist
Electronic
extend
.
of
not
gov¬
to expand on
.
short
bonds
spoken
were
prior to the sale and, after a
offering period the entire
brief
issue
sold
was
and
the
account
closed.
was
Tuesday's only other important
sale
involved
$5,000,000 State of
Mexico,
Severance
Tax
New
(1963-1971) bonds.
These bonds
obligations of the State pay¬
are
able
tax
solely from the severance
bonding fund. This issue v/as
awarded
to
the
John
Nuveen
Co. group at a 2.4057% net inter¬
est. Other major members of this
group are Ira Haupt & Co., Dominick & Dominick, Bache & Co.,
and First
of
Michigan Corp.
Reyield from 1.50% to
2.50%, very little of the loan has
offered
to
been sold.
On Wednesday (April 18) $14,565,000 City of Miami, Florida
Sewerage Disposal System gen¬
government should own any in¬ reduces our ability to accomplish tions.
our defense and space objectives.
There is no reason to be con¬
eral obligation (1963-1990) bonds
ventions
resulting
from; work
were
awarded
to
the syndicate
done on NASA projects. Now this On the other hand, there is *a pre¬ cerned about possible concentra¬
policy threatens all defense con¬ dictable destructive consequence tion of patents in big corporations. managed jointly by The Chase
tracts.
to industry if public or govern¬ Everyone: in ; the electronics in¬ Manhattan Bank and Smith, Bar¬
There is no significant evidence ment ownership of patents is per¬ dustry—large or small—is in the ney & Co., at a net interest cost
defense-space business. Many of 3.069%. Other major members
that public interest is not proper¬ mitted. A time when the creation
small companies exist for the very of this syndicate include Chemical
reason
that
they enjoy patent Bank New York Trust Co., Blyth
protection privately on a sound & Co., Phelps, Fenn & Co., Salo¬
idea.
mon
Brothers & Hutzler, R. W.
It is inconceivable that in our Pressprich
&
Co., ; Ladenburg,
nation's quest to defeat Commu¬
Thalmann & Co.,
and Stone &
Securities
nism, certain members of our Con¬ Webster
Corp.
The
gress
should embrace
Commu¬ bonds were reoffered to yield
similar
contract
pro¬
nism's basic idea
of
The Ohio Oil
has
that
Company
.
.
the abolition
.
private property. It is shameful
in
form
our
zeal
to
Our
preserve
of
society we should pass
laws that would, in effect, kill it.
What an
easy
and unnecessary
victory for Communism.
If we are not capable of over¬
coming this serious threat, the
potency of the electronics indus¬
try will begin to wane. If private
ownership
is
re-established
on
acquired the assets of
NASA
contracts
and
defense department
we
retained
on
contracts, and
conduct ourselves with enthu¬
siasm
and intelligence as in the
past, then "truly" electronics will
Plymouth Oil Company
enjoy
1963
in
3.25%
to
in
1988.
1989
maturity carried a 1%
coupon at a 4.00% yield and the
1990 maturity carried a 1/10 of
1%. Bank demand
and
immediate
was
balance of
$10,640,000
ently remains in account.
a
This
week's
consisted
final
pres¬
issue of
note
of
$7,690,000 Town of
Oyster Bay, New York, public im¬
provement
(1962 - 1991)
bonds
which
were
awarded to the group
jointly by the Chase
Manhattan Bank, Bankers Trust
Co., and C. J. Devine & Co. With
an excellent credit rating, this is¬
managed
sue
of bonds fetched
a
net interest
cost of 2.932%. Reoffered to
future unlimited.
a
1.60%
The
1.50%
from
to
3.30%,
yield
than
less
half of this loan has been sold.
This acquisition is
subject to
•
v.-
Vv
V:
a
reserved production payment,
Pennsylvania
School Agency
Toll Bonds Continue
,
Price Enhancement
Our
road
bond
Drexel & Co., Harriman Ripley &
The
undersigned represented Plymouth Oil Company
in the above transactions.
Co., Incorporated, The First Bos¬
ton Corporation and Kidder, Peabody & Co., are joint managers
of the group that publiclv offered
on April 17 an issue of $26,430,000
Commonwealth
of
Pennsylvania
State Public School Building Au¬
thority 6%, 4%%, 2%%, 2.90%,
3%, 3.10%, 3.20%,
3.30%
and
1/10% school lease
series H,
1.40%
Lehman
in
Brothers
group
and 4.40%
was
San Francisco
Chicago
Los Angeles
Houston
for
a
Paris
Geneva
the
in 2001.
on a
combination
The
the issue at
bid of 98.015
of
coupons,
net interest cost of 3.1725%.
Hated AA by Standard & Poors,
the bonds
April 19,1962.
1962 to 3.40%
awarded
competitive sale
New York
bonds^
at prices to yield from
for those in
1994
revenue
are
are
secured
revenues
a
by,
first lien on, and
a
pledge of the
derived by the Authority
from the leased: ^projects.
-
long-term
;
Revenue
wljich
Index,
Bonds Marketed
1
averages
certain other
and
issues
Bond
the
toll
revenue
weekly basis,
indicates further market improve¬
ment since last week. These bonds,
on
a
at the offered side of the market,
yield 3.774% when averaged. This
Index
was
with
3.808% last week. This
betterment
market
the
category
is
consistent
fine
performance this
of bonds has exhibited
for several months.
Issues that have done particu¬
larly well during the past week
are: Florida 43/4s up 1 point; Grant
County, Washington P.U.D. 37/ss
up three-quarters of a point; Il¬
linois Toll 3%s up
1% points; Il¬
linois Toll 4%s up Vh points; Kan¬
sas Turnpike
3%s up %s; Maine
Turnpike 4s up 1 point; Texas
Turnpike 2%s-up-l% points; Vir¬
ginia Toll 3s up l%s; Washington
Toll Bridge 4.90s up 1 point. Most
of
the
other
issues
made
lesser
gains.
There
important nego-,
tiated <;typ$issues
.^apparently
ready for market.
3
are
no
„
Volume
Number 6152
195
.
.
The Commercial and Financial Chronicle
.
addition
Connecticut Brevities
In
(1873)
its plant in
at
Ansonia.
of
alloyed iron can be. pro¬
duced up to a maximum of 80
Pratt
&
Whitney Aircraft.* The acre plot of land in the village of
tons. The foundry also supplies a
Atomic Energy Commission an¬ Ratu, about 7 miles from Ranchi
wide
variety of castings, both
nounced that it is expanding its in the state of Bihat.
large and small, for the diversified
contract
with Pratt & Whitney American Machine & Foundry Co.,
machinery products manufactured
Aircraft to include the actual de¬
Stamford, has opened a new En¬ by the company..
velopment of a nuclear space re¬ vironmental Laboratory to analyze
iron and
Bonds Marketed
underwriting group managed Miami; Kean, Taylor & Co.; W. H.
jointly by The Chase Manhattan Morton & Co., Inc.;
Bank and Smith, Barney & Co.
Bacon,
Whipple
&
Co.;
on April 18 purchased
$14,565,000 Rauscher,
Pierce
&
Co.,
Inc.;
City of Miami, Florida Sewage J. A. Hogle & Co.; Bacon, Steven¬
v
The
AEC
said/ the
the
power
project for space vehicles has been
assigned to P&WA's Connecticut
Advanced
Nuclear
Engineering
as
source
a
wide
range
of
new
Government
AMF's
Products
:
Group. It is equipped to fulfill
military test requirements by a
of the missions, according to the
complete testing, analyzing and
AEC, are space probes using ion- evaluation service. It is being used
(electric) propulsion engines and. to test components for Minuteman'
highly sophisticated communica¬ missile
storage, erection and,
tion satellites. P&WA already has
launching mechanisms. It will also
a
development contract for work be available for other
on
company
engine.
ion
an
Veeder-Root,
Inc., Hartford, has
received from Zenith Radio Corp.
initial
an
for
order
Phonevision
will print
decoder components that
viewing
subscribers'
for
records
programs
and to outside
com¬
panies which need environmental
tests performed. The facility can
simulate and reproduce extremes
of
natural
induced
and
has
Covato
j
&
Square,
as
o
Hartford, begins the first large
scale, over-the-air-subscription
TV operation late next spring.
n e
.
c[
Lenchner,
Bigelow
Inc.,
He will handle all types erf gen¬
eral
stock transactions,
Veeder
corporate
and
mutual
Mr.
municipal
fund
reoffering, the bonds are
scaled
to yield
from 1.60%
to
4.40 %, according to maturity.
bonds,
programs. *:
Bihler has been
j
Other
,
associated
years.-
•
Vi
-;
members
•
under¬
Co.,
Corp'.'McDonald-
Co.;
Bank in
&
&
Hartford
will
firm
also
Phelps,
Inc.;
Law
Pickard, Inc.; Underwood, Neu-
haus & Co., Inc.; Piper, Jaffray &
Pohl
Arthur
Wright
and
L.
tors which will show subscribers,
April 18, 1962
$4,000,000
Macco
Bearing
Britain
Company
announced
of
recently
that it has signed a contract call¬
ing
"technical
for
with
collaboration"
leading Indian mercantile
organization, Shri
;Ram Associates Private Limited of
a
industrial
and
New Delhi,
;
^
manufacturing concern called
Ball
Bearing i Co., Ltd.,
which, with Fafiiir assistance, will
begin operations sometime this
summer
in
a
plant now " being
built in the: city' of Ranchi, 300
will
it
announced
known
6% Convertible Subordinated Debentures due 1977
these
will
two
selected
be
manufacturer.
Aircraft
Kaman
field has been awarded
According to Board Chairman:
Stanley M. Cooper who made the
announcement, - Fafnir's principal
role under the terms of the agree¬
ment is to
provide initial "knowto; get the Bharat plant
started and subsequently to train
key Indian personnel by bringing
them to New Britain where they
how"
observe
can
f • '.A:
Although
.
operations
:;.v
ment
,
entire
the
in
prog-
■''V-f f
arrange¬
*
is
subject to the approval
of the Government of India, it is
understood that
the
of collaboration have
broad
terms
already been
approved. The investment in plant
facilities will be by Indian finan¬
cial interests in the amount of
million
several
include
with
nir
a
all
dollars
ly
100,000
square
SEASPRITE
covers
production
Receipt
of
machinery
occupy near¬
feet
Incorporated
from
pushed Kaman's total backlog to
approximately " $100 million, the
first time this figure has been
reached by the company.*
•
field
Aircraft
Corp.
an offering. No offering is made except by a Prospectus filed with the Department of
fiff Law of the Stale 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.
»
NEW ISSUE
April 18, 1962
150,000 Shares
of Bloom-
that
glass fiber
be used in
announced
reinforced plastics can
Macco
a
wide range of new products.
Already underway is the develop¬
ment of an all glass fiber' heli¬
copter rotor blade which is ndw
in extensive flight testing. Kaman
is also starting work On a controll¬
;;
Realty Company
Common Stock
.
(Par Value $1 Per Share)
;/■
:•
able
on
v :
.
This advertisement is not
has
award
new
:
fol¬
April,
1963, through the spring of 1964.
the;
Mitchum, Jones & Templeton
Kidder, Peabody & Co.
pitch ship propeller for use
ocean-going minesweepers. The
minesweeper propeller is
new
ex¬
63%, aiding precise maneuvering
plant, which is near-
ing completion, will
$20,295,-
additional
pected to reduce prop weight by
making, Mr. Cooper said.
The Bharat
a
an
machines
American
supply some
for balL
for
will
and
good probability that Faf¬
will
of Bloom-
Corp.
low-on
Kaman
which this announcement is circu¬
offer these securities in such State.
as
quantity of HU2K-1 SEASPRITE
utility helicopters by the U. S.
Navy (Bureau of Weapons. The
contract
•
ress.
contract
Copies of the Prospectus may be obtained in any State in
lated from only such of the underwriters as may lawfully
v;
Bharat
000
plus accrued interest
,'f V-
a
miles northwest of Calcutta.
Price 100%
be
now
the F-111A. Production
as
plans and contracts must await a
decision by the
government: von
the final design of the aircraft
itself. The Boeing Company and
General Dynamics are working on
designs for the airframe, and one
of
The Shri Ram group has created
;
Realty Company
a
Fafnir
New
Co.,
great military aircraft to be
ment
The
Co.,
&
an o ffering. No
offering is made except hy a Prospectus filed with the Department of
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.
flown by man if manned aircraft
small window on the
when they have dialed gives way entirely to missiles. In
the correct subscription program, its planning stage it was known
as the TFX. The Defense Depart¬
code.
through
decoder,
&
J/ A. Overton & Co.
NEW ISSUE
described
last
National
This advertisement is not
This proposed fighter has been
as one that may be the
supply
Zenith with direct reading indica¬
Third
Nashville; Burns, Corbett
Hopwood;
Chemical Bank New York Trust
' Co.; Blyth &
■..
the
of
writing group are:
with the securities field for many
Root, manufacturer of
Pratt & Whitney Aircraft of East
counting, controlling, and comput¬
Hartford
has
been
selected
to
ing instruments will supply the
manufacture the turbofan engine
printer units as complete sub-as-'
for the proposed new Air Forcesemblies ready for incorporation
in
Phonevision
decoders.
The* Navy JFT-10A tactical fighter.
.
On
listed and over-the-counter stocks,
and
Cleveland;
Moore
the borrower.
including
spray, sun,
"
to Sand,
dust, salt
rain, heat, cold humidi¬
ty and aridity, as well as shock,
acceleration, vibration and radio
frequency interference.
i
O.
account executive.
an
environ¬
components
Pa.— Robert
Co.,
ments in chambers which subject
billing purposes when WHCT-TV,
Disposal System Refunding Bonds son & Co.; Commerce Trust Co.,
of 1962 due July 1, 1963 to 1990,
Kansas City, Mo.; City National
i n c 1 u s i v e.
The
group
bid Bank & Trust Co., Kansas City,
100.0199999% for the bonds bear¬
Mo.; Robert W. Baird & Co., Inc.;
ing coupons of 5%, 3%, 3.10%, Mullaney, Wells &
Co.;
3.20%, 1% and 1/10%, setting a
Julien Collins & CP.; The First
net interest < cost of '3.06905%
to
Lenchner, Covaio
Bihler
facility is
located at
Stamford and. is a part of the
Greenwich Engineering Division
will be used
of electric power for
of space missions
planned for the late 1960's. Some
a
Joins
PITTSBURGH,
The
will develop
P&WA
on
aircraft operations.
which
The nuclear reactor
town.
environment
of
components for aerospace ground
equipment and for missile and
in Middle-
(CANEL)
Laboratory
effects
Stone & Webster Securities Corp.;
The
First
National
Bank
of
An
,
actor.
Fenn,& Co.; Salomon Brothers &
Hutzler; R. W;. Pressprich & Co.;
Ladenburg,
Thalmann
&
Co.;
City of Miami
main foundry, castings
the
13
on
a
of
the
also
ship.
The
have:
r.
new
better
being used.~
Share
props
now
;
Farrel-Birmingham
a
Price $ 10 per
will
nonmagnetic
qualities than bronze
28 ^completed
prop
new
Co., Inc., has
million
Copies of the Prospectus may be obtained in any • State in which this
announcementis, circulated from only such of the underwriters, including.
dollar
the
undersigned,
lawfully offer these securities in such State.
as may
I
5^.-'.'V'
Primary Markets
Mitchum, Jones & Templeton
Kidder, Peabody & Co.
infgH CHAS.W.SCRANTON&CO.
Incorporated
Paine, Webber, Jackson & Curtis j
Eastman Dillon, Union Securities & Co.
\
\
'
-
•
,
1
■
•
*
.
1
'j
c.
*
i
:
New Haven
£
■
r/',
1
New York—REctor 2-9377
J
.
-v
•-
.
Hartford—JAckson
.
^
7-2669
-Teletype NH 194
>
Hay den, Stone & Co,
:.
:
•
,
-
^ti
Hemphill, Noyes & Co.
■
Shearson, Hammill & Co.
Incorporated
Shields &
Walston & Co., Inc.
Company
incorporated
1
Granbery, Marache & Co.
Lester, Ryons & Co.
McDonald & Company
Inc.;
Inc.
The Commercial and Financial Chronicle
U
.
,
(1874)
the
Our Reporter on
most
which
undesirable
obligations
certainly
they
are
not
.'Thursday, April 19, 1962
Wallace V.-P. of
Southern Bell
Hill, Thompson
or
Tel. & Tel. Co.
will be.
never
After
the
takes
Treasury
care
the May-June refunding there
will be the need of again coming
of
The
in the
and decrease
increase
CHIPPENDALE, JR.
T.
JOHN
BY
price of steel which took place just
about over-night is not expected
The
Debs. Offered
election of Col. David
into
Morgan Stanley & Co., New York
City, heads a nationwide under¬
writing group offering for public
investment firm of'Hill,
Thompson & Co., Inc., 70 Wall St.,
New York City, has announced the
probably in late June or?
the
money,
obtain
to
market
-
new
C.
early July when between $3 and
$3V2 billion will be borrowed. This (U. S. A. ret.)
as Vice-Presi¬
will
be in the 1962/1963 fiscal
dent. A gradu¬
appears to be proof of that. There year which starts on July 1. It is
ate of the U.S.
is
no
question
but
what the also likely that more new money;
will again have to be raised in Military Acad¬
Treasury cannot only take care
of
the
coming maturities very August with $l1/2 billion being emy in 1935,
Wallace
sale
today (April 19) a new issue
$75,000,000 Southern Bell Tele- *
phone
&
Telegraph
Co. v43/s%
of
debentures
The
any effect on the money
Wallace.,,
talked about at this time. Thus, Col.
capital markets. However, Jhpt readily but also some extension it is evident that the
Treasury in received his
fact that the price rise did not of the over-all debt maturity can
Master's
de¬
be accomplished by putting a high the next four or five months is,
stick should mean'that the infla¬
going to be the dominating force • gree in engi¬
tionary implications which might enough coupon rate on the refund¬ in the money market, and some of'
neering from
have come out of it will not be ing obligations. ■
this activity may/even- spill over- the University
have
to
102.875%
and
in time
should
inflation
against
into the
or Cash? ///; >
opinion of the financial market,
that
the May refunding
Rights
Our own efforts and those of: the
rest of the world in the drive'
intermediate-term
.
bond,
district
out to be a very favorable* operation will be another package
offering but there is some question
force in the bond market.
as
to whether or not it will be
The bond market remains in a
'
change in
the attitude
tion which
given to the new
money
3%s of 1968 (allotments
15%) seems to indicate that the
Treasury should be able to take
care
of the impending refunding
operation on very favorable terms.
was
Busy Days Ahead for the
!
Treasury
■
It
to
appears
that
this
month
taking
which
of
care
coming
are
the
due
May. In addition, there is
in
a pos¬
sibility that the June maturity will
also be included in the impending
refunding operation, the terms Of
which should be made known by
the 26th of the month.
•
The maturing notes and- certifi¬
cates amountingyto $7,700,000,000
which
next
due
come
month
the middle of
on
will
most, likely be
taken care of
(in the main at
least) by short or intermediate
term obligations in the opinion of
most
market
money
near-term
enough
tional
market
condition
offerings
is
so
•
in
good
that
addi¬
of liquid
obliga¬
tions
will
be
very
readily ab¬
sorbed,
whether
they
be
for
refunding
As far
market
sizable
or new money purposes.
as
is
demand
obligation
which
money
due
the intermediate-term
concerned,
the
for
there
this
is
a
type
of
also, and the way in
recently offered new
obligation, the 3%%
Aug.
15,
1968,
are
was
have
real • long-
any
of securities,
frame of
a
mind
has been announced.
Co., Inc., N. ,Y„ and prior to that
bonds at¬
they also
are
moving
only makes
them
to
and
been
was
but
still
affiliated
with
certain
r
:
;/ The
portion
David C. Wallace
sale
•;•'/ /
•
its
.;/;
Publications
investment field.
that
authorities, have
market
money
markets
which
the
tends
and
DALLAS, Texas-r—Dempsey-ITegegiving the
the
capital
attention
of
to
build;* confidence
and helps to keep prices of these
securities in their respective areas
or
markets more or less on the
ler
effect
the
as
on
the
of
owners
government
is
no
government
for
reason
securities
having
acting like
Co.,
Inc.,1 has
York and Dallas with Bache>& Co.
Forms Reeve & Co.
PALO
ALTO,
F. Reeve is
business
Country
name
of
;
--
-
.
.
The debentures will not be
Supplying communications
North
and
Village
under
&
the
-
firm
Company.
'
Carolina,
Dec.
31,
in 1961
total
and
were
income
deductions
1 *
>
This advertisement is neither
>.
■>'
*
.
an
J
,
offer to sell
.
nor
1
.•
1
■
.
„
'/
/-/v./':
v
the solicitation of an offer
to
buy
any
Plastics"
Transcontinental
"Modern
and
Packaging,"
which are regarded
business publica¬
tions in their respective fields.
the/largest
as
Total income
in
1961
Bonds Offered
amounted
The
! $4,303,814
and
net
income
$384,901, equal to 90 cents a share
of common stock.
//•/'. / v. • /
to
that
it
4%% ;
has announced
offering $40,000,000 of
is
first
pipe
mortgage
100.71%
an
underwriting
Not
a
New Issue
sistant
April 19, 1962
/ "
was
.
.
.
/
City/., •'/ /////•'/ /
New York
;Net proceeds from
ing will be used to
this
Vice-President,
150,000 Shares
•
.
the
•
Manufac¬
in
The
>
Wm. E. Pollock & Co., Inc., deal¬
ernment
Common Stock
;.
r
■
/./'/. "
per
Share
\
/■
/•Price
a
at
may
be obtained in
including the undersigned,
as may
any state
from such of the-several Underwriters, '
lawfully offer the securities in such
A. G. Becker & Co.
*
'
business
Beaver
from
Street,
are
Salyatore
Dragotta
principal of the firm.
sinking
Battles
&
E.
.
New
York
other
May
is
1,
a
Smith, Barney & Co.
White, Weld & Co.
Incorporated
Incorporated
,
Dean Witter & Co.
nounce
an¬
that Samuel M., Shay and
J. Malone are now as¬
Alexander
office
tives.
as
'
Registered
bonds
of
sufficient to retire
amount • be¬
1,
.
1964,
and
semi¬
1
and Nov. 1,
1981 and $5,-
May 1, 1982 and Nov.
1932, the maturity date..
Headquartered in Houston, the
owns
and operates an
.-interstate pipeline system for the
transportation and sale of natural
,
Clark, Inc., 1401
members of the
Stock Exchange and
sociated .with- their
The
benefit
company
gas.
a n n e y,
exchanges,
to
412,000 on
-
;
W.
leading
fund
ginning. May
Walnut. Street,
Paine, Webber, Jackson & Curtis
less.
or
entitled'
also
annually thereafter to and includ¬
ing Nov. 1, 1980, $5,113,000 on
York
With Janney, Battles
PHILADELPHIA, Pa.—J
of 4.82%
$575,000 ,: principal
offices
New
City.-
state.
./'/,: /-/■'
Incorporated
cost
Investing Co. is conducting
82
-
Eastman Dillon, Union Securities & Co.
to May 1, 1967 as • part of
refunding involving the. in¬
curring of debt with an interest
Investing Opens
securities
at
any
"A
f
redeemable;
are
pnor
municipal, revenue and corporate
bonds, has its headquarters at 45
Wall Street, New York City, and
maintains offices in Beverly Hills
and
San
Francisco,
Calif.,
and
Miami, Fla.
Price
Copies of the Prospectus
securities,
and
underwriters and dealers in state,
($1 Par Value)
Price $13.75
Agency
bonds ;
plus accrued interest, except that
no redemption may be carried cut
in U.'S. Government and Gov¬
ers
program,
optional redemption prices rang-,
ing
from
104% %
if - redeemed
prior to Nov. 1, 1963,-to par dur¬
ing the last year; in each-case
with the bank for nearly 35 years.
Breskin Publications Inc.
bank
company's
struction
He had been associated
partment.
fianc-
scheduled
con¬
which at Dec.
31, 1961, was estimated to cost
approximately $107,000,000.
.
charge of the U. S. Government
and municipal bond trading de¬
'
repay
loans incurred in connection with
previously As-;
turers Hanover Trust Company,
group
White, Weld & Co. and
Corp.,
Stone & Webster Securities
Co., Inc., it has been
Mendel
Mr.
line
Nov.
1, / 1982,
at
and • accrued
interest,
bonds, / due
headed by
Win. E. Pollock
/
...'corporation
through
announced.
'lhe offering is made only by the Prospectus.
.
and
.
The company, of 770 Lexington
Ave.,/ New York City, publishes
E. Pollock &
of these securities.
com¬
$832,586,000'
$138,495,000 in 1960.
with the investment firm of Wm.
'/
:
interest
before
$152,331,000,
was
with
pared
Total
operating
$884,370,000.
1961.
.
company,
-•
~
Carolina
South
Tennessee, the
revenues
Leo Mendel has become associated
7/
serv¬
had7,595,339 telephones in service on
offices in Town &
Reeve
re¬
Georgia,
Kentucky, Louisiana, Mississippi,>
securities
a
to-
ices in Alabama, Florida,
Calif.—Frederick
conducting
from
;
improvements
,.
thereafter at prices decreas¬
ing to the principal amount after
April 1, 1996.
•
V
a; "Modern
opened
,
well
as
" V.;///////■''
obligations.
There
buyers
&
branch
office
in " the
Vaughn
Building, with Jack M. Levy as
Office Manager.
Mr. Levy previ¬
ously
was
associated
in/ New
stable side is having a very favor-'
able
/
monetary
been
kind,
shares.
Dempsey-Tegeler Branch
the
and
plant.
and
Stock Offered
The company is
.
fact
a :
prior to April 1, 1957/
Beginning with that date, the re¬
demption price will be 106.375%to and including March 31, 1968,
•
The
use
proceeds
.
deemable
of fixed income bearing obli¬
more
of the
to
additions
,,^v
engaged in eq¬
uity financing, mergers and ac¬ A. G. Becker & Co. Inc., Chicago,
quisitions, block trading, personal heads an underwriting group of¬
gations, with government securi¬
and
corporate portfolio analysis fering 150,000 common shares of
ties getting an increasing amount
and management, and is negotiat¬ Breskin Publications Inc., at $13.75
of this buying.
ing further business opportunities per share.
in the European Common Market. L- The shares are being sold by
The Best Investment
$ •"
G. J. Collier & Co./Inc. expects, •present shareholders and none of
It is evident that when it comes
to quality—and now it appears as at a later date, tp fqrm a wholly- the proceeds will be received by,
the company. After the offering,
though market action will be en¬ owned subsidiary corporation to
Charles A. Breskin, President and
tering the picture in a more im¬ sell insurance of all kinds and to
Board
Chairman, together with
portant way—there is no question enter the real estate business
but
what
government
bonds through trusts and/ or syndications. members of his family, will own,
63.8% of .the ,428,000 outstanding
should be the best in the whole
into the
intends to
company
of the*
repay ; 'outstanding
ad-'
ment from the
/
.
/ ' >
;
vances" from American Telephone'
U. S. Army in 1957, he joined the
&
Telegraph Co., parent,' which
Domestic and International Divi¬
are expected to approximate $53,- *
sions of a large electronics cor¬
000,000 at the time the proceeds?
poration serving in a number of.
are
received. It will use the re-capacities, including manager of
mainder
for
general
corporateplanning as well as supervisor of
purposes,
including
extensions,
market administration for inter¬
his retire¬
On
inter¬
national interests.
distant maturi¬
out
ties
issue
received
be
in
now
not
tractive
The
experts.
not
"
at
College.
r
at
interest
accrued
The issue was purchased by the/
Morgan Stanley group in a com-v
petitive sale April 18 on its bid*
of
102.06% / which
named
the*
4% % coupon.
•'.
; :K
/'' •
/f
Breskin
tors
the Treasury is going to be busy
issues
will
W a
priced
yield approximately 4.225% to.;
maturity. ■■■> • ;•/ .////; /■■:"/;.
government bonds in this The new firm is located at 61 *
undertaking,
although
a
bond Broadway, New York City. ; •
with a not too long maturity of
national operations.
George J. Collier, Chief Execu¬
say up to 10 years or so would tive Officer of the new
company,
not be unexpected.
was
previously associated: with
There seems to be well founded Financial
Planning . Corporation
opinions that institutional inves¬ and Godfrey Hamilton, Taylor &
term
which
-
evident
be
there
taught
and
2001.
1,
are
t
Opens in NYC
handled
as
a
rights deal. Some
high plateau and there are no in¬ believe that the cash refunding
dications yet that it will not stay
method will be used in this one. Formation of G. J. Collier & Co.
there for a period, unless there is
The opinions are strong also that Inc., underwriters and distributors
a
decided
of investors. The favorable recep¬
California
f
the U.S. Army
G. J. Collier Co.
work
o
and
It is the
April
to
-
bother the bond market.;
there to
due
debentures
Philadelphia
.
Its
main
line
extends '1,842
miles frem the Texas and Louisi¬
ana
New
Gulf Coast to the New York-.
Jersey-Philadelphia
politan
metro¬
with' -.a
present
capacity
of •, .1,480,754
area
allocated
v
thousand
cubic
feet per
day,
clusive
ex¬
of 415,452 thousand cubic
available daily, from storage
Representa-. .feet
during winter peak
periods.
Volume
195
Number
6152
.
.
The Commercial and Financial Chronicle
.
from
Depressed Stocks
(1875)
$50 to $20 today. This
Formed in NYC
R.
a
Bond
; which
t,
Farm and Other Machinery
.
sold
*
Stocks
of well known
of
always be shocked by tha fact that stock prices
companies
leading.corporations
100
of
aware
corporations '
the
I.
Case's,; stock
fact
succeed in mailing those in¬
may
that
of
stocks
in
ers
view of the
high level of the Dow- (up from
265 ten years ago to around .700:
today), I have made a partial
'Aircraft
Douglas
of
one
prosperous and the
a
share
Co.,
great road-
Another
Automobiles
Among
and
the
The- automobile
Footwear-
active
high-grade
is
stocks
that
of
the
achine
-m
•■:
■
interest
is
half of this.
Hudson
Smelting ^old
and is under
not
offer
an
I
An
of
which
Co.,
investor
(1)
should
realize
to
Just
study
these
because
the
all
two
the
have
stocks
price.
great
(2)
There
bargains
listed
stocks
in
up
in
which
for
search
of
Neb.
shares
Shaver
are
This
800,000 Shares
announcement
ii
:
for
popular
Omaha
"Shavers."
this
Net
possible
Form C. MacRae & Co.
them.
New York City, members of
the New York Stock
Exchange,
formed
been
in
gage
Officers
on
securities
a
Charles
are
Charles
April 15 will admit Irving Hoch-
president;
berg to limited partnership in the
vice
firm.
B.
ter, secretary.
president,
and
K.
is neither
offer
ait
sell
to
solicitation of
nor a
"•
vav-
•;r
'
;
•
i;: •
7,000 Units
:
~"
^
$700,000 Ten Year 6% Subordinated Convertible Debentures,
';
.
Saladmaster Corporation
v
Due
.
p'
Copies of the Prospectus may be obtained from the undersigned only in those States in which the
may legally offer these securities in compliance with the securities laws of such States.
Vv'"'. r-y'*"r-:
-y
-V--
-
'•
\
•'.>
.
January 31, 1972
V
•
.
'b*
'
f ""' "r
' >
J
*''••-
•'
'
•'*» •" '•
•• >
•'
*
•'
t
_
'
''
undersigned
126,000 Shares Common Stock
-
(S0.50 Par Value)
'•;Ty.
A. C. Allyn & Co.
•
Eastman
Dean Witter & Co.
Paine, Webber, Jackson & Curtis
Hemphill, Noyes & Co.
>
A. G. Becker & Co.
Clark, Dodge & Co.
IncarpartUS
*..
-Hornblower & Weeks
:
Dillon, Union Securities & Co.
'
Inc.rp.nt.rf
*
■
.
Reynolds & Co., Inc.
•
Y
*
.
t
-.."V
\
■
Lee Higginson Corporation
h
^
-•
IncwyvraUS
L F. Rothschild & Co.
J. Barth & Co.
consists
unit
of
principal
$100.00
•Common Stock, which wi.l be separately
t
plus accrued interest
amount
Debentures
of
and
18 'shares
of
transferable only after September 30, 1962.
-i
•
/
♦
.•
•-
R. W. Pressprich & Co.
Copies of the Prospectus
>•
••
Waiston & Co., Inc.
Each
Goodbody & Co.
<
>•
lnc»r,.r»l«d
<
•.
f
"
Incorporated
.-A'"' '
;
Johnston, Lemon & Co.
1 McDonnell & Co.
Bacon, Whipple & Co.
!
"
■■
G. H. Walker & Co.
Incarpertled
Francis I. duPont & Co.
'
>'
.
*
-
F. S. Moseley & Co.
Shields & Company
•"
Alex. Brown & Sons
Price: $199.00 per unit
Hallgarten & Co.
~
.
'•'*
E. F. Hutton & Co.
Bear, Stearns & Co.
»
.
i
:
Vv i
'
Shearson, Hammill & Co.
-«
Zuckerman, Smith & Co.
Bache&Co.
.
Wertheim & Co.
Equitable Securities Corporation
Hayden, Stone & Co. i: W. E. Hutton & Co.
Incir^riltd
'
>
«
;
Auchindoss, Parker & Redpath
Blair & Co.
be obtained from such of the undersigned
may
only in such States ivhere the securities
may
be legally offered.
Blunt Ellis & Simmons
Inc.rp«r.led
Bimtham and Company
Cruttenden, Podesta & Miller
Folger, Nolan, Fleming & Co.
Fulton, Reid & Co., Inc.
lnc.rp*rit.d
r
Laird &
!.
■
..
Company,
s,,...
McDonald & Company
'► Dempsey-Tegeler & Co., Inc.
Ira Haupt & Co.
•
.
Merrill, Turben & Co., Inc.
:.
Straus, Blosser & McDowell
John W. Clarke & Co.
The First Cleveland
Schwabacher & Co.
Courts & Co.
Corporation
,
■
»
•
Dewar, Robertson & Pancoast
Loewi & Co.
lnc«|nr>Ud
McMaster Hutchinson & Co.
I. M. Simon & Co.
•
Raffmsperger, Hughes & Co., Inc.
Coleman &
Company <
April 18, 1962
* '•
-
-
.
/
.
-
Company
;Y
Albert McGann Securities Company
Hickey & Co.
*
Russ &
McCormick & Co.
•
% '
-
'
.
"
'
'
*
.
Company
•
-.
•
'
'
*-T
t
Stanley Heller & Company
;
' 1
*
Arthurs, Lestrange & Company
'
iu
"
'
-
•
^
■
.
lnc«T*r«(*d
Company
Metropolitan Dallas Corporation
,
Beane
?
Craig-Hallum, Kinnard & Company
Trulock & Company, Inc.
Underwood, Neuhaus & Co,
lntM|«ilad
Westheimer and
Witling, Lerchen & Co.
.
4.
Scherck, Richter Company
Stifel, Nicolaus & Company
,
:Y:'•- !t:
Fahnestock & Co,
H. Hentz & Co.
Hardy & Co.
Lester, Ryons & Co.
Williston &
H. M. Byllesby and Company
!
Joseph, Mellen & Miller, Inc.
R.
Howard, Weil, Labouisse, Friedrichs &
Peters, Writer & Christensen
V
.
William R. Staats & Co.
Bingham, Walter & Hurry, Inc.
J.
..
Reinholdt & Gardner
CMfwaliM
T|ie Robinson-Humphrey Company, Inc.
Parker, Ford & Company, Inc.
Hayden, Miller & Co.
\
.
'
-
-
.
j
Clayton Securities Corporation
Sullivan & Co.
,
r
'
Robert Timpson & Co.
'
N. C, Roberts &
April 13, 1962
Charles E. Seay, Inc.
Company, Inc.
'
-
-1
en¬
business.
MacRae,
Williams,
Martin
offer to buy
an
&
with
offices at 3201 Westheimer to
Sprayregen, Haft & Co., 26 Broad¬
way,
has
Inc.,
Co.,
(Par Value $1 Per Share)
|
im¬
additions.
or
Whisky
share
used
capital
future
money-
provements
Sprayregen, Haft Admit
Common Stock
Price $10 per
proceeds
financing will be
NEW ISSUE
Sole Importer of Ballantine's Scotch
one
HOUSTON, Texas—C. MacRae
*""-v
u
and
Council Bluffs, Iowa under the
of these securities. The offer is made only by the Prospectus.
any
A
Food
Of tne total,
being sold by
as an
offering of these securities for sale
of such securities. The offering is made only by the Prospectus.
any
':
class
company
name
making possibilities for those who
will
;:
170,000
shares
Omaha,
from
some
have
of
supermarkets in
in
in
the
was
and 140,000 by cer¬
stockholders..
company
of
139
South
40th St., Omaha, operates seven
Dow-Jones
going
must be
McKeever,
McKeever
The
facts:
been
to
Of¬
tain
Average has been going up almost
constantly
during
the
past
10
years,
this does not mean that
all
Mr.
offering
30,000
order
E.
Marts, Inc., at $6.50 per share is
being made by J. Cliff Rahel &
Co.,
and
Storz-Wachob-Bender
have
issues,' there are many
which are probably more attrac¬
tive than those described;, above.
An
Robert
Stock Sold
or so
stocks
26
City,
Shaver Food Marts
maining
in
$100
depressed
has
at
,
Mr. Olson has selected. Of the re¬
Bay Mining
around
100
York
circumstances to he construed
no
buy
to
review
above
the
Co. The stock
every
v
of
the
Inc.
securities business.
a
are
common
vill Manufacturing
>
Co.,
offices
formerly Vice-President of D. B.
Marron & Co., Inc.
:- *
$70 in 1951;
mentioned only about 25
:.
solicitation
above
which is being, honestly operated,
at Waterbury, Conn., is the Sco-
,
or a
In
sold
New
Secretary.
about 25.
now
&
with
President and Maginel W, Barney,
variety stores, S. S. Kresge
operating nearly 800 stores,
sold at $45 in 1950 and is now sell¬
ing around $30. Let me close by
saying that the stock of the United
■,
This advertisement is
ficers
Co.,
of this company sold at nearly $50 >
in-' Chrysler Corp., which comes next,!
per
share inf 1945-46; has hadvestor.
:Yi • r.-' *~v in my opinion, to General Motors *
and Ford as the best three. Chrys-; "downs and ups" since then and •
Railroads and Airlines
now
sells at about $25 per share.
ler stock has dropped from about:
;
Of course,: the principal rail¬
The Rheem Manufacturing Co.'s;
$100 in 1952 and 1955 to aroundroads
are
in this
list,1 with the
stock sold at $45 in 1955, dropped
$50 today. The Ford stock '.was?
Pennsylvania and New York Cen?
to
$10 in 1957, and now sells
brought out at about $70 a share
tral included. No wonder they are
around $15. Foote Mineral's stock
in 1956, but soon slumped below*
trying to merge today as their
sold at $60 in 1957 and now sells
$40 due to sales by "free riders",
only salvation. Among the other
around $20 per share. I have faith
looking for a quick profit, Ford,
railroad stocks which have had a
climbed above $90 in 1959; again in this company. :^-''v>■■■ Y
hectic record are the Chicago, Mil¬
fell to $60, but is now near $100!
;
New Mining Companies
;
waukee, St. Paul & Pacific; the
Whether or not the increase in
Chicago, Rock Island & Pacific; automobile
One
of
the
most
interesting
riding has raised havoc
the Reading Co.; and the Eriewith the shoe industry, I leave to. mining stocks is that of the IL SLackawanna.
you
readers. The stocks of two Smelting, Refining' & Mining Co.'
The stocks, which have suffered
large shoe manufacturers—Inter¬ This sold at over $80 per share
the most are the airplane stocks.
national Shoe Co., and Endicott in 1946 and again in 1952. It has
Trans-World Airlines, one of the
Johnson Corp.—have had an un¬ sold at $40 or lower since 1957.
largest, sold at $80 per share in fortunate record. The International New Jersey Zinc sold at over $80
per share in 1951 but now sells for
1946 and is selling around $10 to¬
Shoe
stock
has
dropped
from less than half this. Island Creek
day. When we consider the air-* about $50 to less than- $30; while Coal
sold at over $50 per share in
craft manufacturers, we find that Endicott
Johnson
1956 and now sells for about onehas
declined
should
book
conduct
.
Of the
company
formed
Broadway,
in
Fruit Co.
McKeever
E.
been
full
the
•
Jones Industrial Average
stocks.
from
,
which I
building campaign ahead, it seems
best, sold aL to me this!
company- should
do
$05 in 1956; but sells for less than
better or else change its manage¬
$40 today. Eastern Air Lines sold, ment. I
think it is now taking
at nearly $60' in'1955; but sells
needed action. Let us hope so.
today at less than half that price.'
consider
1956-57
1946; then declined to
$25 in 1948, again hit a high of
line
of
good
farm
and
earth-, over $50 per share in 1955 and
moving machinery. With the farm-: 1959; but is now again about $35.
rising market.
a
declined
since 1955. but manufactures
nationally known
soma
in
Of all these stocks Montgomery
Ward shows
one
of the
widest
fluctuation.
It
sold
at
$50 per
-
nearly $40 in 1951 to less than $10
today. It has paid no f dividends
recently been prepared
by Mr. H. G. Olson of my organic
zation,, giving '■ charts,
earnings,,
prices, etc., for the common stocks
of 100 well-known companies. In:
of-these TOO
J.
By taking 25 depressed stocks out, of
has
$35
Merchandising Stocks
that
see
and do, go down when stock indexes
A book has
analysis
to
can,
not infallible successes even
are
sorry;
go up.
recently studied, Mr. Babson
vestors
L am
above
has recently sold at $10.
'
Soma investors will
McKeever Co.
similar trend.
Congoleum-Nairn.
to
as
By Roger W. Babson
sells for $55. Consoli¬
Mining & Smelting showed
now
dated
wom¬
Most of the steel
by theStores, Inc.—and companies are doing well; but the
floor covering companies such stock of the
Pittsburgh Steel Co.,
of
record
And
1956;
same
'-.trend applies to men's and
en's
clothing as shown
15
Kos-
The Commercial and Financial Chronicle
high prices, scarcity of goods and
lean opportunities.
MUTUAL FUNDS
Of
JOSEPH C. POTTER
BY
the countries to the
capital.
They do it
course,
attract
south
by crying the hour is late and
Communists are at the gate.
)
and believes that Latin America can
its belief in free enterprise than be recreated in the image of the
the
millions
of
hard-working, United States or Western Europe,
thrifty people of moderate income if only the long-suffering taxpaywho invest in mutual funds or, for ers of this country will hold still
that matter, invest on their own. for a multi-billion-dollar ampuThey are compensated for their tation.
After all, it is reasoned,
daily toil as employees, employ- American largesse not only reers or self-employed and set aside
stored devastated Europe, /but
a
portion of their income so that made the Continent over into another United States.
the money they worked for may
//But John
M. ;Templeton, the
work for them.
able
president of Research InWhile such vagaries of life as
vesting Corp., has just returned
inflation, miscalculation and in.
typify this land
No folks more
-
*
At the close of 1961 value
earlier.
share amounted to $188.12.
per
the
A
Custodian
Keystone
from
society in which wealth gener-
is acquired by creating. No
people in all of the history of
ally
that
in
treasure
been
created
has
Americans.
nearly
No
recent
as
little of
years
has
poured out by their governto
ment
nations
nations.
prop
up
and
:
war-devastated
non
-
devastated
.
Where
beneficiaries
the
of
our
investment study cover-
an
few, can
to work, ing
the odds
the man
whose
approach to life in this
country encompasses all of these
old-fashioned virtues. For this is
as
Co.
wealth.
your
dealer
investment
The
utive
company
themselves
tors
large
exec-
Latin-American inves-
says
Switzerland
or
sending
are
135 S. LaSalle St.,
Chicago 3, III.
Tiie
will
.
cooperate
Xhe
KepOlt
J UMS
as
reinsurance
Life In¬
a
for the three months ended
V.
i|:
Nelson
Fund, Inc. reports that at
PHILADELPHIA,
Pa.-Paine,
Webber, Jackson & Curtis, 1400
South
Square,
that
Jerry
have
Gold
a
the United States,
Corp.
cash
National
Inc.—stood
compared
Fund,
Whitehall
and
Investors
ruvian bank loans, a yield of 15%
m0st
a
Here
for these Texans:
sums
up
this
country,
This
$25,756,427.
office
as
registered representa¬
joining the firm in
a
summer
in
of
1961, Mr. Gold
the
was
automobile
retail
business.
J;^
DIVIDEND
■
NOTICES
acquire
we
attract the capital
necessary to create wealth to such
countries as
Bolivia, which has
seized
tin properties;
to Brazil,
where utility properties have been
seized; to Cuba, which ,has seized
everything?
Our Texas friends
say there are still risk-takers who
will venture into such places just
the same.
But it seems they have
a
formula:
if it's
oil
property,
must calculate on
investment out in a
years; if it's retailing,
the odds
favor a somewhat longer life; if
it's insurance, where the seizureminded
politicos can lay
their
hands on little, the life expectancy is even longer.
you
..
a
of
.y .',
#
.
calculate
on
getting
in
people
the form
of
UTILITIES COMPANY
with the remainder in
liquid obligations of rela¬
short maturity. The fund
ago,
tively
Quarterly dividends payable June 15
DIVIDEND NOTICES
31,
rates per
$43,767,000,
or
net
1,752,085 shares then outstanding
at
Dec.
were
31, 1961. the net
at
record
a
record
June
as¬
high of $44,-
.
.
.
.
25tf
.
5% Convertible Preferred
.
25(1
5.40% Convertible Preferred
II. J. Ileum III)
27(1
Tollmen
bl/2% Convertible Preferred
Company
27Vi<t
Common
221/2(i
D.
[
J. Ley,
VICE-PRES. &TREAS.
April 9, 1962
Makers of
Camel, Winston, Salem & Cavalier
cigarettes
Albert, George Washington
Prince
'
Carter Hall
/
Common Stock
•
Dividend
/L /
smoking tobacco :
quarterly dividend
three months of the year involved
acquisition of additional holdings
Moore 9°rp"
£* a
Products. New purchases included
•»Industrial Acceptance Corp., General DevelopCorp. and Thompson RamoWpoldndge. ;; j
Uy
The Board of Directors of Central
and South West
A
quarterly dividend of 40c
per
on
share has
been
meeting
payable
June
the close of business
a
dend
5,
per
1962 to stockholders of record
at
held
declared
declared
the Common Stock of the
Company,
regular quarterly divi¬
twenty-seven cents (27c)
share on the Corporation's
payable
Stock.
R.
This
May 31,
holders of record
WILLIAM
Corporation at its
April 17, 19G2,
on
of
Common
May
15, 1962.
dividend
April 30, 1962.
leroy J. scheuerm
Secretary
Other sales
included Central and South West
Corp.,
First
Charter
Financial
Co.
General
and
Tire
Philips
&
Rubber
Incandescent
Lamp Works.
April 13, 1962
Central and South West
Sixty-two Consecutive Years of
Corporation
Cash Dividend Payments
Wilmington, Delaware
THE SOUTHERN
The Board of Directors has de¬
clared
a
quarterly dividend of
3V/2 cents per share on the
outstanding shares of common
stock of the Company, payable
on June 6, 1962 to holders of
record
on
at
Securities,
.
Inc.
THE SOUTHERN COMPANY SYSTEM
Serving the Southeast through:
Alabama Power Company
Georgia Power Company
.
Gulp Power Company
Mississippi Power Company
the close of business
May 7, 1962.
t
f
Southern Electric
Generating Company
Vice President and Treasurer
,T
COMPANY
(INCORPORATED)
L. II. Jaeger,
Fairfield
Southern Services, Inc.
reports
..
'that at March *31' net assets totaled
$4,571,745,
$184.10
or
a
•
share. This
TRANSMISSION
•
•
•
COMPANY
HOUSTON, TEXAS
Fund
Available upon request
A
Common Stock Investment Fund
An
investment
lohg-term
and
a
growth
reasonable current income.
Prospectus
Street,
The
seeking
possibilities
of capital
company
shareholders
its
for
of
upon
dividend
request
no. 59
5, N. Y.
Lord, Abbett & Co.
New York
—
Atlanta
—
Chicago
Los
Angeles
Board
of Directors has declared
a
quarterly dividend of 28tf per share on
the Common Stock, payable June 12,
1962, to stockholders of record on May
18, 1962.
H. F.
San Francisco
VN
Secretary
Winston-Salem, N. C.
■
Rubber and Time Inc.
is
stock¬
1962, to
LYBROOK,
£ $25-61 per share on 1,-
snares,
Principal changes in the coms Portfolio during the first
Corp.,
1,
share:
5% Preferred
/
assets were
$24.98 a share on
1961,
of
have been declared at the following
*
equal to $24.52 per
share on 1 798,627 shares outstanding or! that date, Gardner D.
Stout, President of the closed-end
investment company, stated in
the March quarter report.
At
March
shareholders
to
U
i
oin
sets
a
or
Net assets of The Dominitck J
society where the in¬
must
his money back pronto the eventual cost must be borne by the
masses
'
^
A-
The company eliminated all of
its
holdings .of
Minneapolisget- Honeywell
Regulator, Kern
few County Land, Goodyear Tire &
your
in
...
A
and
with 87.6%
20%
\ :
•
securities compared
year
CALIFORNIA-PACIFIC
invested in equity
91%
was
1
now
Prior to
active
are-currently running alahead
of last year's
"^Ye
then,
•
New York
an¬
is
associated with their Philadelphia
the
on
31, applicable to
Penn
nounced
31, 1962
44 Wall
un¬
holders.
tive.
*
'■
Net assets of the Lazard Fund
First-quarter sales of
shares at net asset value for the
group—B road Street Investing
group. "
with $21,551,991 for the first three
months of 1961.
But
!
Puritan
'
fund
yield of more than 15%
on the best grade of South American industrial bonds,
12% on Pescarcity:
vestor
Report
with
offers life insurance in 43 states.
x
Sales of shares of the Broad Street
Provi¬
Co. of Providence, .which
surance
-r-.
in
be
dence, R. I., where it is chartered.
'.The
new
Keystone Provident
company
at
then
inc.
March
Headquarters
will
//'/a /A::-
attractive/'
He cites these instances of capital
ting
Lazard Fund,
remains
changed, Albert J. Hettinger Jr.,
.Chairman, and Richard H. Mans¬
field,
President, advised
stock¬
•
Templeton to describe
investment opportunities in Latin
America. He merely calls it •'un¬
Mr.
than
to Corp.,
capital
their
of
part
by creating it. Down there,
they reckon that the way to ac¬
quire wealth is to seize it from
somebody else. And they'll seize
everything they figure they can
get away with."
or
position
equities and
-
How,
Selected Investment* Co.
heavy
a
resources
„
"In
INC.
maintained
natural
•
wealth
shares
in
its investment policy
cries.
All providing both life insurance and March 31 net assets were $5,390,mutual fund shares in the near 593, equal to $2,553.57 •' a
share.
do. meanwhile, apparently,
future to investors throughout the This compares with net assets of
js to hope that the intervening
period will be used by South country. Capitalized for $1,000,- $3,876,897, or 2.313.18 per share,
12 months earlier.
American leaders to put their own 000, the new insurance company
is a wholly-owned subsidiary of
house in order. A lot of people
Paine, Webber Names would use far stronger language Keystone Custodian Funds, Inc.
six major countries to the Group of Mutual Funds topped
south and he reports ' growing the $25 million mark for the first
hatred
of business men and time in a quarter during the first 049,890, or $16.40 per share. This
Americans throughout Latin three months of 1962, according to compares with asset value per
America."
He terms the area Robert H. Brown, Jr., President of share of $18.34 on Dec. 31, 1961
>
/
"increasingly unattractive for in- the Broad Street Sales Corp., gen- and $16.96 March 31, 1961.
At the end of the quarter the
vestment of private capital.
eraj distributor of shares for the
night,
american
plans for
7,381,477
shares outstanding, totaled $121,-
Europe, to Latin America.
Selected
Inc.,
has
we can
the
Prospectus from
formulated
has
and
Funds,
organized Key¬
Life
Insurance
Provident
stone
March
foregoing is rather are people who have made investrudimentary,
but
nevertheless ments in the countries to the
worth recalling at a juncture in south, people who know why n0
history when official Washington amount of hard-earned American
money can bring the good life, as
we
know it, to the lands below
the Rio Grande.- An oil man, who
sold off his huge stake in Venezuela
and now
sleeps better at
of
has
Thursday, April 19, 1962
these hysterical
swer
largesse—notably the European^^ to maturity on Telephone Co. of record sales pace," Brown dehave used the aid wisely, ad<m- Mexico bonds and 30%
to 40% d^ed^ and ^'investor enthusiasm
tional benefits of a more lasting yields on private loans in various for' shotting
professional investnature have flowed from the funds nations down theie.
ment
management through mu—
of
American
investment
trusts.
This
tallies
with
what
this tuala funds appears to
be still
Much of this money has found its writer heard from Texas investgrowing at a rapid rate." Average
way to Europe, where free enterment leaders in the Ramada Club monthly redemptions of shares for
prise was born, and more recently looking out over Houston.
Like
group in 1962's first quarter
to Japan. The sum total of these Mr.
Templeton, they understand were^ about 3/10 of 1% of total
efforts has been the: acquisition how
far
it
is,
philosophically,> assets, compared to about 4/10 of
of wealth through the creation of from ^e United
States, or from i% in the 1961 period.
;V!^
All
it
announced
"
eptness,'to cite just a
nullify their dedication
sacrifice and enterprise,
everwhelmingly favor
mankind
.
$167.56
will be unwilling or unable to an-
Acquiring Wealth
On
much
.
with assets of $1,914,635
per
share
a' year
compares
and
day of reckoning, however, is in¬
evitable—a day when Washington
a
.
(1876)
16
ABY, Secretary
Volume
The Commercial and Financial Chronicle
Number 6152
195
THE MARKET
.
.
already
AND YOU
.
(1877)
conservative
-
appraisal
certain to drop even more
when this year's improvement be¬
seems
BY WALLACE STREETE
apparent.
comes
Swingline
has
occasional
had
moments of
Industrials
MCA,
Inc.,
popularity that gave
it a range for the year of a modest
10 points but lately the play has
tinued
Decca
had
been
the past week con¬
probe for a floor this
week after they had decisively
broken through the previous 1962
low which was established by the
Dow-Jones average late in Jan.
*
Support had showed up then
after the average declined to the
689
to
with
And
area.
the
hasty retreat. MCA
was also given to excessive easi¬
ness which, in its case, landed it
solidly on the new lows list.
had worked out
readings that
resistance areas
as
Polaroid
in
old
the
the
low
1961
there
610
were
other areas of support.
numerous
is
There
of
no
or
assurance,
even
general agreement, over where a
base will be found this time. For
flow
the
one,
first-quarter
of
of the wider
one
having sold
solid
so
much
The Steel Picture
shake off the lacklustre nature of
the recent markets. Even the fast-
significant
and
breaking
price
the steel
industry
the Administration failed to
and
stir up much activity except in the
individual steel issues. Some, like
U.
S.
Steel, had been in the
of working to new lows
for the year before the fight broke
out. A couple of others that had
had narrow ranges for all of 1962,
on the order of half a dozen points
process
or
prominent at new lows
easy for them to fall
so, were
but
it
was
into that category.
:
The
caution
j
unusual amount of
It
shares.
steel
toward
won't be until next week that the
first
of
meetings
quarter
SJ
U.
Steel and Bethlehem will be held.
what
And
be
can
them is vague.
Like
the
^
;
generally
prior to the early dissipation of
any strike threat, both had oper¬
ated at high production levels as
their customers built up inven¬
tories. That resulted in operations
again above "normal" which
half
enhance
should
least for that
their earnings at
period.
Since the first
quarter, however,
operations have dropped back to
the
of
level
lowest
the
so
year
the
profit pinch should be painful
for
the
second
quarter unless
there is a definite pickup in steel
use that is not yet apparent. That
alone would normally breed wide¬
spread caution among investors.
Brighter "Market Spots
around in
anticipated
earlier, the solid, income-produc¬
ing, quality items, including a
sprinkling of utility preferreds
along with the preferreds of some
The
the
brighter
list
spots
were,
of the industrial
as
operations where
yields comparable or better than
the going bank rate of 4% could
be realized. The utility average,
incidentally,
close
its
to
So
January.
hasn't
it
come
all
even
posted
low
1962
last
color
leaves
in
the
glamour items, or ones that a year
were assumed to have that
quality, the neglected ones of the
are
reach of
their low, This, again, doesn't re¬
flect the semi-annual fiscal period
report that showed sales up 2%
but earnings 7%' higher, and a
prospect of record sales and earn¬
ings for the full year. The com¬
pany's bread-and-butter business
is
in
easy
staplers, pencil sharpeners,
fasteners and such, and in
paper
that mundane
able
to
field
nearly
it
has
been
double
earnings
quadrupling
profit. The unknown here is its
control ownership of Wilson Jones
since
1957
while
Europe, the
through
a mer¬
ger of two
internationally known
firms, J. Henry Schroder & Co.,
Limited and Helbert, Wagg & Co.,
Limited,
week
was announced over the
end.
The
merged
firms
henceforth will operate under' the
name of J. Henry Schroder
Wagg
&
Co., Limited.
-
.
(
,
J. Henry Schroder & Co., Ltd.
founded in 1804 and by the
,
was
middle of the nineteenth century
was established as one of the lead¬
ing
In
merchant
addition
banks
to
in
London,
its
large banking
and
acceptance credit business,
through which it has built up wide
then
Ltd. has
the
financial
houses
in
a
to
dozen
1
talk of
the
of
parent
would
merger
a
undoubtedly follow.
announce¬
came
profit-status
company,
:(><'■■■
'
[The views expressed in this article
Latour Partner
In F. I. DuPont
Wallace
C.
Latour has become
associated with, Francis I. duPont
&
Co., 1 Walt Street, New York
City,
as
a
general partner head¬
ing the firm's
Underwriting
Division, it
do
not
cide
necessarily
with
They
those
of
author only.]
"Chronicle."
the
presented
are
time coin¬
at any
as
those of the
fv*---''
,
that
was *
long
neglected but showing some stir¬
ring lately is the paper section.
Despite some problems in the in¬
dustry in recent years, some of the
companies have been able to go
their own way largely unaffected,
Sealright-Oswego Falls Corp. for
one
showing uninterrupted in¬
in sales for the last decade.
Earnings didn't fare quite as well,
having broken the upward line in
1960. But since 1952 the
Greene & Ladd
DAYTON, Ohio
O'Grady
a
on
Exchange, and will be ad¬
mitted
change
to
partnership in the Ex¬
member
century, as dealers in
firm
of
senior
partner of the
vestment firm.
Mr.
Originally stockbrokers,
sive
ly
as
well
Pierce,
Fen-
&
Smith
ner
Wallace C. Latour
matters
Inc.
Greene
Ladd, Third National Building.
containers
to
their
This
any
and became
Henry Schroder Wagg & Co.,
Ltd. will provide a very extensive
range of financial banking and
investment
services to
clients
a
voting stockholder
in 1960.
in
New Boenning Branch
countries throughout the BINGHAMTON, N. Y.—Boenning
world, and is. particularly well & Co. has opened a branch office
placed to assist United States com¬ in the Arlington Hotel under the
panies in establishing industrial management of Harry M. Sheridan.
many
records
new
and earnings
of
this
offer
to
sell
nor a
solicitation of an offer to buy
both
in
100,000 Shares
sales
year.
Sealright is another refutation
the
theory that issues with
small capitalizations, hence "thin"
markets, are the gyrating wonders.
Despite a total capitalization of
less than 692,000 shares, and better
than a third of those closely held,
the available
an
April 18, 1962
plication
and keep
its
growth
record growing. The management
is sufficiently optimistic to esti¬
mate
is neither
of these securities. The offering is made only by the Prospectus.
ap¬
broaden
ones
have held in
Season-all Industries, Inc.
Common Stock
'■■■
.
(Par Value $1 Per Share)
a
of only a bit more than six
points all year.
•;
range
Of the 100,000 shares of Common Stock being offered, 50,000 shares
Company and 50,000 shares
are
are
being sold by the
being sold by Selling Stockholders as set forth in the Prospectus.
With a yield of only around 3%,
Sealright is not conspicuous in the
high-yield
its
tabulations.
for
needs
various
cash
growing
However,
its
facilities have
to
expand
Price
$20 per Share
been such that the dividend pay¬
out has been held to around 45%
of
is
earnings in recent
a
years;
That
subnormal payout and conse¬
quently makes the issue a candi¬
date for
dividend improvement.
Projections are that earnings this
will
year
double the
Copies of the Prospectus
underwriters
as
may
may
be obtained in
any
State only from such of the undersigned
lawfully offer the securities in such State.
run
far more than
dividend commitment.
Moore, Leonard & Lynch
Good News Ignored
In the
neglected oils, Socony is
lethargic item and its 1962
range is only a bit more than half
a
dozen points. From the price
also
Ball, Burge & Kraus
Courts & Co.
McDonnell & Co. Incorporated
a
Butcher & Sherrerd
action it would be hard to deduce
that the company had a gratifying
boost in 1961 revenues, a profit
jump of nearly 16% and
dividend tossed in
thoroughly satisfying
an
extra
after
a
Cruttenden, Podesta & Miller
McCormick & Co.
Reinholdt & Gardner
Baker, Simonds & Co. Inc.
Hayden, Miller & Co.
D. H.
McKelvy & Company
year.
ago
The items that
showed the better
work at any given
moment were
pretty much those with something
solid to contemplate such as a
cheerful earnings report, dividend
action,
type
that
ment
or
Socony offers the picture of a
that is increasing effi¬
ciency, stepping up production and
Magid, Ehrlich & Co., Incorporated
company
minute.
specific news of one
other. The merger case
or
obviously was a disappoint¬
was
that
planned between
sales of both oil and natural gas,
Reed, Lear & Co.
increasing reserves,. ignoring the
gasoline price problem, that
vailed
last
year,
pre¬
and offering
a
yield of better than 4%. Pricewise
it is available at less than 13 times
last year's actual results.
And the
over
.
J.
announcement
new
for
connected with com¬
13 years. Ac¬
finance and the provision of tive in that firm's institutional
new capital, and manages invest¬
sales department, in 1954 he was
ment
trust
companies and the appointed assistant syndicate man¬
portfolios of pension, endowment ager of the underwriting division,
has held to
developing
as
previous¬
been with
Merrill Lynch,
ago
company has been aggres¬
in
developing
the
newer
forms of milk cartons,
Latour
had
An Aggressive Company
The
by
Pont,
Helbert Wagg & Co., Ltd. left the
London Stock Exchange 50 years
to
become
an
investment
banking and issue house. In this
capacity, it advises its clients on
an¬
du¬
nationwide in¬
se¬
and similar funds.
Robert H.
—
April 26, will acquire
membership in the New York
Stock
considerable investment
Rhett
pany
To Admit 0'Grady
&
profit has nearly doubled.
teenth
been
nounced
A.
Wagg & Co., Ltd. also
established in the early nine¬
was
all
group
has
Helbert
curities.
and
Buenos Aires and Rio de Janeiro.
every
important financial
center, J. Henry Schroder & Co.
a
Toronto
Sydney and representative offices
in- F-r a nkf or t, Pari
s, Zurich,
and new issue business.
and
op¬
Kingdom
company stated.
connections abroad and is linked
better than 90-times last
1956 and
United
with
and a half points in a rush. The
activity pushed its price-earnings
creases
financing of
the
Henry Schroder Wagg & Co.
is associated with J,
Henry Schro¬
Formation of one of the largest
der Banking Corporation of New
merchant and investment banking
York, and also has interests in
houses in London
able to boost earnings more than a
it
week,
within
shares
in
J.
third since taking it over in 1959.
Should Wilson J ones develop to
life and tacked On around
expected from
industry
late
the
the
and
where the management has been
had wandered
in. 1960
hovering
and
erations
this year,
movers
to 221
up
with
But
bottles,
important effect was
more
to generate an
definitely
dead
its position as the largest supplier
of caps for the competing milk
Painful Profit Pinch
V
been
spread of nearly 100 points.
over a
One
that
neither violation of previous lows,
nor
an
occasional
rally," could
has
it
year's actual results.
The confusing element was
battle between
that
ratio to
.:V
good news.
word that
on
down below 175. By past standards
that was a narrow range for an
ment
ket setback in the face of
of the
be
available later this year in time
for the holiday trade. It had been
As
market spectators were
commenting, it would be highly
unusual to have any serious mar¬
able to
was
film
developing would
issue
many
color
new
the
of
one
stand reminiscent
a
days, this time
.
reports was starting to
pick up tempo and there was much
favorable to contemplate in them.
earnings
still
was
issues that
glamour
make
last
previous selling. As recently as
July it had been a shade
under 680 and between there and
a
Revived Glamour Issue
the in¬
dex had reached an area that was
replete with other
it beat
and
to
drop
684 to start off this week,
and Decca Records.
just gotten around to
posting a new high when the an¬
nouncement of terms was made
links and in the
Henry Schroder,
Wagg Co. formed
17
Joseph, Mellen & Miller, Inc.
Westheimer & Company
18
£"'' The Commercial and Financial Chronicle
'
(1878)
City Trust
NEWS ABOUT
effective
merged
l-,> V/IV'-V
J'v'v !.'.•£
1 •'
-V /
Bridgeport,
The
and
Bridgeport,
Bank,
BANKS AND BANKERS
•■';••'/£//''*//£• A
Company,
Connecticut,
West
Side
Connecticut/
April
2,-under
City Trust
/■•;£■'■ ■■■■;•:,/:>./'h*
STOCKS
the charter and title of
Company.
-
Thursday, April 19, 1962
.v.
This Week
Insurance Stocks
—
.
.
.
Consolidations
Branches
New
•
New
•
Officers, etc.
Revised Capitalizations
•
THE
CONNECTICUT
BANK
HARTFORD,
CO.,
Total
been
has
promoted to Senior Vice President
appointed head of the
Ohio-Kentucky District of First
and Treasurer of the
National City Bank, New York, to
Clement A. Bramley, Jr., has been
hattan
Bank,
New
Chase Man¬
York,
Presi¬
dent David Rockefeller announced
April 16. Mr. Bramley will be in
charge of the bank's major op-:
due from
U.
succeed Richard
Smith* Vice
President, who has resigned/' * £ V
Gov't
S.
Assisting
Mr.
Jeffers
—
Undivided
Vice Presidents.
to
moted
been pro¬
New
profits
Ensinger, who is in the
bank's metropolitan
department,
»
a
branches.
1947
•
Mar. 31, *62
of
midtown
joined the bank in
became
C&sh
U.
Vice President in 1959.
international
Undivid.
183,205,534.
—
38,346,681
dis-
and
'
37,534,230
>
•
'
-
>-
127;398,177 £ 123,529,282
profits/ ' 2,204,439 ; 2,312,391
counts
Undivided
| ating throughout 46 states in the nation.
The reinsurance
tern
The
Monmouth
National
County
and
First. National
The
Freehold, Freehold, N. J. are now
consolidated
under 'the
char¬
title
and
ter
.
capital
divided into
of
stock
1,089,267,239
81,845,973
*
$2,269,000,
Ocean
City, New Jersey, and The
,
#
Charles
R.
19578
Beddows, Jr., Sidney May, Cape May, N. J.- have - been
B.
Congdon, Jr., and John E. consolidated under the char¬
Morrison, Jr., have been elected ter of The National Bank of Ocean
from the' 1.9%
Treasurer in
Vice
the
-7'/
it
The
promotion
of
nine
Assistant Vice-President
nounced
David
April
to
was
an-,
by1 'President
17
Rockefeller
of
the' Chase;
Donald
O.
Cameron,
John C. Haley, Dominick H. Motare
1946.
Mr.
capital1 stock
joined the bank in
into
Island
1948. He had
soent
years
10
the
bank's
James
M.
Lane
G.
of
trust
de¬
previously
partment; Berto Rogers of the
legal department; Barry F. Sulli¬
van
the
of
metropolitan
ment; and Arthur
loan review.
H.
depart¬
Wages
RANK
resources
men
were
Cash
!
&
of
s.
1*.
due
As¬
-
33,925,000
.
'*
-v
'
•
r
,
of Mar. 30.
the
der
Wes^
of
over
29,590,907
profits
.
Co.
title
the
under
capital
stock
of
$11,800,000,
divided
116,593,902
.
un¬
into
common
dis¬
110,546,500
and
stock, $10.00 par lvalue.;
1,180,000
shares
of
They are Paul
Arendt, John H. De Benedictis,
Robert A. Fetherston,
Justin C.
Kohms
and
of
international
the
Augustus F. Peterson
department;, £:.£;/'/;£•£■;/
James
G. Bolster, Edwin B. Gargel, and Floyd L. Weeks of the
;trust department; and Walter F.
Geary of the administrative de¬
partment.
David
K.
Potter
named
was
estate
E.
planning officer and Daniel
Dorney was named personal
trust officer.
Both
are
in the trust
department.
*
*
The
of
#
.
•:
*
National
Agricultural
North
Adams
National
Agricultural
National
and
under
'"V'v .■.££;•
$1,087,500,
43,500 shares 'Of:
stock, $25.00 par value.
an
offer to buy
any
is
neither
offer
of these securities.
the
an
to
sell
nor
investment
solicitation
a
.
The. Merchants
Allentown,
vania,
ter
COMMON
par
Price $6.50
value)
per
■
The
title
v *
;•;*•£
.•
...
common
-
/ '
Bank
of
National
have
of
been
the.: char¬
"The
stock
^
.£ £
Merchants
shares
par
on
on
financial
property
considerably.,higher
..
.
.
quarterly dividends of $0.30 each and a year-end extra of $0.05,
or
a total
of a SI.25 per share.
In recognition of the company's
record of growths management declared a
10% stock, dividend
which was paid on Dec, 22.
A
common
....
.
,
1,122,000 shares of
stock of American
Re-Insur-
.
Year
Statistics
•:
—
Growth
and
Underwriting
-Loss &
.-./r/•:/Policy-' '
Premiums
Results
Expense Ratio-
Loss
Expense
Combined
Surplus
Ratio
Ratio
Ratio
$33.4
Assets
holders'
$26.4'
55.4
41.2
96.6
36.2
25.0'
56.7
41.2
97.9
94.3
Written
J
-(Millions)
92.5
;
■
Earnings
First Quarter 1962
on
£
£:
Request
40.5
31.2
54.4
40.4
117.2
46.4
33.6
54.6
39.4
94.0
19£0__._
t
106.4
1959____
119.7
47.9
31.4'
66.2
38.2
104.4
131.2
53.1
55.9
40.5
Year
./
Members New York
-
120
BROADWAY, NEW
Telephone:
Bell
.
N.
Invest.
Operating
Income
Earnings
$0.78
$1.85
m
7
Price
Liquidating
Range
/
Value*
0.55
1.64,
$21-15
$29.85
2.13
2.41
0.92
22-16
32.02
2.26
3.18
1.03
38-18
36.93
3.58
1.11
45-30
36.61
•-1.14
1.13
49-33
39.58
'
.2.64
-1.84.
2.92
1.37
3.05
Adjusted
Paid
$0.92
2.13
*
-
Dividends
$2.33
/
1961.
1-1248-49
Specialists in Bank Stocks '■*
96.4
Estimated
-(Per Share :•:)
1959.
7-3560
-
Adjusted
1958.
Y.
36.7
Total
Underwrite
1960.
YORK
BArclay
Teletype NY
**
Exchange',.
.
Net
1957.
Stock Exchange
S.tock
-.
:
1956.
-
1962
of
value.
Laird, Bissell S Meeds
CO.
improvement
losses
,
Selected
Allentown",
$1,858,125,
?
CLIFF RAHEL & CO.
Omaha, Nebraska
heavy
Profits
1961
Omaha, Nebraska-—Lincoln, Nebraska
12.
.
of
into
148,650
stock, $12.50
Bulletin
STORZ-WACHOB-BENDER
April
of
CITY BANKS
.
bonds.
Company are traded in the Over-the-Counter Market. During
1962/ the price has ranged between $72-56 per share. It is cur*,rently selling at its high of the year—$72. At this price, the stock
affords a yield of 1.7% on its
anticipated dividend of $1.25 and
is Selling at a premium of 66% over its
year-end estimated liqui•£dating value.
10 NEW YORK
Share
.
been
1956__._ $90.2
£
due to
contract
7 ance
^
Pennsyl¬
Coplay
Pa.,
under
Bank
capital
divided
% I '
,
have
The
Members-American
I
•
& .£
STOCK
Managing Underwriter
"...
the
of
Bank
National
Coplay,
National
<Copies of the Prospectus max he obtained from the under sisued
only in such States where the securities
may be legally offered.
J.
•
i-
business
Allentown,
and
and
with
($1
£
•
Bank,
A
N ^
Co., Philadelphia, Pa.
*
Prospectus.
MARTS, INC.
special
department
consolidated
CLASS
;.
elected
was
Tradesmen's
of
170,000 SHARES
FOOD
;
'
The offer is made only by
BSII: Sharer §111J|f§
Grauer
Vice-President,
common
Provident
announcement:
.
ment division and W. Arthur Dill
divided
Trust
This
*
*
Frederick M.
County", with capi¬
of
problem
a
and
\
On Dec. 15, American Re-Insurance
paid, a special dividend
of $0.45 per share in connection with the
negotiations of exchange
V of stock with Inter-Ocean.This
special payment fell outside the
company's normal' dividend policy which in; 1961 included four
of
Vice-President, business develop¬
stock
bonds
Township,
DelaWaie / come effective if 80% of the Inter-Ocean stock is tendered. InterTownship, New Jersey changed its :•£ Ocean is principally a reinsurer of fire and allied business with
title to Cherry Hill National' Bank. £1961 premium volume of $14 million...
" /
:
ir
<"
• £
Delaware
of
Berkshire
:
•
.•
title
the
business,^ while demonstrating considerable
I960,, remained
" £
£
4 , r •
y
1
,
C
Late in 1961/ the company entered into negotiations to acquire
/
control of Inter-Ocean Reinsurance
Company of Cedar Rapids,
-Iowa.:/It is proposed that American' Rerlnsurahce
exchange 2.2 "of
its shares for each share of Inter-Ocean.
'The! exchange, will be-:
£
Burlington County.
The Cherry Hill National Bank of
Bank,
Bank
a
Jersey, /'
exempt securities.
"First Agricultural National Bank
into!
Walter W. Jeffers, Vice President,
New
Bank
North Adams, Mass. are now con¬
solidated under the charter of The
Pittsfield
Burlington,
/ tional Bank of
:>y
Pittsfield* Pittsfield, Mass, and
tal
I
lington,
changed its title to Mechanics Na¬
Trustee.
a
suffered
now amount to
$63.8 million or 53.2% of the
portfolio. £Nef investment income before taxes;
; rose 4% in 1961 to $3.05 per share. Over the- past decade invest£ merit incoriie has risen at:
an, annual rate£of 10 % while: the tax:
liability has steadily been decreased by the purchase , of/tax-.
Mechanics National Bank of Bur¬
York* elected Francis: H. May.* Jr.
6%
total* investment
1,397,107
1,744,300
The Dry Dock Savings Bank, New
of the former year to
Tax-free securities
/
sistant Treasurers.
G.
■
;
„
lines
except for the losses incurbed ir», Hutricarie Carla arid' the exteusive fire losses late iri the
year in the Los Angeles area. Management
expects further under£ writing improvement in the current year,
;
;
£ £
American Re-Insurance follows a highly conservative invest¬
ment policy. At year-end 1961 common and
preferred stocks rep^
''resented only 21.9% of total investments. In recent
years, the
company has pursued a policy of purchasing" tax-exempt; bonds.
"National Newark & Essex Bank",
with
on
would
.
National
Banking
>
in the latter/ In I960,
heavy underwriting loss due to severe
surety volume in line with industry losses in that line.
institution
effective
The
of
Essex
Newark
J.,
N.
.
underwriting profits
profit margins ranging
company
surety
J.,
Merger effected
charter
Newark .and
54,976,345
37,109,900
Newark,
-
'61
se¬
holdings
and,,
Undivided
CO.,
.
Dec. 31
from
Guv. t
curity
Newark,
as
YORK
banks
U.
Loans
appointed
TRUST
$204,393,500 $240,150,624
180,203,600
217,877,216
counts
Nine
AND
Mar. 31 'W
Deposits
:
'.
.
! West £ Orange, £ N
Qrange;
with the Bank of
NEW
Total
\
loss
were also effected by sizable windstorm
losses.
In ,1961, the company enjoyed-considerable recovery from; the
disappointing: results of the prior- year. 'Premium volume rose
10% and an underwriting profit margin of 3.6%: was* recorded.
Nevertheless, the company's traditionally profitable fidelity &
:
'
merged into The National Newark
and Essex Banking
Company of
FEDERATION
depart¬
Johnson and
the
:
*
..11
r
catastrophic
Results
common,
The First National Bank pf.
New York.
international
Frederick
'
/.
City office joined Bankers
'),
..
•
.
losses
divided
$475,000
47,000
'1
in 1946. Mr. Morrison; of the Long
tola, and Frederic G. Schwarz of
ment;
of
shares of:
western: Division;; joined t the bank stock,' $10.000'par value.
Congdon, in the South¬
Trust in
Manhattan Bank.
They
Mr. Beddows
.
City and under the title "The Cape
May County National Bank," with
Company; New* York.
v
men
Presidents of Bankers Trust
against
Casualty lines, American Re-Insurance's traditional business,
still represent
twoythirds of the company's premium volume. During 1960 premiums written were divided as follows: fire—16%£
other property lines 19%, auto lines 32%, fidelity & surety 25%
responsible for commodity
financing. He joined the bank in
1927,
was
made
an
Assistant
1952, and became an
Assistant "Vice President in 1956.
protect
a
and other casualty lines 8%.
'
'
"
American Re-Insurance recorded annual
in each year from 1952
through 1959 with
Merchants National Bank of Cape
and is
,
of
.
The National Bank of Ocean City,
78,401,028
(3)
and
a
concentration of risks exposed to a single hazard.
Re-Insurance has fully shared in the growth of the
reinsurance industry as premium volume; has:
nearly tripled over
the past twelve years.
£
1,179,523,122
2,299,768,987 2,371,921,096
*
portion
•
American
2,269,000' shares of
stock, $1.00 par value.
common
,
favorable growth patcompanies have relied
a
insurance
as
specialized reinsurers to accept
upon
arising out of
County National Bank, Red Bank"*
with
States
necessary by statute
Monmouth |
"The
of
:
industry has enjoyed
United
large >
risks to enable the underwriter to (1) reduce its aggregate liability ;
to a limit compatible with its
capital funds (2) restrict the possible
net liability on any one risk to limits .dictated by
judgment or
|
of
Bank
the
in
heavily
Bank, Red Bank, Red Bank, N. J.
5,521,092,564
profits
department
186,194,529
.
y
.
-
;
name adopted.
From its ;
founding until 1948, the company was engaged principally as a t
; reinsurer of casualty insurance lines.
In that year American Re- t
^Insurance gained control of the American Reserve Insurance Com- ;
t
pany, a fire reinsurance carrier, which was merged into the
parent ;
organization in 1955. Today, American Re-Insurance writes all '
types of re-insurance coverages with the exception of life, oper- :
;
se-
discts.
)
the
as
£ Reinsurance Company, and the present
Dec. 31 '61
$207,812,202
curity holdings
Loans
1,440,186,808 2,005,061,413
holdings.
&
■'*
1—" l6;354,003' : S4;542,478
mySi-GovT se1
'
'
banks
Dec. 31, '61
4,896,326,181
Govt,
Loans
States and Canada division of the
bank's
S.
rity
Mr. Froehlich is in the United
/
■
6,322,100,895
banks—
CO:,
Mar. 31 '62
due
and
from
Assistant
an
:
in Pennsylvania: in
During 1933, the state of domicile, was switched to New York
Pennsylvania Company was merged with: the New York
1917.
"//'I
TRUST
$206,413,214
Cash- & due. from
>
5,732,003,799
resources-
Deposits
Assistant
an
Treasurer in 1953 and
Total
10,154,418
^
••"'xt
STAMFORD,.:,CONN. V*
.
resources
Deposits
Fair.
TRUST
*
COUNTY
'-A" /
*
HANOVER
10,745,950
-,
514
■
Total
COMPANY, NEW YORK
group
He
and
*
MANUFACTURERS
administers the international busi¬
in
World's
•}
FAIRFIELD
,
The Comptroller of the Currency
has approved.,
Mr.
ness
York
nearly
$120 Ihiiliori.£ •£,;.£,£f
J..
££ '• ?£ American Re-Insurance was incorporated
22,604,457. ; 228,730,664
—
■■■
THE
.
also
:
«
.
counts
'
1964-65
90,242,758
79,622,754
dis--.
and
*
"
F.
are
r
Thomas Ward,: Jr., Assistant Vice
President, Charles H. Reeves, As¬
sistant Vice President, Jay F. Bit™
ting, Assistant Cashier, Thomas C.
President in the domestic branch'
Theobald,, recently appointed As¬
administration' department in 1§47 • sistant
Cashier/ and Ramsey^ VehsHe was appointed Vice President
lage, Official Assistant,
in 1951 and placed in charge of
r :
*
#
*
that department. In 1955 he was
First National
City Bank, New
promoted to Vice President and York on
April 12 announced plans
Treasurer and made deputy head
to establish a full branch on the
of the administrative department.
Avenue of African Nations at the
Lewis G. Ensinger and Anthony
have
ser.'■/>
holdings !
curlty
Loans
American Re-Insurance Company is the second largest company in ''
the insurance industry which
engages exclusively in reinsurance. :
In 1961, the company recorded
premiums written in excess of $53 f
.million and at year-end reported total admitted assets of
y
*•:
•
85,955,765 '.131,168,953
,
-
crating divisions.
He joined the bank irr 192$ and
was
prompted to Second 4 Yfcef
G. Froehlich
-y.
banks
.
$506,922,000
389,233,688 ,-,441,361,582
—i_J_
Cash &
£ AMERICAN RE-INSURANCE COMPANY—
Dec: 31 '61'
$454,909,320
resources
Deposits
TRUST
AND
CONN.
Mar. 26'62
•
for equity, in
rU
-
3.78
unearned premium
'$ Pfcr share figures adjusted, foi; ,4.6%
1.53
reserre^i
*.70-37
.
/ -
•
stock... dividend paid, Dec/22.
-
43.32
■
Number 6152
Volume 195
.
.
.The Commercial and Financial Chrohicle
'
buying- up
contract- termination inventory policy. Is management
prime aircraft avoiding costly " duplication and
and missile manufacturers, testing also keeping pahe... with all the
them, cataloguing them and then new
product
developments
as*
inventories
Continued from page
5
wholesale; customer, .will
average
tirmed 'forces.
has
AST
bid
they
Does
occur?
Of. Albert Teller
management
stress
service,' and' does-
ment
choose
PHILADELPHIA,- Pa..
manage¬
-
on
almost
point out the pitfalls of growing
too large too fast. One small dis¬
tributor has complained that "My
own
preference~ is to remain a
sole ' owner: However, with the
accept
things- are moving in our in¬
dustry today, this may be im
possible.
I may, be .forced to
merge with some other firm if I
am
to be at all competitive with
the distributors who are able to
T&inghSf of^
,r.
-
distributor
Co., The., 123 So. Broad
Street, members',.of. the Philadeiphia^Baltimore Stock Exchange,
inteeritv
the
way,
his
of
^
"suonliers
election*
at
a
Distributors should
ueU ^versified
Morton
PIOIlt
'
.
;
y i-
'
handsome profits when
reap
Vice
as*
mind
dent of the
ap-
firm in charge
of the Syndi¬
plying proper selection techniques.'
cate
hold inven-
Depart¬
ment.*
■
still'
have
ones
find
include
with
that
advantages;
match.
to
hard
big
These
personal / contact
more
and"; also
customers
more
the
selling in a par¬
ticular territory. In order for a
distributor
to
be
active in¬
an
ventory t urn over, and must
intensify
the
coverage
of his
territory. A distributor must con¬
basic
is
volume
available,
ability
their
the
f
.
„
.
Southwest
......
shouid
subordinated
shares
will
of
-
R.
as
a
tered
Morton Goldfield
re
1957
g
is
-
repre¬
sentative.
"
Jan.
31,
common;
1972 and 18
stock, which
SpOQAri -qIT
kJv-^ClyLJII. dl 1
Industries
be
separately transferable
company's, only after Sept, 30, 1962.
:
the
V.
-
Weatherford, Radio Shack,
cutting
Hudson,
Electronics,
Terminal
and
ing
machine.
Net
.
smaller
distributors
Milo Electrbnics, Milgray. repayment of debt and
capital.
' ;//';■•'■/'./•
Electronics, Bell Electronic, Harvey Radio, Gem Electronic Dis¬
,;
as
tributors and Dunlap Electronics.
A
V
.
by Moore,
&
Leonard
Lynch, Pittsburgh and associates.
Of the total, 50,000 shares are be¬
working ing sold
by the company and 50,000 by certain stockholders.
Summary.
:
.
The company, whose
Reed, Lear to
~
.
made
proceeds
from the sale will be used for the
some
.
such
largest. electronics
parts distributors are Allied Radio
and Lafayette Radio.. Electronics
Corp. Allied Radio is easily -.the
largest distributor
of ; electrical
to
since
^
two
v
H phP'Ddeben-,
convertible
•
The
te d
a
-au®eri welL .*0:r
*uture. growtn.
The
company
of 131 Howell Public
offering of 106,000 com¬
' Other electronics parts distribStreet, Dallas, markets an assort¬ mon shares of Season-all Indus¬
utors include Newark Electron- ment of kitchen ware and tableics, Avnet, Federated Purchaser, ware and 1 the Saladmaster food tries, Inc., at $20 per share is be¬
)
,
lose
of
...
.
the
a® this..in^ Houston and
,
rest
new
Representative Companies
.
ganizations
good record
a
i
the firm
w
Pas* Sjowthj and, developments ture due
su
stocked."
presently being ex¬
ploited: by distributors. It must
be kept in mind that larger distributor organizations with their
remote-control
management or¬
is
Electronics has had
tad
~
product
components
are
presently being purchased, and
how • much of the total potential
with
An
¥v
arid
sales
products.
Anticipating t h i s
development
several years back, we undertook
a program of minimizing line cluplications. With very few- exceptions this program
is complete,
Now, the only new lines we are
acquiring are those that offer
being
products >S not ; presently
what
market
increased
forces:
the introduction of
vey of his territory, which means
having an awareness of how many
potential industrial electronic cus¬
tomers there are in the area, what
dollar
He
.
tinually update the market sur¬
total
the* writer
as
recently pointed out, '-inventories,
we
believe, will continue to ex¬
pand at an accelerated pace. This
expansion
will stem from two
he
successful;
view
same
-ass oc
offering of 7,000 units of Saladmaster Corp., at $199 per unit
expecting much more industry plus accrued interest is
being
'"°*e
'?•
considering -that made by Parker/Ford & Co., Inc.,
NASA has chosen this site as the Dallas; J. R. Williston & Beane,
center for.:. its $90 million manNew
York
City and associates.
on-the-moon
project. Sterling EaCh unjt consists of one $100 5%
distributor'ta'kc^
Houston, Texas
concentrated
must strive to have
has thorough r coverage
its
headquarters territory .in: Housr'ncidentally,
is
capable of supporting the services
required by their customers, y M. Spolane, for example, Presi^
*
of
Sterling ; Electronics, a
-
Gold-
field has been
Offered
distributors
smaller
that
a
Presi¬
-
Mr.
However, it should be kept in
of
Gold-
field
inyentories, at .a future growth of fhe electronics
industry, and, an investor can
Desiaesr
tions, this writer takes si,des. wjth/v -1., sobd example of a well
those distributors making an ef- t ^
electronics distort to, avoidtoosUyduplication, situated smaller electronics dis
the
announce
-
f?p,rese.nt
.Albert
—
Teller &
only quality items
themselves guaran-
which they
any item that. the... hundreds of contract termination tee?
'
'
To/ sell
guarantees.
inventories covering precision ball
Electronics
parts .distributors '
electronic products,
;:the, cUstfibu- f bearings jta: complete radar;scope.sv renreseht a well diversified -ve~
well
tor .must have eonf.<jence in, the AST catalogues its items and ends
a
quality of his merchandise ]md~ ^n^sellin^^Tts" 'inventories" at "a
^°f '
•;
19
Goldfield V.-P.
from
reselling ;them at a fraction of
their original price to other prime
contractors,:, industry - and
the
(1879)
.
Route
Admit Partners
Although this article has in¬
tended to explain electronics'distributors. and their role in the
.yi
'
\
address is
Pa., is en¬
Indiana,
119,
gaged in the manufacture and dis¬
tribution of a full line of alumi-*
num
•
combination
storm-screen
windows and doors, railings and
PITTSBURGH, Pa. — Reed, Lear
parts and hi-fi components,, stockhand ,rails,; aluminum
awnings,
adaptable to local conditions., /;* ing over 60,000 separate parts and industry, an attempt has also been & Co., Grant Building, members
Net pro¬
of the New York and Pittsburgh siding and accessories.
Gaining ready working capital components. Operations are con- made to demonstrate that there
ceeds to the company from, this
Stock Exchanges, on May 1, will
by public financing doesn't neces¬ ducted : through .four
principal, are
many
differences
between
sale will be used for the prepay¬
sarily guarantee success, nor does channels—mail order, industrial distributors as to size, geographi- admit /Robert G. Deakins and ment of a loan, purchase of addi¬
a
sudden
merger.,
necessarily distribution, retail stores and in- .cal area covered, product line em- Georee N; Orcutt to Partnership. tional
equipment, new loading
+
AnflA^lr
r
^
*
brighten a distributor's outlook. dependent service dealers. The phasic, inventory policies, to men¬
facilities at its Indianapolis plant,
Success depends primarily on the company also designs and assem¬ tion a' few; ; •
''; "•
•
4
and working capital.
;
A
management and the type of or¬ bles electronic equipment in kit
The. astute investor should seek
for
the
ganization/that has developed form
"do-it-yourself" out d distributor that lido IlUt.UllIj
UUl a
Uiobx JLUUtUX
bllctb has not. only
\
" • I
*
over the years. As one distributor
Ackerman With Richter
market, which is sold principally a successful past growth rate, but
Admit DlOaiie
puts it, "Hard work, with the aim through its own 'distribution; fa- also one which is well situated
Richter & Co., 350 Madison Ave.,
of making and keeping customers eilities.
<:A
/::;J;iOr;,fuiufe growth. This takes into DETROIT, Mich. — On April 26, New. York City, members of the
satisfied, still seems to be the best
Lafayette Radio ranks secohd consideration'developments witlir Wade Sloane will become a part- New York Stock Exchange, have
bet for survival."
/
'
/ in
sales, and about 60% of vol- in the geographical territory and
announced that Alan R. Ackerman
ner in Harris, Logan & Co., Book
ume is derived from distributing., the, thoroughness 'with
which a
Controversial Inventory Policy
Building, members of the New has " joined them as director ; of
some
//
40,000 separate items pur¬ distributor covers his area.
quickly, and thus
m oye
are
less
.
J
i
1
1
J
IT1L
l_
'+<"
•
_
1.'^
»'u.J.:'
'!
'■
.,.li
1
_
.
.
„
,
.
K
,
.
,
*
.
.
There
has
been
contro¬
some
to
whether .it
to
handle multiple lines. Some insist
that they must stock two, lines
of a given product
category to
protect
themselves
against the
vagaries - of supply. They refuse
to gamble on strikes, fires, disas¬
ters, and bankruptcies by depend¬
ing solely on one line, 'f /.
r; A
distributors, as
is a wise policy
.among
versy
,
The
that
other
side
the
of
distributors
some
is
coin
feel
that
they can give better service by
putting their
effort 4, behind
a
single line in any given; product
category. Wherever possible, the
technique is to stock only one
brand-name
line
as
a
means
cf
duplication of inven
tory. This also enables the dis¬
tributor
to
put a
considerably
greater push behind selected lines.
preventing
before this is dis¬
any further, there is one
basic operating principle that can¬
However,
cussed
not
be
That
overlooked.
is—the
chased
from
hundreds
Of
manu-
'
Another consideration is that of
York & Detroit Stock Exchanges.
Approximately *40 % 'Of
the
company's " sales
comprise
electronic products which it en¬
gineers and designs arid 1 either
assembles from components made
by others or has made by others
to its specifications. An associate
store
program
has; progressed.
such that the compahy now has
34 franchised units in operation
in ten states. This program should
make significant contributions to
Lafayette's future growth. //
?/'/
.
Price*,
28
Lafayette Radio Eleet'cs 18%
Avnet Electronics-.--—_ 271/4
Radio
9%
Shack---
Newark Electronics-_
Astrex,
Iric
Federated
—
Ai-'-i
Purchaser.—_
R. V. Weatherford Co.—
8iA
11
121/4
8
10%
Milo Electronics.
Milgray Electronics.—_ 10
Bell Electronic...
9%
Radio
Gem Elect'c Distrib., Inc.
Sterling Electronics, Inc.
Harvey
—-
4i/s
9
4%
many irons
in the fire is
Astrex, Inc. Besides being a dis¬
tributor for electronics parts in
regular ways, the company also
distributes
tubes
radio
through
U-Test-M
installed
stores,
tube
and
its
...
Outstanding capability in
major market of
,..
industry and consumer
; I ;>
testers
which
are
Lasers and Bionics
in
supermarkets, drug
hardware
and
variety
Another
stores.
Aerospace Instrumentation
television
interesting side
operation is the AST division of
,
Astrex. AST is in the business
Sales
$40,504,283
23,565,861
19,248,627
16,711,833
16,679,210
10,896,203
8,766,832
6,524,766
5^421,823
4,906,000
4,895,449
4,356,081
Fiscal
/ / Television Tuners
-.
Automobile Lighters
P/E
.
Per Sh.$
Year Ended
$1.06
July 31,1961
26
Jun.
-.77
Consumer Products
Ratio
;
30,
"
24
.65
Jun. 30,
Jun. 30,
"
"
42'
—.73
"
"
18
.46
.67
Aug. 31,
Jun. 30,
Oct. 31,
Jun. 30,
Dec. 31,
Dec. 31, /
Jun: 30,
.36
Jan.
4,042,192
.51
8,890,796
.48
Jan. 31,
"
Oct. 31,1961
.46
-
/
of
•
*
.49
.55
.50
.49
24
.
25
15
"
"
21
20:
:
-
14'
INDUSTRIES INC.
•
11
31,-1962:
18
2085
'9.7
.
every
electron-electronic technology—defense,
self-service
*Approxfmate price as> of the close on April 16, 19(52.
/ ; •
i Earnings per share are based on the amount of "stock presently- outstanding, with¬
reference
to outstanding warrants or convertible securities.'
'"" I
L
out
.
An electronics parts distributor
Earnings
;
;
with
Recent
_
;
'
Comparison of Certain Electronic Distributor Stocks
Allied' Radio
sales and research.
factiirers.
Members
N.
Hawthorne Avenue,
of the financial community
are
Melrose Parkf Illinois
invited to write for copies of the
annual report.
"i
•
20
The Commercial and Financial "Chronicle
(1880)
\
.
Thursday, April 19, 1962
.
tronic
Today and Tomorrow
3
S. BELL
ROBERT
Chairman
and
*
space
and| industrial
from
billion in
$10.5
1961
to $11.3
billion
rise
find
will
on
television sets would
leader
in
electric housewares field, our Casco
industry grew up largely around the complex weapons
systems for manned aircraft. Emphasis and
missiles. Today technological
public acceptance.
quirements and to industrial automation.
Productive capacity is being supplanted
NORMAN BURNELL
in
import¬
A
imported metal
rare
that
costs
much
as
as
$300 a
pound holds the tantalizing prospect of putting an entire electronic home entertainment center, complete with
proprietary products in order to hold old markets and
to prepare for the transition to growing new markets
in space and industrial electronics.
Television sales should reach 6.2 million units in 1962,
projection color television, radio, stereo phonograph and
tape recorder, into a cabinet the size
as compared with 5.9 million units in 1961.
Stereo-tele¬ : 1 of an ordinary table radio.
%***The metal is tantalum, mined in
vision-radio combination sales will increase by 100,000
Brazil, the Congo and Australia. One
units, from 650,000 to 750,000, and total stereo console
sales will rise to 1.8 million units. Radio sales, exclusive W of its major uses is in tantalum eapacitors, among the miost soughtof car radios, will remain around the 10 million unit
after critical components in today's
level.
electronic technology. No less than
Two years ago there were only two manfacturers of
•
transistors, tantalum capacitors are
largely responsible for the continuedshrinking of complex electronic sys*
Today there are 11. Volume has risen
$60 million in 1960 to $75 million in 1961 and sales
of $100 million are predicted for 1962.
As these figures
show, there is an increasing awareness of and demand
for color TV.
Interest is mounting with the increase in
color programming,
particularly during hours when
dealers can demonstrate the high quality of color; to
color television.
from
terns.
.
.
customers.
hi-fi is expected over
FM
multiplex. More than half of the homes in the United
States are not equipped with recard players of any
kind, hence there is a ready market for an instrument
that will provide a third dimension in sound over radio
as
well as by recordings.
There are 175 stereo FM
stations now in operation and there will be some 300
stations in operation by the end of the year.
steady expansion of stereo
the next few years because of the advent of stereo
,
.
;
.
cost, tantalum capretty much limited to
missiles, rockets, satellites and computors, but before long, they will
enable low-cost production of such
Norman Burnell
consumer
products as wrist radios
'
and truly portable television sets.
In fact, if all that we know and use in military elec¬
tronics were applied today to consumer goods, that com¬
plete, radio-size home entertainment unit would be a
reality. The price would be high, perhaps as much as
$5,000, but the experience of our inventive, mass pro¬
duction economy indicates it would not be so for very
pacitors
BURKE
are
The
new
electronic wristwatches and incredibly small
hearing aids
President, Standard Kollsman Industries, Inc.
in
action,
are
familiar examples of tantalum capacitors
increasing demand for ultraminiature
equipment insures continued rapid growth
for tantalum capacitors.
The industry has burgeoned since 1952, when the first
tantalum capacitors appeared on the market. That year,
total sales were about $2-million. In 1961, estimated an¬
nual volume reached $60-million, according to govern¬
ment sources, up $20-million from 1960. This represents
a doubling of sales every two
years, a booming industry
by anyone's standards.
lems.
We
at
Standard
Kollsman
What, exactly, is a tantalum capacitor and why is its
anticipated this trend years ago and
v..future so promising? ,
successfully expanded from a lead
A capacitor is essentially a tiny storehouse of elec¬
position in aircraft instruments to
tricity that does several important jobs in electronic
the world's largest manufacturer of
circuits. Tantalum capacitors are much smaller but do a
celestial navigation systems for air¬
better job than old-fashioned aluminum capacitors. Some
craft, missiles and satellites. Recog¬
of the latest models produced by our GLP
Electronics,
nizing the need to progress into even
Inc., subsidiary, for example, are smaller than a cigarette
broader and more complex fields,
lighter flint.
we
have invested many millions of
In a typical electronic system there are more than
dollars in scientific research to where
twice as many capacitors as transistors—and a computer
we
now
have virtually unrivalled
James O. Burke
or missile may
easily contain several thousand transis¬
capability in sophisticated optical
tors. Thus, when a system must be made
very small and
electronics. We have also developed advanced knowledge
light, tantalum capacitors are a "must." By using tanta¬
in solid-state physics and materials, in lasers and associ¬
lum capacitors, the engineer saves as much
ated methods of intense light generation,
space as he
in medical
originally did in replacing bulky tubes with tiny tran¬
physics and bionics, in microminiaturization and in
The
electronics
which stretches from the
glamor of aerospace to the workaday world of factory
and home, will make further big gains in 1962. The com¬
panies that will profit from this rapid and continuing
growth, however, are those able to
bring together a great range of man¬
ufacturing
skills
and
scientific
knowledge into practical devices and
systems that solve important prob¬
industry,
into
and
a
of
use
very
EDP
and
electronic
■
estimated, for example, that the
and
the
that in 1962, it is approaching
$2-billion-a-year mark.
Consequently,
estimates
the
see
have been able to produce superior
research, enter
We
as
a
a number of new fields.
forward to, conservatively, a 10% rise in
sales for 1962 along with improved earnings
look
company
result of these and other programs.
One example of the burgeoning nature of a, broadcapability approach to electronics is our contracts for
the National Aeronautics and Space Administration.
These began with orders for our star tracking system
to guide orbiting satellites.
Subsequently we were se¬
lected to manufacture very advanced optical,and elec¬
Also, tantalum capacitors operate over an extreme
temperature range, from hotter than boiling water down
to dry ice. This is particularly vital in a
missile, which
may encounter the cold of the upper atmosphere and
the red heat of re-entry—all in a few minutes.
A
capacitor stores electricity by virtue of a thin in¬
sulating layer sandwiched between two metal foils. The
thinner the .insulator, the. smaller and more efficient
the
capacitor.
Ordinary capacitors use two thin sheets of aluminum
foil separated by a thin layer of
paper or plastic. This
insulator is usually about a thousandth of an inch
thick
-
Foil: and
paper are
then rolled into
annual
value of EDP equipment output ris ¬
ing to between $5 and $10 billion in
,
the late
«
w
m'y
1960's.
"
Employment in
the industry also
rising at a rapid pace. The num¬
ber of people now engaged in the
manufacture, programming, opera¬
v
is
maintenance
and
of
W
computers
undoubtedly already well over a
quarter of a million. The demand for
computer programmers and opera¬
tors is certain to exceed the
Walter W. Finke
availability of trained people
for several years to come.
The continuing expansion
of EDP is the result of a
growing awareness of the numberless capabilities of the
present electronic computers and their importance as
productive tools in a competitive economy. It is fair to
say that the time has arrived when no business that
hopes to remain competitive can afford to overlook the
efficiencies that
EDP has
computers can bring to its operations.
joined the basic tools of business and industry.
Continuing developments in EDP hardware are cer¬
in the years ahead, but the great advances of the
future will lie in more efficiently applying
computer technology to business problems, and in ex¬
panding applications into new areas. •
Computer installations already
thousands.
The
chances
are,
a
tight package,
so
are
however,
numbered in the
that the surface
has barely been scratched. The development of power¬
ful automatic programming aids, that make computers
easier and less costly to use, are a major factor in ex¬
panding the applications area. EDP manufacturers and
users
realize today that a good software
(automatic
programming) package is as basic to successful computer
utilization as top quality hardware.
|
The EDP industry, therefore, is destined to see
a
three-pronged forward thrust. Continuing hardware de¬
velopments, bulwarked by the new software technology,
will produce a constantly widening range of EDP ap¬
plications. The end result will be a tremendous further
growth of the industry and the constantly increasing
indispensibility
of
EDP
to
business
and
industrial
progress.
MATTHEW L. DEVINE
President, Amphenol-Borg Electronics Corporation
In all of
planning for 1962 our forecasts have been
by usually reliable signs that the electronics
industry is going to enjoy a good year. We do not see
indications that it will be a boom year, but orders in
our company have continued to run
our
influenced
ahead
of sales ever since we started
to
pull up from the low point last
winter, and this trend has paralleled
a similar recovery in
general busi¬
ness
conditions in the same period.
A
healthy
economy
always
breeds
the confidence that results in spend¬
equipment and we seem
phase of the cycle now.
industry we expect a con¬
tinuation of the upward trend in the
use
pf electronics for communica¬
ing for
new
to be in that
From
Matthew L. Devine
tions,
controls
and
the
central
processing of data. Already 30% of
long distance telephone calls are
transmitted electronically by micro¬
waves
we
,
..
Some
..
sistors.
automatic instrumentation and systems for our aerospace
customers and also, with the products of our far-ranging
has
value of equipment produced in the
U. S. in
1961
exceeded $1 billion,
■
other fields.
equipment already
business.
'
large
immediate
long.
O.
data
tain
Because of their
.
Processing Division
is
ance
JAMES
It is
tion
President, Burnell & Co., Inc.
by research capability.
Fierce competition has
forced companies to concentrate on the development of
FINKE
processing, the fastest growing industry
today, is destined to have an untold impact
virtually all levels of our business economy. The
on
sub¬
rapidly expanding space re¬
W.
Data
in America
tuners,
grown
the
Electronic
Minneapolis-Honey will Regulator Company
Electronic
the market.
color
sales curve of the 1962 automobiles.
Our quality lines
of heating pads, electric blankets, steam irons, toasters
and mixing units are continuing to receive excellent
and control
A
:,
manufacture
Within
the electronics
in the military field,
which still accounts for about 50% of total volume. The
top priority then shifted to
WALTER
President,
sidiary^ research has resulted in several new products
which should advance sales in drug and household out¬
lets.
Our automobile cigarette lighters, of which we
are the world's largest supplier, are following the rising
been predominately
advances are readjusting to
■
color television in 1962.
recent years
has
acknowledged
also
are
tuners
excellent position to supply
,
the metal, international disturbances will not seri¬
ously affect the U. S. supply, as the government is stock¬
piling tantalum in adequate amounts.
our special research facility in Los An¬
National networks have increased their color pro¬
gramming this year and most manufacturers are now
offering color sets. All signs point to a sharp climb in
Robert; S.Beit-
Until
an
are
for
developed by
supply the other $.05 billion, in¬
from
$.95 billion to a $1
business
in
insulating layer and metal foil
.
geles.
crease
billion.
us
We
billion for a $.1 billion in¬
Replacement ; components
$2.1
all-channel
requiring
Military purchases will account for
another $.3 billion advance from $5.3
billion
to
$5.6 billion.
Consumer
electronics will rise from $2.0 billion
to
inch thick. The
ing demand for capacitors.
Thousands of capacitors are manufactured from
a
single pound of tantalum, and despite the growing need
highly-engineered tuners are
designed to handle both present television channels and
those in the ultra-high frequency range.
Legislation
electronics, from $2.3 billion to $2.65
billion, an increase of 15% and al¬
most half of the total industry gain.
crease.
an
single, inseparable unit and the resulting capacitor is
both smaller and more efficient.
Tantalum capacitors can be readily
adapted to auto¬
mated mass production, which is
being introduced to
cut costs while at the same time to filk the
rapidly grow¬
Standard. Kollsman's
ment will account
a
a
research is opening new doors to growth.
Systems develop¬
largely for a $.35
in industrial and space
1962..
in
billion
of
touch many points in that spectrum. In two major areas,
television: tuners and
consumer
electrical appliances,
sales will rise !Vz%
Total industry
fantastically
directly onto metallic tantalum
by heating it. The oxide film is about one 60-millionths
points to recognition that electronics embraces the whole
spectrum of energy transmission just as it pervades the
daily life of everyone.. Standard Kollsman's interests
automated systems.
capacitors the insulator is
thin film of oxide formed
impending merger agreement between the leadings
electronic and electrical professional engineering groups
industry will
shift sharply
electronics, particularly
.v
In tantalum
The
President, Packard Bell Electronics
Although every segment of the electronics
record gains again in 1962, emphasis will
toward
roll.
equipment for analyzing ultraviolet radiation
the earth's *. atmosphere.
Further contracts in
the nation's big space programs seem assured, but of
even
deeper significance to increased sales and earn¬
ings of the company is that the growing proficiency in
space techniques provides a broad highway to indus¬
trial and commercial opportunities.
v
This cross-fertilization, if . you will, of the various
fields in which electronics plays a vital role highlights
the need to abandon narrow definitions of electronics.
Electronics Industry:
Continued from page
that the finished capacitor looks
very much like a jelly-
beyond
from
repeaters spaced just in
sight of each other across the countryside, and this fig¬
ure is likely to double in the next five years.
As more and more factories and businesses change
over to the use of automatic controls for turning valves,
pushing buttons and throwing switches, they will further
expand the market for microwave equipment and com¬
ponents.
Railroads, pipelines, utilities, tollways authorities,
truck lines and large growers of fresh fruit and vege¬
tables are among those now using microwave equipment
for communication between headquarters and field per¬
sonnel, to operate controls at distant,
-'■rv-rr
•
•
unmanned sections
Continued
on page*
22
Volume
195
Number 6152
.
.
The Commercial and Financial Chronicle
.
(1881)
V(N HUNDREDS OF DIFFERENT WAYS
GENERAL TELEPHONE & ELECTRONICS
IS CREATING A NEW WORLD OF AUTOMATION
Today, of all technological strides forward, perhaps the most far-reaching is in
•
the field
of
automation.
machines
For
being ''taught" how to lighten man's
-
labor, speed his work, reduce costs and make products to unprecedented quality
:
standards.
Here;
are
three
of
are
contributions
recent
our
the
to
advancing
art.
■X
NEW AUTOMATIC
NEW AUTOMATION
important contribution by
our
Lenkurt
Electric subsidiary. Through recent
...a
gas
reality today, thanks to a new oil and
design of "high-density"
manufactured, by
microwave
and
systems, it is
now
possible to handle large
volumes of business
transactions, data
dispatcher
can
our
.
Automatic
Sylvania subsidiary is responsible for the
Electric
design and
of
and
pipelines) automatically
tances, from
If
operations (such as-railroads
you
a
over great
dis¬
station. And also have visual
the proper
central point,
pipeline network
a
' ;
seconds. Responding instantly
to
of
amounts
vast
radar
BMEWS
spot
through
■.
space
potential missiles traveling
'
.
,
.
Dept. 23, 730 Third Ave., New York 17.
SUBSIDIARIES;
GENERAL TELEPHONE* ELECTRONICS
it
at supersonic speeds.
would, like additional'Anfovulation concerning the products shown here, write to General Telephone & Electronics,
;
information,
plugs the hole of human fatigue and helps
indication of
operation of equipment.
process¬
early-warning radar informa¬
tion in split
by simply pushing buttons in a central
industrial
miles of
complex capable of
BMEWS
ing
pumping and compressor stations over
thousands of
manufacture of a high-speed
"data takeoff"
supervise and control remote
information and the supervision and control
Electronic Systems Division of our
...The
subsidiary. With this new system, a single
carrier'transmission
t\
PROCESSING SYSTEM
Pipeline Control System designed and
advances1 in.the
radio
■
NEW AUTOMATIC DATA
PIPELINE WALKER
BY COMMUNICATIONS
...an
%
General Telephone
^
Operating Companies in 32 states
& Electronics International
General Telephone
complementary fields
& Electronics Laboratories
General Telephone
...leader in the
General Telephone
Directory Company
Automatic Electric Company
Electronic Secretary
of communications,
electronics,
Industries
Leich Electric Company
.
Lenkurt Electric Co.
automation,
Sylvania Electric Products
lighting, research
,
:■■■■
r
and national defense.
Chemical 4
Metallurgical Division
Electronic Systems
Division
Electronic Tubes Division
Home 4
Commercial Electronics Division
Lighting Products Division
Microwave Device
GENERAL
Photolamp Division
\
SYSTEM
/
,
*
Division
Parts Division
•
Semiconductor Division
\Special Products Division':
Sylcor Division
-■ • k-
21
22
The Commercial and Financial
(1882)
from
Electronics Industry:
the
-
rise
a
in
While
in
moderate increase
Today and Tomorrow
there
should
be
for
increase
major
in
of data to computers
■*
processing.
Another
spending ordered
by the Kennedy
administration. This is bound to have a stimulating ef¬
fect on the electronics industry because a large—if not
the largest—portion of the increase
of
curement
where
systems
weapons
will be for the
the
of
cost
-
increasing.
vessels
into
elec¬
We
the
its
to
enemy radar or the guidance system
enemy's anti-aircraft missile. \ y'y;yy-
in
are
and
conventional
and
in the
all kinds
aircraft
plus the
many
used for
operation
of
in
used
in whic
weapons
We
electronic devices
i
are
up:
1962..-,
electronic
can
pected
share
products,
receive an
to
of
in
1961
volume
its
of
of
promises to maintain its
years. Last year, where
(GNP) increased 3%, and
industrial production 1%, the electronic
industry in¬
creased
11%. In dollars of factoi-y
sales, the electronics industries in¬
efforts
aerospace
Product
the
toward
and
the
field.
from
$10.5
billion
to
well
have
in
again, in
1962
billion,
as
which
1962.
total
a
We
should
market
of
measured by factory sales,
be
another
11% in¬
Furthermore,
crease.
the electronics
to grow
Let's
for
to
years
alert
and
growth fore¬
Government, Industrial, Con¬
and
Replacement parts. Of
P. E.
Haggerty
these, the first three should continue
growing,
centage
but
ratio
which
parts,
should
probably not in the same relative per¬
as
in the past. The fourth, replacement
accounts for less than 10%. of the total,
show
decrease
a
as
high-reliability components
This
new
year
in
era
we
and
mere
are
more
used.
electronics—that
of
long-life,
.y-\■ -v
;■
entering further into
are
V
-
and
tronics
as
inductors.
in
the
present time,
circuit functions
solid
material
Semiconductor
'
the
approach to molecular elec¬
advanced state of development at
most
the
of
transi.slo.rs, diodes, resistors, capaci¬
In
semiconductor networks, these same
performed within a single block
no
larger than the head of a match.
are
networks
available
are
in
quantity'
transistor.
:
government
(military,
space
and
other)
y--;
currently
are
1962,
foreseeable
future.
In
calendar
1961
total
It
will
wave
'
tubes
and
While
tures
by
we
can
expect
There
is
The
consumer
calendar
1962
market
and
time will account
should
continue
to
succeeding years but at
for a declining share of the
our
are
in
to
up
20%
Midwest.
the
•
well.
-
Moreover,
come.
-
G. Barron Mallcry
" '
777,-. r;y yyyyyyy
The ratio of inventory to sales is still
although
—
a
current
-
Beyond the qualified optimism many of us feel over
general economic trends, there are specific reasons
for
believing that the electronics industry will gain strength
in-the months ahead.;If consumer, industrial and mili-
.
We
anticipate
increase '
in
a
pend
-
markets.
new
Add
use
bright
outlook
become
-
clear.
We at Westinghouse Electric Cor¬
poration have so much faith in the
S.W. Herwald
growth of the
year ahead
but for
long time to
a
recently
the
the
company
industry.
We
to
instituted
meet
formed
a
the
new
come
major
long
range
group,
that
the electronic
total
mar¬
concern
ponent
The
an
be
to
concentrate
on
the
>
market.
new
group is
approach that
electronic
operating under
a
.
com¬
•
province concept,
result in
a
Federal regulation requiring
UHF circuitry,
corresponding increase in the use of electronic
parts. And color TV and multiplexing—FM stereo bmadcasting—will broaden electronics markets even further.
Military weapons systems are calling for lower voltages, lower wattage and
capacitance ratings. And
opportunities for cost reductions through microminia¬
turized circuits are now evident in the consumer and
industrial area. These are welcome challenges to the
a
electronic components.
v:
:
" ''y .'
Short-term prospects for the industry are promising.—
barring radical and unforeseen changes in the economy,
such as those that might have been brought about by
maker of
we
changes
needs of
components and specialty products group, whose primary
will
t.
electronics
industry, not only in the
of VHF may
with
the
a
shifting
to light electronic
all television sets to have both VHF and
to
certainty of exciting new
technological advances, and subse¬
quent new products, and the reasons
for
added electronic components for high frequency
demand from heavy electrical switching
units. Thermoelectric products,
cordless devices and remote control systems will provide
an increasing demand for electronic componentry.
Consumer entertainment
systems offer a widening
market for electronics manufacturers.
The additional
•gear
v-
and a dedicated effort by
electronics manufacturers to success¬
these
on
mechanical kind will give way to solid state control sys-
methods
enter
contacts. -Home
r<o-hT7r%ouhv»^<\:Eie^rieg:i current control systems of the
„
con¬
Government
electrical
lighting systems will call for increased use of electrical
lu.i;:'n£scent .denting .ceyices, and these in turn will de¬
military spending, increased snie<; ef¬
forts, more efficient manufacturing
fully
of
,no
same
timate for 1962 is $2.2 billion; This increase
should result
And
We
the
1961, consumer electronics was estimated
by the
Electronic Industries Association at S2.0
billion. The es¬
as
fairly conservative
]
number of reasons for -> terns,
a
optimism.
tinued
within
ket. In
of
.
govern¬
in
through acquisition..
indication that the year ahead for the
industry will be a good one. We foresee, a
-15% to 20% increase in sales, which may;' well prove
:
conservative.
:
1'
•'
;7.y .y.3yy-7 'V.yy'y
market,
grow
months to
every
There
easily double.
durables
,
continued
could
be
electronics
moderate increase in expendi¬
year
-
•y;VS. W. HERWALD
military, AEC and FAA in fiscal 1963
(beginning July .1, 1962), I would think that NASA's
that
to
in
Vice-President-Research, Westinghouse Electric Corp.
the
expenditures for
those
continue
increases
devices
.
;
a
u
"
.
Administration,
yy
as
t^rv market"! advance, then; the advance should favor
Through aggressive management,
concentration
on
7 the. electronics industry in light of the gradual shift from
specialty products, and expanded. distribution, Halli¬
.electromechanical to electronic components. y,:;:yv,]y:
crafters
and
its electronics market will .continue to
Automobile circuits, for example, will gradually change
expand.
'
lycver to alternator generators coupled with semi-conduc¬
tor circuitrv. and this will require increased use of rec-
Commission,
agencies.
We
•
as
expect that production will be started this coming Fall.
'
Federal Aviation Agency
and other government
agencies. For calendar 1962 gov¬
ernment expenditures are estimated to be
$7.5 billion of
which $7.1 billion will be
military and $.4 billion for all
other
well
as
first
related
expenditures for electronics are estimated to have
been $6.9 billion. Of this amount
$6.6 billion was spent
by the military and $.3 billion by non-military
agencies
such as National Aeronautics and
Space
Energy
:
that
is.; good assurance of a rising
trend
in
capital spending in ' the
knowledge.
complete research,. develop-1
manufacturing facility for high-power micro¬
the
represent
ment and
ment
Atomic
observed
often
•
output for
the
engaged.
envision
we
which has been the largest and fastest
growing segment
of the Electronic
Industry since World War II, will con¬
tinue to account for the major
portion of the
v
have
favorable short-term prospect.
housing starts are slower than
in sales and 25% in earnings over
was expected, heavy commitments of funds to the hous¬
1961, as previously
indicated at the start of the year.
ing market have been made by financial institutions,
Our sales of com¬
mercial products are expected to double the 1961 volume. y with the general expectation that availability of money
V' wi-U pose no prob^o -during the coming.
There's excellent growth potential in recent
vear.'y'Vyy7y;iy'"
agree-V* pprha-Ds most significantly, the Federal budget points
ments by which Hallicrafters acquired Manson
Labora-.;,
tories, Inc., in Stamford, Conn., and formed, with. Com- 7 to continuing government demand for goods and services
throughout calendar '62. This is obviously of vital inpagnie Generale de Telegraphie Sans Fils (CSF) of
Paris, France, a joint microwave tube firm to be known •y terest to all electronics manufacturers. In recent years,
Vyfor example, Mallory has steadily increased its particias Warnecke Electron Tubes, Inc.
'
\
pation in government. Contracts: and we have ' recently J
Manson, an acknowledged, leader in military commustrengthened our Washington organization to make our
nications and high-power
equipment; complements our
research and development know-how more freely availactivities ideally.
The Warnecke firm, to be located
able to government ag^nc.es and the prime contractors
west of Chicago, will bring to the United States some
that serve them.
} .'•
y'■"y'::yv-7;;'"'y1.y:/■:>
of the world's most advanced electron tube
fiscal
now
providing immediately, for many applications, dramatic
size and
weight reduction, improved reliability, and
lower costs, As the
technology develops and possible ap¬
plications broaden, the impact of molecular electronics
on the
industry probably will at least equal that of the
The
We
automobiles go, so go consumer mar- .
kets generally, and therefore many y
of us are expecting renewed vigor in y;
other
diversification possibilities
to
following the
there
electronics
encounter
..
electronics
increasing utilizat'on in government, in¬
dustrial, and later, consumer electronics markets.'/.In
conventional electronics, the various circuit functions
required are executed by assemblies' of conventional
tors
processes
being directed toward
are
to
,
significant;
a
molecular
.
which will find
components such
the automobile market
end of the strikes in October.
manufacturing
fields of commercial leisure time
new
industrial
and
we
For
come.
the electronic market
which will provide the
sumer
that
look at the four parts which
up
seen:
which
market will continue
economy
products
efforts
our
diversification—in
-
substantially faster than the
overall
make
believe
I
3
consumer
At Hallicrafters
$13
would
in
.
growth is promisingly broad. The
quarter of 1961
showed the
largest increase in personal spending
on record. And this large increase is *
reflected in a sudden resurgence of
goods industries, .the vast poten¬
tial' of electronics—both military and commercial—be¬
comes more evident than
ever before. 7
7
3 '.v.T" 7y
billion. In my opinion, we should do
fthat
day in
every
$11.7
-
last
reality
a
apt
are
show
increase
productivity during the current year.,
is growing, and
Robert F. Halligan
last
presently
significant,
industry
of
segments
but
results for last year.
over
the
fast-expanding
at
moderate,
a
volumes
Co., Inc.
&
industries
related
and
Total national output
"...
This is the field of
automation
P. R. MalJory
difficulties, but these should not in¬
with a general increase in
future.
With
in
terfere
development
which is changing time-honored
for
caies
Various
work.
.
creased
lpfio
signifi¬
.a
government
research
the
National
potential
any igrowth-minded firm
be well advised to orient much
may
electronics
spectacular growth rate of recent
Gross
itself to handle
of the hazards inherent
MALLORY
BARRON
G.
electronics
The
Likewise,
President, Texas Instruments, Inc.
as
gear
cant
aware
are
we
/
increase in our sales volume
an
a
.
such
must
HAGGERTY
anticipate
President,
be ex¬
larger
may
even
,
,
highly competitive and constantly changing industry. We have significantly stepped up our research
efforts and manufacturing technique studies to assure a
h^aUhv anri w-of table rutUre for Westinghouse in the
electronics industry. yy. .3 •/y ; y ■.
■::
ly'Vyy'
output in the future.
It is now apparent that
any
elec¬
tronics
company
seeking
growth
-
E.
we
electronics
in
customer for Ameri¬
one
•
,
cost reduction will become even more extreme.
Although
such
anticipate
the number
a
P.
1962
and
-
healthy economy, able and willing to.'
purchase cost saving electronic equipment, plus an in¬
crease in defense spending for
electronically controlled
or operated weapons and
weapons systems should insure
a
greatly improved showing for the electronics industry"
In
-
•
nuclear and conventional.
in
'
tronics
or
corporation in that province.
.,
continuing, rapid growth for the elec¬
industry.
This rising curve will likely be com¬
plemented by two intra-industry trends — increasing
competition in all areas and moves by the more alert
companies toward increasing amounts]
/
of
government
aerospace
business.
The Federal Government, by far
military vehicles, naval
of his operations,
support
entire
of
our
opportunities in electronics are great, and its im¬
portance to the growth of all industry can, not be overemphasized. But now that, electronics has matured as
an
industry of its own, we feel that for a comany to
compete successfully, it requires new and different ap¬
proaches to the market. That is what we have done.
"'Competition among manufacturers undoubtedly will,,
increase especially as newer companies enter the field. As
new
products expand the market,; pressures for price
| t
HALLIGAN
the corporation for directing
facilities to manage the profitable growth
The
President, The Hallicraflers Co.
%
controls, all fall into this category.
installations, ships and aircraft also is
standard in the paraphernalia of modern warfare, both
sum
The trend
A;
F.
ROBERT
Radar for ground
To
and
the
Communications equipment for the individ¬
ual foot soldier and
vessels
point in
It probably
applications for existing technologies and -dis¬
cover exciting and hitherto unknown uses for the output
of our research and development efforts.
yy-:,v
plans also call for a build-up in
and equipments to fight a Korean
arms
focal
skills
.
new
Defense Department
type of war.
'
of the world's fastest growing and most
one
.
(3)And
products, systems, and services. The unit of organization
assigned responsibility for a market province becomes a
:
dynamic industries. I feel confident that we will main¬
tain our growth rate as we ' develop new technologies
target to countermeasures systems that
neutralize
hi-fi
stereo
accelerate this growth;
many
missile
in
increase
1
assigns responsibility for the profitable de¬
velopment of the cororate opportunities thus identified.
In essence our province concept provides "wide angle"
vision of the total customer requirements in terms of
the-asp of more computers and communications,
electronic test, control, and measuring equipments, will
weapons systems category and in¬
highly complex electronic equipments,
ranging from airborne and ground computers that guide
a
?
toward
pro¬
percentage of the total, has been
missiles, bomber aircraft, and . naval
Most
fall
Identifies the market functionally from the point
occur.
the electronics market in the next few years.
will surpass he consumer market this year.
tronics equipment, as a
corporate
substantial
a
Westing-
market which falls within
a
of view of the complete needs of the customer.
sets, with
Current estimates place industrial electronics in the
$2.2 to $2.3 billion for 1962, up from $1.9 billion in 1961.
I expect that this will be the fastest growing portion of
1952 is the
about
and
production undoubtedly will
yy. '/
for optimism
cause
defense
in
reasonable
and for transmission
system
a
to .color
*. Thursday, April 19, 1962
'] ■' (2)
be only a
sets purchased,
of TV
shift
sales
increase
of
number
the
increased
an
Identifies
(1)
.
capabilities and which capitalizes on our strength.
opportunities in this area. About a 5%
production of radio sets this year seems
growing
Continued from page 20
there will probably
.
chouse
consumer
electronics.
sumer
i"
income which would stimulate
durable items including can-'
personal
purchase of
Chronicle
...
y
last week's steel crisis.
But
and
the
their
long-term
realization
-
•<
'
prospects.'are probably better—
will depend substantially on the
industry's activities in the months immediately ahead.
Volume
195
Number 6152
..
.
The Commercial and Financial
.
Chronicle
(1883)
and investment to increase capac¬
Labor
ity and improve productivity.
Economic Growth and Our
tub for
The
Federal
Reserve
head
finds
tracted
plant
of
cure
.•
our
"gap" between potential and actual output, and of our
rate,
distribution
flation
in
Mr.
of
Sproul
attributes
failings
our
self-defeating
to
production and productivity increases.
the
construction
industry is cited
abetted at all governmental levels —of a
as
drag
The price in-,
as
an
to substitute total
excuse
Turning to the balance of payings, Mr. Sproul
trying to increase further the margin of
*stead, ha attributes
nomic
is
everyone
these
days,
business
so
situation is
and
amount
the
written
rial
balance of trade.
our
of
should
econo¬
an
far';
tne
concerned,
pansion,
as
spoken
when
mate-
resources
our
that
and
savings
attractive.
are
the point
tory accumulation
subject is be¬
centives.
increased
will
And
since
all
are
ing
retail
read.
in
from
be
and
.figures,;
facts
tain
still
are
where
have
still
been
Allan Sproul
pretty • well
laid
down, it
takes some stretching to achieve
an
appearance of originality and
to .separate
yourself
from
the
crowd.
The
arguments,./ when
there are differences'of opinion,
tend to center about- why things
happened as they did in the past
where
or
in the short
■
do
can
better
There
is
we
capital
credit
bank
V'-.
run.
general
been
it
•
with
and
not
a
North Adams,
that
business
on
.
;
.
;
11 uisuv.
>
.
..
;>i
y.n
.II
\
„•
'•?' '
Run
vo
„»«•(»ft
f4 w:
y
•
i<y
• •
;
c
..
.
.
..
Domestically, then, you might *5
say that there is little we need
worry about concerning the im¬
LEADERSHIP IN ELECTRONIC COMPONENTS
mediate economic future. But that
as
normal
a
much
can
At
-"gap"
"growth.."
re¬
1961, and there has been another
Internationally,
we are
the
-
emerging need to adjust our
policies to the realities of
competitive forces. '
trade
new
pause
peak
-
....
M;Mi&
?;.'y
that
say
the
on
the way to
whether
or
the
turn
has
of
still
way
a
the
signal
of
the
in believing that
activity
to go. We have
economic
in prospect,
moderately increased
in plant and
equip¬
business, under the com¬
investment
ment by
bined
of
prospective
rising
increasing profit
margins as optimum use of facili¬
ties is approached.
We have in
prospect
increased
government
spur
demand
and
/spending
there
at
is
"gap," this failure to produce
our
"potential," has been
of
all levels, although
opinion that the
some
up
to
cribed
ma-:
come.;
observers
scene,
expansion
has
is
I would
in the company of
that I am
majority of
economic
it
cyclical
a
to deficiencies
dk
This
calls
for
of total
as¬
years
?
fact
that
countries"
achieving
a
other
seem
faster
to
have
rale
been
of
to
rise
this
in
fair
weather
increased
and
spending
.
networks
pulse-forming
toroidal
inductors
-
yy"
yyy/yy
yi.?/;..
'
high
ceramic-base
y
magnet
temperature
wire
yyy,.y??y,
networks
printed
packaged components assemblies
functional
digital
circuits
1961 Net Sales
....
.
....
.
$77,254,031.00
.
and
should be
principal
cause
ac¬
of
slowing down in' our rate of
growth, it is said, has been a re¬
tardation
of
prescription
creased
*■
investment.,: The
for
a
cure
is
Total Net Profit.
.
$6,092,473.00
eco¬
the
tures
ceramics
piezoelectric
industrial
nomic growth than ours, has "sug¬
gested that our most recent rate
ing will slacken at the mid-year,
foul,
transformers
This, and
the
can
view the
pulse
has been above the histori¬
The
matter how you
' '
electric wave filters
,
to
cal rate, it has been slower in the
last few years than in the im¬
mediate postwar period.
of growth
no
yyy?
y-interference filters y'/yy
The concern in ' igh and low
places about "growth" arises from
the fact that, while our rate of
economic growth in the postwar
celerated.
tendency of government expendi¬
;y
:..
expand consumption.
effect of increased Federal spend¬
.and
resistors
microcircuits yy y yy y y.;|y yyyy. ■ •;;?;
M/y
de-
measures
y.........
in¬
private and public saving
;
'
charts
and
tables
of
the
past, conditions, is accepted as being a
smoothed,, averaged and rounded rate of unemploymentwhich is
off, that the lines 'and figures not more than 4 % of the; labor
seem
to sweep
majestically up¬ force. Because unemployment has
often been
ward and onward without falter¬
above this figure in
recent years,
ing on the way.
and because there
yy.y■?/,,,'■
^
has been excess capacity in some
Present Recovery Prospects
segments of
American y industry
.' It is something of a knack,' of during some of this time, we are
said to be producing below our
course, as a recovery proceeds, to
The
cause
of
this
be able to tell whether a jiggle "potential."
a
.'?
magnetic components
;■
acutely
conscious
of
our
problems by the teetery position
of our balance of payments and
distribution
in the lines and figures is merely
t#-
transistors
kept?
"Gap" is defined by its expo¬
pro¬
during, nents as the difference between
the early weeks of this year. Such the actual output of the economy
and the output which could be
pauses and hesitations in an up¬
achieved at reasonably full em-'
ward trend are by no means un¬
usual, however; it is only in the ployment which, under present
*
capacitors
home it is too
and
too
little
upward trend of
and
"h(f
i«.**.<ritv
.
uncertainty as to the
persistence of the re¬
covery "d ruing the-early fall hof
the
w
'<
Outlook
Problems
Contains
we
at
busi¬
Massachusetts
ex¬
?
v*
Longer
and
in
eco-
page
Offices
Executive
increased
♦•'ovio
from
duction
of
SPRflGUE ELECTRIC COIIM
pansion at this time even if the
prevailing
ease
were
reo.uced
few weeks of
lull
on
in¬
likely
seem
brake
somewhat.
a;/ mild
and brief
business recession; There were a
vigor
rate
policy would be allowed to
become
♦
.
would
credit
agreement
making what
aracterized
c
covery
faster
Continued
from
agreement that, for the past year,? government.
be
a
what
at
abroad helping
to hold domestic prices in check,
going
are
,
have
'
coming
are
present, for example, that a
For
ness
recession began the second is only the short-run view.
the longer run, we have our wor¬
quarter cf I960- and ended
inries neatly packaged for us by the
February, 1G6L There is general
we
that
agree
v-'-S
SPRflGUE
past
the
Earnings
per
Share
*
be
seeking to live up to our "poten¬
tial," of closing the "gap" between
what we are producing and what
we
might produce.
We can all
be¬
the rate of
can
all approve of
There have been ready
sizable
in the
but not about where
run,
throughout
competition
.
now
as
this, there
can
THE MARK OF RELIABILITY
during a business re¬
And, with unused re¬
of
men
and
equipment
sources
long
consume
We
inven¬
interest
interpretation
are
to
quarrel.
not
and in¬
ceases
savings
steadily for
of
covery.
we
no
in the aggregate, there will
more
heavy commitments
lightened.
must still be considered low' rates?
of
"on
and how
the
decrease
consumption
be
ex¬
and
sources
cer¬
rules
;
our
can
With much of
consumption,
actual
no
and
growth, so
high social
that inflationary fears are
forward
of
and since
levels
vestment.
set
capita
per
cause,
There is
abroad
output
into
go
be
burden of
investment
of
of
expenditures of
priority at home may be increased
in relation to income, the
ob¬
national
rate
and,
while
reduction
a
of
its
v
muted,
the
general
same
will
need
in
that
for
economy«rises
"potential"
that
handed
even
its
i'-;;y
year, so
we
work¬
result
which
liquidation
commences.
steady prices, in the
aggregate, at both wholesale and
to
manor
quickens
at¬
the
as
to
nearer
in¬
the
and
observe
saving
percentage
We have had
hear
The
will
server
ventory
yond the abil¬
ity of
resources
on
tendant proposals for acceleration
of investment by way of tax in¬
hypothesis is intriguing, the
seems
to add up, and
cures
investment
people in
delighted be¬
government will have larger
cause
We have not yet
reached
the
on
consump¬
emphasis
And
in present circumstances,
fully employed.
and
and
the
increases.
government will be
In-
business
contribute to
growth
*
payments deficit to foreign military and dco-
our
in¬
force
something for everybody to tie to.
;:
'
outlays and suggests they be increasingly shared by our allies,
Practically
mist
the
paint in "
no
capacity,
future
labor
by
creased
arithmetic
performance
sees
The
,
Fear
planning for the market mechanisms.
thump the
that
so
able to play the role
assigned to it. Business will be at¬
there
prime example—
a
on our economy.
is expressed that the Government will use our economic
the
.existing
up
match
to
in
take
ity and improve productivity will
flourish in the bracing air of an
economy
which is working and
diving up to its "potential."
-
growth
to
expansion
an
and investment to increase capac¬
Disagreeing with the currently popular theory of the cause and
•
and
creases
prospects encouraging but diagnoses the long-term outlook as doubt¬
ful.
demand
slack
economic
short-term
hours,
requires, above all,
By Allan Sproul,* Director, Wells Fargo Bank, San Francisco, Calif.
York
shorter
to¬
can
wages and even for
tion will be
of
New
is tied
package
higher
gether by saying that faster eco¬
nomic growth in the United States
Payments' Balance Problem
Former
whole
spokesmen
23
.
$4.14
''
■
30
24
The Commercial and
(1884)
Wilmington, Mass., whose primary efforts are in the areas
of missile re-entry and space technology.
This kind of total systems capability is characteristic
of the changing pattern in the electronics industry today
which will enable it to meet the imposing requirements
of the nation's defense and space programs in the years
Electronics Industry:
Today and Tomorrow
Financial Chronicle
is
It
and market-wise.
DONALD
-
Total industry sales climbed to
billion
in
1961
and
for
ponents
$14.7
billion this year. Industry
projections carry this annual volume
figure to $20.87 billion in 1965 and
on
to
$22.5 billion by
1970.
The
electronics industry in this country
today may be considered to be com¬
prised of four major markets—mili¬
tary-space, consumer, industrial and
replacement components. The impor¬
James R. Kerr
with
on
in
its
and
Ordnance
business
Division
areas as
ground and
series
of
for
the
U.
S.
Army
Corps, the FPS-26 height finder radar for the
Air Force, command and satellite receivers for use in
U. S. missiles, boosters and space vehicles, and a number
of classified fuzing and ordnance programs. At the same
time, research and development work is underway in
air traffic control systems, infrared fire control systems
and other promising areas such as optical lasers.
In additional to a complete "in-house" research and
development capability, the Electronics and Ordnance
Signal
Division also maintains
a
machines,
machine tool
elec¬
New
con¬
growth of the electronics industry. Leader¬
ship of our nation, both militarily and scientifically, is
based to a great extent on the sophistication and productibility of electronic control and measuring systems.
The electronics industry is still young. It has under¬
gone the usual route of feasts,, and famines. Until the
last few years it depended upon boom periods such as
radio, television, Hi-Fi, to tide it over the interim times.
However, the ^broadening of the markets, I advances in
the state of the art, matured market surveys and mar¬
keting, have brought about a more stable situation, one
that is comparable to other industries in our economy.
The road to our present status in the nation's economy
has not been a smooth one. "Hot companies'' came and
went. Glamour products became tarnished.. However, the
hard core of the industry has, over the years, added a
growing degree of stability. This stability is;,now the
emerging factor that -makes electronics. - one. of the
greatest industries today.
•
as
space
communications
commercial
close working relationship with
Avco's Research and Advanced Development Division at
assembled
loss
some
under
of
a
.
E
.
.
.
I
A
...
I
B
hope in the past
a
today
L
Setting the pace will be continued increases in military
as well as further expansion of the commer¬
electronics
cial
and
industrial
electronics
Consumer
market.
will
provide additional strength, having recovered from the
temporary setback experienced in 1960-61 when over¬
capacity and unusually intensive price competition were
aggravated by lower consumer demand for home elec¬
tronics products.
Growth in Military
Electronics
the steadily broadening use of highly complex electronic
equipment throughout the Armed Services, national de¬
continues to represent the largest segment of the
fense
industry's total market. Defense sales totaled approxi¬
mately .$5.5 billion, or about half of the industry total,
in 1961.
Estimates for this year range from approxi¬
mately $5.8 billion to as high as $7 billion, depending
upon the emphasis devoted to such major fields as mis¬
siles • and
missile, defenses,
satellite communications,
electronic
navigation, ; counter-measures, ; and
other
major programs. A total of $8 billion or more by 1965 is
entirely possible, and sales in the range of $11-13 billion
by ,1970 could well materialize, depending.upon the speed
with which non-military as well as military aspects of
the entire space program develop.
1 >
•"
Expansion .in Commercial and Industrial Field
The major key. to the expansion of the commercial and
industrial electronics market is communications, particu¬
larly in the field of data and video transmission, involv¬
ing the use of communications facilities and a wide range
of electronic machines to gather, compute, and sum¬
.
.
v
,,
L
a
...
I
T
This market totaled about
$2 billion in 1961 and is expected to reach at least $2.3
billion this year, although the total could be substantially
higher depending upon the rate at which business
communications continues its rapid expansion. A mini¬
mum of $3 billion
is foreseen by 1965, and upwards Of
$5.5 billion by 1970. However?* all of these projections
are
undoubtedly on the
conservative side, because
Y
the unprecedented potentials in the broader use of
electronic data processing by industrial and commercial
of
requirement
must for tomorrow's technology.
a
HHHHHHHH
in 1961, there is every indication that the total will reach
nearly $11 billion this year.
marize business information.
R
mag-
momentum
As reflected in this country's aerospace programs and
factor in the
production programs include the VRC-12
combat
will grow in volume this year.
The
military and government-sponsored programs,
including the race for space, continue to be a strong
at
.
Current major
and
HrHHHH
Ipt;
11
<
the
economic ; adjustment
Donald C. Power
which began in the latter part of 1960
and continued well into 1961, the" electronics industry
seems to be well on the way to new records this year.
From manufacturing, sales which exceeded $10.2 billion
blies.
well as subsystems,
communications, radar,
infrared, air traffic; control, and arming and - fuzing of
missiles and ordnance.
*
•,
in such
electronic ignition,
trol, process instrumentation and control, systems control
and remote supervision, all add up to a significant vol¬
ume of better-grade electronic components and assem¬
Evendale, Ohio and Richmond, Indiana. This division of
the company is geared for research, development and
production of complete systems,
Victor Mucher
next product market category is industrial
tronics. We expect the greatest growth in this area.
segment of this industry no longer
long-run mass production items. To
Electronics
a
^Bpr ^S^^H
Hp
ifl^H
during
of auto
good year for this product
percentage
be
After
The
rely more and more heavily upon integrated research,
development and production capabilities—with the em¬
phasis on successful research and development.
Avco
Corporation's electronic systems capability is
centered
usual
the
postwar
nifying glass.
including pleasure boat
electronic equipment, electronic appliances for the home,
and additional electronic equipment for the auto, such
compete effectively today, companies in this field must
Aside
>
must
t
continuation
.
as
national product.
from sheer magnitude, the
industry is also noted for extremely
rapid technological change. Many
its products available today were
only engineering concepts a few short
years
ago. Great diversification is
a
gross
..
radios, should make 1962
changing the pattern
as we know it today is
essentially
phenomenon which has grown twice
as
fast in the past 10 years as the
,
group.
Pseudo entertainment products
The military-space
primarily
.
,
a
electronics
dustry, with products ranging from \ i
complete trans-continental communications systems to tiny devices which
entertainment
equipment
market at its present level.
Color
television, now being produced by
several manufacturers, stereo hi-fi,
and an increase in auto proauction,
the
Officer,
Electronics Corporation
another basic characteristic of the in-
industry, is; ex¬
We look forward to
of
it accounted for some $7.5 billion, or over half of total
industry sales.
The complexity and sophistication of weapons systems,
communications systems and space systems continue to
increase and the mere stringent specifications laid down
exists
are
pulse of the
tremely healthy.
of the military-space category
"""7
com-
broad in application that
The
is indicated by the fact that last year
for these programs are gradually
of the electronics industry.
so
of electronic
found in radios, television I
Hi-Fi, industrial instrumenta¬
tion and control, and the military
and space programs. Thus we have::
a cross-sectional pulsebeat feeling of
the industry on virtually every level.
they
sets,
reach $16.8
tance
situation
and manufacture
estimated to
are
electronics
present
POWER
looking ahead and attempting to develop some reason¬
estimates for the electronics industry, one finds
himself shooting at a rapidly moving target, because
this
the
C.
Chief Executive
able
writing, 1962 is already proving a fine year
industry. It is my opinion that the
will continue and present an even
brighter picture in the. second half of this year. Our
company is engaged in the design
expanding .military and space
markets, total sales of the electronics industry are ex¬
pected to increase by more than 40% in the next four
years. As is the case today, the pattern of this continued
growth will undoubtedly place increasing emphasis on research and
development of new electronic sys¬
tems
rather
than
on
high-volume
production of existing components.
year
In
President, Clarostat Mfg. Co., Inc.
As of
,
opinion that 1962 will be the greatest
our
Chairman and
VICTOR MUCHER
KERR
R.
of
impetus
Thursday, April 19, 1962
General Telephone &
President, Avco Corporation
the
.
industry, and those companies which
geared themselves engineering-wise, product-wise
have
22
JAMES
Under
.
for the electronics
immediately ahead.
Continued from page
.
organizations.
.
This trend in the commercial and industrial market is
For the demonstrable, repeafable reliability the
tries
must
oped
a
and
support test
solar
simulation,
Providing the hardware
our
indus¬
business.
potentials in this field are so vast that the possibilities
are limited only by the imagination, especially in view
capability with acknowledged leadership in
team
equipment, precision
materials fabrication and
is
aerospace
achieve for survival in the Space Age, Tenney Engineering has devel¬
uniquely integrated
aerospace
electronics and
particularly interesting to the communications industry.
In fact, we believe that within a few short years—per¬
haps four or five—data and video traffic will exceed
voice traffic over the long-distance telephone lines. The
destructive
power
acoustic
environments,
ground
of the many advances
supplies, cryogenic assemblies, exotic
well
as
;
being made in the application of
techniques to communications. Each of
these
techniques has the same objective—to provide not
greater number of communications channels but
faster and rrore versatile ways to meet the expanding
products for engineered heat exchange applications.
as
electronic
new
only
the advanced research for assuring reliability
-
a
needs of the future.
.
Strong Future in Consumer Electronics
Now that the consumer electronics market has
iMenneu
.
Main Office and
Plant:
Western Division:
This
1090
10727
Springfield Road, Union, N. J.
Garfield
•
"
for
a
copy
of the annual report:
course,
always be
Refrigeration,
Measurements
,
,
in the past.
From sales
$3 billion are foreseen, and upwards of $3.6 billion by
1970.
A great deal depends upon the degree to which
further, innovations and improvements are introduced,
only in television but also in radio and stereophonic
sound.
.
/
.
to
the in¬
$2.5 billion in 1961, an increase to $2.75 billion
is predicted for this year.
By 1965, sales of more than
invited to write to the corporate secretary
Creating Today
subject
more
of about
Harvick Manufacturing Corp. (subsidiary), South Gate, Calif.
are
of
dustry, because this is the very nature of the consumer
durables market, but there is every indication that these
variations will be substantially less severe in consumer
not
Members of the financial
community
will,
electronics than they have been
^ve., South Gate, Calif.
Aerospace, Environmental, Acoustic and Ground Support and Systems
Divisions, Union, N. J.
•
Heating and Air Conditioning Products Division, Wilmington, N. C.
•
Communication
Laboratory, Inc. (subsidiary),Plainficld, N. J.
field
short-term variations than the other portions of
ENGINEERING, INC. M
•
passed
through the period of rapid expansion, with its attendant
"growing ^ains," the market variations in this segment
of the electronics industry have become less extreme.
For Tomorrow's Reliability.
•
.
/;
.
Research and Development
V;
.
*
Entirely apart from the sale of equipment and com¬
ponents to the military, commercial-industrial, and conContinued
on
page
26
"
rn*
tou 'awob tj-xri
A;
Number 6152
Volume 195
.
.
.
The Commercial and Financial Chronicle
of
us
must pay; This debt will
only be paid off by shrinking the
purchasing power of money. There
will be periods when the dollar
that you use to buy stocks will
buy a bit more than others but
oyer the longer term anyone who
wants to have something left after
SECURITY SALESMAN'S
CORNER
DUTTON
BY JOHN
(1885)
.
years/pf'saving had better start
"Don't Be Too Hard to Buy From"
NOW' and
add
to
their
savings
month by month or at least quar¬
.
Did you ever stop "to realize
buyers
actually
that it. Notice how the average price
strong of common stocks has fluctuated
What do but that the general level of cbm-
salesmen to weak ones?
,
jyou think happens when
bn a
call mon
investmo'nt.. pro^
sound
a
you
yod interest
prospect and that
biih in-
gram,: a mutual, fund investment
plan, or a suggested course of ac¬
tion pertaining to his over-all in¬
vestment welfare, and for some
reason you do not obtain an order?
Possibly you have spent an hour,
him. Prob¬
several hours with
or
terly or semi-annually. If you
believe* this then close1 business1;
PREFER
ably the calls you have made
.over
stock
when you sell a diversified invest¬
ment in a good balanced mutual
prices *has advanced
the longer term.
^
4und,
?/;/>:•
should
assume
have
larger
more
spending,
themselves
and
larger
more
we
is
one-
investment
you:
offer with the statement: "Mr.
Prospect, this is one investment
which, if it goes down I want you
can
will
to buy
deficits,
want
big govern¬
people who
many
Clymer V.-P.
isn't the time, and.
they have very little or
nothing to show for a lifetime of
work. Do you want your dividends
mailed to your home, or reinvested
in /more
shares
every
three
months"?
PHILADELPHIA, Pa.—Everett
Clymer has been elected
-
that is what your
prospect wants you" to do,' SELL
HIM! You can. make your social
42 .South
.
calls
after Jin buys, in three to
months, wheq he will be doubly
glad to see you.
1
delphia-Baltimore
changes.rf\
opened
branch
a
his
obtained
agreement
to
;
7:'
Gregory
102
elected
under
the
the
and listened to your
and carried it out over
to a successful conclu¬
sion. And then, because you were
not sure enough of your proposi¬
tion
to1 gain
his consent, you
wasted his time. If you failed to
interest him sufficiently to moti¬
Graves.
change Place, New York City.
start the better, because
you
Plaza
'
Put
Catalyst:
years
ANOTHER BREAKTHROUGH
SOCONY MOBIL RESEARCH
him to give you an order,
have placed him at a disad¬
vantage. The man you sell, the man
vate
.you
who
gives
of
order, thinks
man that
an
you
than the
you do not sell.
;
'C ;
more
you
Rightly, or wrongly, the man
you did not sell thinks he would
have been better off if you had
on
him. If you have
that you believe will
your prospect,
sell it to
,him. Sell him and he will feel that
he has accomplished something.
Fail to close, be weak about it,
give him the best sales talk in the
'book as to why he should do
'something—then fall down on the
"close" and you have failed him.
People like the salesmen with
Whom they can do business.
Successful commercial-scale tests
5,
called
not
a new
When
markets,
catalytic cracking itself,
'are
it
dropping,
salesmen also
virus
of
are
general
mism. Those who
range
is
natural
sis. It outdates every other
fear
bons into
Its
untary " and
plans
"possible from contact with pessi¬
mistic
market
letter writers,
board-room
-men
*
their
sages, and securities
sit at their desks be¬
who
moaning
their
fate
customers.
and
that
Investors
of
come
'
;
into their owri during such times,
and
salesmen
who
know
their
'business
looking
not
are
for
fast
of' oil.
tipping
movers
stocks,
in the
market, watching for rallies so
they can go short some special
favorite, nor have they watched
-their paper profits go down the
<■
:
is economically feasir
This
:
new
'7'
to motivate their customers to do
'
OTHER
►
PRODUCTS:
42%
39%
••
•
•'
catalyst will gd inio commercial
While
specifically enhances the value of Mobilr
were
used
out of
Mobil's
results
extensively to crack
more
gasoline
petroleum started with experiments at
laboratory at Paulsboro, N. J. The
led. to
world's first commercial
the
catalytic cracking unit, in 1936.
In the years
since; Mobil has made such
subsequent advances
as
the TCC and the
developed Thermofor Catalytic Cracking
series of Durabead catalysts. Mobil research
(TCC), it is equally useful in any type of
teams
movjng-bed catalytic,cracking unit. Hence it
catalysis, seeking
will be. offered for sale
improved
as
its
name
Catalysis
generally. Moreover,
indicates,. Durabead* 5 is excep¬
tionally durable.
■
4
/ z: .;. *
/
application beyond
-/
wide
has
»
petroleum refining. Catalysts enter into the
manufacture of products
cillin and
and
ranging from peni¬
soap' and explosives, to margarine
plastics and synthetic rubber. This wide
application stems, of" course, from catalysts'
have-explored deeper and deeper into
Improvements in catalytic cracking in the
represented
servation
made it
like that of
chemical traffic.
\
a
policeman at
direct the flow Of
v
'
;
'
'7'
Pioneering research has long since achieved
natural
They
resources.
possible .to meet the. demand, of
oil
than
otherwise
would
sumed. Further,
they
haye helped
more
Catalysis is
have
been
make possible
a
special research
area
turning imagination into ideas and ideas into
better
products and
processes.
not
-
catalysts for petroleum
States,
does business with Mobil-customers,
ployees, licensees, and investors.
plan should be instituted
•_by an investor because he expects
to carry it forward over the years
a
.that lie ahead.
■f
The
-
If
Ups and Downs
running into diffifculty closing business' today, and
,you are .selling the mutual funds
particularly, try this approach.
Obtain a long-range chart of the
'ups and downs of the stock mar¬
ket over the past 48 to 50 -years.
Take a good hard look at it; Study
:
you
are
Mobil
an
eminent position in the
refining! In the United
development of catalysts that later
in
Socony Mobil. In it lies great potential for
Such
*
for Socony
con¬
efficient automobile engines.
"field of catalysis arid in the development of
start
a
by producing higher-quality
They realize that the time to
a long-range investment plan
is NOW, not next month when
prices may be lower (or higher).
so.
con¬
have
gasoline-hungry population with far less crude
gasoline,
traffic intersection; they
powerful contribution to
a
of
today's far
a
and better routes to
and products.
quarter century since it was introduced have
ability to affect chemical reactions pro¬
Their function is
new
processes
foundly .without being affected themselves.
drain because
they did not want
capital gains tax on these
profits and were too unconvincing
-V\> '
in Mobil's U. S. refineries this year.
use
it
high-quality gasoline from -a barrel
*
to pay a
*
OTHER;
PRODUCTS:
high-quality gasoline and heating
\-vTj'V '/>?•
"
and pessi¬
contractual
50%
v
performance tells the story. Compared
cent more
selling long-
^offered by the -funds, should im¬
munize
themselves as much
as
;
Toil.V;
that
the mutual funds and the vol¬
as
45%
n
cracking catalyst
ble with Durabead 5 to produce 5 to 10 per¬
investment programs, such
GASOLINE:
GASOLINE:
v.
in its ability to convert petroleum hydrocar¬
affected by the
are
//;'
through in petroleum refining and in catalyr
emotional unsettlement andprices
'
f.
Durabead 5 represents a major break¬
undergoing
are
7%
•
During Market Uncertainty
T
DRY GAS:
GAS: 8.0%
DRY
cracking of petroleum since the intro¬
with other catalysts, it
.
Durabead 5 Cracking
Conventional Cracking
catalyst developed by Socony Mobil
duction of
benefit
J
the
research, is the most important advance in
the
something
over
indicate that Durabead
past several; months
1
been
Henry
Country
gram now
the
has
Cross
proposals. He
New
Hillmart
Secretary and Director of
management of George M.
'
expound upon the ad¬
vantages that would accrue to him
if he started his investment pro¬
B.
and if it goes up I
you
heard you
•
buy more, and the
have the feeling that
something was not just right be¬
tween you and your prospect. If
so, you were correct. This man
gave you his valuable time. He sat
Did
Ex-
to
your
-
Stock
Henry Blair & Co.
has
how put you on easy and friendly
terms with him, yet you have not
proposal.
mem¬
and Phila-
Hillman, Officer of
at
office
Street,
,
/'
Opens Branch Office.
"Incorporated
Probing the frontiers of science
only for Mobil, but for
SOCONY MOBIL OIL COMPANY, INC., 150 E. 42nd ST., NEW YORK17, N. Y.
S.
Vice-
.
COLUMBUS, Ga.—Mutual Fiinds
America
Fifteenth
bers of the New York
six
of
a
President of Robinson & Co., Inc.,
orjder,
Get the
•
Of Robinson Co.
more,
you
sooner
have ment, and greater debt which all
too
are
today
or a common stock fund that
to the objective of the
is suited
client, it
1 We are in a period of depreciating money. As long as the people
ask the politicians to take over
more
of the responsibility they
there
have said this
25
pays
everyone
off
who
em¬
Mobil
&
and
Blair
Call
&
Broker
Co.,
firm
Inc., 40
of
Ex¬
/
•f
26
from page 24
Continued
Thursday, April 19, 1962
♦.
far
to
in
the first place—research and development. It has been
estimated that research and development activities in
electronics, financed by Government and industry, will
this year represent the record-breaking expenditure of
nearly $3 billion. G£ this total, an estimated $500 million
alone will represent projects related to the nation's space
program, but the wide range of other activities will in¬
clude such promising fields as solid-state physics, micro¬
sacrifices."
Women's Bd. Club
.
Of New Orleans
;
//NEW ORLEANS, La.—The Wom¬
en's
''••777'v '77-• 7'- 77.r7/7- 7':Z77\:7777'77;
.r'v
?
.
*
Tbtal
•
.Bishop 'of the
factory^sale^ o^the end;prod--
'A
I
•
i
ucts. of our indti§try^;^xcpeded^
billion; and I look 'for^better- than *;
$12 billion in sales
The most rapidly growing segment./
s
increase
fold
-.
in
7:
N.e
$0.6
billion
In 1962, the - value iof
Robert C. Sprague
computers manufactured for com¬
mercial and industrial applications
should reach about $775 million, while shipments of
other industrial electronic products of $2 billion should
bring the total industrial marketyto about $2.8 billion.
The total impact of computers on our industry is even
SELIGMAN
Grissom and Shepard described
Congressional committee not long
ago, one of the first questions put to them dealt with
their "luck." Replied Shepard: "We make our own luck
by careful attention to details ... and
design and qualification tests." And,
he added, a thorough testing program
assures reliability.
Reliability, today,
is a key program in many industries,
When Astronauts Glenn,
their experiences to a
is
few
to
it
important
as
as
broader when
function
must
indi¬
of
other under
the tost. and, worst
Recent
environments.
of the
disclosure
;|
~
J
%
alert set off by malfunc¬
war
electronic equipment in the
Arctic
is an
ample demonstration
of the absolute necessity for relia¬
Monroe Seligman
bility. Design without testing for
reliability is empty; production without proving repeatable reliability is worthless. The risk is too great, the
stakes too high.
tioning
While this
E
management function. Astronaut
Glenn and his fellow spacemen helped to dramatize its
importance. Equipment, no matter how costly, may be
expendable. Men, in our way of doing things, are not.
Their equipment, as we move from a few orbits to many,
to space platforms and finally to manned flights to and
landing on the moon and the planets, must be absolutely
prime
of creating
and providing the
means
After
reliability covers many fields. One
these is the industry, in which
Tenney Engineering finds itself, that concbives, designs
and builds the tools for testing in both design and pro¬
duction stages. It strives to provide facsimile environ¬
ments so close to the real thing that every single test
will be a foolproof prediction of experience itself.
tively small chambers — and has progressed to such
intricate equipments as the satellite revolving sun and
space simulator being completed in Dallas, or the 80foot high simulator in Pasadena, Calif., for testing Venus
probes. Tenney is now working on a simulator that
will permit realistic "travel" all the way from earth, to
Venus, to Mars and return. Once space meant simple
vacuum.
In the
new
simulators it
means pressure
so
low
that metals
outgas. It means optically dense, cryogenic
"shrouds" that duplicate the infinite cold, black
void of space, and it means man-made suns that provide
the full range of solar radiation.
liners,
or
Associated gear,
such
supplies, variable speed
drives, cryogenic systems and
instrumentation must
keep abreast of advances in reliability proving equip¬
Thus those producers with constant, advanced de¬
ment.
velopment
ones
as power
most
years
programs
and
diverse
capabilities
likely to succeed in the long
run.
are
the
Over the
Tenney Engineering's goal has been to predict
re¬
liability requirements and, by advanced engineering, to
assure
effort
The
the availability of equipment and systems for the
on
which
our
insistence
country's existence depends.
on
assured,
thoroughgoing, repeatable
caused
-
.•
1
Doris
Kolwe,
Bettye Peterson, Foley, Cox
Committee:
Mrs.
Di
Losa, Abroms & Co.,
Chairmari;>. Mrs. „PearleJohnson,
.
3?:,
Federal Reserve
DankpMrs. Rita
ScUlly, Merrill Lynch; Herce, Fen*ner. &. Smith Inc.; and1 Mrs. Caro¬
lyn Gurtner; Equitable*Securities
Corp. ■;
?.
'^Monthly Publication *'Les Gals":
In-
■
Miss Katherine .Parker, Crane
•*
/ vestment Co., Inc.,: Chairman; Mrs.
Zelda. Crais, Water & Alcus; Mrs.
Catherine Treischmann,
/
*
-nau
& Kees;
Ducour-
Mrs. Corinne White,
Hibernia National.Bank.
.
Committee:
Membership\
Mrs.
Mary Addington, Arnold & Derbes,
Chairman; Mrsi Virginia Macy,
Hattier & " Sanford^, Miss. Lillie
Moore, Howard; Weil, Labouisse,
:
_
•/J,
.
7 -'
/
Friedrichs.
y.
:
&
Co.;4 and* Marjory
7
Woods, Waters & Alcus.
-
?;
;
v"
Publicity Committee: Mrs. Su¬
zanne
Guthrie, Weil Investment
„
C&.t
Chairman; -Miss Margaret
Major, Hp ward, Weil, Labouisse,
Friedrichs & Co.; and Mrs. Joan
Pepperman, Schweickhardt & Co.
v
5
...
by/the business recession
1961, demand for the home entertain¬
mid-year.
for
E. F. Hutton
these
Manufacturers
GraduatesTrainees
-
u
-r.
;
.
,
;
appear as
graduated
777
A
■
•<
*
777
circuit
in
interest
in
the
microcircuits
of
size
technology,
of
use
of
end
types
to
equipment.
7:
reduce
Various
and
although
some
of further progress
well to bear
approaches
careers
fv
-777
in circuit assembly techniques, it is
that the total
;
1961
.
production of
probably less than $100 million.
For
essential
have
.
future, rapid growth is being forecast
in
for
available
the
the
alert
components* manufacturer to
r.
techniques
that
will
^7 >
;-
required
as
microminiature
functional
circuits
evolve.
believe, however, that the very practical ' criteria > of
availability, reliability and
cost
will -be
the
dominant
.
•
•
v
•
determining factors in the selection of circuit fabricationo
and
in
assembly techniques in the future
the
past
...
<as
they have been
of
pass
this
ex-
an
i
v
*"
^
;
.r
.
/
.
.
European members of the
lands, after
experience
Reuter
\
a
a
with
will
native
period of practical
the
firm.
return to
a
Neils
position
leading West German bank
:; ..and Rafoul / Djemal. will take
-
-
analysis department at
main office, 1 Chase
Manhattan Plaza.
/:v/,;--7vWith
-
*
class will return to their
;
"s.
be V
•
I
co.urse
in the Hutton office at 61
portfolio
Two
■
advanced
;;777v-'7
Broadway where a board room is
to be opened on April 16. The only
woman
graduate will be made
assistant to the manager of the
Hutton's
777:
?
-
7
v
.
-
7>
»,3
;
quarters for these devices,; and it will certainly *
many
be
the
.
*
v.
:
; ;
complex components, including microcircuits of all types, ; '
was
&
7 Stock Exchange they will be as¬
signed to some of Hutton's forty
■y'7-: ~ offices throughout the country.
;7,'7. Nine of the group will begin their
of these show considerable promise 7
in mind
were
Hutton
lamination given by the New York
,
being undertaken with varying degrees of success,
are
F.
v
the
further
seven-month
.
growing
the
Europe
graduates
the
After
components and
pre-assembled
various
electronic
particularly
E.
777:77.Xtor of Training. '
■*
great deal has been said in the past year about new
trends
and
from
Co.'s account executive course.
They comprised the largest class
in the sixteen-year history of the
firm's training program,
it was
announced by Glen Givens, Direc-
part of the value of the end products in which
components are used.
States
United
$3.8 in 1962, although all but about ,$1 billion of this will /
;
Twenty-seven men and one wo¬
from various parts of the
man
electronic
of
components should have
a
good market for their products in 1962, as they did
in 1961 when total volume of active and passive devices
exceeded $3 billion. I look for this figure to reach about
Not long ago
hot and cold and altitude in rela¬
start
and
Chairman;
Estelle
,
of the most important of
as
some
slow
•
ard, Weil, Labouisse, Friedrichs &
Co;-; and Mrs; Esther Torres, Mar¬
tin, Himel, Morel & Daly.
^
industry strengthened considerably
On balance, we enjoyed satisfactory
products, despite the fact that there
was a slight drop in the total value of shipments from V
the preceding year.
Nineteen-sixty-two should be a
satisfactory year for the consumer segment, and I ex¬
pect that dollar value will move ahead again, although
probably by a smaller percentage than the industrial
and military segments.
after
markets
proving repeatable
vironments—such
a
1960
'
ment products of our
of
this industry was known as environmental
testing, but time and growth have made the name obsolete. It began with duplication of relatively simple en-
Mrs.
on
$7; billion for fiscal 1962 and 1963.
therefore look for a fiirtlfbr gain in the industry's mili¬
of late
reliable.
The business
programs
tary shipments, to at least $6.5-$6.8 billion in 1962, re¬
flecting not only the higher-level of military spending
but the ever-growing percentage of the total represented
by the complex electronics upon which modern weapons
depend. Expenditures by NASA and other agencies will
bring the total to well over $7 billion. ,
*
changing. Even before the successful sub¬
reliability, the stepchild, was
7 7
•
p
Hospitality
defense
our
/
;
& Judell; Miss Mary Scheel, How¬
science has
been
an
important/source / of
growth for the electronics industry in the past 10 years.
In addition to the military procurement programs, cur¬
rent Federal budgets include; substantial expenditures
for military electronics by other agencies of the governOrient, such, as.I^ASA and FAA.
Taken together, total
Federal Government purchases in our industry in 1961
are
estimated to have approached $7 billion, and this
tremendously large and' diversified segment remained
by far the largest market of all for electronics.
\ * .■
penditures by
orbital and orbital flights,
a
'
fiscal year.
Continuing- increases in future years are
foreshadowed by the fact that estimated "direct obliga¬
tions" (new procurement orders), exceed estimated ex¬
exercises, or the sum of individual reliability factors of
components of the end product.
becoming
substantial ;
-Military defense expenditures in the fiscal year end¬
ing this June are currently estimated at $46.9 billion; and are scheduled to rise to $48 billion in the coming r
to be obvious, it has not always
been so. Yesterday, almost literally, the concept of re¬
liability received only lip service. Quality control groups
were
shunted into cramped
quarters, and. reliability
amounted to no more than random testing or compliance
All that is
a
Bank,
.
may seem
'
*
.
National Bank of Commerce; Ann
Longsworth, Ducournau & Kees;
electronic
vidually and collectively, each with
the
that
account
increasing reliance of
Bishop
Arrangements Committee: Miss
Alice
Odon,
Whitney National
eral Government.
The
Mrs. Winnie
F.
appointments:
Department of Defense and other agencies of the Fed¬
to
component must
function properly under a variety of
conditions, and during changing con¬
Parts
takes into
E.
Bishop,
President,
an¬
nounced the following committee
portion of military electronics procurement goes for
data-handling systems.
Although accurate figures are
not available, it is estimated that more than $900 million
worth of such equipment was procured in 1961 by the /
electronics. vEvery
ditions.
one
Maxine
Mrs.
$2.4 billion.
President, Tenney Engineering, Inc.
but
about
of
&
n c.,
Treasurer..
today.,
?
>
,/
Co., V
Hutton & Co., Secretary and Miss
Elizabeth Gagnet, Frank B. Wood,
r
total
to
industrial
sales
/
w m a n
Morris,
terms of the future,
electronics
•
a s
.V i c e-/
P resident,.*
systems since 1954./'.In 1961, these
information - handling .'devices,, con-'
some
"in'-
d$
idhnt',7
Miss
commerce
tributed
.e
Brown
,I
computers and other ..data processing
described electronics as "the
1 l
I /McCarthy// of,
the future, in
promising technological revolution."
In
that description is just as appropriate
a
//./Mrs.""/: A.lice "r
of
dollar, .volume
t
was
Pres
•
been; industrial electronics; 'ywhidh *'
has especially benefited from a'ten-1.
terms of new and improved services for
and industry, national defense, and the home.
r.;i'can
e
m
.Bank
r
of our industry in recent years has
,
,
a'ti;o!^al^
N
:
•
'
r
Winnie*
?
.
•
Looking beyond the estimated $11 billion in electronics
industry sales this year; the total "should be exceeding
$15 billion by 1965, and passing $20 billion by 1970. How¬
ever; it should be remembered that* these figures are
basically projections of existing trends, with a few in¬
tangibles taken into consideration. Suffice it to say that
the electronics industry has unprecedented potentials for
industry last- year enjoyed-a-good -insales volume, with continued strong
growth in the industrial market and in military elecr, ;i
tronics^ procurement more than offsetting; a. slight drop: - in
the home entertainment market..'
" ' -
j
Industry-Wide Estimates
i
e
r
s
in factory
crease
,
MONROE
New
held
Sprague
•
electronics
The
out' our eeonomy are enormous.
most
of
Orleans,
on April
14,
.1962, at Delmonico Restaurant, installed* t h
Chairman of the Board and-Treasurer,
'
involved in this work,.and: the potential benefits through¬
world's
Club
*
1
,
•
"
'
communications,,, microminiaturization,, and. other
areas.
Virtually every branch of science-is
Several years ago someone
Bond
at .a-luncheon
SPRAGUE
C.
ROBERT
advanced
'
.
operational reliability will cost a great deal of moneybeyond the $225-million level at which the environ¬
mental test industry is currently operating—but it will
be a small price to pay to minimize Astronaut Glenn's V
sobering prediction, in the context of additional flights *
into space, that: "There will be failures. There will be '
y
markets, the electronics industry continues
increase the activity which gave birth to the industry
sumer
wave
Financial Chronicle
The Commercial and
(1886)
position with
a
'.firm in Milan.
a
private investment
/ -tS*
•
;
Number 6152
195
Volume
.
.
The Commercial and Financial
.
(1887)
Chronicle
Power
tric
Co.,
&
Electric
mine
South Carolina Elec¬
Co.
and
Virginia
Gas
&
Power
whether
Co.
deter¬
to
significant advan¬
The earned return for 1961
close
to
level
can
6%
and
same
this
evaluates
its
growth prospects.
above
year.
about
achieved
be
fairly
ings
was
the
27
average
Several minor rate problems were
With H. A. Riecke
resolved during the past year in¬
cluding disputes with textile com¬ PHILADELPHIA, Pa.—H. A.
Riecke & Co., Incorporated, 1620
panies and the company adjusted
Chestnut Street, members of the
of the area and the diversity of its fuel clause. North Carolina is
land would seem to support the a fair value state and a court de¬ New York Stock Exchange and
leading
exchanges,
an¬
in
1961
reinforced
this other
view that this would be a desir¬ cision
tages can be obtained from
combining construction and trans¬
mission facilities.; The geography
HOLLISTER*
BY KENNETH
.
:
Carolina Power & Light Company
\%'
—
development.
Construction
expenditures
last
were $36 million and about
$29 million wiir be spent in 1962.
year
V
that
nounce
doctrine.
able
David
Reynold R. Lane
normal
Under
weather condi¬
ated
tions, earnings for 1962 should be
fice
about
$2.40
to
$2.50
including
with
as
their
Gibbs
and
associ¬
Philadelphia of¬
are
now
registered representatives.
in 1961. Load growth is about 8% Both common stock and senior about .15 cents of interest
charged
annually.j?
'/-V
: securities were sold last year and
Registered Funds Branch
The company will'share in a no additional financing is antici¬ to construction. With its conserva¬
tive capitalization, the potential HAVELOCK, N. C.—Registered
prior year. A somewhat smaller nuclear plant being built in conpated before 1963, With an equity
increment is likely this year- but junction-with
neighboring com-, ratio of
slightly over 38% of total for further sales growth and ag¬ Funds, Incorporated has opened a
continuing.industrialization of the panies in. the..southeast and .is
management,
Carolina branch office at 6 Clover Court
capitalization, there would appear gressive
territory
appears
to •? provide a scheduled for operation in 1964.
for .1961 for' Carolina
Power & Light"Co.-were $2.39 per
share compared with $2.24-for .the
Earnings
in
increase
earnings on
basis. Earlier this-
term
dividend
a
little
need, for
additional
studies have been undertaken by
to
caroiina p0wer & Light Co/, Duke
equity for several years. ??
the
year
J
•.
.
*
t
'???•?
&
Power
times
Light
this
direction
the
under
at about 25
(61)
Stallings, Jr.
year's estimated earn¬
of
,
fy v ?,
[
raised to $1.64 from
was
be
6%
io^g-
basis for something close to a
$1.48 and further advances would
seem
a reasonable
expectation a£
earnings rise,
'
u,
The excellent year
just recorded
by Carolina Power & Light, in
part, is indicative of the change
:
•
.
,
,
in the character of the service area
that
has
experienced in the
been
The improvement
encompasses a conversion from a
dominantly- rural
and
textile
manufacturing area to one having
past
10
'
years.-
although mostly smaller plants,
and development of seaport facili-..
ties that were non-existent in the
earlier
Natural
/
;
characteristics,
industrial
diverse
:■
•
■
period.::???;??■? vt
TOWERING SYMBOL
equipment have risen almost
every
year
almost $100
since 1953 reaching
million annually in
1960.. Construction
for
1961
£
nonetheless
created
an
-S
payroll of $33 million an-*:
nually. For 1962 it would appear
tional
;
;
-
;
/
that industrial construction would
;
-
iljje towering
>
; •
:
pv;
?' 1,
gas,
% •:
higher
.
;
continual:
omy
?
in
space.
of
energy: energy
which in-
*
econ-
see,
during
the next six months, what has been described as "the most
first time
V
—one
—many
~ 11
-
'? ?
of them for the
of the nation's vital economic frontiers:
a
growing, vibrant, northwestern region, attracting new
V-. business and
industries,
new
land of the future.
a
..
'"
..
;?;The record total of more than 1.34 trillion cubic leet of
^
l,95;L.residentia;r<-ife-v;-p
has given impetus to the
of the West/served by El Paso Natural Gas Company?'
natural gas delivered to
--
-
> ;v .>
?"?■%
the markets by El Paso's 18,000
miles of pipelines in 1961 is
-;
the equivalent of
more
than
??M0 times the; electric power energy delivered by all the
?? 'J
::l "federally financed electric power
important is • the ^decline, ih -.Twi.?.*; A ''
more
an era
years
r'; More than that, they will visit
,
,enues. 17% commercial, 32% industrial
and; '18% 'resale?. Even;
man
?v extensive scientific display ever assembled."
-
oF^abbye; ^Yer^Se ^rowth/of;(;
sales seem goodl/- Z. J Pp'pfx ?'•'
-• *
rFor'Iltkil ^esMehtial: :Teyenues % ? - 4;
accounted for 42%. of the total, ,
^commefciai and ihdustrial about
-20 %; each- sales? for ':t esafe.;J t,%:
and miscellaneous revenues, the :
remainder? The&e figure's compare'- %> •'"*• \*r:
with 35 % '.for
for
of the Pacific Northwest, California, and other states
tion
,
progress
^^Millions of visitors to the Seattle fair will
•
a
-
?.
construe-• -u\;' <**■£
added 59,%: more/residential cus??
torners .cpmp'aredJ ^ith: abo^t 3Q%V-{
*
for
the
eiectrip'' iridiistry" -"as
the company has
whole. .Prospects- for
also symbolizes
J creasingly in recent
cost, residential
tion. Since 1951
of
*
new
.
era
The 60-story needle, topped by a 40-foot torch of natural
American ; -Enka,M; Gerber.
Ball Glass Co;^SMsr
;
S new
'
industrial
facilities
h a v e~; .contributed to
?, Vv:
highet per*capita ihcome and also V
<
has hadthe effect,
encouraging-.;u M. «
.
962 Settle "World's
"Space Needle" at the
Fair symbolizes
'
Foods-and
required- in V'the -
,
;
.
recently completed are. a DuPont
Dacron facility?' Baxter
L'abora-i
.tories (pharmaceutical)v Ideal. Ge- %
ment,:
OF ENERGY
*.>[
addi-
again, be .at a fairly high level.
Among the new industrial plants
.
•
-
significantly lower at $66 million, :
but
\
.
.
was
a...
.
Expenditures for industrial plant
and
Gas:tops
generators
(including
?:B the Bonneville Power Administration and Hoover Dam)
in the 11 western states served
revenUes from this sbiirce of 32%
to $8 millipTK Also- of note is^e\
increase imresidential usage1 from
?4 .
:2,660;ky^
33%
As
<
wabove
tributed
H
national
above the
higher usage
<
can
embarked
on
:
: :
c:?from natural gas
?
of the West.
rjv
write for
heat||^arid
cdn5pliiy?has
*a
;
A broken;
.unit
kw
*X'/
,
•.t
is
of
1,274,000
steam
and
hydro-electric. The
kw
the
ofwhich
remainder
.company
w
*•
~
'* " ? u.? .?
1* *
j.
,
•
^
And for
copy
details,
more
of the annual
»
.
.
a
v?
V'iuv
*'
"
•'
'
4
'
/*
'
'B-
r ~
*
?
n
'
•'
,
*.
'h*
>
" ; ',
•
•
-
?
look at Century 21, in
the land of the future, visit the
:
foroperation - in ffty
1964. Excluding these machines,-?*
the system has a generating ca82%
a
to the 11 states? f tp-ft '-p'p:/
For
Company, El Paso, Texas. " ? B
*
scheduled
pacity
El Paso
:
hectt, -pump
for 'another' 185-000
on
report to: El Paso Natural Gas ?
promotion program.
A 240,000. kw unit.
for.. completion
year
and" ground
Was? Recently-*£.
]
than 110,000
.^ Natural Gas Company's progress in providing energy
the
.primpyily at- - " V:?satiir|ifi^)is? of ft k
electric ranges; water
also
average.?;*-
be
to;? high
more
:
•?? stockholders throughout the nation, reports
has?nbt increased '•
the., ayerage,
'.
air conditioners. The
;
?v; HOur 1961 Annual Report, mailed to
5^359'
populatibn
much
by El Paso.
Seattle World's Fair
;
;
(April 21
-
October 21, 1962.)
:
-
'
V?v ?
.also
-has contracts for purchase ca'pac--?r.k,vv
;ity for slightly
~'
of
which
over
^0,000.kw, %#,?; k ^ M
150,000 kw-;is firm.
eluding this purchased' power? the
?"'?
2&Sm-
"EL PASO NATURAL 6ASRIILCOMPANY
...
_
•
>system;ih^s^eap^iUtyvOf-;a-t*
*
•
U'-
:
:
El Paso Natural Gas Company provides natural gas to industrial eustoInters and distribution companies in Arizona, California, Colorado, Idaho,
>? Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.
*
Pinchhitting for Owen Ely.
Jamea
28
The Commercial and Financial Chronicle
(1888)
Thursday, April 19, 1962
J
Brisk Pace
STANDARD OIL COMPANY <INDIANA>
EARNINGS 3rd
UPS
STRAIGHT YEAR
HERE'S 1961 IN BRIEF
Net
earnings
up
Total income
•
tures
6
a
per
cent
record $2,065 billion
New volume records for
•
and for sale of refined
Earnings
Com¬
for
1961
$153,837,000,
were
$9,075,000,
previous
year.
or
Net earnings
outstanding share
per
$4.30,
were
and
John
E.
Amoco
from
Swearingen,
President,
able to increase
though labor costs
general
and
and
had
earnings in spite of
gasoline prices
trol, and
modernization, cost
our
new
investment
programs
Record Income.
Again
this time to
upward
an
all-time
an
;
and
led to
move¬
North
After
,;
more
well
gas,
as
for sale of refined products.. i
as
r
a
include
>
-
the
special fourth quarter dividend, the
of
success
Notable
Assets
Progress in
located
amounted
to
almost
Company's total
foreign
crude
North
6
per
cent
of
will
assets. In the search for
oil,
1961
was
our
plants
was
Iran, for example,
a
After
major oil field
discovery well
was
a
proved
tested at rates up to
Of
97
wells
drilled
producers.
in
Total
amounted to 13.2 million
per
cent over the previous
us.
We
our
Texas
reserves
our
and
barrels,
year.
up
83
-
Corporation
also
in
during 1961,
Our three
a
of
Company has had
150,000-barrel-a-day crude
a
reached
an
not
the
point
where
new
or
running capacity when current
completed
are
a
satisfied,
sales
day in 1961.
regional refining-marketing.
gaso¬
purpose
is to increase efficiency,
•
per
cent higher than 1960.
the
$22.8 million,
scope
of
our
an
efforts
indication
to
employ
.
science effectively.
Our staff of 615 scientists and technolo¬
gists
net
of
year.
blending units has taken
capacity.
day, 4
of
Canada.
record level of
this
Aggressive Research. Research expendi¬
acquired
our
late
Refinery input averaged 660,218 barrels
contributed
advances
which
vided the basis for 482 U. S. and
pro¬
foreign
patent applications during 1961.
increase of
Total
a
crude
place. Our
in North America totaled
refined products were at
687,406 barrels
opened in Los
development
14,600-barrel-a-day alkylation
a
tures totaled
five
..Marketing Coordinated.
*
the
Manufacturing Modernization. In
City
line and asphalt
„
Work
We
production
office
undertake
cracking, alkylation, utilities, and
acquisi-
1,098 billion cubic feet.
Argentina, ,86
our
in
Comparable modernization of catalytic
production of 590 billion cubic
16,456 billion cubic feet,
day without maximum
Y capacity being ascertained.
were
in
an
to
projects
producing properties.
feet of natural gas
discovered in the Persian Gulf. The
35,000 barrels
to
sold
Our intensive modernization program
payments.)
Honolulu's interests in four
gas-processing
most
successful year to date.
In
accrue
premium
markets in' the Southwestern and Pacific
has
in about 10 years, the residual interests
the
nationally;
gasoline,
will represent more than 80 per cent of
After the production payment is
America
extended
Super •Premium
was
production payment against
a
was
this sub¬
"As You Travel-
rating; and
•
exploration and devel¬
of the U. S.
some
Foreign Ventures.
outside
retained
by
moves
unit went into operation in 1961.
properties for about $73 million. Honolulu
A
batteries, and accessories.
major
improved in octane
unit and
do they
nor
mined by
.
than
more
popular Atlas®
East and South, was
Texas
not
tion of various Honolulu Oil
tion.
the
methods unless proj¬
opment programs, and in part
the Board at the time of declara¬
Still
through
operation,
our
Amoco®
Further
The substantial increase reflects in
part
i
uniform red,
scheme.
modernized crude oil distillation facilities
include any oil dedicated to oil
share. The Board
of
Coast states where the
increase
an
obtainable
recovery
in actual
are
other
Angeles
Increased.
barrels,
a
limited representation.
amount and kind of which will be deter¬
.
v
liquids in North America
reserves
ects
regular quarterly cash dividends from
>-
net reserves of crude oil
our
outlets
unique, unleaded
a
^Marketing
area,
Reserves
totaled 2,546 million
secondary
the
to; build
V g of 200 million barrels. (Our totals do
a
also announced its intention to continue
f
/
begin during the first half
American
during 1961,
February, 1962, to change
a
plans
Oil
unifying element is the availa¬
Ask Us" service
Proprietary, Ltd. is
and
color
sidiary, the famous
production of 115 million barrels
Dividend Changes. The Board of Direc¬
35 cents to 45 cents
In
.
tors decided in
the
'
display
blue
brand of tires,
Melbourne, Sydney, Brisbane,
is scheduled to
,
set for pro¬
duction of crude oil and natural
28,000
Amoco
'
Adelaide,
and natural gas
were
of
now
bility to all the Company's
Italy. These facilities
refinery in the Brisbane
con-
high of
25,000-
a
Cremona, Italy,
subsidiary
a
Australia
stations in
.
,
than in 1960.
New volume records
near
of 1962.
$2,065,189,000, nearly $27 million
,
purchased
single,
a
marketer—American
and
another
Euro-,
building product terminals and service
the improved earnings result."
ment,
S.p.A.,
Amoco
year,
down because of
our
international..
intensive competition, our increased pro-
.
International, S.A.,
owned and operated by Amoco
now
gas,
consolidated into
were
All stations
foreign crude
own
approximately 700 service stations in
Italia,
a
result of
were up as a
were
are
ven-
Company.
as even¬
white,
northern and central
industry. Even
increase early in the
wage
duction arid
our
subsidiary,
pean
Report to share¬
difficult period for the oil
a
for
barrel-a-day refinery
holders: 4'For the third consecutive year we
were
marketing facilities abroad
outlets
companies
nation-wide
establishing refining
production.
$4.05 in 1960.
this to say in the Annual
Notable progress in foreign
•
Higher earnings predicted for 1962.
•
taken toward
tual
the
average
up
for increased earnings
production of crude oil and natural
products
were
•
increase
an
6 per cent, over
year
Refining and Marketing Abroad: Steps
were
again. Our consolidated net earnings
up
of
Standard Oil
Increase.
(Indiana) earnings for 1961
pany
Third successive
•
k
on
fuel cells is
can now
with
showing promise.
convert certain alcohol fuels
high efficiency at normal tempera¬
tures, and
are
cheaper cells
carbons
as
working toward design of
as
fuel.
well
...
as
use
of
hydro¬
-
Volume
Number
195
Petrochemicals
6152
Progress.
.
.
The Commercial and Financial Chronicle
.
Our chemical
sales increased 5.4 per cent
million,
At
5.3
up
Texas
City,
a
carbon resin for
pleted.
At
refinery
we
a
new
Dorado,
.We purchased
Furukawa
Industries
make
to
process
in
operation
subsidiary,
Belgian
Com¬
uses
of
the
high density
a
company,
polyethylene.
.
Our
the
as an
be
-
J '
k •'
A
•
A
Forecast
industry increase of around 3
sold
in
.'-V
Dutch
for
per
an
cent in
foreign demand
...
we
expect that
our
as a
whole."—John E.
'
Other Developments. Another of our sub¬
Algemene
look
continuing efforts will result in higher
Swearingen,
(firm,
"We
1962.
domestic demand and around 8 per cent
in
w
Withthe
for
earnings for 1962
.t'X
,
investment.
the
Europe.•;('• ?.x.''V
Company bought Imperial Casu¬
our
and
Petrofina, S. A. Part
will
one
marketers of LP-gas.
now
joint venture of
balance
Rouge, La. Tuloma is
alty and Indemnity Company of Omaha
was com¬
Chemicals,
interest in General Gas Corpo¬
of the nation's leading
plant's output will be used by
Petrofina;
our
as
Amoco
:
•
plant
an
ration of Baton
of AKU
use
pleted in Antwerp, Belgium, and is
35 per cent interest in
a
sidiaries, Tuloma Gas Products Company,
acquired
European market.
A petroleum additives
was com¬
Ltd., Tokyo. Furukawa
licensed
dimethyl terephthalate for
,V..;:
Chemical
plan to
exclusive oxidation process, the
our
and for sale in the
Arkansas,
r
we
chemical plant in the Netherlands.
plant will make terephthalic acid and
started manufacture of viscous
:
a
Using
plant for the
in floor tile
El
polypropylene.
pany,
$59
premium-quality hydro¬
use
our
was
cent from 1960.
per
manufacture of
Kunstzijde Unie N. Y. (AKU),
build
in volume in
1961. Dollar value of these sales
(1889)
President,
Standard Oil
Company ^Indiana).
THE STORY IN FIGURES
FINANCIAL
1961
1960
Total income
$2,065,189,000
$2,038,208,000
Net
$
153,837,000
$
144,762,000
$
4.30
$
4.05
$
56,651,000
$
55,659,000
$
2.248
$
1.995
$
97,186,000
$
89,103,000
470,316,000
$
340,295,000
earnings
MANUFACTURING
-
Net
earnings per average
outstanding share
Dividends paid*
,
Dividends paid per share*.
Earnings retained in the
business
$
■
$3,035,097,000
$2,925,731,000
$2,348,919,000
$2,251,085^00
Book value per share.........
$ ;
$
65.64
S
720,400
687,406
678,109
1,642,480
1,635,527
17,543
17,539
MAKKLI1NG
day
Natural
sold, thousand
gas
day
per
TRANSPORTATION
>
r>.
P,&1>nT
62.93
.
754,200
Refined products sold, barrels
cubic feet
Total assets....
636,326
"MAFKFTTNC
.
Net worth.
660,218
per day.
Crude running capacity, barrels
per day (year end)
per
Capital and exploration
expenditures
1960
Refinery input, barrels
*
.
1961
'
:
traffic/million ban^ef
miles:
PRODUCTION
,.T
170,957*
166,635
Crude oil and natural gas
liquids, barrels
day, net..
per
352,272
318,994
1,616,940
1,577,094
12,943
p 11,571
Natural gas, thousand cubic
feet per day, net
Oil wells owned* net (year end)
Gas wells
;,'A
owned, net (year end)
I
*"
2,631
2,387
Dividends paid" include the value on this
Company's books of the Standard Oil
Company (New Jersey) slock distributed as a dividend. "Dividends paid per share"
include the market value of the Jersey stock on dale of distribution.
PRINCIPAL SUBSIDIARIES AND AFFILIATES
Principal areas
of operation
Principal business
'
-NORTH AMERICA
American Oil
Company
<;>.
Pan American Gas
Service Pipe
Calumet
owned
'
•
Pan American Petroleum
Per cent
•
"•
.
Refining, transportation, and marketing l
Exploration and production
:•/
Corporation
Company
i
t
7:
-.
-
gas i>-
\r:<ii.;.
Pipeline transportation
Manufacture of nitrogen
Nitrogen Products Company
Company
Oxo Chemical
r
United States
100
"
United States and Canada
Purchase, transportation, and sale of natural
Line Company
' *
100
0
Texas, New Mexico
100
'
v,
,
f
United States
products
100
Indiana
55
Manufacture of oxo-alcohol
Ohio
United States
100
Schrock Bros. Co.
Marketing of LP-gas, natural gasoline, ammonia, and related products
Marketing of ammonia and related products
Illinois, Indiana and Iowa
100
Indiana Oil
Purchase and sale of crude oil
United States
100
Insurance
United States
100
Exploration and production
Exploration and production
Argentina
Company
Company
Exploration and production
Venezuela
Exploration and production
Exploration
Mozambique
Exploration
Libya
Refining and marketing
Refining and marketing
Italy
100
Australia
100
Tuloma Gas Products
Company
Purchasing Company
Imperial Casualty and Indemnity Company
^0
SOUTH AMERICA
Pan American
Argentina Oil Company
Pan American Colombia Oil
Pan American Venezuela Oil
100
'
Colombia
100
100
;
EASTERN HEMISPHERE
Iran Pan American Oil
Company
Mozambique Pan American Oil Company
Pan American
Amoco
Libya Oil Company
Italia, S.p.A.
Amoco Australia
Amoco Fina
other
"
"
•.
Proprietary, Ltd.
S.A.;
;
:
.
"v
Manufacture of lubricating
^
oil additives
Belgium.
50
100
;
100
•?
50
Outside North America
100
United States and
Europe
100
>
'■(('
Pan American International Oil
>
'O-WVV
Iran
Amoco Chemicals
Amoco Trading
Corporation,.,
Corporation
Corporation
,,
•;•
v',.t
Exploration and production
V
Manufacture and marketing of chemical products
Purchase and sale of foreign crude oil and products
Standard Oil Company <indiana>
Outside North America
-
910 s. Michigan, Chicago so, Illinois
100
29
y.
30
The Commercial and Financial Chronicle
(1890)
Nominees for Board of Governors
Henry M. Watts, Jr., has been nominated for a
Chairman of the Board of Governors of the
Exchsnfis.
'
senior partner of Mitchel,
Co., has been serving as Chairman since late
trols
"all
litz; Joseph McMillan Hinshaw Jr. of Watling, Lerchen & Co.; '
Robert Lief of Scheffmeyer, Werle & Co.; Austin J. Lyons ofFrancis I. du Pont & Co.; Blanche Noyes of Hemphill, Noyes &
Co.; Charles J. Stava of Beauchamp, West & Stava, and Kenneth
vestment
"
getting started
even
Lorraine F. Pitman of Laidlaw & Co.;; and Avery .Rocke¬
Jr. of Dominick & Dominick.
;7/: 7 *
on
under the
thing which
we
Continued from page 23
eral were holding steady.
7
nomic
structure-in
political
the
/
of
use
measurement
to
of
seem
local buildingr codes
many
is
short-fall
our
have
too
that
are
we
beings.
And
setting up
analvsis and arithmetic'
bv
.A a.
Frank
succeeded
J.
member of the
elected Vice-Chairman in May, 1961..
Bidwell.
Truman
Board since 1958 and was
The
Alexander .Yearly, IV
C. Peabody Mohun
Louis Meyer, Jr.
H. Hunter
He
has
been
.
to
Manv
sorry .per^
the
force
more
muxe
largely to
laigtsxy
w
7-
+
ment
Nominating Committee, headed by Albert B. Tompane of
and
faTv iliar
are
;
T
bal- 7^
am
sure
nroblem
r.alanfe,,
it; exists
nrivate
tiriilarlv
fiat... Our government,
necessity, is already doing a lot of•,
.
nuhlir
tne
to
govern8
international
0ur;
with the general outlines of
1A0y 01 PUA)A1C, ancl private
capital into construction and .parr
into
hnnSin*
Tbo
of xicuiariy into nousmg.
ine re-
market
private
have
really
.7^^ .a.r^-Aab^aG .l va?n sure,
.
.
■
conform
coxiiuxm
I
are
mestic economic policy.
aruniiieuc may ,
ha«j been
«5iinnnrted hv
not, in the manner of planned iormance nas oeen supported by
economics abroad result in trvine government measures to promote
economics aoioaa, lesuii ml uymg ®
a
.
and buyers. The whole
mav
which
a mirror to our performance and
brings increased: discipline to do-
of employers who found relief in
we
wonder the ease with which increased
these targets costs could be passed qn to renters
whether
;
baiance 0f payments which holds
still dealing with hu-
man
These~ matters
this C0ntext it is
brents nor of fragmented. groups
statistics tend to obscure the fact
7.7777
!
broader than our national boundaries, of course, because so much
0f ouj leadership in the world of
free nations: depends' on the vigor
alld growth of our economy.
In
precise; when pushed up costs. There was no
long term policies are projected adequate resistance to this preson short-term evidence; and when
sure on tne part 01 local govern-
made
.
7-:77777,;,:7 77'7/
called domestic worries
"!? S®
we
:
.
Disciplines, Our/Economy
trade
have7^^1*UI^ of apprentices, and the
doubts, however, when the obstacles to change imbedded m
some
V",
to
.
-
Balance of Payments Reflects and
We begin to.
desire to live.
77777
which
building
the
of
relating
unions,
social and
of the
the framework
practices
What
The guild-like
happening?
was
growth would be desirable
if it can be accomplished within
William J. Denraan
■
■.
ought to leave to
the Russians.
R. de La Chapelle
de¬
tiye affirmation,,and the .kind, of
.
Harold H. Cook
inflation
substantial
a
ative
Economic Growth and Our
Jr/
of
the
that road here,
heading of "indic¬
plahning" as it has been
labeled.
And »I regret that this
country thought it desirable to
;spp.hsq.r 'and push through a
pledge of the 20-member nations
of the Organization;f or Economic
; Coroperation;and Development to
aim at ; increasing the combined
dutput of the North Atlantic,Community by 50.% between 1961 and
1970.; That is a sort of high .sound¬
ing -but rather meaningless- collect
»
feller
Henry M. Watts,
where
radical
and
*
one-half
and
period of over-in¬
valuation of the currency. But "I
would want to be careful about
Callaghan of Goldman, Sachs & Co., committee sec¬
retary; Joseph L. Gitterman Jr. of Arden &; Gitterman; Stanley
Hesse of H. Hentz & Co.; Carl N. Miller Jr. of Bache & Co.;
James F. Nick Jr. of J. F. Nick & Co.; Allen J; Nix of Riter &
Co;;
a
buried in
was
John W.
Schreiber, Watts &
February, when he
approximately
investment
aftermath of
the i 961 Nominating Committee
In addition to Mr. Tompane,
included:
a
Thursday, April 19, 1962
.
.
R. Williams of Leib & Williams.
one-year term as
New York Stock
*
Watts,
.
Co.; William M. Cahn. Jr. of Halle & Stieg-
of Morgan Stanley &
New York Stock Exchange :
Mr.
VVJWAWfMywtf^tWyiH nwK^ffwtttmWW W*
-
,
ha^,7w^n, analvzed
"as
Deep ^ anaiy»pa?
.
today;,7The;;balance
Davmertts
.
,s :
of
v
.
taken. apart
ro
>.
7.
our
"ni
problem a|
and
f
vaWpfv
ae/ih
put,
.
together
7^ wav«f bv
•
v
o
faints., of foreignicpmpeti.tion are
-'\y
olahning both "with- resDect -to the lacking*
Here is an industry of - bvst. pi. pracutiquers. qunpg/tne
7
nominated nine new Governors, eight of them for;-:
whole economy and with respect the greatest economic importance Past two pr, thr|^},years. - All of
three-year terms and one for a two-year term, and re-nominated r
to
its parts
but a master which has become a drag ori the
h.f4e Prongs . h?ye^necessarily
two present Governors for three-year terms.
- *
hopes ol realizing our production ^.to:^theeonfelu^gdhaVwe have • r
pian miuW be alien to our man
wouia oe a en to
The new nominees for three-year terms rare:
tar-flt /ea;.7/.7
tential„ or increasing our rate been spendrngl-a^dr^vesting mpre
hers and customs.
°
J
AW\S
Harold H. Cook, a partner of Spencer Trask & Co., .New,
Pbroad tMn 'forelgriers have been ;
-c.-7rof economic growth.
7 777
York City. Mr. Cook, who is past Presidjfcnt of the Bond Club.of,
spending; ab^MMei^ing
^ rl - ■ ■.
J The Nub of the Problem
^
,
7
, 7
.
New York, is a former Governor of.the Investment Bankers Asso-. .
this
hasv^&ui^d;7jh>our' losing ;,y
The priceless ingredient which
Danger of Government
ciation and the National Association of Securities Dealers.
....
ikith^
of 7.7.. i gqld -and ;ih: theivabeumulati on
and
of -7 -:
is hidden in all of these computa- -.■■■* 77
y Total Planning
Richard de La Chapelle, President and Director of Lee Higour
77
tions is the capacity of people,^
I also said that we might have,
ginson Corporation, New York City. Mr. de La Chapelle, whose
ond
+Viaiir.
iiTillinrfnneo
+n- vln.7nfn" doiriQ
"nKrtii+
Vintjr
foi.'
JArmarkets/Ai^
of IM-.:and their ; willingness to devote some, doubts about how far the.;
career in the securities industry began in 1920, joined Lee Higgin+bev i^bglank^
exoo^d the 7
Tthe^t iinhalki^#f^7ex#bseci the ^ ;'
their energies and; their skills arid setting up of "gap" and ^grqwth'^
7'
A son in 1948 and has been a member of the Exchange since August,
their savings, to increasing pro- targets jmgiu ieaa us.in tne.mr.ee,
to
specula
>
™s might lead us in the direcr
1961. He is also a Governor of the Association of Stock Exchange
the-prize of effort tlon, say, of flve-; and» ten-year
ductivity. >If thr
- r -"
"
! ! :
Firms, a past Governor of the Investment Bankers Association,
•
Benton & Co.,
sLIof
p°a?
our^ian-
(<
*
•'
''
.....
«
„
*
.
...
*
*
■'*
A
.*
ATT A'
"Ui^/WV
.
.
.
•
,
-
,
.
,
-
:v;
n
,
and
past President of the Bond Club of New York.
-
.
\
v
a partner of Shearson, Hammill & Co.,
New York City. Mr. Denman began his career as a page on the
New York Stock Exchange in .1929 and has been a member of the
>:
Exchange since 1937,
1951 and has been a
Frank H.
is deemed to be
V-
7;77"7 William J. penman,"
share
He served on the Nominating ' Committee in
Floor Official since 1953.
v
! ^ : r;
*r;"
7v
partner of McKelvy & Co. of Pittsburgh,
Governor and Chairman of the Board 7
of Governors of the National Association of Securities Dealers. He
is a Director of the Pittsburgh Stock Exchange and a member of
the Alleghany County;Bar Association.*
7..7'7
7Joseph, A. Meehan, a partner of the specialist firm of M. J.
Meehan •& Co., New York City. Mr., Meehaii has.been a member
;v of the Exchange Since 1939 and' was associated for a number of 7
„; years with the Good Humor Corporation, acting
as president of that organization in the late ;193(Fs> 7 7 -7 7
^
77!, :7'7 77777
<.
Louis Meyer Jr., a partner of Stern, Frank,; Meyer & Fox, Los
;
Angeles. Mr. Meyer, a member of the Exchange since 1943, has
Hunter,
fellow 7of
we are now
other
trade, not .only of the communist
countries, but also of many of the
producing as so
ing,
often appears to be the case
recurring contract struggles be
tweerit big business and big labor
we
shall- not- advance very far
a
toward
Mr. Hunter, is a former
Pa.
than' the
what
7
such as France
are told that whatever
plish.in terms o"' ' '
permanently reducing the
"gap"
increasing
or
Irt
k
rfV«/\TYf4-lV
T4-
"
the
rate
ir~t
of
4W
n
J
^17^.
4
1/ITrtn
4
/I
f
,
toward
-
been
associated With his present firm since* 1934:
He has had a
long business career in his native California and 'i^ a member of
;
by
;
of
the Board of
Governors of the National
Association of
.
nominated
to
serve
the
remaining Mo years of the three-year
term to which Mr. Watts had
been elected in 1961.
Mr. Froelich
partner of his firm and its predecessor since 1932, started his "•
as a telephone clerk for Co wen & Co. in 1927.
He
originally became a member of the Exchange in 1929. *
a
business career
The
two
Walter N.
Governors
re-nominated
Frank of Marcus
&
for
three-year terms
are
Company and Robert L. Stott of
Wagner, Stott & Co.
Total membership of the Board is 33, including the Ex¬
change's President, Keith Funston, and three Governors not connected
with
the
securities
industry who are appointed as
representatives of the public. Elections will be held on May 14,
.
-
and the
new
Board will take office
Nominated
ments are
on
May 21.
Trustees of the Gratuity Fund, from which pay¬
made to the families of. deceased members of the Ex¬
as
change,
were: Robert;J. Hamershlag of
Harold W. Scott of Dean Witter &
Asiel' &
>
"
'
i
;
Co. /'»
v;
v,
f,
- -v.
-•
t
Hamershlag, Borg & Co.;
Co.; and Jacob C. Stone of
•. ...t \ f;
• '
'
;
or
play,
pressures
the other.
in
This
chahge neeid he
no
the
historic
A
hetween^h^AJtefe^J^l^f^S^W^
division
But
.......
resources,
creased
"Plan"
those important decisions of man-
and
agement
labor
which
largely hidden from public view
because
the
decisions
are
which
made
The
construction
example.
cover
prices have risen.
It
secret, yet it passes largely
unnoticed, that Construction costs
have gone
merrily upward since
the war, even in periods of generai
pnee
stability.
They v.mcreased against the general price
irGnct
111
10.5%
mechanisms
about
say
....
.......v
defi- y;.
now
a
the
use
of
resources
itself, " expressing
-
vTT177-*-77^7•
sort of : hecontes
Gf
..^cateiQries
a
-
•
eair^then7|^ jpggted krbqhd7 7,v
toJo "fittd7;out-.^hat; is wrong 7 khd^whatTC^^be'^bWe^abbut' it. 7
;
f 1s^
inf';
itself
sort
of
.
John J
jonn -j.
1963
Committee:
Anclim of W. E. Hutton
Angiim of W F Hnfton &
number
with
the
of
offer to foster
They
incentives
objectives
of
nroeress
it
the
tricky /and ,exhaustive job whichT
can
plan/
devices
but
not left to its
own
operates
Within
nationalized,
and
a
requires, instead I shall introsomeigeneralizations which
duce
ronsi^fpnt
L' thihk have .validity and pertikence. - ; 77-7
that the-plan is a substitute for the generalized market;
say
the market is
7.
7
8tabilizLng:;ShortrTerm £ v
7
*
Futids::: 7,-, ;
,
r
from
it7Di",iy5o^
May,
March, 1958,Tivhen
~
rn>
PnW
w
p
Co., Robert H. B. Baldwin
^
creased
lli~
5.8% while prices in gen.
7
.
k<>r7the714hte7tb-do: the kind of
that the government has
say
.
'
.,
the>
iSivWual c^i^r
They
nave
been
rectly
or
-
;: 1
which
is.the nation
through
They say
that, demand is directed toward
the collective investment services
in preference to^^
'
:■
their
its politicar institutions.
.
r
oyefe p ; hillib^^
niir gold • 7
<ihssh,y.,ih4*ease<d dp;, almost $650 7
k.
The 1962 Ifominating* Committee also: proposed' ihb< fallowing 7
to serve-on;the
-
,
•"
J a"-At-
that the iudge of performance in
of
wasted and
no
r
.gr,eat!tb-?break down the
pnits,7Sh6wpieee*for^^aavancekcountries,'.'.of
our
concern
for
the quality
of
housing which American families
should have, and our desire ' to
promote home ownership, barriers
to
technological
progress
have
flourished, resources have been
is
re-
_
French
planning, which is
industry is the
Under
market
the
re
deemed to have failed
'7/7 .7 7*
are
The
.
locally, by relatively small;
and seldom reach the headlines,
prime
for
I wonder.
are
allocating
to.
....
^the situdtmrti/wq^
sources, and trying, to substitute a
productivity, rather than
in divvying up the existing pie, in
-
,
....
ignore the public interest' in in-
Secu¬
past President of the Georgia Securities Dealers Association.
Louis B. Froelich of Pershing & Co.,7 New York City, was;
side
-
been attempting, to do; in -puBlic^^ bodies' and
the widely publicized industrial And yet?
Once the targets ^re^
negotiations involving wage and set,; if we don't begin to hit the Gurred7dui;in^ ;^^(first;hhlf bf1 the
benefit bavooininrr nn o np+innfll KllIT'c ovrd • .mhif »nnt itrtkroi'iiwi''V63b ^3n(i1, ffi^'2&lffjlOSSG7-zulJrlnff
scale.
"
rities Dealers; a Governor of the Investment Bankers Association,
and former Chairman of the Association's' Southern Group; and
a
one
politicar.
it; has
f
the Executive Committee of the California Group of the Invest¬
ment Bankers "Association,'. '• '777 "77 7;,7777'7;777' 777,77:777 '';77"
C. Peabody Mohun, a partner of Stern, Lauer & Co., New
York City.
Mr. Mohun, a member of the Exchange since 1949,
previously served as a Governor from 1955 to 1959.
; 17 7
Alexander Yearley IV, a partner of Robinson, Humphrey &
Co., Atlanta, Ga. Mr. Yearley is a former Governor and Chairman
;
lias* ah; important role ;fo
5ls
swayed
.
indirectly, the State
di-
con-
centives
or
speculative
by
fear,
forays
rumor;
-in
the
and
ex- -
^
7
Number 6152
Volume>4$|'
«
•
The Commercial and Financial Chronicle
,
changes, adequate means of coun¬ of private long-term investment
tering- such short-run-movements, abroad had been smaller, there is
when - necessary, - have been and good reason to believe that de¬
are being developed. .The mone¬ spite some increase in the net out¬
tary authorities of the North At¬ flow of funds on private - longlantic community, including* our term capital account during, the
own
Treasury and; Federal Re¬ second half of 1961, this is a di¬
serve
System, are working more minishing problem. Already, re¬
closely together than they have patriated earnings on past, invest¬
for - a. great many years to dis¬ ments abroad exceed the annual
charge their mutual ^responsibili¬ net outflow of such capital funds.
ties with respect to the stability of It is significant, too,', that during
the foreign exchange markets and the years 1958-1961, United States
the proper-functioning of the in¬ capital going abroad has gone in¬
ternational. monetary system. And, creasingly to Europe, chiefly ip
in a wider sphere, as a second line order to try to reap the rewards
of applying our production tech¬
of defense, there has been: ex¬
panded use of the International niques in areas of lower costs, and
Monetary Fund. In addition, steps to get behind the prospective ex¬
ternal- -tariff
walls
of
are now under way to provide'the
European
Fund with supplementary stand¬ common markets. Now it appears
by resources, .amounting to the that wages and other costs in
equivalent of about $6 billion in Europe have begun to rise more
the currencies of the ten principal rapidly than in the past while our
industrial and trading nations of similar costs have been leveling
the free world, which will enable off, a combination which should
balance wheel when
reduce the attraction of additional
sudden, massive transfers of funds
national
our
things:
can
life.
be
Two
or
three
war
questioned,
how¬
mand
One is the harking back to
the Marshall Plan as to the proto¬
ever.
type of the foreign aid programs
now
' being
financed
in
every
corner
Plan
of the free world. Marshall
aid in the reconstruction of
Europe after the
war was
almost
entirely a matter of money and
things which money can buy.
the
The
economic
basis .for
success
already there in terms of the
industrial, commercial, and finan¬
cial experience and the adminis¬
was
as
between
a
currencies
national
■excessive
pressure
another.
rency or
put
one
on
cur¬
'
'./'*':/
This latter development has
an
ironic twist which I cannot resist
mentioning. It derived its imme¬
diate impetus from the exposure
of
the
dollar-to
dangerous pres¬
growing out of our balance
payment difficulties.
As our
sures
of
international
declined,
reserves
those of the other principal trad¬
ing nations increased and,
currencies
those
of
as
the
countries
be¬
convertible, it seemed clear
that, at times, drawings on the
International Monetary Fund
should be made, more largely in
came
-their
currencies
lars than in the
and
less
in
dol¬
past. The supplies
of-these
currencies
available
through
which
were
Interna¬
the
tional Monetary
Fund had dwin¬
dled;- however, and without the
supplementary resources now
contemplated they might quickly
have become inadequate to meet
this apparent need.
The
arrangements which have
are being made to meet
been and
situation
this
casion for
of
a
advice
have
been
the
to
from
us,
abroad,
order
about setting our house in
and for lectures addressed
onl
how
we
affairs-.
oc¬
considerable amount
should
conduct
attitude has
This
to
us
our
carried
over-into the arrangements for the
use
of
the
supplementary re¬
sources
which
to be channeled
the International Mone¬
•through
tary
are
will not
•have access to the pool of standby
currencies without passing a sort
of double "means test." If we, for
Fund.
Borrowers
example, should want to borrow
French
or.
of
francs
German
or
marks
Italian lira or the currencies
other participating
countries
Fund, we would not only
from the
have to consult with the Manag¬
ing. Director
Fund,
but
there would also have to be
con¬
of
the
sultations among all of the coun¬
tries
providing the supplementary
resources to the Fund, and they
would then determine how much
they considered it appropriate to
lend. Now, of course, we bear re¬
sponsibility for our, balance of
payments difficulties and we need
to practice discipline with respect
to
our
fiscal affairs and
our mone¬
tary policies and our cost-price
relationships.
It is not too far
from the truth, however, to say
that
in
a
situation in
which
we
face
possible embarrassment
through our balance of payments,
more
of
a
President for
the
two-way move¬
Certainly, if the request of
bargaining
tools to be used in negotiating
tariff and other trade agreements
with
the
new
associated
Europe is granted in
countries
of
some appro¬
we
have
continued
as it should be, and
if it is made clear to the "common
tive
movements
of
short-term
funds, and the probable decline in
the
private
capital
from
the
United States, will not completely
solve
our
balance of payments
problem, in timely fashion. We
shall
still
that
be faced with
our
favorable
the fact
balance
of
trade is
being asked to carry too
load in terms of outlays
military establishments abroad
heavy
for
a
and for economic assistance to the
less
developed
world.
It
is
countries
no~-real
of
answer
the
to
suggest that this basic gap in our
balance
of
payments could be
closed by
improving our trade
balance—by increasing our export
surplus of goods and services by
less than 10%. That may look like
an easily attainable objective, but
we
already have a trade surplus
which is large in comparison with
that of other countries and larger
have been able to gener¬
ate in the historical past. It seems
than
we
likely that
our
trade
to
'
—are
admonishing
us
about our
de¬
a
ing which could be repaid.
When
that the United States
still has about. $2 billion of
longterm government' loans outstand¬
There
is more involved here than cau¬
tious fiscal housekeeping. Trying
to keep your own affairs in order
too
largely at the
fellows in
expense of your
grand alliance
a.
can
self-defeating. Our government, I
am
ing
of
has been and is work¬
this aspect of the problem
balance kof payments^ but
sure,
on
our
foreign aid programs which
sociates
now
engage our resources call for
swer
to
our
immediate balance of
even
in
our
ister
a
more
than money; men
agencies qualified to admin¬
far-flung program touching
diverse peoples and cultures, and
in the aid-receiving countries
capable of administering their af¬
men
fairs with regard to the social and
economic requirements of peoples
the criteria to be used in
granting
or
withholding economic aid to
foreign countries under the de¬
velopment program which was
formulated and
adopted last year.
In the specific terms of the Alli¬
ance for Progress on the Ameri¬
continents
can
a
more insistence
faster accommodation of our
to
the
on
as¬
over
are
not moved toward
summation,
or
con¬
when the political
behavior of the country seems to
run counter to our national inter¬
ests.
we
In such
the
circumstances, have
for deciding
criteria
whether
our
or not to go forward with
aid programs? Will we have a
or will we continue to
other
the
countries
role- of
whatever
cated to
to
force upon
residual
must
resources
the
supplier
What
slowest
Exchange's
trading
169-year
Big Board's
Book, released today.,
1962 Fact
This
statistical portrait
common
A
of
effort.
of
the
52-page Fact Book
(page 34) - that phones
introduced at the Exchange
13, 1878./ .
A new "Most Active Days" sec¬
were
con¬
cluding these remarks, if I did not
one thing further concerning
foreign economic aid program.
on
.
Nov.
tion
million
(page
,
That program will end in frustra¬
tion no matter what resources we
traded
dedicate
tion
in
creases
countries,
America
Asia,
it,
the
population
less
whether
or
or
if
India
in¬
developed
it
be
Latin
Southeast
or
fea¬
the.
reveals
our
to
'^Historical Dates"
new
say
wherever, continue to
"rising expectations" and
or
43)
more
48
on
shows
that
days.
And the "Historical Dates"
indicates
1830,
the
six
shares have been
that
on
sec¬
March
16,
shares were traded on
"New York Stock and
31
then
Exchange Board"—the
lowest
in
the
Exchange's history. The first
smother
one-million-share day, according
make
a
mockery of "take off" to the Fact Book, occurred on
points of economic independence. Dec.. 15, 1886 (1,199,942 shares),
This the
pressure
of increasing and the first three-million-share
numbers threatens to do.
Being
I
have
the
fines
of
day
Concerned
departed quite a
relatively narrow
discussion
a
ways
con¬
the
of
im¬
mediate economic
prospects of the
because it seemed
has
I
a
difficulty for
believe
that
*An
Board
as
of
new
a
duly
in the "Dates"
having occurred
on
29, 1863.
section
Jan.
noted
as
Other
Fact
clude:
Book
features
in¬
,
Eighteen
series
in
different
the
special
statistical
"Historical
Section" making up the last third
of the booklet, one dating back
1875. This notes that the high
price for membership, or "seat,"
that
year
was
$6,750, the low
$4,250.
The high in
1961
was
$225,000, best since $250,000 in
to
1933.
Figures showing that the 1,100plus domestic companies listed on
the
Exchange have assets equaling
about 30% of the total capital in¬
vested by all of this country's one
million
publicly
and
privately
owned
corporations,
and
employ
about 20% of the nation's civilian
workers.
find
the
we
do
by Mr. Sproul before the
Instalment
change to "New York
Exchange," incidentally, is
shall
we
slogans and if
address
name
(3,234,339
<
Year-end statistics placing the
solution. number of offices of member firms
not substitute lofty generalizations
for acute common sense.
National
The
Stock
also
...
every
solution to these and other prob¬
lems if we do not deceive our¬
selves with
April 30, 1901
was
shares).
Intelligently
from
tries
Credit
Conference
member
Directors
of
of
the
the
com¬
pany that designs and manufac¬
admit, however, that we tures accessories for builders.
on from where we are,
Mr. Brichant is Research Di¬
in the way we are going, and if
rector for Thomas Jay, Winston &
we
are
to
disengage ourselves
Co., Inc., of Beverly Hills, mem¬
from a species of Brinkmanship
bers of the Pacific Coast Stock
in the monetary sphere, the finger
Exchange.
of adjustment points to a more
rapid sharing of the burdens of
Named Director
our
foreign aid programs, both
Donald H. Loomis has been elected
military and economic, by the
countries which share with us in a Director of Transogram Com¬
their benefits. Specifically, those pany, Inc. (New York, N. Y.), de¬
countries of Western Europe signer and manufacturer of toys,
which we helped to start on the games, doll and children's play¬
road to prosperity after the war, room furniture, and sport sets for
If
volume
The answers to these and thou¬
sands of other questions are avail¬
able at a glance in the
ture
ing out of the political and mili¬ mittee of the American Bankers Associa¬
tary requirements of the world tion, Chicago, III.
struggle in which we are en¬
gaged? The problem is anything
Named Director
but simple, the answer is any¬
Andrew Brichant of Los Angeles
thing but clear, although experi¬
has been announced by President
ence sheds a dubious light on the
Harold Aisley of Jensen1 Indusexperiment.
y}
must
stock
the
was
day in the
history?
of
sponsored by the Instalment Credit Com¬
Sharing Aid Programs
daily
exceeded six million shares?
"us
allo¬
be
Nor would I feel honest in
real choice
be the victims of pressures grow¬
Exchange?
times has the Ex¬
Exchange Community serves as a
ership should include the will and handy reference manual for the
the power to make this view
pre¬
securities industry, business and
vail. It is not leadership to permit financial
press, and students. >■ k
a
forms
telephones first used
many
change's
existing situation.
we
of the
—165
Exchange at a record 3,372
foreign countries and
in 24
in 829 U. S. cities in 49
(Alaska has none as yet).
1962
Fact Book,
with a
bright red cover and Library of
Congress Number 56-10699 will
soon
be
distributed
widely
to
Stock Exchange member firms and
to newspapers, magazines, radio
and TV editors, educational insti¬
3,207
states
The
tutions and
libraries.
Riecke Opens
Branch
TRENTON, N. J,—H. A. Riecke &
Co.,- Incorporated, has opened a
branch
office
in
the
Wallach
Building
under
the
management
of Leon Salkind.
go
and, which
indoor and
outdoor
use.
flourishing
payments problem should be
Mr. Loomis is associated with
profligacy.
found in our foreign military and domestically and internationally,
the investment banking firm of
should assume their obligations to
economic
outlays.
An
outsider
Lehman Brothers.
Lessening Long-Term Capital.
the free world community more
must accept the dictum
of the
Outflow Problem
fully than in the past. They have
government that the "substance"
Greenberg Office
My
second- generalization
is of. these outlays cannot be cur¬ resources bf capital, credit, tech¬
.that* while it would have con- tailed, involving as they do, both nology and. administrative capac¬ A. L. Greenberg & Co., has opened
♦r
tributed to an easing of the defi¬
ity which have not yet been fully a branch office at 50 Broadway,
in, their military and. economic
committed.. They might remember New York City under the direccit in: our balance of payments
aspects, the safety and security of that our aid. to them following the tion of A. A. Deane.
during recent years if:the amount
now
are
,
How
The responsibilities of world lead¬
men
were
in the New York Stock
be
we
are
engaging, United
States,
period of years, to extend to
me
that; it
would
be
less
aid to countries which adopt, eco¬
market" or any larger association
hackneyed and more important to
nomic and social policies seeking
of countries that external tariffs
discuss some of the things- which
to promote equality ^Of opportu¬
which
discriminate
against
us
will influence 'bUr long-ratige' lecOi
nity and social justice for their
nomic progress, nationally and in¬
(and other nations) .•* will not be
This
involves, j among
tolerated by the "common mar¬ peoples.
ternationally. These are matters
other things, the development and
ket" which is the United States,
which increasingly wil involve the
adoption of plans for reducing
the suicidal nature of such a re¬
good
faith
and
credit
of
the
turn
to
restrictive
commercial illiteracy, improving health and United
States, and determine its
housing,
reforming
systems
of
policies will be recognized and as
performance as the leader of a
land tenure, creating equity in tax
a
by-product, the attractions of
world locked in conflict with two
assessment
and
collection,, and ruthless and resourceful
investment of United States capi¬
antago¬
tal. in Europe, to the extent that following appropriate fiscal and
nists, one in the west and one in
it was designed to get inside a monetary policies. The technically the east.
When I spoke of these
tariff wall, will be eliminated or competent people in these coun¬ matters as
worries, I used the
tries have always been adept in
greatly reduced.
wrong word.
W'e are too strong
devising economic plans and the to
worry.
But we are not- too
Payments Problem Seen Centered politicians have been equally adept
strong to be intelligently con¬
In Military and Economic Outlays in promising social justice.
The
cerned.
;
My third generalization is that pinch will come, if and when
I hope
I have not given the
plans are not carried out and re¬
a defense in depth against disrup¬
impression that I am a man who
priate form,
instead of increasing
surplus, in the near
term at least, we shall do well to
carry too
large a share of the maintain a surplus of the present
free
world's
responsibility for
magnitude
in
the
increasingly
military
defense and economic
competitive world in which we
aid, our friends who have failed, must now produce and sell.1
to take up their share of the bur¬
In these circumstances, the an¬
den—as their resources increased.
because
on
basis, and they might
The
.
become
extended
N. Y. Stock Exch.
Fact Book
note
there must be
moving from a simple to a more
chief competitors.
At the same complex life. It can be questioned
time, with an economic recovery whether the availability of men
without inflation in progress here has always or is now keeping pace
with
the
and with tax proposals designed
availability of money
to increase the incentives of do¬ and,
therefore, whether greater
mestic investment coming to frui¬ money outlays would be in our
tion, and with the further re¬ national interest which must be
moval of foreign legal barriers to the touchstone of the whole pro¬
the export of capital to this coun¬
gram.
./k:
-//:;;• ■ ■
;V'
try from abroad, we may reason¬
Adequacy of Criteria for
ably
expect
that, the
largely;
Foreign Aid
one-way flow of capital
of the
The second question relates to
past three or four years will now
ment.
not
was
31
remember
trative talents and. technical skills
of peoples similar to
our
own.
investment in the countries of our
it to act
1
(1891)
.
G. L. Lamarre Opens
FAIRHAVEN, Mass.—G. Raymond
Lamarre
has
opened offices at
140 Huttleston Avenue to conduct
a
securities business.
Form
Giorgio Uzielli Co.
Giorgio Uzelli & Co., members of
the New York Stock Exchange,
will be formed with offices at 120
Broadway, New York City, as of
April 12. Partners are Giorgio
Uzielli and John Uzielli who will
acquire
change.
a
membership in the Ex¬
Vernon Paine Opens
UPLAND, Cal.—Vernon V. Paine,
is conducting a securities business
from offices at 215 West 20th
Street.
The Commercial and Financial Chronicle
.
32
To Be Celebrated During
Fund
1963
.
.
Thursday, April 19, 1962
Dynamic; Work
McCall to Aid
Centennial of Dual Banking
.
Businessman's
W.
Appeal
$7.95.
11, Jr., Vice
Chemical Bank New
Trust Co., has agreed to
as Chairman of the Financial
&
partment
pomic
A
vate; Firms) of
t h e 19 6 2
peal. The an¬
nouncement,
made by '
A
B.
Interchemical
will
Vice-Chairmen in each Campaign
organizing special com- Chairman for
state, and nationwide mittees to carry out the program, the Fund.
part of the United men and
participate in year- state are
1963
to observe
years of banking "ProgThrough Service" which folthe establishment of the
100
the
ress
lowed
American dual system of state and
national commercial banks in 1863.
The
being
is
movement
spear-
Centennial Commis-
headed by a
Bankers As-
sion of The American
with Ben H. Wooten,
Chairman of the First National
sociation
vided for the establishment of fed-
Top Centennial
J
One of the top projects for the
Centennial Year is a centennial
book written by Dr. Paul B. Trescott of Kenyon College, Gambler,
Ohio, This is the history of the
growth of America's economy during the last century which emphasizes the contributions of commercial banks. Publication is
anticipated early in 1963.
of
creation
national
new
a
cur-
Method
of
Securing
Business
William
Phelps— duction
H. W.
Edition—Commercial
Company,
McCall, Jr.
.
it*
t
i
,
St.
300
Paul
Economic Performance: An Intro-r
Washington 25,
$2.25.
:./u:
*
:
* . \
,nUTVYT53 MOT!
n
T-Jp (
Balance
Economic
Soviet
V^vaL pvAL ct vikji
the
Calif.—Mitchum,
Templeton, 650 South
lqs ANGELES,
Jones
operating under charters issued by Magazine, which tells the story of
either states or the Federal Gov- bank services during the century
ernment. It is this duality of com- since President Lincoln signed the
mercial banking service that next "Act to Provide a National Curyear's Centennial will mark.
rency." This booklet is intended
&
of
D.
C.
(paper),
ness
Its
Toole^Jr.
G.
D.
house Through Service —1863-1963 — A
groups.
Century of Commercial Banking."
The "Progress Through Service" Copies of the seal, from which
theme of the Centennial Year will printing cuts can be made, will be
be carried in programs on televi- available in mat form in various
sion and radio, in advertising, in sizes within a short time.
bank films, special displays, pubThe climax of the, Centennial
Plications, and other media that will
tell people
how commercial banks
help them fill their financial needs.
of
Nearly 8,000 banks—about half
the country's institutions—al-
SS&nnav»e cont"buted more than
$18° 000 to a Centennial Fund.
Contributions
still
are
ceived by Everett D
of
urer
the
re-
Treas-
Centennial
Commission who is Chairman of
the City National Bank and Trust
Company,
Columbus
Ohio
Part
of this money will be used to con-
duct, along two parallel lines, activities
of
national
a
nature
and
activities that individual banks
adapt to fit their
ations
will
in
localities
and
have
A.B.A.
own
the
Treasury—Office of Informa¬
Potentials—Illustrated
Th#>
history,
tions to
interest
can
and
of
its
dramatize
its
.
v;"'
••
'''v
;•
the
Marketing
Depart¬
Commerce
of
United
D. C.
on
and
Chamber of
States, Washington 6,
(paper), 500 (quantity prices
request).
Federal
Deposit
Insurance
Cor-
poration—Report to Insured Baraks
—Federal Deposit Insurance Cor•poration, -Wash ing t o n, D. C.
(paper).
Foreign
Trade and Foreign Pol¬
icy—A Statement by the NPA In¬
ternational Committee and a Re¬
port
by
Howard
S.
PiquetNational Planning Association,
Washington, D. C. (paper), $1.50.
France
and
Europe—Illustrated
and Information
brochure—Press
Service, ' French * Embassy,
972
Fifth Avenue, New York 21, N. Y.
•(paper).
Gearing Wages to ProductivityAllen
W.
Rucker—Eddy-RuckerCompany, Harvard
[Square, Cam b r i d g e 38, Mass.
(paper), $2.
Nickels
Government
Contracts
curement— Current
Haz¬
Commerce
.
Clearing
4025 West Peterson
and
Pro¬
Trends-
House, Inc.,
Avenue, Chi¬
.
QT1
.
.
ToiTIQ
:
wfr^vnnf
wACWTwrmrw
n
<-
n
1
Galfond is conducting a securities
the
s
'
y°,"s
Co l
is currently director of
-
WASHINGTON, D C. — David C. Inc. He
.
Gourmet
Galfond and
-scai
Centennial
Chair-
search—The
Xnc
n/i
n
u
.
Brookings Institution,
Madison
.
N.
was "1775 Massachusetts Avenue, N. W.,
Inc.,
formerly wheeler & Cruttenden,
.
'
a
Washington 6, D. C,
$2.75; (cloth), $3.75.: ■
(p
a p e
r),
Avenue, New York
Y., $5.95.
>;'•
22,
;
Italian
Affairs—Containing .Arti¬
Motor Industry, MercauDividends Under the Income Tax tile, Marine, and Technical and
—Daniel M. Holland —i* Princeton Professional Training, in Italy—
University Press, Princeton, N.- J. Italian Affairs, 7 Via Liguria,
Rome, Italy (150 per copy); $1
(cloth), $4.50.
•
•
'
.
^
-
cles
-
on
.
ir
11A
.
Jason, MacDonald & Co., Inc. is'
rorm Ivroil-ljiunter
conducting a securities business HURST, Texas — Kroll-Gunter &
•C0?uUIr?r' ^ particular from offices at 5Q Broad Street,; Cowden is engaging in
the
is
-
nology—Arthur C. Merrill—DoUbleday
&
Company, Inc., 5 75
Development
of
the
Emerging
Countries:. An Agenda for
Re¬
•
Ja$on, MacUonald Upens
-
Inc.
at
V
Restaurant
business from offices at 2480 Six- the Disneyland Hotel.
teent" ^
^ firi5J
Cruttenden & Co.,
own
services, and contribunation, the economy,
..
.
Thus,
the
meetings.
request).
-n/r
the
.1962 conventions of state bankers
associations and at regional bankmg
Enter-
'
staff
Commjssion's plan
pubhcizmg. the program' at the
-
.
to
;
Association, Washington,
C. (paper), $1 (quantity prices
ment,
ards—Association for Bank Audit,
Control and Operation, Technical
V';
....
...
bro¬
and
•hv".
Cise^—American
-
facture
Processing—Its
Benefits
^
a
the celebration becomes an excellent opportunity for each commerbank
Applications,
Data
Van
.
pacific taastStcS^BxcSinge an!
hnnirc
developing these ideas.
cial
Cooperative
v'.'.y.
I.
cago 46, 111., $17.50.
Division, 38 South Dearborn Growth and
Prosperity Without
Street, Chicago 3, 111.
(on re¬ Inflation—John
I uuuCI 1110,11 tl W11IQ
Philip Wernette
quest). ;
—The
Ronald
Press
-H-prirJcm
Company,
V^I U.LLLilU.t/11 Oo v^U.
Costs of Democracy—Financing New
York, N. Y. (cloth).
American Political
T -.c
aato-pt ire
poU#
Woitor
Campaigns— How Charts Can
Help You in the
Alexander Heard, Abridged Edi¬
CruttendeTi
Jr
Presided
of
Stock Market—William A. Jiler—
year will come at the 1963 Annual
tion, Doubleday & Company In¬ an
Crattenden & Co
Inc
618 South
explanation of the use of charts
Convention
of
The
American
•
corporated, 575 Madison Avenue, in
determining
current
trend;
New
York
Bankers Association in Washing22, N. Y.
(paper),
analysis of trend reversal signals;
ton, D. C. Among other commem- bouncedthe association of LDe- (Doubleday Anchor Book), $1.95. how line charts are used to find
orative activities being planned is ford Fedderman of Santa'
Ana, Decade of Incentive—Marketing probable levels of support and
of
charts
in
a lOOth-anmversary dinner.
Calif with the firm as a regls. Review and Forecast—Interpublic resistance; * use
Incorporated, 750 Third Avenue, evaluating price objectives; antici¬
tered representative.
R
1
Sarasin Onens
£ u
. ,.
New York 17, N. Y.
pation by the odd lot index of
oarasin VJpens
Mr. Fedderman, residing m
AUBURN, Mass. — Raymond L. Lemon Heights, was president and Development, Growth and State major trends in stock market
of the Atomic Energy Industry—
averages, etc. — Commodity Re¬
Sarasin is conducting a securities chairman of the board of Intersearch
Publications
A statement by the Edison Elec¬
Corp.,
82
business from offices at 11 Sara- state Engineering Corp. in Anatric Institute to the Congressional Beaver Street, New York 5, N. Y.
*°Sa Road, under the firm name heim from 1947 to December, 1960,
Joint Committee on Atomic En¬
(cloth), $10.
;
:
of
L- Sarasin & Company.
when he retired. In April, 1961,
*
he resumed business activity ergy—Edison Electric Institute, Investing in the Scientific Revo¬
750 Third Avenue, New York 17, lution—A Serious Search for
David Galfond Opens
^"wfth3
^ Co" N. Y. (paper).
Growth Stocks in Advanced Tech¬
;
ideas, situ-
assistance
Commission
the
Communist
Galenson—nlnsti-
#
being
Reese
A.B.A.
Between
and
Federal Department of Consumers
and Related Proposals—Manu¬
George
£=»•£ ar rrs
w?..
on
.
clearing
and Win-,
prise
tion,
Main
Treasury
Building,
Washington 25, D. C. (paper), on
request, u'-'v;..
?
a
as
*.
Payments—Report to
partnership effective
chure—Chamber
of
Commerce,
May 1? and on that date will become a corporation.
Officers will Boston, Mass. (paper).
be N. Connor Templeton, Chair- Calorie Countdown—Victor Lindman
0f the Board; Richard' W. lahr—An orderly planned system
PaFVPnt«
for local bank distribution to the jones> President; William N. L. of reducing which is claimed by
Celebration Events
public. The kit also will include Hutchinson, Jr., Executive Vice- the author to be completely safe
Many events are being arranged a series of ad suggestions prepared president; Paul J. Shropshire and —Designed to
take off
excess
for the Centennial Year. Some will by the A.B.A. Advertising DepartGeorge E. Jones, Jr., Senior Vice- weight healthfully and keep it. off
be nationwide in scope, others will ment, as well as several suggested
builds
up
health and
presidents*
Edward J., Spillaine, while it
be carried on by banks in their talks
keyed to the Centennial Alexander' McGilvray, Edwin c! s t r e n g t h—Prentice-Hall,
Inc.,
own
communities — informal, in- theme.
The A.B.A. Public Rela- callan
Edward Calin, J. Earle Englewood Cliffs, N. J. (cloth),
timate
celebrations
emphasizing tions Committee has in prepara- s,
jviay .* James W. Lewis, Anthony $4.95.
the close ties between a bank ^nd^jion. g 16—mm color film for use
j<;; Landi
Homer "W. W^essendorf, Canada—Working
; a n d
Living
•the people it serves. Cooperation
by schools and civic groups and j'
Lester W
Tavlor Edward s! Conditions—Tenth
Edition, Eco¬
;is being given by many organiza- 0n television.
v;
• - A
1
Arnold, William: Ridgway, Rich- nomics and Research Branch, De¬
•tions including state bankers asso'qP(,nrj George D Ladas partment of Labour, Ottawa, Can¬
ciations, the United States TreasOfficial Seal '
f Irice
J
Wiley ada (paper).
ury, the Board of Governors of
To help individual banks idenand james 'w 'zink
Vice-Presi¬
in Oakland
de Federal Reserve System, the tify themselves with the CentenSS Vice- Changing Land Values 1950-1960—
And
San
Francisco
;Office of the Comptroller of the niai
the A.B.A. Commission has President and Secretary* Allan G
Real
Estate
Research
Program,
Currency, the Federal Deposit In- adopted an official seal that can
University of California, Stephens
surance Corporation, the National be
incorporated in the design of Treasurer* Louis J Zitnik ViceHall, Berkeley 4, Calif., $1.50...
and
Relations
Union
China—Walter
Henceforth, commercial this package will be a brochure Spring Street, members of the
banking service in the United written by John L. Cooley, Senior ^ew York and Pacific Coast Stock
States would be provided by banks Associate
Editor
of
Banking Exchanges,, will cease doing busi- Boston—Its People, Its Places and
regional
Economics—Henry H.
ston, .383 Madison Avenue, New
York 17, N. Y. (cloth), $6.50.
the President by the Secretary of
rency.
as
to
Villard—Holt, Rinehart
U. S. Government Printing Office,
\L
"
MltCnUffl. J OIIGS LO
One item in
ssrs sBssrs?as as .saassfa
i ■
'
...
w
.
■
-*
of material that will include sug-
and other activities.
.
De¬
Eco-r
Wash-*
Economic Literacy fojp Americans
—A Program for Schools and for
>
the gestions for exhibits, ceremonies,
and
banks
chartered
erally
States
of..; Agriculture^
Algeria—A Synthesis of Civiliza¬ tute of Industrial Relations, Uni¬
:
tions—A
book
of
aerial photo¬ versity of California, 201 Califor¬
As Chairman of this Division,
Mr. McCall will direct 3,000 vol- graphs of the country-r—Press and nia Hall, Berkeley 4, Calif,
Information Division, French Em¬
(paper), 200.
unteers who will solicit 15,000
i
1 *
*
.'
j
New
firms and their employees. The bassy, 972 Fifth Avenue,
Facts in the Foreign Trade Con-r
York 21, N. Y. (paper).
*
businesses covered are in the field
troversy—Trade Relations Coun¬
of investment banking, stock ex- Atomic Energy Research: Life and cil of the
United States, 122 East
changes, advertising and publish- Physical
Sciences, Reactor De¬ 42nd Street, New York 17, N. Y.
ing> jaw and accounting, home velopment and Waste Management (paper).
Lt;-v
furnishings, soft goods and retail —U. S. Atomic Energy Commis¬
Federal Antitrust Laws—Jerrold
services, among others.
sion Superintendent of Documents,
Prni„x
Chairman.
On February 25, 1863, President
To help banks develop their
Abraham Lincoln signed the Na- Centennial plans at the local level,
tional Currency Act which pro- the Commission is preparing a kit
Bank in Dallas, as
Rich j
Place, Baltimore''2, .Md.- (paper),
copies for student use available to
university professors without
charge.
this
Banks in every
States
arid Edward A.
Credit
year's General
long local,
activities during
Lasher
Service—^Willar4
Second
President of
Corp.,
ot
Bit
Loans—Clyde
Woodman,
COMMERCIAL BANKING
Little
K.
York Fund ap¬
A.CENTURY OF
_
ards—Employee
Relations, ;Inc.;, Citizens—Committee
for
E c o4
j.9 West 34th Street, New York l; nomic Development," 711 Fiftli
N. Y. (paper)/ 250.
* Avenue, New York 22, N. Yi
^
V
Accounts' Receivable Financing As .<paper), 750:;, -
New
Herbert
-
Research Service,
ington:25, DVCS;(paper).
Commercial
was
.;
;
.
Agriculture—United
Division (Pri¬
Greater
Reinhold
—
Economic Analysis of Far Eastern
Chairman,
York
Simplification—T'
Zinck
Publishing Corporation, 485 Park
Avenue, New York 22, N. Y.,
Howard W. McCa
Serve
Clements
a
securities [ Dollars and Sense in Money Man¬
New York City. Officers are Vic-; busines<? lr0m offices in the Pro
tor
Landis,- President;
George nusiness
mA
;
Gottlieb, Vice President and fesslonal Building. Partners are
Treasurer; and Harold Gottlieb,. Arthur H. Kroll, George H. GuntCr
Secretary.
and James C. Cowden.
the Pro
'
'
per year.-
■'
u
Bibliography—Busi- Kuwait—Guide Book on Trading
Sheikness Literature, .February-March, with; Merchants- in - the
1962—Public Library of Newark, dom of ;K u w a i t—International
N. J;, 34 Commerce Street, New¬ import Index/ 636 Federal Square,
Newark 1, N. J., $1.
ark, N. J. (paper), 40c.
agement—A
-
Volume
Number
195
6152
as we see it
.
The Commercial and Financial Chronicle
,
.
(1893)
«—
*—if in any practical sense it
is still a controversy—we can
33
rff !&£ Radical Portfolio Changes
'
bankruptcy. It is also Possibly it does just that—but
y-v
*11
CV
T71
distressingly evident, made ^ so the ultimate result on
JH QT* I^QCglQlp ^100^0 liiCOTlOTTIV
manage somehow to survive the more so by recent events, domestic industry and on our
O
«/
and probably to prosper at that skillful
manipulators of balance of payments can Continued from page 1
of cutting back civilian purchasleast within reason. The dispublic opinion and public pas- hardly .-y© other than disas- increase to 1,000,000 by 1965 and ing power so as to avoid rampant
concerting1 thing about it all Qinrw
pa<?ilv
thp
trous—unless the root cause to over 1,500,000 by 1970) the inflation (given the discipline imnan
Z the evident fLt
thf
fact,
evident
certain
the
and
rLwpd
1110ved
that
Inner'
*
all sorts of
have
we
long
to-
wnv
loilg, long
a
to
way
-sort
some
ot
govern-
tiAw
now.
we
mnvinrt factor than
are
tofore, to say nothing ot any
slowing down. The Kennedy
Administration
e.
on
let
has
fUnn
man
.
Known
more
be
it
PP
nno
one. oc-
that it:regarded it as
prerogative and its duty to
casion
its
decide
•
What
i
-
in
is
the
public
ment ot prices is
manage-
concerned at
least and intends to
to
see
.
,
,
-
~
,
P
f
interest so lar as ine
-
i
.
u
•
,
hnrh
.moving raster man nere-
-
.
mentally controlled and mailaged industry and that
j t
_
conclu-
erroneous
..A
Ward
stage will be s'et for a restoration
0f prosperity in the civilian sector
Posed for the foreseeable future
by our balance of payments posi£osls
ca^ ?
w. f of the economy. In all probability, ti°n and the concomitant necessions seriouslv detrimental to brought under better control, it would seem, the country is only
of maintaining the competithe conduct of legitimate
a few years removed from a re- hve
position of our exports, a
K
•
legitimate
P^OTorlo
Peat of the 1953-57 boom. Unfortu- major inflation is out of the quesbusiness. ;
ui
XllC. -"nately, this is not the whole story.Uon; its consequences would, be
V .'
J '
The rising trend in military ex- disastrous
militarily
and
ccoElaborate Controls Planned
001111X1011 01161*6(1
penditures may be of. equal im- nomically). F e d e r a 1 regulation
^
r
-j
+•
i
f. v.-v'1:"-^
portance in determining the type will, expand because (1) of the
Careful consideration makes A. C. Allyn & Co.^and Hornblower of economy we shall have in the constantly increasing proportion
^ evident that the Admims- & Weeks, New York
City, as joint vlate 1960's. Since 1949, the United of the GNP that will be absorbed
tration has set up or is setting managers
of
an
underwriting States
has
been
undergoing
a
by the government and (2) of the
nn
an
Plahnratp nrirp
grouP> have announced the initial slow, erratic but inexorable mili- necessity of erecting an apparatus
P1 i
1 eianorate price . pubUc gale Qf
Brands> Inc tarization.
The
direct
defense to allocate scarce resources.
As a
control mechanism about as common stock, through the offer- ^budget (excluding the costs of consequence of the above, the
far reaching as any we have ing of 800,000 shares, at $10 a previous wars: interest, veterans business cycle will become inhad in war times and intends share. The company is the sole etc.) has grown from 5% of the ' creasmgl'y
innocuous.
A
Siege
funrtinn without
u- s- importer of Ballantine's gross national product in 1949 to Economy will be too taut> the role
vV lunction Without Scotch Whisky<
.
:
10% in 1961. Until now (except- of; government too great to perany shadow of legal authonof the total, 550,000 shares are ing the abnormal Korean War mlt much fluctuation in economic
zation such as was in effect being sold by the
company and episode) the military budget has
actlvity.
when we were engulfed in the 250,000 by certain stockholders.
not been so large as to impinge on Advantageous Investment Critoria
most dpvastatin a of all world
Net proceeds to the company the civilian economy. In fact, in
*
more
by the events of the
few davs
past
arniKP
if Tc-i
Ji arouse the
made the rank and file and lead them to
the
is
more
mate
it
.
that
industry and trade move wars How effective such a
ixritbin
iLrc +v.nc cot
wars, now eiiective sucn a
Within the limits thus set.
system
We
have
been
now
given
another Question
the first
practical illustration
Jof what the Administration
and
means
in
general
a
be made
can
way
product
and
its
whprp
Without
wav
of ha vino- thp
nrptpn^p
anv
i
is
steel
%
irinrliptivo
mpet
arp
?
•
-ixroxr
.
C
u
4.
V^dlCtlV®
;f®y
possible
4-u
*.
mains to. be seen what the
to show industry
longer run results of such
—
inventories
and
ac-
Distillers
Corp.,
^ Siege Economy would be
advantageous
'
Nev^ Y^rk
N
Y
a
Siege Eeonomy
g,a®\
After 1965 (by which time arms
spending could approximate 13-
to
lncorpo_
Ballantine's
Whisky, the
it has been since
Scotch
trade.;what
pected
j
be
-ex-
when' its r-ywishes-
are
1
v
can
,
techniques will bei v
;
*
••
company
(as-
antitrii<;t
laws
antitrUSt; lawS
;
voked and
tnT
to
,are
even
the
Thp
is the sole
.pe^ rn-
criminal
sections thereof applied with
the greatest
vigor if any basis
;
all
all
ni
at
for ciipH
for such
aphen
pun
action
can
ho
be
^he Umted States, can be, or tillery which produces its own 1965 or 1969, the
really is> interested, in con- brands of Kentucky straight.will; have become
froii;nrt Ar helnin^ to control
trolling or neipmg to control.
business
to
is
hy t° really , prosper. For most
such companies .(public utilities
,
have
nave
the
sole
sales
faotnr
r
case
be
to
are
employed
another
way or
for such
;as
in
the
one
labor.
Not only
Martini,
wages
are
eternally on the upward
the Piiblic
basis
is
move
Wente Bros. Inc.
ir
fold that the higher wages are
th.e more prosperous all.of us
tent is to enforce the will of
be ->ut all sorts of
wdl a so resem
rrn
4.
$ much of it
mucn oi n
Vital
SO'liberal
the
n
Q0]A
•
the
the
that
5 ^
l
f
into
brino"
to
d/ng
court
most
is
husi-
tn terms. Tbov know
to forms They know
nessmPn
smen
cost
of
defending suits,
they know how many of
these
costly suits
fprminpfpH
j-fo-
dlfficult
■
some
with
?
1+
are
i
Ti.
'
as
a
matter far better in this
and time to stay out
.„
if there
.7-
.
is
short of
snort, oi.
arbitrary
increases from year to
any way
abiect
aDject
day
of court
find that
fund, Which begins in 1966 and is
as
a
result 0f these
arraTltf;mpntQ
var4nil<;
so
poqIq
^arious arrangements,
costs
far that price inall but necessary
risen so
creases are
^4.
J
4.
,
J
«
Thic
.of
;
to
iggue
retire three-fourths
maturity,
b
irc+
.
Securities' OI
of
securmes
Other Industries
is
producing
manv
oSI
macco xteaiiy, one
Too
bank notes payable and to acquire
same
indus-
them
be
to
used
Macco Realty total
1961 was $19,460,208
with
of
will
repay
addltlonai land.
'
the
other
rpaohino1
$11,458,496
income
'
thp
$i
no
„
in I960.
Net in-
ch^p
.
fl
increases
difficult
is
becoming
Tn sncb oircum
ulti- pomt to shriek that foreign
in
compared
p'nmnarwi
ot. i;1161?1 are reaching the $1.02 a share, compared
P01?4 where indefinite contin- $779,134, or 58 cents..
..
ua4'on. *n business without
Delver in San Jose
are
norm,
not
a
the
thpnmXTodHnn
being
irreversible,
infinite
and
ended. Our coming Siege
Economy is the natural child of a
world in which no true victory is
possible due to the destructiveness of atomic weapons, and no
true peace is possible due to the
incompatibility of rival ideologies
and nationalisms. The alternative
to victory and peace is an armed
truce, without foreseeable end,
enforced by a balance of terror,
the cost of which is rapidly exopen
m response to technologi-
high
^Ju^ltil^be
The
galient
features
of
this
Economy will be (1) a high
volame
of
busineSs
activity
(2)
high
taxes?
(3)
regulation and (4)
comprehensive
a sharply moderated business cycle.
Business
_°x
volume
inSnve^v v?rh^
will
nf
the
be
hi»h
rollision
Pivilian
bo0m
with
defense-spending; later, it will be
maintained at a high level by the
steady growth m military needs.
SAN JOSE, Calif—Delger Corpo- Taxes, particularly direct taxes,
ration has opened a branch office
at 986 vicar Lane under the diiec-
uiaxion. wouia memy
^denfng those^ ^ndustrils that
£™:a® rrp8nt1v
ar® currently^being regulated.
The type of company described
above has yet another appeal in
an mvestment environment characterized by a permanent World
Crisis and growing defense spending. This attraction is, the meanmgful protection against an ex-
TheUnfte^ SHtls
book values. The United States
had had an excess profits tax durmg
seven
of the
past
20
years.
troops
are
engaged
in
a
shooting
that such a tax is politically
mandatory. When, if ever, a new
brushfire war a la Korea will
break out is conjectural. It is significant, though, that much of the
recent increase in defense spend-
war
ing has been directed toward improving ouit limited
•fo sometime3 after'the°middlo°o£Sthe »hies.decadle ,o{
a
betterthan
much
a
Characteristics of Siege Economy
with
.... -
th^
And it would number of whenever
seem that American
substantial
cal advance-
gi
nf
P"g«
process was reversed. Today, the
militarization shows every sign of
L/eiger in oan jose
tion of John N. Adams III.
The
b^L^wS
for finite,-closed ends,the whole
and with
victory and peace
Panding
n,i>iUn
Macco Realty
Proceeds
to I?™
;j_cn,cl4rcu™"
surrender to stances it is not much to the
and
f
F
surrender
tyranny
designed
a<;cording^ to any standard, of the largest residential real
That really WaS the issue in estr6 develolme^ companies optbis busjness 0f stee]_
prices<
erating in Southern California.
price
to do
debentures, due 1977, are
convertible into common at $11.50
Per shareThey are redeemable
at
the
company's option,
commencing April 1? 1964j at prices
declining from 106% to 100%, and
at
100%
through
the
sinking
of
practical
li^ht
The
year
and get the blessings of
the powers that be—but soon
anri
some
*p ^ ^^
relativelv
arrange
complex ana
It is
over the years.
well be possible
finally
nnmnIpv
decrees,
not.
t
t have
Ron
y-
companies
enough
With
investigators IS
out looking for
^
iirQv
FpH
;
+
Thus it may
that
thp
Government
°nml
-dabor costs
at
permanent
Yo^CUy and Mitchum, Jones^ or
®real 'money6
of
of
trend
become
fart
known to be"
and
nnWpH
«
Kidder, Peabody & Co. Inc., New temporary exception. In the First'
4
the courts, and
has
numerous
the
•
+
yet untestea
m
opinions
mprp
eral
its
vPt
ac
as
points,
court
+
3tv
^Mc ^in^aS
feace Scon^ volume of business and strong dl
r^mly established wSl tewme"'nand«!.fact0? that are a f01^
the Opyernment rather :than
cost
pu"icly $4,000,000 subormerely being certain that the fnat ^iten cost real money, £ering Co. 6% convertible 'Macco
Reaity
law is
being obeyed.
/>
have become a favored way of dtaated debentures and 150,000
*
r
The unfortunate fact is that raising costs. The cause of the shares of Macco common stock,
steel flareup was
of course,
The debentures are priced at
there is such a vast
growth fh
0rpriiml
orm nH^wpll
nf
$10° to yield 6%- The common
of legislation on the
books,
f gradual groundswell oi gtock .g iced at $1Q a share
rftenS
ndustries in which comf P"cing is the rule (tex-
.
'^exceed available resources. It
MaCCO Realty UO.
re-
'^™
in that demand for goods and
services will constantly threaten
Ppolfv fV
the
4-1
exception)
hai® ^
regulated ^ (the railfoads, for ^example) their relative
i
exibihty^ - of, operations has
omy
still being TA U
proceedings, but it is
enough that the in-
■evident
-
Heretofore, the United States
has experienced only War Econ;
omies and Peace. Economies; a
champagnes of Louis M. Siege Economy will be different.
F. Korbel & Bros, and It will be similar to a War Econ-
Hav
thi<?
iri
an
Siege Econ-C
a
omy.
fud time is, of course, that of
con-
demnation in the instant
.'
also
The
United
been
flabby business conditions of
cent years have restricted profit
margins and resulted in low reStates- turns on book value. Additionally,
Wines and
major cost tactor in this, day
enterprises under
'
.
is
COmpany
The
' survive.
•
of the
•
spirit blends.
and
c9st
which at one time agent in the United States, east
or . another must fix prices if of the Rockies, for the California
found. Of course, the actions
r
bourbon
_
companies tnat are heavily capand burdened by large
fixed expenses require a high and
sustained level of business activ,
i-
fhn«?p who ha^vp offpndpH
•
.
Rather,'Vitalized
1957).
amogng
•
_
current rate of return
competitive con-
sales agent throughout the United
States for such products as BalJantine's gin, Boca Chica Puerto
n
j
»
_
the defense effort will be the
competitor of a booming civilian
'
V
X.
economy for scarce resources; As
nnt
bnnnrpdl - Thp
q tat n t p
In any event, the really big
military requirements are preI
1
•
mipst.inn was and is how pf-v Rican
j
1''
Rum.
Hine
Question was and is hnw ef-' Rican
Coenac
and
Hine
Rum,
Cognac
and emptive, it is probable that some
books, are sedulously and hur- w St oniwas
a 5 mow. ei ,Tribuno Ver^ouths
others
time in the late 1960's civilian deriedly • "^studied-^to• --see;';-, whatP ; -Ft ^
Through a subsidiary, the com- mand may have to be restrained:
might be done in the courts to
}CUTaT X
^ government ,0t pany owns a Frankfort, Ky., dis- When this happens, whether it be
and
-.A
„lirr„n.
*
.
a fortuitous
capacity
T
W'
u% 0f the GNP) the national defense effort will no longer be
and domestic wines and whiskies either relatively small, (as it was
additton
following
<
on invested capital.
W Situated m an industry that
ls already Federally regulated or
rated in 1933, distributes imported
f^ec'ly and through more than consumer of unused
during 1953-57) or
100 independent distributors. In
an
Cor
(1) High operational leverage,
..(2) Low current profit mar-
.
Emergence of
a loan from an
affiliate.
w>M
:
The company of 23 West 52nd
environment
^Tracterfstic"
pr^laws^s' 40 •
different
stock;
common
and for payment of
street
a b*e.&e Economy art not obscure.
receivable; for repayment probably not have been contained.
be
thp nrnrliirprc: nf it
t
finance
to
obtained
were
The i:nvestaenlt implications of
years, arms spending has
been the prop without which the
deflationary tendencies that have
been operative since 1957 could
outstanding
repay
which
where
pretense ot having the power relatively few in number than
directly to control prices, it in the great rank and file of
in effect set forth in the most
products and industries, but.
vigorous way possible—not to even in such instances, it rennwer
wlR
bank loans
effective in .'counts
relatively simple
standardized, and
well
1
is
Certainlv it
more
like
case
a
what it intends to do to have
"own
be at this time
can
'he sale of the 550,000 shares recent
be used to
war
capabil-
So we. might assume that
the chances for limited war
increasing, not decreasing.
what to Buy and What to
Today's
neglected
are
Sell
cyclical
will be high
groups will be the beneficiaries of
because
a
(or rather, higher)
(1) of expanding defense
spending and (2) of the necessity
Siege Economy. Contrarywise
Continued on page 34
34
(1894)
The Commercial and Financial Chronicle
T71
H
"H
*1
OfiSl
n
1
O*
_
Changes
~
T7^
^
(higner
to
^
hiPOTIOTTW
M
AJV/viiVAAAj
Continued from page 33
sidered
the
merits.
principal victims will be the
and growth issues that
h-^ve been in vogue for the
past
In
defensive
not
„
issuer taxes
than
more
and expanded reg-
counterbalance
S volume
higher
perhaps
of
in
ministered
street that
and
cyclical
capacity,
virtually
will exhibit
a
cycle
will
in
advantages
business
effect, nullify
enjoyed by
the
now
broad
are
companies
the
depressed
levels
straddle
both
come
categories.
the
of
their
States.
as
ours
did in the middle
1950s, is showing signs of strain and may be on
the threshold of a long period of
stagnation or crisis. We have been
able to take
economic stagna-
our
tion in stride. That
Europe
can
do
has yet
to
be proved.
The
political underpinnings of the New
European
Common
iviaiKei
are
Market
dubious
dubious,
high book
may
save
self-destructive
been
them
internationals,
1920s.
Todav's
lodays
flashv
flashy
unsubstantial
„
„
At
today's rich quotations,
the would be purchaser of European equities runs little risk in
holding off until it is clear that
England is entering the Common
they
since
...
best
best.
may
be as
and misleading as that of the late
from
policies
following
at
at
facade
values, and the possibility that
improved
volume,
and ;o wider
regulation
1957.
the other
hand, are the likely victims of the
very Cold War and rise of na-
Market; that France has weathered
tionalism that is forcing the
Siege
Germany has found
on
Economy into being,
Then
there
y:^,
stale
the
are
and
siege
a
the Algerian crisis and
restore
West
^
companies that reached the zenith
of its investment DODularitv in the
pean
,
stocks,
border
are
those
north
selline
not
,
in
this
rail
decade,
demonstrate the
dependent
the
that
in-
of
was
utilities
'
could
sort
same
strength
by
in
the
of
at
of
stocks
rather
4.-;.V:;:;markd
Tactics
Investment
'
;
the
Wel«
the
in
t;ai
coming.
WIlt=I1.
measures
^J1(1
"when", it
usually take
will be two
-
shadow
brush fire
of course,
long time. It
a
the
Siege Economy
its
at the
outline
of
The
of
e%un
other
anv
*4-
»Z'
r
following
is
huv
mixed
a
the
•
(the
speaking,
would,
things),
up
anticipate,
impend-
influence
before
1964. This does not
1963
of
a
a™ort_
it
mostly
'cvclical
i<?-
however,
are
included
because
they seem resonably priced, both
jn
terms
of
today's investment
standards
and
in
terms
c^demerge In^
of
those
...
the
,fl,,
^
future
to
portfolio^
25%
to
a
be
to
the
of
with
ponent,
that the
mean
the
reserve
25
to
equity
made
total
35%
com-
equity
further
"later,
com¬
increments
depending
on
how circumstances develop.
-
behind
these
factors
consideration
calculations, other
being more^or less equal,
Summary
Generally
juying
ponent. Initially,
immitments in
cyclical issues shotild come to 10
or
investor should wait until then to
The above recommendations
are
The inv
the next f
be
years will probably
from those that now
e
differ
prevail
the culmination
ce
the pos
the 195
There are several reasons why
}nve?^or®. should not procrastinate
in
of the possible course of the market this year. At the present time
0f writing (April 12) the technical
ment may begin to
probabilities, which can change on
^he shortest notice, favor the DJ
seems
.
ad]usting their portfolios. None
of these
reasons is, m
itself, ironclad, but taken together, they are
quite persuasive.
To begin with, the type of stock
-
.
that will be
desirable holding in
a
Siege Economy
today selling
is
tL following
appraisal
ment 0f
a
bear market.'The tech-
^
regardless of what
the general market
is reinforced by the
to
point
.t
business environ-
a new
emerge.
..
.
A boom in the civilian sector of
the economy of major dimensions
probable in the last half of
the decade.. Family formations will
making
another
all be
rising
strongly,, and excess
time high. The current weakness
capacity will have been absorbed,
unlikely to be the first install-, ;But this it not the whole story,
a m^ e^ ^rice-earnmgs ratio; nicab probabilities also indicate,
it usua ly affo ds a gener us y d however, that by next Autumn
Happen"
however,,
Industrials
n-
next few years,
of
capital goods boom in
] most of the basic industries have been plagued by excess
capicity, ' competition " and
low
profits. These conditions are likely
to persist for some time. By 1965,
r
baaede
on
'
.tment ground rules of
change tactics.
IT,
as
bag*
important
yram.
pre
the
should be built
in Vietnam
war
greatly speed
ing Siege Economy can become
'This
lkt*/which
that promise to do well under
giege Economy. Several stocks,
of
copending on the
position and type
vary,
of investment
begin to cast
outbreak of a
but it is doubtful that the
a
,
Z"'Z
^istakyen
should not bp
f0ii0)
stocks
tXws
hi
*
:
nphp
poto-
cvclical
recommend? denre^cd
magnitudespnvolved should,
course,
individual's tax
can
The market will tend to
market
-i
:
sues
|
can
three years
or
before
least
approach
:
of nossible
iSauTrealistically combining selectivity ReTatKe pricrof coursMs the^all
taveftorf be with liquidity.lehtrot
d^dn
Government
only
for
said that important shifts in sentiment
conservative^
the
*
.
upsidl
deoresseH
in
;
wllrtL
indicated
are
earnings?
market
the "right" equities will out perform one that is hedged. But this
investor
preferences is is the ideal. In practice, the falliBut
when?
And
what bility of human judgment suggests
To eitive
;n
\™L
If the Siege Economy thesis is
£nywhere near correct, a revolu-
^on
today's defensive
growth favorites selling at SO
"3^ rEklEd
stock
100% invested
is
assets backing—or
in
fuiure circun^tances the investor
Ivnothesizes there islesZdown-
unquestionably,.,a
portfolio that
v
than
be
ivr0 matter which set
the past, the investor must oper-ate, to a great extent, in a market
ex-
#fr
f
.
stocks
it
to 50 times
The
reserve.
Siege Economy. This program is a
compromise; and as such, it is
unsatisfactory from a theoretical
point of view. In the future as in
sue-
Canadian equities,
however, are
another matter. Unlike most Euro-
chips; that aggregation of "name"
should comthe
investment
^y*
cesser to Adenauer.
blue
that
worthy
a
buying
a
third would be the establishment
Economy
pietely
a
booming much
tantial current
would
(excepting
Canada), the international oils, and selected blue
chips. The second would be the
As
hedge against the
Siege Economy in
The European
which in recent years
United
Would it be
in thoroughly deflated cyclical isoffering good yields and sub-
and growth stocks, foreign stocks
creation of
question. Where
greatest downside
pose a
the
sues
sup-
have iow current profit mar-
us
be
risk in this debacle?
They are highly leveraged
operationally and financially;
road.
so
because
The
of
economy,
has been
Most
are
The
domestic oil refiners
on
balance may be capable of a measure of prosperity in a Siege
oi
prosperity in a Siege Econin
EconLeon-
have
any
emergence of a
book value.
the
Further,
that does the bulk of its
way
would
would be the liquidation over the
next few months of most defensive
status of railroad securities. Later
European equities offer little in
the
volume; at the same
time, however, they have vulnerable profit
margins, and they are
selling at large premiums over
I
con-
"
a
Then let
Ad" fion J'W0 terr°rS f?rthe1If,?'1?e of a p0f"r in ^ type °f cyclical
big freight movement implicit in issue that would prosper
in
a
way
Dubious About European Equities
more
omy
book value.
on
their
and
Crisis, disarmament and deflation.
Advocates Three Steps
As for "what" to do, I would
advocate a three step
program of
portfolio revision. The" first step
Ad
,
two
a
lead to price
high profits.
T'T' rocky
^
travels
suffering
overcapacity and would wel-
from
are
customer;
particularly overpriced (Glidden,
Toledo Scale, for example).
Many
companies
are
hybrids
that
chemical companies
short
company
expect (most of the steels, for example). Nor are all of the equities
of defensive or growth
companies
railroads
•
piiers.
would
one
the
1950s.
,n
at
at
are
Siege Economy will, of course,
a
past,
their profit margins are subject to
change without notice. Washington is a difficult
many excep-
mclical
c'vdica^comoanfes are^eMne
selling
of
hibited
are
de¬
generalizations;
of course
are
as
panies could report earnings con- Let us assume that there is no
siderably .better than' those in civilian boom after 1965'. Instead,
recent years. "
A
*
Z : * let us suppose that there is a Gold
fair
The beneficiaries par excellence
quotations. Most of them (North
American, Lockheed for example)
of growth.
the
of
can
bids
free
a
rider, in every
respect, on our expanding defense
effort. And on this basis> investment in
Canadian-stocks, particularly in the natural resource field,
has intriguing possibilities.
Economy, at least at today's high
stocks.
These
there
industries
measure
moderation
fensive
operating at
all
prices
well
as
disadvantages
Canada
could be a- gin
and low rates of return on
because it would invested
capital; Federal regula-
Defense stocks as distinguished
from
"defensive"
stocks)
offer
little protection against a Siege
companies,
Once the economy is
The
trol
exist between defensive-
now
growth
a
the
in
taxes).
become
.be
fo?eFXTLgu?a1"on
lor r eaerai regulation.
grt
gel
And,
important, the
inherent
Siege
Economy will blur the differences
that
particular emphasis
placed on whether or
so,
be
grave liability
any
business.
even more
conditions
own
the
will, in we case oi most ability was an asset
and defensive stocks,'but in the future it
growth
its
on
J tlie company in question is
a[Jif to administer its prices. This
_
ulation
doing
should
five years.
.
separately
of its
most
escape
Radical Portfolio
Thursday, April 19, 1962
..
p0r many years the
economy of
the United States has been under-.
going
slow but inexorable mili-
a
< the Z direct
tarization
defense
07a XfTwIZTafT 1961 ZZnd
market will follow this
tor>
G
.'°
V
S ilf
£ .mkn^wible ThJ ensuingsell 't seems htghly probable that this
off emddre sharn Ld shirf
it
trend wlU contmue into the foreoif could be sharp and short, or it ceeable future. Heretofore, defense
manor
ti
or
moderate and protracted.
.since. Some, Chrysler, mentally
.Swift, and Harvester
for
dear. Further,
Common Market, the
example,
appear well situated to prosper
in
unlikejhe i'arly
Canadian
would ; by
economy
Siege Economy. Others, particularly Alcoa, have dubious pros-
pects. Each company must be
from
virtue
of
enjoy- much of the
benefits (volume) that would flow
con-
VARIOUS STOCKS FOR A
a
Siege
Economy here and
Recent
Recent
Airlines
American
Canal
Viscose
Assets
Copper
Wheeler
Glidden
_
Mining
International
Belt
(OTC)
Mining
&
National
Rio
;
Brand
Sabre
Pinon
&
Union
Dome
~
(NYSE)ZZZ
26
___Z
3.24
1.00
3.10
2.00
4.4
exploited of late. -
11.00
1.60
1.3
73
~~
(OTC)
_
'
.■
.
(NYSE)
64
(NYSE')
__
1.00
3.2
.40
3.4
23
1.00
4.8
50
3.75
2.40
2.75
1.50
1.50
1.25
1.75
1.20
2.25
.90
15.0
Mississippi Shipping,
Moore-McCormack
4.2
Investment
Line
ZZZL
Speculative:
1.00
4.1
18
—-
.20
1.1
30t
1.40
3.8
39
37
5.00
2.00
5.2
84
Chicago & Northwestern
Pennsylvania (NYSE)
(NYSE)_
.70*
3.0
Kan. & Tex. Inc.
5%'s 2033
1.00*
2.1
58t
2.50
.80
4.4
52
13
1.50
1.00
7.7
31
1.50
.60
5.4
52
4.50
2.00
4.8
134
4.00
3.00
6.7
107
Pittsburgh & West Virginia
Equipment:
Pullman
Company
(NYSE)
Westinghouse
•
+
Air
(NYSE)
ZI
companies
estimated
137
137
ZZ
minimum
this
could
be
the
again
able.
Following the correction, it
this
year
alth
although a
i
is prob-
ZnrrJnL of greater size
correction oJ ereZtnzL
.
would not be unreasonable to
ex-
tionately big enough to seriously
cramp the civilian economy. That
this happy condition can continue
for
many
After
placid
very,
■
-
enr)
"
.
„r>
in the economy, the January
slowdown, which has shaken fi¬
nancial opinion, is a blessing in
pause
^
_
_
dTsguTseZA" very*"sl^w,*"ca*utioias
stances
is
,
My
falls
under todav's cirrum-
favorable development,
"super boom" in 1963, of the
a
Caveat^
whole
on
a
analysis stands or
hypothetical pro-
very
of Low
economic
condi-
tions could unfold during the
1960s. Nothing in the future is
0U1 to be completely wide of the
Should
mark.
what
the
the
are
this
be
the
potential
investor
who
case—
risks
for
follows
the
recommendations embodied in this
study?
.
The
risks
V,
(
;
.
inherent
in
would
a
the
have
of
mentals. As it
a
dying
genuine
long-term
economy because it
.been built
on
the
unfavorable
funda-
is, the "super boom"
possibility and the
economy seems in for an extended
period of low pressure prosperity,
Nothing could be better. Such a
and
military
inevitable.
seems
collision
will
Out
emerge
a
of
type
Amerh^f^^exneflen^ce^0- a, siege
a^Siefe
experience,.,
American
Economy. This
will
high
business, (2)
high taxes, (3) expanding regulabe
new
characterized
economy
by
(1)
a
volume of
Za'moderfte^buslness
tion and (4) a modeiateci ousiness
investments to conform with the
Siege Economy hypothesis
are,
opinion, nominal.
my
If
defense
,
spending
the
attractiveness
of
in
V
stabilizes
in coming
today's
after
laid
1965
for
a
civilian
investment implications of
Siege Economy are obvious.
cyclical stocks that have been
a
of 'favor in recent,, years
generally be able to prosper
despiteZ high •; taxes,
while
the
out
so
will
.
growtlr and defensive issues now
m
high favor will suffer an
eclipse.
:
'
.
'
.
Therefore,
.
it
.
.
.
advisable
is
that
investors begin to recast their
thinking in terms of the possible
imperatives
of
the
future.
is
It
unlikely that .the type of
portfolio that was a success from
*957 to L-62 w'U perform as well
from 1963 to 1968.
very
.
:
Z
Z
«
Riiplrqr|Gr| T^JflTTlPn
I3UUIld/ll<^II INClllICU.
'
boom
that
cannot help but
earning
power
of
cyclical
industries.
Admittedlv,
defensive and growth issues would
restore
The
de-
Dressed cyclical stocks? Not at all.
For the foundations are already
being
The
such
,.
shifting
heralded by Fortune, hasrather.;than expands
always been unlikely, but had it years, the nation will avoid a.
actually
materialized,
it
would Siege Economy. Would this destroy
posed
this
collision between
civilian
booming
is doubtful.
years
a
.
certain and it may be that the
Siege Economy thesis will turn
type
threat to
more
1965,
the
DALLAS, Texas—J. D. Buchanan
has
18
!
1.65
1.00
2.75
27
2.50
liquidation
value.
5.2
22
2.00
5.3
39
1.40
5.1
28
development would grant business
several years of relatively pain-
circumstances than under
a Siege
Economy, but the cyclicals would
been appointed
manager
of
municipal department of
Walker, Austin & Waggener, Republic National Bank Building,
less
—
Canadian Funds.
Holding
1.4
100
35
~
Brake
"25
19
31
(NY8E)___
(NYSE)
200
not
that when it
a
'
quicksand
1.50
1.75
and
be
will
Intei
is
Rail
Poor &
*
16
(NYSE)
1963
against
probability
recession
will
32t
2.00
17
._.ZII__
Special Situations:
Missouri
until
recoverv
1.35
47
.
growing
next
rv,™ennn
have
(NYSE)
(NYSE)
the
the
'
Grade:
Coast
Great Northern
economy
beginning
argument
~43
—
43
~
"
is
delay
that
13
4.8
—
And
cafe
.
jection
'
41
ZZZZZZZZZZZZZZ
civilian
likely,
another
affair.
7
1.85
Rails:
Atlantic
Yet
it
36
19
seems
occurs
11
I
healthier
occur
58
1.00
Dow
sustained
49
i
^he
needs
31
4.8
3.6
1.50*
2.10
26
•
—i."
again in I960, the
Increasingly, investors have been pect several
years
of
extreme
responsive to long-term, trans- market volatility as this will be a
cyclical considerations and it is period of readjustment and rebarely possible that even today appraisal in investment thinking.
funds are beginning to move into
'Z'Z-;'Z: Z; Z
ZZ Z Z -Z, ■
cyclical stocks in anticipation of
<
-
47t
1.00
18
__
•
things too fine is the growing sophistication of the market,
A
Bros.
'
t.n^tfemnt.
to attempt
around 1965.
23
(NYSE)ZZZZZ—ZZZZZZZZZZI
<
not
not
reason
reason
to cut
that
112
1.75
Shipping:
Lykes
3.8
2.6
1
1
11
24
~ZZ
ZZ ZZ~
__~~
,'Z": ■■■: T
Another
Another
39
121
9
"
(NYSE)—
Mclntyre Porcupine
9.50
21
~
ZL
(NYSE)
'•
Mines
2.75
4.50
21
ZZZ_ZZZZ~ZZ
(OTC)—
Industries
Steel
,
75t
10
;
(OTC)
Utilities
Z
2.6
20
iNYSE)™!"""
(OTC)
Scale
.
.90
■
41
(NYSE)
Refining
Rice
Western
Gold:
1.25
31
~
Schenley Industries
Wheeling
62
21
"
_
(ASEJ^k.^..
River
Toledo
__
~~
(NYSE)
Robbins
Sugar
Algom
22
3.6
45
(NYSE)
McKesson
4.8
2.00
39
~
~
Kearney & Trecker (OTC)
Lehigh Portland Cement (NYSE)„
Link
1.00
3.00
z.
84
~~
(NYSEi
(NYSE)
Hanna
Value
19
~~
Book
%
34
(OTC)
Foster
Yield
Div.
1.50
55
(NYSE)
(NYSE)
FNMA
Ind.
Earn's
21
'NYSE)
(OTC)
Range
1962
Price
American
over-
so
the
SIEGE ECONOMY
Est.
1957-58 and
SH"defiHsi;{aHd"ir^h^- "hakeout'lame tf about'20% *5n
that
have
been
SUes
geography
a
In
do
He
convalescence.
environment,
most
In
such
cyclical
an
com-
fare much better under this set of
as
well.
Or let
-
•.
us assume
the very worst,
the
has
some
been
time.
with
Z
Z
the
firm
for
,
/
Volume
195
Number
6152 V. .' The
Commercial and Financial Chronicle
(1895)
Indications of Current
The
following statistical tabulations
latest week
Business Activity
IRON
Indicated
steel
Equivalent
AND
STEEL
operations
Crude
42
and
gallons
Crude
output—daily
(bbls.
average
(bbls.)
output
fuel
oil
fuel
output
output
oil
(bbls.
Finished
i
-
gasoline
Kerosene
i
(bbls.)
(bbls.)
ti.
Revenue
at__
:
'.j..,y
(number
U.
S.
Private
COAL
'
23,528,000
24,966,000
86,527,000
87,178,000
91,924,000
'
39,274,000
*39,334,000
T"
7
BUREAU OF
STORE
.___
Electric
.
output (in 000
FAILURES
kwh.)_„.
(COMMERCIAL
AND
\ 518,769
471,773
$397,400,000
152,900,000
218,600,000
177,300,000
218,000,000
162,800,000
244,500,000
208,400,000
157,700,000
113,600,000
New
55,400,000
36,100,000
44,100,000
RESERVE
7,085,000
$376,300,000
*8,275,000
299,000
284,000
.
.
v
7
7,880,000
'
/
Social
DUN
—
IRON AGE
Farm
128
148
&
15,600,000
15,569,000
16,142,000
Finished
steel
Pig
(per gross
iron
Scrap steel
356
339
Other
6.196c
6.196c
6.196c
6.196c
$66.44
$66.44
Sewer
$30.83
$30.83
$31.83
$39.17
Lead
/'.■
(New
Lead
,
Sewer
Zinc
-
(delivered)
(East
St.
Aluminum
/
Louis)
•
3
■
MOODY'S BOND PRICES
DAILY
28.625c
9.500c
9.500c
11.000c
9.300c
9.300c
10.800c
•12.000c
12.000c
12.000c
12.500c
11.500c
11.5000^
12.000c
24.000c
24.000c
24.000c
123.000c
122.375c
108.500c
.•
-
'/ /...'(/"
S. Government Bonds_________.
Average corporate—/—-
:
V/
Apr. 17
>
Public
V
Utilities
MOODY'S
U.
S.
*
Group
Group
BOND
:
.___—
DAILY
90.34
92.35
88.81
88.40
90.48
86.51,!
86.11
87.72
82.03
81.90
./y,';
82.15
84.04
83.79
87.72
87.45
89.23
88.54
—
Apr. 17
corporate
,
MOODY'S
INDEX,
PAPERBOARD
received
(tons)-
of
//
DRUG
Total
TRANSACTIONS
of
Other"
„
specialists
FOR
in
/./.'"
i
t
■
OF
/;
:/
367.7;
368.7
•
367.7
362,209
of
Medical
325,808
;.
86
502,431
111.11
113.02
Other
COPPER
1,832,420
432,770
1,908,530
1,353,810
2,294,110
EXCHANGE
sales
—
dealers
of
219,570
17,500
28,200
short
other
Dollar value
239,020
268,110
/
244,250
256,520
of
780,813
693,122
272,450
663,600
sales)—
sales
Rou-. d-lot
TOTAL
78,860
99,060
666,153
FOR
Total
765,213
ACCOUNT
OF
THE
STOCK
MEMBERS
3,439,823
2,715,590
6,055,675
542,270
481,940
504,760
3,032,746
2,264,213
23
3,402,703
3,514,686
2,768,973
N.
—
Y.
(
''
-i
"
1,625,918
1,753,995
1,362,347
:Air:commcdities other
Z
sold
* Revised figure,
on
delivered
than
at
102.8
110.5
113.0
For
—
of
2,000
of
$91,424,262
$71,968,608
(tons
month
of
centers
freight
110.3
_
;/;..,
104 4
103.5
106.0
104.9
104.1
/
A.—
*112,253 /'
125,124
^
160,656
of-2,000 pounds)_——
of period
at end
FOR
'
108.599
146,709
152,145
125,377
112,448
77,962
y
146,419
139,274
(tons
1962
BOARD
of
—
76,676
U.
S.
,
/"
,
ACREAGES
—
March
:
;
ll
66.965
10,534
—.—
—
12,230
1,715
8,129
30,544
spring
all
_■___
—*
,
32.521
15 800
10,515
2.949
16.587
1.618
14,616
14,366
Z
22
24
24
26
115
spring
138
93
summer
summer
fall
and
300|
1,171
Sweetpotatoes
1,742,234
—1
1.232
1,519
205
198
1,222
Beans,
Peas,
dry
dry
edible
field
1,174
1,514
:—
1,471
346
349
7,877
7,476
10,318
6,726
28,756
28.131
1,734,357
1,787,504
1,394,272
2,790,462
1,544
1.559
67,600
67,085
1,183
1,128
$84,960,616
1,794,980
1,404,590
2,797,188
$89,798,846
$71,519,824
457,350
870,250
—-—
$33,801,257
554,740
—
.573,180
RUBBER
573~180,7
554/740
457/350
870,250
456,270
V.
514,280
389,800
MANUFACTURING
ASSOCIATION,
INC.—Month of February:
767,810
Passenger & Motorcycle Tires
(Number of)—
7,955,070
Production
—
—
—
9,841,025
6,125.314
Implement Tires
9.174,322
10.173,265
7.6R9 2*2
24.263,733
.
23,059,423
25,267,809
331.187
330,394
(Number of)—
-
——
325,652
659,980
608,170
600,380
1,150,510
283.493
313.332
15,961,770
16,592,020
13,178,030
27,325,510
1,074,381
1,107,535
947,857
3,679,439
5,366,737
'-3,276.879
3.605,029
•3,691.033
3,139,675
8,130,697
8,062,019
9,246,056
33,990,000
40,064,000
35,775,000
41,497,000
31,103,000
30,999.000
17,599,000
16,412,000
19,126,000
1,081.074
♦1,135,749
1,327,743
-
16,621,750
17,200,190
13,778,410
Passenger/Motorcycle,
28,476,020
Tubes
Truck
.
•/.
-
—
from
•
^
(Number
of)—
Apr. 10
10
10
Production
,
100.6
100.6
100.7
Not avail
98.0
*97.6
98.6
Not avail
100.3
*100.5
101.7
94.4
*94.7
96.2
Not avail
100.9
*101.0
100.7
Not avail
East
Rubber
Shipments
Not avail
io
—Apr. 10
Tread
Production
...
'
and
St.
Louis
exceeds
one-half
cent
a
pound.
t Prime Western Zinc
(pounds):
?.—
(pounds)——__—:
Bus Tires
Shipments
introduction of Monthly Investment Plan.-
(Camelback)—
Inventory, (pounds)
Truck
305,571;
and Bus
'
where
105.6
.
March:,,.
pounds)™——
PLANTING
wheat
OF
v
foods
-
105.0
•
$41,255,991
Mar. 23
...
DEPT.
,v
109.1
2,000 pounds).—
REPORTING
Inner
S.
112.6
105.8
*
.
Mar. 23
t, Number of orders not reported since
basis
104.8
Mar. 23
,
and
103 8
106.0
Potatoes:
Tractor
—1_——___——
farm
100 9
•
*114.7
—
pounds)_„____^__;*_-/_i,.„_—
Sorghums,
2,751,549
$81,922,758
products^-^—.—*-vr—Apr.
Processed foods———_——~Apr.
Meats'—/
."
_'
—_/———__—____y_.___;—•
—__Apr.
5
100.0
1,774
Late
Mar. 23
STOCK
—
U.
;
100 2
107.4
106.0
TRANSACTIONS
—_—^—•—.—
,
102.2
98.6
fabricators—
A.
spring
Early
Farm
1
(
/_'
6,390,406
,
Mar. 23
—
SERIES
102.4
108.9
99.8
Shipments
NEW
105.5
102.2
99.0
5,363,586
-
Mar. 23
—
(1957-59=100): /
Commodity Group—•
All
commodities—"j.
99.6
106.5
101.8
3,073
1,026,820
2,860,433
Mar. 23
r—1/;
PRICES,
104.1
.
16,412
(SHARES):
—
98.7
-
15,090
sales—
sales—'
100 4
102.8
.__
.
sales—
WHOLESALE
LABOR
'
1—_——
ON
108.0
103.9
106.9
.
'
ROUND-LOT
sales/-—^
Other
Total
"
:
SALES
107.8
104.0
1,545,776
23 /
Mar. 23
STOCK
105.1
107.9
2,405
"
AND
round-lot
Short
'
,
103.8
105.2
—__
1,354,366
964,056
3,114,302
_—Mar. 23
purchases by dealers—Number of shares_^_;
EXCHANGE
____.
191,410
885,196
953,993
'
All
•
—
sales-.
1
ROUND-LOT
oil
glrls'______„
THOUSANDS—As
Late
-
—
•
98.2
106.8
104.4
99.3
copper stocks
Other
866,593
23;;
to
S.
1,142,565
87,400
„
Mar. 23
by dealers—
shares—Total
102.9
109.2
1,425
sa!es_/_.
Other
:
'
—
fuel
755,250
"
—Mar. 23
Short sales
.
"
105.1
97.2
•.
69,291
714,960
Mar. 23
:___
sales
Number
101.4,
100.6
109.5
100)
recreation/-—___——--
(tons
2,000
IN
COMMISSION
sales.
Round-lot
105.1
105.6
104.6
=
40,290
STOCK
sales
Customers'
102.1
V
102.9
boys'
and
PROSPECTIVE
704,970
vlar. 23
total
102.9
.
97.4
purchases)—t
(customers'
orders—customers'
Customers'
•
Y.
:——
dealers
by
,105.1
Z_
operation
and
(tons
U.
of
3,294,260
4,089,380
*'
Mar. 23
———
—
purchases
Number
N.
ON
EXCHANGE
(customers'
shares
Dollar value
Odd-lot
SPECIALISTS
SECURITIES
by
of
99.8
home
production in U. S.
CROP
262,110
22,100
23'
sa,les__—^M'ar.
sales__"____-.'/U—t.__/_/L__/_——
—-Mar.
Number
at
INSTITUTE
Refined
795,120
/
/ 1,731,310
246,010
In
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD-
Odd-lot
106.6
Z
._
goods and services
Copper
4,208,140
377,500
'
215,650
23
Short-. sales____—Mar. 23
AN.D
101.2
100.6
care
Reading
:
459,067
2,396,900
2,180,600
Mar. 23
DEALERS
103.9
102.5
101.9
■
"
care
Personal
305,857
/
110.00
?<;
members-
purchases
96
465,970
1,747,830
»
Mar. 23
——.——
account
350,490
98
the floor—
for
368,844
365,679
;
2,205,530
23
/■ v.Other
LOT
104.5
103.1
'/
*114.8
Delivered
Mar. 23
sales^-^-////——Mar.
transactions
40
1,468,000
y_i
apparel
■Z "Transportation
•
-Mar. 23
—
on
52
/",
27
30,240.000
'_
vegetables..
and
and
Refined
_________—Mar, 23
initiated
.,
*1,519,000
Other
4.45
Crude
f
—
_
sales_.____
// Total'
Z.v/;'
69
♦46
...
108.8
/
registered—
——
round-lot
;
//;/; / Z
/
//'
*68
31
102.0
Z"y/ 4.52
*'•.
121
119'
31,990.000
Apparel
Men's
5.03
271
*114
100-
electricity
fuels
Women's
" :
*66
*241
1,509,000
;
and
4.74
4.86
/:'• '.
so
35,845,000
—
Household
4.38
>v
MEM-
SPECIALISTS
which
■
Total
/
AND
in
111.40
sales_—___i Mar.
sales—. '■
/ ,/__/ ' /: '■■ /-/_/—.—
Mar.
Other
;
'[
=
from home (Jan. 1958
away
5.00
-
•
; ■1'
25
4.47
510,568
purchases—.
Mar. 23
Short' sales_____/L_/^/.li_j__/__,—__________ Mar. 23
Total
Food
4.58
-
49
*42
26
Housefurnishings
y
30
*46
!
-
Other
'Total
*
96
"
7
n
_
Total
/.•'
ACCOUNT
stocks
sales.
.
food
4.88
350,624
sales—Mar,-23
Other transactions
'
-Apr.
INDEX—/
PRICE
purchases-^—
Short
Other
4.60
394,471
7
sales———Mar.
initiated off the'
floor————_____.—:/. /
Total
•
7
transactions
Total
/
and
./■•••/; 4.47
4-45
367.5
/.'/<
5.02
:
"...
Apr. 13
purchases——-—/
sales——'—
Total
Other
,
period-//—______
REPORTER
,Short
//// '•
Apr/
—~Apr.
of
end
BURS, EXCEPT ODD-LOT DEALERS
Transactions
Fruits
4.25
■
235
27
63
403
95
bakery products
Gas
'
39
*208
,
104.7
______________—
AVERAGE=100—
ROUND-LOT
17
Apr.." 7
at
and
Solid
4.53
*27
.
107.1
1957-59
—
Meats, poultry and fish
Dairy products
85.59
4.70
1,137
*83
*88
ASSOCIATION:
/
(tons)
OIL, PAINT AND
194)
_
activity
orders
Cereal
4.55
:
.
*995
101
/__,
3.79
;.•/■
22
MINES)—Month
home__
4.58
4.86
4.56
Apr. 17
—
_
(tons)—
Percentage
Unfilled
Apr. 17
-Apr. 17
Group_Apr.
Production
/
__u
—
Group
COMMODITY
NATIONAL
Orders
5.01
iGroup__„_—_^_l—
Utilities
Industrials
at
4.39 '
4.67
■
.323
104.8
OF
INDEX
4.66
-4.50
:•
■;
83
••
17
'
•-
30
(BUREAU
3.91
4.34
..
•
Z
'
4.63
4.49,/
Public
3.70Z
"...
4.62
4.66 :/
Railroad
development
Rent
3.71
4.33
•
and
Housing
'
.
of. February:
89.51
Apr/17
°73
289
'
51
•/:•
__r.,__^jr___
89.23
89.51
/.
/'•"/7 '
79
enterprises-.
PRICE
Food
82.27
84.04
-
Food
/'/'■/,'\// /:'/■' ./■"■' Z//•;/
AVERAGES:./■•'
Bonds
______
■;Average
91.05
■406
.
74
items
88.13
•;
87.99
.
_
YIELD
Government
Apr. 17 l~S
~_i.Apr.17
Apr. 17//'"
,
88.08
86.65
86.65
.
/
Group—
Industrials
•
Api-. 17.
__________—.—r--_
Railroad'
■
,
/
87.98
87.05
'
130
systems
public
OUTPUT
CONSUMER
All
89.60
/
*362
*350
45
Bituminous coal and lignite (net tons)__,
Pennsylvania anthracite (net tons)
'
89.67
88.95
;
A
.
service
other
Month
87:18
"
18
100
of March:
11.500c
91.19
,c
Apr. 17
COAL
409
52
buildings
____^
All
26.000c
122.750c
Apr. 11
Apr. 11
AVERAGES:
U.
28.600c
48
•
.../•
,
33
;■
Conservation
27.800c
9.500c
9.300c
30.600c
'
/.• •
Apr. 11 ///
Apr. 11 "*ZZ
Apr. 11
_____
at
30.600c
28.625c
Apr. 11
at_——
(primary pig, 99.5%) at__i__^_—___-__'__v
(New York) at—__
Straits tin
;
4__-
at—
30.600c
28.625c
Apr. 11
20
81
service
_■
Public
•••'
///
Apr. 11
j.—_.
(St. Louis) at—
tZinc'
t
York)
^./'v
52
254
water
Water
(E. & M. J. QUOTATIONS):
Electrolytic copper—
/
•
//:'/••/"-.yy/l--;/
Domestic refinery at—"——_____i
Export refinery at______
'
71
■
387
Military facilities
Highways
$66.44
•
,
228
$66.44
//;
.
*91
1,088
.-
and
9'""/'
9
•"
82
institutional
9'v>:/
Apr.
60
19
nonresidential
and
43
69
*
27
Apr.
ton)_
240
.
48
327
buildings
and
,■
160
'
telegraph-
buildings
ton)_Z_—________—.._/.—Apr.
gross
METAL PRICES
.
..
utilities
Administrative
383
265
20
Educational
14,434,000
//;■.•'
//"////'
(per lb.)_—
(per
377
/
•:/■•/'
■_
76
55
construction
Hospital
';■/
345
_»
185
.163
■!
100
private
Nonresidential
;
Apr. 12
-•
73
//
:
public
other
246
/
t
70
recreational
utilities
Other
All
Public
•
'
346
183
>
46
.;
.
265,000
120
•
-/
264
/
831
224
-
' C
r
'
93
/
.
835
•
'
-v-
167
.
institutional
and
337
-96
181
construction
Public
1,056
•295
;
.348
Industrial
____;
COMPOSITE PRICES:.
and
>
■'
833
'-
1,483'■
*1,075
/
94
*
!
and
2,842
,
*'
Z
Miscellaneous
v;
6,796,000
383,000
:
338
/
,/
—
buildings
/
Hospital
$364,100,000
>
221
Residential
156
Apr. 14
INDUSTRIAL)
alterations
$3,979
^2,771
"*1,466
-
1,171
Religious
'Z
.
INC
:
,
.//
*$3,766
-
,
1,603 "
Comemrcial
Office buildings and warehouses
v /
v
Stores, restaurants and garages
-/ '
Other nonresidential buildings
__/_'//
V
Apr.
___
$4,052
2,964
*
,
/^
'
BRADSTREET,
and
Telephone
,
4,250,720
Industrial
y».
35,100,000
/
6,239,098
6,905,947
(nonfarm)^.
Nonhousekeeping
f
/
10,352,748
—/> ;
/'/^//■//__-/
buildings
dwelling units
Nonresidential
186,800,000
151,700,000
7
;
construction..—
construction
Residential
y
7
V"
/':
Apr. 12
y_J.
•
;
201,200,000
;
9,704,000
6,626,181
;
.
;524,109
: ;
$419,200,000
/
INDEX—FEDERAL
505,930
12
Apr.
SALES
525,696
;
Educational
____
MINES):
INSTITUTE:/'
..
February
Additions
;/
•;iV
564,941
525,475
...Apr. 12
SYSTEM—1!>47-4!) AVERAGE=100—
*
of
Private
i
/
(tons)—Apr.
EDISON ELECTRIC
547,726
7
—;
Apr. 12
———____/—~—________ Apr. 12
S.
V/
"
Ago
ingots
Totalnew
;
:
\
/
_________
/ 42,517,000
38,360,000
J
"
,v
Year
Month
INSTITUTE:
CONSTRUCTION-—U. S. DEPT. OF
LABOR—Month of March
(in millions):
210,781,000
26,619,000
88,507,000
'
V
'
<
STEEL
BUILDING
2,872,000
206,714,000
23,594.000
6
:_Apr.
(no,-of cars)—Apr,
Bituminous coal and lignite -(tons
Pennsylvania anthracite
.
DEPARTMENT
-./
205,813,000
6
;
Apr.--6
•
.
7,324,260
3,245,000
AND
(net
m
Apr.
/ " "'/'"
■'//*: r
—
(U.
1,748,000
'
204,035,000
construction___c—___i.—Apr.
OUTPUT
6,032,000
6
CONSTRUCTION—ENGINEERING
construction.^
Federal
■
11,284,000
5,996,000
5,347.000
mxsKl—
•/
Public .construction-—-^.—/ ./ /.'."State and municipal—/—.—
•;
'13,624,000
2,613,000
12,958,000
6
:
of
(freight received from connections
NEWS-RECORD:
Total
13,326,000
5,961,000
6
Apr.,.16'
'
—_
__
OF AMERICAN RAILROADS:
CIVIL ENGINEERING
7,899,000
2,387,000
IRON
and steel for castings produced
tons)—Month of February
Shipments of steel products (net tons)—
27,980,000
Apr.
at-~_——._^__-__—Apr.
freight loaded
Revenue
8,377,000
29,571,000
28,383,000
Apr.
Residual fuel oil (bbls.) at___"_'_
ASSOCIATION
7,266,410
28,429,000
2,842,000
7,849,000
6
Apr.
at-'-
Distillate fuel oil (bbls.)
,
7,353,060
7,971,000
6
_________
(bbls.)—
Stocks at refineries, bulk terminals, in
transit, in pipe lines—
:
7,396,810
Apr.
__
of that date:
Previous
1
Month
AMERICAN
Month
~
either for the
are
are as
Latest
60.0
2,361,000
Apr.
(bbls.
Distillate
81.5
2,244,000
6
of quotations,
cases
Ago
81.0
of
(bbls.)_
__/
stills—daily average
output
Residual
1
Apr. 14
—__Z—Apr.
Gasoline
•/;
tons)
in
or,
Year
Ago
76.8
INSTITUTE:
condensate
to
runs
Month
Week
Apr. 14
—
production and other figures for the
cover
Dates shown in first column
that date,
on
Steel
each)
Kerosene
'■>"
(net
PETROLEUM
oil
Previous
Week
INSTITUTE:
(per cent capacity)_____
to—
ingots and castings
AMERICAN
*
month ended
or
Latest
AMERICAN
'
Steel
week
month available.
or
85
...
(Number of)—
/_—
—
1,195,170
a
7an
sw
878,625
954.621
4,639,846
-
1
Chronicle
The Commercial and Financial
Thursday, April 19, 1962
.
.
,
(1896)
36
ADDITIONS
* INDICATES
Now
Securities
Registration
in
For
trols and assemblies for the
missile, rockets and aircraft
debt repayment,
expansion and working capital. Office—90 Gazza Blvd.,
Farmingdale, N. Y.
Underwriter—Robbins, Clark &
Co., N. Y. Offering—In late May.
Proceeds—For
industries.
large number of issues
by the SECt it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
NOTE
—
Because of the
awaiting processing
Aeroscience
and in the accompanying detailed
the expectations of the underwriter
notp in general> to be considered as firm
the index
in
are
(4/30-5/4)
Feb. 28, 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
Inc.
Bros., N. Y.
•
L.
A.
>
filed 100,000 common. 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¬
writer—Bernard L. Madoff, N. Y. Offering'—In July.
Accurate
(5/28-31)
Packaging Corp.
1962 filed 80,000 common. Price—By amend¬
ment. (max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
Feb.
28,
and other corporate purposes. Office
Newark, N. J. Underwriter—Baruch
Co., Inc., N. Y.
ment, advertising
—651
Third
Bros. &
Accurate
St.,
Parts, Inc.
1962 filed 100,000 common. Price — By
ment (max. $13). Business — Rebuilding and
starter drive devices for automobiles. Proceeds
March 30,
amend¬
sale of
— For
S. Jay St., Kokomo,
Co., N. Y. and RafHughes & Co., Indianapolis.
selling stockholders. Office—1313
Ind. Underwriters—McDonnell &
fensperger,
Research & Mfg. Co.
("Reg. A") 53,300 common.-Price—$3.75.
Business—Manufacture and distribution of diazo, brown,
Adelphi
Mar.
22,
1962
print paper. Proceeds—For debt repayment,
& working capital. Office-—3745 N. 2nd St.,
Philadelphia. Underwriter—FredT. S&ssler/Inc.,
blue
and
expansion
New
•
York.
,
*
*
.
Automotive Products,
Admiral
Jan.
■¥
,
f
inc.
;
(5/21-25) 1
100,000 commori. Price—$4. Business
11, 1962 filed
—A warehouse distributor of automobile
equipment ac¬
supplies. Proceeds rf For expansion and
working capital. Office—3294 Steinway St., Astoria, N. Y.
Underwriter—Baruch Brothers & Co., Inc., N. Y.
cessories
and
Admiral Benbow
Inn, Inc.
1962 filed 101,578 common 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 and a motor hotel.* Proceeds—For
March 23,
repayment and equipment. Office—29
Blvd., Memphis.
Underwriter—James N.
Raddoch & Co., Memphis.
expansion,
S.
debt
Bellevue
Business
(5/21-25)
Inc.
Agency Tile Industries,
Inc.
Feb. 28, 1962 filed 70,000 common. Price—$3. Business
—Designs and produces printed business forms. Proceeds
—For additional sales personnel, moving expenses and
other corporate purposes. Office—233 W. 42nd St., N. Y.
Underwriter—Fabrikant Securities Corp., N. Y. Offer¬
ing—Expected in June.
.
common.
Price—$2.
(4/23-27)
Price—$10.
Business—Manufacture
of
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.
<
200,000 shares of class A common
stock, of which 50,000 shares are to be offered for public
sale by the company and 150,000 outstanding shares by
the present holders thereof.
Price—To be supplied by
May 26,
1961
minum
filed
Business
amendment
aluminum
—
The
windows
storm
manufacture
and
and
and
doors,
sale
of
alu¬
other
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., N. Y. Note-—This offering has been in¬
definitely postponed. ; •
A
[{'JK'.-- OV.'V
Air-Tech
Mar,
Inc.
A'') 73,500
Industries,
Price —$3.
variety of
air-supported structures, radar antennae, and solar re¬
flectors. Proceeds—For expansion and working capital.1
Office—30 Garden St., New Rochelle, N. Y. Underwriter
—Fred F. Sessler & Co., Inc., N. Y. •
.4
23,
("Reg.
1962
common.
Business—Manufacture and distribution of
a
...
•
Alan-Randal
Co., Inc. (4/24)
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
Blvd.; Studio City, Calif. Underwriter—Pacific
Securities Co., San Francisco, Calif..'
Coast
Alaska
—
All
American
Petroleum
Corp.
Feb.
15, 1962 filed 2,000,000 common. Price—$1. Busi¬
ness—Acquiring, exploring and developing oil and gas
properties.
Proceeds—For debt repayment and other
corporate purposes. Office—715 Midland Savings Bldg.,
•"Allied Graphic Arts,
•
Alaska
17,
Pacific Lumber
250,000
filed
QUOTED
for Banks, Brokers, Institutions
.%/uey si. SIEdEL
Established 1942.
Dlgby 4-2370
Broadway, New York 6, N. Y.
TWX: N.Y. 1-5237
Albee Homes,
•
(4/23)
Inc.
14, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1982, also 150,000 outstanding common.
Price
—By amendment (max. $30 for common) Business—Sale of pre-cut, packaged home building materials for
construction of "shell" homes. Proceeds—For expansion J
credit
sales.
Office—931
Chemical
Summit
&
St.,
Co., N. Y.
Ohio.
Niles,
•
-
/
-
HENDERSON & CO., Los Angeles
1962 filed 1,000,000 common. Price—$3. Business
—Insuring of buildings against fire, lightning and other
perils.' Proceeds—For working capital. Office—3882 N.
Teutonia Ave., Milwaukee. Underwriter—None. - /
Alsco
March
Price
Inc.
Electronics,
28, 1962 ("Reg. A") 100,000 class A common.
$3. Business — Wholesaling and distributing of
—
electronic parts, kits, components, etc. Proceeds — For
inventory and working capital. Office—2520 N. Broad St.,
Philadelphia. Underwriter — H. H. Riecke & Co., Ins.,
Philadelphia. T--"V v'' y y:?;, -'/y *■'( •
•;
International, Inc. "
13, 1961 filed 73,000 common. Price—$7.- Business
—Company plans to construct special type homes, and
engage in the general contracting business.
Proceeds—
For general corporate purposes. Office—St. Petersburg,
Fla. Underwriter—B. C.
Malloy, Inc., St. Petersburg. Of¬
' i'i 1
-V-'y/:y
fering—Imminent.
Properties/Trust
Amecana
Feb.
1962 filed 112,000 shares of beneficial interest.
Price—$10. Business—A real estatei. investment vif trust.
Proceeds—For acquisition of a shopping center. Office
28,
Wilshire Blvd., Los Angeles.; Underwriter—Real
Underwriters, Inc., (same address). Note—This
company formerly was named Amerada Properties Trust.
—6363
Estate
Amerel
;f.'\■'r-.fy:V/Vx'/
Mining Co. Ltd.
shares;* Price—50
in exploration,
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. Manning, Ltd., Toronto.
* .1":/
July
filed
1961
31,
400,000
common
cents. Business—The company is engaged
.
American
Bank
Stationery Co./;,
*y/;:
:;v
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¬
—
7501 Pulaski Highway, Baltimore
County, Md. Underwriter—Robert Garrett & Sons, Bal¬
ing capital. Office
timore.
<
Co., Inc.
•
•
•
29, 1962 filed 200,000 common, of which 100,000
by company and 100,000 by stockhold¬
Price—By amendment (max. $25). Business—Pro¬
to be offered
ers.
duction
23, 1962 filed 50,000 common. Price—By amend¬
(max. $6).- Business—Manufacture of .specialty/
Office—3440
pur-/
Under¬
Ayres, Inc. (5/21)
>■
Feb. 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.
Allegheny Aluminum Industries, Inc.
21, 1961 filed 100,000 common. Price—$4.25.
aluminum
doors.
Proceeds
combination
For
vinyl soling materials and heels
and
.
Office—22 Willow St., Chelsea, Mass.
Underwriter—Goldman, Sachs & Co., N. Y.
„.i>(
working capital.
American
Bolt
&
Screw
debt
equipment and other corporate;pur¬
Office—Lawson Blvd., Oceanside, L. I., N. Y. Un¬
derwriter—S. D. Fuller & Co.. NV Y.:
) '
repayment,
Cardboard
American
Jan. 5,
'
? *
-
■
and
sale
of
cardboard
boxes,
.
display
Proceeds—For general corporate purposes.
Office—1101 W. Cambria St., Philadelphia. Underwriters
—Milton D. Blauner & Co., Inc., M. L. Lee & Co., Inc.,
N. Y., and Hallowell, Sulzberger, Jenks, Kirkland & Co.,
boards, etc.
Philadelphia.
1
:
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
life
insurance
loan
and
company,
finance
corporate purposes.
Allegheny Pepsi-Cola Bottling Co. (4/30-5/4)
5, 1962 filed $1,250,000 of 6V4% 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 syfiip. Proceeds—
,
1962 filed 150,000 common; Price—$3.50. Business
—Manufacture
eral
and
Packaging Corp.
&
;/;■,.Vr:
(5/7-11)
fiberglass awnings
windows
•
poses.
a
storm-screen
(5/21 -25) •
15, 1961 filed 150,000. common.) Price.—» By amend¬
ment/Business—Manufacture of standard and special in¬
dustrial aircraft and
missile fasteners. "Proceeds—For
and
an
Mfg. * Corp.
Dec.
a
acquisition, debt repayment
and general corporate purposes. Office—5007 Lytle St.,
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
—
rubber
Busi¬
Dec.
and
of
floor coverings and industrial rubber prod¬
Proceeds—For
equipment, plant expansion and
ucts.
•
Corp.
Alison
March
.
y../v;L
/
Insurance Corp.-.
/'All-Star
March
and
39
'
Mar. 30,
for footwear,
common.
ness—Manufacture of aluminum
New York Security Dealers Association
Bache &
March
Co..
.
-
magazine and stamp collec¬
Fifth Ave., N. Y.; Underwriter—
Co., N. Y. Offering—Expected in June.
Portland, Ore. Underwriter—Dempsey-Tegeler & Co.,
Inc., St. Louis. Note—This registration was temporarily
postponed.
1961
Fairfield Rd., Baltimore.
writer—Robert Garrett & Sons, Baltimore.
SOLD
r,
..
Office—551
are
poses.
-
capital.
American Biltrite Rubber
chemical products. Proceeds—For general corporate
BOUGHT
•
amendment. Business—Publication of mass
catalogues (for department stores and mail
Price — $5.75.
Business—A lumber company. Proceeds—For construc¬
tion and working capital. Office—614 Equitable Bldg.;
ment
~
/
Inc.
tors' books. Proceeds—For debt repayment and working
Underwriter—None.
Denver.
March
Ave.,
Arrin &
Ventura
Alcolac
>
First
Alumatron
Proceeds—For working capital, and
Office—20th Street, and Alle¬
products.
Underwriter—G. H. Walker
HOLTON
advertising, and working capital. Office—4116
Brooklyn, N. Y, Underwriter — Theodore
Co., Inc., N. Y.
\ ;
ment,
Nov.
other corporate purposes.
of
to
1962 filed 133,333 common. Price—43. Business
and sale of dolls. Proceeds—For equip¬
—Manufacture
stockholders.
men's and
•
YOUR PRIME SOURCE FOR
and
Ainsbrooke Corp.
Co., N. Y. Offering—In June.
order firms), a semi-annual
Jan. 8, 1962 filed 200,000 capital shares, of which 100,000
are to
be offered by the company and 100,000 by the
Nov.
Business—Design, manufacture and sale of systems, con-
Direct Wire
Feb. 27,
&
Doll & Toy Corp.;
Allied
circulation
products, sales pro¬
advertising, new office and warehouse and
working capital. Office—522 W. 29th St., N. Y. Under¬
writers—International Services Corp., 1126 Clifton Ave,,
Clifton, N. J., and Market Values, Inc., N. Y.
Systems,
Aerodyne Controls Corp.
Jan. 29,
1962 ("Reg. A") 90,000
Members of
Underwriter—Allen
Price—By
Proceeds—Debt payment, new
tiles.
motion
,
Mar. 27, 1962 filed 180,000 common, of which 60,000 will
be sold for the company and 120,000 for a stockholder.
Sept. 6, 1961 ("Reg. A") 120,UU0 common. Price—$2.50.
Business—Importing, marketing and distributing ceramic
.
Admiral
15,
,
,
213,427 common, of which 200,000 will
public and 13,427 to stockholders on
a
l-for-10 basis.
Price—By amendment.
Business—A
small business investment company.: Proceeds—For in¬
vestment.
Office—7720 Wisconsin Ave., Bethesda, Md.
.
March 29, 1962
;
Underwriter—Chase
N. J.
Sparta,
Corp., N. Y.
Securities
•
Corp.
Steel
S.
^ Aerosystems Technology Corp. ■:>
April 11, 1962 filed 165,000 common. Price—$3. Business
—Development, manufacture and marketing of certain
proprietary products and defense contracting. Proceeds
—For
new
products, inventory and working capital.
Address—Route
.
Corp.
Capital
Oct. 20, 1961 filed
be offered to the
Inc.
ventory and forking capital. Office—3181 Roswell Rd,,
N. E., Atlanta.
Underwriter—Robert M, Harris & Co.,
Inc., Philadelphia. :':' V,
••
Electronics,
C.
E.
A.
acquisition. Office—1601 Guilford Ave., Balti¬
Underwriter—Suplee, Yeatman, Mosley Co., Inc.,
Allied
16, 1962 ("Reg. A") 92,000 common. Price—$3.25.
Business—Design - and fabrication
of instrumentationand telemetry systems.
Proceeds—For equipment, in¬
offering dates.
ISSUE
REVISED
ITEMS
Philadelphia.
March
items reflect
but
Electronics,
•
an
more.
equipment,
PREVIOUS
SINCE
a
American
Gas
./.'
Proceeds—For gen¬
Office—930 Grant St., Denver.
Underwriters,
Underwriter—Nation-Wide
(a subsidiary). ">
broker-dealer-underwriter,
company.
Inc.,
Denver
"
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.
distribution and sale of
$5).
Business—Transportation,
gas.
Proceeds—For debt repayment and expansion. Of¬
S. 24th Ave., Omaha.
Underwriter—Crutten-
fice—546
den, Podesta & Miller, Chicago.
Volume
195
Number 6152
.
.
The Commercial and Financial Chronicle
,
(1897)
*• American Hospital Supply Corp.
April 16,1962 filed 760,000 common, of
will
•
neapolis. Underwriters—The
Minneapolis (a subsidiary).
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.
ers;
which 400,000
be sold by the company and 360,000 by stockholdPrice—By amendment (max. $30). Business—Man¬
APA, Inc.,
and
17850
products used in the medi¬
cal health care, and education fields and in industrial
research laboratories.
Proceeds—For debt repayment,
advances-to' subsidiaries and working capital/ Office—
.1740 Ridge Ave., Evanston, 111. Underwriters—Eastman
Dillon, Union Securities & Co. and 'Smith, Barney &
Co., N. Y.'
'•/■/
.-v
.,/:,// ;//
,
American
vestment company which plans to acquire firms in the
Sometime in June.
insurance and finance fields. Proceeds—For general cor¬
fiers.
porate purposes.
.4
D. C.
//;•,•American
//" !
Office
Modular
(5/7-11) ;
Warner Bldg., Washington,
—
Underwriter—None.;,
• •
::
v>
Manufacturing
/
■
Corp.
.
.■
/.■,
.
/.i■'
Nov. 27, 1961 filed 200,000 common; Price—$2.50. Busi- *
ness—Manufacture of a type of component constructed
home. Proceeds—For debt repayment, equipment, and
working capital. Office—4950 71st Ave., North, Pinellas :
Park, Fla. Underwriter—Equity Securities Co., N. Y.
i;
•
American
Mortgage
Price—$15. Business —
which plans to invest in first mortgages. Proceeds—For
4 investment. Office—305 S. County Rd., Palm Beach, Fla.
Underwriter—Hayden,, Stone & Co., N. Y. Note—This
company was formerly named American First Mortgage
.Investors.
"Iv-.,};';
Z/./■'/„•
///;./■
★ American
Options Corp.
April 11, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Company plans to sell "puts and calls" and
may act as a broker-dealer. Proceeds—For general cor¬
W
porate purposes. Office—120 Broadway, N. Y. Under¬
writer—Provost Securities, Inc., N. Y.
/,. ./: .///.
i
-
American
J an.
Phoenix Corp.
24, 1962 filed 315,000 class A shares.
Business—General real estate.
purposes.
Interamerica Securities Corp., N. Y.
American Plan Corp.
March 30, 1962 filed $2,480,000
tures
,
due
1982
Price—$10. /
Proceeds—For corporate
Office—320 Park Ave., N. Y.
Underwriter—
//;
;/
/
convertible
of
deben¬
and
248,000 common shares (of which
218,000 will be sold for the company and 30,000 for
/ stockholders). The securities will be offered in units of
v one $10 debenture and one share. Price—By amendment
x, (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 &
Co., N. Y4:
- ./v,^4:z;v.4z;■-/■//;^"--4Z '../..4/v,
■'*
American Southwest Realty Trust
Proceeds
investment.
Office—800 Hartford Bldg., Dallas. Under¬
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
/ Pierce & Co., Inc., Dallas.
■/
States
Life
Insurance
-
•.I::/// /Ampoules,; Inc.
stockholders.
•
ampoules.
Office—34
Underwriter—None.
■
'
•
Anchor Coupling Co.,
Proceeds—For selling
Main St., Hudson, Ohio.
N.
■.
Inc.
Jan. 26, 1962 filed 488,000 common. Price
By amend¬
—
holders. Office—342 N. Fourth St., Libertyville, 111. Un¬
derwriter
Paine, Webber,
Offering—Imminent.
Anchor
—
Industries Corp.
Jackson & Curtis, N. Y.
'
:
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter—Amber, Burstein & Co., Inc.,
New York.
,
Anscott Chemical
Industries, Inc. (4/24)
Price—$2. BusinessDevelopment, sale and distribution of specialty chemi¬
cals and detergents. Proceeds—For sales promotion, new
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
Z Apache Canadian Gas & Oil Program 1962.
Price—
$7,500. per unit. Proceeds—Exploration, and drilling for
oil and gas in Canada. Office—7523 Marquette Ave.*, Min¬
one
plant expansion, equipment, debt repayment and
working capital.
Office—South Main St., Union, 111.
Underwriters—Pierce, Carrison, Wulbern, Inc., Jackson¬
ville, Fla. and A. M. Kidder & Co., Inc., N. Y.
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¬
trial machinery and processes.
Proceeds—For general
corporate purposes. Office—3601 Merrick Rd., Seaford,
N. Y. Underwriter—S. Schramm & Co., Inc., N. Y.
Dec.
•
Dec.
000
Office—153 W. 36th
/
.Bacardi
Corp, (4/30-5/4)
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.
Bank "Adanim"
dividend
Barish Associates,
(4/23-27)
ceeds—For
Barker Bros.
and
&
e
<
.4,
.
4
/
Barr
is
distributed
in
U.
S.
and
Canada.
"
Atlantic
Newark, N. J. Underwriter—Paine, Webber, Jackson &
Curtis, N. y. C. Note — This offering was indefinitely
postponed.
Mid-Continent Corp.
March 30, 1962
for
Barth Vitamin Corp.
v,
and
ers.
March
are
Ave., Detroit, Underwriter—
Detroit.
•
—Construction
and
Co., N. Y.
Business
operation of water-treatment and
sewage-disposal
plants.
Proceeds—For
construction,
?
plant/.expansion,, and a loan to a subsidiary. Office—
1962 filed 120,000 common, of which 50,000
by the company and 70,000 by stock¬
Price—By amendment (max. $11). Business-
5,
to be offered
holders.
Design, development, and manufacture of differential
pressure-measuring devices and related instruments.
Proceeds—For working capital. Office—580 Monterey
Pass Rd., Monterey Park, Calif. Underwriter—E. F. Hutton & Co., N. Y.
4
Bay State Electronics Corp.
Oct. 27, 1961 filed 160,000 common. Price—By amend¬
ment.
Business—Development of products and tech¬
Jefferson
Atlantic Utilities Corp. (5/7-11)
Jan. 26, 1962 filed 200,000 common. Price—$6.
dietary products. Proceeds—For selling stockhold¬
Merrick Rd., Valley Stream, L. I.,
Office—270 W.
N. Y. Underwriter—H. Hentz &
filed 600,000 common. Price—By amend¬
(max. $6). Business—A holding company. Primarily
concerns.
Proceeds — For/acquisitions.
F. J. Winckler Co.,
(4/24)
Jan. 23, 1962 filed 180,000 class A shares. Price — By
amendment. Business—The mail order sale of vitamins
insurance
Office^-8469 E.
Ave./ Richmond Hill, N. Y. UnderKletz & Co., Inc., and Rittmaster
Barton Instrument Corp.
ness—A small business investment company. Proceeds—
For general corporate purposes. Office—744 Broad St.,
ment
91st
writers—Michael G.
Voisin & Co., N. Y.
Capital Corp.
Aug. 29, 1961 filed 500,000 common. Price—$12.50. Busi¬
Atlantic
150,000 common. Price—$4. Business
sale of quilted and laminated vinyl
sheeting. Proceeds—Expansion and working capital. Of-
fice-^-127-09
;
Proceeds—
working capital. Office—149 Madison
Ave., N. y. Underwriter—Brand, Grumet & Seigel, Inc.,
Corp.
Feb. 27, 1962 filed
—Manufacture and
Price—$7.50. Business —^ Operates diaper services,
supplies linens, and publishes "Baby Talk" magazine
which
technology and the design and sale of ultra high
equipment. Proceeds—For inventories, research,
Office—51 E. 42nd St., N. Y. Underwriter—Globus, Inc., N. Y. Offering—In July.
ers.
For equipment and
~
Price—By amend¬
and sales promotion.
Pro¬
Associated Baby Services, Inc. (4/30-5/4)^
Jan. 17, 1962 filed 160,000 common, of which 60,000 are
to be offered by the company and 100,000 by stockhold¬
(5/14-18)
Barogenics, Inc.
sure
William T. Robbins
V
Corp.
pressure
repayment, equipment and working
Office—Wilson Mills Rd., Chesterland, Ohio.
4
St.,
March 30, 1962 filed 100,000 common. Price — $7.50.
Business—Research and development in ultra high pres¬
debt
Co., Inc., Cleveland.
38th
'Angeles/
Assembly Products, Inc.
29, 1962 filed $1,250,000 of 5%% conv. subord. de¬
bentures due 1972. Price—At par.
Business—Manufac¬
and
E.
Offering—In¬
repayment. Office—818 W. Seventh St., Los
Underwriter—William R. Staats & Co., Los
debt
Angeles.
/
Co.
& Co., N. Y.
ment.
Business—Merchandising of home, commercial
and institutional furnishings. Proceeds—For expansion
St., N. y. Underwriter—Rittmas-
&
Office—224
capital.
March 15, 1962 filed 200,000 common.
March
Underwriters—Prescott
working
definitely postponed.
interfacings used in the manufacture of clothing. Pro¬
expansion, debt repayment and working capi¬
capital.
Price—By
Inc.
Y. Underwriter—Gianis
N.
ceeds—For
electronic devices.
shares.
1, 1961 ("Reg. A") 50,000 common.
Price—$4.
Business—Aeronautical research and development. Pro¬
(4/23-27)
and
dollar-linked
Sept.
Feb. 23, 1962 filed 100,000 common. Price—By amend¬
ment. (max. $7.50). Business—Converter of linings and
electromechanical
participating
American Israel Investment .Co., Inc.
,,
of
Mortgages & Loan Ltd.
amendment. Business — A mortgage lending company.
Proceeds—For general corporate purposes. Address—108
Achad Haam St., Tel-Aviv, Israel. Underwriter—Adanim
29, 1962 ("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
—For general corporate purposes.
Office—14 W. 55th
St., N. y. Underwriter—Dana Securities^ Co., Inc., 80
Wall St., n. y.
z
/;;*,
ter, Voisin & Co., N. y.
Union Securities &
Dec. 29, 1961 filed $556,000 of 6% cumulative preference
Jan.
ceeds—For
Underwriter—Eastman Dillon,
Co., N. Y.
Mills, Inc. (5/7-11)
/ "
v*;oV' ; 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
of loans and working capital.
Office—1030 Pearl St.,
Long Branch, N. J. Underwriter—Mortimer B. Burnside & Co., Inc., N. y.
tal. Office—335 W. 35th
Underwriter—None.
St., N. Y.
Babs, Inc. (5/2-25)
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¬
fice—32550 Pulaski Dr., Hayward, Calif. Underwriter—
Pacific Coast Securities Co., San Francisco. *
March 8,
Artlin
Inc.
are
•
Art
Ascot Publishing Co.,
Automatic Marker Photo
Corp.
1, 1961 filed 150,000 class A shares, of which 125,to be offered by the company and 25,000 by
stockholders. Price—By amendment. Business—Sale and
distribution of a photocopy machine and supplies. Pro¬
ceeds—For equipment, expansion, and working capital.
$1,000
—
Packaging, -Inc.'
("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. Underwriters-Ber¬
nard L. Madoff, N. Y. Note—This letter was withdrawn.
•
hoods,
Proceeds—
For
Jan. 26, 1962
Jan. 5, 1962 filed 95,000 common.
.
in units of
N. y.
(5/15)
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¬
•
•
range
exhaust fans and kitchen cabinet hardware.
Richling, Inc. (4/30-5/4)
Nov. 27, 1961 filed 108,000 common. Price—By amend¬
ment (max. $5). Business—Design and manufacture of
women's junior sizes. Proceeds—For selling stockhold¬
ers. Office—1400 Broadway, N. y. Underwriter—Carreau
& Co., N.
y../;;
.4- "V'"4 Z
-v:
ment. Business—Manufacture of pressure hydraulic hose
and metal tube assemblies. Proceeds—For selling stock¬
..
Design, manufacture and sale of kitchen
Off ice—1118 Torrey
Price
Warrants.
Price—$3.50.
Aubrey Manufacturing, Inc..
Aronoff &
ture
March 28, 1962 filed 5,900 common. Price—At-the-market.
Business—Design and development of sterile dis¬
hypodermic
60
Ascot Textile Corp.
1962 filed 300,000 common to be offered in¬
itially for a 30-day period to 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 lifb insurance.
Proceeds—For general
corporate purposes. Office—532 N. Meridian St., Indian¬
apolis.
Underwriter—City
Securities
Corp.,
Indian4
'; 4/■'/ •
apolis.:
/■
-' '
■>'.
.
and
common..
repayment
March 28, 1962 filed 140,004 common, of which 100,000
shares are to be offered by company and 40,004 by stock¬
holders. Price—By amendment (max. $7). Business—
(5/7-11)
to be offered for sale
—
ington, D. C. Offering—Indefinitely Postponed.
By amendment.
Business—Manufacture of 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.
Co.
March 22,
posable
warrants
debenture
For
of loans, acquisition and
working capital. Office—715 N. Fayette St., Alexandria,
Va. Underwriter—First Investment. Planning Co., Wash¬
Dec. 29, 1961 filed $600,000 of 6% convertible subordi¬
nated debentures and 36,000 common stock purchase
(5/14-18)
Feb. 12, 1962 filed 1,000,000 common. Price—$11. Busi¬
ness—A real estate investment company. Proceeds—For
American
Proceeds—For investment.
Proceeds—For
Atmospheric Controls, Inc.
("Reg.A") 40,000
/;//•'' /
Industries, Inc.
Underwriter—>
,
Aug. 22, 1961
Road, La Jolla, Calif. Dealer-Manager—Argus Fi¬
nancial Sales Corp. (same address).
Arnav
interest.
A newly-formed business trust
Locka, Fla.
equipment, advertising and work¬
Office—668 Jenks Ave., St. Paul.
Under¬
writer—Pewters, Donnelly & Jansen, St. Paul. Offering
—In late May.
Pines
(5/14-18)
Investors
Feb. 8, 1962 filed 1,300,000 shares of beneficial
Z
nesses.
Opa
ing capital.
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
which plans to participate in the long-term progress of
savings and loan associations, and allied financial busi¬
r
Court,
Atmosphere Control, Inc.
Laboratories, Inc. (5/28-6/1)
/ Feb. 28,1962 filed 200,000 common. Price—By amendArde Inc.
'/ (max. $6)t Business—Operation of hospitals. and medical - March 30, 1962 filed 100,000 common, of which 80,000
laboratories. Proceeds—For debt repayment and; work- > are to be sold by the company and 20,000! by' stockhold¬
ers.
ing capital. Office—660 S. Bonnie Brae, Los Angeles.
Price—By amendment (max. $8.50). Business—Re¬
Underwriter—California Investors, Los Angeles.
:
//;/ search, development and engineering under defense con¬
tracts. Proceeds—Repayment of bank loans, equipment,
American Management Re investment Corp.
plant expansion and working capital. .Office—Paramus,
Dec. 20, 1961 filed 500,000 7% non-cumulative convert¬
ible preferred. Price—$10. Business—A management in- i N. J. Underwriter—McDonnell & Co., N. Y. Offering•
29th
Feb. 5, 1962 ("Reg. A") 86,000 common. Price—$3.45.
Business—Manufacture and sale of Mist-I-Cone humidi¬
,,
.
N.
Hardy & Co., N. Y.
Mar.
ufacture and distribution of
•
company
37
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—S, D. Fuller & Co.,
New York. Offering—Indefinitely postponed.
.
:
^;vvr.
,*
>
Continued on page
38
The Commercial and Financial Chronicle
(1898)
Continued from
page
Md. Underwriters—Jones, Kreeger & Co.,
Planning Co., Washington, D. C.
Kensington,
37
and
Beacon
Corp.
1961 filed 300,000 shares of capital stock. Price
—Net asset value. Business—A mutual fund. Proceeds
—For investment.
Office—22 The Fenway, Boston.
Un¬
Investing
•
Long Beach, Calif. Underwriter—To be named. Offering
—Expected sometime in May*
Investment
First
Chemical
Blane
Thursday, April 19, 1962
.
.
.
•
Corp.
Cameo
Lingerie,
Inc. (4/30-5/4)
Jan. 29, 1962 filed 120,000 common.: Price—$3. Business
Feb. 12, 1962 filed 190,000 common, of which
120,000 are
—The processing of plastic raw materials into com; to be offered by the company and 70,000 by stockhold¬
ers.
pounds for extruding and moulding into plastic prod¬
Price—$5. Business—Manufactuer of women's and
derwriter—None.
ucts. Proceeds
For debt repayment, equipment and
children's tailored panties. Proceeds—For debt repay¬
• Bebell
& Bebell Color Laboratories, Inc. •
working capital. Office—35 Pequit St.,'Camden, Mass.- ment, inventory and working capital/Office—Fajardo,
(4/30-5/1)
Puerto Rico. Underwriter—Schweickart &
Underwriter—Godfrey, Hamilton, Taylor & Co., Inc.,
Co., N. Y.
Jan. 29, 1962 ("Reg. A") 75,000 common. Price — $4.
N; Y. Offering—Expected sometime in June.
';■</'/
/ • Cameo-Parkway Records, Inc. (4/25)
•;/' 1
Business — Production of color photographic prints,
Bloomfield Building Industries, Inc./;
/;/'/ Dec. 29, 1961 filed 200,000 class A common, of which 40,slides, transparencies and photo-animations. Proceeds—
Mar. 26, 1962 filed $2,000,000 of conv. .subord. deben¬
000 are to be offered by company and 160,000 by a stock¬
For
equipment, sales promotion, leasehold improve¬
tures due 1977. Price — At par. Business — A holding
holder. Price—By amendment. Business—Recording and
ments, a new product, and working capital. Office—108
company for 16 subsidiaries in the real estate and gen- / distributing of phonograph records. Proceeds—For
gen¬
W. 24th St., N. Y. Underwriter—Stevens, Hickey & Co.,
/ eral contracting business. Proceeds—For general coreral corporate purposes. Office—1405 Locust
St., Phila¬
N. Y...'•••;' "A'-■
•/■■ V/3::K-/
porate purposes. Office—2600 Popular Ave., Memphis, .. delphia.
Underwriter—Godfrey, Hamilton, Taylor & Co.,
Becton, Dickinson & to. (4/23-27)
Tenh.
Underwriters—Lieberbaum
&
Co., and Morris
Inc., N. Y. <
Jan. 26, 1962 filed 480,000 common, of which 200,000 are
Cohon & Co., N. Y.
:////:/'■;
Campbell-Lurie Plastics, Inc. (4/23-27)
to be offered by the company and 280,000 by stockhold¬
• Bolsa Chica Oil
Corp. ;////;//•;,';~.
/'/; /■/' ■ <"/'/: Oct. 27, 1961 filed 574,250 common, of which 500,000 are
ers.
Price—By amendment. Business—Manufacture of
Jan. 29, 1962 filed $1,024,700 of 6% convertible subordi- v to be offered by the
company and 74,250 by a stockproducts used in the medical profession. Proceeds—For
nated debentures due 1977, being offered for: subscription
holder.Price—$2.50/Business—Compariy is engaged in;
expansion and working capital.
Office—East Ruther¬
by stockholders at the rate of $100 of debentures for / the plastic business as a converter of raw materials.
ford, N. J. Underwriter—F. Eberstadt & Co., N. Y.
;• each
65 shares held of record April 18 with rights to
Proceeds—For
debt repayment
and working
capital.
Bede Aircraft, Inc.
expire May 3, 1962. Price—At par. Business—Prospects
Office—5440 Highway Ave., Jacksonville, Fla.
UnderFeb. 14, 1962 ("Reg. A") 259,272 common.
Price—$1.
for, develops, produces, and markets oil and gas. Pro¬
writer-^Florida Growth Securities, Inc., Jacksonville.
Business—Design and development of an aircraft incor¬
ceeds—For debt repayment, exploration and develop¬
Capital Alliance Corp. //
/•■;/ / •■
///'/•
/'•//.
porating radical concepts in design and construction.
ment. Office—612 S. Flower St., Los Angeles. UnderMarch 29, 1962 ("Reg. A") 75,000 common.
Proceeds—For debt repayment and general corporate
.Price—$4.4
writer—Bregman, Cummings & Co., N. Y.
Business—The making of real estate mortgage loans.
purposes/ Office—201
N. Federal Highway, Deerfield
Bridge Electronics Co., Inc. (5/28-31)//:/
Proceeds—For general corporate purposes. Office—1895
Beach, Fla. Underwriter—Consolidated Securities Corp.,
Nov. 29, 1961 filed 225,000 common, of which 200,000 are
Newport Blvd., Costa Mesa, Calif. Underwriter—Hill
Pompano Beach, Fla.
to be offered by the company, and 25,000 by the stock¬
Richards & Co., Los Angeles./-- • - :
/
•.
«
:
•
•
Begley Drug Co.
holders. Price—$4. Business—Design and manufacture of
Capital Management Corp. /
Feb. 5,
///;///
1962 ("Reg. A") 19,900 common.
electronic equipment and communication systems, pro¬
Price—$15.
Dec. 271961 ("Reg. A") 60,000 common.
Price—$5/Busi¬
Business—Operation of a chain of drug stores. Proceeds
ceeds—For general corporate purposes. Office—201 Lau-/
ness—An investment company which will hold mort-'
—For debt repayment. Office—201 E. Irvine St., Rich¬
rel St., Beverly, N. J. Underwriter—Roth & Co., Inc.,gages, land contracts, etc.
Proceeds — For investment.
mond, Ky. Underwriter—J. J. B. Hilliard & Son, Louis¬
Philadelphia.
/:///•'
7/////'
Office—44 E. Indian School Rd., Scottsdale, Ariz. Under¬
ville, Ky. Offering—Imminent.
Brinkmann Instruments, Inc. ■
writer—Pacific Underwriters, Inc., Scottsdale, Ariz. *
Befco Petroleum Corp.
Mar. 26, 1962 filed 100,000 common, of which 77,420
(5/1)
//'/Caribbean Capital Corp. /,'///////<////•'/
/'/./•
March 19, 1962 filed $7,500,000 of convertible subordinate
shares are to be offered by the company and 22,580
Feb. 28, 1962 filed 400,000 common. Price—$3.60. Busi¬
debentures due 1977; also 300,000 outstanding common
shares
by stockholders. Price—By amendment (max.
ness—A small business investment company.-Proceeds
shares. Price—By amendment (max. $20 for common).
$7.75). Business—Importing and distribution of scien¬
—For general corporate purposes. Office—23 Dronnintific instruments. Proceeds—For research and develop-'
Business—Acquisition, exploration and development of
gens Gade, St. Thomas, Virgin Islands. Underwriter—
natural gas and oil properties. Proceeds—For debt re¬
ment, equipment, debt repayment and other corporate J
Richard J. Buck & Co., N. Y.
payment and other corporate purposes. Net proceeds
purposes. Office—115 Cutter Mill Rd., Great Neck, N. Y.
from the sale of the common will go to certain stock¬
Underwriter—D. B. Marron & Co., N. Y.
' / Carolina Telephone & Telegraph Co.
Dec. 20,
—
.
...
*
.
.
holders.
Office—630 Third Ave., N. Y. Underwriters—
White, Weld & Co. Inc., and Goldman, Sachs & Co., N. Y.
Bene
Cosmetics, Inc.
("Reg. A") 100,000
March 2, 1962
Price
common.
—
Feb. 16, 1962 filed 195,039 common being offered for sub¬
scription by stockholders on the basis of one new share
100,000 common. Price—$5. Busi¬
ness — Operation of self-service
discount department;; for each 10 held of record April 3 with, rights, to expire
stores. Proceeds—-To retire outstanding debentures, and
April 27/ 1962.
Price—$20.
Proceeds—For repayment
v
Bruce
March
$3.
(Michael)
29,
1962
Distributors, Inc.
filed
of bank loans.-Office—122 E. St. James
Business—Importation, sale and distribution of Italian
for
cosmetics.
Conn. Underwriter—Gianis & Co., Inc., N. Y.
N.
•
•
Proceeds
^c,<For> advertising, .inventory and
Office—114 W. 13th St., N. Y. Under¬
working capital.
writer—Granite
Berkshire
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)
("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., v •
-
.
Berne of
Oct
Inc., N. Y.
Underwriter—None./,;////
National
•
•
(4/26)
85,000 common.
,
Burton Mount'
Corp.-:'--'v///////; /h//.•//■-.
./
••
Casavan Industries, Inc.*
■
fice—1621
promotion
For
—
—Pacific
Coast
Pedro
St., Los Angeles.
Securities
Co., San Francisco.
International, Inc.
Feb. 1, 1962 filed 1,000,000 common.
Price—$5. Business
—Company plans to manufacture various type beryllium
23,
1962
(4/23-27)
filed
185,000 common, of which 36,500
the company and 148,500 by stock¬
holders. Price—By amendment
(max. $20). BusinessDesign and manufacture of popular priced foundation
garments. Proceeds—For working capital. Office—38-01
47th Ave., L. I.
C., N. Y. Underwriter—Smith, Barney &
Co., N. Y.
'
9
.
30,
tor
four ladies'
hosiery and lingerie stores. Proceeds—
expansion, inventories, working capital and other
corporate purposes. Office—249 W. 34th
St., N. Y. Under¬
writer—Amber, Burstein & Co., Inc., N. Y.
Bilnor Corp.
wading
pools.
Proceeds—For
Office—300 Morgan Ave.,
—A.
the
selling stockholders.
Brooklyn, N. Y. Underwriter
C, Allyn & Co., N. Y.
Biologies
Offering—Postponed.
International, Inc.
March 30, 1962 filed
125,000 common. Price—$3. Business
—Company plans to breed and supply animals for bio¬
logical research
general
purposes. Proceeds—For equipment and
corporate purposes. Offices — 7520
Bergenline
Ave., North Bergen, N. J. Underwriter—None.
Blanche
(Ernest E.) &
Associates, Inc.
March 15, 1962 filed
80,000 class A common. Price—$3.
Business—Application
of electronic and mechanical data
techniques to solution, of problems for gov¬
processing
ernment
and
promotion
x
■
." :V
>>*.
industry.
and
■
Proceeds—For equipment, sales
expansion.
Office—10419 Fawcette St.,
/ Vv '.-V";
i
;
4
Cedar
Calvert
are
ers.
and
qualify
sewage
shares
by
stockholders.
The securities will be
offered in units
consisting of $100 of debentures and 13
Price—$178 per unit. Business—Operation of
shares.
five
of
cemeteries
mausoleums
in
Kansas.
Proceeds—For
construction
and
working
capital.
Office—3096
Hutchings St., Kansas City, Kan. Underwriter—Bernard
M. Kahn & Co., Inc., N. Y.
Central
working
&
to
Lake, Ind. Underwriter—None.
common
Acceptance Corp. of Delaware
A
150,000 class A common. Price—$5.
Business—A sales finance company. Proceeds—For ex¬
pansion. Office—526 North Ave. East, Westfield, N. J.
Electronics,
1962
Office—220E.
Rosen
and
of America, Inc.
27, 1962 filed $500,000 of 7% conv.-subord. deben¬
due 1974 to be offered by the company and 65,000
tures
Interstate
Nov. 29,
filed
distribution
tory,
water
March
.
Inc.
80,000 common, of which 40,000
to be offered by
company and 40,000 by stockhold¬
Price—By amendment (max. $5). Business—Sale
30,
-
Cemeteries
Telephone Co. (5/7-11)
March 29, 1962 filed 160,000 common.
Price—By amend¬
ment (max. $30).
Proceeds—For debt repayment, con¬
struction and working capital. Office—16461
Mojave Dr.,
Victorville, Calif.
Underwriter—William R. Staats &
Co., Los Angeles.
March
Underwriter—White,
/ :
//////, .
as a public utility and
disposal services in and
around Cedar Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Underwriter—Amber, Burstein & Co., Inc., N^ Y.
California
Jan. 8, 1962 filed
100,000 class A capital shares. Price—
By amendment ($11 max.). Business—Manufacture of
Company plans
—
N. Y.
.
furnish
Photolabs, Inc. (6/4-8)
1962 filed 93,000 common. Price—$3.25. Busi¬
Company processes black and white and color
photographic film, and sells photographic supplies and
equipment. Proceeds—For sales promotion, equipment
and repayment of loans. Office—21-20 45th
Rd., L. I. C.,
For
Ave., N., Seattle.
Co., Inc., N/Y.
/
/
Cedar Lake Public Service Corp.
—
29,
ness
Fairview
March 20, 1962 filed 9,964 common. Price—$100. Business
•
Co., N. Y.
Jan.
Office—250 Vree-
warrant to
Weld &
Price—$5/
Calev
1962
corporate purposes.
one $1,000 debenture and
purchase 15 shares. Price—By amendment.
Proceeds—For debt repayment and construction. Office
a
.—222
;
other
shares to be offered in units of
•
tional works. Proceeds—For general corporate purposes
Office—339 W. 51st St., N. Y. Underwriter—S. B. Can¬
("Reg. A") 60,000 common. Price—$5.
Business—Operation of one discount merchandise center
and
27,
packaging and building industries. Proceeds—
expansion, leasehold improvements, repayment of
ic Cascade Natural Gas Corp.
April 18, 1962 filed $6,000,000 of subordinated deben¬
tures due 1983, and warrants to purchase 90,000 common
Business—Publishing of text books and general educa¬
Big Mart Discount Stores
March
Oct.
of
Ave., Paterson, N. J. Underwriter—Foundation Se¬
curities, Inc., N. Y.
'
:
Caldwell
;v
///-;//
capital shares/Price — $7.
plastics, marble and ceramics
350,000
the
loans and
(6/18-22)
Publishing Corp. (4/30)
1961 filed 137,500 capital shares.
filed
land
principally melamine dinnerwear. Proceeds—For expan¬
sion, working capital and debt repayment. Office-^-118
Santa Barbara, Santa Paula, Calif. Underwriter—Pistell,
Inc., N. Y.
>//
'
v
/
to be offered by
are
M. P. Corp.
C.
Proceeds—For land and buildings, equipment,
and working capital. Office — 528
Union Trust Bldg.,
Washington, D. C. Underwriter—None.
Feb.
for
other
Jan. 19, 1962 filed 70,000 common. Price — By amend¬
ment. Business—Manufacture of molded plastic products,
products.
Foundations, Inc.
and
1961
Business—Production
corporate purposes. Office—2147'
Jericho Turnpike, New Hyde Park, N. Y. Underwriter—^
Reiner, Linburn & Co., N. Y. Offering—Imminent.,, /
*
Underwriter
Beryllium
Bestform
Bldg., Charlotte, N. C. Under writer-4R.
Co., Charlotte.
/'//// ////////////
,
Aug. 21,
San
■"
Bank
S. Dickson &
•
Sept. 22, 1961 filed 100,000 common. Price—$6. Business
—Importation and distribution of copying machines and
supplies. Proceeds—Repayment of debt, inventory, sales
S.
/j ^ i /
'//i///y/ '• Carrols, Inc. (4/27) ////'•//" ;,//,/
Feb. 21, 1962 filed 688,375 common to be offered for sub¬
Budget Finance Plan. (4/30-5/4) *
*
.
j
March 16, 1962 filed $3,000,000 of 6% series A subord.
scription by stockholders of Tastee Freez Industries, Inc.,
capital income debentures due 2010 (convertible into 6%/ parent company on the basis of one such share for each
two shares of Tastee Freez held; Price—$6. Business—
serial preferred shares) and 50,000 common shares. Price
—By amendment (max. $21 for common)/ Business—A
Franchising, and supplying of stores and mobile units
small loan company. Proceeds—For debt repayment and /selling a soft ice product and certain selected food
prod¬
ucts; Proceeds—For expansion. Office—176 W. Adams
/ expansion/*: Office—6434 ^Wilshire Blvd., Los Angelas.
St., Chicago/ Underwriter—Bear, Stearns & Co., N. Y.
Underwriter—Shearson, Hammill & Co.; N. Y. v
California, Inc.
1961
-
general corporate purposes. Office-—1200 North Carolina
("Reg. A")
Price—$3
Business
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of¬
27,
Street, Tarboro,
Offering—Expected sometime in June.
;
March 7, 1962
•
N. Y. Underwriter—Milton D. Blauner 8c Co.,
C.
Carolinas Cdj)ital Corp. (5/7-11)
Nov. 22, 1961 filed 500,000 common. Price—$10. Business
—A small business investment
company. Proceeds—For
Buddy L. Corp.
April 2, 1962 filed 225,000 common. Price—By amend-"
ment (max. $10). Business — Design, manufacture and/
sale of various type toys* Proceeds—For a proposed ac¬
quisition of another toy company. Office—200 Fifth Ave.,/
Securities, Inc., N. Y.
Gas
working capital. Office—1101 Albany Ave., Hartford,"
of
electronic
capital
23rd
and-
St.,
Appel,, N. Y.
tubes.
other
N/Y.,
Underwriter—To be named.
Proceeds—Inven¬
corporate
purposes.-
.Underwriter—Philips,
.
Central Investment &
Mortgage Co. (5/1)
filed 130,000 common, of which 100,000
offered by the company and 30,000
by stock¬
holders; also $600,000 of 6V2% convertible subordinated
Jan.
are
....
Cambridge Fund of California, Inc.
common. Price—By amend¬
ment. Business—General real estate. Proceeds—Debt re¬
working capital. Office—324 E. Bixby Rd.,
26,
1962
to be
debentures
Sept. 28, 1961 filed 280,000
payment and
1961 filed
1974. Price—For stock: $5; for deben¬
Business—Company was formed to hold
the stocks of a mortgage company, an insurance
agency
and: a real estate development company/ Proceeds—For
tures:
-
at
due
par.
Volume
195
Number 6152
-
.
.
The Commercial and Financial Chronicle
,
debt repayment and working capital. Office—44
Forsyth
St., N. YV., Atlanta, Ga. Underwriters—Joseph Walker &
Sons, N. Y\ and Clark, Landstreet & Kirkpatrick, Inc.,
Nashville,-. Tenn. Note — This company formerly was
named'; Continental Investment & Mortgage Co.
ital. Office—1900 N. River Rd., River Grove, 111. Under¬
writer—Divine & Fishman, Inc., N. Y.
,
y
College Publishing Corp.
March 16, 1962 ("Reg. A") 155,000
y
■../
-
-
*
■.!
Certified
-
'
*
;■
*
-
.
'
A"
:•
V
.
'•
'
.
*
,
•.
are
k
Industries, Inc. v--
holders.
Sept. 28, 1961 filed $400,000 of 6% convertible subordioffered-in
purchase
—344
expansion, equipment and working capital. Office
Duffy Ave., Hicksville, N. Y. Underwriter—Singer,
Bean &
Mackie, Inc., N. Y.
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-?.
W.
69th
/A7/A/a'--A
Charter Credit Corp.
Feb. 28,
1962
;
:
•
,
.
:
100,000 common. Price — $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
Chemical
A
Coatings Corp.
1961 filed 75,000 common. Price—$5 Business—
Manufacture of paints particularly for use in tropical
and
•
-
new
shares for
Price--By
struction
each
five
and
debt
&
Co., N. Y.,
N. Y.
Laird,
and
•
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. Office—485
Lexington
Ave., N. Y.
Underwriters—Lazard Freres & Co. and
Hill Industries, Inc.
(5/14-18) >
29, 1961-filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders. Price—$7.50/ Business—Design and manu¬
facture of-women's, misses' and junior
sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St.,. Hollywood, Fla. Underwriter
Clayton Securities
Corp., Boston. Mass,-;./*,/
A''A/ •/./;
•»
stock, series
A
2. Price—$5.50 per share. Business—A closed-end diver¬
management investment company. Proceeds—For
investment. Office—501 Bailey Ave., Fort Worth, Tex.
Fort
Cine-Dvne.
A. Holman &
Studios
Inc.
Co., Inc., N. Y;. W'' A -PA
AA~
;
"'A
.
Business—The production of slides and color film strips.
Proceeds—For equipment, sales promotion and advertise
ing. Office—424 E; 89th St., N/Y. Underwriter—To be
Clark
was
withdrawn.
/■■.*•
' ;
,
are
holder.
Price—By amend¬
$34). Business—Manufacture of trucks, selfpropelled construction machinery and highway trailers.
Proceeds—For
selling
stockholders. " Office—324
E.
Dewey Ave., Buchanan, Mich.
Underwriter—Blyth &
ment (max.
Computers, Inc.
April 2, 1962 filed 10,000
Co., Inc., N. Y.
Acceptance Corp.
(5/7-11)
11, 1961 filed 80,000 class A common, of which 68,000 are to be offered by the company and 12,000 by
stockholders. Price—$12.50. Business—A small loan fi*
For
company.
Jan.
28,
year
warrants
1961
filed
to
at $2 per share)
120,000 class A common. Price—By
—
Distribution of special/types of
electric wire and cable, and the manufacture of insulated
18,, 1962 filed
use..
Proceeds
—For equipment, possible acquisitions and working cap¬
«
120,000
purchase
common
an
(with
Price—$2
attached
additional 60,000
to be offered in units of
one-half warrant.
amendment. Business
Products, Inc.
Nov.
(4/30)
wire and cable for electronic and electrical
equipment, inventory and working capital. Office—
Dr.,: Houston. Underwriter—To be named.
Concord
Lowell
Coleman Cable & Wire Co.
Price—$40. Business
5123 Glenmont
Proceeds—For debt repayment. Office—
St., Manchester, N. H. Underwriter—Eastern
Investment Corp., Manchester, N.. H
nance
common.
—Design, engineering, manufacture and sale of compu¬
ting systems and process control equipment. Proceeds—
Dec.
36
to be offered
by the company and 35,000 by a stock¬
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.,
Pittsburgh.
A A
Equipment Co.
Coastal
Computer Oriented Research & Engineering, Inc.
23, 1962 filed'135,000 common, of which 100,000
Feb.
A
one
3-
shares
share and
unit. Business—Manu¬
facture of cosmetics, toiletries, cleaning chemicals, jewelery, etc. Proceeds Vs For general corporate purposes.
Office—525-535 E. 137th St., New York City.Underwriter—M. G. Davis, 150 Broadway, N. Y. '
per
St.,
Co.,
Los
Los,
Co., N. Y. Offering—Expected in June.
Dynamics, Inc.
(F. J.), Inc.
&
Bayliss,
Inc.,
St.
Paul.
(4/30-5/4)
,
,
Copymation, Inc.
(4/30-5/4)
28, 1961 filed 60,000 common. Price—by amendment
($15 maximum) Business—manufacture of photo-copy
machines and the distribution of office copy machines, .
photographic1 laboratory equipment;; etc. Proceeds^+For
general corporate purposes. Office—5642-50 N. Western''
Ave., Chicago, Underwriter—Kenneth Kass, N. Y. ,
.v
Corporate Funding Corp. (4/30-5/4)
1962 ("Reg. A") 75,000 class A common.
$5.
option incentive plan that had been withdrawn.
March 22, 1962 filed 125,000 common.
•
—
payment. Office—983 Concord St., Framingham, Mass.
Underwriter—Kidder, Peabody & Co., NAY. Ed. Note—•
Our April 12 issue incorrectly stated that this registra¬
tion was withdrawn, whereas it was a companion stock
Cineque Colorfifm Laboratories, Inc.
/
t
Aug. 29, 1961 ("Reg. A") 120,000 common.. Price—$2.50.
&
Dec.
Jan. 9,
Price
Business — A financial investment and holding
company. Proceeds—For expansion and working capital.
program¬
Computer Control Co., Inc. (5/14-18) /■A
24, 1962 filed 157,500 common, of which 62,500 are
to be offered by the company and 95,000 by stockhold¬
ers. Price—By amendment. Business—Design and. manu¬
facture of digital equipment. Proceeds-—For debt re¬
.yA.*//
Seward
1961 filed 125,000 common. Price—$3.75. Busi¬
of high vacuum systems 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.
•
A
Jamaica,
A
Computer Concepts Inc. (5/7-11)
A/ >
1961 filed 100,000 class A common/Price
N.
Moore
Dec. 29,
$4.
Office—39
&
Co.
Broadway, N. Y.
Inc., N. Y.
Cosmetically Yours, Inc.
29, 1962 ("Reg. A") 80,000
Business—Manufacturer
debt
:
Underwriter—R. F. Dowd
A ?;V
.,////.
A;A,.'/ •;/.AA /■.;
Jan.
Jan.
•
named.'Note—This letter
Expressway,
Price—$5.
common.
ness—Manufacture
•
.!
("Reg. A") 75,000 capital shares. Price—$1/
Business—Production of motion pictures. Proceeds—For
working capital. Office—309 Ainsley Bldg., Miami, Fla.
.
'Wyck
34,000
Underwriter—Brandtjen
Cooke
•
'A>^AV:A/ A./A/AA:.-y'AAA.
:
Van
("Reg. A")
(max. $15).
ton, D. C. Underwriter—Doft & Co., N. Y.t
Dec. 14, 1961
Underwriter—To be named.
lis.
ming systems, for solution of business problems by the
Use of digital, computers. Proceeds — For general cor¬
porate purposes. Office—1012 14th St., N. W., Washing¬
gnd working capital. Office—40 E. 49th St., N. Y. Under¬
Cinema
Office—88-06
working capital.
Savings Bldg., Scottsdale, Ariz. Un¬
(5/2-6)
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¬
relays used in computers, aircraft, missiles and
guidance systems. Proceeds—For general corporate pur/
poses.
Y.
N.
Oct. 24,
,//aA;
a
1962
Control
equipment*
Business—Development and sale of advanced
picture, equipment, debt repayment
•
processing
2,
E. F. Hutton &
<
Dec. 29,
Worth.
■
writer—R.
data
Inc.,
Price—By amendBusiness—A telephone holding comProceeds—For debt repayment.
Office—111 S.
Bemiston St., St. Louis. Underwriters—Allen & Co. and
Computer Components, Inc. a. a/a/
/'•■■
Dec/6,1961 filed 120,000 common, of which 90,000 are
to be offered by the company arid 30,000 by stockhold¬
ers.
Price—$3. Business — - Manufacture of miniature
•
Inc.,/A///
/;i/A':/'■ V.;V'v ^
April 9, 1962 filed 100,000 common. Price—$4. Business—
Production of motion pictures and TV films. Proceeds—
a
electronic,
Co.,
Continental Telephone Co.
tment
N„ Y. Underwriter—Jay W. Kaufmann & Co., N. Y.
sified
Management, Inc.,
of
use
&
J* A.. fvpany.
coils for
■> pA:/
-
common
to
Co.;inc., n. y.a :~y/"
..
..
'/*, Church- Builders, Inc.A
/Feb. 6, 1961 filed 50,000 shares of
For production of
and
Proceeds—For expansion and working capital. Office—
30 E. 42nd St., n. y. Underwriter—L. M. Rosenthal &
—
Distributor—Associates
•
Commerce
lated
Treat
Corp.
March 30, 1962 filed 475,000 common.
Computer Applications Inc. /
>
March 23, 1962 filed 87,000 common. Price—By amend¬
ment (max. $5).
Business—Furnishing of services re¬
Chestnut
-
Angeles
Los
Underwriter—Shearson, Hammill & Co., N. Y.
Nov.
Amos
working capital. Office—722
Angeles.
Underwriter—Raymond
Angeles.
distribution of proprietary drugs. Proceeds—For selling
stockholdes.
Office—505
Court
St., Brooklyn, N. Y.
Brothers, N. Y.
—
and
Drug Co., lite. (4/25)
9, 1962 filed 100,000 common. Price—By amend¬
ment (Max. 22). Business—Manufacture, packaging and
amendment
other
Business—Sound processing of commercial film used in
motion pictures and TV. Proceeds—For debt repayment
s.
a
Templeton,
and
Continental Sound Corp.
March
Feb.
Chesebrough-Ponds, Inc.
Lehman
Jones &
repayment
derwriter—To be named.
Hogle & Co.,. Salt Lake City. Offering—In June.
Meeds, Wilmington, Del.
March .29,.. 1962
Office—Scottsdale
proceeds from stock sale will go to certain stockholders.
Office—3223 W. Sixth St., Los Angeles. Underwriters—
Mitchum,
Underwriter
debt
Office—2724 Leonis Blvd.,. Los An¬
Dec. 29, 1961 filed 2,000,000 common.
Price—By amend¬
ment ($3 max.). Business—A
mortgage and real estate
investment company. Proceeds — For
general insurance agency and
brokerage business.. Proceeds—For working capital. Net
April 30, 1962.
Proceeds—For con¬
(maxr $33).
repayment. Office—Norwich,
Iiutton
Its subsidiaries conduct
Proceeds—For
Continental Investment
f. debentures
(with attached warrants); also 35,000 outstand¬
ing common. Price—By amendment (max. $35 for com¬
mon). Business—Originates and services mortgage loans.
of record
amendment
Underwriters—W." E.
BisselT &
held
geles.
tubes.
corporate purposes.
—
due 1977
\
.
Busi¬
ness—Development and manufacture of television pic¬
^
Chenango & Unadilla Telephone Corp. (4/30)
March 30, 1962 filed 52,363 common, to be offered for
subscriptioi*-by-common stockholders at the rate of two
Office—4701
&
Continental Industrial Electronics Corp.
Nov. 21, 1961 filed 200,000 common.
Price—$2.50.
ture
Colwell Co.
/
March 16, 1962 filed $1,900,000 of subord.
semi-tropical climates. Proceeds—for equipment:
working capital. Address—Santurce, Puerto Rico.
Underwriter—To be named.
■,>
.
Underwriters—Rittmaster,
Co., N. Y. and Midland Securities Co., Inc.,
Kansas City. Mo. Offering—Expected in May.
Voisin
Bank, 55 Wall St. (5th floor), N. y.
Dec. 27,
and
.
ceeds—For expansion and working
capital.
N.
Harlem Ave., Chicago.
(Competitive). 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.; East¬
man
Dillon, Union Securities & Co.-Glore, Forgan &
Co. (jointly). Bids—Expected May 9. Information Meet¬
ing—May 2 (2:30 p.m. EDST), at First National City
("Reg. A")
Co., N. Y. Offering—Imminent.
.
.
ers
:v.
.
,
1992. Proceeds—For debt repayment and construc¬
tion. Office—215 North Front St., Columbus. Underwrit¬
;
^
Del. Underwriter—Dana
Consultants and Designers, Inc.
(4/30-5/4)
Dec. 29, 1961 filed
180,000 common. Price—By amend-;
due
St;, Chicago. Underwriter—Straus, Blosser
& McDowell, Chicago,
other
•
Proceeds—For
-A* Columbus & Southern Ohio Electric Co. (5/9)
April 12, .1962 filed $16,00Q,000 of first mortgage bonds
—
4301
Office—129 S. State St.,
Dover,
Securities Co., Inc., N. Y. .
Western Bank & Trust Co., Los Angeles. Proceeds—For
acquisition of First Western stock, and working capital.
Office—1000 Vermont Ave., N. W., Washington, D. C.
Underwriters—Bear, Stearns & Co. and Allen & Co., N. Y.
Offering—Expected sometime in June.
.
..
and
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.
1962 filed 164,000 common, of which 115,000
by the company and 49,000 by stock¬
Price—By amendment (max. $15). Business—
.
•
pire April 27, 1962. Price—$250 per unit. Business—Pro¬
duction, of concrete for construction purposes. Proceeds
—For
equipment, debt repayment
expansion, equipment and debt repayment. Office—615
Parker St.; Manchester, N. H. Underwriter—Putnam &
ment ($12 max.). Business—Furnishes
technically skilled
Co., Hartford, Conn.
^
A"
?-• > * y:: personnel to industry and government. Proceeds—For/
selling stockholders. Office—650 11th Ave., N. Y. Under- *
Ay Columbia Bancorporation V rAA'A ;"/;' *
;v
;A"A A /
writer—Shearson, Hammill & Co., N. Y. ;
Feb. 23,1962 filed $30,000,000 of convertible subordinated
Consumers Mart of America, Inc. A
debentures due 1987 and 1,500,000 common to be offered
Jan. 8, 1962 filed 72,000 common.
in units. Price—By amendment/Business—A bank hold¬
Price—By amendment.
ing company recently formed to acquire stock of First
Business—Operation of discount department stores. Pro¬
being
(of. one $250 debenture and a warrant
5;: shares) for subscription', by holders of
units
class A? and class B shares at the rate of one-unit for*
each 50 shaies held of record April 6 with fights to ex¬
For
delphia.
offered
Manufacture of shoeboard and boxboard.
-
nated debentures due 1976 with attached warrants
to
to be
—
St., Wilmington. Del.
Underwriter—Roth & Co., Inc., and Janov &
Co., Phila¬
/
Colonial Board Co.
Supply Co., Inc. (5/14-18)
1961
corporate purposes. Office—110 "A"
March 28,
f.
.
common.
,
Underwriter—Sandkuhl & Co., Inc., N. Y. Offering
39
filed 125,000 class A common.
Price—$3.
Business—Sale of food service and kitchen
equipment.
Price—$1.
distribution of
study manuals for examination preparation. Proceeds—
For equipment, expansion and other corporate purposes.
Office—142 Livingston St., Brooklyn, N. Y. Underwriter
—James Co., N. Y.
Century Brick Corp. of America
("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.
19,
Proceeds
Business—Composition, publication and
Nov. 9, 1961
Pa.
Concors
Oct.
^
•
—Imminent.'
(1899)
of
common.
cosmetics.
Price—$3.
Proceeds—For
working capital and other corporate
Office—15 Clinton St, Yonkers, N. Y. Under¬
repayment,
purposes.
writer—To be named.
Cosnat 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
and distribution of phonograph records. Proceeds—For
the repayment of debt, and working capital. Office—315
W. 47th St., N. Y. Underwriter—Van Alstyne. Noel &
Co., N. Y. Note—This firm was known formerly as the
Cosnat Record Distributing Corp.
•
Countrv Set, Inc.
(5/8)
Mar.
2, 1962 filed 150,000 common. Price—By amend¬
ment (max. $8). Business—Design and manufacture of
sports and casual wear for girls and women. Proceeds
—For
selling stockholders. Office — 1136 Washington
Ave., St. Louis. Underwriter—Goodbody & Co., N. Y.
Cousins
Properties Inc.
$1,000,000 of 6%% subordinated
debentures due 1972, 60,000 common shares, and war¬
rants to purchase 20,000 common shares. The securities
will be offered in units of one $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
Bldg., Atlanta, Ga. Underwriters—McDonnell & Co., Inc.,,
March
29,
1962 filed
A
'•
Continued
on
page
40
40
The Commercial and Financial Chronicle
(1900)
Continued
—Production of graded diamond powder and compound.
Proceeds—For debt repayment,
additional personnel,
from page 39
N, Y, and Wyatt, Neal & Waggoner,
Expected sometime in June.
Credit
Atlanta. Offering-
(5/7*11)
Department Inc.
26,
de¬
be
of $440 of deben¬
2,728 units, each consisting
offered in
shares.
Price—$550 per unit.
Business—A consumer sales finance company. Proceeds
20
and
tures
debt
—For
common
repayment.
Underwriter
Bernard
—
Office—1775 Broadway, N. Y.
M. Kahn & Co., Inc., N. Y.
& Son, Inc.
("Reg. A") 13,000 common to be offered
subscription by stockholders of record May 11, 1962.
the basis of 13 new shares for each 53 shares held.
for
on
Office—77
Searing
Jan. 23, 1962 filed 250,000 common, of which
to be offered by the company and 100,000 by
ers-—Edwards &
stockhold¬
of
Price—$19. Business—Production of wooden handles and
28, 1961 filed 78,000 common. Price — By amend¬
mortgage investment company. Pro¬
Office—420 Lin¬
— To be
Diversified
Real Estate Trust
Proceeds—For investment.
subord. debentures
con.
Proceeds—For
company.
March 8, 1962 filed 1,000,000 shares
est.
Price—$10.
Business—A real
trust.
6%%
due
1972.
Price—For
Eastern Pennsylvania Investment Co.
March 16, 1962 filed 450,000 common. Price—By amend¬
ment (max. $16). Business—A small business investment
Road, Miami Beach, Fla.
Underwriter
named. Offering—Expected in late May.
coln
.
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
and working capital. Office—147 Northeast Main St,
Rocky Mount, N. C. Underwriter—Arnold Malkan & Co.,
inc.,n. y.
:^
'.
ment. Business—A
(S.)
11, 1962
Hanley, Hempstead, L. I., and Street &
Investors, lnc. (5/7-11)
Dec. 27, 1961 filed 10,000 common shares and $625,000
Price—By amendment. Business—Manufacture of
women's nylon hosieryProceeds—For debt repayment
and working capital. Office—417 Fifth Ave., N. Y. Un¬
derwriter—Drexel & Co., Philadelphia. Offering—May.
ceeds—For general corporate purposes.
black
Eastern
150,000 are
ers.
Dec.
processes
film
CO., Inc., N. Y.
Diamond Mills Corp.
Diversified Collateral Corp#
26, 1962 filed 115,000 common. Price—$4. Business
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt repayment and expansions'
Office—1925 Euclid Ave., San Diego. Underwriter —
Holton, Henderson & Co., Los Angeles.
it Curtis
capital.
Ave., Mineola, N. Y. Underwriter—Magnus & Co., N. Y.
Offering—Expected sometime in June,
Crownco
Mar.
April
working
Company also
and repairs photographic equipment.
Proceeds—For debt repayment and working capital. Of¬
fice—68 W. Columbia St., Hempstead; N, Y. Underwrit¬
white
and,
.
1962 filed $1,200,320 of 7% conv. subOrd.
bentures due 1974
and 54,560 common shares to
Jan.
and
advertising
Thursday,, April 19, 1962
..,
concessions.
store
ment
,
Office
of beneficial inter¬
estate investment
—
3
Penn
writers—Drexel
Office—500 Fifth Ave.,
&
general
corporate
purposes.
Center Plaza,
Philadelhia. Under¬
Co., Philadelphia and Kidder, Pea-
body & Co., N. Y.
Underwriter—Bacon,' Johnson Realty Management
Co., Inc., (same address).
N. y.
Eastern
Properties Improvement Corp.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common shares. Price—For deben¬
boxes. Proceeds — For building and equipment.
Address
Sandy Hook, Conn.
Underwriter — Smith,
Ramsey & Co., Inc., Bridgeport, Conn.
Donaldson Co., Inc. (4/23-27)
Feb. 26, 1962 filed 80,000 common,
Products, Inc. (4/25)
Nov. 20, 1961 filed 100,000 common. Price—$4. Business
—Manufacture
of
metal
components and
electronic
by the company and 44,500 by stockholders.
amendment (max. $25). Business—Design,
manufacture and sale of air cleaners. Proceeds—For
Proceeds—For repay¬
working capital. Office—1400 W. 94th St., Minneapolis.
Underwriter—Paine, Webber, Jackson & Curtis, N. Y.
named.
•
March 29, 1962
paper
—
•
Custom Metal
hardware
to
precise
ment of debt and
Atkins
Ave.,
tolerances.
Office—626
Underwriter—B lank,
other corporate purposes.
Brooklyn, N. Y.
Inc., N. Y.
Lieberman & Co.,
Cut &
Curl, Inc. (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.
Daisy Manufacturing Co.
(4/30-5/4)
1962 filed 135,000 common. Price—By amend¬
(max. $8.50). Business—Design, manufacture and
sale
of
air
guns, fishing rods and outdoor
selling stockholders.
Address—
Rogers, Ark. Underwriter — Eppler, Guerin & Turner,
Inc., Dallas.
O
Davis
Nov.
rifles,
toy
Proceeds—For
boots.
(H.)
(5/7-11)
Toy Corp.
27, 1961 filed 100,000 capital shares (with attached
purchase an additional 100,000 shares), to be
warrants to
offered in units of
one
share and
one
warrant.
Price—
per unit. Business—Manufactures
Proceeds—To repay debt and increase
educational toys.
working capital.
St., Brooklyn, N. Y. Underwriters—
Hampstead Investing Corp., Aetna Securities Corp., and
$3.25
Office—794 Union
Atlas Securities Corp., N. Y.
Decorative
Interiors, 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¬
curities Co., 92 Liberty St., N. Y.
•
Decorel
Corp. (5/7-11)
1961 filed 120,000 common, of which 90,000
by the public and 30,000 by a stock¬
holder. Price—By amendment. Business—Production and
sale of wood and metal framed pictures, wood utility
frames, etc. Proceeds—For debt repayment, inventory,
and working capital. Office—444 Courtland St., Mundelein, 111. Underwriter—Clayton Securities Corp., Boston,
Mass,
Dee.
are
29,
to be offered
DeLuxe
Homes, Inc.
Dec. 11, 1961 ("Reg. A' )
Business
60,000 common. Price
—
$5.
Construction and financing of shell homes.
Proceeds—For working capital. Address—Allendale, S. C.
—
Underwriter—Alessandrini & Co., Inc., N. Y. Offering—
Imminent.'
.
• Denmark (Kingdom of)
(5/2)
April 13, 1962 filed $20,000,000 of external loan bonds
due 1977, Price—By amendment. Proceeds—To finance
certain electric power projects in Denmark. Underwrit¬
ers— Kuhn, Loeb &
Co., Smith, Barney & Co., Harriman
Ripley & Co. and Lazard Freres & Co., N. Y.
Deuterium Corp.
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 one
chare and
one warrant) on the basis of 3 units for each
5% preferred share held, 2 units for each 5% preferred
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.
Proceeds—For
email
start-up
Office—360
Underwriter—None.
Devoe
for a laboratory and
Lexington Ave., New York.
!
expenses
plant.
&
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
(max. $25). Business—Manufacture of paints, resins and
related products.
Proceeds—For expansion and work¬
ing capital. Office—401 W. Main St., Louisville. Under¬
writing— Shearson, Hammill & Co., N. Y.
Dextra Corp.
Eeb. 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
—To be named."
Diamond Dust Co., Inc.
Feb.
27, 1962 filed 102,000
common.
Price—$3. Business
tures, $1,000; for stock, $10.
of which 35,500 are
Business—General real es¬
Proceeds—For the acquisition and development of
properties, repayment of debt and engineering, etc;
Office—10 E. 40th St., New York. Underwriter—To be
tate.
to be offered
real
Price—By
Donmoor-Isaacson, Inc.
(5/2)
it Eaton Investments, Inc.
("Reg. A") 19,354 capital shares. Price—
$15.50. Business — Real estate. Proceeds
For general
corporate purposes. Office—2711 W. Indian School Rd.,
:/;■/
Feb. 26, 1962 filed 150,000 common, of which 50,000 are
to be offered by the company and 100,000 by stock¬
—
Price—By amendment (max. $12). BusinessDesign and manufacture of boys knit shirts, sweaters,,
and pajamas. Proceeds—For working capital. Office—
1115 Broadway, n. y. Underwriter—Goodbody & Co.,
holders.
Phoenix.
sale of bulk food to freezer
Co.
Drever
amendment
Price—By
manufacture
Proceeds—For
of
$12).
(max.
industrial
debt repayment,
which 42,500 are
by stockholders.
Business—Design
metallurgical furnaces.
equipment and general
Red Lion Rd., and Phil-
Econ-O-Pay, Inc. (4/30-5/4)
26, 1961 filed 1,000,000 common.
Oct.
ness—A dealer
General
Realty Corp.
March 6, 1962 filed 163,000 class A. Price—$10. Business
—General real estate.
Proceeds—For debt repayment.
Broad
St., n. y.
•
i
®
Underwriter—Blair & Co., Inc., N. Y.
Offering—Expected sometime in June.
Educational
Dec.
(4/30*5/4)
Dec.
29, 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
Paul Eisenberg Co., Inc., N. Y.
~
1
•
Ehrenreich
Photo-Optical Industries,
Inc.
(4/30-5/4)
Jan.
Inc. (5/21-25*)
"
5, 1962 filed 125,000 common. Price—$4. Business
—Manufacture of inexpensive ball point pens. Proceeds
—For debt repayment, equpiment and working capital.
Office—573 Broadway, N. Y. Underwriter— Godfrey,
Hamilton, Taylor & Co., N. Y.
Duro Pen Co.,
are
Jan.
Duro-Test
26, 1962 filed
Aids Co., Inc.
(5/21-25)
26, 1961 filed 100,000 common. Price—$5. Business
—Sale of school supplies, toys and notions. Proceeds—
For equipment, ipventories and working capital/ Office
—1125 Okie St., N. E., Washington, D. C. Underwriter—
Wright, Myers & Bessell, Inc., Washington, D. C.
Third Ave., N. Y.
•
Office—164 E. Main St.,
Underwriter—Reserve Funds, Ine£
purposes.
125,000 common. Price—By amend¬
(max. $4). Business—Merchandising and sale of
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.
.
Dulany Industries, Inc.
26, 1962 filed 400,000 common. Price—By amend¬
ment (max. $6.25). Business—The canning and freezing
of foods. Proceeds—For debt repayment.
Office—850
Corp.
Busi¬
Proceeds
ment
Feb.
Dunhill Food Equipment
corporate
Price—$3.
finance business.
Edge Ltd.
Mar.
Underwriter—Drew Secu¬
Corp., (same address).
recourse
Valley City, N. D.
Valley City, N. D.
Drew
rities
Proceeds—For gen¬
Office—180 Babylon Turnpike,
Roosevelt, L. 1., N. Y. Underwriter—Sentinel Securities
Planning Corp., and Bassior & Co., both of 101 Cedar
St., N. Y. Offering—Imminent.
corporate purposes. Address —
mont Ave., Bethayres, Pa.
Underwriters—Janney, Bat¬
tles & E. W. Clark, Inc. and Stroud & Co., Philadelphia.
Office—50
owners.
eral corporate purposes.
March 9, 1962 filed 122,700 common, of
to be offered by company and 80,200
and
Underwriter—None.
Economy Food Enterprises Corp.
Nov. 29, 1961
("Reg. A") 100,000 common. Price—$3.
Business—Sale and servicing of home food freezers and
n. y.
r
March 9,
ment
•
26,
1962
filed 150,000. common, of which 100,000
by the company and 50,000 by stock-"
Price—By amendment.
Business-—Wholesale
to be offered
holders.
distribution
of
instruments.
cameras,
lenses, accessories and optical
Proceeds—For debt
repayment, expansion,
and working capital. Office—111 Fifth Ave., N. Y.
derwriter—Lee Higginson Corp., N. Y.
Corp.
Eisler Transformer Co., Inc.
Un¬
.
April 6, 1962 filed $1,750,000 of subordinated debentures
Feb.
due 1982 (with attached
Business—Manufacture of transformers and inductors for
warrants) to be offered in units
consisting of $1,000 of debentures and a warrant to pur¬
("Reg. A")
75,000
common.
Price
—
$4.
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.
Eldre Components,
Inc. (4/30-5/4)
5, 1962 filed 100,000 common, of which 75,000 are
to be offered by the company and 25,000 by a stock¬
holder.
Price—$4.
Business—Manufacture, assembling
and processing of metal parts and products. Proceeds—
For equipment, construction of a building, and working
capital. Office—187 N. Water St., Rochester, N. Y. Un¬
derwriter—Charles Plohn & Co., N, Y.
Feb.
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¬
Electromagnetic Industries, Inc.
March 30, 1962 filed $250,000 of 6%% conv. subord. de¬
bentures due 1987, also 70,000 common shares, of which
mond Moore & Co., Los Angeles.
are to be ^Offered by company, and 25,000 by
stockholders. Price—By amendment (max. $1 per com¬
^45,000
Dyna-Mod Electronics Corp.
("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*
22,
1962
electrical equipment.
chase 60 common shares. Price—By amendment (max.
$1,000 per 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.
V
Jan.
28,
1962
-
share). Business— Design, production, assembly,
distribution and sale of transformers, magnetic com¬
mon
ceeds—For pew
ponents and electronic instrumentation and control de¬
317 Main
vices. Proceeds—For equipment, debt repayment, a new
esee
plant, and working capital. Office—Sayville Industrial
Park, Greeley Ave., Sayville, L. I., N. Y. Underwriter-
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.
Eastern Aluminum Manufacturing Co.,
Inc.
March 21, 1962 ("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.
Eastern Camera A Photo Corp.
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¬
poses. Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis & Cmt Inc., N. Y.
Electronic Transmission Corp.
March 28 1962 filed $500,000 of 6% conv. subord. deben¬
tures due 1972 and 50,000 common shares (of which 25,-
March 22, 1962 filed 125,000 common.
ness—Manufacture and distribution of
000 will be sold
background music; design, instruction ,and installation
of specialized closed circut TV * system. Proceeds—For
debt repayment, expansion, sales promotion and work¬
ing capital. Offiee — 103 E.! Hawthorne^ Ave:, Valley
by the company and 25,000 by stock¬
holders). The securities are to be offered im units of one
$100 debenture and 10 shares. Price—By amendment.
Business—Operation of retail camera stores and depart¬
Price—$3. Busi¬
components for
Volume 195
Number 6152
.
.
The Commercial and Financial Chronicle
.
Stream, N. Y. Underwriters—V. S, Wickett & Co., Inc.,
Thomas, Williams & Lee, Inc.. and. Crosse & Co., Inc.,
N. Y.
■
ment of debt and working capital. Office—430 First Ave.
North, Minneapolis. Underwriter—None.
.
Ellner &
Pike, Inc. (5/7-11)
27, 1961 ("Reg. A") 30,000 common. Price—$10
Business—Operation of supermarkets. Proceeds—For ex¬
Dec.
pansion and working capital. Office—896 Old Country
Rd., Westbury, N. Y. Underwriter—Meadowbrook Se¬
curities, Inc. Hempstead, N. Y.
Enviro-Dyne, Inc. (4/30-5/4)
Feb. 13, 1962 ("Reg. A") 300,000 common. Price — $1.
Business—Research, development, manufacture and sale
©f environmental testing equipment. Proceeds—For equip¬
ment and other corporate purposes. Office—24447 Haw¬
thorne Blvd., Torrance, Calif., Underwriter, — Garat &
Polonitza, Los Angeles.
.'
i
Equity Funding Corp. of America
Price—By amend¬
(max. $6.50). Business—A holding company for
firms selling life insurance and mutual funds. Proceeds
—For new sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles,
Underwriter—Wisconsin-Continental, Inc., Mil¬
March 29, 1962 filed 240,000 common.
ment
waukee.
—
$3.
—
Business—General insurance agent. Proceeds—For work¬
ing capital. Office — c/o Joseph F. McDonald, Jr., 129
Center St., Reno, Nev. Underwriter—None.
Equity Capital Co.
(4/23-27)
Nov. 29, 1961 filed $3,000,000 of 8% subordinate deben¬
tures due 1965. Price—At par. Business—The investment
in
making of construction loans to
property owners. Proceeds—For repay¬
mortgages and the
builders
and
"
Business—Real estate. Proceeds—For construction. Office
Marietta
-407-101
St.
Bldg.,
Atlanta,
Underwriter—
None.
Esslinger's Industries of Philadelphia, Inc.
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, Moyer,
Fricke & French, Inc., Philadelphia. Offering—In July.
^European Coal & Steel Community (5/9)
April 17, 1962 filed $25,000,000 of sinking fund bonds due
April 15, 1982. Price—By amendment. Proceeds—For ex¬
pansion. Underwriters—Kuhn, Loeb & Co.; First Boston
Corp.; and Lazard Freres & Co., N. Y.
Evans, Inc.
(5/14-18)
to be offered by the company and
Chemical
&
Inc.
(Monday)
23
April
(Richard
Bruce
(Bids
Inc.
'v.-
Reuben
and
$2,000,000
Albee
Homes,
...
$190,000
Inc.)
/\
■■
Co.,
Voisin
&
$206,000
Inc.)
Eberstadt &
(P.
■
Co
Co.)
1
(Smith,
Barney
1
(Florida Growth Securities, Inc.)
Cut
&
Curl,
Donaldson
$1,435,625
Merritt
J.
Co.,
&
.(No
Extrin
$3,000,000
Palm-Aire
Folz
(No
(Van
Green
Grant
(McDonnell &
v
,
i
(Arthurs,
Lunar
„
Whipple
&
250,000
&
Bessel)
(T.
McDonald
J.
Northwestern
Glass
(Dean Witter
$300,000
1
&
Co.,
—
Technical
D.
Wade,
Joshua
Co.)
(Laren
17,500
shares
(Norman)
City
i
Rose
&
'
.
I
'
Common
400,000
shares
Co
.Common
(Schwabacher & Co.; J. Barth & Co. and Bear,
Co.). 135.000 shares
Stearns &
World Scope Publishers, Inc
Common
(Standard Securities Corp.) 300,000 shares
April 24
(Tuesday)
(Pacific
Coast
Industries,
April 30
Co.)
$300,000
Polonitza)
Hammill
A
Interstate
$500,000
Yeatman,
^
E.
by
Liederman
Rides,
Gi'umet
108,000 shares
Bacardi Corp.
(Eastman Dillon,
& Seigel,
Inc.)
-
*
-
—Common
$1,200,000
;____
Union Securities & Co.)
Budget
Lamb
,J
Finance
Common
—-Common
Plan—
(Shearson, Hammill & Co.)
50,000 shares
Cameo
.
.
B.
Cantor
Co.)
—
-
(Schweickart
—Capital
$687,500
Common
&
Co.)
$950,000
—
&
-
_——Class A
and Stewart, Eubanks,
$1,200,000
Co.)
Inc.—————-Common
Kimball
114,500 shares
Inc.)
Co.)
&
^
Units
——
Co.)
&
Units
1,000
——Debentures
$2,200,000
———————^--—Common
Peabody
(Kidder,
Lincoln Fund, Inc.
&" Co.)
80,000
Polarized
shares
———.Common
!
—
Management Corp,)
951,799. shares
Corp.—--i--———Common
Glass & Ross, Inc.;
shares
and Globus, Inc.)
95,000
Corp.
—Units
—
(Dempsey-Tegeler
Mercury
Books,
&
Co.,
Inc.)
31,000 units
—Common
Inc.—- -1 -—- —
(Meade
At
Co.)
$247,500
Debentures
Morse Electro Products Corp.—-—
(Standard
Securities
Corp.)
$1,250,000
Mountain Electronics Co., Inc.—
Common
(M'altz, Greenwald & Co. and Clayton Securities Corp.) $490;000
National Semiconductor Corp.-———
Capital
(Lee Higginson Corp. and Piper, Jaffray & Hopwood)
75,000 shares
Pal-Playwell
...Common
Inc
(Tyche
Securities,
Inc.)
$400,000
Pennsylvania Real Estate Inv. Trust——Ben. Ints.
(Stroud
Public Loan
& Co.
and Walston & Co.)
$5,000,000
Common
Co., Inc
(A. G. Becker & Co.,
$3,000,000
Lingerie, Inc.-
$6,000,000
Corp.)
,
Debentures
Shearson, Hammill. & Co.)
.Common
shares
53,829
Industries, Inc.———
$300,000
Budget Finance Plan
....
_
Co.)
Co., Inc.
&
$1,750,000
Bebell & Bebell Color Laboratories, Inc-aCommon
(Stevens, Hickey & Co.)
$300,000
Inc.——
(Paul C.
Common
.—Common
(Carreau & Co.)
(Brand,
Co.—Common
& Beane) $800,000
&
Laboratories,
McWood
$1,250,000
Associated Baby Services, Inc.--_.
Common
180,000 shares
Terminal
(Searight. Ahalt & O'Connor,
(Horizon
312,500 shares
Richling, Inc
shares
Inc.——
Co.)
Co.)
&
—Common
100,000
Co.)
Securities
(IFC
Meyerson
Preferred
$125,000
Inc.)
$225,000
Inc.)
Co., Inc.-
Corp.—————————Units
(Ross, Lyon & Co., Inc.;
Inc.)
Common
&
Stearns
—Common
Mosley Co.,
shares
200,000
Co.,
Jaylis Industries, Iric
Joanell
150,000 shares
Allegheny Pepsi-Cola Bottling Co
Aronoff &
Common
Co.)
Box
Investors Funding
Kiddie
Freez—underwritten
Co.,
$300,000
Co.)
&
Solderless
(Bear,
(D.
$325,000
—
Bros.)
Shares
85,000
Vending Co.
- r
$255,000
Inc
Mosley
Co.)
Hudson Wholesale Groceries, Inc.--—Common
Common
(Bertner
shares
-——.Common
(J. R. Williston
;
(Monday)
Yeatman,
Common
150,000
Co.)
&
&
Blair
H.
Hollingsworth
Allegheny Pepsi-Cola Bottling Co._—-Debentures
(Suplee,
&
Noyes
(Harrison
..Common
Tastee
$300,000
—
& Richardson,
Levine's, Inc.
of
-.———Common
'
$440,000
Cantwell)
Common
$400,090
Co.)
——
&
shares
—
&
(Shearson, Hammill &
/
C. Electronics,
E.
(S.
Common
Securities
(D.
Harrington
$600,000
Inc
Williams &
Caldwell Publishing Corp.-
Co., Inc
Inc
Plohn
(Paul Eisenberg
shares
Bear,. Stearns & Co.) $4,13Q,25Q
<
Alan-Randal
Co.)
150,000
Higginson Corp.)
Industries, Inc.—;—
$525,000
Inc.)
Co.,
Securities
stockholders
to
u.
Inc.)
Co.,
Inc..
Co.)
Coast
(Seidman
(Suplee,
.Class A
Co.) 140,000 shares
Ripley &
«"
.——Units.
Inc. and Reuben,
$300,000
Investments,
(Harriman
&
$3,000,000
Inc.)
Discounts, Inc.—
shares
Inc.)
$250,000
Industries, Inc.——————Common
.
—Class
Ackerman
Globe
Inc.)
Photo-Optical Industries, Inc.-Common
Components,
Global
Co.,
——Common
(Copley
Corp.——Common
Corp.)
i
.Common
Corp.—
Eiseriberg
New York
Washington Gas Light Co..
A.
Wenger ServiceMaster Co.——Capital
Wallace
Wiatt
&
Eldre
Marks
Corp—
Co.,
&
;
Class A
50,000 shares
Industries, Inc.______—-Units
Puller
Voron Electronics
(John
,
•
Paul
and
(McDonald
Common
Investing
,
shares
-—Common
Inc.
(Shearson,
150,000 shares
Animations, Inc.__
(S.
Co.
(Blair
(Offering to stockholdersr-underwritten by Bull & Low;
R. Maher Associates arid R; Tropik & Co., Inc.) $211,4Q0r
Tennessee
Raynolds Co., Inc.--——
Food Equipment
Greater
April 27 (Friday)
CarroJs, Inc.
John
Texas
75,000
135,000
Chemical Corp
(First/Boston Corp. and Johnston, Lemon & Co.)
Hotel, Inc
Inc.)
Dunhill
■■
Common
Co.)
sliarea
165,000
Inc.)
Turner,
&
Graham
Common
—-Common
(Barret, Fitch, North & Co.,
Devoe &
$400,000
(Netherlands Securities Co., Inc.)
>
(Offering
.Corp.-
Noel & Co.)
(Vah ' Alstyhe;
Prom Motor
Gueriri
$300,000
and Pacific Northwest Gas Co.)
& Co.
Microwave
&
$300,000
—Common
Common
Common
Inc.)
Co._______—
95,000 shares
Premier
y'i-' • *•' '
*
Flower
New World Laboratories, Inc.'
:■
200,000
•
Class A
-
Noel & Co.)
Alstyne,
(Eppler,
100,000 shares
Cui lis)
$468,750
shares
60,000
Corp
—.—Class A
&
180,000 shares
and Bull & Low)
Daisy Manufacturing Co.——Common
Fidelity America Financial Corp..—-—Common
——Capital
(Swltzer & Co.. Inc.)
Cosnat
(Hemphill,
Inc.)
——Common
Corporate Funding Corp
.
$718,750
Multronics, Inc.
V
$850,000
.Common
Co.,
-Class A
shares
120,000
.Common
Epko Shoes, Inc.—--
Common
&
Inc.)
Kass)
Enviro-Dyne, Inc.
Co
(Pacific
Common
Myers,
Inc.)
Co.,
42
page
Inc.^—-—-Common
J.),
(Charles
Berne of
shares
Inc
(Wright,
(F.
(Garat
Inc
(Stone,
Fishman,
(John R. Maher Associates
(Lee
Ints.
243,000
Whiteside & Winslow,
Plastics
...—.-^—Common
Co.)
&
(Shearson, Hammill & Co.)
Cooke
$300,000
April 26 (Thursday)
California, Inc.—————Common
..Common
Capital Corp
Films,
Ultra
,"v
.
shares
65,000
(Divine
(Reserve Funds,
$450,000
Inc.)
Co.)
&
on
(Offering to stockholders—underwritten by W. E. Hutton & Co.
and Laird, Bissell & Meeds) 52,363 shares
.Class B
Co.)
Jackson
(Cortlandt
Common,
Co.,
Lestrange &
(Bacon,
-
:
Jiffy Steak Co.—
La Salle St.
(Chcce,
.
Y.
Chenango & Unadilla Telephone Corp.—-Common
Ehrenreich
Trust.—-Ben.
Co.)
Office—
Underwriter—A. J.
Continued
(Carroll
150,000 snares
National Equipment & Plastics
•
&
St., Youngstown, Ohio.
Common
G. Becker
Masury-Young
Corp
Malkan
(Arnold
Market
Common
&
Lieberman
Webber,
(A.
Common
shares
801
cen¬
expansion, advertising, inventories,
working capital and other corporate purposes.
150,000 shares
Knitting Mills.
(Paine,
& : "
$1,540,000
200,000
Co.)
Protein
International
Proceeds—For
Econ-O-Pay,
Iowa Southern Utilities Co
Hardlines Distributors, Inc.—
v
$660,000
Products, Inc
(Blank,
Garland
Valley Construction Corp._Common
-(-WHliamsph Securities Corp.) $420,000-' ^
v
.
ters.
Common
&
Price—$3.
100,000 common.
(Shearson, Hammill & Co.) 400,000 shares
Co..
Custom Metal
$330,000
Co.)
&
1962 ("Reg. A")
Business—Operation of five discount merchandise
Hamilton, Taylor & Co., Inc.) 200,000 shares
..Common
Noel
Common
Commerce Drug Co., Inc
Common
Alstyne,
units
.Common
April 25 (Wednesday)
Cameo-Parkway Records, Inc
Common
Co
Fairway Mart, Inc.
March 19,
160,000 shares
(Shearson, Hammill & Co.)
stockholders—underwritten by Hess,
Remington, Inc.) 140,000 shares
Gould Paper
17,000
Corp
(Cruttenden
;
Co.)
&
Devices, Inc
(Offering to
Inc.)
Co.,
Inc.-
(Burnham
$306,000
underwriting)
For debt repayment and general corporate
Office—Walnut St., M D 23, Newburg. N. Y.
Underwriter—First Madison Corp., N. Y.
—
(Van
.Units
Corp.__
McMeen
Realty
Co., Inc.
purposes.
$120,000
Co.)
Investment
Allen
Mfg.
(Godfrey,
Vending Co., Inc.—
General
Medical
Wham-O
.Common
Co.)
&
Stores
Industries,
Presidential
Common
Hardy
Corp
(Hardy
&
Robinson-Humphrey
Bargain
Lakeside
$620,000
Florida
Proceeds
Glass-Tite
Corp
by
and
(J.
$460,000
stockholders—underwritten
to
John's
Co.
Midwest
-Units
Palm-Aire
&
(Andresen & Co.)
$325,000
Fastline Inc.
(Offering
Fairbanks Wire
Oct. 30, 1961 filed 54,000 common. Price—$3. Business—
Manufactures
specialized machinery
and
equipment.
(R. F. Dowd & Co., Inc.)
Systems, Inc
(Hayden, Stone & Co.)
Common
(G. Everett Parks & Co.. Inc.)
Co., and McLaughlin, Kaufman & Co., N. Y. <
(Kenneth
..Common
Littlefield, Adams & Co
•
Foods, Inc
Kaufman
Proceeds-^For addi¬
Copymation, Inc.
200,000 shares
(George K, Baum & Co.)
r
.Debentures
underwriting)
(Hay, Pales & Co. and McLaughlin, Kaufman & Ct>.)
Florida
:
•
80,000 shares
Equity Capital Co._________
and
.Common
(Hayden, Stone & Co.)
-Common
L—
Jackson & Curtis)
Weld & Co., Inc.
2,250,000 shares
Co.)
King Louie Bowling Corp
$400,000
Inc.)
Co.,
Inc
i.Paine, Webber,
v;
;
Common
Inc
(M.
(Bache
Common
Campbell-Lurie Plastics, Inc.__;
•
White,
&
Ceramic Corp
(McLaughlin,
shares
185,000
Co.)
&
Inc.;
Witter
International Airport Hotel
Common
Inc
Goldman, Sachs & Co.;
Merrill Lynch, Pierce,
Inc.;
(Dempsey-Tegeler & Co., Inc.)
shares
26,500
Foundations,
Smith
industries.
Consultants and Designers, Inc
shares
Hydra-Loc, Inc.
,
&
Bestform
confectionary
Common
General Battery &
480,000 shares
Co.)
&
and
Coleman Cable & Wire Co.——
$20,000,000
180,000
Blyth & Co.,
(4/23-27)
tional personnel, new products and possible acquisitions.
Office—70 Barclay St., N, Y. Underwriters—Hay, Fales
;
.Common
(Offering to stockholders—underwritten by Smith, Barney 4
Gas
Co.)
Co..
Dean
_:_____Common
Becton, Dickinson & Co:.;—-—
Berkshire
Fenner
ing
Class A
&
Kuhn, Loeb & Co.; Lehman Brothers;
/
~
1
EST)
a.m.
Hentz
(First Boston Corp.;
Common
shares
100,000
Co.)
Motor
Ford
-Common
Corp.__________i
(Rittmaster,
■:<"-v-i
-:.v
shares
150.000
Co., Inc
Securities
(Dana
Textile
Co.)
&
11
Debentures
Corp
(H.
:
Common
Walker
Ascot Publishing
Ascot
Jv'.:;;:.
Inc.)
Co.,
&
Inc.
H.
(G.
~
Rose
Vitamin
Barth
Capital
Co.,
&
Foods, Inc.
Nov. 29, 1961 filed 100,000 common. Price—$3.25. Busi¬
ness—Creation and manufacture of flavors for the bak¬
are
Common
Globus,
and
Appalachian Power Co
Ainsbrooke Corp
Underwriter—Planned Investing Corp., N. Y.
110,000 by stockhold¬
Industries, Inc
Ross,
Everbest Engineering Corp.
April 2, 1962 filed 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.
Carno Co., Inc., N.
Jan. 23, 1962 filed 130,000 common, of which 20,000
(Glass
N, Y.
&
March 28, 1962 filed $850,000 of 6%% conv. subord. de¬
bentures due 1977 and 112,500 common shares.
Price-
Anscott
NEW ISSUE CALENDAR
Price—$15v
common.
41
ers.
Price—By amendment. Business — Retail sale of
wearing apparel. Proceeds—For working capital. Office
—36 S. State St., Chicago. Underwriter—Allen &
Co.,
Extrin
it Ess-Kay Enterprises, Inc.
April 5, 1962 ("Reg. A") 15,866
,
Epko Shoes, Inc. (4/30-5/4) ;/>
March 27, 1962 filed 150,000 common. Price—By amend¬
ment (max. $12). Business—Operation of a chain of re¬
tail shoe stores. Proceeds
For selling stockholders.
Office—237 Cherry St., Toledo, O, Underwriter—Shearson, Hammill & Co., N. Y.r
i< Equity Annuity Agency, Inc. of Nevada
April 3, 1962 ("Reg. A") 100,000 common.
Price
(1901)
Inc.)
170,000 shares
Rico Land & Development Corp.
Units
(Lieberbaum & Co. and Morris Cohon & Co.) $9,000,000
Puerto
Continued
on
page
42
42
The Commercial and Financial Chronicle
(1902)
Continued from
—62
41
page
&
•
Richmond St., Toronto. Underwriter—G. V. Kirby
Associates, Ltd., Toronto.
Feb.
26,
Business—Manufacture
Proceeds—Debt
blouses.
of
re¬
payment, equipment, inventory and working capital. Of¬
fice—Gauthier St., Tuskegee, Ala. Underwriter—Wright,
Myers & Bessel, Inc., Washington, D. C.
Inc.
Fastline
(4/23-27)
Sept. 28, 1961 filed $400,000 of 6% conv. subord. deben¬
tures due 1971 and 40,000 common shares to be offered
publicly in units of one $500 debenture and 50 common.
Price—$575 per unit. Business—Manufacture of con¬
Financial
March
16,
filed
200,000 capital shares, of which
by the company and 50,000
by stockholders.
Price—By amendment (max.
$20). Business—Company plans to acquire a savings and
loan association. Proceeds—For acquisition of stock and
working capital. Office—1035 State St.,<• Santa Barbara,
150,000
to
are
Calif.
Underwriter
Dean
—
Witter
&
Financial
,
March 30, 1962 filed
amendment
Underwriter—G. Everett Parks &
(5/14-18)
Inc.
Fastpak,
Nov.
30, 1961 filed 125,000
distribution
—The
devices
of
nuts, bolts
by others. Proceeds—For debt
general corporate purposes. Office—8
and
Place, Freeport, N. Y.
Inc., N. Y.
repayment
Underwriter
;
/
Malkan & Co.,
•
'
Price—$5. Business
and other fastening
common.
Fidelity America Financial Corp.
1961 filed
3,
—Commercial
100,000
Arnold
—
(4/26)
eral
common.
corporate purposes.
Underwriter—Netherlands
Securities
Co., Inc.,, N. Y.
30, 1961 filed 800,000
Price—By amend¬
common.
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
Continued from page
41
(Godfrey,
Taylor
&
Co.,
&
Co.,
Shelley Manufacturing
(George,
Solid
State
Inc.)
400,000
(Tucker,
Anthony
&
&
First Financial
Inc.)
R.
Artlin
Atlantic
Mills,
shares
Steel
>
Inc
Plant Equipment
Corp
United
&
Co.)
Variable Annuities
(Waddell
Visual
Arts
&
Reed.
Common
Industries,
(Globus,
Inc.
and
Ross,
&
Credit
(Bernard
Wiggins
Co.,
&
Inc.)
(Investment
Eastern
Irwin
Group,
&
Inc.)
Inc.)
M.
Toy
(Tuesday)
&
(White. Weld & Co., Inc. and Goldman, Sachs & Co.)
Belco
Petroleum
Corp
1
White, Weld & Co., Inc.
and
300.000
(Joseph
Walker
&
Sons
and
Inc.)
T^XTpc.+^or|t
Common
(Joseph
Walker
Kogel,
Clark,
Landstreet
&
Sons
and
Clark,
Inc.)
&
Kirkpatrick,
W.
Pressprich
Mandrel Industries,
(Dominick
Southern
&
Inc
&
Greater
303.900
Edison
(Bids 8:30
a.m.
EST)
Southern Ry. Co
Bonds
(Carl
G.
Becker
&
Co.,
Inc.)
307,000
* •
Dillon,
,
.
Securities
(Milton
(Rrnndtjen
Denmark
(Kuhn,
&
(Kingdom
Co.)
$75,000,000
Corp.)
$165,485
./.■%
Loeb
&
Co.
Co,;
and
Common
Inc.)
$575,000
of)_
Smith,
Lazard
.Bonds
Barney
Freres
&
&
Co.;
Co.)
Harriman
Ripley
$20,000,000
Donmoor-Isaacson, Inc.
Utah
Concrete
Pipe Co.
.
&
r
(Schwabacher
Vacco
Valve
&
Co.)
110,000
Jayark
Films
(Pacific
Franklin
Investors)
Lee
Fashions,
(Godfrey,
349,590 shares
H.
Woodhill, Inc.)
Inc..
Common.Y/Y
Common:
$300,000
Co.)
—
V:
.Yf
/"Y/YY
>•*
.Common
_;v;YYvY
—_-Debentures
■
Y
$20,000,000
Y
to
be.received) $16,000,000
'
..
Y
'
Y
.Bonds'
Lazard
Freres
&
Co.),
$25,000,000
(Government of)—.
(Kidder,
Peabody
<&
——Bonds
Y Y*
j
—
$25,000,000
Co.)
Co.)
May 10
Co.,
Inc.
Y
Inc.)
200,000
shares
May 11
(Offering
>
Lee
&
Co.,
120,000 shares YY'- '
S.
be
(Blank,
,
&
Co.,
Lieberman
72,000
King,
Common
Redpath)
Co.
and
Co.,
Inc.)
v
Y
$350,000
&
Blair
&
Inc.)
360,000
$500,000
$6,500,000
Securities
Co.,
Inc.)
Co.)
.Y Y
shares
200,000
Class A
—
&
$2,250,000
Co.,
Inc.
&
and
157,500
Co.)
shares
—-Class A;
Co.)
Co.)
&
Janov
$375,000
shares
130,000
r—■■
—...
(Arnold
Four
Malkan
&
(Paine,
Television
Star
Inc.)
Co.,
-——^Common
$625,000
Webber,
Jackson &
Geriatric
Research,
Whipple
&
V*
Curtis and Dempsey-Tegeler, & Co.,
211,250
shares
and
162,500
,
,
;/
—_—Common
Inc.—-
Co.
Capital
——
Freehling,
shares
Myerhoff &
,
'
-
y
Co.)
..
.Common
Happy House, Inc
$700,000
(No• underwriting)
-
;
-
Common
Honora, Ltd.
(Sunshine
Securities,
Inc.)
$286,875
Investment Securities Co..
——Common
(Scherck, Richter Co. and Dempsey-Tegeler & Co., Inc.)
*
Ipco
250,000
,
Supply
Hospital
shares
,
.
Corp.———
(Shearson, Hammill & Co.)
.
•.
Inc.)
Common;.
Inc.
.
$300,000
Co.,-
:■>. ;•
•
$350,000
shares
&
Co., Inc.
(Allen
&
•
(Bacon,
......Class A
Co.)
'>
Fastpak,
$900,000
Common
Co.,
Peabody
Inc.)
$300,000
Rego Radio & Electronics Corp
(General
,
-Capital
Gilhart
&
—.Common
•
Ben. Int.
Co.)
Pierce
Evans, Inc.
Co.)
v
Corp..
.
Computer Control Co., Inc....— --.——Common
Common
Inc.)
Rauscher,
and
Stoats
R.
Concors Supply
Common
Primex Equities Corp.—
H.
;
.(Roth
&
,
Libaire, Stout & Co.)
Blauner
Co.
&
$19,500,000
Corp.—
(Kidder,
——Debentures
Co.,
Co.; Inc.-,
&
shares
Trust...—._,_Common
(Clayton Securities Corp.)
.Common
Penzell
Co.)
&
Chestnut Hill Industries, Inc
$616,000
t.l
Corp.
D.
Bros.
shares
2,000,000 shares
&
Co...Common"
Blyth
$11,000,000
100,000 shares
&
Peabody
(William
Corp.—1
Wilkens
Electronics
(Kidder,
Barker
Inc.)
Common
Grader
Milli-Switch
.'
,
(First Nebraska Securities Corp.)
&
YJ
Common
named)
.
Investors——__Ben. Int.
Stone
American Southwest Realty
Common
Kasdan
Corp.)
&
>
(Monday)
Mortgage
(Hayden,
1
Taylor
Y
Bonds
'
Co.—
stockholders—underwrittern by
First
Boston
Corp.)
486.111
May 14
7
Common
&
Co.)
Y~'YY.Y:*Y
$8,000,000
and
American
Inc.)
Class A
&
EDST)
(Friday)
to
-
...
Common
L.
M.
Y.
Parker
YY"
Electric
a.m.
$800,000
and
_.
11
Tucson Gas Electric Light & Power
Common
and
(Thursday)
Massachusetts
(Bids
Capital
Inc
(To
.
(D.
Common
$700,000
Co.,
&
(Kuhn, Loeb & Co.; First Boston Corp.;
Western
Inc
Lehigh Industries & Investing Corp
(A.
Common
$2,450,000
Russotto
;
Common
166.666 shares
Orion
Livestock Financial Corp
(M.
&
Securities
Hamilton,
(Eisele
(Friday)
(Shear6on, Hammill & Co.)
International Inc.
9
New Zealand
& Scribner)
Metropolitan Realty Trust
Common
.
Co..
(Bids
100,000 shares
Corp
Coast
(Seymour
Spartan
Securities
Magazines for Industry, Inc
$500,000
—Capital'
European Coal & Steel Community
Common
Co., Inc.
(Putnam
.
Manufacturing Co
May 4
Coast
Inc
Co..
'
(Lehman Brothers)
Pacific
Kay Foods Corp
Lockwood
(Thursday)
Y
$1,947,000
(Goodbody & Co.) 150,000 shares
AY
shares
Distributors, Inc
Securities
(Arnold,
May 3
and
$425,000
Common
(California
700,000
Lembo Corp.
shares
Co
Co.)
(Wednesday )"• Y Y :
Chicago, Burlington & Quincy RR.
r '
YYYYY/Y; Y/Y" Y'Y;;-"\Y"; YYEquip. Trust Ctfs.
Y
Y
(Bids noon CDST) $3,150,000
Y'*Y YY'Y.Y
$300,000
Co.)
(Hayden, Stone & Co.)
Interworld Film
Common
.
.
Columbus & Southern Ohio Electric Co.— ..Bonds-
Class
Instruments, Inc
Common
(Goodbody & Co.) 150,000 shares
&
Wisconsin Telephone Co...
Eisen, Waeckerle,
Products, Inc.
Blauner
Kollmorgen Corp.
;
Bayliss,
Parker,
Ine.)
&
Rhoades
(Auchincloss,
May 2 (Wednesday)
Control Dynamics, Inc—
and
Productions,
Loeb.
Metal
D.
Industrial
—Common
Securities
$299,250
y——_
Enterprises,
(General
Debentures
Union
U-Tell Corp.
(Continental
M.
,
.
Common
Sunray DX Oil Co
(Eastman
.
shares
.
$500,000
Co.—
Chemical
$1,800,000
—Equip. Trust Ctfs.
«
(A.
-
Common..
Inc.
$40,000,000
<?lds n°on EDST) $4,440,000
.Star Tank & Boat Co., Inc.
Z
m
$300,000
Inc.)
(Switzer & Co., Inc.)
■
•
Lighting
May
$2,750,000
Hillside
shares
Co
:
—Common
Co.,< Inc.)
(Bids to be received)
Pittsburgh Capital Corp
Common
Dominick)
California
'
.
Class A
$300,000
Hargrove
shares
shares
175,000
$1,590,000 Y
Inc.)
Inc.—.:
Lewis
Pioneer
v
$25,000
Inc.)
(Federman, Stonehill & Co.)
Common
142,860
Industries,
$625,000
Co., Inc.)
Bessel,
Inc.
Inc.)
Common
Co.,
May 8
(Tuesday)
Country Set,vine. Li—*
Common
Co.,
&
.
'■
Common
(Raymond Moore &
Warwick,
&
Blauner
Webber,
Corp.—Common
(Smith, Barney & Co. and Goldman, Sachs & Co.) 100,000 shares
and
120,000 shares
Corp
Hanna-Barbara
$100,000
Co.)
Corp.
-Common
Noel
Hotel
Common
Purcell,
Alstyne,
D.
(Costello,
$325,000
Inc.)
Debentures
(Kidder, Peabody & Co.) 371,750 shares
Debentures
Co.,
Common
$600,000
Corp
(Andresen
Common
&
named)
VoltiTeohnical Corp.—Class A
(Y
v
Units
Securities
$300,000
Co., Inc..
be
to
Common
Inc.)
Co.,
Furniture
(Edward
Witco
:
Aetna
Corp.)
Inc
&
•
$1,500,400
(Moore, Leonard & Lynch and Singer, Dean
Instruments, Inc
(R.
Inc.)
300,000 shares
Co.)
Products, Inc.
&
43
Common
&
tHMoDonald'jSi Coj> 150,000 shares
.
White
ri
Common
Inc.)
Co.,
St., Odessa, Tex.
Manufacturing Co
Western
Airlines
Debentures
Landstreet
Grant
Smith
Zuckerman,
MacPherson
-
...
$1,000,000
Gateway Chemicals, Inc
$600,000
(Globus.
Lab-Line
&
Securities.
Kirkpatrick.
Inc
&
Frouge
(Van
shares
M^rtffase Co
N.
International
(Milton
Y Universal
Inc..:
Cc.,
(Vickers,
Common
7
y/Y-Y1. :Y>
; /•;' YYY-Yy;
Y/ Y'.J
Y;YY -' Y;
Trans-Alaska Telephone Co.
$500,000
Corp
Adams
Futura
Common
trust.
stockholders—underwritten
by gaine,
Jackson & Curtis) $5,005,700
Units
Malkan &
Securities
to
Common
&
and
Brothers
Tremco
$5,000,000
Corp.)
Co.)
Malkan
Financial
(Midland
Goldman, Sachs & Co.)
130,000
^
Co.)
Corp.,
Myers
Co.
Class A
Securities
Industries,
$7,500,000
shares
Central Investment &
Mortgage Co
&
&
Pike, Inc.
Fashion
First
Debentures
;
Price—$10, Business
Proceeds—For general.'
Main St., Hackensack,
common.
Office—700
Symington Wayne
shares
>
:
,
(Terrio
Sokol
(Offering
Co
:
Brothers, Inc
(Burnham &
Common
Kahn
(Meadowbrook
-
■
Seashore Food
$675,000
160,000
V
Continued oh page
$1,200,000
Co.)
Blvd.,*.r'Z
Underwriter—None.
.
1
(Wright,
May 1
Inc.)
Pro¬
Northern
•••;*
■
Scientific Corp.
Thunderbird
Corp
(Arnold
Ellner
V
67,750
(Underwriters
Inc
Investing
(Arnold
$300,000
$300,000
Belco Petroleum Corp
&
Investment
Investors,
Common
Co.,
'
investment
For, investment.
units
Investors, Inc
r
Eastern
$444,000
Common
Planning
(Ehrlich,
'
Co.,
(Clayton Securities Corp.)
Units
Plastics, Inc
600
Telephone
Decorel Corp.
$190,000
Wulpa Parking Systems, Inc
,
(H.)
(Hanipstead
West Falls
(Hodgdon
&
Co.)
Dickson
S.
Atlas
Shopping Center Limited
Partnership
'
Corp
Department,
Davis
Co.)
&
(Doft
Common
estate
Common
Staats
(Eastern
Common
Lyon
Inc.)
Burnside
R.
$25,000,000
Inc
$500,000
Price—$1.;
company.
Office—1295
.•,
1962 filed
$825,000
Computer Concepts Inc
$280,000
Fund, Inc
Inc.)
Co.,
Capital
(R.
(Joseph W. Hurley & Co.) $208,980
(Meade
Inc.)
Coastal Acceptance Corp
Tactair Fluid Controls Corp
Common
(Stroud ;& Co., Inc. and Penington, Colket &
Co.) 90,000 shares
Thom-Tex Paper Converting Corp
Common
investment
common. Price—$5.50. Busi¬
ness—A small business investment company.
Proceeds—„
Common
B.
(William
230,000 shares
investment.
——Units
&
Interstate
Carolinas
•
business
April 11, 1962 filed 200,000
Common
Underwriters,
(Hardy
California
Common
'Blair <fc Co..
Inc.—
Utilities Corp
shares
Common
small
Rosenau
Inc
(Mortimer
Sperti Products, Inc
\
Sulzberger,
YYY'.t
.
it First West Texas Capital Corp.
Inc.; M. L. Lee & Co., Inc. and
Jenks, Kirkland & Co.) $525,000
Diversified,
registra-,
V
,
Dec. 6, 1961 filed 200,000 class A stock. Price—S3. Bus!-'
ness—Company plans to acquire, invest in, and finance,
patents and new scientific technology. Proceeds—For
general corporate purposes. Office—375 Park Ave., N. YY
Underwriters—Netherlands Securities Co., Inc., Seymour"
Blauner Co., and Sprayregen, Haft & Ci., N. Y. Offering-
Co.,
Industries, Inc
$357,500
110,000
&
(Equity Securities Co.)
Arnav
(Eppler, Guerin & Turner, Inc. and R. J. Edwards, Inc.)
220,000
Blauner
American
Common
Day)
4,
First
(Monday)
D.
(Glams
Co
N. J. Note—This
Capital Fund, Inc.
filed 2,770,000 capital shares.
—Imminent.
City, Kan. Underwriters—Midland Securities Co., Inc.,
and Parker, Eisen,
Waeckerle, Adams & Purcell, Inc.,
City, Mo.
Common
L.
insurance
•
Price
purposes.
York
1961
<
(5/7-11)
common.
corporate
Underwriter—Internation-;
Kansas
$1,000,000
Inc.)
Co.,
Corp.
other
corporate purposes. Office—477
N. J. Underwriter—None.
-vYY-;
Underwriter—P. W. Brooks
("Reg. A") 60,000 class A
shares
Products, Inc
Southwestern
•
March 6, 1962
(Nation-Wide
Co
O'Neill
St., Bridgeport, Conn.
Co., N. Y.
-
and
,
New Jersey
—Real
common.
Price—By amend¬
$15).
Business—A small business invest¬
ment company.
Proceeds—For investment. Office—955
&
:vY;''
American Modular Manufacturing Corp.—Common
Common
&
St., Los
Business Investment Co.
capital
First Real Estate Investment Trust of
%
Jan.
(max.
Hallowell,
.Common
Warwick,
Malkan
Flower
S.
March 9, 1962 filed 200,000
ment
145,000 shares
Corp
(Arnold
\ First Connecticut Small
$1,800,000
»
MacPherson
Plastic
Proceeds—For
Angeles. Underwriters—Kidder, Peabody & Co. and Mc¬
Co., N. Y.
(Milton
Common
Corp.
(Vickers,
Rona
•
Inc.)
Inc
(Hayden, Stone & Co.)
Roadcraft
615
Corp.
Distributing
Manhasset, N. YY Underwriter—None.
By
of 11/
—-
American Cardboard & Packaging Corp.__Common
Common
Hamilton,
Office
27,
ceeds—For
Donnell &
May 7
Ramer Industries
Regal-Meadows,
Oct.
—$5. Business—A small loan company. Proceeds—For,-;
'working capital. Office — 751 Minnesota Ave., Kansas
Fidelity Mining Investments Ltd.
Nov.
—
stockholders.
Main
Price—$5. Business
company.
Proceeds — Gen¬
.Office—42 S. 15th St., Phila.
finance
associations.
selling
manufactured
Benson
Oct.
California savings and loan
Co., Inc., N. Y,
;
.
75,000 capital shares. Price
(max. $105). Business — Ownership
Television
withdrawn.
was
Business—A
Yv-YY YyY: Y'Yyyy
Federation,
working
ment,
First New
^
*
National
29, 1962 filed 200,000 class A capital shares. Price
-<p2. Business—Production, distribution and sale of TV
motion pictures and tapes.
Proceeds—For debt repay--
tion
Co., Los Angeles.
Offering—Expected in early June.
First
Office—505 Park Ave., N. Y.
al Services Corp., Paterson,
shares
cealed
zippers. Proceeds—Debt repayment, advertising,
working capital. Office—8 Washington Place, N. Y.
'
offered
be
•
Jan.
Corp. of Santa Barbara
1962
and
,
;
Fashion
Industries, Inc. (5/7-11)
-<
1962 ("Reg. A") 63,000 common. Price—$4.75.
Thursday, April 19, 1962
...
,
,
.Common
290,000 shares
;
Common
Y
Continued
on
page
43
■
Volume 195
Number 6152
Continued from page
Fleres
42
.
.
The Commercial and Financial Chronicle
.
[
f
Mfg. Corp.
Feb, 2, 1962 ("Beg. A") 80,000 common. Price—$3. Busi-
Dec.
* Florida Power Co. (5/17)
April 12, 1962 filed $25,000,000 of first mortgage bonds
ness—Manufacture and sale of metal frames for ladies
due May 1, 1992. Proceeds—For debt repayment, and
handbags. Proceeds—For debt repayment, equipment
construction. Office—101 Fifth St., South St. Petersburg,
and working capital. Office—2024 Montieth
St., Brook¬
Fla. Underwriters — (Competitive). Probable bidders:
lyn^ N. Y.
Underwriters-—Professional
&
Executive
Halsey, Stuart & Co. Inc.; Kidder. Peabody & Co.-MerPlanning Corp., Long Beach, N. Y. and E. J. Roberts &
rill Lynch, Pierce, Fenner & Smith Inc. (jointly); Leh¬
Co., East Orange, N. J.
man
Brothers-Blyth & Co. (jointly); Eastman Dillon,;
Flex Electric Products, Inc.
Union Securities & Co.-Harriman Ripley & Co. (joint¬
March 16, 1962 filed $95,000 of 6% subord. debentures
ly); First Boston Corp. Bids—Expected May 17 (11:30
due 1972 and 47,500 common
shares, of which 44,650 are 7 a.m. EDST) at office of Shearman & Sterling, 20 Ex¬
to be offered by the company and 2,850 by
selling stock- ~ change Place, N, Y. Information Meeting—May 15 (11
holders. The securities will be offered in units consist¬
a.m. EDST)
at Morgan Guaranty Trust Co., 54 Liberty
ing of one $100 debenture and 50 common shares (with
St., N.Y. 7.7/,
y- '
v\
'■;'-C. /•;/
attached warrants). Price — $350 per unit. Business—
;
Design, manufacture andr; sale, for amateur use, of1 r, ?■ Flower City Industries, Inc, (4/26)- >• ••
Nov. 29, 1961 filed 100,000 common. Price—$3.25. Bus!-*
camera lighting equipment and
photographic accessories.'
ness.— Design
and manufacture of plastic
artificial ;
Proceeds — For equipment, new product development, >
foliage and flowers. Proceeds — For general corporate„
sales promotion and other corporate purposes. Office—
39-08 24th St., Long Island City, N. Y.
purposes. Address—St. Thomas, Virgin Islands. Under¬
Underwriter—"
/.
y
Bond, Richman & Co., N. Y. 7-<wY
;• V; yy7y/'7: ■Y- writer—-Seidman Williams & Cant well, N. Y.
'
.
*
.
,
Florida
•
Bancgrowth, Inc.
(5/21-25)
7./Y
?
March 1671962 filed 200,000 common. Price—By amend-*•'
ment
(max. $15)/ Business—An investment company-
specializing in bank stocks.
Proceeds—For investment.
Office—^3356 Atlantic Blvd., Pompano Beach, Fla.
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
•
Florida PaJm-Aire
Oct.
19,
shares
1961
be
to
are
offered
for subscription
310,000
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 and1
activities.
related
general
Proceeds—For
corporate
Continued
from
42
page
debt
Office
purposes.
.
Y
..
.
N.
■
,
and
repayment
1790
—
Folz
Vending Co., Inc. (4/23-27)
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
-^The distribution of novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
chines, and increase working capital. Office—990 Long
Beach Rd., Oceanside, N. Y. Underwriter—None.
Ford
•
which
of
common,
Un¬
Y/
(4/23-27)"
Corp.
463,000
filed
;
Federal
March
Motor
Ci».
Alison
-
(R.
Jamoco Air
P. Dowd &
Common
_
Co., Inc.)
(S.
"(Martin-Warren
Co.,
Common
Ltd.)
v( Hay den,
Micro-Dine
Stone
&
Co.)
50,000
(Irving
'
J.
Rice
&
Co;v> Ino.O
Co.)
Co..
&
Northern
Inc.
Wood
>
v
Publishers
—Common 7
•'
'Y
Common
i'
(Arnold
Malkan
&
Co.)
Y
(Gross
&.Co.
Richmond
(Myron
&
Co.,
Inc.)
Bahama
Co.)
7
'•■■■
■■
School
)
■,
40,000
Y-\
.■■
>
New
7
:
Site-Fab,
Inc.
\(H.
7
r
Pearl
(A.
,V
-
Brewing
C.
Allyn
Hamilton,
m;}:
Taylor
Co. and Magnus & Co.)
shares :.y.>-['-my'' >v'";77 m.s
&
..150,000
(W.
-
International, Inc
C.
'
(
7
Walston
Aviation,
(White
.'
Widmann
(L. F.),
Co. /
Inc
&
V'-May'". 15
..
Inc.)
'Vlckers,
'•
L:
.
1
7
r
;
&
Co.,
Inc.)
&
Bruce
Co.,
Inc.
.Common
and
Reuben
Rose
&
Co.,
Ross,
Inc.
and
Samson,
Inc.)
Co.,
Graber
&
Co.,
>"7
165.000 shares
-;7 ^.
Milwaukee Gas Light Co
J..-7;-"
; > (Bids 10:30 a.m. EDST) $15,000,000
Molecular Systems Corp.-
7
Northern Pacific
(Bids
150,000
156,762
v
(First
(Bids
Corp.)
;
-
(Bids
*
-
June
•,
D.
'
$567,000
?
-
May 17
(Thursday)
'Bids
11:30
•"
Wiegand (Edwin L.)
Co
EDST)
.?
C.
Y May 21
shares
.
;
'7
V
;
;
•••«
,
.
..
*
t :•
,
r
Inc.-—
(International-Services Corp.
—_——Common
shares
156,000
Y
Common
Inc.)
"
shares
70,000
.'-Y
(Tuesday)
Pacific
to
——Bonds
Co.
Power
(Bids
,
received)
be
(Wednesday)
Automatic Controls, Inc.—
$4,035,000
$5,000,000
7
Southwest
11:30
Co.)
120,000
June
shares
Schramm &
Common
——
Co.,
$200,000
Inc.)
21
(Thursday)
Cincinnati Gas & Electric Co._——_Bonds
-Bonds
—
EDST)
a.m.
(S.
———Common
(Bids to be received) $25,000,000
EDST)
p.m.
$22,000,000
480,000
June 25
shares
(Monday)
(Pistell,
Bros.
&
Co.,
———Common
Common
..Common
and Market Values, Inc.) $300,000
July 2
80,000 shares
Inc.)
•
Saw
W.
& Co.)
(George K. Baum & Co.)
$651,300
Morton's Shoe Stores, Inc.^—*:
(Dean-Witter & Co.)
Pioneer Restaurants, Tnc—
&
Co.,
.-Common
Inc.—
$500,000
Inc.)
Common
November 7
$325,000
(Wednesday)
Georgia Power Co.—
"
:
,
Common
517,i22 shares
Common
(Stewart, Eubanks, Myerson & Co.) 125,000
Bonds
—
(Bids to be received) $23,000,000
$1,750,000
Georgia Power Co.
—Common
MacrAllan Co., Inc.——
"
Inc—Units
units
"
National Security- Life- Insurance Co.___—Common
(Underwriter to.be named)
Industries,
Malkan
(Arnold Malkan & Co., Inc.)
—Common
300,000 shares
13,400
Spears (L. B.)r Inc.—
.Common
Inc.——7—•
Pressprich
Inc.)
(Monday)
Mill River
(Arnold
<
(Roth & Co.. Inc.) $900,000
(R.
'
•
(Baruch Brothers & Co., Inc.) $400,000
Asenry Tile Industries, Inc.—
Debentures
$25,000,000
(Monday)
June 19
Sierra
Ry.____—^____Eq«ip. TVust Ctfs.
Bridge Electronics Co., Inc.___^
Halo Lighting,
——__Common
(Monday) '
11
■,
Y
.
M. P. Corp.—
(Plstell,
Laboratories, Inc.——_Common
1
$25,000,000
(Eastman Dillon, Union Securities Co.; Moore, Leonard & Lynch;
Reinholdt &. Gardner) 606,450 shares
Admiral Automotive Products,
•
June 20
12 noon EDST)
12:30
(Baruch
American
'
Bonds
a.m.
•
.
—Debentures
Hi-Press Air-Conditiohing of America,
,
Florida Power Co.—
\-'."vy
(Monday)
June 18
"Y
(California Investors) 200,000 shares
7;
11
(Lehman Brothers)
125,000 shares /j
Accurate Packaging Corp
Blauner)
'
$50,000,000
Transogram Co., Inc.—
(Monday)
May 28
——____Common
(Milton
;
Utah Power 8c Light Co.———Common
(Wednesday)
.'
•:
(Bids 11 a.m. EST)
shares
Utah Power & Light Co.
Common
•
-
(Tuesday)
(Bids to be received)
—Common
Tyler Pipe & Foundry Co.^
.Class B
Signalite Inc.
Units
(Thursday)
Columbia Gas Systems, Inc
(Harrimap Ripley & Co., Inc.) 100,000 shares
May 16
$825,000
$316,000
June 7
May 22. (Tuesday )
Bonds
(Stone, Ackerman & Co., Inc. and Heritage Equity
."-7 v.; ; ■'
•
$420.000--7..
/•:; ..
Inc.)
Corp.)
'
"7':.'"-"
Zeckendorf Properties Corp
Co.,
&
Investors
Common
(Andresen & Co.)
'
E.
t
Common
$385,000
Co->
Inc.) '
Inc.)
•
&
(William Blair & Co.)
.•
.
R.
shares
v
'
Corp..
,
(I.
June 5
Common
Eogle
•
shares
and Reuben
Co., Inc.
$600,000
90,000
Common
•
A'
(Baruch Brothers
•
$375,000
Co.)
;
-
Common
Brothers)
Manufacturing Corp.-
—Common
—
&
146,000 ahares
Beane)
Mountain States Tel. 8c Tel. Co
200,000
Wyniit Pharmaceuticals, Inc
77V7V •;
$840,000
-v
Little Ruffy Togs, Inc.__________________Common
(Glass &
&
&
International, Inc.——————Common
Y
-Common
Corp, Y__
(J-
7.,'- ;7/7- •'
,
•
.
7,
:
Salro
s
Common
Torch Rubber Co., Inc
YY,.7';Y'7
(Carroll Co.)
$183,750
Oceana
■
:-Class A
:
Vapor
"
Units
(Magnus
$302,250
Inc.)
Co.,
—Common
Williston
(Lehman
Corp
-
&
Corp.
R.
(J.
Common
Burstein
(Amber
Gemco-Ware
shares
Inc.)
Warwick,
&
(Monday)
Inc
150,000 shares
Co._
375,000
Bonds
$17,000,000
Geotechnical Corp.
"
Corp.—
Cycle
.
Traid
June 4
(Pacific Coast Securities Co.) 550.000 shares
,
.
Rose
7 7;;.}:
■.
Manufacturing Co..
(Richard
.
:
...Common 7
Burstein
Corp.)
Common
$800,000
Calev Photolabs,
Y
$250,000
Tellite ; Corp.
Common
$486,000 7
7 !/^^
Bernalen, Inc.
'Amber,
Broadcasting
(Lloyd Securities, Inc.; Richard Bruce &
Anchor Industries Corp.--.—_____Common
77/'Amber,: Bursteiri & Co., Inc.) $308,000
•
v
-
Iona
Inc.)
Corp
(Thursday)
May 31
Common
Co.,
Jessup & Lamont)
and
MacPherson
Service
Stelber
$562,500
(Tuesday) " -v'-'1-
& Co.
Acceptance
(Bids to be received)
"
Barney
Smith,
Alabama Power Co
Pancoast)
&
I-7'Security - Aluminum Corp.———
.Common 7
Co.,
Inc.-
(Godfrey, Hamilton, Taylor & Co.)
"'■
s
&
Builders
$800,000
shares
by
6,153,140 shares
(J. W. Kim & Co.)
Common
Robertson
Dewar,
Co.)
(Wednesday)
May 30
Home
—Common
and
(First Bosjbon
Skiers
&
Common
Scripps-'Howard
.
■
Y
$1,202,500
Co.
—Common
:
————
(Offering to stockholders—underwritten
Common
Co., Inc.)
Common,
Philips N. V
shartv
150,000
Inc.
(Kidder, Peabody
Units
<fc
&
(Baruch Brothers
Regulators,
Capital
l.angley & Co.) 550,000 shares
Urethane of Texas, Inc.^
m
/ (Rowles, Winston
Malkan
Common
$150,000
Corp.)
May 29 (Tuesday)
England Electric System—,
$1,500,000
Co.)
Common
$440,000
Co.)
'Offering to stockholders—bids to be received) 872.876 shares 7
Common
&
&
New
—Common
Beane)
&
Stonehill & Co.)
and First Philadelphia
Inc.
shares
Co.—^
&
(Globus,
160,000 shares
Inc.)
Co.,
148,300
'
(Godfrey,
(Finkle
Y"
shares
;,y'[ '.v"'777:
(Myron A. Lomasney & Co.) $375,000
Salant & Salant, Inc
:_
...
Towers .Marts.
&
Common
Common
shares
240,000
Co.)
44
page
$676,500
Welcome Baby, Inc
Common
&
Island, Inc
Sun City Dairy Products, Inc
Ltd.—Common
Co.,
250,000
on
175,000 shares
shares
200,000
100,000
Co.)
Ridgerock of America, Inc
,7
t
,
_____.....Common
4 (Irving J. Rice & Co., Inc.) $276,000
v 7^'■%
Tork Time Controls, Inc..
...—Common
■.
Co.)
&
7"
.Common
.
$975,000
&
Hammill
(Arnold
:
shares
Co.)
Continued
......Common
Inc.)
Co.,
Development
(Mayo
<
■••••*•■
________——_____.______Common
Black & Co., Inc.) 135,000 sharesY7>y r''''-!"1-■
P.
filed $500,000 of 8% subordinated debentures \
serially 1969 to 1973 and $500,000 of 8% subordi¬
capital notes due about 1970. Price—At par. Busi¬
ness—A consumer finance company. Proceeds—For debt
repayment and expansion. Office—105 N. Sage St., Toe- ,
coa, Ga. Underwriter—None.
due
nated
$375,000
Parkway Laboratories, Inc.—
v
.Common
Superior Bakers, Inc.—
7:Y' Y ;.';7:.vV. (Balogh &
Ten-Tex Corp.
N. Y.
.
Redford
Office—4030
$500,000
Inc.)
Inc.)
Hope Academy of the Arts, Inc
(Equitable Securities Corp. and Kroeze, McLarty & Duddlegton)
60,000
Calif.
Common
Williston
-
Proceeds—For selling stockAve., North Hollywood,
Underwriters—Paine, Webber, Jackson & Curtis,
and Dempsey-Tegeler & Co., Inc., St. Louis.
keting of television films.
holders.
—-Common
&
Peabody
R.
(J.
,
.Class A
shares
(Kidder,
(5/14-18)
1962 filed 211,250 capital shares. Price—By y
amendment (max. $25). Business—Production and mar- 16,
Common
Lily Lynn, Inc.—:
.
$1,000,006
Pictures, Inc.—
Four Star Television
$600,000
Kohnstamm (H.) & Co., Inc
J
$2,250,000
;___
•
March
Sportsways, Inc.
Bros., Inc.
—Common
(Hirschel &
Pictures, Inc
Co.)
Bessel,
Co.,
Lomasney
Grand
.
Common 7
(Equitable Securities Corp. and Kroeze, McLarty & Duddleston)
,
A.
(Shearson,
-
.
(Troster, Singer & Co. and Federman,
Inc
&
&
(Dempsey-Tegeler
f
■
Jarcho
.
Class A
Corp.
'Y;-
School
Elmaleh
and
Myers
(Allen
$2,000,002
1962 filed 103,000 common. Price—$3. Busi- ,
manufacture and distribution of men's \
outerwear,
sportswear- and rainwear.
Proceeds—For V
plant expansion, equipment and working capital. Office
—665 Broadway, N. Y.
Underwriter—Magnus & Co.,
Inc., N. Y. Offering—Expected sometime in August.
ness^—Design,
shares
Bancgrowth, Inc.———
$200,000
.
Four Star Sportswear, Inc.
Product Research of Rhode
Gaslight Club, Inc.
7
'
Common
,
:
(Robinson-Humphrey Co., Inc.)
Research Products, Inc
....
;
>
.
Republic-Franklin Life Insurance Co.
;
"-
-
(Roth*& Co.. Inc..) 541,000 shares
Interonies, Inc.——
;
Florida
'
C
Co., Inc.;
i'"i
;
mm
,
...
March 27,
Common
Co.,
(Gianis
$750,000
150,000
Electromagnetics Corp.
..
Products Corp.—_,.__Common
(United Planning Corp.) $350,000
Aids
(Wright,
—Ben. Ints.
.
Co.)
Securities
Coast
Price—By amend- ,4;
(Investment Planning Group)
Co., Inc..
Educational
Inc.
(max. $15). Business—Wholesale distribution of
toys and games. Proceeds—For selling stockholders. Office—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell & Co., N. Y. Offering—Expected in earlv June.
(Godfrey, Hamilton, Taylor & Co.) $500,000
$700)000
uo
Irving Weis & Co.)
and
Pen
& Sons,
ment
.Common
(Pacific
-
Duro
•;
$5,000,000
Dielectrics, Inc
'Street
RF
(Boettclier
..
-
—.Common
Midwestern Mortgage Investors
Molecular
units
Corp.
■;
:
.Units
,
(Alex)
Common
Inc.
Babs,
$120,000
Kavanau Corp.
Puller &
D.
Forst
March 23, 1962 filed 100,000 common.
$500,000
American Bolt & Screw Mfg. Corp
$300,000
Conditioning Corp
>■
Aagaard, Salt Lake City. Offering—Expected in May.
Common
Ayres, Inc
(J. R. Williston & Beane)
Jaap Penratt Associates, Inc
-
Feb. 9,1962
1962; filed
23,
21, 1961 ("Reg:. A") 130,000 common. Price—$2.
Business—Research, design, manufacture, sale and distribution of precision electronic and mechanical components. Proceeds—For. debt repayment, equipment and
general corporate purposes.
Office — 425 Las Vegas
Blvd., S., Las Vegas, Nev. Underwriter—Elmer K
Franklin Discount Co.
(4/24)
2,250.000 common.
Price—By
amendment. Proceeds—For the selling stockholder, The
Ford Foundation.
Office—American Road, Dearborn,
Mich.
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.
7
.•
-
Forest Electronics Corp.
Highway, Pompano Beach, Fla. Underwriter—Hardy &
Co., N. Y.
(A. J.)
43
(1903)
7
'
—
(Bids to be received) $7,000,000
November 28
Preferred
-
,
'
(Wednesday)
Southern Electric Generating Co—
(Bids to be received) *6.soo csa
Bonds
j.
44
The Commercial and Financial Chronicle
(1904)
Continued
Office—625 Madison
from page 43
Manufacturing Co.
Franklin
(5/3)
hold
refrigerators, automatic
washers and
a selling stockholder. Office—65Minneapolis. Underwriter — Lehman
freezers,
driers. Proceeds—For
22nd Ave., N. E.,
Brothers, N. Y.
x'V'''
•
FW-4, a four-passenger amphibious autogiro. Proceeds
—To produce prototype models, and finance general
overhead and operating expenses. Office—10 E. 52nd St.,
Underwriter—None.
Y.
,
./Frederick's of fiollywddcl/Jnc*//^
March 26, 1962 filed 150,000 capital shares, of which 70,000 are to be offered by company and 80,000 by a stock¬
holder.
business
Price—$5. Business—Operation of a mail order
and a chain of women's apparel stores. Pro¬
ceeds—For
expansion
and
other
corporate
Off ice—6608 Holy wood Blvd.,. Los Angeles.
—Garat & Polonitza, Inc., Los Angeles.
•
Frouge Corp. (5/7-11)
26, 1962 filed 700,000 common.
Jan.
purposes.
Underwriter
Price—By amend¬
Business—Construction and operation of various
ment.
type apartment, industrial and office buildings. Proceeds
—For an acquisition, construction, and working capital.
Office—141 North
Ave., Bridgeport, Conn.
—Van Alstyne, Noel
Futura Airlines
Underwriter
Underwriters—Raymond Moore & Co., Los Angeles and
State
Small
Investment
Business
Shiloh
Office—1180 Raymond
Knitting Mills (4/25)
14, 1962 filed 200,000 class A common, of which
100,000 are to be offered by the company and 100,000
shares
by stockholders. Price—By amendment
(max.
$22). Business — Manufacture of sweaters, skirts and
for
Boston.
juniors.
Proceeds—For
corporate
purposes.
working
Office—117
capital
and
Bickford
St.,
Underwriter—Paine, Webber, Jackson & Curtis,
Boston.
•
Gateway Chemicals, Inc. (5/7-11)
Nov. 22, 1961 filed 100,000 common, of which
50,000 are
to be offered by the company and 50,000
by a stock¬
holder. Price—By amendment.
Business—Compounding
and packaging of chemical
products, primarily deter¬
Proceeds—For
Dobson
hill &
Gemco-Ware
capital,. Office—8136 S.
Underwriter—Federman, Stone-
Corp. (6/4-8)
146,000 common.
Price—By amend¬
holding company for a
restaurant equipment manufacturer, a wholesale distrib¬
utor of houseware products and a
company operating
leased discount departments dealing in hard
goods. Pro¬
ceeds—For
debt
repayment, expansion and working
capital.
Office—134-01 Atlantic Ave., Jamaica, N. Y.
Underwriter—J. R. Williston & Beane, N. Y.
(max.
$8).
Texas.
Business—A
Underwriter—Lehman
.
ufacture of voting machines and
toll collection
devices.
Proceeds—For selling shareholders.
Office—Reading, Pa
Underwriter
Dempsey-Tegeler &
—
Co., Inc., St. Louis.
Inc.
March 23,
1962 filed 105,000 common. Price—$3. Busi¬
ness
Design, assembly and distribution of trophies,
plaques and awards.
Proceeds—For debt
repayment,
new
products, expansion and working capital. Office—
2555 W. Diversey
Ave., Chicago. Underwriter—Michael
G. Kletz & Co., N. Y.
General
Devices, Inc. (4/23-27)
29, 1962 filed 140,000 common, to
subscription by common stockholders.
Jan.
Ticroi*
Inp
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,
Co., Cleveland.
Ohio. Underwriter—Pres-
and
offered
for
and
manufacture of elec¬
electromechanical
components and systems
multiple telemetering. Proceeds—For
inventory, debt
repayment, sales promotion, and working
capital. Office
—Ridge Rd., Monmouth Junction, N. J.
Underwriter
•—Hess, Grant & Remington, Inc., Philadelphia. <
for
^ General Economics Syndicate,
April 11, 1962 filed 400,000 class A
Business—An
lor
insurance
investment
in
Jan.
Inc.
26, 1962 filed 200,000 class A shares. Price
Business—General
real
estate.
Proceeds—For
—
debt
$10.
re¬
payment and general corporate purposes. Office—370
Lexington Ave., N. Y. Underwriter—Stanley Heller &
Co, N. Y.
Employees Corp.
v
Jan. 8, 1962 filed
$2,675,000 of 4%% conv. capital deben¬
tures due 1977 being offered for subscription by common
stockholders on the basis of $100 of debentures for each
7 shares held of record Apr. 8 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.
Employees Insurance Bldg, Washington, D. C. Under¬
_
//yv/://////' 7/ // ,y;7//-:
Blvd., Los Angeles. Underwriter—Blyth & Co., Inc., Los
/'
Angeles.
/
.
-
/k
Corp.
28, 1962 fled $250,000 of 6%
March
•
,
Industries
Girard
conv.
*.
,
Rico.
Puerto
subord. deben¬
Price
equipment and
general corporate purposes/ Address—San Juan, Puerto
Rico. Underwriter—Edwards & Hanley, Hempstead, N. Y.
holding
subsidiaries,
Inc.
common.
Industries, Inc. (4/30-5/4) "
filed 185,000 common, of which 135,000
are to be offered by the company and 50,000 by a stock¬
holder.
Price—By amendment. Business—Manufacture
1961
glass-to-metal
hermetic
seals.
Proceeds—For
pur¬
chase of equipment, investment in a
subsidiary, research
and development, moving expenses, and working capital.
Office—725 Branch Ave., Providence, R. I. Underwriter
—Hemphill, Noyes & Co., N. Y.
Glensder
March
23,
Corp.
filed 150,000 common, of which 60,000
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
1962
fashion
women's
—For
general
accessories, and sportswear.
corporate
Proceeds
/Office—417 Fifth
purposes.
Ave., N. Y. Underwriter—Sprayregen, Haft & Co., N. Y.
•
Global
Feb.
Discounts,
Inc.
("Reg. A") 120,000 common. Price—$2.50.
Business—Sale of objects of art in discount stores. Pro¬
ceeds—For general corporate purposes.
Office — 107
company.
and
Ave., Manitou Springs, Colo.
Copley & Co., Colorado Springs, Colo.
to
be
of
Underwriter—
..
.
Industries, Inc., (4/30-5/4),<•
offered
by the company and 100,000 by stock¬
Price—By amendment. Business—Manufacture
holders.
miniature
electric
motors, powdered1 metal products
and devices for the missile and aircraft industries.
ceeds—For debt repayment and working
—1784 Stanley Ave.,
Dayton, Ohio.
capital.
Pro¬
Office
Underwriter—Mc->
Donald &
Gold
Co., Cleveland.
Leaf
■•/'.
Pharmacal Co.,
Inc.
80,000 common.- Price—$4. Busi¬
ness—Manufacture, development rnd sale of pharmaceu¬
March
13,
1962
filed
tical and veterinarian products, jrroceeds—For advertis¬
Office—36
—Droulia
Golden
$10.
Proceeds—
working
—
capital.
debt repayment and working capital.
J^awton St., New Rochelle, N. Y. Underwriter
&' Co., N. Y. *
/
v/;.' '
; ' /'//:/
Pagoda,
Inc.
.
March 28, 1962 filed 260,000 common.
ness—Company plans to build and
hotel.
Proceeds—For
nianaloe Ave.,
construction.
Hilo, Hawaii.
Price—$10.
operate
a
Office—1477
Underwriter—None.
: -—;
Busi¬
tourist
1962
products. Proceeds—Production, advertising
of disposable needles;
Office—129-21
promotion
Blvd., Springfield Gardens, N. Y.
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—
$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
March
City, Mo. Offering—Expected in July.
Grand
Bahama
>
(5/21-25)
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¬
ceeds—For general corporate purposes.
Office—250 Park
Ave, N. Y. Underwriter—Allen & Co, N. Y.
•
Grayson-Robinson
Jan.
Stores, Inc.
26, 1962 filed $10,000,000 of 5% senior subord. de¬
due 1985.
Price—By amendment. Business—
bentures
Retail sale of women's and children's
apparel and photo¬
Proceeds—For expansion,
diversification, and working capital. Office—550 W. 59th
St., N. Y. Underwriter — Bear, Stearns & Co, N. Y.
Offering—Expected sometime in May.
Great
Continental
Real
Investment Trust
Estate
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
Continental Real Estate
Investment Trust.
ic Great Eastern Insurance Co.
|
April 13, 1962 filed 381,600 common; Price—By amend¬
ment (max. $5). Business—Company plans to write cer¬
tain types Of fire and casualty insurance. Proceeds—For
general corporate purposes. Office—116 John St, N. Y.
Underwriters—Emanuel; Deetjen & Co., and Zuckerman,
Smith & Co, N. Y.
•. 1 V/.
//"• ;y!/'.'///S77
Great
Plains
Corp. z:;
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.
•
'•
Greater New York
Box Co.,
Inc.
(4/30-5/4)
Dec.
29, 1961 filed 100,000 common
Price—By amend¬
ment
($7 max.). Business—Manufacture of corrugated
board and containers. Proceeds—For general corporate
purposes. Office—149 Entin Rd, Clifton, N. J. Under¬
writer—D. H. Blair & Co,
^
Greater
Nov.
14,
ness—A
N. Y.
Pittsburgh Capital Corp*
1961
small
filed
250,000
common.
(5/7-11)
Price—$11. Busi¬
business investment company. Proceeds—
Kala-
For
•
burgh. Underwriters—Moore. Leonard & Lynch and Sin¬
ger/Dean & Scribner, Pittsburgh.
•
.
Good-Era Realty & Construction
Corp.
2,
(4/30-5/4)
Corp.
—To be named. Note—This firm formerly was known as
(4/30-5/4)
14, 1962
Globe
Chemical
graphic and audio equipment.
to be offered by
April
Price
and
•
of
"
and related
Glass-Tite
Sept. 27,
15
common
Jan. 22, 1962 ("Reg. A") 100,000 common.
Price—$2.25.
Business—Manufacture of dental./anesthetic cartridges
—Paul
36 shares.
Proceeds—For
To
'
Graham
^
—By amendment. Business—Manufacture of restaurant
and other type furniture which it sells principally to
in
share for each
*
,
90,000 common shares to be sold by
certain stockholders. The securities are to be offered in
units consisting of a $100 debenture and
one
Merrick
1972 and
due
tures
the rate of
June 1, as follows:
None.
Corp.
April 4, 1962 filed 254,000 common. Price—By amend¬
ment (max. $18). Business—Development and produc¬
tion of radar and other specialized electronic systems.
Proceeds—For selling stockholders. Office—1815 Venice
ing^ research,
be
Price—By amend¬
Business—Development
paper.
rights held of record
stockholders of Govern¬
ment Employees Insurance Co, two rights for each share
held; to common stockholders of G. E. L. I. Co, one right
for each share held; to common stockholders of Govern¬
ment Employees Corp., four rights for each share held,
and to common stockholders of Criterion Insurance Co.,
one right for each share held.
Price—$7.50. Business—
A consumer finance company. Proceeds—For working
capital. Office—1700 Broadway, Denver. Underwriter—
Oct. 30, 1961 filed 200,000 common, of which 100,000 are
plugs; design and production of subminiature
hermetically sealed relays and glass-to-metal seals; man¬
tronic
of
mail selling of vitamin mineral products to eld¬
erly customers. Proceeds—For working capital. Office
—179 N. Michigan Ave., Chicago. Underwriters—Bacon,
rect
and spark
ment.
Price—$11. Busi¬
Proceeds—Expansion and
working capital. Office—Lyons Falls, N. Y. Underwriter
—Van Alstyne, Noel & Co., N. Y.
ness—Manufacture
writer—None.
(5/14-18)
Manitou
•
Classics
(4/23-27)
Paper Co.
Government
.
General Battery & Ceramic
Corp. (4/24-25)
Jan, 11,1962 filed 200,000 common. Price —
By amend¬
ment. Business—Manufacture of
replacement batteries
General
Gould
^Government Employees Financial Corp.
Aug. 17, 1962 filed 547,560 common to be offered for
subscription by stockholders of affiliated companies at
are
March 9, 1962 filed
ment
Garland,
purposes.
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¬
working
Ave., Chicago.
Co., N. Y.
,
Brothers, N. Y.
dealers
Gaslight Club, Inc. (5/21-25)
Feb. 28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $7) Business—Company operates four "key
clubs." Proceeds—For expansion, debt reduction, and
working capital. Office—13 E. Huron St., Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N. Y.
gents.
Rd.,
Business
Sept. 28, 1961 filed 140,0U0 common.
//////////.
Design, development and manufacture of instruments
and systems used in seismology and other scientific
fields.
Proceeds—For wo rking
capital.
Office—3401
Gilfillati
Garland
pants
Krieger & Co., Inc., N. Y.:
Corp. (6/4-8)
March 7, 1962 filed 90,000 common, of which 80,000 are
to be offered by company and 10,000 by a selling stock¬
holder.
Price—By amendment (max. $22). Business—
Maf.
general
J.
Geotechnical
Co.
Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Offering-—Expected sometime in June.
•
Rd., Great Neck, L. I., N. Y. Underwriter
88 Cutter Mill
—J.
cott
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—For
investment.
products, sales promotion and working capital. Office—
Uiant
N. Y. Underwriter—To be named.
Garden
A")
Whipple & Co. and Freehling, Myerhoff & Co., Chicago.
Industries, Inc.
1.962 filed 100,000
class A common shares.
amendment
(max. $11). Business—Design,
manufacture and distribution of toys and sporting goods.
Proceeds—For debt repayment Office—184 Fifth Ave.,
•
("Reg.
corporate
Gould Properties,
78,000 common. Price—$2.75.
Business—Sale of vitamins through department stores
and mail order. Proceeds
For debt repayment, ^new
1962
Price—$6.
Proceeds—For working capi¬
Office—1707 H St.,
Underwriter—Rouse, Brewer,
Bryant, Inc., Washington, D. C. Offering-—Im¬
other
and
Co.,
.
W., Washington, D. C.
Becker &
General Vitamin & Drug Corp.
Geriatric Research, Inc.
Pacific Coast Securities Co., San Francisco.
30,
Price—By
working capital/Office—1719 Gage Blvd., Topeka, Kan.
Underwriter—Midland Securities Co., Inc., Kansas City,
Mo. Offering—Imminent.
April 3,
1961 filed 100,000 common.
;
Feb.
pox-ate purposes. Office—8170 Beverly Rd., Los Angeles.
Gabriel
tal
N.
.
,
minent.
Corp.
29, 1962 ("Reg. A") 62,000 common. Price—$4.50.
Business—General leasing of equipment. Proceeds—For
& Co., N. Y.
(5/7-11)
Oct. 20, 1961 ("Reg. A") 60,000 common.
Price — $5.
Business — Furnishing of scheduled air transportation
service. Proceeds—For debt repayment and general cor-
March
repayment and investment. Office—348 Orange
Nov. 21,
.
—Real estate investment.
Jan.
26, 1962 filed 140,000 common. Price—By amend¬
Business—Company plans to produce its Gyrojet
ment.
N.
derwriters—Leiberbaum & Co. and Morris Cohon &
Inc.
of Connecticut,
St., New Haven, Conn. Underwriters—Ingram, Lambert
& Stephen, Inc., and Reuben Rose & Co., Inc., N. Y.
General Leasing
Thursday, April 19, 1962
.
/
Gotham Investment Corp.
14, 1962 filed 200,000 common. Price—$7.50. Busi¬
ness—A small business investment company. Proceeds—
For debt
.
N. Y. -'
Mar.
•
Frazier-Walker Aircraft Corp.
Jan.
Investment Co.
General
22, 1961 filed 349,590 common. Price—By amend¬
ment. Business—Design, manufacture and sale of house¬
Dec.
Underwriter—G. E. C.
A.ve., N. Y.
(same address).
Securities, Inc.,
.
filed
550,000 class A 'shares. Price—$10.
Business—Company plans to develop, operate, construct
and manage real estate. Proceeds—For
general corporate
purposes. Office—151 N. Dean St.,
Englewood, N. J. Un¬
investment.
Office—952
Union
Trust
Bldg,
Pitts¬
,
Greenacres, Vine.<?*-. A*
- P.
•• •
March 29, 1962
("Reg. A") 14,000 common, of which
7,000 are to be offered to the public and 7,000 to stock¬
holders, Price—To public: $19,75; to stockholders:'$18.
S
•
Volume
Number 6152
195
Business—Furnishes
ice
and conducts
a
natural
real
a
Rainier
Ave., S., Seattle,
Northwest Co., Seattle.
consulting servservice. Pro¬
Shopping Center, Valley Stream, L. I. Proceeds—For
general corporate purposes. Office—120 Broadway, N. Y.
Underwriter^—R. L. Warren Co., St. Louis. Offering—
Expected sometime in July. * '';/•/1 \--V •
(4/23-27);
Nov. 29, 1961 filed 80,000 common. Price—$5.25. Busi¬
ness—General contracting for landscaping and construc¬
Green
Valley Construction Corp.
tion work. Proceeds—For debt repayment
porate purposes. Office—97-36 50th Ave.,
.
2920
is
holders.
Corona, N. Y.
Price
common.
Publishes
illustrated
— By
encyclo¬
ment
Development Corp.
Hudson
Wholesale Groceries, Inc. (4/30)
23, 1962 filed 100,000 common. Price—$8. Business
Procurement, storage and wholesaling of groceries and
Jan.
non-food
working
—J.
1961
31,
Aug.
Business—The
Corp.
("Reg.
A")
40,000
manufacture
of
common.
Price—$5.
barbecue machines and
Hutton
March
Air-Conditioning of America,
value
become
High Temperature Materials,
Sept. 28, 1961 filed 120,000
•
Inc.
Dec.
—
amendment. Business—Production of television cartoons
For
building and
working capital. Office—3501 Cahuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
and
commercials.
N. Y.
Proceeds
—
a
new
•
Metal
Hillside
Dec.
15,
to
are
by
.Price—$1.
Business—The marketing of gifts, candies and greeting
cards through franchised dealers. Proceeds—For equip¬
ment, inventory and working capital. Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None. 1
sale of aircraft and missile components on a sub-contract
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
Index &
Jan.
Enterprises, Inc. (5/7-11)
Dec. 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.
•
V/.:
■/■'/;': i-A.;' -/
common
•
Harley Products, Inc.
28, 1962 filed 75,000 common. Price—$4. Busi¬
ness — Design, production and distribution of bolts and
related products. Proceeds—For sales promotion, expan¬
sion, inventory, and debt repayment. Office—476 Broad¬
way,
N. Y.
•
(4/30-5/4)
which 40,000 are
by stockholders.
filed $250,000. of QVz% subordinated sink¬
convertible debentures due 1977 and 25,650
■
shares to be offered in units consisting of one
corporate
Proceeds—For
purposes.
debt
repayment
Office—89
Commerce
ness—A small business investment company. Proceeds—
For general corporate purposes. Office—208 S. La Salle
St., Chicago. Underwriter—A. C. Allyn & Co., Chicago.
Offering—Indefinite.
,
Industrial Finance & Thrift Corp.
v
Oct. 30, 1961 filed $2,000,000 of 6% subordinated deben¬
tures due 1974. Price—At par. Business—A consumer
finance firm. Proceeds—For repayment of debt and ex¬
Office—339
Carondelet
St., New Orleans, La.
Underwriter—None.
•
Information Systems, Inc.
Nov.
13,
1961 filed
1,166,000
to be offered to
of Ling-TemcoVought, Inc. (parent) of record April 11, with rights to
expire May 4. Price—$3.30. Business—Furnishes indus¬
preferred
trial
Phoenix. Underwriter—None.
common
common
stockholders
information, handling and control systems. Proceeds
—For the
Hollingsworth Solderless Terminal Co.
(4/30-5/4)
.v.,
and
selling stockholder, Ling-Temco-Vought. Of¬
fice—10131 National
Blvd., Los Angeles. Underwriter—
None.
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,
Feb.
Co., N. Y.
Harrington & Richardson, Inc.
components.
general
.
^
operation of mobile home re¬
sorts. Proceeds — For debt repayment, expansion and
working capital. Office—4344 E. Indian School Road,
•
(5/7-11)
Rd., Cedar Grove, N. J. Underwriter—Hayden, Stone &
Co., Inc., N. Y.
:/■>;/.v../'■
v-v:;."1'.'"V
•
Industry Capital Corp.
Dec. 26, 1961 filed 500,000 common. Price—$15. Busi-
House Sauce Co., Inc.
ness—Development and
capital. Office—498 Seventh Ave., N. Y. Underwriter—
March 7,1962 filed 180,000 common, of
to be offered by company and 140,000
and
.
pansion.
Underwriter—Finkle & Co., N. Y.
Instruments, Inc.
duction and test equipment used to manufacture and test
Holiday Mobile Home Resorts, Inc.
Harper Vending, Inc.
Jan. 12, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Operation of automatic vending machines. Pro¬
ceeds — For expansion, debt repayment, and working
Greenman
Industrial
electronic
Jan.
March
and
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¬
31, 1962 filed 3,500,000 common and 5-year war¬
rants to purchase 700,000 shares, to be offered in units
of 5 shares and one warrant. Price—$50 per unit. Busi¬
Hargrove
fund
Index"
March 9, 1962 filed 120,000 common, of which 30,000 are
to be offered by company and 90,000 by stockholders.
,
Feb. 28, 1962
ing
Financial
Proceeds—For equipment,
promotion, office relocation, and working capital. Office
River St., Woodstock, Vt.
Underwriter—Searight,
O'Connor, Inc., N. Y. Offering—In late May.
company.
•V--'""*:
"The
Ahalt &
$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.
Hoffman
Business—Publishes
indexes and abstracts.
—19
Proceeds—For in¬
vestment., Office—760 S. Hill St.,' Los Angeles. Under¬
writer—None.
Inc.
Price—By amend¬
common.
other
16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis. Price—$3. Business—A
,
Retrieval Systems,
29, 1962 filed 125,000
ment.
Hill Street Co.
investment
mortgages. Proceeds—For investment. Of¬
fice—630 Fifth Ave., N. Y. Underwriter—None.
Oct.
management
be
basis. Proceeds—For debt repayment and
working capital.
Office—7050 Valley View St., Buena Park, Calif. Under¬
ture of steel office furniture. Proceeds—For debt repay¬
(4/23-27)
Jan. 26, 1962 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.
1961
30,; 1962 filed 97,000 common, of which 80,000
sold by company and 17,000 by certain stock¬
holders. Price—$5.
Business—Manufacture, assembly and
stockholders. Price—$6. Business—Manufac¬
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.
10,
will
common,
shares
Hardlines Distributors, Inc.
Hydra-Loc, Inc.
March
■
shares
'///y
■
Happy House, Inc. (5/14-18)
July 28, 1961 filed 700,000 common shares
Office—
Co., N. Y.
common.
•
Associates, Inc.
filed 50,000 common. Price—Net asset
share plus 2%. Business—A closed-end in¬
Hydro-Swarf, Inc.
(5/7-11)
of which 200,000
be offered by the company and 100,000
300,000
L.)
1962
Proceeds—For debt repayment and gen¬
eral corporate purposes. Office—101 Park
Ave., Hudson,
N. Y. Underwriter—McLaughlin, Kaufman &
Products, Inc.
1961 filed
land
brake control.
capital, equipment, advertising and inventory. Office—
Fulton County Airport, Atlanta, Ga. Underwriter—First
Fidelity Securities Corp., Atlanta. Offering—Imminent.
By
(E.
29,
per
Oct.
open
29, 1961 filed 200,000 capital shares. Price
on
(4/24)
("Reg. A") 60,000 cottittioh.
PHbes-^$2.
Business—Design, development -and manufacture of a
Inc.
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—130 Lincoln St., Brighton, Mass.
closed-end
•,
vestment company. Proceeds—For investment.
375 Park Ave., N. Y.
Underwriter—None.
investment trust which plans to
end. Proceeds—For investment. Office— yUnderwriter—To be named.
/?//>•;;/■;
2100 East Ohio Bldg., Cleveland.
Underwriter—Fulton,
Hill Aircraft & Leasing Corp.
Reid & Co., Inc., Cleveland.
Jan. 29, 1962 ("Reg. A") 100,000 capital shares. Price—
Hanna-Barbara Productions, Inc. (5/7-11)
i
$3. Business—General aviation. Proceeds—For working
ness—A
and
Office—15855 Edna PI., Irwindale, Calif. Underwriter—
Bateman, Eichler & Co., Los Angeles.
26, 1962 filed $670,000 of §Vz% con. subord. deben¬
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 products. Proceeds'—
For debt repayment and
general corporate purposes.
Office—405 Lexington Ave., N. Y. Underwriter—Pistell,
Inc., N. Y.
Busi¬
repayment
—
Mar.
withdrawn.
debt
Business—Construction of homes and apartments
tures
•
For
which company has acquired in Southern Calif. Proceeds
—For debt repayment and other
corporate purposes.
(6/25-29)
Proceeds—
—
Office—Lyndhurst, N. J. Underwriter
Williston & Beane, N. Y.
30, 1962 filed $1,600,000 of convertible subordi¬
nated debentures due 1977 and 250,000 common shares.
Price
By amendment (max. $6 per common share).
equipment. Proceeds—For equipment, inventory,
saies promotion, expansion and working capital.
Office
—10-20 47th Rd., Long Island City, N. Y. Underwriter—
J. B. Coburn Associates, Inc., N. Y. Offering—Indefinite.
equipment, advertising and leasehold im¬
provements. Office—350 Seventh Ave.. N. Y. Under¬
writer—B. G. Harris & Co., Inc., N. Y. Note—This letter
Proceeds
March
allied
Hi-Press
R.
items.
capital.
///. Hunsaker Corp.
Hickory Industries, Inc.
Price—$2.
Price—$10.
—
relocation, equipment, accounts
Office—150 W. 55th St.,
N. Y.
Underwriter—Whitestone Securities Ltd., 15 E.
40th St., N. Y.
Corp.
Hampden Fund, Inc.
^
Jan. 24, 1962 filed 500,000 common.
House of Vision, Inc.
March 29, 1962 filed 150,000 common.
payable, and working capital.
For inventory,
was
Koshu, Inc.
29, 1962 filed. 75,000 class A. common. Price—r$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.
;
Proceeds—For
records.
Offering—In late June.
Business—Rental of furs and fur garments.
I
House of
March 20, 1962 ("Reg. A") 60,000 common. Price—$3.50.
Business—Manufacture and distribution of phonograph
_
150,000 common.
;
March
Y. Un¬
Lynch, Pierce, Fenner & Smith Inc.,
Business
Music
Herald
lyn, N. Y. Underwriters—Packer-Wilbur & Co., Inc., and
("Reg. A")
Inc.
28, 1962 filed 23,300 shares of 5% convertible
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for each 10 com¬
mon
held. Price—$12. Business—Real estate. Proceeds
—For general corporate purposes and debt repayment.
Office—40 Beaver St., Albany, N. Y. Underwriter—None.
30, 1962 filed 79,500 common. Price—$4. Business
—Manufacture, packaging and sale of proprietary drug
products. Proceeds—For debt repayment, expansion^ and
other corporate purposes. Office—1827 Pacific St., Brook¬
Rental
•
distribution in the U. S. Proceeds—For general
corporate purposes. Office—42 W. 48th St., N. Y. Under¬
writer—Sunshine Securities, Inc., Rego Park, N. Y.
;
Heartland
March
1961
Springs, Colo.
Co., 11 Broadway, N. Y.
their
March
Halo
18,
&
Price—By amend¬
(max. $17). Business—A dispensing optician and a
manufacturer and distributor of optical equipment. Pro¬
pedic works for children and operates an advertising
ceeds—For selling stockholders. Office—137 N. Wabash
agency for sale of TV and radio spot time. Proceeds—
For working capital. Office—170 Varick St., N. Y. Un¬
Ave., Chicago.
Underwriter—Hornblower
&
Weeks,
derwriter—Van Alstyne, Noel & Co., N. Y*
•> ,s,
-Vi-i;)' Chicago.
'yy-'
'*/
filed $250,000 of 8% subordinated deben¬
1977, 200,000 common and 6-year warrants to
Ha I tone
Kim
Honora, Ltd. (5/14-18)
29, 1961 ("Reg. A") 76,500 common. Price—$3.75.
Business—Purchase of cultured pearls in Japan and
Office—175 Humboldt St., Rochester, N.
amendment.
Lighting, Inc. (5/28-31)
Mar. 27^ 1962 filed 300,000 common, of which 100,000
will be sold by the company and 200,000 by a stock¬
holder. Price—By
amendment. Business—Manufacture
of recessed incandescent lighting fixtures. Proceeds—
For
general corporate purposes. Office—Chicago, 111.
Underwriter—R. W. Pressprich & Co., N. Y.
•
W.
•
.
processing and sale of rock and sand. Proceeds—For a
new plant and other corporate purposes. Address—Hal¬
landale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc., 115 Broadway, N. Y.
■
'
Dec.
J.
Nov.
,
Harwyn Publishing Corp.
Jan. 29, 1962 filed 300,000 class A
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,
Alessandrini & Co., Inc., N. Y.
—
A
-
Hallandale Rock & Sand Co.
Drug Co.
:
Stores,
derwriter—Merrill
engaged in the development of planned communities
Florida. Proceeds—For debt repayment and general
Halsey
Food
New York.
March 30, 1962
•
Underwriter
Tibbs, Indianapolis. Underwriters—Kiser, Cohn
Indianapolis and Cruttenden, Podesta &
Hart's
corporate purposes.' Office — 557 Northeast 81st St.,
Miami, Fla. Underwriters — Morris Cohon & Co. and
Street & Co., Inc., N. Y. Offering—Expected in May.
•
buys, sell and trades in mort¬
and real estate. Proceeds—For working capital.
Office—409 North Nevada St., Colorado
Inc.
,
9,
gages
March 28, 1962 filed 235,550 common. Price—By amend¬
Business—Operation of supermarkets
> ment (max. $16).
and
small
food
stores.
Proceeds—For
selling stock¬
28,
tures due
Stores,
Shumaker,
Co., Chicago.:
1962 filed $11,000,000 of 6M>% conv. subord.
debs, due 1977, to be offered for subscription by stock¬
holders at the rate of $200 of debentures for each 60
common shares held. Price—At par. Business—Company
in
N.
&
/
Gulf American Land Corp.
(Paul)
Home
and subdivision loans and
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—
and other cor¬
Underwriter—Williamson Securities Corp., N. Y.
Feb.
Harris
.
-
.
1962 filed 225,000 common to be offered for sub¬
scription by stockholders of Bowling Corp. of America,
paTent. Price—$3. Business—Company will operate an
indoor amusement and recreation area in Green Acres
Jan. 23,
45
Builders Acceptance Corp.
(5/30-31)
1962 refiled 800,000 common. Price—$1. Busi¬
ness—Company makes home improvement, construction
—320 Park Ave.,
-
Inc.
•
Feb.
Equipment, plant expansion and working capital. Office
Worcester, Mass. Underwriter—Shearson, Hammill & Co., N. Y.
working capital. Office—4501
Wash. Underwriter—Pacific
Funtown
(1905)
Price—By amendment (max. $30). Business—Manufac¬
ture and sale of M-14 rifles to U. S. Govt.
Proceeds—
-
brokerage
„
Green Acres
The Commercial and Financial Chronicle
.
resource
estate
ceeds—For expansion and
.
.
.
Pa.
Underwriter—Harrison
Co.. Philadelphia;
•
<*
Instromech
.
Industries, Inc.
March 30, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—A contract manufacturer of precision products.
V
'
Continued
on-
page 46
46
The Commercial and Financial Chronicle
(1906)
Continued
stockholder.
from page 45
-
ment, inventory and other corporate purposes.
Broadway Plaza, Huntington Station, N. Y.
writer—Price Investing Co., N. Y.
4
Office—
Under¬
•
instrument
•
March
r
("Reg. A")
Business—Manufacture
and
-
Price—$1.
debt
v
-
repay¬
Office—312
Mt. Pleasant Ave., Newark, N. J.
Underwriter—GoldSlovin Co., Inc., 1270 Ave. of Americas, N. Y.
ment, sales promotion and working capital.
John's Bargain Stores
Corp. (4/24)
14,1962 filed 160,000 common. Price—By
(4/25)
common.
;
Pricp—By amendment
tion
-
of
Bronx, N .Y.
Johnson
.Sept.
expiration date May 2. Price—$16. Proceeds—For debt
repayment and construction. Office—905 Main St., Boise,
Idaho. Underwriter—White, Weld & Co., N. Y.
debenture and 10
due
warrants)
registered
due
1980.
1980-86
and
common
40,360
shares
,
Also
debentures
debentures,
par.
Business—Company was formed to construct the
luxury hotel "Tel Aviv Hilton" at Tel Aviv, Israel. Pro(4/24)
■
Jan. 4, 1962 filed $1,700,000 of convertible subordinated V ceeds—For general corporate purposes.
O f f i c e—229
South State St., Dover, Del.
debentures due 1977 and 170,000 common shares to be
Underwriter — American
Israel Basic Economy Corp., New York City.
offered in units of one $100 debenture and 10 shares.
International
Airport
amendment.
Price—By
Systems,
Hotel
Business
Inc.
Establishment
—
and
operation of hotels located in or near airports. Proceeds
debt repayment and working capital. Address—
Miami International Airport, Miami, Fla. Underwriters
—Bache & Co., N. Y. and Robinson-Humphrey Co., Inc.,
—For
Atlanta.
International Drug & Surgical
March 23,
Corp.
;
1962 filed 150,000 class A shares.
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.
International
Plastic
International Protein Corp*
Jan.
26, 1962 filed 90,000
International
Research
Systems
Greenshields
•
.
Jamoco
Corp.
v
to
Stone &
—
&
Webster Securities
payment and working
28,
mill &
Equity
March 30, 1962 filed 1,605,100 shares of beneficial interest.
Price—(max. $10). Business—A real estate investment
Ave., N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
Offering—Expected in June.
•
Interstate
Jan.
10,
1962
Vending Co.
filed
28,014
:
(4/30-5/4)
restaurants
in
stockholders.
New
York
City.
Office—251
East
Proceeds—For
offered
Grand
Ave.,
Chicago.
N.
Interworld
Film
Theatrical
and
distribution
domestic
common.
and
co-production
of
feature
dan &
are
Co., Inc., N. Y.
Blauner
the
insurance
field.
Proceeds
Jan.
debentures,
of
Feb.
Manufacturing Co.
.
,
(5/15)
Jan. 26, 1962 filed 140,000 common, of which
125,000 are
be offered by the company and
to
15,000 shares by
a
shares.
filed
ers.
Price
—
expansion.
Office—3700
N.
For
training
1
.
v.
of which 100,000
65,000 by stockholders.
-
debt
repayment,
Office
purposes.
of
semi¬
packaging.
working capital and
—
947
Newark
Ave.,
/
16,
debt
repayment.
Office—1620 S. Elwood
Underwriters—Fulton, Reid
Kenner
St., Tulsa,
& Co., Inc., Cleveland
Co., Inc., N. Y./
Products
Co.
March 30,
are
ers.
1962 filed 542,000 common, of which
205,000
to be offered by
company and 317,000 by stockhold¬
Price—By amendment (max. $24). Business—Manu¬
facture, design, and distribution
of plastic toys. Proceeds
—For general corporate
purposes. Office—912 Sycamore
St., Cincinnati, Ohio. Underwriter—Kuhn,
New York.
.
,//?./•
V
Loeb
&
Co.,
;,//T""YZY-Y?/-;/
Kiddie Rides, Inc.
(4/30-5/4)
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi¬
nated debentures due 1971 and
30,000 common to be of¬
fered in units of $1,000 debentures and 30 of
common.
Price—By amendment. Business—The operation of coin
operated children's amusement equipment. Proceeds—•
For repayment of loans,
equipment and general corpo¬
rate purposes. Office—2557 W. North
Ave., Chicago. Un¬
derwriter—Paul C. Kimball &
Co., Chicago.
Kine Camera
Co., Inc.
V
1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
Nov. 21,
photographic equipment. Proceeds—For debt repayment
working capital. Office—889 Broadway, N. Y. Un¬
derwriter—Underhill Securities Corp., N. Y.
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
W.
(4/23-27)
65,000 common.
By amendment. Business
weapons
For
and Walston &
.
debt
devices
Development of
for U. S.-Armed
—
Forces and the manufacture of electronic control
equip¬
and
for
-
other
corporate
purposes.
Metcalfe Rd., Overland Park, Kan.
K. Baum & Co., Kansas City, Mo.
Business—Processing,
simulated
-
—
corporate
Okla.
Price—By
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¬
Securi¬
'
capital
Underwriter—Arthurs, Lestrange & Co., Pittsburgh.
and investment in real estate. Proceeds—For
investment.
Office—630 Fifth Ave., N. Y. Underwriter—IFC
s
1962
Y,
.
common,
and
Price—By amend¬
packaging and
sale
of
frozen meat and meat products. Proceeds—For
redemp¬
tion of 2,910 $50 par preferred shares,
expansion, and
working capital. Address — Route 286, Saltsburg, Pa.
which
Corp., N. Y.
5,
ment.
and
lona
Proceeds—For
165,000
^
Business—Operation of discount appliance
Jiffy Steak Co.
$1,000,000 will mature
$5,000,000 from 1971 through 1975 (with war¬
rants). Price—$1,000 per unit. Business—Purchase, sale
ties
110,000
sale
1962 filed 430,000 class A common. Price 1—
By amendment (max. $10).
Business—-Company owns
and operates apartment and office
buildings. Proceeds—
/
St., Miami, Fla. Underwriter — Bregman, Cummings & Co., N. Y. Offering—In late May.
—
—
1966
filed
filed
to be offered by
company and
March
Stores, Inc.
1962
Packaging; Associates
1962
Elizabeth, N. J. Underwriter—Hardy & Co.,, N. Y.
/
Kelley Realty Corp.
62nd
For debt repayment,
working capital and possible expansion. Office—901
Washington Ave., St. Louis. Underwriters
Scherck,
Richter Co., and Dempsey-Tegeler &
Co., Inc., St. Louis.
Investors Funding Corp.
(4/30-5/4)
Feb. 19, 1962 filed $6,000,000 of 10%
registered sub¬
ordinated
25,
amendment.
stores.
Business—Packing and
2,
other
general corpo¬
Co., and Wm. Stix Wasserman & Co., N. Y.
Jefferson
125,000
125,000 by a
stockholder. Price—By amendment
(max. $20). Business
—A management
investment company specializing in
units consisting of one •
preferred and one
Price—By amendment (max. $101 per unit).
Proceeds
Proceeds—For working capital and possible acquisitions.
Office—254 W. 35th
St., N. Y. Underwriters—Seymour
v
/>■'/.
6% cum., preferred
purchase warrants to be
Price—$4._ Business—Design and manufacture
rigid vinyl plastic cases and containers for
March 30, 1962 filed 80,000 common. Price—$4. Business
—Design, manufacture and sale of young women's wear.
Investment Securities Co. (5/14-18)
March 16, 1962 filed 250,000
common, of which
are
to be offered by the
company and
YY'Y- '/'C//#Y//.
in
Keene
Stewart, Eubanks, Meyerson & Co., San Francisco.
Jays Creations, Inc.
films. Proceeds—For acquisition,
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co., Inc., and S. Kas-
stock
Y.
/ April
and
foreign
Rd.,
Co., N. Y.
juice products. Proceeds—For general
corporate
Office—241 N. Franklintown
Rd., Baltimore.
Underwriter
Auchincloss, Parker & Redpath, Wash¬
ington, D. C.
purposes. Office—514 W. Olympic Blvd., Los An¬
geles. Underwriter—D. E. Liederman & Co., Inc., N. Y.,
(5/7-11)
Price—$4. Business
Boston
&
purposes.
rate
Distributors, Inc.
Sept. 29, 1961 filed 106,250
and
common
of fruit
Co., N. Y.
repayment
Office—1800
Underwriter—Hayden, Stone & Co., N. Y.
/
Kay Fbods yCorp.1 ^ (S/7-11)
Dec. 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.
Aif
debt
.
•
\
1962
Proceeds—For
-
,
estate investment.
Proceeds—For debt
repayment and working capital. Office—30 E. 42nd
St.,
Jayark Films Corp. (5/7-11)
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
to be offered by the company and
22,000 by stockhold¬
ers.
Price—By amendment. Business—The distribution
of motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.
etc.
„
Business—Real
Industries, Inc. (4/30-5/4)
Oct. 18, 1961 filed 150,000 class A common. Price—$8.
Business—Manufactures patented traversing screens for
use as window
coverings, room dividers, folding doors,
Underwriter—Bear, Stearns & Co., N. Y.
four-year
warrant.
Jaylss
selling
,
50,000 shares
and
48th St., N. Y. Underwriter—Pacific Coast Securities
Co.,
San Francisco.
//////;/;/
Price—By 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
common.
capital.
Kavanau Corp. (5/14-18)
March 29, 1962 filed
•
Proceeds—For investment. Office—450 Seventh
company.
\
•
—
Interstate
Busi¬
—
•
.
purchase 110,000 class A shares at $4 per
Office
954 Jamaica Ave.,
share, to be offered in units, each consisting of one share
Brooklyn, N. Y.
Underand one warrant. Price—$4 per unit.
Business—Design, r writer—Martin-Warren Co., Ltd., N. Y.
development and manufacture of mechanical, electro¬ /;:■ Jarcho Bros., Inc. (5/21-25)
- •*
mechanical and electronic equipment for government
March 23, 1962 filed 240,000 common. Price—By amend¬
ment" (max/ $12). < Business—Installation of
agencies and the military. Proceeds—For equipment,
plumbing,
debt repayment and working capital. Office—Engineer's
heating, ventilation and air-conditioning systems. Pro¬
ceeds—For selling stockholders.
Hill, Plainview. L. I., N. Y. Underwriter—International
Office—38-18 33rd St.,
Services Corp., Clifton, N. J.
Long Island City, N. Y. Underwriter—Shearson, Ham•
t
t
Price—$5.
of
Bronx, N. Y. Underwriter—Michael G, Kletz
Corp. and
Co., Inc., N. Y.
Conditioning Corp. (5/14-18) *
("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.
Feb.
March 30, 1962 filed 110,000 class A common and 9-month
warrants
,.
holding company for a Jamaican Electric
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Underwriters
common.
//
.
250,000 common. Price—$5.t Business—Operation of a chain of retail stores selling
carpets
and rugs.
Proceeds—For expansion,
inventory, debt re¬
Business—A
Price—$5. Business
—Distributes fishmeal and animal by-product proteins.
Proceeds—For expansion, machinery, and working cap¬
ital. Office—233 Broadway, N. Y. Underwriter—Arnold
Malkan & Co., Inc., N. Y. Note—This firm formerly was
named Marine & Animal By-Products Corp.
50,000
sale
,
,
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
by stockholders. Price — By amendment (max. $25).
(4/23-27)
filed
order
Kaufman Carpet Co., Inc.
March 29,. 1962 filed.
,
common.
1962
j
merchandise.^ Proceeds—For
equipment and working capitals Office—1924
Washing¬
ton Ave., Bronx, N. Y.
Underwriter—Arnold,, Wilkens &
Co., Inc., N. Y. Offering—Expected in June. '/
/
by stockholders. Price—By amendment (max.
$12.50 for common). Business—Operation of a chain of
retail department stores. Proceeds—For debt repayment
and working capital. Office—29 N. W. 10th St., Miami,
Fla. Underwriter—Clayton Securities Corp., Boston.
Denver.
29,
ness—Mail
and 53,334
Corp.
March 26, 1962 filed 200,000 common.
Price—$2.50.
Business—Manufacture of plastic products produced by
extrusion
and-•thermoforming.
Proceeds—For equip¬
ment, rent, salaries and working capital. Office—818—
17th St:, Denver. Underwriter—Amos C. Sudler & Co.,
"f'
,
Kapner, Inc.
March
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
Container
,
,
•
Jaap Penraat Associates, Inc. (5/14-18)
Jan. 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.
'
.
and
^Proceeds—For the
Corp.
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 sapd
and gravel; and
dismantling and salvage of industrial
buildings. Proceeds—For new plants, debt repayment
and working
capital.
Office—6272 Canal Rd., Cleve¬
land.
Underwriter—Robert L. Ferman & Co., Inc.,
Miami, Fla.
/'
'
J '
;
shares (with
units of one $1,000
(with warrants).
Price—By
production of
Kaiser-Nelson
common
were $2,760,000 of 6^%
dollar
Price—For units, $1,050 each; for
shares.
March
Inc.
to be offered for sale in
'
capital
repayment of debt,
working capital. Address—Box 7, Casselberry, Fla.
Underwriter—Jennings, Mandel & Longstretfy Philadel¬
phia. Offering—Imminent.
28, 1962 filed $4,036,000 of 6V2% sinking fund de¬
bentures
filed; 125,000
and
N. Y. Underwriter—Shearson, Hammill & Co., N. Y.
Feb.
1961
Co., N. Y.
Business—The design and
electronic components, for the commercial
military market.
(max. $12).; Business—Distribu-:
Hotels International,
8,
&
\
special
surgical and hospital supplies and - equipment.
—
For debt repayment, working capital and
March 6, 1962 filed 63,853 common being offered for
subscription by common stockholders on a l-for-10 basis.
Record date for the offering is April 13 and the rights
•
Underwriter—Hayden, Stone
Electronics, Inc.
amendment.
other corporate purposes. Office—161 Avenue of Ameri¬
Israel
amend¬
(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
shares and working capital. Office—1200
Zerega Ave.,
Price—By amendof electricity
Proceeds
cas,
•
Feb.
ment
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.
intermountain Gas Co.
•
general corporate purposes. Office
Dorsa Ave., Livingston, N. J. Underwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
r
electro-me¬
of
Proceeds—For
devices.
rotating
distribution
ment. Proceeds—For
»
Inc.
135,000 common.
1962 filed 75,000
Thursday, April 19, 1962
—102
and natural gas in Iowa. Proceeds — For repayment of
-loans, and construction. Office—300 Sheridan Ave., Centerville, Iowa. Underwriter—A. G. Becker & Co., ChiCagO. •■■; *
-.-V; ^
.
Components,
23, 1962
chanical
,
of
(max! $50). Business—Distribution
ment
•
«
Business—Manufacture
Southern Utilities Co.
Iowa
March 29,
Engineering Corp.
filed 120,000 common. Price—By amend¬
ment (max. $14).
Business—Development and production of equipment for use in testing the physical char¬
acteristics of various materials.- Proceeds—For selling
stockholders. Office—2500 Washington St., Canton, Mass.
Underwriter—None.-,.
e—$6.
—Regent St., Manchester, Conn. Underwriters—Richard
& Co., Inc., and Reuben Rose & Co., Inc., N. Y.
Instron
•
c
Bruce
March 26, 1962
•
i
r
household electric appliances and electric motors. Pro¬
ceeds—For new products and working capital.
Office
of land and building, equip¬
Proceeds—For acquisition
P
...
.
Office—8788
Underwriter—George
Y
:
.
Kingsbury Homes Corp.
April
9,
1962
filed
140,000 shares of capital stock -of
will be offered by company and 40,000
stockholders. Price—By amendment (max.
which
by
100,000
$17.50).
Business—Manufacture of prefabricated homes. Proceeds
—For a new plant. Office—1725 S. Gault
Ave., Ft. Payne,
Ala. Underwriters—The Robinson
Humphrey
-
Atlanta, and J. C. Bradford & Co., Nashville.
Kinney Service Corp.
28, 1962 filed 262,500
March
are
to be offered by
Co., Inc.,
common, of which 112,500
the company and 150,000 by stocks
Volume
195
Number
6152
.
.
The Commercial and Financial Chronicle
.
-holders.
working
The
Station, L. 1.. N. Y.
Price—By amendment (max. $12). Business—
operation of garages and parking stations; renting
and leasing of cars; cleaning and maintaining of com¬
buildings and conducting of funerals. Proceeds
—To buy additional automobiles.
Office—111 W. 50th
St., N. Y; Underwriter—Bear, Stearns & Co., N. Y.
■
Lenox, Inc.
March 30, 1962
(5/1-4) /
*.v:
Dec. tt, 1961 filed 100,000 common. Price—$1. Business
.—A holding company for three subsidiaries in the wall
floor
business. Proceeds—For product de¬
advertising, and working capital. Office—
Bong Island City^ N. Y. Underwriter—
.Globus, Inc...
"7
7/ *. ■/'i:-;
"7 '
cuating
velopment,
26-32 Second St.,
•
(H.)
-
Kohnstamm & Co.,
(5/21)
Inc.
/
.
.
:'l•
Kollmorgen Corp.
Nov.
Price—By
amendment.
tical equipment.
-*-347
nam
(5/7-11)
of
Proceeds—For debt repayment.
King St., Northampton, Mass.
& Co., Hartford.
-
•
•
^
and
distribution
preparation^
•
1977
—
For
Business—A
S.
&
.
La
Co.,
named
•
small
general
business
St., Chicago.
Chicago.- Note —
investment
Lab-Line
Instruments, Inc.
29, 1961 filed 100,000 common. Price—$6. Business
—Processing and packaging of frozen foods and the can¬
ning and bottling of fruits and vegetables. Proceeds—
For
debt repayment and working capital.
Office—48
High St., Brockport, N. Y. Underwriter—None.
MRM
Nov.
.
V Lamb
>
Lincoln
:
March
•
Bldg., Toledo.
Laminetics
Inc.
■'
■
!
•
Proceeds—For
promotion
W.
27th
and
St.,
.
;
repay-,
N.
Y.
corporate
Lee
Dec.
Fashions,
V
(5/7-11)
sales
Office —20
•*
.
;
debt repayment
•
-
Business—A
holding-
company
engage
Dec. 21.
ness—Manufactures
-
steel
be offered by the company and 20,000 by
stockholders.;
Price—$5. Business—The publishing of business period¬
Proceeds—For promotion, a new publication and
working capital. Office—660 Madison Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y.
Magellan Sounds Corp.
28, 1962 filed 60,000 common (with attached oneyear class A warrants to purchase 60,000 common shares
Feb.
at $4
common.
28,
for
children's
—Production of educational and recreational devices and
sale
of
games.
April
Magic Fingers, Inc.
29, 1961 filed 75,000
Dec.
1961 filed
—Production of
messaging
re-inforced
concrete
held
of
of $100 debenture for
record. April
25, 1962./Price
—.
At
each 34
common
with
10
par.
Office —' Mid-Continent Bldg.,
Shearson, Hammill & Co., N. Y.
Busi¬
utilities
the basis
.
.
Lockfast
Jan.
a
new
common. Price—$4. Business
electrically powered device for
in bed. Proceeds—For general cor¬
Office—Route 17, Rochelle Park, N. J.
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
porate
.
,
a
person
purposes.
Mammoth Mart, Inc.
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
self-service discount department stores. Proceeds
debt
St.,
—
repayment and working capital. Office—106
Brockton,
Mass.
Underwriter—McDonnell
&
For
Main
Co.,
New York.
Mandrel
rights to expire
Business — Explora¬
tion and development of oil and gas properties. Proceeds
—For debt repayment, expansion and working capital.
.
Price—$3.50.
on
Proceeds—For general corporate purposes. Office
St., N. Y. Underwriter—Darius Inc., N. Y.
—130 E. 40th
(4/24)
—Shearson, Hammill & Co., N .Y.
ers
pur¬
Price—By amend-
and
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
shares
share and two-year class B warrants to
60,000 shares at $4.50 per share) to be offered in
units (each consisting of one
share, one class A warrant
and one class B warrant). Price—$4 per unit. Business
(5/15)
Manufacture
per
chase
Livingston Oil Co.
*
Feb. 26, 1962 filed $6,359,900 of convertible sinking fund
three 7 debentures being offered for subscription
by stockhold¬
sanitary structures, fallout shelters and play sculptures.
Proceeds—For debt ; repayment, sales promotion
and
—
E.
icals.
Britain, Conn.
•
(5/7-11)
1961 filed 1UO,OOU common.
Business
Office—315
•
Magazines For Industry, Inc. (5/7-11)
/Aug. 2, 1961 filed 100,000 common, of which 80,000 will
Management Corp., N. Y.
Livestock Financial
new
in construc¬
.
Corp.
Office—300 Main St., New
By amend¬
sale, erection
Underwriter — Drexel &
Co., Philadelphia. Offering—Sometime in May.
:
stock.
Corp. (5/4)
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
tion, and distribute electronic parts. Proceeds—For debt
repayment, construction and working capital. Office—
V800 71j?t St., Miami Beach, Fla. Underwriter—To be
named
(a newly-formed subsidiary).
Lembo
the
'
,
Feb
-
and work-
Lehigh Industries & Investment Corp. (5/7)
r
1961 filed 2,000,000 class A common. Price—By
subsidiaries which operate utilities,
*
common
Proceeds—For
financing of manufactured homes.
financing of credit sales of homes.
Manchester Ave., Wayne, Pa.
ties, college pennants, etc.; and distribution of medical,
nursing and law books. Proceeds—For debt repayment
and working capital. Office—128 Oliver St., Paterson,
ing capital. Office—2529 Washington Blvd., Baltimore.
Underwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
and Penzell & Co., Miami Beach.
amendment.
<
of
—
and
N. J. Underwriter—Andresen & Co., N. Y.
Dec. 29,
•
.
150,000 common. Price—By amend($5 maximum). Business—Publication and sale of
paperback school books; manufacture of stuffed novel¬
Securities
1961 filed 166.667 common.
Price—By amend¬
Business—Importing of low priced ladies' scarfs
and blouses." Proceeds—For
"
-
—
Line Homes, Inc.
March 6, 1962 filed 50,000 common. Price
ment
(max. $10). Business—Production,
ment
•
27.
ment.
shares
Proceeds
Mad way Main
value
Littlefield Adams & Co.
Dec.
J
expenses,
purposes.
Underwriter—Fabrikant
Inc.
jewelry, ladies' handbags, and accesso¬
For working capital. Office — 1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas City
Glass & Ross, Inc. and Samson, Graber &
Co., Inc., N. Y.
:7'7/%.7t.:/77
£ricer-$2.
of costume
ries.
clothing. Proceeds — For debt repayment and working
capital. Office—112 W. 34th St., N. Y; Underwriters—
.
Corp., N. Y. Offering—Expected in late June.
•
asset
(4/30-5/4)
951,799
Little
ment.
Office—500
Price—$3.50: Busi¬
equipment/moving
other
filed
Ruffy Togs, Inc.
Nov. 29, 1961 filed 165,000
ness—Production and sale of gift sets, linens, place mats,
etc.
1961
Distributor—Horizon
Underwriter—Blair & Co.,
March 22, 1962 filed 80,000,common.
Fund, Inc.
For investment.
plumbing fixtures, water softeners; .sugar cane agricul¬
tural equipment; aluminum doors, storm windows, and
Edward Lamb
tion
may
16th
plus a 7% selling commission.
Business—A
non-diversified,
open-end, managementtype investment company whose primary investment ob/ jective is capital appreciation and, secondary, income
derived from the sale of put and call options. Proceeds—
(with; attached; warrants).
Price—At par.
Business—Manufacture of gas and electric water heaters,
products. Proceeds—Foi* debt
30,
Price—Net
(4/30-5/4)
$2,200,000 of s: f. subord. debentures
ment, plant" expansion and working capital.
loans. Office—2701
Office—Herman L. Bishins Bldg., Riverside Ave.,
Bedford, Mass. Underwriter — J. R. Williston &
Beane, N. Y.
.:/T7. -V .•/./;•/\7 •, /;<7, ;.•-1
7 due' 1977'
;
women's
New
Industries, Inc.
1961 filed
portion of which
of
sion.
Industries,
'indoor
Dec. 28,
distribution
Lily Lynn, Inc. (5/21)
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,
manufacture and sale of women's casual dresses. Pro¬
ceeds—For debt repayment, working capital and expan¬
•
•
and
be used to retire shortSt., San Francisco. Under¬
writers—Sutro & Co., San Francisco and F. S. Smithers
& Co., New York:
(5/1)
advertising displays, and toys. ~ Proceeds — For
building improvements, equipment and working capital.
Office—3200 Snelling Ave., Minneapolis. -Underwriter
—Hayden, Stone & Co., N. Y. ■•/V-T/' /
common.
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale' and distribu¬
company, a
.
•
150,000
Business—Design and manufacture of automatic filling
machines and related equipment. Proceeds—For debt re¬
payment and working capital. Office — 191 Berry St.,
high fashion
term
Corp.
Inc. (4/24)
March 12, 1962 filed 150,000 common. Price—By amend*ment (max. $11). Business—Manufacture of permanent
Co., Inc.
1961 ("Reg. Aw)
suits and coats. Proceeds—Net proceeds from the debenture sale will be added to the general funds of the
'
122,168 are
stockhold/ ers. Price—By amendment (max. $9). Business—Manufacture of an extensive line of industrial, hospital and v
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
Lakeside
29,
Brooklyn, N. Y. Underwriter—A. J. Gabriel Co., N. Y.
Mac-Allan Co., Inc. (5/28-31)
Feb. 23, 1962 filed 130,260 of class A
common, of which
manufacture
company.
Feb. 23, 1962 filed 142,860 common, of which
to be offered by the company and
20,692 by
•
Address—
Dec.
ing capital. Office—6920 Sunset Blvd., Los Angeles. Un¬
derwriter—Crowell, Weedon & Co., Los Angeles.
purposes.
Twentieth Century Capital
repayment.
Lustig Food Industries, inc.
/
Records and distributes stereo and monaural phonograph
records and albums. Proceeds—For expansion and work¬
Office—134
Underwriter—Bacon, Whipple
This company formerly was
corporate
Salle
debt
543 Madison Ave., N. Y.
Underwriter—Wright, Myers &
Bessel, Inc., Washington, D. C. Note—This firm formerly
was
named Lunar Enterprises, Inc.
debt
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 —
and
and
Lunar Films, Inc. (4/23-27)
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
filming and production and working capital. Office—
1962
Proceeds
expansion
Seagrove, N. C. Underwriter—J. C. Wheat & Co., Rich¬
mond, Va. Offering—Expected sometime in June.
SS
Raceways,
to be offered
ceeds—For
products and working capital. Office—110 N. Fifth
St., Minneapolis.
Underwriter—Paine," Webber, Jack¬ V/ Lilli Ann Corp. >/:.;• 7 •;,
:/7777//t:;''-7.t7''77-.son & Curtis, Boston.
7'7T/7//V;'-:./? r ^
March 29, 1962 filed $750,000 of conv. subord. debentures
La Salle St. Capital Corp.
due 1977, also 100,000 common shares to be offered by
(4/23-27)
M
*
Nov. 24, 1961 filed 250,000 common. Price—By amendstockholders. Price—By amendment. Business—Design,
ment.
.
common, of which 142,500
by the company and 139,996 by stock¬
Price—By amendment (max. $5). Business—
Canning and marketing of vegetables and meats. Pro¬
Liberty
Proceeds—For debt repayment,- equipment,
^Proceeds—For
•
..
Lucks, Inc.
28, 1962 filed 282,496
are
■
.
.
holders.
"
.
Proceeds—For investment. Of¬
Broadway, N. Y. Underwriter—Filor, Bullard &
Feb.
Price—At par.
"
new
•
1977.
repayment, property im¬
provements and working capital. Office—33 Court St.,
Auburn, Maine. Underwriter—P. W. Brooks & Co., N. Y.
of which -£0,000
hair
of
14,
due
Maine.
to be offered by the company and 40,000 by a stock¬
holder.
Price—By amendment (max. $16). Business—
•
debentures due
convertible sub¬
filed $1,000,000 of 6^2% first mortgage
and 200,000 common to be offered in
units consisting of a $500 bond and 100 shares. Price—
.$500 .per unit. Business—Conducting commercial pari- )
mutuel harness racing meets in Lewiston and Gorham,
are
cosmetics.
end investment company.
fice—26
N. Y.
•bonds
La Maur Inc.
Manufacture
—
(Tillie)
Lewiston-Gorham
^
■f
^ Logos Financial, Ltd.
April 11, 1962 filed 250,000 capital shares. Price
By
amendment (max. $10). Business—A diversified closed-
.
Lewis
March
common,
—First Nebraska
Calif. Underwriter—Van Alstyne, Noel &
Co., N. Y. Of¬
fering—Expected sometime in June.
,
100,000
Office—7th & S Sts., Gering, Neb. Underwriter
Securities Corp., Lincoln, Neb.
purposes.
Business
—Processing, canning, bottling and selling of fruits and
^vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,
•£
filed
Corp. (5/7-11)
20, 1962 filed $900,000 of 6% sinking fund deben¬
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
tures series
(Louis)
ordinated
;
1962
Washington, N. Y.
Lockwood Grader
Feb.
and
Foods, Inc.
April 9, 1962 filed $4,000,000 of 5Vz%
29, 1962 ("Reg. A") 100,000 common of which
,65,000 will be sold for company/and 35,000 for ^ockholders. 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. jlynn
& Co., Covina, Calif.
22,
/
.
Office
.March
,
•
common,
company
repay¬
—
op¬
(John), Inc. :/77>7
v.\'7v-April '13, 1962 ("Reg. A") 1,407 6% cum. preferred
•shares. .Price—$100.
Business—Processing, packaging
and wholesale distribution of meat products, and the
operation of a retail store. Proceeds—For working cap¬
ital.
Office,—144-27 94th Ave., Jamaica, N. Y.
Under¬
•March
172,500
by
debt
plant expansion.
Office—
Baltimore. Underwriter—R & D
Ave.,
Investors Corp., Port
filed
Proceeds—For
Smyth, N. Y.
/
-•.,, -.t ' " - v;
Co., N. Y.
*;
(1
-t..7;
Lordhilt Corp. ■
/ -.0 rH;'_
,v.
Levine's, Inc. (4/30-5/4)
/'
r:'!'■./^
March 30, 1962 filed 63,000 common.
March 19, 1962 filed 80,000 common. Price—By amend¬
Price—$5. Business
—Company provides optometric services and dispenses r*
ment (max. $17.50). Business — Operation of a chain of
optical items. Proceeds—For expansion, a laboratory and
clothing and dry goods stores. Proceeds — For selling
working capital. Office—130 W. 57th St., N. Y. Understockholders. Office
8908 Ambassador Row, Dallas.
writers—J. R. Williston & Beane and Doft &
Co., Inc.,
Underwriter—Kidder, Peabody & Co., N. Y.
-
Kwik-Kold, Inc.
Boarman
'•
•
Krauss
writer—None.
manufacturers.
47
inventories nad
steel
3006
.
baum &
Underwriter—Put¬
,
furniture
ment,
$10. Business—Real estate management and construction.
Proceeds—For debt repayment and general corporate
purposes.
Office—8737 Wilshire Blvd., Beverly Hills,
Calif. Underwriters—Morris Cohon & Co. and Leiber-
V»/v
which 40,000 are
by stockholders
Business—Manufacture
to
Enterprises, Inc.
March 30, 1962 filed 1,000,000 class A common. Price—
4%TvV.fV7'-r 7
"
9, 1961 filed loO.OOO common, of
sold by the company and 60,000
be
.to
:
offered
be
Lesser
•
,Feb. 21 1962 filed 160,000 common. Price — By amend¬
ment. /Business—Manufacture of colors and flavors for
.food, drugs and cosmetics; also industrial chemicals.
Proceeds—For general corporate purposes. Office—161
Avenue of the Americas, N., Y. Underwriter — Kidder,
•Peabody & Co., Inc. 7T/ '7''77y
?;'•*$*,[
W. 11th St., Huntington
Underwriter—Blank, Lieberman &
of which 25,700
146,800 by stock¬
holders. Price—By amendment (max. $18). Business—
Manufacture and marketing of dinnerware. and giftware.
Proceeds—For purchase of Teased plant,: Office—Prince
6 Meade Sts., Trenton, N. J.
Underwriter—Hemphill,
Noyes & Co., N. Y.
to
are
v\Koget, Inc.
and
capital." Off ice—145
Co., Inc., N. Y.
mercial
(1907)
Tulsa.
Underwriter—
Industries, Inc. (5/1)
27, 1962 filed 303,900 common, of which 220,000 are
offered by the company and 83,900 by stockhold¬
ers.
Price—By amendment (max. $20). Business—De¬
sign and manufacture of specialized photo-electric color
sorting machines and geo-physical exploration devices.
Proceeds
For debt repayment, acquisition of 90,000
shares of its own stock, and working capital. Office—800
Welch Rd., Palo Alto, Calif. Underwriter—Domin^k &
Dominick, N. Y.
Feb.
to be
—
Manhattan
-
Drug Co., Inc.
72,000 common, of which 58,000 are
by company and 14,000 by stockholders.
March 29, 1962 filed
Mfg. Co., Inc.
11, 1962 ("Reg. A")
Business—Manufacture
85,000
of
to
common.
furniture
Price
hardware
—
for
be
offered
$3.50
sale
Continued
on
page
48
(V
48
The Commercial and Financial Chronicle
(1908)
Continued
St., N. W., Washington, D. C. Underwriter—Eisele &
King, Libaire, Stout & Co., N. Y.
Price—$3.50.
Business—Manufacture,
packaging and
sale of various proprietary drug products.
Proceeds—,
work¬
N. Y.
equipment, new products, debt repayment and
capital. 0 Office—156 Tillary St., Brooklyn,
Underwriter—Dana Securities Co., Inc., N. Y.
For
ing
Maradel
Inc.
Products,
1962 filed 335,000 common. Price—By amend¬
ment
(max. $20).
Business—Manufacture of toiletries
and cosmetics.
Proceeds—For acquisitions, debt repay¬
ment and working capital. Office—510 Ave. of the Amer¬
March 12,
icas, N. Y. Underwriter — Hornblower
Offering—Expected sometime in June.
Marine Development
& Weeks, N. Y.
Corp.
1962 ("Reg. A") 15,000 units consisting of one
share of 8% cumulative preferred and two shares of
common. 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.
Polarized Corp.
Marks
June
(4/30-5/4) .
filed 95,000 common shares.
1961
27,
Proceeds—For
amendment.
facilities
new
other
and
Tenth
153-16
expansion,
corporate
Price—By
Motor
Oct.
acquisition of
Office—
Y. Underwriters(mgr.), Glass & Ross, Inc., and
Mountain
11, 1961 ("Reg. A") 15,000 shares of beneficial in¬
terests. Prlcer-^$20.Business--^A real estate investment
trust which plans to own interests in medical office
buildings, hospitals, etc. Proceeds—For working capital.
Address—Van West, Ohio. Underwriter—J. Allen McMeen & Co., Fort Wayne, Ind
Jan.
$7). Business
1962 filed 100,000 common, of which 20,000
by company and 80,000 by a stock¬
holder. Price—$5.
Business—Cleaning and maintenance
of buildings and
the sale of janitorial supplies and
offered
rate
Inc.
—This registration was
22, 1962 filed $1,500,000 of 6% conv. subord. de¬
due
1972; also 150,000 common shares, of
which 80,000 will be offered by the company and 70,000
by a stockholder. The securities will be offered in units
of one $100 debenture and 10 common shares, except
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¬
partment stores selling a wide variety of merchandise.
Proceeds—For
expansion.
Office—135-21
38th
Ave.y
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
and
Norton, Fox & Co., Inc., N. Y. Offering—In June.
Masury-Young Co. (4/25)
Dec. 4, 1961 filed 100,000 common. Price—$6. Business—
commercial
Manufactures
products.
and
nance
equipment,
and
industrial
Proceeds — For
other corporate
floor
mainte¬
debt,
of
repayment
Office—76
purposes.
Roland
St., Boston. Underwriter—Chace, Whiteside &
Winslow, Inc., Boston.
Mattel,
Inc.
April 4, 1962 filed 275,000
ment (max. $45). Business
Price—By amend¬
Design, manufacture and
sale of quality toys. Proceeds—For selling stockholders.
Office—5150 Rosencrans Ave., Hawthorne, Calif. Under¬
writer—Smith, Barney & Co., N. Y.
McWood Corp.
common.
—
(4/30-5/4)
$3,100,000 of 6%
•
Mil
National
capital.
1974 and
Medical Industries
Fund, Inc.
Oct. 23, 1.961 filed 25,000 common. Price—$10.
—A closed-end investment company which
become
open-end.
Proceeds—For
Business
plans
investment
in
to
the
medical
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver.
—677
Medical Video
Nov.
13,
Corp.
1961 filed 250,000 common.
ness—Manufacture
Proceeds—For
Studio
of
general
medical
Price—$10.
electronic
corporate
purposes.
Busi¬
equipment.
O f f i
c e—
City, Calif. Underwriter—Financial Equity Corp.,
Los Angeles.
•
Mercury
Books, Inc. (4/30-5/4)
Feb. 14, 1962 filed 55,000 common.
Price—$4.50. Busi¬
ness—Publishing of ltewly written popular biographies.
Proceeds—For
working capital.
Office—1512 Walnut
St., Philadelphia. Underwriter—Meade & Co., N. Y.
Met Food Corp.
March
nated
and
30,
1962 filed $1,500,000 of convertible subordi¬
debentures
34,200
due
1977
to
be
offered
by
company
by stockholders. Price—By amend¬
ment (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
corporate
N. Y.
purposes.
general
Office—345 Underhill Blvd., Syosset,
Underwriter—Brand, Grumet & Siegel, Inc., N. Y.
Metropolitan Acceptance Corp.
Oct. 2, 1961 filed $300,000 of 6%
subordinated convert¬
ibles due 1967 and 60,000 common shares to
be offered
In units consisting of $100 of debentures
and 20
common
shares. Price—$150 per unit.
tail
sales.
Western
Business—Financing
Proceeds—For
Ave.,
Chevy
working
Chase, Md.
of re¬
capital. Office—5422
Underwriter—To be
named.
Metropolitan
Realty Trust
Dec. 20, 1961 filed
(5/7-11)
1,000,000 shares of beneficial interest.
real estate investment trust.
Proceeds—For general corporate
purposes. Office—1700
Price—$6.50.
Business—A
—
Corp.
N. Y. C.
E.
N.
•
Milli-Switch
Corp.
vehicles
sion.
(Competitive). Probable bidders: Kidder,
related
activities.
Milner
Proceeds—For
expan¬
Bldg., Jackson, Miss.
Under¬
Underwriters—William, David & Motti, Inc. and
Crichton, Cherashore & Co., Inc., N. Y.
common.
Price
—
National Equipment & Plastics
Corp* (4/25)
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
$1.
sale of new type butterfly
ated
stores.
Proceeds—For
debt
store
ex¬
pansion and working capital. Address — Portage,
Underwriter—Cortlandt Investing Corp., N. Y.
Pa.
and
repayment,
National
Family Insurance Co.
26, 1961 filed 200,000 common. Price—$5. Business
—Writing of automobile insurance. Proceeds—For addi¬
tional capital and reserves. Office—2147 University
Ave.,
St. Paul, Minn. Underwriter—None.
Offering—Expect¬
ed in May.
Molecular
Dielectrics, Inc. (5/14-18)
filed 150,000 common, of which 135,000
are to be offered by the company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of high-temperature electronic and electrical insulation materials.
1,
and
Office—1000
phia.
<
Co., Phoenix, Ariz.
Sept.
Angeles.
Los
porate purposes. Office—3306 Lancaster Ave., Philadel¬
purchase of the patent and pro¬
development of the valve.
Office — 5909
Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
&
Ave.,
Directories, Inc.
("Reg. A") 100,000 common. Price—$2.75.
Business—Compilation and publication of regional classi¬
fied telephone directories. Proceeds—For general cor¬
Proceeds—For
duction
Pro¬
National
Co.;
Production and
industries.
March 29, 1962
Missile Valve
—
Alcoa
writer—None.
Halsey, Stuart & Co.; Kuhn, Loeb &
Co.-Blyth & Co. (jointly).'Bids — Expected May 15,
(10:30 a.m. EDST).
Business
Price—$8. Business
missile
System Inc.
19, 1962 filed 2,000,000 common to be offered for
subscription by stockholders; unsubscribed shares will
be offered to the public. Price—$1. Business—Rental of
(5/15)
Corp.
24, 1861 ("Reg. A") 300,000
and
March
repayment and construc¬
tion. Office—f>26 East Wisconsin Ave., Milwaukee. Un¬
Nov.
common.
National Car Rental
1987. Proceeds—For debt
—
Engineering, Inc.
development. Office—4820
Underwriter—None.
April 11, 1962 filed $15,000,000 of first mortgage bonds
Peabody &
Missile
ceeds—For debt repayment, inventories and research and
(5/7-11)
Dec. 20, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—Manufacture of switches and other elec¬
tronic components.
Proceeds — For general corporate
purposes. Office—1400 Mill Creek Rd., Gladwyne, Pa.
Underwriter—Seymour Blauner Co., N. Y.
due
W.
29, 1961 filed 250,000
—Engaged in the aircraft
Tremont
if Milwaukee Gas Light Co.
T.
Dec.
Ave., Bronx, N. Y.
Underwriters—H. M. Frumkes & Co., Abraham & Co.,
and Berman, Sterling & Vine Co., N. Y. Offering—Ex¬
pected sometime in June.
—
& Gas Building, Abilene, Tex. Underwriter—
Dempsey-Tegeler & Co., Inc., St. Louis.
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.
Sponsor—Ira Haupt & Co., Ill Broadway,
—
Office—1101
valve.
filed
(5/14-18)
interests.
Feb. 28, 1962 filed 100,000 common. Price—$5. Business
—Distribution of dry cleaning and laundry equipment.
Proceeds—For sales promotion, inventory and working
fice—Oil
1962
engineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W.,
Washington, D. C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md.
withdrawn.
A real estate investment com¬
pany. Proceeds—For investment and operating expenses.
Office—1630 Welton St., Denver. Underwriter—Boettcher & Co., Denver,
Price—$10. Business
derwriters
8,
Business—Production of electronic parts and components
and the furnishing of consulting services in the radio-
Feb. 26, 1962 filed 500,000 shares of beneficial
subordinated con¬
310,000 common to be
offered in 31,000 units, each consisting of $100 of deben¬
tures and 10 shares. Price—By amendment (max. $160).
Business
Company buys crude oil from producers,
transports it to own storage areas and sells it to refiners.
Proceeds—For debt repayment and working capital. Of¬
Feb.
vertible debentures due
Multronics, Inc. (4/23-27)
("Reg. A") 100,000 capital shares. Price—$3.
Jam 5, 1962
—
Midwestern Mortgage Investors
common.
Price—$3,
marketing of plastic
games and novelties.
Proceeds—For equipment,
working capital and other corporate purposes. Office—
,275 New Jersey Railroad Ave., Newark, N. J. Under¬
writer—G. K. Scott & Co., Inc., N. Y.
Office—1730 K St., N. W.y Washington,
Affiliated Underwriters, Inc. Note
purposes.
C. Underwriter
D
bentures
6,
toys,
Oct.
March
of
State Industries, Inc.
1962 ("Reg. A")
80,000
Business—Design, fabrication and
Investment Corp.
16, 1961 filed 200,000 common. Price—$2. Busi¬
ness—Company plans to engage in the commercial fi¬
nance and factoring business.
Proceeds—-General corpo¬
Masters
(4/30-5/4)
Price—$3.50. Business
radios, television sets and
if Muiti
April
Midwestern
^
Inc.
Charleston, W. Va. Underwriters—Maltz, Greenwald &
Co,. N. Y. and Clayton Securities Corp., Boston.
Underwriter—N one.
•
distribution
Co.,
common.
and parts. Proceeds—for debt
repayment and working capital. Office—708 Bigley Ave.,
company. Proceeds — For general corporate purposes.
Office — 2615 First National Bank Bldg., Minneapolis.
equipment. Proceeds—For debt repayment and work¬
ing capital. Office—840 DeKalb Ave., N. E., Atlanta.
Underwriter—Johnson, Lane, Space Corp., Atlanta.
Electronics
.16, 1962 filed 140,000
—Wholesale
A closed-end management investment
—
capital.
other electronic products
Midwest Technical Development Corp.
Maintenance Corp.
(L. P.)
23,
working
and
ford, Conn. Underwriter—D. H. Blair & Co., Inc., N. Y,
(4/24)
Dec.
C.g
to be
repayment
By
Super Markets, Inc.
:
'
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¬
City. Underwriter—None.
Midwest Medical Investment Trust
debt
—
automobile parts.
Mott's
working capital. Office—14 North Robinson, Okla¬
Globus, Inc., N. Y.
Martin
For
of
March
Feb. 26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
for each two shares held. Price—By amendment (max.
March
Parts Industries, Inc.
1961 filed 120,000 class A shares. Price
Office—900-908 S. Oyster Bay Rd., Hicksville, N. Y. Un¬
derwriter—Street & Co., Inc., N. Y. Offering—Imminent.
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—
Inc.
are
30,
Proceeds
Mid-America Minerals, Inc.?
Lyon & Co.,
Ross,
Price—By amend¬
common.
amendment. Business—Distribution
April
•
260,000
Underwriter—Blyth & Co., Inc., N. Y. Offering—June.-
general corporate purposes. Office—6425 Oxford St., St.
Louis Park, Minn. Underwriter—Irving J. Rice & Co.,
Inc., St. Paul. -V.
-I \
..
and
Safe Co.' *
(max. $20). Business—Manufacture of safes, bank
vaults, security systems and office equipment. Proceeds
—Fbr selling stockholders.
Office—320 Park Ave., N. Y.
Feb. 13, 1962 filed 200,000 common. Price—$3.50. Busi¬
ness—Manufacture, sale and operation of vending ma¬
Proceeds—For debt repayment, inventories and,
homa
Thursday, April 19, 1962
ment
(5/14-18)
Corp.
chines.
purposes.
Whitestone, N.
Ave.,
Micro-Dine
,
.
March 23, 1962 filed
$6'. Business—Oil and gas production and development.
Proceeds—For expansion, preferred stock redemption,
March 30,
•
Mosler
K
from page 47
.
Dec.
1961
Proceeds—For equipment, a new product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co.. Inc. and Irving Weis & Co.. N. Y.
^-National Reinforced Plastics Corp.
("Reg. A") 18,000 common. Price—$12.50.
Business
Production of reinforced plastic products.
Proceeds—For debt repayment, expansion and working
capital. Office — North Bedford St., Manchester, N. H.
Underwriter
Eastern Investment Corp., Manchester,
N. H.
'
April 4, 1962
—
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
Dec.
—
-
•
Blvd., Palisades Park, N. J. Underwriters—Stone, Ackerman & Co., Inc., (mgr.) and Heritage
Equity Corp., N. Y.
March
St.
&
Central
Ave.,
Baltimore.
•
Morse
Electro Products Corp.
(4/30)
29, 1961 filed $1,250,000 of 6Vz% convertible sub¬
ordinated debentures due March, 1977. Price — At par.
Business—Operates retail stores selling sewing machines
and vacuum cleaners. Proceeds
For expansion and
working capital. Office—122 W. 26th St., N. Y. Under¬
writer—Standard Securities Corp., N. Y.
—
'
'
'
'
V
-
(5/28-6/1)
common,
be
named.
National Semiconductor
National
Tele-Systems, Inc.
27, 1962 filed 82,000 common, of which 65,000 are
offered by company and 17,000 by stockholders.
Price—$3. Business—Manufacture of closed circuit TV
systems. Proceeds—For inventory, debt repayment and
working capital. Office—718 Atlantic Ave., Brooklyn,
N. Y. Underwriter—Ezra Kureen Co.,,N. Y.
Feb.
Shoe
'
100,000
Corp. (4/30-5/4)
May 11, 1961 filed 75,000 shares of capital stock. Price
—To be supplied by amendment. 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.
and
Piper, Jaffray & Hopwood, Minneapolis
(mgr.).
Dec.
N. Y.
filed
—
Underwriters—
Stores, Inc. (5/28-6/1)
March 16, 1962 filed 517,122 common, of which 175,000
are
to be offered by company and 342,122
by stock¬
holders. Price—By amendment (max. $18). Business—
Retail sale of popular priced shoes. Proceeds—For debt
repayment and working capital. Office—558 Pleasant St.,>
New Bedford, Mass. Underwriter—Dean Witter & Co..
1962
Underwriter—To
Street & Co. and Morris Cohon & Co., N. Y.
Morton's
23,
Security Life Insurance Co.
of which 80,000
are
to be offered by company and
20,000 by stock¬
holders.
Price—$17.50. Business—A life, accident and
health insurance company. Proceeds—For
investment.
Office
130
Alvarado, N. E. Albuquerque, N. M.
Montebello Liquors, Inc.
April 5, 1962 filed 160,000 common. Price—By amend¬
ment (max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and working capital. Office—
Bank
National
to
"
•
be
National
Vended
See Skiers Service
Ski
Insurance
Corp. this issue.
Corp.
Volume
Number
195
6152
...
The Commercial and Financial Chronicle
(1909)
Work-Clothes
National
writer—G. A. Saxton &
Rental
March 6, 1962 filed 500,000 common. Price
Co., Inc., N. Y. Offering—'Tem¬
Pacific Power & Light Co.
By amend¬
ment "(max. $11)/Business—Company rents and launders
porarily postponed.
work clothes and uniforms. Proceeds—For selling stock¬
Nov. 29, 1961 filed 100,000 common.
Price—$3.50. Business
Manufacture of wooden kitchen cabinets and related
share for each 20 held of record
appliances.
payment
holders.
blower &
—
Northern
Office—-Elizabeth, N. J.
Underwriter—HornWeeks, N. Y. Offering—Expected sometime in
'/> ''"/'''V'.
j ' -"v';
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.
Nationwide
*
Oct. 13, 1961 filed. 475,000 common, of which 400,000 are
be offered by the company and 75,000 by a stock¬
holder.
Price—50c.
'
Business—Exploration,
develop¬
mick &
mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
/
and the
(max.
ment,
Proceeds—For
expansion
and
March 30,
(jointly); Merrill Lynch, Pierce,
Smith Inc.-Kidder, Peabody & Co.-White,
Weld & Co. (jointly). Bids—May 29. Information Meet¬
ing — May 23 (10:30 a.m. EDST) at Irving Trust Co.,
(47th floor), One Wall St., N. Y.
investment.
Hope Academy of the Arts, Inc. (5/21-25)
150,000 common. Price—$10. Business
—Operation of a school of performing arts for children
and young adults. Proceeds—For general corporate pur¬
John Nuveen & Co., 135 So. La Salle
St., Chicago. Of¬
fering—Expected in mid-June. *-/, •
-
Office—152 Whitemarsh Rd., Philadelphia.
derwriter—Mayo & Co., Philadelphia.
Oct.
Jan. 17, 1962 filed
.
New
Jan,
.
Un¬
Price-r^ll.;
.
Business—A real estate management company/ Proceeds
—For
debt repayment, working capital, : and general
s
corporate
purposes/ Office—369
Underwriter—None. ' * " \"
;; -
•v^ New
World
Laboratories,
to
Lexington Ave., N. Y.
;;
r
Inc.
(4/23-27)
•/
common.
Price—$3
cosmetics and hair prepara¬
of
Proceeds—For debt repayment and general cor¬
porate purposes: Office—=-1610 14th St., N. W., Washing¬
ton, D. C. Underwriter—T. J. McDonald & Co., Inc.,
?
v
(Government of)
subdivisions
thereof
which
Federal income taxes. Proceeds—
•
Occidental Petroleum Corp. /: /
//v:;/7M'
March 30, 1962 filed $4,674,100 of 6% subordinated con¬
vertible debentures due 1977 to be offered for
x,f;
March
29,
International, Inc.
filed
1962
Business—Manufacture
tons.
Proceeds—For
Office—1331 Halsey
(5/9)
Baruch Brothers
April 12, 1962 filed $25,000,000 of bonds due 1977. Price
By amendment. Proceeds—For capital works and ex¬
penditures program. Underwriter—Kidder, Peabody &
&
150,000
and sale
equipment
(6/4-8)
-
working capital.
Underwriter—
Operations Research, Inc.
14, 1962 filed 100,000 common. Price—By amend¬
(max. $9). Business—Furnishes research and de¬
velopment services in the field of operations research.
Co., N. Y.
Nigeria Chemical Corp.
7, 1961 filed 90,000 common. Price—$5. Business
—Company plans to construct a plant for production
of ethyl alcohol and derivatives and to distill and sell
Proceeds—For debt repayment and
working capital. Of¬
fice—8605 Cameron St., Silver Spring, Md. Underwriter
industrial and potable alcohol in
equipment,
debt
Nordon
Corp.,. Ltd.
/..V'/,;
1962 filed 375,000 capital
,
29,
100,000
are
v
.
shares, of which;
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
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles:
Underwriter—Gregory-Massari,
Inc.,
Beverly
Hills, Calif.
1
/
.
Norda
Essential
Oil
& Chemical Co., Inc.
1962 filed 200,000 class A shares. Price—By
amendment (max. $15).
Business—Manufacture, process¬
ing and distribution of natural and synthetic essential
March
;
20,
oils, flavor,
Proceeds
other
—
essences, etc., to food
For debt repayment,
corporate
purposes.
and
drug industries.
working capital and
Office—601 W. 26th St., N. Y.
Underwriter—S. D. Fuller & Co., N. Y. Offering—June.
.
North America
Real
Estate Trust
Nov. 13, 1961 filed 2,000,000 shares of beneficial interest.
Price—$10.
Business—Real
estate
investment
trust
Proceeds—For acquisition of property and working cap¬
ital.
Office—475 Fifth Ave., N. Y. Underwriter—None
North
,
Atlantic-Industries, Inc.
Sept. 26, 1961 filed 131,500 common, of which 120,000
will be sold by the company and 11,500 by a stockholder.
Price—By amendment. Business—Manufacture of pre¬
cision
electronic
instruments, Proceeds—Repayment of
debt; new product development, inventory and working
capital. Office—Terminal Dr.; Plainview, N. Y. Under¬
Parker & Redpath,- Washington, D. C.
Optech, Inc.
26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
used in
optical electronics. Proceeds—For equipment
and
working capital. Office—246 Main St., Chatham,
Dec.
repayment,
fice— 1060 Broad St., Newark, N. J. Underwriter—Scott,
Harvey & Co., Inc., Fairlawn, N. J.
March
—Auchincloss,
•
Nigeria. Proceeds—For
and working capital. Of¬
N.
J,
Underwriters—Stone.
Aokprman
&
—
For
Co..
Inc., and
Heritage Equity Corp., N. Y. Offering—In June.
debt
purposes.
writer—To be
named.
Outlet
Mining Co., Inc.
28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
Feb.
,
/ Underhill
Securities
Business
drugs and pharmaceuticals. Proceeds
acquisition, research and other corporate purposes. Office — 2301 Pennsylvania Ave., Philadelphia.
Underwriter—Arnold Malkan & Co., Inc., N. Y.
•
/
of
Patent Research &
Development, Inc.
150,000 common. Price—$5. Busi¬
ness—Design, manufacture and sale of new products in
various fields. Proceeds—For general corporate purposes.
15,
1962
filed
Office—35 Third Ave., Long Branch, N. J. Underwriter
—Louis R. Dreyling & Co., Inc., New
Brunswick, N. J.
•
Pearl
Brewing Co.
Big Wheel
filed 100,000
brewery. Proceeds—For selling stockholders. Office—
Parkway, San Antonio, Tex. Underwriters—A.
Allyn & Co., Chicago and Dewar, Robertson & Pancoast, San Antonio.
a
312 Pearl
C.
Peckham
April 2,
nated
Industries,
ment. Business—Sale
and
Price—By amend¬
installation of automobile
ac¬
cessories. Proceeds—For expansion and working capital.
Office—6125
N.
C.
will
El
Roberts
be
&
Cajon Blvd.. San Diego. Underwriter—
Co., Inc., San Diego. Note—This issue
withdrawn.
Inc.
1962 filed $500,000 of 6%
debentures
due
1974.
convertible subordi¬
par. Business—
Price—At
construction, sale of liquid asphalt, production and
concrete, sand, gravel and crushed stone. Pro¬
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.
sale
of
ceeds
—
•Peerless
March
22,
Radio
Corp.
1962 filed
120,000 common, of which 100,000
offered by the company and 20,000 by stock¬
holders. Price —t $4. Business — Distribution of electric
are
to
be
parts and components to industrial customers. Proceeds
—For
debt
Office—19
repayment, inventory and working capital.
St., Lynbrook, N. Y. Underwriter—
Co., Inc., N. Y.
Wilbur
&
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
&
common.
(5/21-26)
March 30, 1962 filed 148,300 common. Price—By amend¬
ment (max. $26). Business—Company owns and operates
for working capital.
Port Reading, N. J.
Peck,
1961
/
an
Proceeds—For
1962
E.
162nd St., N. Y. Underwriters—
Cohn & Co. and Ross & Hirsch, N. Y.
Robinson-Humphrey Co., Inc., Atlanta, Ga.
26,
7*
Parkway Laboratories, Inc. (5/21)
6, 1961 filed 160,000 common. Price—$5.
Office—230
Pacific
/
Corp., N. Y.
Dec.
&
Oct.
;
Paragon Pre-Cut Homes, Inc.
U
■;( 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.
-V:,./'
ment.
•
;
Price—$10.
.
Kahn
and
////v/
.
Business—A real estate holding and development company. Proceeds—For general corporate purposes. Office
?—70 N. Main St.,
Freeport, L. I., N. Y. Underwriter—
Kordan
13,
77:-7 7/:'
,
Manufacturing Co., Inc.
("Reg. A") 100,000 .common. Price—$3.
Business—Manufacture and distribution of replacement
parts for home appliances. Proceeds—For debt repay¬
Products
P-G
.
Realty & Development Corp.
March 12, 1962 filed 400,000 class A stock.
Road
Orion Electronics Corp. (5/7-11)
Aug. 28, 1961 filed 100,000 common. Price—$3.50, Busi¬
ness—The manufacture of precision electronic
sub-sys¬
tems for the generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, equipment and
working capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co.,
Inc., N. Y. C.
://■•.
March
repayment, equipment, and other
Office—39 Broadway, N. Y. Under-
PanAm
Feb.
Feb.
Dec.
•
vDor
ment
'
Proceeds
/corporate
,
St., Brooklyn, N. Y.
Co., Inc., N. Y.
(4/30)
American Beryllium Corp.
28, 1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
—Manufacture
1
,
Price—$5.50.
synthetic pearl but¬
and
Underwriter—R. S. Dickson & Co., Charlotte, N. C.
Pal-Playwell Inc.
Feb.
common.
of
1962
Pan
'
believed
are
28,
For debt repayment and working
capital. Office—179-30
r? 93rd Ave., Jamaica, N. Y. Underwriter—Tyche Securi7 ties, Inc., N. Y.
;/
'7 7 7
For investment. Office—Chicago, 111. Sponsor—John
Nuveen & Co., 135,So. La Salle St., Chicago.;
; >a
?
Oceana
June.
Zealand
political
be exempted from
Denver.
28, 1961 filed 100,000 common. Price—$4. Business
—Design, assembly and manufacture of toys. Proceeds—
Bond Fund, Series 4
$15,000,000,. of units representing
repayment, working capital and general corporate pur¬
poses. Office—8255 Beverly Blvd., Los Angeles. Under¬
writer—Allen & Co., N. Y. Offering—Expected in June.
Testing Laboratories, Inc.
Jan. 29, 1962 filed 50,000 common. Price—$5. Business—
Analyzing and testing of electronic, chemical and other
materials. Proceeds—For plant/ relocation,
equipment,
and working capital. Office—47 West St., N. Y. Under¬
writer—Robbins, Clark & Co., Inc., N. Y. Offering—In
New
filed
tion by stockholders on the basis of $100 of debentures
for each 100 common shares held.
Price—$100 per unit.
Business—Production of oil and gas. Proceeds—For debt
New York
early
1961
Alameda,
Nov.
Sponsor-
subscrip¬
tions.
Washington, D. C.
•
Price—By amendment.
Business—The Fund will invest in
interest-bearing obligations of states, counties, and municipalities^ :theU.S.,
and
/Nov. 13, 1961 ("Reg. A") 100,000
'Business—Manufacture
S. C.
Nuveen Tax-Exempt
17,
W.
filed 100,000 capital shares. Price—By
(max.
$19).
Business—Writing of
life,
health, accident and hospitalization insurance. Proceeds
—For working capital. Office—1310
Lady St., Columbia,
fractional interests in the Fund.
;
Plan
Realty Corp.
24, 1962 filed 150,000 class A shares.
Office—Chicago, 111.
Office—198
amendment
Business—The Fund will invest in interest
bearing obli¬
gations of 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
Price—By
Palmetto State Life Insurance Co.
—
-New
stockholders.
March
Tax-Exempt Bond Fund, Series 3
17, 1961 filed $15,300,000 of units representing frac¬
tional interests in the Fund. Price
By amendment.
Co.
common.
Underwriter—Francis I. duPont & Co., N. Y.
measure¬
Oct.
&
1962 filed 150,000 class A
—
selling
Nuveen
Co.-Ladenburg, Thalmann &
formerly named Westates Land
(max. $13). Business—Manufacture of er>/velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies. Proceeds
For
debt repay¬
Address—P. O.
capital.
'
Morris Cohon & Co., N. Y.
amendment
equipment,
working
—
was
Development Corp. Offering—Expected in May.
1/7 Pak-Well Paper Industries, Inc.
Underwriter—McCor-
,
furnishing of consulting and radiation
services.
Underwriter
Note—This company
10901, Pittsburgh. Underwriter—Johnston, Lemon &
Co,, Washington, D. C.
Underwriters—(Competitive). Probable bidders: Blyth &
Co.-Lehman Brothers-Bear, Stearns
&
Co.
(jointly);
poses.
Hills, Calif.
Box
other corporate purposes. Office—441 Stuart St., Boston.
"
General real estate. Proceeds—For debt
repayment and
working capital. Office — 9412 Wilshire Blvd., Beverly
development
ment
&
,
Westates Land
Development Corp.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to bs
offered in units, each
consisting of $100 of debentures
and 20 common shares.
Price—$200 per unit. Business—
contracts using radioactive
tracers; precision radio¬
activity measurement; production of radioactive isotopes
share for each 15 held of record about May
rights to expire June 14. Price—By amendment
$27). Proceeds — For loans to subsidiaries and
Fenner
>
Pacific
on
new
Co.-Wertheim
selling stockholder, Office—35124 AlvaRoad, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher &
Co., San Fran¬
cisco (mgr.).
Offering—Indefinitely postponed.
rado-Niles
Nuclear Science & Engineering Corp;
29 with
Loeb, Rhoades &
^
Peabody
ceeds—For the
March 29, 1962 filed 100,000 common.
Price—By* amend¬
ment (max. $15). Business—Research and
v-A* New England Electric System (5/29)
April 12, 1962 filed 872,786 common shares to be offered
for subscription by common stockholders on the basis
M.
Madison, Wis.
Co., Chicago.
—
Underwriter—Kidder,
(par 50 cents) to be sold by stockholders. Price—
Business—The manufacture of steel products. Pro¬
$6.
offered
Beltline Highway,
ment and
rights io
Price — $27.
Proceeds — For debt re¬
construction.
Office
920
S. W. Sixth
stock
Data, Inc.
///
1962 filed 170,000 common, of which 30,000
by company and 140,000 by stock¬
holders.
Price—By amendment (max. $12). BusinessDesign, development and assembly of instruments for
detection, measurement and analysis of nuclear radia¬
tion.
Proceeds—For working capital.
Office—3833 W.
be
/
with
States Steel Corp.
21, 1961 filed 100,000 outstanding shares of capital
June
28,
to
1.
and
Mar. 26
Pacific
(4/23-27)
Nuclear
are
May
Avenue, Portland, O.
& Co., New York
City.
be offered
March
to
Carl
expire
debt
expansion, and equipment. Office—5801 East Marginal
Way South, Seattle, Wash. Underwriter—Dean Witter &
Co., San Francisco and Pacific Northwest Co., Seattle.
.....
one
For
27, 1962 filed 67b,497 common being offered for
subscription by stockholders on the basis of one new
(5/14-18)
24, 1962 filed 95,000 common, of which 60,000 are
by the company and 35,000 by stockhold¬
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
to
•
of
—
Corp.
ers.
Inc.
March 28, 1962 ("Reg. A") 50,000 common.; Price—$6.
Business—Design, development and manufacture of pre-;
cision apparatus, used in., production of pharmaceuticals
and other chemicals. Proceeds— For expansion, equip¬
ment, research, and working capital. Office—1130 Som¬
erset
St;, New: Brunswick, N. J.
Underwriter—John
Schuss & Co., N. Y,.•_
Island Mines Ltd.
Proceeds
Northwestern Glass Co.
.
New Campbell
Products
Feb.
.
Jan.
Scientific Co.,
Brunswick
New
Wood
..v
repayment, expansion,
and working capital. Office—201-221 Godwin
Ave., Paterson, N.J. Underwriter—United Planning
Corp., New¬
ark, N. J.
•yv'i1,:
June.
-
49
payment of income taxes and loans and
Office—Woodbridge-Carteret Road,
Underwriter—Mortimer B. Burnside
Co., Inc., N. Y. Offering—Temporarily postponed.
Penn
Square Corp.
March 30,
1962 filed 60,000 class A common. Price—$4.
Business—Company plans to provide management and
financial consulting services to various businesses. ProContinued
on
page
50
50
Continued
The Commercial and Financial Chronicle
(1910)
from
49
page
-
>
-
•
;
Premsbr Microwave Corp.
(4/23-27)
salaries, advertising and working
capital. Office—6 Penn Center Plaza, Philadelphia. Un¬
derwriter—Robert M. Harris & Co., Inc., Philadelphia.
ceeds—For equipment,
Pennsylvania Mutual Fund, Inc.
21, 1962 filed 1,000,000 capital shares. Price—By
amendment (max. $10.29). Business — A mutual fund.
Proceeds—For investment. Office—60 Wall St., N. Y.
Underwriter—Sackville-Pickard & Co., Inc. (same ad¬
March
28,
1962
filed
150,000
Prescott-Lancaster
common,.
working
capital. Address
—
2220 Philadelphia
Bldg., Philadelphia. Underwriters—Stroud
Fund
Inc., Philadelphia, and Walston & Co., N. Y.
Penthouse
Feb.
28,
1962
Club,
Inc.
holders. Price—$5.
Business—Operation of
a
Perfect
private din¬
—To
Locusts
•
Photo, Inc.
named.
"
,
Business—A
real
investment
estate
firm.
Red
Wing Fiberglass Products, Inc.
("Reg. A") 260,000 common. Price—$1.15.
Proceeds
Debt repayment, building
improvements,
equipment, research and development, and working cap¬
ital. Office—Industrial Park, Red Wing, Minn. Under¬
writer—York & Mavroulis, Minneapolis. Note—This let¬
ter was temporarily postponed.
property acquisitions and working cap¬
ital. Office—66 Hawley St., Binghamton, N. Y. Under¬
writer—D. H. Blair & Co, N. Y.
•
Research
Product
in late May.
Rhode
of
July 28, 1961
—
Island, Inc.
(5/28)
Perpetual Investment Trust
Nov. 9, 1961 filed 500,000 shares of beneficial interest.
Price—(For the first 10,000 shares) $10.80 per share.
July 28, 1961 filed 330,000 common shares. Price—$2.05.
Business
The manufacture of vinyl plastic products
(For the balance) Net asset value plus 8% commission.
Business—A real estate investment trust. Proceeds--For
Proceeds—For
Prcm
1962
28,
small
Office
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
filed
common.
Price—$11.
investment company. Pro¬
556,700
business
and
—6th
Offering—Expected sometime in July.
Prosper-Way, Inc.
7, 1962 filed 85,500
Feb.
Philips N. V. (5/29)
April 3, 1962 filed 6,153,140 common to be offered for
subscription by stockholders on the basis of one new
shate for each five common or 15 participating preferred
common.
Price—$3.
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.
Business
electronic, electrical and other
products in the Netherlands and 30 other countries for
sale
n. y.
22.
held
of
record
May 29. Rights will expire June
Price—By amendment (max. $65). Business—Manu¬
facture of
a
wide range of
throughout the
free
world.
Proceeds—For
general
•
corporate purposes. Office—Eindhoven, The Netherlands.
Dealer-Managers—Smith, Barney & Co., N. Y., and Rotterdamsche Bank, N. V., Rotterdam, The Netherlands.
Corp.
18, 1962 filed 80,000 common. Price—$5. Business
of professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
ment and working capital. Office—236 E. 46th St., N. Y.
—Manufacture
v
Inc.
Dec.
20, 1961 filed $465,000 of 10-year 8% debentures.
Price—$15,000 per debenture. Business—The company
organize and sell real estate syndicates. Pro¬
general corporate purposes. Office—1807 N.
Central Ave., Phoenix. Underwriter—None.
to
ceeds—For
Restaurants, Inc. (5/28)
Dec. 21, 1961 filed 125,000 common, of which 75,000 are
to be offered by the company and 50,000
by a selling
tion
of
six
Price—By
restaurants
amendment.
in
Business—Opera¬
Sacramento.
Proceeds—For
expansion, debt repayment and working capital. Office
—1626 J St., Sacramento.
Underwriter—Stewart, Eubanks, Myerson & Co.. San Francisco.
•
Patterns, Inc.
March 30, 1962 filed 100,000 common, of which
70,000
are to be offered by
company and 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.,
N. Y. Offering—Expected sometime in
July.
—
Feb.
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.
•
Policy-Matic Affiliates, Inc.
16, 1961 filed 200,000 capital shares.
Oct
(5/14-18)
'
"•
electric
1
«•••"
Price—$3.25.
ceeds—General corporate purposes. Office—1001 15t.h
St.
N. W., Washington, D. C. Underwriter—To
be named.
'
Polytronic Research, Inc.
1961 filed 193,750 common
shares, of which 150,-
June
000 will be sold for the company
and
•
„
tures-due 1977 and
500;000 common* shares to be-offered
consisting of a $10 debenture and two common
shares. Price—$18 per unit. Business—Company plans
to
produce beer and natural malta
(a non-alcholic
beverage). Proceeds—For construction and operation of
a- brewery"
and working capital. Address—San Juan,
Puerto Rico. Underwriter—Merrill Lynch, Pierce, Fenner
& Smith, Inc, N. Y.
/':/
in units
43,750 for stock¬
holders. Price—By amendment. Business—Research and
development, engineering and production of certain
electronic devices for aircraft,
missiles, oscilloscopes,
electronic vending machines and
language teaching ma¬
chines. Proceeds—For expansion,
repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones. Kreeger & Co., and
Balogh &
Co., Washington, D. C, Note—This offering was post¬
poned indefinitely.
Inc.
'
*
27, 1961 ("Reg. A") 100,000 common. Price — $3.
Business—Design, installing and constructing packaged
commercial interiors and exteriors for buildings. Prqceeds—For general corporate purposes. Office—Route 315
& Vine St, Avoca, Pa. Underwriter—M. G. Davis & Co,
Inc, N. Y.
..
v-'
Dec.
common.
Price—$7. Business
Proceeds—For debt
21; 1961 filed 142,858
repayment and general corporate purposes. Office—220
K
St, N. W, Washington, D. C. Underwriter^—Hirschel
Md.
'v
J/;■•/:';
I
& Co., Silver Spring,
temporarily
•
Ridgerock of America, Inc. (5/21-25)
;
29,
1961 filed
100,000 common.
Price—$2.50.
Business—Production of stone facing for buildings. Proceeds—For debt reduction and general corporate pur¬
' ■'
("Reg. A") 300,000 common. Price—$1Business—Rebuilding and reconditioning of automotive •brake shoes. Proceeds—For
general-corporate purposes.
Office—94 Gazza Blvd.,
Farmingdale, N. Y. Underwriter
—Meadowbrook Securities, Inc.,
Hempstead, N. Y. Offer¬
ing—Expected in May.
*
'
;
Dec.
poses.
•
Queensway Mines Ltd.
15, 1962 filed 150,000 capital shares. Price—$1.
Business—Mining. Proceeds—For debt repayment/ sur¬
•
Interonics, Inc. (5/14-18)
30, 1961 filed 40,000 common. Price—$5. Business
—Manufacture of radio frequency interference filtersand capacitors. Proceeds—For
equipment, working cap¬
ital and other corporate purposes. Office—15 Neil
Court,
Address
—
Sebring, O. Underwriter
Brothers & Co, Inc., N.
Y.
Baruch
—
/
•
;
Ridgewood Financial Corp. / '
>
r
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,
in Cleveland. Proceeds—For. organizational expenses and
investment Office—1717 E. .9th St.; Cleveland. Under¬
March
writer—Fulton, Reid & Co., Inc., Cleveland.
Riker
..
.
/'
Richmond Corp. (5/14-18)
—A real estate-investment company.
Quality Brake Rebuilders, Inc.
RF
—
Rex Craft Associates,
Pulp Processes Corp.
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Pro¬
ceeds—General corporate purposes. Office—Hoge Bldg,
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins.-
Oct.
v
Dec.
—
For general
Office—San Juan, Puerto Rico. Un¬
derwriters—Lieberbaum & Co, and Morris Cohon & Co,
New York.;;;.
;v1
/■■■■.■';
''///?;////£■
veying and general corporate purposes. Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
tion Ltd, Toronto.
;;
•
.
,
v
corporate purposes.
^'/
Products, Inc.
Laboratories, Inc.
27, 1962 filed 105,000 common; Price—$3.50. Busi¬
Operation of a laboratory for contractual re¬
search; development and engineering in the chemical
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. V.
ness
—Real estate and construction. Proceeds
was
Research
Resin Research
Development Corp. (4/30)
24, 1961 filed $4,000,000 of 5% conv. subord. aeibentures due 1971 and 200,000 class A shares to be of¬
fered in 25,000 units, each consisting of $160 of deben¬
tures and eight shares.
Price—$200 per unit.
Business
offering
Un¬
Feb.
Puerto Rico Land and
This
repayment, operating expenses and in¬
(5/14-18) ///; : / ,j
Dec. 28, 1961 filed 250,000 common. Price—$9. Business
—Manufacture of lithographic blankets used in printing.
Proceeds—For debt repayment and * working, capital.
Address—Hato-.Reyf Puerto Rico; Underwriters—Gross
& Co, and Elmaleh & Co, Inc., N. Y.
vv
Brewing' Co.*,4 Inc;/?■
%
March 23, 1962 filed $2,500^000 of sinking fund deben¬
—
debt
Office—12 N. Third St.. Columbus, Ohio.
derwriter—Robinson-Humphrey Co, Inc., Atlanta.
a;'Puerto <Rico
Note
debt
Proceeds—For
-
ceeds—For
Ave, N. W, Washington, D. C. Underwriter—Co., Inc., Philadelphia.
Francisco.
fields.
Republic-Franklin Life Insurance Co. (5/14-18)
1962 filed 266,667 class A common. Price—$7.50.
Business—A legal reserve life insurance company. Pro¬
28, 1961 filed 541,000 common. Price—By amend¬
postponed.
electronic
and
Feb. 15,
vestment.
San
and
working capital. Office—455 ;W, Main
St, Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co, N.
ment. Business—Book publishing. Proceeds—For an acquisition and other corporate purposes. Office—1106 Con¬
Roth &
25,000 by Electronic
Co, parent. Price—$5. Business—Design and
of regulating and control devices used in
repayment
Jan^ 3, 1962
Business—Leasing of insurance vending machines. Pro¬
the
Inc.
Nov.
Plantation
Pfasticon
Specialty
necticut
Pierce Proctor Schultte & Taranton
stockholder.
Co.,
Publishers Co.r Inc.
Nov.
Underwriter—To be named.,
Pioneer
Loan
Inc. (5/21-25)
1962 filed 75,000 common, of which 50,000 are
be offered by the company and
manufacture
(4/30-5/4)
Price—By amend¬
ment (max. $17). Business—Operation of small loan of¬
fices. Proceeds — For, general corporate purposes. Office
—41: Chenango: St;,\Binghamtony- N. ,Y. Underwriter—.
A. G. Becker & Co, Inc., Chicago.
Pictronics
plans
to
March 28, 1962 filed 170,000 common.
Jan.
Investment Co.,
Regulators,
Jan. 29,
1
Public
22,
be offered
Rego Radio & Electronics Corp. (5/7-11)V
March 1, 1962 ("Reg. A") 80,000 common. Price—$3.7-5.
Business—Wholesale distribution of automobile radios,
—Development and promotion of "one stop dry cleaning
and laundry" establishments,. and the saleand main¬
tenance of dry cleaning, and laundry, equiprpent. Prpceeds—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
shares
to
Britain, Conn. Underwriter—Hayden, Stone & Co, N. Y.
Main
Sts, Kansas City, Mo. Underwriter—■
Barret, Fitch, North & Co, Inc., Kansas City. /
general corporate purposes.
Office—6130
Lane, Dallas.
Underwriter—McDonnell & Co.,
New York.
(4/30)
1962 filed 145,000 common, of which 100,000
by the company and 45,000 by stock¬
holders. Price—By amendment (max. $11). BusinessOperation 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
are
Feb.
ceeds—For
Sherry
Motor
Regal-Meadows, Inc.
March
— 184 Woonasquatucket Avenue,
R. I. Underwriter—Investment Plan¬
ning Group, East Orange, N. J.
Petro-Capital Corp.
March
•
automotive, marine and household fields.
repayment of debt, new equipment and
working capital.
Washington, D. C.
Business—A
the
North Providence,
Eye St., N. W., Washington,
Underwriter—Sidney Z. Mensh Securities Co.,
C.
D.
—
in
used
Office—1613
investment.
Proceeds—For deht
repayment,
equipment, leasehold
improvements
and
working capital.
Office—703 Bedford Ave, Brooklyn,
N. Y.
Underwriter—Godfrey, Hamilton, Taylor & Co.,
Inc, N. Y. Note — This company formerly was named
Tomorrow's Industries, Inc.
Proceeds—For
(max. $20).
N. Y. Offering—Expected
be
Ramer
of women's and children's footwear.
Primex
amendment.
14, 1962 filed 154,800 common.
ment
Industries, Inc. (4/30-5/4h
»
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
Equities Corp. (5/7-11)
Nov. 27, 1961 filed 360,000 class A common. Price—By
Price—By amend¬
Business—Photofinishing and the dis¬
tribution of photographic equipment and supplies. Pro¬
ceeds—For selling stockholders. Office—4747 N. Broad
St., Philadelphia.
Underwriter—Bear, Stearns & Co.,
Feb.
•
Feb.
Oct.
ing and catering club and a motel. Proceeds—For ex¬
pansion and working capital. Office—15th &
Sts., Philadelphia. Underwriter—To be named.
29,
estate projects.
Prestige Capital Corp.
19, 1961 filed 200,000 common. Price—$5. Business
—A small business investment company. Proceeds—For
investment. Office—485 Fifth Ave, N. Y. Underwriter
80,000 common, of which 70,000
by the company and 10,000 by stock¬
filed
to be offered
are
-
Price—$4. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
ceeds—For debt repayment, expansion, moving expenses
and working capital. Office—513-15 Cooper St, Camden,
N. J. Underwriter—D. L. Greenbaum & Co, Phila.
r "
1962 filed 243,000 class B common. Price—By
Business—Acquisition and development of
Proceeds—For debt repayment and
the purchase of stock in subsidiaries. Office — 180 S.
Broadway, White Plains, N. Y. Underwriter—Burnham
& Co, N. Y.
Saving
& Co.,
Jersey, Inc.
ers.
amendment.
real
.
Radio Electric Service Co. of New
■
Jan.
;
Jan. 23, 1962 ("Reg. A") 75,000 common, of which 67,500
will be offered by the company and 7,500 by stockhold¬
4 ■'.-•S';
;r'"' :V,
/working capital. Office—18 Lancaster Rd., Union, N. J.
Pennsylvania Real Estate Investment Trust r
^
Underwriter—Jacey Securities Co., N. Y. :
^
(4/30-5/4)
>*■:
; ."-f C//
• Presidential Realty Corp.
(4/24)
Feb. 21, 1962 filed 500,000 shares of beneficial interest.
Price—$10. Business—A real estate investment company.
Proceeds — For debt repayment and acquisition and
■■
writer—None.
Corp.
•
*
;
Racing Inc.
Oct. 16, 1961 filed 1,250,000 common. Price—Up to $4.
Business—Company plans to build and operate an auto¬
mobile racing center. Proceeds—^General corporate pur¬
poses.
Office—21 N. 7th St, Stroudsburg, Pa. Under*-
March 30, 1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of mortgages, and
dress).
Thursday, April 19, 1962
.
.
Oceanside, N. Y. Underwriter—Arnold Malkan & Co.,
N. Y.
of which 75,000
are to be offered by-the company and 75,000 by stock¬
holders. Price—By amendment (max. $12). BusinessDesign and manufacture of microwave components. Pro¬
ceeds—For debt repayment and working Capital/ Office
—33 New Broad St., Port Chester, N. Y. UnderwriterVan Alstyne, Noel & Co., N. Y.
Feb.
.
*■
Delaware
Corp.
:
*
v--
■•••/'v
-
-.
.
•
March 29, 1962 filed 200,000 class A common and 50,000
warrapts to be. offered in units of four -shares^and -one.
warrant. Price—$30 per unit. Business—A. real estate
development and management company. Proceeds-i—For
construction, acquisitions, debt repayment and working
Volume
capital.
Number
195
6152
.
.
The Commercial and Financial Chronicle
.
Office—LaGorce Sq., Burlington, N. J.
writer—H. Neuwirth
&
Under¬ •;
labor and equipment to major oil companies
Co., Inc., N. Y.
it Rising's, Inc.
April 3, 1962 ("Reg. A")
for
Price
common.
$3.
—
Business—Distribution of electrical and electronic
parts,
components and equipment. Proceeds—For debt repay¬
Save-Mor Drugs,
—Sale
1962
filed
62,000
distribution
and
products for home
Warwick,
/:/:/
Roblin-Seaway Industries, inc.
March 29, 1S62 filed $1,000,000
ordinated debentures due 1982.
.
6%
of
,v
V-XX'/
///X
convertible
/
■
'
Business
:*>
.
/
*'
.
*/
i
•
1
:■/
Dec. 15, 1961
filed 200,001'
common, Price—$5. Business
housewares, baby products and
plastic
-
other plastic items. Proceeds—For debt
repayment and /
other corporate purposes. Office—1517 Jarrett
Bronx, N. Y. Underwriter—Arnold Malkan
X/XX/''.
■.
March
8,
&
Co., Inc.,
Brothers, Inc. (5/7-11)
filed 300,000 common, of which 150,000
by the company and 150,000 by stock¬
Price—By amendment (max. $12). Business—
sale
and
;
•
•
1
Schlitz
ment
(Jos.)
(max.
"Old
,
/XXX
/'X'XV
Milton D. Blauner & Co., N. Y.
—*
•
$35).
Milwaukee"
writer—Glore,: For gan
Schneider
J
V
Proceeds—For
By amend¬
"Schlitz" and
selling
Sixty
stock¬
Co.,
(Wsltcr J■)
Chicago.
Offering-—In-
—909 Howard
Corp*
H. Walker
Feb.
•
*
.
"
—
.
—
Service Corp.
(5/21-25)
1961 filed 550,000 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¬
Lexington Ave., N. Y. UnderwriterCo., San Francisco. Note — This
formerly was named National Vending Ski Insur¬
tal.
Office—420
'%
Ruby
Jan.
2.
Silver
Mines,
/-X.vX;/.;'
V
will
Inc.
Proceeds—For-
S.
M.
Nov. 28,
S.
filed
ness—Repair
and
and
100.000
maintenance
accessories. Proceeds—For
of
aircraft
•
Saiant &
March
23,
/•''■/
.
'\X-/-'/■-X/X/
Salant, lnc.v* (5/21-25)
1962 filed
150,000
class
A
Office—330
Fifth
X
,
Salro
shares.
mon
ers.
Office—413 Thatford
go
Jan.
-
VX"
Price—By amendment
(max.
—For
Kan.
peka.
.
D.
.
(5/21)
common.
/'•'
Seg Electronics Co., Inc.
:>
common.
Price—By amendBusiness—Design and manufacture of networks
for data and program transmission, filters, transceivers
and related electronic equipment. Proceeds—For equip¬
ment.
ment, research and development, repayment of loans and
•
•
working capital
Office—12 Hinsdale St., Brooklyn.
Un-
R.
L.
Development Corp. of America
filed 56,000 common, of which 30,000 are
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
energy. Proceceds—For general corporate purposes. Of¬
fice—260 Hawthorne Ave., Yonkers, N. Y. Underwriter
—Meadowbrook Securities Inc., Hempstead, N. Y; Offer¬
ing—Expected sometime in May.
to
1961
27,
be
offered
trust.
Proceeds—For
investment.
Office—600
Wash¬
E.
ington St., Orlando, Fla. Underwriter—None.
Southeastern
Nov.
29,
1961
Towing & Transportation Co., Inc.
("Reg. A") 100,000 common. Price—$3.
and operation of towing boats.
Business—Construction
,
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami,
William
^
&
/ Southeastern Real Estate Trust
April 2, 1962 filed 700,000 common. Price—By amend¬
ment (max. $13.80). Business—A real estate investment
—
/X;'"1"'
Anthony
Underwriter—None.
C.
Oct.
Business—Manufacture of alumnium
-
Underwriter—Tucker,
Sonic
f
investment. Office
700 Harrison St., Topeka,,
Underwriter—Security Management Co., Inc., To-
plant, debt
Pingree St.,
new
a
Office—1
Industries, Inc.
75,000 common. Price—By amendment.
laundry equip¬
ment at designated residential locations. Proceeds—For
selling stockholders. Office—115 L St., S. E. Washington,
vX';X;'\C;
Sept. 28, 1961 filed 110,000
•
y -/
$33). Business—Furnishes
Mass.
working capital.
Business—Installation of its coin operated
Security Equity Fund, Inc.
14, 1961 filed 400,000 capital shares. Price—Net
asset value plus 6%. Business—A mutual fund. Proceeds
.
named...
Solon
Dec.:
r
,
and
;
.
capital. Office—222 E. Erie St., Milwaukee.
Underwriters ^ Straus, Blosser &
McDowell, Chicago :
and Dempsey-Tegeler & Co., Inc., St. Louis.
,VX'XX/
Cn:
Corp.
be
Dec. 28, 1961 filed
Price—By amendsliding win¬
and doors. Proceeds—For equipment, moving ex¬
penses and working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y.
and working
Drilling:
.
For expansion
Day, N. Y.
dows
,
Fe
Aluminum
26, 1962 filed 200,000
ment.
;
Sampson Enterprises, Inc.
X,
•' X'/~
Feb. 28. 1962 filed 450,000 common. Price — By amend¬
ment '(max,
$8). Business'—A holding company for a I
real estate concern/motor inn,
shopping centers, bowl¬ /
ing establishments, etc. Proceeds—For debt repayment
Santa
Security
.
Ave//Brooklyn, N. Yi Under¬
Levittown, N. Y.
" V'
March 30, 1962 filed 160,000 common, of which
100,000
are to be offered
by company, and 60,000 by stockholders.
•
Co., Cleveland. Offering—Expected in late June.
to selling sharehold¬
writer—I. R. E. Investors Corp.,
Salem,
supermarkets. Proceeds—For selling stockholders. Office
/—1514 S. Detroit St., Toledo. Underwriter—McDonald &
(6/4-8)X:/XXr/:X"/
repayment,-equipment, and working capital. Pro¬
the stock sale will
repayment
March 29, 1962 filed 125,056 common. Price—By amend¬
(max. $12). Business — Operation of a chain of
outstanding com¬
shares to be offered in units consisting of $500 of
ceeds—From
Co., Washington, D. C.
—
State
semiconductor devices. Proceeds—For
,
ment
debentures and 33 shares. Price—$632 per unit. Business
—Manufacture and distribution of metal purse and hand¬
bags frames,- for certain manufacturers. Proceeds—For
debt
&
XSeaway Food Town, Inc.
March 19, 1962 filed $250,000 of 7% convertible subordi¬
debentures due 1972, and 16,500
nate
^
Seashore Food Products, Inc. (5/7-11)-:.
("Reg. A") 75,000 common.
Price
Fla. Underwriters—Terrio
Ave.; N. Y.—Underwriters—
Manufacturing Corp..
:
.
—
$4
Business—The manufacturing and processing of assorted
food products. Office—13480 Cairo Lane, Opa Locka,
/.
goods. Proceeds
of
Products, Irtc. (4/30-5/4)
Feb. 1, 1962 filed 110,000 common. Price—By amend¬
ment. Business—Development, manufacture and sale of
Aug. 29, 1961
-
Kidder,-Peabody & Co., and Jessup & Lamont, N. Y.
•
Solid
St..
selling stockholders. Office—1121 Union Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y.
Price—By
amendment (max. $35). Business—Manufacture of men's
utility and sports' clothes. Proceeds—For selling stock¬
holders.
Mill
—For
repay¬
XXX
N.
household
working capital.
plant and ;;; N. Y. Underwriter—To
Office—
For
(5/21-25)
20, 1962 filed 375,000 common. Price—By amend¬
ment (max. $20). Business—Company owns and oper¬
ates TV, radio and FM broadcasting stations. Proceeds
instruments
ment, and other corporate purposes.-Office — Idle wild
International Airport, Jamaica,
N. Y. Underwriter—
To be named.
—
other
Co.,
buildings, repayment of debt and
Office—253 Columbia St., Brooklyn,
March
Price—$3.25. Busi¬
equipment, debt
Proceeds
.
Furniture
Brothers
and modernization
Scripps-Howard Broadcasting Co.
" XX
:>
common.
pictures."
& Duddleston, Jackson, Miss.
Instruments, Inc.
1961
"school
Jackson,, Miss. Underwriters—Equitable Securities Corp., Nashville, and Kroeze, McLarty
./
repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho.
Spokane) Wash.
and
by stockholders.
Price—By amendment*
Business—Company develops, prints, and
max.).
-1610
,
debt
Underwriter—Pennaluna & Co.,
offered
Corp.
Sokol
Inc. (5/7-11)
Sept. 28, 1961 filed 240,000 common. Price—$2.50 busi¬
ness—The'instalment retailing of furniture, appliances
■/equipment, acquisitions, and working capital.
("Reg. A") 2,400,000 common. Price—12V2
Business—Exploration and development of mineral
cents.
be
finishes
<
,
•
7,
($35
v,•/;. //X/ f
1962
deposits.;
Pictures, Inc. (5/14-18)
1962 filed 60,000 common and 40,000 class A
common, of which 41,864 common are to be offered by
the company; the entires class A and 18,136 common
•
rubber. Proceeds—Purchase of equipment and
existing plant building, repayment of debt, and working
capital. Office—300 Butler St., Brooklyn, N( Y. Under¬
*
firm
ance
School
Feb.
canized
writer—To be named.
Pacific Coast Securities
derwriter—None.
Sept. 25,' 1961 filed 120,000 common. Price-/-$5, Business
—Exploitation of a new process for reclaiming linvul-
Bldg., Providence, R. I. Underwriters—G.
Co., Providence and Blair & Co., N. Y.
30,
1
V^''
&
Skiers
Oct.
'
—
Fibre Chemical Corp.
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
28, 1962 filed $5,500,000 of 6V2% subordinated conNov. ;29/ 1961' filed 300,000 common, of, which 100,000 k
vertible debentures due 1977 and 110,000 5-year warrants
are to be offered
by the company and 200,000 by stock¬
to purchase a like amount of class A common.
The
holders;
Price — By amendment.
Business
company plans to offer the securities in 5,500 units (each
Develops
and "prints color, and; black
and white photographic T consisting of $1,000 of debentures and warrants to purfilm. Proceeds
For equipment and
working capital /• chase 20 shares) for subscription by holders of its class
Office—245 7th Ave.; N
Y
Underwriter
A stock and 10% debentures due 1976. Price—By amendFederman
Stonehill & Co.,-N. Y.
ment. Business—General real estate. Proceeds—For ac¬
Offering—Expected sometime iri
June.
'
;X /X«':
quisition of property. Office—67 W. 44th St., N. Y. Un¬
:
Rubber &
repayment, acquisition of land and
Office — 1093 Frank Rd., Columbus,
Feb. 28,
^G&leria'' 'St!,'^Milwaukee. Under¬
&
debt
capital.
Ohio. Underwriter—H. P. Black & Co., Inc., Washington,
D. C.
—
of
For
—
working
T
Business—Brewing
beers.
— By
amend¬
(max. $4). Business—Construction of homes. Pro¬
ment
ceeds
Brewing Co.
(5/14-18)
Site-Fab, Inc.
Feb. 27, 1962 filed 135,000 common. Price
Sons, Baltimore.
holders. Office—235
a
^
Co.
March 2, 1962 filed 347,543 common. Price
selling stock¬
Seventh Ave,; N.Y/'UnderwriterAssociates, Inc., N. Y. /X//XfX/X/'X
Royaltone Photo Corp.
Rubber
26, 1962 filed 240,000 class A
Robert Garrett &
holder Office—498
Robert A. Martin
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, N. J. Underwriter-
common. Price
By
(max. $17). Business—Manufacture of tires
and tubes. Proceeds—For selling stockholders. Office—
Railroad
&
Union
Aves.,
Baltimore. Underwriter—
Rosenfeld
(Henry), Inc.
March 23, 1962 filed 120,000 common.
Price—By amend¬
ment
(max. $10). Business—Design, /manufacture and
Proceeds—For
Jan.
controlling devices used,/in air¬
systems. Proceeds — For expansion.
amendment
of
dresses.
ihissile
Schenuit
debt
sale of women's
and
Feb.
girl's dresses and sportswear.
repayment; : Office—Fox St. and
Roberts Ave., Philadelphia.
Underwriters—Burnham &
Co., and Zuckerman, Smith & Co., N.
Proceeds—For
Servotronics, Inc.
March 30, 1962 filed 125,000 capital shares. Price — $3.
Business—Design, development and manufacture of pre¬
XX'X-i' cision control components and associated products. Pro¬
Sawyer's Inc. ;XX/v;XX;X/XX.;X XXX'XX'
ceeds
For debt repayment, equipment and working
Mar.
26, -1962 filed 240,000 capital shares, of which >
capital. Office — 190 Gruner Rd., Cheektowaga, N. Y.
140,000 are to be offered by company and 100,000 by Underwriter—General Securities Co.; Inc., N. Y.r!
stockholders. Price—By amendment (max. $9). Business
Shainberg (Sam) Co. ^
—Manufacture and distribution of stereo photographs
March 30, 1962 filed 236,000 common. Price—By amend¬
and viewers/ Proceeds—For working capital. Address—
ment (max. $13). Business — Operation of a chain of
Portland, Ore. Underwriters — Straus, Blosser & Mcjunior department stores and self-service discount stores.
Dowell, Chicago, and Hill, Darlington & Grimm, N. Y.
Proceeds—For selling stockholders/'Office—1325* WarSaxon Paper Corp.
; ;vv XX
ford St., Memphis. Underwriter—New York Securities
March 30, 1962 filed 200,000 common.
Price—By amend- ;;
Co., 52 Wall St., N. Y.
ment
(max. $9). Business — Wholesale distribution of
Shelley Manufacturing Co. (4/30-5/4)
printing paper and paper products. Proceeds—For debt Dec. 29, 1961 filed 55,000 common. Price—$6.50. Business
repayment and expansion. Office—240 W. 18th St., N. Y.
—Manufacture
of
automatic
equipment for handling
Underwriter—Bear, Stearns & Co., N. Y.
packaged foods, and various food serving devices. Pro¬
• Schaevitz Engineering
-a
ceeds—For equipment, advertising, plant expansion and
March 13, 1962 filed 150,000
common, of which 100,000
working capital. Office—3800 N. W., 32nd Ave., Miami,
are
to be offered by company and
50,000 by a selling
Fla. Underwriter—George, O'Neill & Co., Inc., N. Y.
stockholder. Price—By amendment (max. $10). Business
/
•
Signalite Inc. (5/16)
—Design and manufacture of measuring,
indicating,
—
1962
Manufacture
nix. Underwriter—None.
,
Under¬
use.
Address
U. S, Route 130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Co., N. Y. Offering—In May.
:v
to be offered
holders.
—
capital.
craft
•
Rosenau
are
$6; to stockholders, $5. Business—Company plans to en¬
gage in the consumer finance, mortgage,
general fi¬
nance
and related businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
recording, testing and
Place,
N.\ Y.
held. Remaining 94,822 and any unsub¬
scribed shares will be offered publicly. Price—To public,
r,
/
(
Plastic Corp.. (4/30-5/4)
—Manufactures
two-thirds share for each class C share of
Life
.
Price—At par.
two demolition companies. Proceeds—For
general cor¬
porate purposes. Office—101 East Ave., North Tonawan/
da:, N. Y; Underwriter—Brand, Grumet & Seigel, Inc.,
Rona
on
share and
...
sub¬
—Purchase and sale of scrap steel and other metals and
operation of a rolling mill; a stevedoring business and
New York.
of which 405,000
holders of the A,
Co., an affili¬
the basis of 4 company shares for each class A or
Insurance
—
homes and office trailers. Proceeds—For general cor¬
porate purposes. Office—139 W. Walnut Ave., Gardena, "/
Calif. Underwriter
Vickers, MacPherson &
—
Proceeds—For working
Corp.
500,000 common,
offered for subscription by
be
Selective
Taggart, Inc., Towson, Md.
Office—1051 Saw Mill River Rd., Yonkers, N. Y,
writer—Arnold Malkan & Co., Inc., N. Y;;
v
,
Dqc. 26, 1961 filed 4U0,000 common. Price—By amend¬
ment. Business—Design, manufacture and sale of mobile
inc., n. y.
B
March
Corp.,'f4/30-5/4);;L::n^
Roadcraft
ate,
51
1962 filed
B and C stock of Selective Life
Mill River Industries, Inc.
(7/2-6)
29> 1962 filed 100,000 common. Price—$5. Business—Design, developments and manufacture of steel
tubes, and electroinc components, parts and
equipment. Proceeds—For an acquisition, equipment and
working capital. Office—1927 New York Ave., Hunting¬
ton Station, N. Y.
Underwriter—Robbins, Clark & Co.,
Inc., N. Y. Offering—In early June. '/.•./
"
28,
to
are
Saw
picture
•
Feb.
Inc.
ton. D. C. Underwriter—C. A.
Price—$6. Business
receiving tubes, television
Financial
Selective
drills
and
and
Proceeds—For general corporate
purposes. Office—3310 New York Ave., N. E., Washing¬
common.
of
repayment
chain of drug stores.
a
Electronics, Inc.
29,
debt
28, 1961 ("Reg. A") $300,000 of 6% 15-year subord.
conv. debentures. Price—At par.
Business—Operation of
ment and working capital/Office—151 N. Vermont Ave.,
Angeles. Underwriter—Adams & Co., Los Angeles.
Rite
Proceeds—For
Dec.
Los
Jan.
oil.
equipment.
Office—11015 Bloomfield Ave., Santa Fe
Springs, Calif.
Underwriter—Dean Witter & Co., Los Angeles.
'
lOO,000
(1911)
Fla. Underwriter—Irwin
St., N. Y.
"
Karp
Southern California Edison Co.
April
Co.,
&
Inc.,
68
(5/1)
filed. $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);
•
•
9, -1962
•
1
-
-
•
■
*•.
.
"
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
Continued
on
page
52
52
The Commercial and Financial Chronicle
(1912)
Continued from page 51
E.
;
29th
Winston
Halsey Stuart & Co. Inc.; and Kuhn, Loeb & Co.-Equi¬
table Securities Corp. (jointly). Bids—May 1 (8:30 a.m.
Calif, time)
•
Feb.
at the company's office. Information Meet¬
to
ing—April 27, at the offices of Messrs. Sullivan & Crom¬
well, 48 Wall St., N. Y. '/',//■/>/,/
Insurance Co.
Southwestern
St., Los Angeles. Underwriter — Thomas Jay,
& Co., Inc., Beverly Hills, Calif.
ers.
tion of fish foods and distribution of various types of
and
(4/30-5/4)
Dec.
new
26, 1961 filed 220,000 common. Price—By amend¬
ment. Business—Writes automobile casualty insurance in
March
Business—Sale of
•
Turner, Inc., Dallas and R. J. Edwards, Inc.,
International
Spartan
Dec.
Inc.
22, 1961 filed 175,000
tal.
(5/4)
in Canada. Office—52-55 74th
Underwriter—M.
/
(L.
Spears
Spenard
March
Utilities,
Ave., Maspeth, L. I., N. Y.
Grand
St.,
N.
J.
To
•
and
$
For
("Reg. A")
common.
S.
Beverly Dr., Beverly Hills, Calif.
Co., Los Angeles.
outerwear. Proceeds—For working capi-
Nashville, Tenn.; and McCarley
Co., Inc., Asheville, N. C.
•
<27,
insurance.
300,000
common.
Vending Corp.
•
Plant
Equipment Corp.
t>ielber
Pa!
and
•
5, 196^ filed $240,000 of 8%
due
1972
repay¬
working
line.
Office—744
records.
—
...
-j.
m
J^?.ayme0nt'
Office—814
Price—By amendment.
coolers, water cans and
,
.
Inc.
.
-
and
devices
used
-
in
manufacture
the
of
Blvd., Westbury, N. Y. Underwriter—J. B. Coburn Asso¬
ciates, Inc., N. Y. //.;■:
\
AC; ''//
.
•
Thom-Tex Paper Converting Corp.
...u
common.
Production
and
m
•
Tomorrow's
Industries,
See Ramer Industries, Inc.
Torch
Jan.
•
Feb." 1,
purchase
14
280 shares
•
and other;
technical training aids and
displays. Proceeds—For debt-
¬
Inc.-(5/14)
/ *
filed
Business
—
Traid
Corp.
(5/21-25)
/
•
■
/ Feb.
12, 1962 filed 150,000 common.. Price—By amend¬
(max. $9). Business—Design and sale of special
for scientific photography. Proceeds-^For gen¬
eral corporate purposes.
Office—17136 Ventura Blvd.,
EncinOj Calif.
Underwriter—J. A. Hogle & Co., Salt
Lake City.
' i
ment
cameras
•
Trans-A'aska
Telephone Co.
(5/7-11)
Nov, 29, 1961 filed 265,000 common, of which 250,000 are,
to be offered by the company and 15,000 by a stock¬
held.
($100 of debentures and one warclass A shares). Business—Design
and manufacture of animated transparencies
.
1962
Langley & Co., N. Y.
of $100 of debentures for each
unit
Inc.; .(5/14-18);/;
550,000 capital shares.4 Price — By
Company builds and operates
retail discount department storesi Proceeds—For expan¬
sion.
Office—41 E. 42nd St., N. Y., Underwriter—W. C.
tures due 1972 (with
warrants) to be offered for sub¬
scription by holders of class A and class B common at
per
.
Marts International,
amendment.
Technical Animations, Inc. (4/23-27)
1961 filed $211,400 of 7% conv. subord. deben¬
rant to
Controls,
12,:196l filed
,
Nov. 30,
Price—$100
Tork Time
• Towers
Price—$2.
educational
Busi¬
150,000 common; Price—By amend¬
ment. Business—Design and manufacture of time con¬
trolled switches. Proceeds—For debt repayment,; expan
sion; and working capital.--Office-^-l Grove VSt.;. Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton; Taylor
& Co., and Magnus & Co., N. Y.
4
musical
v
-
litc./(5/21-25)
; '
26, 1962 filed 110,000 common./Price—$3.50.
Dec.
writer—Ezra Kureen Co., N. Y.
the rate
:
Rubber Co.,
waterproof rubber footwear- Pro-y
ceeds—For equipment^ moving expenses, expansion and
working capital. Office—1302 Inwood Ave., N. Y, Un¬
derwriter—Carroll Co., N. Y./
./ v.
Price—By amend¬
common.
f
Inc.
ness—Manufacture of
equipment, sales promotion and
Office—1650 Broadway, N. Y. Under'
t>-
($10 max.). Business—Hotel ownership and man¬
ment
agement. Proceeds — For construction. Office — 525 N.
Sepulveda Blvd., El Segundo, Calif. Underwriter—|-Vickers, MacPherson & Warwick,. Ipc„ ,N.
,..
distribution of school
Proceeds—For
working capital.
*
Taylor Publishing Co..
21, 1961 filed 152,000
8, 1962 ("Reg. A") 50,000
Business—Production and sale of
Stephens Mfg., Inc.
March 28, 1962 ("Reg.
A") 75,000 capital shares. Price
«d
Riicino
n/rn
'
j'j.tt.'T.
Manufacture and distribution of
electrical
capital.
war- /
plumbing and heating
compact electric water
heating units. Proceeds—For equipment, working capi-A
tal and other corporate purposes. Office — 492 Grand
Fluid
March
(M.)
inienmi^ prm!nnm2?frSarrn10Ceef?
equipment and working
Tactair
Teaching Systems, Inc.
convertible debentures
Berriman
inventory,
purchase
units consisting
Ave., Houston.. Underwritert~S. D. Fuller &
/
"
\
-
York.
electrical
fields
Off^H^mmondsport, NXY!unde?wIterT^"4t Boston
St., Brooklyn, N. Y. Under¬
writers—Lloyd Securities, Inc., Richard Bruce & Co.
Inc., and Reuben Rose & Co., Inc., N. Y.
-
New
and
Taylor: Wine Co., Inc. ,,:--";
A.'
v
15, 1962 filed 40,312 common, being offered for /
subscription on the basis of one share for each 32 held
of record April
16, with rights.to expire May 2, 1962.
Price—$20. Business—Production of various type wines/:
60,000 common shares to be offered in
units, each consisting of one $200 debenture and 50
shares. I rice—$500 per unit.
Business—Manufacture of
nvvrlPG
.-J
bicycles, rvipvnloc and w automobiles. Proceeds—For
tricycles
toy
debt repayment,
moving expenses and a new product
.i
-
in
March 30, 1962 filed 100,000 common. Price—By amend¬
ment (max. $10). Business—Development of electronic
-
Feb.
(4/30-5/4)
n
warrant.
Thermotronics Corp.,
•,
Hempstead,
Co., Inc., N. Y.
and
on
Rusk
Co.,
year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un- ?
derwriter—Dallas Rupe & Son, Inc., Dallas, Tex. Offer¬
ing—Imminent.
'•
;
/••/ < ,/'_/•■ /■'vf:
(5/21-25)
Jan.
stock
offered
.
i-n
Dec.
lJnaerw,'"er-J0SeP" w- ""ley & Co.,
Cycle Corp.
one
;
portable hot beverage dispensers. Proceeds—For debt
repayment and general corporate purposes. Office—
t
Oct. 2, 1961 ("Reg. A")
69,660 common. Price—$3. Pro¬
ceeds—For equipment and
working capital. 'Address-
Nor/stow!/
and
A
class
securities will be
6502
selling stockholders
Address—Bridge¬
WJll41
uiniclwulcls
port, Conn. Underwriters—Stroud & Co., Inc. and Penington, Colket & Co., Philadelphia,
Price—$4.25.—Busi¬
beverages, candy etc.,
Underwriter—M. H. Myerson &
Steel
,
ment. Business
ment, leasehold improvements, expansion and
capital., Office—354 Hempstead Ave., West
N. Y.
shares
10
150,000
of which
by the company and 25,000 by
17,500
also
Inc.. (4/23-27)
common,
Business—Manufacture of water
Proceeds—For
debt
be offered
to
are
Industries,
175,000
of
N. Y.
Controls, Corp. (4/30-5/4)
filed 90,000 common. Price—By amend- (max. $7.50). Business—Manufacture of fluid con- 1
trol equipment used in missiles, helicopters and aircraft.
1 /
through vending machines. Proceeds—For
filed
The
March 29, 1962
March 23, 1962 filed 88,250 common.
ness—Sale of cigarettes,
coffee,
1961
26,
shares
ment
Price—By
Proceeds—For investment
Tennessee
Texas
rants.
•
working capital. Office—1760 High St., Denver. Under-.'
writer—None,
"
'• '
'' ./
Statewide
•
Oct.
expansion. Office—217 E. Eight St., Los Angeles, Calif.
Underwriter—Costello, Russotto & Co., Los Angeles.
Manu¬
(max, $5). Business—Writing of life, health
accident
M
wear. Pro- ;
Thunderbird International Hotel Corp. v (5/7-11) ~
eeeds—For debt repayment, leasehold improvements and >•
-Jan; 2, 1962 filed 175,000 common. Price—By amend¬
and
filed
Inc., Houston. Note—This company formerly was named
Texas Electro-Dynamics Capital, Inc. ;
Office—3601 N. W. 50th St., Miami, Fla. Un¬
-
—
Gray Ave., Houston. Underwriters — F. S.
Co., N. Y., and Moroney, Beissner & Co.,
&
Business—Manufacture and sale of women's
Insurance Co. of Colorado
1962
amendment
and
(max. $18). Business
W.
Smithers
nffwc0^7nntfn^ocer^s^0r+/ngrf
fiberglass pleasure boats. Pro¬
capital. Office—Goshen, Ind. Un¬
G. Becker & Co., Inc., Chicago.
1
State Life
March
—1947
corporate
stockholders;
,
working
derwriter—A.
Proceeds—General
/V
-
1961
_
& Boat Co., Inc.
(5/1)
27, 1962 filed 307,000 common, of which 27,000 are to
offered by the company and 280,000
by stockholders.
ceeds—For
states.
.
Star Tank
facture of aluminum
(5/28-31)
16,
(4/30-5/4)
/v
March 15,^ 1962 filed 70,000 common. Price—$4. Business
—Manufacture of writing paper items. Proceeds—For
tools. Proceeds—For debt repayment and
working capi- ( debt repayment and working capital. Address—Highway
taL Off ice—Salisbury, Md. Underwriter—Paine,
Webber;; 3, Rio Grande, Puerto Rico. Underwriter—Meade & Co.,
Jackson & Curtis, N*
N. Y. /"/A;/'.':
; ~
'
:i
:
Szemco, Inc.
Thompson Manufacturing Co., Inc.
' :
i /
Dec. 29, 1961 filed 66,666 common.
Dec. 22, 1961 filed 90,000 common, of which 80,000 shares
Price—By amend- ./
ment ($1.50 max.). Business—Design and manufacture
are to be offered by the company and
10,000 by stock¬
of ordnance,
holders.
Price—$4. Business—Design and manufacture
automotive, aircraft and guided missile
of special machinery for the paper, industry* and the
tti
construction of bowling alleys. Proceeds—For expansion
ivrlrS
West Palm Beach, Fla. and general corporate purposes. Office—Canal St., LanUnderwriter—None.
• Tabach
caster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y.v;
Industries, Inc.
V;:•'V;
Offering—Expected sometime in May.; ,v'»//{/..; / *
March 29, 1962 ("Reg. A") 50,000 common. Price — $6.
Feb.
By amendment
southeastern
Capital, Inc.
filed 275,000 common. Price—By amend¬
ment (max. $20). Business—A small business investment
company. Proceeds—General corporate purposes. Office
tr
Underwriter
Office—Washington Ave., Knoxville, Tenn. Underwriters—Davidson & Co., Inc., Fred. D. Bentdn & Co.
and Investment Corp. of
Fidelity, Knoxville, Tenn,; Abbott, Proctor & Paine, N. Y.; J. C. Bradford & Co. and
—
Dairy Products, Inc.
Technical
Texas
Oct.
Symington Wayne Corp. (5/7-11)
23, 1962 filed $5,005,700 of convertible subordinated
debentures due 1982; to be offered for subscription by
common stockholders
(and warrant holders) at the rate
of $100 of debentures for each 38 common
(or warrants)
held. Price—By amendment. Business—Manufacture of
gasoline dispensing pumps, service station equipment,
specialty steel castings for railroads, and mechanics hand
Price—$4.
tal.
Price
•
named.
Sun City
of
Paul.
St., N. Y. Underwriter—
Feb.
Knitting Mills, Inc.
30, 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,
be
Office—50 E. 40th
Aves., Atlantic City, N. J. Underwriter—Balogh & Co.,
Washington, D.
-
Standard
•
Inc.
of baked goods. Proceeds—For debt repayment and gen¬
eral corporate purposes. Address—New York & Drexel
March
&
120,000 common. Price—$2.30.
a
machine for production of
tufted textile products. Proceeds—For debt repayment
and working capital. Office—4813 Tennessee Ave., Chat¬
tanooga. Underwriter—Irving J. Rice & Co., Inc., St.
Superior Bakers, Inc. (5/14-18)
28, 1962 filed 325,000 common, of which 294,000
are to be offered by the
company and 31,000 shares by a v
stockholder-Price—$3. Business—Manufacture and sale /.
—Adams &
Cumberland Securities,
Realty & Construction Fund,
(5/14-18)
Business—Manufacture
B.
Feb.
Proceeds—For expansion,
sales promotion and working capital. Office
underwear and
Underwriter—Mortimer
•
("Reg. A")
31, 1962
capital. Office—9th St. & Detroit Ave., Tulsa, Okla. Un- .1
service of hairpieces for men.
equipment,
Proceeds—For expan¬
circuits.
derwriter—Eastman Dillon, Union Securities & Co.,
Underwriter—
California, Inc.
75,000
electronic
tegrated oil company. Proceeds—For debt repayment, re¬
demption of 4.y2% and 5Vz% preferred and working
Business—Research, development, manufacture, sale and
—328
Ave., N. Y.
Co., Inc., N. Y.
•
Men of Southern
1962
with
Ten-Tex Corp.
Jan.
• Sunray DX Oil Co.
(5/1)
April 10, 1962 filed $75,000,000 of sinking, fund deben¬
tures due 1987. Price—By amendment. Business—An in¬
Proceeds—For
26,
nection
Corp.
derwriter—Finkle & Co.. N. Y. ^
distribution of skin
Squire
be
purposes.
diving equipment and ac¬
working capital. Office—7701
E. Compton Blvd.,
Paramount, Calif. Underwriters—
Troster, Singer & Co., and Federman, Stonehill & Co.,
N. Y.
March
Financial
Madison
other
Sportsways, Inc. (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¬
cessories.
Under¬
Oct. 27, 1961 filed 110,000 common. Price—$4. Business
—Distribution of eggs and dairy products in Florida and
Blair & Co., N. Y
ture
(5/21-25)
125,000 common. Price—$3. Business
"Tellite," a new material used in con¬
St., Orange, N. J. Underwriter—Magnus & Co., N. Y.
investment.
Hoboken,
Y.
Corp.
are
Stratfon
filed 117,541 common, of which 50,000
are to be offered
by company and 67,541 by stockhold¬
ers. Price—$2.50.
Business—Installation, operation, main¬
tenance and ownership of public water distribution and
sewage disposal systems. Proceed—For general corporate
purposes. Office—3110 Northern Lights Blvd., Anchor¬
age, Alaska. Underwriter—To be named.
Office—730
Lynbrook, ;N.
N./YA Ai/'U'.yb.V
March 20, 1962 filed 500,000 common. Price—$20. Busi¬
ness—A real estate investment company. Proceeds—For
Co., Inc., N. Y.
(4/30-5/4)
Nov. 29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company and 30,000 by stockholders.
Price—By amendment. Business—Manufacture of drug
and food products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of debt, and working capital.
Tellite
Jan. 29, 1962 filed
—Manufacture of
29, 1962 filed
Burnside &
Inc.
Sperti Products, Inc.
Offering—Imminent.
sound
sion, research and development, acquisition a technical
library, and working capital. Office—200 S. Jefferson
—95
1962
30,
—Turnbull, Deter & Sullivan, Inc., Charlottesville, Va.
315,000 class A shares of which
to be offered by the company and 97,000 by
the stockholders.
Price—$6. Business—Commercial fi¬
nance company.
Proceeds—For debt repayment. Office
(7/2-6)
&
PL,
programs.
March
common. Price—$5. Business—
Operation of retail furniture stores. Proceeds — For
working capital. Office—2212 Third Ave., N. Y. Under¬
Malkan
Harriet
television
repayment and other corporate purposes. Office—1017
New Jersey Ave., S. E., Washington, D. C. Underwriter
218,000
Oct. 30, 1961 filed 65,000
writer—Arnold
Office—39
Stratford
H. Woodhill, Inc., N. Y.
B.), Inc.
•
Price—$3.
common.
stereophonic
writer—S. B. Cantor- Co.,
Price—$4. Business
receptors, precast con¬
crete rceptors, prefabricated metal showers, baseboard
radiators and rope and twine. Proceeds—For a new plant
common.
shower
metal
of
home
($100). Business—Production
Proceeds—For equipment, debt
$1; for debentures, at par
of
Instrument Corp.
23, 1962 ("Reg. A") £00,000
Co., Inc., N. Y.
100,000 common and $100,000
of 6% 5-year subordinated debentures. Price—For stock,
fish
equipment.
Proceeds—For expansion, inventory and working capi-
Oklahoma City.
—Manufacture
Stereotronics
working capital.
&
Tele-Cine, Inc.
Dec. 29, 1961 ("Reg. A")
Allendale, N. J. Underwriter — Andresen & Co., N. Y.
Offering—Indefinitely postponed.
/•
Guerin
•
and R. Topik &
aquarium supplies for hobbyists. Proceeds—For a
plant and working capital. Office—52 Cottage Plaza,
Oklahoma and Arkansas. Proceeds—For redemption of
surplus fund certificates and expansion. Office—5620 N.
Western Ave.,
Oklahoma City. Underwriters—Eppler,
&
Underwriters—Bull
Industries, Inc.
21, 1962 filed 115,000 class A, of which 40,000 are
by the company and 75,000 by stockhold¬
Price—$6. Business—Manufacture, sale and distribu¬
and
Dr., East Port Washington, N. Y.
Low; John R. Maher Associates;
Sintsink
Office—11
be offered
research,
expansion,
repayment,
Sternco
Thursday, April 19, 1962
.
.
.
;
holder. Price—$6/Proceeds—For construction, and acquisition, .repayment of debt, and other corporate pur¬
poses. " Office — 110 E. 6th Ave., Anchorage, Alaska.
Underwriter—Milton D. Blauner. & Co., Inq.r NAY. \
Volume
Trans-Pacific
Nov.
27,
Number
195
Research
1961 filed 47,000
ment.1 Business
6152
&
Commercial and Financial Chronicle
The
Capital,
United Data
Inc.
Price—By amend¬
common.
April 2,
—
ital, and possible acquisitions. Office — Pacific National
Bank Bldg., Bellevue, Wash. Underwriter—To be named.
Trans-Western Service Industries
United
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.
Transdata,
Inc.
•■;/;;
r,
Mar.
'
United
March
15,
Manufacturing Co.
of
Price
common.
stores.
Electric Light & Power Co.
share
for
be
ment
—A
per¬
due
sub¬
tion.
offered
/
by
hard
the
and 359,103 by stock-y
(max. $18). Business—
departments in discount depart¬
goods'
repayment. Office—19
general packaging business. Proceeds
—
For
at 2
U. S.
•
Electronic
26,
.
Unison
Electronics
.
,
March 30, 1962 ("Reg. A") 100,000 common. Price—$1.50.
Business — Manufacture of high-precision instrument
components for aircraft and missile guidance systems.
Proceeds—For debt repayment, equipment and working
capital Office — 1634 Marion St., Grand Haven, Mich.
Underwriter—Gateway Stock & Bond, Inc., Pittsburgh.
United Camera Exchange, Inc.
105,000 common. Price—$3. Business
—Operation of retail camera stores. Proceeds—For ex¬
pansion and general corporate purposes. Office—25 W.
Jan. 29, 1962 filed
43rd
N. Y.
St., N. Y.
...
Underwriter—M. G. Davis & Co., Inc.,
■
•
vv;;
-
y
"
:
'
Vacco Valve Co.
Val-U
(5/2)
1962
amendment
Price—$5. Business
named.
•
\
Vapor Corp.
(5/21-25)
Feb. 2, 1962 filed 156,762 common. Price —
By amend¬
ment. Business—Manufacture of steam generators for
diesel locomotives; temperature control
systems for rail
cars, buses and aircraft; and door control devices for
(max. $8). Business
working
rad passenger cars. Proceeds—For
Office—80 E. ( Jackson
U. S.
Scientific Corp. '
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.
Blvd.,
Co., Chicago.
William Blair &
Vendex,
selling stockholders.
Chicago. Underwriter—
Inc.
.
United Variable
Annuities Fund, Inc.
Office—20 W.
Underwriter—Waddell
Jan.
&
chines.
porate
installation
of
tiles.
March
ness
For
30, 1962 filed 100,000
Manufacture, design
Office—204
March
30,
to
be
,
„
common.
and
sale
,
...
/
in
June.
>
.
Price—$4. Busi¬
of metal valves,
Railroad
Ave., Haekensack, N. J.
Under¬
1962
filed
89,500 common, of which 80,000
by company and 9,500 by a stockBy 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
are
moulds, machinery and equip¬
ment, research and general corporate purposes. Office—
250 Goffle Road, Hawthorne, N. J. Underwriter—Edward
Lewis & Co., Inc., N. Y. Note—This company formerly
was
named Aero-Dynamics Corp.
new
—
Offering—Expected sometime
Components, Inc.,
writer—Keene & Co., Inc., N. Y.
Verlan Publications, Inc.
the purchase
• Universal
Lighting Products, Inc.
Sept. 21, 1961 filed 175,000 common. Price—$1. Business
—Manufacturer of lighting fixtures and display and
merchandising equipment for use in gasoline service
stations. Proceeds
Repayment of debt and working
capital. Office—55 Bergenline Ave.. Westwood. N. J.
—
an
Office—1290
mixers, taps, etc., for vending machines. Proceeds—For
expansion, new products and other corporate purposes.
Street, Kansas City, Mo.
Reed, Inc., Kansas City, Mo.
—
acquisition and general cor¬
Bayshore Blvd., BurlinUnderwriter—Pacific Coast Securities Co.,
( Vending
(4/30-5/4)
9th
Proceeds
Proceeds—For
purposes.
game, Calif.
San Francisco.
Industries, Inc. (5/7-11)
/
Aug. 7, 1961 filed 100,000 common shares. Price—$5.
Business
The importation and distribution of Italian
mosaic
12, 1962
("Reg. A") 300,000 common. Price — $1.
Business—Manufacture of coin operated vending ma¬
Universal
,
common.
ing components. Proceeds—For working capital. Office
River St.,
Paterson, N. J. Underwriter — To be
Mar.
and
Corp. of Delaware
—765
Realty & Investment Co.
filed 150,000 capital shares. Price—By
— General real
estate.
capital. Office—972 Broad St.,
Newark, N. J. Underwriter—H. Hentz & Co., N. Y. Offer¬
ing—Expected sometime in June, (yr;■ yVy.;
marble and
Homes
Aug. 28, 1961 filed 100,000
States
30,
Business
—The manufacture of prefabricated
buildings and build¬
—
Corp.
$5.
■
1961
United
March
coin-operated
—
oil, chemical
acquisition of land,
equipment and working capital. Office—1445 Lidcombe
Ave., El Monte, Calif. Underwriter — California Inves¬
tors, Los Angeles.
'
Publications, Inc.
("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
•
$3.
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.
y
Price
and missile industries. Proceeds—For
,
used
common.
—
expansion and work¬
Office—480 Lexington Ave., N. Y. Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.
Vending Service,
and
•
33,097
a discount
department store.
Office—3629 N. Teutonia Ave.,
Milwaukee, Wis. Under¬
writer — Continental Securities
Corp., Milwaukee, Wis.
ing capital.
—Stone, Ackerman & Co., Inc., N. Y.
new
Information
Feb. 12, 1962 filed 100,000 common.
Price—$5.
—Production of valves, and regulators for
investment.
of
Brothers
• U-Tell
Corp. (5/1)
Sept. 18, 1961 ("Reg. A")
Business
Operation of
Telephone Services, Inc.
production of new patented plastic signs. Proceeds—For
equipment, debt repayment, inventory and working capi¬
tal. Office—875 North 28th St., Philadelphia. Underwriter
Purchase
Lake
(jointly). Bids—May 22 (12:30 p.m.
Meeting—May 18 (2 p.m. EDST)
Rector St. (Room
240), N. Y.
EDST).
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
—
Salt
Brothers & Hutzler
new
March 23, 1962 filed 110,000 class A common. Price—$4.
Business—Manufacture of urethane foam board and the
Business
St.,
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
books. Proceeds—Debt repayment,
of
—
Temple
&
Hutzler
(jointly); Lehman
Stearns & Co. (jointly). Bids—May 22
EDST). Information Meeting—May 18 (2 p.m.
company
Proceeds—For debt
stores.
Sept.
Tyler Pipe & Foundry Co. (5/22)
Jan. 25, 1962 filed 120,000 common. Price—By amend¬
ment. Business—Design, development and manufacture
of cast iron products.
Proceeds—For selling stockhold¬
ers.
Office—Lindale Rd., Swan, Texas. UnderwriterFirst Southwest Co.*, Dallas.
\-y; -yy' -v •'(. /.
:1# Ultra Plastics Inc. (4/25)
.;
:
Co.-Salomon
Proceeds—For debt repayment, equipment and
capital. Office—645 First Ave., N. Y. Under¬
writer—J. R. Williston & Beane, N. Y.
^
corporate
Inc.
73,500 common. Price
North
—
working
•
("Reg. A")
West
company.
Office—East Main St., Scottsville, Ky. Under¬
1961
Office—1407
Brothers-Bear,
Price—By amendment
United
writer—Bear, Stearns & Co., N. Y.
14,
Light Co. (5/22)
1962 filed $22,000,000 of first mortgage bonds
Proceeds—For debt repayment and construc¬
(Competitive). Probable bidders:
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.-Smitw Barney &
March 30, 1962 filed 150,000 class A common. Price—By
amendment (max. $5). Business—A telephone holding
Mar. 27, 1962 filed 120,000 common, of which 60,000 are
to be offered by company and 60,000 by a stockholder.
Uneeda
Underwriter—Schwa-
First Boston
Markets, Inc.
Proceeds—For
Dec.
1992.
City. Underwriters
re¬
machinery, debt repayment and working capital. Office
—4511
Wayne Ave., Philadelphia. Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y. Offering—June.
& Son, Inc.
general
its
April 2,
.
N. Y.
Business—Sale
or
17th St., Ogden, Utah.
Co., San Francisco.
Utah Power &
The
United Packaging Co.,'-Inc.
>'??• \
Nov. 29, 1961 filed 102,000 common.'Price—$3. Business
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.,
purposes.
held.
•
y
For
company
capital,
Concrete
bacher &
St., Nugent Highlands, Mass. Underwriters—
McDonnell & Co., Inc., and Oppenheimer &
Co., N. Y.
Offering—Expected in early June.
w
:
'
$15)
parent
Utah
fice—379
Needham
(5/11)
St., N. Y. Underwriters—Richard Bruce & Co., Inc., and
Co., Inc., N. Y. Offering—In June.
—
the
working
Proceeds—For debt repayment and
working capital. Of¬
Price—By amendment. Business—A legal
Operates
Reuben Rose &
(max.
with
Price—
urethane
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¬
to
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
Proceeds
corporate
Co.
shares
equipment,
of
(11:30 a.m.
EDST) at 2 Rector St. (Room 240) N. Y.
holders.
Pro¬
holders.
amendment
Waddell
Proceeds—For
Pipe Co. (5/2)
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.
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
Tujax Industries, Inc.
merchandise.
two
each class.
March 15, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Operation of "Foodtown" supermarkets. Proceeds
Mar. 23, 1962 filed 150,000 class A shares, of which 100,000 are to be offered by company and 50,000 by stock¬
Price—By
each
share of
—For general corporate purposes. Office—531
,
retail
•
1961
United
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.
' 1 ;
/
■ '
(J. L.)
Insurance
one
Feb. 8, 1962 filed
Reed, Inc., Kansas City,
Mo., and Kidder, Peabody & Co., N. Y. Offering—Ex¬
pected in late June..
Office—30 E. 42nd St., N. Y.
Underwriter—Adler Securities Corp., N. Y.
Turner
Life
of
Business—Manufacture
writer—Rowles, Winston & Co., Houston.
;
life insurance company. Proceeds—For the account
of Waddell & Reed. Office—20 W. 9th
St., Kansas City,
Mo. Underwriters—Waddell &
(5/7-11)
three discount department
Turbodyne Corp.
general
unit.
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank
Bldg., Dallas. Under¬
serve
ceeds—For debt repayment.
Tucson Gas,
and
Texas, Inc.
in units
per
foams.
are
sidiaries.
Tri-Department Stores Associates
>
*
Feb. 9, 1962 filed $2,436,000 of limited partnership in¬
terests.
Price—$6,000 per interest/ Business—Company
was formed for the purpose of acquiring for investment
to
repayment
Investors
associated
sons
$4.
—
filed 150,000 class A common. Price — By
Business—Producer of protective
coatings, sealants, mastics, paints, etc. Proceeds — For
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
land. Underwriter—McDonald & Co., Cleveland.
title
debt
remaining 90,400 shares will be offered to certain
75.000
be offered
$5.05
filed 562,500 common, of which 472,100
to be offered for subscription by stockholders
Waddell & Reed, Inc., parent, on the basis of one
shares
Feb. 26, 1962
fee
and
Rd.,
....
United
Dec.
amendment (max. $15).
the
acquisition
Urethane of
(5/14-18) >.
Feb. 14, 1962 filed 250,000 class A and
250,000 common to
purposes. Office—704 Dermon Bldg., Memphis. Under¬
writer—Wilder, Hansbrough, Finch & Co., Memphis.
(6/11-15)
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.
Tremco
an
Allendale
.-
•
Inns, Inc.
Proceeds—For
Transport Industries, Inc.
A")
For
—
26, 1962 ("Reg. A") 80,000 common. Price—$3.75.
and operations of motor hotels
granted by Holiday Inns of America, Inc.
United
("Reg.
debt
repayment, sales financing and
working capital. Office — 1959 S. LaCienega Blvd., Los
Angeles.
Underwriter—Holton, Henderson & Co., Los
Angeles.
under license
N. Y.
1962
Proceeds—For
—
Business—Construction
of toys,
16.
Redevelopment Corp. 29, 1962 filed 100,000 common. Price—By amend¬
Business—Company operates the "Kellogg Plan"
which provides 100% financing and construction
through
a single source for
renewing older residential properties.%
Pasadena,
William R. Staats & Co.,
Los Angeles.
Offering—Temporarily postponed.
■"*?';;.v
games, children's playroom furniture,
sets. Proceeds—For a selling stockholder. Of¬
fice—200 Fifth Ave., N. Y. Underwriter—Lehman Broth¬
Feb.
Proceeds
Office—200
Underwriter
Urban
ment.
filed
capital.
California.
and sports
ers,
1962
instrument.
ment
15, 1962 filed 156,000 common. Price—By amend¬
(max. $12). Business—Design, assembly and man¬
ufacture
•
53
March
common.
ElectroDynamics, Inc.
21,
working
March
ment
3,000
412,636 common, of which 100,000
by the company and 312,636 by stock¬
holders. Price—By amendment (max. $23). Business—
Development; and manufacture of electronic measure¬
processing and transmission field. Proceeds—For debt
repayment and other corporate purposes. Office—1000
N. Johnson Ave., El Cajon, Calif. Underwriter—N. C.
Roberts & Co., Inc., San Diego.
Transogram Co., Inc.
A")
to be offered
are
Nov. 29, 1961 filed 100,000 common. Price—$5. Business
—Research and development in the data and image
-
Processing, Inc.
("Reg.
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.
/
\
Manufacture of high pressure valves
and accessories. Proceeds—For expansion, working cap¬
;
1962
(1913)
holdre.
.
offered
Price
—
Broadway, N. Y. Underwriter—Searight, Ahalt & O'Con¬
Inc., N. Y.¬
nor,
Victor Electronics,
Inc.
Jan. 23, 1962 filed 150,000 common. Price—$5. Business
—Manufacture, lease and sale of an amusement device
known as Golfit. Proceeds — For debt
repayment and
Underwriter—Globus, Inc., N. Y. Offering—Imminent.
general corporate
Universal Telephone, Inc.
March 29, 1962 filed 150,000 common. Price—By amend¬
delphia. Offering—In late June.
ment
$5,625). Business—Operation of telephone
facilities in N. Mex., 111., and Wis. Proceeds—For expan¬
sion artd working capital. Office—2517 E. Norwich
St.,
(max.
Milwaukee. Underwriter—Marshall Co., Milwaukee.
•
purposes. Office—1 Bala Ave., BalaCynwyd, Pa. Underwriter—D. L. Greenbaum Co., Phila-
Video Color Corp.
April 6, 1962 filed 1,000,000 common. Price—$1.15. Busi¬
ness—Development, manufacture and distribution of pic-
Continued
on
page
54
The Commercial and Financial Chronicle
Shopping Center Limited Partnership
(4/30-5/4)
\
•
,,y
53
.
equipment, inventories and
Office—729 Centinela Blvd., Inglewood,
Underwriter—Naftalin & Co., Inc., Minneapolis.
Proceeds—For
tubes.
working capital.
Calif.
Mar.
Inc.
Co.,
Engineering
Video
26, 1962 filed 125,000 class A common. Price—$4.
—
Company designs, fabricates, installs and
television systems. Proceeds r or
debt repayment, advertising, equipment and expansion, v
Office—Riggs Rd.'and First Place, N. ^Washington,.
D. C. Underwriter—Mitchell, Carroll & Co., Inc., Wash¬
services closed circuit
ington, D. C.
7
Virginia Telephone & Telegraph Co. —
1962 ("Reg; A") 13,946 common being
for subscription
by stockholders (other than
•
#
offered
March 16,
Central
of one share for
1962 with rights
April 30. Price—$16.25. Proceeds—For con¬
Office—417 W. Main St., Charlottesville, Va.
Telephone Co., the parent) on the basis
each 14 shares held of record April 13,
to
expire
Underwriter-—None.
Visual Arts Industries,
(4/30-5/4)
Inc.
26, 1961 filed 95,000 common.
—Design, assembly, production and
Dec.
Price—$2. Business
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 &
•
Specialties
Vitamin
Cor
Co., N. Y.
,
r
.
6, 1961 ("Reg. A") 100,000 capital shares. Price—$3.
Business — Sale of vitamin products and proprietary
Nov.
drugs. Proceeds—For debt repayment and working cap¬
ital. Office—3610-14 N. 15th St., Philadelphia. Under¬
writer—Woodcock. Moyer. Fricke & French, Inc., Phil¬
withdrawn.
adelphia. Note=^This letter was
•
Volt Technical Corp.
14, 1961 filed $444,000 of limited partnership inter¬
Price—$1,000. Business—
Nov.
Development of a shopping center at Falls Church, Va.
Proceeds—For general corporate purposes. Office—1411
K
St., N. W., Washington, D. C.
Co., Inc., Washington, D. C.
&
Western Gas
.
Underwriter—Hodgdon
March
V.
,<■
Inc. ■.
A") 120,000
("Reg.
common.
Corp.
(4/23-27)
July 28, 1961 filed 100,000 class A shares. Price — $3.
Business—The manufacture of electronic test equipment,
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
products and for working capital. Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa. Underwriters — John
Joshua & Co., Inc., and Reuben, Rose & Co., Inc., N. Y.
its
Underwriter—Laren Co., N. Y.
Wallace
(4/23-27)
Feb.* 12, 1962 filed 400,000 common. Price—By amend-1ment (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.
Investments,
Inc.
Y.'-V
Walston
Aviation,
Inc.
—
(5/14-18)
Oct. 30, 1961 filed 90,000 common, of which 60,000 are to
be offered by the company and 30,000 by a stockholder.
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
various type airplanes.
general corporate pur¬
Airport, E. Alton, 111.
St. Louis.
also repairs and services
For expansion and
poses.
Office—Civic Memorial
Underwriter—White & Co., Inc.,
plies;
Proceeds
•
—
Washington Gas Light Co.
(4/26)
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.
Underwriters—First Boston Corp.,
Lemon & Co.,
Waterman
W., Washington, D. C.
N. Y., and Johnston,
Washington, D. C.
Steamship Corp.
Aug. 29, 1961 filed 1,743,000
Price—By amend¬
ment.
Business
The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital. Office—71 Saint Joseph St., Mobile, Ala. Under¬
writer—Shields & Co., Inc., N. Y.
(mgr.). Offering—
common.
—
Temporarily
postponed.
Welcome
Baby, Inc. (5/28-6/1)
28, 1961 filed 75,000 common. Price—$2. Business
—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
Dec.
of retail stores. Proceeds—For debt repayment and gen¬
eral corporate purposes. Office—210-07 48th Ave., Bay-
side, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp., N. Y.
Welsh
Panel
Co.
March 30, 1962 filed 135,000 common.
Price—By amend¬
ment (max. $9). Business—Company
processes plywood
sheets into factory finished wall panelling. Proceeds—
Equipment, inventories and working capital. Address—
P. O. Box 329 Panel Way, Longview, Wash. Underwriter
—Ferman & Co., Miami, Fla.
West Chemical
Products, Inc.
March 15, 1962 filed 41,000 common. Price—By amend¬
ment (max. $35). Business — Manufacture and sale of
sanitation products and pharmaceuticals. Proceeds—For
selling stockholders. Office—42-16 West St., Long Island1
City, N. Y. Underwriter—E. F. Hutton & Co., and Coffin,
& Burr, N. Y.
estate.
;■
basis
shares
held.
of
$500
debentures for
Price—$500
Proceeds—For
debt
acquisitions. Office—10 E. 40th
unit.
repayment
sub¬
each
100
Business-
per
and
realty
St., N. Y. Underwriter
—S. E. Securities, Inc.. N. Y.
•.
!
;
Wolverine Aluminum Corp.
.
..
March 5, 1962 filed 100,000 common. Price
\
—
By amend¬
,(max. $6.50). Business—Processing and manufacturing of aluminum building products. Proceeds—For a
new
building and equipment. Office—1650 Howard St.,
Lincoln Park, Mich. Underwriter—F. J. Winckler &
Co.,
ment
■
Price— / Detroit,/
>
77
■/''//• 7",/ 7,v.::
Work Wear
$2.50. Business—General printing and lithography. Pro¬
ceeds—For equipment, debt repayment, and inventory.
Office—3407 N. El Paso, Colorado Springs, Colo. Under¬
Corp.
Mar. 26, 1962 filed 130,000 common.
Price—By amend¬
ment (max. $27). Business — Manufacture and
sale of
writer—Copley & Co., Colorado Springs, Colo.rWtv,,/:; work clothing. Company is also engaged in industrial
laundering and garment rental. Proceeds—For debt re-;
Western Massachusetts Electric Co. (5/10)
^ :
payment, acquisitions and working capital. Office -—
April 3, 1962 filed $8,000,000 of first mortgage bonds,
1768 E. 25th St., Cleveland.
Underwriter—Hornblower
series E, due 1992. Proceeds—To redeem a like amount
& Weeks, N. Y.-v
of 5%% first mortgage bonds, series D, due 1989. Office
World Scope
Publishers, |nc. (4/23)
—174 Brush Hill Ave., West Springfield, Mass. Under¬
July 31, 1961 filed 300,000 common shares. Price—By
writers—(Competitive). Probable bidders: First Boston
amendment. Business—The publishing of
encyclopedias
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—
(11 a.m. EDST)
Western
•
Feb.
at same address.
(5/7-11)
-
f
.
and other reference books.
>
19, 1962 filed 371,750 capital shares of
Financial Corp.
22, 1962 filed 61,000 common. Price—$5. Business
—Financing of commercial accounts receivable. Pro¬
ceeds—For general corporate:
purposes: Office—114 'E.
Mar.
which 175,000
196,750 by stock¬
Price—By amendment (max. $42). Business—
of loans secured by first liens on real estate.
Proceeds—For debt repayment. Office — 3243 Wilshire
holders.
Blvd., Los Angeles.
Underwriter
Z 40th St., N. Y. Underwriter—D. A; Bruce & Co.; N. Y. f"
—
Wulpa Parking Systems,
Inc. (4/30)
A") 75,000 common.
Price—$4.
Business—Company plans to manufacture a parking de¬
vice called the "Wulpa Lift."
Proceeds—To open locaOct,
Kidder, Peabody &
;>'"t>
Co., n. y.
-
Western States Real Investment Trust
Wham-O
1961 filed 100,000 common, of which 72,500 are
by the company and 27,500 by stockhold-7
ers. Price — $8.50. Business — Design, manufacture and
sale of toys and games, sporting goods and housewares. *
Proceeds—For working capital. Office—835 E. EI Monte
Dec. 26,
to be offered
1
\
Office—370 Seventh
Ehrlich, Irwin & Co.,' Inc.,
.
i
> >
Zeckendorf
Properties Corp.
(5/15)
.
V
March 30, 1962 filed 100,000 class B common.
Price—By
amendment
(max. $16). Business—Real estate.'Proceeds
corporate purposes. Office—383 Madison
Ave., N./Y. Underwriter—Harriman Ripley & Co., Inc.,
& Co.,
—For
general
New York.
White
Lighting Co. (5/7-11)
1962 ("Reg. A") 75,000 common. Price — $4.
Business—Manufacture and distribution of electrical and;
Feb.
York.
—
Wynlit Pharmaceuticals, Inc./(5/21-25)
/ >
28, 1961 filed 125,000 common. Price—By amend¬
ment. Business—Development and manufacture of
pharmaceuticals and medical products. Proceeds—For
general
corporate purposes. Office—91 Main St., Madison, N. J.
Underwriter—Andresen & Co., N. Y.
(4/24)
St., San Gabriel, Calif. Underwriter—Cruttenden
Inc., 618 S. Spring St., Los Angeles.
New
Dec.
-
,
Mfg. Co.
1961: ("Keg.
Ave., N. Y. Underwriter
•
Proceeds—For investment. Office—403
Aurora, Colp. Underwriter-^-Westco Corp.,
Aurora, Colo.
13,
tions and increase working capital.
'
13, 1961 filed 32,000 shares of beneficial interest.
Price—$6.25.
Business—A small business investment
Nov.
company*
Ursula St.,
working capital and general corporate purposes.
Qffice—290 Broadway, Lynbrook, N. Y. UnderwriterStandard Securities Corp., N. Y. '
V-1
V. - "
Worth
•
.
Proceeds—For repayment of
debt,
;
Pioneer Co.
to be offered by the company and
are
•
ServiceMASTER Co. (4/23-27)
Dec.
28, 1961 filed 140,000 capital shares. Price—By
amendment. Business—Sale of franchises for on-location
cleaning and moth-proofing of rugs, furniture, etc. Com¬
pany 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.
Wade, Wenger
;
.
the
on
A
Real
by company
1962
30,
stock
class
Lithographers,
Western
be
A
Service Co.
Houston, Tex..
v
(with attached warrants)
offered for subscription by stockholders of class
to
filed 65,000 common, of which 50,000 are
and 15,000 by stockholders.
Price—By amendment (max. $25). Business—Distribu¬
tion of natural gas and the furnishing of water service
to
communities in southwestern U. S. Proceeds—For
debt repayment and expansion. Office—9065 Alameda
Ave., El Paso. Underwriter—Underwood, Neuhaus & Co.,
offered
be
to
Corp,
ordinated debentures due 1977
The making
Voron Electronics
the
Thursday, April 19, 1962
.
Jan. 26, 1962 filed $4,500,000 of 6*5% convertible
(
March 19, 1962
May 7
(5/7-11)
29, 1962 filed 190,000 class A shares. Price—$10.25.
Business—Preparation of technical publications. Pro¬
ceeds—For selling stockholders. Office—241 Church St.,
N. Y. Underwriter—Andresen & Co., N. Y.
Jan.
Wolf
ests to be offered in 444 units.
Business
struction.
.
gents, and petroleum derivatives. Proceeds—For selling
stockholders. Office—122 E. 42nd St., N. Y. Underwriters
—Smith, Barney & Co. and Goldman, Sachs & Co., N. Y.
West Falls
Continued from page
ture
j
(1914)
54
•
26,
Zero
March
Mountain,
30,
Inc."
;
1962
("Reg. A") 100,000 common. Price—$3.
lighting fixtures. Proceeds—For debt repayment, equip¬
Business—Operation of underground cold storage facil¬
ment and working capital. Office—5221 W. Jefferson
ities.
Proceeds—Expansion, debt repayment and working
Blvd., Los Angeles/ Underwriter—Costello, Russotto & 77 capital.
Address—Box 594, Fayetteville, Ark.
Under¬
writer—Don D. Anderson & Co.,
v •,J
1
* * 7?
;
Co., Los Angeles.
Inc., Oklahoma City.
Wiatt
(Norman)
Co. (4/23-27)
\;
,
Nov.
28,
1961
of which 45,000
and 90,000 by
Price—By amendment/ Business—Design
135,000
filed
common,
shares are to be offered by the company
stockholders.
ATTENTION
Proceeds—For gen¬
corporate purposes. Office—124 E. Olympic Blvd.,"
Los Angeles. Underwriters—Schwabacher & Co., and J.
Barth & Co., San Francisco; and Bear, Stearns & Co.,
and manufacture of ladies' dresses.
eral
Do you have
Our
•
about it
News
so
Department
that
can
we
Widman
(5/14-18)
27, 1961 filed 162,000 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 work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
(L. F.)r Inc.
Would
Wiegand
March
(Edwin
L.)
Co.
(5/17)
write
you
us
telephone
us
at
2-9570
Alabama
Power Co.
(5/31)
ments for
tions.
mortgage bonds in June.
industrial, commercial and household applica¬
Proceeds—For selling stockholders. Office—7500
By amend¬
Halsey, Stuart & Co. Inc. Bids—Expected May 31.
(max. $11). Business—Operation of a chain of shoe
stores/Proceeds—For debt repayment, expansion and
.
* Arlan's Department Stores, Inc.
April 18, 1962 it was reported that a registration state¬
ment will be filed shortly covering $3,000,000 of con¬
— 808
Dakin St., New Orleans.
Weil, Labouisse, Friederichs &
[
vertible subordinated debentures to be sold
by the com¬
shares to be sold by certain
stockholders. Proceeds—For expansion. Office—225 W.
34th St., N. Y. Underwriter — Eastman
Dillon, Union
;
pany,
•
Wiggins Plastics, Inc. (4/30-5/4)
Oct. 20,
1961 ("Reg. A") 100,000 common.
Price—$3.
Business—Custom compression, transfer and injection
molding of plastic materials. Proceeds—For debt re¬
payment and general corporate purposes. Office—180
Kingsland Rd.; Clifton, N. J. Underwriter—Investment
Chemical
Co., Inc.* (5/7-11)
Co.; N. Y.
>
*
..
.
/
Systems, Inc.
*.
March 14, 1962 it was reported that this company
plans
to file a "Reg. A" covering 135,500 common.
Price—$1.
Business—Operates a communications network for the
Winslow
Witco
&
common
Auto Machine
purchase and sale of used
Dec.
March 20, 1962 filed 100,000 common. Price—By amend¬
ment (max. $45). Business — Sale of chemicals, deter¬
and 250,000
Securities
Planning Group, Inc., East Orange, N. J.1
Electronics, Inc.
28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate pur¬
poses. Office—1005 First Ave., Asbury Park, N. J. Under¬
writer—Amos Treat & Co., Inc., N. Y.
*
---
30-year first
18th St.,
Bir¬
Underwriters—(Competitive) Probable
Blyth
&
Co.
Inc.-Kidder, Peabody & Co.
(jointly); Morgan Stanley & Co.; First Boston Corp.;
Eastman Dillon, Union Securities & Co.-Equitable Secu¬
rities Corp.-Drexel & Co. (jointly); Lehman
Brothers,
ment
Underwriter—Howard,
Co., New Orleans.
'
N.
bidders:
Wiener Shoes Inc.
working capital. Office
Office—600
subsidiary of
mingham, Ala.
Blvd., Pittsburgh. Underwriters—Eastman Dil¬
lon, Union Securities & Co., N. Y., Moore, Leonard &
Lynch, Pittsburgh and Reinholdt & Gardner, St. Louis.
Thomas
—
or
at 25 Park Place, New York 7, N. Y.
Prospective Offerings
...
30, 1962 filed 606,450 common. Price—By amend¬
Business—Manufacture of electrical heating ele¬
April 2, 1962 filed 80,000 common. Price
item
an
/
REctor
On Jan. 12, 1962 it was reported that this
the Southern Co. plans to offer $17,000,000
ment.
like
would
prepare
similar to those you'll find hereunder.
Oct.
•
UNDERWRITERS!
issue you're planning to register?
Corporation
to know
N.
an
porate
.
cars.
Proceeds—General
cor¬
Office—Westbury, L. I., N. Y. Underwriter—T. M. Kirsch Co., Inc., N. Y.
purposes.
Baltimore
March
Gas
9, 1962 it
&
Electric
Co.
reported that this company plans
to issue about
$25,000,000 of first mortgage bonds in
the second half of 1962 or early 1963.
Office—Lexington
and Liberty Sts., Baltimore 3, Md.
Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
was
Volume 195
Number 6152
.
.
.
The Commercial and Financial Chronicle
(1915)
55
*r
ders:
jr Chicago, Burlington & Quincy RR.
Northern States Power Co.
Blyth, & Co., Inc;; First Boston Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Lehman^ Brothers.
Bids—Expected Nov. 7.
Registration—Scheduled for
White, Weld & Co.-First Boston Corp. (jointly); Harri¬
man Ripley & Co., Inc.-Alex. Brown & Sons
(jointly).
(5/9)
April 17, 1962 it was reported that the company plans
$3,150,000 of equipment trust certificates in May,
Office--547 W. Jackson Blvd., Chicago. Underwriters-^-
Oct. 5.
to sell
.
Gulf States
Utilities
(5/21)
•
March 19, 1962 it was reported that this company plans
to sell $17,000,000 of 30-year first mortgage bonds. Pro¬
(Competitive). * Probable bidders: Salomon Brothers &
Hutzler and Halsey, Stuart & Co., Inc. Bids—Expected
May 9 (12 noon CDST) in Chicago.
■
ceeds—For expansion. Office—285 Liberty Ave., Beau¬
mont, Tex. Underwriters—(Competitive). Probable bid¬
^ Cincinnati Gas & Electric Co. (6/21)
ders: Lehman Brothers; Stone & Webster Securities
April 17, 1962 it. was reported that this utility plans to
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc. and
'sell $25,000,000 of 30-year first mortgage bonds. Office—
White, Weld.& Co. (jointly); Salomon Brothers & Hut?-,,,,
,139 East Fourth' St., Cincinnati; Underwriters-r(Com¬
ler and Eastman Dillon, Union Securities & Co.-(joint-.
petitive). Probable bidders; Merrill Lynch1, Pierce, Fen- *
,ly); and Halsey, Stuart & Co. Inc. Bids—May 21 at 12:00
ner: & Smith, Inc.-Lehmari Brothers (jointly); Morgan
noon (EDST) in New York City. Information MeetingStanley & Co.-W. E. Hutton & Co. (jointly); Halsey,
Expected May 16, 1962. at 11:00 a.m. (EDST) at the
Stuart & Co., Inc.; Blyth' & Co!, inc.-First Boston Corp.
Irving Trust Co., 1 Wall St., New York City.
•
(jointly); Eastman Dillon, Union Securities & Cq.-White,
•Weld & Co.(jointly)Bids-^Expected June 21. InformaHouston Lighting & Power Co.
V
tion Meeting—June 18 (11 a.m. EDST) at Irving Trust
Mar. 28, 1962 it was reported that this company plans
Co. (47th Iloor), One Wall St., N. Y. '
• ■ ;•;
to sell $30,000,000 of first mortgage bonds due 1992.. Of¬
;v-;
_
•
Columbia
.
Systems,
Gas
Inc.
fice—r-900
Fannen St/, Houston, Tex. Underwriters ^
(Competitive.)
Probable bidders: Lehman BrothersEastman
Dillon,
Union
Securities
&
Co.-Salomon
Brothers & Hutzler (jointly); Kidder, Peabody & Co.Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; and Blyth & Co., Inc.-First Boston Corp.Lazard Freres & Co. (jointly). Bids—Expected in June.
(6/7)^
On Mar. 7, 1962 it was reported that this company plans
"to sell $25,000,000 of debentures due 1987. Office—120
E. 41st St., N. Y. Underwriters—(Competitive). Probable
bidders: Merrill Lynch, Pierce, Fenner &• Smith Inc.-,
Co., (jointly); Morgan Stanley & Co.;
& Co., Inc. Bids — Expected June 7
EST) at the company's office.:
White, Weld
-Halsey,
&
Stuart
.(11:00 a.m.
Illinois
named.
;''V,
/v'V-
Consolidated
Edison
Co.
„
•
^
of New York,
Inc.
Mar. 28, 1962 it was reported that upon completion of
.the current.sale of $95,000,000^ of preferred stock, to
stockholders, the company plans to issue about, ;.$75,0,00,000 of mortgage bonds. An additional $91,000,0® of
other financing will probably be made in the fall. In
1963 the company expects to do about $168,000,000 of
"financing, partly to refund $125,500,000 of bonds, Of¬
fice—4 Irving Place, N. Y. Underwriters—(Competitive.)
Probable
bidders on the bonds:
First Boston Corp.;
.Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.
'
Consumers
Power Co.
Creative
.
Ventures
:
City. Underwriter
:
Hampstead Investing
Wftv v;,Vv;
Corp., N; Y.
-:
—
Delaware Power & Light Co.
:
■
-
,
9, 1962 it was reported that the company has postponed until early Spring of 1963 its plan to issue addi¬
tional- common stock. ; The offering would be made to
common stockholders first on the basis of one share for
each 10 shares held. Based on the number of shares outon Dec, 31, 1961, the sale would involve about
418,536 shares. Proceeds—For construction. Office—600
Market St., Wilmington, Del. Underwriters— (Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
W. C. Langley & Co.-Union' Securities Co. (jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
Co.-Shields & Co. (jointly); Kidder, Peabody & Co.Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
standing
;
.
.
457,265 additional common shares on a l-for-20 basis.
Office—101 Fifth St., South, St. Petersburg, Fla. Under-
The last rights offering of com¬
mon on May 4, 1959 was underwritten by Kidder, .Pea*,
body & Co., and Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y. Offering—Expected in October, 1962. • ;: •
be named.
.
V
Florida
•
sue
was
reported that the company may is¬
$25,000,000 of bonds in the second half of 1962. Office
—25 S. E. 2nd
Ave., Miami, Fla. Underwriter—To be de¬
termined by competitive bidding. Probable bidders: Mer¬
rill Lynch, Pierce, Fenner & Smith Inc. and Kidder,
Peabody & Co. (jointly); Halsey, Stuart & Co., Inc.;
White, Weld & Co.; First Boston Corp.; Blyth & Co., Inc.
Georgia Power Co.
On Jan.
(11/7)
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.-
Dillon, Union Securities & Co.
(jointly); First
Boston Corp.; Lehman Brothers; Morgan Stanley & Co.
Bid«s—Expected Nov. 7.
Registration—Scheduled for
Eastman
Oct. 5.
Georgia Power Co.
(11/7)
On Jan.
12, 1962 it was reported that this subsidiary of
plans to offer $7,000,000 of preferred
in November.
Office—279 Peachtree Bldg., At«<
the Southern Co.
-
stock
lanta, Ga.
Underwriters—(Competitive),
probable bid¬
Diego, Calif. Underwriter—Blyth & Co., Inc., N. Y.
Sierra
Pacific Power Co.
^
(6/L9)
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.)
bidders: 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 19.
Probable
//,•*
Southern
000>000) was underwritten by First Boston Corp., Dillon,
Read & Co. Inc., and Smith, Barney & Co., Inc.
/Mountain States Telephone &
Electric Generating Co.
(1,1/28)
On Jan. 12, 1962 it was reported that this subsidiary o\
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) Prob¬
able bidders: First Boston Corp.; Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.-Blytb &
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
tration—Scheduled for Nov. I.
^Southern Railway Co.
Telegraph Co.
;
(6/5)
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.,
Denver. Underwriters— (Competitive). Probable bidders:
March 21,
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; First
Boston Corp. Bids—Expected June 5.
(5/1)
April 17, 1962 it was reported that this company plans
to sell $4,440,000 of equipment trust certificates due
Oct. 16, 1962-April 16, 1977. Office—70 Pine St.. N. Y.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co,, Inc., and Salomon Brothers & Hutzler, N. Y.
Bids—Expected May 1 (12 noon EDST). •••
- >
*
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 ami. EDST) at One Chase Manhattan Plaza (23rd
floor), N. Y. Information Meeting — June 1 (11 a.m.
EDST) at same address.
that this subsidiary of
$2,000,000 of common
in May. Office—2011 Las Vegas Blvd.,
South, Las Vegas, Nev. ~ Underwriter—Eastman Dillon,
Feb.
1962
28,
it
was
reported
Southwest Gas Corp., plans to sell
stock. publicly
Unidn Securities & Co., N. Y.
;
Feb. 28, 1962 it was reported that the company expects
to raise $125,000,000 to finance its 1962-66 construction
program.
About $25,000,000 of this, in the form of a debt
issue, will be sold in the second half of 1962. Office—
615 Eastern Ave., Bellwood, 111.; Underwriters—To be
named.
The
last
sale
of
bonds
on
July
14,
1960,
was
by First Boston Corp.i Other bidders were:
Halsey, Stuart & Co., Inc.; Blyth & Co., Inc-Equitable
handled
(jointly); Glore, Forgan & Co.
Northern Natural Gas Co.
Feb.
28, 1962 it was reported that the company's 1962
expansion program will require about $40,000,000 of
external financing to be obtained entirely from long
or short term borrowing. Office—2223 Dodge St., Omaha,
Neb.
Underwriter—To be named.
bentures
on
Nov. 16,
The
last sale
of
de¬
1960 was handled on a negotiated
basis by Blyth & Co., Inc.,
Washington Gas
28, 1962 it was
to sell $15,000,000 of
Washington, D. C.
Light
reported that this company plans
bonds. Office—1100 H St., N. W.,
Underwriters —
(Competitive.)
Probable bidders: Eastman Dillon, Union Securities &
Co.; Equitable Securities Corp.; Kidder, Peabody & Co.;
First Boston Corp.; and Halsey, Stuart & Co. Inc. BidsExpected in May.
Mar.
Nevada Northern Gas Co.
Securities Corp.
12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $23,000,000 30-year
San Diego Gas & Electric Co.
March 19, 1962 it was reported that this company plans
to sell about 500,000 common to stockholders in late
1962 to raise some $17,500,000. Office—861 Sixth Ave.,
San
Northern Illinois Gas Co.
Power & Light Co.
Sept. 18, 1961, it
through subscription rights during the fourth quar¬
or the first quarter of 1963. Office—900 15th
St., Denver, Colo. Underwriters — First Boston Corp.,
Blyth & Co., Inc., and Smith, Barney & Co., Inc.
ers
ter of 1962
—
.
■/■■■
Florida Power Co.
^
March 19, 1962 it was reported that this company plans
to offer stockholders the right to subscribe for about
; writers—To
Service Co. of Colorado
March 9, 1962 it was reported that this
company plans
to sell about $30,000,000 of common stock to stockhold¬
•
/Monterey Gas Transmission Co.
April 24; 1961 it was reported that Humble Oil & Refin- ►
ing Co., a subsidiary of Standard Oil Co. of New Jersey,
and Lehman Brothers, had formed this new company,
to transport natural gas from southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
supplier to other Columbia Gas System companies.
It
is expected that the pipeline will be financed in part by
public sale of bonds. Underwriter — Lehman Brothers,
New York City (managing).
I March
*
Inc.; First Boston Corp.-Drexel & Co. (jointly).
•'
Mar.' 5, 1962 this company reported that it plans
'early registration of 150,000 units; each consisting of
one common share and 1/5 warrant. Price—$2.25.3Efrusi-
h^ss—A corporate guidance and interim financing" company. Proceeds—For general corporate purposes/ Office
Water Supply Co.
Japan.Development Bank "'J' H: 1
;v-:
Jan. 10, 1962 it was reported that the Japanese Finance'
Ministry had authorized the bank to issue $30,000,000
of Guaranteed External Loan Bonds, preferably in the
U. S., in fiscal 1962. Business—The bank was incorpor¬
ated in 1951 as a Japanese Government financial insti¬
tution to. 'supply long-term funds to Japanese industry
for promotion of economic reconstruction and industrial
development. Office—Tokyo, Japan. Underwriters—To
be named. The last sale of bonds on Oct. 3, 1961 ($20,-
On
-—New York,
Pennsylvania Power & Light Co.
V
Feb, 20, 1962 Jack K. Busby, President and C. E. bakes,
Chairman, stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970,
Public
Co., Inc.
*
Corp.
v.*.
Underwriters—3*
Inc., and Kidder
Peabody & Co., both of New York City (mgr.). Offering
r—Expected-in the fourth quarter of 1962.
••
Co.
this utility plans
and $2,000,000 of
preferred and common stocks. Proceeds—For debt re¬
payment, and construction. Office — 161-20 89th Ave.,
Jamaica, N. Y. Underwriters—To be named. The last
sale of bonds on May 3, 1956 was made by Blyth & Co.
Other bidders were: Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co.; White, Weld & Co. " The last several
issues of preferred were sold privately. The last sale
of common on May 9, 1956 was made through Blyth &
1962 it was reported that this company plans to
sell about $40,000,000 of securities, probably first mort¬
gage bonds,, about mid-year. Proceeds—For construction.
Office—212 West Michigan Ave., Jackson, Mich. Under¬
writers^- (Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; White, Weld & Co.-Shields & Co. (jointly);
Harriman Ripley & Co. Inc.-First Boston Corp. (jointly);
'Morgan Stanley & Co. '
—
Office—120 Broadway, New. York City.
Merrill Lynch, Pierce, Fenner & Smith
Co.
March 20, 1962 it was reported that
to sell $3,000,000 of mortgage bonds
-Jan. 9,.
8, 1961 it was reported that this company ex¬
pects to sell ahout $72,000,000 of debentures sometime in
1962, subject to FPC approval of its construction program.
Sts., Allentown, Pa. Underwriters—To be named. The
last sale of bonds on Nov. 29, 1961 was Won at com¬
petitive bidding by White, Weld & Co., and Kidder,
Peabody & Co. Other bidders were Halsey, Stuart &
this utility expects to
in late 1962 or early
1963. Office—500 South 27th St., Decatur, 111. Under¬
writers—To be named. The last sale of bonds on May 21,
1958 was made through First Boston Corp. Other bidders
were:
Halsey, Stuart & Co. Inc.; White, Weld & Co.Merrill Lynch, Pierce, Fenner & Smith, Inc. (jointly);.
Eastman Dillon, Union Securities & Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly).
Jamaica
Panhandle Eastern Pipe Line Co.
March
Proceeds—For construction and the retirement of $17,-w
000,000 of maturing bonds. Office—9th and Hamilton
Feb. 28, 1962 it was reported that
sell $25,000,000 of debt securities
Columbus
Capital Corp. •
Dec. 11, 1961 it was reported that this newly formed
Small Business Investment Co., plans to sell $10 to $20
million of common stock in the late spring. Office—297
South High
St., Columbus, O.
Underwriter—To be
Power
(Minn.) (6/12)
March 19, 1962 it was reported that this
company in¬
tends to sell $15,000,000 of 30-year first mortgage bonds
due 1992. Proceeds—For 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.
N. Y.
-A* Northern Pacific Railway (5/22)
April 17, 1962 it was reported that this company plans
to sell $4,035,000 of lrl5t year equipment trust certificates
in May. Office—120 Broadway, N. Y. Underwriters—
(Competitive). Probable, bidders: Halsey, Stuart & Co.,
Inc., and /Salomon Brothers & Hutzler. Bids—Expected
May 22 (12 noon EDST) r : '
Whirlpool Corp.
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.
BusinessManufacture 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.
Windjammer Cruises, Ltd.
April 18, 1962 it was reported that the company plans
to register 90,000 ordinary shares. Price—$4. BusinessOperation of "Windjammer" sailing ship cruises. Pro¬
ceeds — For acquisition of additional vessels. Office —
Bay St., Nassau, Bahamas. Underwriter—J. I. Magaril
Co., Inc., 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 Stanley &
Co.; Halsey, Stuart & Co. Inc.; First Boston Corp. Bids
—Expected May 8, 1962.
(!*
•
.
56
■
■
)-
.
./
'
'
•
The Commercial and Financial Chronicle
(1916)
;
K*.,
'
Thursday, April 19'; 1962 -L
WASHINGTON AND
behind-the-scenes interpretations
from the nation's capital
IN INVESTMENT FIELD
WASHINGTON, D. C.—Big Gov¬ jobs—that's an entirely different
Big Steel in thing. The parents in Chicago or
bitter, short-lived, siam-bang Pumpkin Center would not stand
steel price battle. The defeat for for that kind of a school teacher
steel, temporary though it might union, if such a union existed.
be, points up the fact that when
The feeling in Washington as of
the all-powerful Executive branch now is that the losers in the steel
April 26, 1962
ernment knocked out
the
States Government
of the United
battle
the
are
have
who
men
Security
New York
April 27, 1962
Here in this great Federal City
big hassle unquestionably
going to breach some good will
that has been prevailing between
the Kennedy Administration and
business. There is no question but
the Kennedy Administration leans
where
the
government
payroll
alone comes within an eyelash of
amounting to $50,000,000 a week,
the
sentiment
vor
of President John F.
But
that
in fa¬
one-sided
is
does
Kennedy.
what
make
not
President Kennedy did, right and
just—not by
it
handled
Steel
the
right in the way
proposed raise in
absolutely
was
it
Nor does
industry
any means.
that
mean
the
price before it retreated under the
.mighty pressure of the White
House and
some
controlled
Congressional commit¬
tees.
of
the
It
place
Government
of the short-lived
United
busi¬
no
any
business
the
more than it had
sticking its nose in
management questions for
any
past 20 years
or
The fact that the
is undergoing
more.
steel
and condemnation from
industry
the
Washing¬
American
people stop and think.
Does the
ton,
should
free
make
enterprise
in
system
this
country, which we like to boast
about, really prevail?
Certainly
there is some question about it to¬
day.
>
The
the
of
crux
the
United
gets
into
situation—why
States
the
Government
negotiations
wage
act every
any
time a new contract for
industry comes up—has been
passed
by the politicians in
over
Washington.
,
sociation
Congress would only repeal
the
exemptions!; now given the
powerful labor unions, the steel
unions and steel management of¬
ficials could sit down and nego¬
without
having the Federal
Government sitting in the back¬
ground trying to tell both sides
what they should and should not
do.
no
May 6-9, 1962
to
be
had
from
labor unions than from the
agement side.
As
it
was
pointed
the
man¬
out
here
ference
Pittsburgh, unions
able
would
still
be
to
strike if Congress would
their exemptions from the
anti-trust
laws.
However,
the
repeal
unions would be able to strike
only
on
a
company-wide basis, rather
than paralyze
a
whole
industry
from coast to coast.
The
doubt
whatsoever,,
The
hard
of
prise
would
our
system,
not
group the
men
country
serving of fair and
ment. In
Senator
Kefauvers in Con¬
lic
indictment
the
past several
against
big
steel
days. Because
of
the great communications me¬
dia,
who made AT&Ta blue
one
are
square
fair-minded
to
chip!'1
Bankers
Spring v Meeting
Governors,
,
May
thing
in
price of
the
a
ly unjustifiable and
the thousand and one sponsible
agents the Federal Govern¬ terest.
and members of Congress
have
on
their
easy
it
payrolls,
There
is
not
to get the full side of
the "other side of the story" told
from Washington.
There
is
Association
/.of
Board
of
i'C1
14-15, 1962
defiance
had
been
Mich.)"
(Detroit,
1946.
in
The
last
one
There
is
week
evidence
Commission.
as
the
new
began that
they will seek
indict companies in the indus¬
to
try in both criminal
anti-trust charges.
.and
civil
Eyes
on
New York City Inquiry
Official
Washington
will
be
watching what
action
may
be
taken by the Federal Grand Jury
in New York which is
investigat¬
charges
of
monopoly
and
price-fixing in the steel industry.
The inquiry is based on criminal
charges. If convicted on criminal
ing
1959
Commission
directed
the
truth
a
is
that
fully
the
workers
recovered
similar
strike
this
steel companies not to pursue any
concerted course of action in es¬
tablishing
maintaining price
regulatory agency is
or
The
trying to find out if Steel has
violated such orders.
-
Just
panies
before
the
capitulated on
price
increase,
posed
School
of
have
horned
in
at
is
;
a
big and important industry, but it
is not so big that industry and
labor" can't
work
their
Eco¬
Society, on Wednesday
from April 25 through
7:45,
$1.75 each,
are
visitors.
$10 for
or
con¬
cerned.
out
April
,
[This column is intended
to
reflect
the "behind the scene** interpretation
from the nation's Capital and
may
own
scheduled
25:
zer
17-19,
Pa.)
Western
wig
Mises, New
von
of
the
York
Uni¬
May
2:
Theory
Phenomena—-F.
A.
of
Complex
Nayek, Uni¬
Chicago.
of
May 9: Ethics
Henry Hazlitt.
and
the
State
New York
May
of
a
Day at
Club; pre¬
cocktail and
*
:
:
:
May 25, 1962
(New York City)
Traders Association of
Capitalism— Security
ner
Attention Brokers and Dealers
TRADING MARKETS
—
Limited
State-—
American Cement
in
/
.
Botany Industries
Gerhart
University I : of
din¬
dance at the Plaza.
Notre
/
;
Official
June 6: The Dollar Crisis—Hans
/.,
A■#
Maxson Electronics
Dame.
Films
;.C,;!;C
:Ci^Wasie :KingCiS''''0^
Sennholz, Grove City College:
*
Further information may be ob¬
the American School
of
Shellaby Opens
Country
May 23 by
on
:■:
Bankers
Field
dinner party. ":•/"?' ; i;
Our
tained from
R. K.
Annual
Omaha
ceded
(Omaha, Neb.)
Investment
Association
the
at
Cr
Hotel. <;.*r
New York Glee Club annual
Civilization
Niemeyer,
Convention
Hilton
May 24, 1962
Sylvester Petro,
University.
30:
Western
&
treasurer.
Association
$
'
"
Annual
the
versity.
or
Weissman). Officers are
George Teichner, president, and
Roslyn Hoffman, secretary and
(Rolling Rock,
B anker
Meeting.. *
.
.
1962
Pennsylvania Group In¬
vestment
Policy—Laid-" Nebraska
May 16: Money in the Market¬
not coincide with the "Chronicle's" place— Louis
Spadaro, Fordham
views.]
'-vC
\ 'K' University.
May 23: Voluntary Association
may
May
Statler
are:
Economics
Middle-of-the-Road
versity
.
May 17-18, 1962 (Nashville, Tenn.)
15th
1
-
■
Lectures
own
problems for the good of all
Investment
series, for students; and $3.50 May 19-23, 1962 (Detroit, Mich.)
each, or $20 for the series for Financial Analysts Federation
negotia^
should it horn
Steel
Group
the
the
tions this year, nor
in in the years ahead.
(Boston)
England
Bankers Association Meeting.
The Federal Government should
not
Exchange
-v
//•'/;'
New
Economics, 350 Lexington Ave.,
York, N.: Y.
*
York
V'>
telephone number is
CAnal 6-4592
New
LOS
Between Big Government and
Big Taxes, industry today has to
watch its step more than ever be¬
fore.
Policy
lectures, which will be held at the
those
•
New
Vista Room of the Biltmore Hotel
against
year.- a
Free
evenings
have
from
were
May 15, 1962
June 6. Subscription prices for the
Hundreds of millions
of dollars were lost in wages. .The
com¬
major
the
lasted
for 116 days.
losses. Their families
Trade
shut¬
seven
American
Stock
nomics will give a series of spring Nashville Association of Securities
lectures on Economic Policy for'- Dealers annual spring party,
industry since
not
Federal
The
in¬
downs in the steel
by the Department of Justice and
the
public
of
of
meeting at the Dearborn Inn.
;
on
Economic
whol¬
an irre¬
was
was
strong possibility
that anti-trust actions loorrt ahead
a
Lectures
an
proposed price increase
and
always
from the
automo¬
economy
door lock to
bile. The President said that their
ment
press
steel
and
de¬
deny
treat¬
people
a
union
right to strike.
Two Different Things
Fair-minded people in
Chicago,
example, would not want to
deny the school teachers in New
for
purchases
those
raise
so-called free enter¬
want
(White Sulphur
steel
com¬
the
pro¬
ANGELES, Calif.—Robert K.
Shellaby is engaging in a securi¬
ties business from
Truxton
name
of
Ave.,
offices at
under
Robert
K.
the
8631
firm
Shellaby
&
Associates.
J. P.
Clay Branch
LERNER &
ANNAPOLIS, Md.
—
J. P. Clay
Investments has opened a branch
office at 31 Maryland Ave., under
CO., INC.
Investment Securities
10 Post Office Square, Boston 9, Mass.
Telephone
the direction of Sherman R. Clark.
President
HUbbard
Teletype
2-1990
BS
69
Kennedy had directed that the
this big Pentagon consider
sources for its
working
this
Investment
"Yak-yak—on that phone day after day!—YOU'RE the
and
have helped to feed the pub¬
gress
But Congress
is not about to take away
weapon that the unions have.
women
con¬
Hotel.
Springs, W. Va.)
has incited the public
against the steel industry.
levels.
in
Olympic
Firms Board of Governors spring
now
progress
the
at
wrath
earlier in the year when the steel
in
Mutual
Association
negotiations
were
of
battle.
panies would be liable for up to
More Labor Votes
William Sherry Sees.
$50,000 for each offense. Officials
Naturally, politicians want, to be could\ be convicted and sentenced William. Sherry Securities, Inc., is
elected arid stay in power as
long up to a year in jail and fined conducting a securities business
from offices at 170 Broadway, New
as
they can—Democrats and Re¬ $50,000. ; A /'//v/-A":v.//A.
■'
York City (c/o
publicans — and there are many
Back in 1951 the Federal Trade
Meiselman, Minvotes
(Seattle, Wash.)
Association
Savings Banks 42nd annual
by invoking all
of the various Federal
power
Spring Outing
Country Club.
<
at the Oakmont
interesting to
anti-trust charges, the steel
more
(Pittsburgh, Pa.)
Annual
National
,
If
tiate
is
Training at the
agencies,
all
great hatli of fire
a
May 4, 1962
May 9-12, 1962
in the steel wage negotiations
year,
Exchange Con¬
Registered Representa¬
Pittsburgh Securities Traders As¬
Steel Industry Made the "Villain"
the
the
had
on
-
Stock
Commodore Hotel.;
.
.
is going to be
denunciation
ness
-
•
,
(New York City)
tive Selection and
that the President through public
this
labor
';
York
ference
watch what takes place as a result
There
first
New
labor, although such an
observation. probably
would . be
denied and an overwhelming ar¬
gument made against such a dec¬
.
.v
_
toward
,
of
Association
;
...
May 2-4, 1962
The
laration.
(New York City)
Traders
Astoria.
case.
is
-
In
their many thousands
stockholders. History will tell
of the Democratic
What's Happened to Free
Enterprise?
States
Security
New York Dinner at the Waldorf-
panies and
whether that is the
of
Investment Traders Association of
make the decisions for their com¬
up
Association
Bowling Match against
Philadelphia.
to
with the Legislative
branch, the business community,
regardless of the justness of its
position is bound to be defeated;
teams
(New York City)
Traders
other
than
from
tijr
companies that proposed to
price to meet the as¬
the
serted
That
mittee
need
very
had
for
day
a
House
approved
an
;
Versapak Film & Packaging
appro¬
priation for the Pentagon of more
$45 billion. Where was the
coming from? From pri¬
vate business, like the steel com¬
panies, and from the millions of
money
Carl Marks
FOREIGN
<
taxpayers.
..
.
20 BROAD
&
City the right to strike. Administration's Contention
However, if such a stoppage auto/
The Administration maintained
maticallv would force the teach¬
that the price of steel would have
ers in Chicago
to walk off their an
impact on just'about every-
Common & Warrants
Co. Inc.
Bought—Sold—Quoted
SECURITIES SPECIALISTS
STREET
TEL: HANOVER 2-0050 '
•
NEW YORK 5, N. Y.
-
..
York
Common and Warrants
Com¬
than
individual
Cove Vitamin & Pharmaceutical
higher prices.
pr'
F
TELETYPE NY 1-971
WILL, THOMPSON & CO., INC.
•; 70 Wall Street, New York 5, N. Y.
3k
I
Tet WH 4-4540
I
Tele. NY 1-0154
•
V
@FedFRASER