The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
>;
Pi
) (V
■\(v
ESTABLISHED
1839
AS
Editorial
There
is
New York
Number 6048
193
Volume
Reg. U. S. Pat. Office
WE; SEE IT
been for
has
and there
that the Kremlin and the other leaders of the followers
see
Cents
Copy
a
Today's Growth Stock Syndrome
competition with the communist world for the reason
and
50
good while past a
a
great deal of discussion about desirable "goals" for us
and often for other so-called free nations. It is quite
common to
hear it said that the free world suffers in
of Marx have very
Price
7, N. Y., Thursday, April 20, 1961
specific goals or ends that they seek
energies are all directed to these
to it that their
ends.
The
peoples and the nations defending themselves
these goals of the communists are often de¬
scribed as drifting and squandering their energies with¬
out clear and constant goals in mind. This is, in fact, one
of the most commonly suggested ways in which we are
urged to copy the communists. In a recent issue, the
New York Times published the replies of a number of
leading lights to a questioh asking what the world most
needs, which is hardly unrelated in substance to the
all but universal demand for goals toward which the
free world should be devoting its energies.
against
Is Tomorrow's
By William B. Eagleson, Jr.,* Senior Investment Officer,
Girard Trust Corn Exchange Bank, Philadelphia, Pa.
The
path to stocks offering growth in value is strewn with
easily forgotten truths and overlooked dangers. Mr. Eagleson knows where the problems lie and charts a route which
avoids
this is not easy to do, the investment
issues of value though out
of market favor at the moment.
This, he concludes, offers
In admitting
stocks.
officer recommends seeking out
a
trust officer
I
more
a
that
than
stimulating opportunity for his talents
of merely
which
of the many problems
investment officer now faces in "looking
an
at investments"—"The Growth Stock
The
1960's."
the
Applied to the field of economics, this seems to us
be a rather futile procedure which often confuses
ends with means or ignores one or the other altogether.
To be sure, the great rank and file of a free country
toiling to get their daily bread may not be able to say
precisely what the goals of the people of avcpuntry as
a
whole are. They know only what their goal is—if
indeed they have really thought much about it at all.
But long ago economists and philosophers — not the
least of them being Adam Smith — have studied what
the net result of all the work and toil of a nation, each
individual proceeding in his own way, will and can do
for the people as a whole.
The real problem is how to reach obvious ends in
the most effective manner. No one would deny or doubt
that what is desired by all is the greatest abundance
of the good things of life well
(Continued on page 16)
Syndrome of
symptoms
delightful
this
of
malady is the increasing num¬
ber of clients as the stock mar¬
and, I
am
in many of us—the
professional investors — from
time to time.
I say delightful
afraid,
to
following the crowd.
intend to discuss just one
ket continues to rise
The Real Problem
His goal com¬
growth stocks.
recognized
already
prises companies still unrecognized as tomorrow's growth
even
victim of this dis¬
because the
needed
has
ease
talent in
of
inquiring mind, had set out to prove to himself
generally accepted belief of the day that al¬
though common stocks might prove more satis¬
factory holdings during the infrequent periods
when the dollar was declining in value,
bonds
could be relied upon to show better results during
"normal"
periods of stable or rising value of
money.
He made exhaustive studies of the price
performance and income return of randomly se¬
lected stocks and bonds covering a period from
1866 to 1922.
These years included two wars, two
financial panics, years of stable prosperity and a
post-war inflation.
To his surprise Smith found
that the facts did not support his original premise
and, in fact, led him to quite a contrary point of
view.
He noted that it was the practice of well
managed corporations to pay out in dividends only
a portion of net income, and to reinvest the balance
back in the business where it would be productive
of larger earnings and hence larger dividends in
future years.
Smith's conclusions or, as he called
them, Laws, were these:
"(1) Over a period of years the principal value
of a well diversified holding of the common stocks
of representative corporations in essential indus¬
the
tries
modest
only
the selection
vidual stocks in order to enjoy
remarkable;; investment
truly
without
stock
an
market
the
the
to be tell¬
end
seems
in
This
W. B. Eagleson, Jr.
library two
mind contain all the wisdom
subject of investing in common stocks. The
first of these books is quite a small one, scarcely
more than
an hour's reading.
It is called "Com¬
have
I
which
books
on
my
to
my
the
Long Term Investments" by Edgar
Smith and it was revolutionary in its
Stocks
mon
Lawrence
ideas
as
when published
average
current
Long-Term
to discuss.
would like
in
with
accordance
rate
on
in 1924.
Mr. Smith,
a
man
book
Investment
of
the
iii
ill
In
particular,
would
term
tend
his
rise
to
contributed
a
time when
contention that stock values
exponentially over the long
the
to
enthusiasm
crash
of
1929
and
some
stocks
for
which developed during the 1920s.
Smith was laughed at after the
stock
(Continued on
market
28)
page
photos taken at the Toronto Bond Traders Association
Dinner appear in today's Pictorial
——
PUBLIC
Section.
HOUSING AGENCY
AND
Securities
telephone:
HAnovcr 2-3700
DIgby
BOND DEPARTMENT
Offices
*
V
Affiliate:
SAN
*
OF NEW YORK
Inquiries Invited
on
Southern
California Securities
i
lit
I
'i
Federal Home Loan Banks
Banks for
Cooperatives
Association
United States Government Insured Merchant
Marine Bonds and
it'"
)n
International Bank for Reconstruction
and
Development (World Bank)
Municipal Bond
O
Division
the
MANHATTAN
*
Securities Co.
Kasai
Njkko
in
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
THE FIRST NATIONAL CITY BANK
TOKYO
Office:
Head
Exchange
t
Federal Intermediate Credit Banks
Federal National Mortgage
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
NY 1-2759 U
4-7710
30 Broad Street
BONDS
Ltd.
Teletype:
Co.
Associate Member American Stock Exchange
Members Pacific Coast Exchange
25 BROAD STREET
Telephone:
&
Hope Street, Los Angeles 17,
Members New York Stock
New York 4, N. Y.
COMPANY
So.
623
California
The Nikko
Securities Co.,
NEW YORK
New York 15
Lester, Ryons
SECURITIES
CHEMICAL BANK
TRUST
STATE AND MUNICIPAL
i!
Hi {!
If
NOTES
Federal Land Banks
JAPANESE
,Jp|
"til
m\
ic;i
STATE, MUNICIPAL AND
Dealers in and Distributors of Securities of
Municipal
:f;|1
1:i
than
few
published at
was
Housing,
State and
1
<U l\
conservatives, or investment portfolios held any¬
thing but bonds and it formed the basis for an
entirely new approach to investment management.
U. S. Government,
Public
'
Stocks
BONDS
29th Annual
\
paper."
commercial
Merits
Underwriters and distributors of
PICTURES IN THIS ISSUE—Candid
4'] 1
Jib
as
This is the question I
ing us?
increase
to
such increasing values of something more
on
performance over the past sev¬
eral years.
Is this in fact a
road
tends
operation of compound interest.
"(2) Such stock holdings may be relied upon over
a term of years to
pay an average income return
indi¬
of
Disappointment
Bond Dept.
Teletype: NY 1-708
New
York
Correspondent
—
Pershing A Co.
LOS ANGELES
FRANCISCO
BANK
HAnover 2-6000
It
Net Active Markets
To Dealers,
T. L. Watson & Co.
ESTABLISHED
Banks and Brokers
1832
We
Commission Orders Executed
at
Invited
On All
Canadian Exchanges
Stock Exchange
CANADIAN
STREET
NEW YORK
4, N. Y.
DIRECT
to buy the above rights
expire on May 15, 1961
the
Direct
current
Private
market.
Wires
WIRES TO MONTREAL AND
TORONTO
Goodbody & Co.
Dotti?noN Securities
Grporatioti
Associate Member American Stock Exchange
MEMBERS NEW YORK STOCK EXCHANGE
BRIDGEPORT
•
PERTH AMBOY
1 NORTH LA SALLE ST.
2 BROADWAY
NEW YORK
.
.
7"
_
,
CHICAGO
.
FOR
*
»
40
Exchange Place, New York 5, N. Y.
Tel. WHitehall 4-8161
CALIFORNIA'S
CIVIC
IMPROVEMENT
to
Toronto, Montreal, Winnipeg, Calgary,
Vancouver, Victoria and Halifax
DEPARTMENT
Teletype NY 1-2270
25 BROAD
offer
which
New York Stock Exchange
BONDS
Rights
CORP.
Block Inquiries
MUNICIPAL
DOMINION BANK
ELECTROLUX
Members
American
THE TORONTO-
Maintained
Tele. NY 1-702-3
MUNICIPAL BOND
DEPARTMENT
BANK OF AMERICA
N.T.&S.A.
SAN FRANCISCO-•
LOS ANGELES
it
li
j
2
The
(1742)
The
Banks, Brokers, Dealers only
For
In
Security I Like Best...
This
Forum
A Continuous forum in which, each week, a different group of experts
Hurry?
a
CoWhiercial and Financial Chronicle
in the investment and
n
.
.
r
11
S
Alabama &
and
Selections
Their
advisory field from all sections of the country
Louisiana Securities
you
Brazilian Traction Light & Power
far-flung Over-the-
Ch
51
ihipbrtant that
WILLIAM
quickly,
markets
Counter
system,
large
our
and
Exchange;
Thalmann &
Stock
ex¬
Traction
Brazilian
Company,
constant touch with markets
Brazilian
from coast to
Power
coast, assuring
and
Power
Light
Traction
is
holding
a
'and
earnings
of
in¬
fantastic
ratios
company
corporated in Canada and is listed
on
American, Toronto, Montreal,
prompt executions.
find the
London,
Liverpool,
Birmingham,
1920
120
4-2300
Teletype NY
BOSTON
Nationwide
5
SAN
•
Wire
Private
and
System
ing
and
com¬
nished
De J
Rio
in
i
a n e
r
Sao Paulo and
Santos
Opportunities Unlimited
er
IN JAPAN
of
furnishes 55% of total
pany
for
Digest, and
that
Monthly
our
give
picture
Stock
other reports
our
Brazil's
of
economy
is
not
orders
offer
an
for
any
York 6, N. Y.
solicitation
or
im¬
is
portant for it is the coffee grow¬
district
banking centers of Brazil.
and
the
commercial
378,000.
T
The
subsidiaries
without
tically
for
particular securities
operate
deficit
prac¬
competition
under exclusive concessions.
Em¬
Funded debt is
minority
$138,754,042 and
$14,259,724. $6
interest
ordinary
convertible
stock
8
at
other
Bought
—
The
In
of
1958 the
flash
stage
from
boiler
and
penditures
six
Brazil
successful
has
allowed
the
and
World
SECURITIES CO., Inc.
BLDG.
ROCHESTER
financing in
resumption of
$11,600,000
projects,
has access to a
equipment loan of
which
has
been
Y.
ap¬
earnings
68 cents per share, after deduction
of 50 cents per share amortization
of facilities,
a
bookkeeping de¬
duction.
STOCKS
tive
want
buy
helpful
or
sell,
and
potential
facts
read
common
Life
available
stock. This
stock
prospec¬
stocks
from
of
when
to
a
comprehensive
guide for better
was
in
of
the
life
from
the
Price
ordinary
less
or
earnings
than
per
stock
is
times
company
true
Form
or
money order in the amount of $1 to
Securities
Research
P.
2701
Corporation
AComa
2-0866
business.
1, ' Colorado
Fluor
yet
Company, Inc. has been
Building to engage in
business.
Hopson,
Officers
a
are
other
place it in
securities
Bascom
area
H.
in
of the Board,
Treasurer; H. L.
Vice - President;: and
facets
my
Fluor
to
opinion.
areas
One of the
for long-term
investment will be water
Hopso n,
Joseph E. Kolter, Secretary.
or
Only
desalting
State__
that
as
a
no
circumstances
solicitation of
an
offer
to
to
be construed
buy,
any
as
and
based
offer
to
sell,
or
this
Preliminary
that
on
the
GPD
dis¬
gallons
size
of
costs.
would
on
A
cost
be reduced
their
SHELTERED
IN
Send
AND
OIL
free
for
GAS
information
on
the
tax
shelter and other economic advantages
be
to
found
in
oil
and
gas
by
is
net
means
with
the
ests
on
will
offer
an
the
sale
of
can
only be made
offering sheet filed
Securities
and
Exchange
of
art
Commission.
sheet
for
interests;
A
the
be
of the offering
offering of inter¬
copy
latest
also
furnished.
ADMIRAL OILS, Inc.
400B
Bettes
Oklahoma
City
Building
Oklahoma
6,
also
felt
en¬
similar facility
a
daily
the
to from
gallons
cost
of
could
24 to 31 cents
no
than the average U. S. con¬
more
paid
sumer
just ten
for
years
Since
domestic
potable water is
solved
water
ago.
problem and will grow
less
a
detailed
thousand gallons which is
per
.
quarter of
million
130
water
a
Fluor
persons.
on
fresh
the
a
world
worse
whole
un¬
field
$4VIN<£
of
water
desalting
seems
an
in¬
triguing long-term investment op¬
portunity. Fluor Corp. because of
its
basic
research
position in this
field, combined with its excellent
sultant
as
an
seems
engineering
likely to be
con¬
of
one
the
principal beneficiaries of such
developments.
The stock
currently selling at around $24 a
Over-the-Counter
future
share
is
earnings
regular
strongly
from
sultant
supported
by
company's
yet
at
participation
in
basis,
for 48 Years
no
the
development of either
or, on an
Quotation Services
the
offers, at relatively
cost,
range
own
the
operations,
time
same
long
security referred to herein.)
75
INVESTMENTS
the
operating
of
based
added
an
DE
1
Bay City, Mich.
the
1000
gineering studies
its
(This is under
1959,
million
50
a
plant,
miJlion
potable water from
President
TAX
gen¬
cents, which would include all
recently
recDyery of
brine.
which
extremely attractive
an
exciting
more
Chairman
and
strong under¬
of
purposes.
reputation
Corp.
:
-_-Zone_:
The
comfortable cash
lying statistical position there are
formed with offices in the Mas^ev
President
| Name._„_
j^City—
the
a
In addition to the
Hopson Inv. Co.
investors.
Address
of
has
position and book value, when
last reported of about $20 a share.
share.
on
«
I
nature
tive
about
com¬
assist
to
j
| Denver
indicated
So much for the current statistics
vestment
Box
year's
steam
authorized
the water needs of
and
company
| For each copy desired, send check
O.
current
—
about $42 million and would fulfill
every
sales
October
converter
in
profits at a reasonable ratio, even
taking into account the specula¬
BIRMINGHAM, Ala.—Hopson In¬
-
of
Office
million
1
conventional
a
nuclear
indicates
of
capital
the
,
four
42
on
are
and
holds
year
estimates
the
ing
Ken¬
nedy Administration.
$4,
fiscal
company
million
Branch
26, MICH.
2-3855
a
fresh water could be delivered for:
profits. Thus, the stock currently
selling at around $24, is capitaliz¬
profit
thorough and
compiled
ment's
the
newly
installed
con¬
policies
of
President
servative
the
$100
WOodward
such interests which
tillation
,
presently
DETROIT
This
basis
promise of fulfilling the manage¬
benefit
should
Orders
of
of
present
numer¬
and
company
Brazil
the
are
or
regarding
this
evaluation
plete reference
or
insurance
booklet that provides
analysis
the
books
the
expected to be ironed
Quadros and also
present
a
life
of
owner
are
and
nation
Price $1.00
Whether you are
but
.
a
to follow up on this
performing
architect-
by
Penobscot Building
1051
Fluor
'
Exchange
day. The
designed to take
both
In
research
Walker,
stock.
excess
Political difficulties
out
INSURANCE
was
paid Feb. 15°; 1961.
ous
LIFE
dividend
common
-
•
-
to
"
Stock Exchange
Stock
Detroit
onstration
share hav¬
a
were
a
Members
Midwest
engineering of the plant, for dem¬
Corp.,
mon
cash
year
gallons
Government
company
President
of
recently estimated
that profits, for the current fiscal
year to end Oct. 31, 1961, will at
least be equal to the 1958 fiscal
year's profits when the company
earned $2.41 a share on its com¬
W.
J.
Fluor
cent
its
on
cents
96
.
about $28 per share. 1959
25
share
a
S.
work
ing been earned in the final quar¬
ter alone.
/>
/.
'»
proved but withheld pending local
A
U.
31, 1960 Fluor earned
with
stock
full
the
For
plants
erator.
year
I960, final half op¬
the company strongly
black.
cents
99
Book value of ordinary stock is
WAY TO PROFITS...
fiscal
the
of
saw
Oct.
ended
company
Bank
the
in
financing.
14, N.
months
ended Oct. 31,
construction
suspended
GENESEE VALLEY
POWERS
in
erations
Recent
Report Available
Kansas.
$66.2
million
$35
1958.
Quoted
Statistical
totaled
1959
MORELAND & CO.
;|
State
and the
plant rated
and 50 million
steam
from
Industries
Fluor
joint contract to develop engineer¬
ing designs and costs for a multi¬
in
Although loss operations
for Fluor continued in the initial
in
Detrex Chemical
multi¬
itself
awarded
SOLD
—
steam
processes.
lends
OSW
California
two
up
BOUGHT
large plants.
very
sulting from the disposal of Fluor's
metal manufacturing facilities in
million,
uranium
also
process
design of
Ordinary
Stock:
17,294,671
shares (no par), while capital ex¬
Sold
de¬
lowest
considerable
distillation
than
shares for 1.2 preferred.
Capital Plastics Co.
the
system because it operates with
greater thermodynamic efficiency
the Providence
area, which was deferred indefi¬
nitely, and liquidation costs re¬
refinery
After
natural
OFFICE;
Telephone: BEekman 3-3622-3
Corp. favored the multistage flash
incurred in
costs
process,
cost.
would
at
generator, coupled with a
flash evaporator.
in con¬
development of
the
that
sea-water
stage
design and engineering of an
oil
into
ordinary
new
a
the
convertible cumulative preference
stock:
3,934 shares
($1.00
par)
non-redeemable
with
nection
contract to
a
YORK
NEW
149 Broadway, New York 6, N. Y.
and evapora¬
source
combination
cooled
unusual expenses
of
ing
ployees number 43,800.
heat
a
possible
by non-recurring write-offs,
amounting to $1,350,000, consist¬
and
of'
Office
the
year
research, Fluor concluded that the
best combination for large plants
was a heavy-water moderated and
largely accounted for
was
that
salinize
the comoany had a deficit of
a
share, all the postwar
years have been profitable with
earnings ranging as high as $3.63
a share for fiscal 1952.
In 1959 the
.
In
tor
$1.12
1959, electric cus¬
1,671,069; telephone
customers totaled 735,000 and gas
Securities Co.9 Ltd.
—
select
year
tomers totaled
Telephone: BOwling Green 9-2895
This
embraced
offices
DAI WA
conducted
a
investigation of saline
conversion
beginning in
ment awarded Fluor
issue
an
my
opinion,
ponsidering the
cyclical nature of this type of
business, Fluor Corp. has had an
exceptionally
good record over
the past 15 years or so.
With the
exception of fiscal 1959, in which
At the end of
.
61 Broadway, New
territory
such
is
plants
in
service.
ing
Nomura Securities Co., Ltd.
he
telephone
and
pretty clear
the Japanese,
as a' whole.''
you a
chemical
pow¬
branch
our
JAPANESE
having
Saline Water of the U. S. Govern¬
refineries, chemical and petro¬
oil
requirements of Brazil and 80%
The
Write
popula¬
a
than 25,000,000. Com¬
more
to
SECURITIES
1957.
cluding design and construction of
~
wires
Direct
including
situation,
water
Douglas Campbell
a
long record of
success in a number of fields in¬
L. Dewart
William
and
outlying regions having
tion of
with
pany,
o,
'
pioneers,
thorough
con¬
struction
NY 1-1557
2-0700
over
for
years, with a number of
companies actively participating,
among which Fluor Corp. occupies
a prominent position.
In the field of water purifica¬
tion
Fluor
is
one
of the
early
Corp.,
engineer¬
telephone
Exchange
Exchange
several
Fluor
an
gas,
the
of
some
field of scientific development
profits for the
and
Stock
Orleans, La.- Birmingham, Ala.
Mobile, Ala.
A
converting saline water to
water.
This has been a
potable
current year.
light
water
of
area
indicated
p o w e r,
York Stock
American
conservation, greater utilization of
existing water facilities and the
selling at
only ten times
nges.
traction
FRANCISCO
world
sci¬
of
outlined
world problems at a press confer¬
ence
in
which he discussed the
ence
service is fur¬
1-40
CHICAGO
•
PHILADELPHIA
a
Kennedy
the most
tric
Stock Exchange
Broadway, New York
WOrth
h
HAi
New
allied
areas
Members New
Members
19 Rector St., New York 6, N. Y.
to
Through sub¬
sidiaries, elec¬
Associate Member
American
and
Steiner Rouse & Co.
at
company
with
Douglas
—
re¬
sophisticated
Brussels stock
e x c
a
rather
scares
closely
Belfast
Corporation
Established.
of
Bought—Sold—Quoted
capitalizing
is
it
Corporation
Campbell,
Manager,
Research
Dept., Ladenburg,' Thalmann* &
Co., New York City. (Page 2)
which finds
companies
many
freshing
Vancouver,
New York Hanseatic
Fluor
Corporation
In this age of science,
the
stccK
market
Ltd.
York City
York Stock Exchange
Members New
Fluor
Light
Co., New
William L. Dewart,
—
Analyst, John Muir & Co., New
York City. (Page 2)
Manager, Research Dept., Ladenburg,
Exchange
perienced trading staff is in
you
N. Y.
American
Members:
Associate
Co. Ltd.
DOUGLAS CAMPBELL
DEWART
Members: Neiv York Stock
extensive wire
our
L.
John Muir & Co., New York City,
"Call HANSEATIC."
Through
Thursday, April 20, 1961
Week's
rarticipants
participate and give their reasons for favoring a particular security.
When it's
.
National Quotation Bureau
Incorporated
Established
engineering
other
processes
Continued
on
1913
con¬
for
page
16
46 Front Street
New York
4, N. Y.
Volume
A
193
Number
6048
.
.
The Commercial and Financial Chronicle
.
>
A
(1743)
Searching Look at 1961
3
CONTENTS
B.S
A
By Reuben E. Slesinger, Professor of Economics,
*
N
%D
COMPANY
...
Articles and News
^University of Pittsburgh, Pittsburgh, Pa.
;
^
l v.i
.
4
^
V
V, *
1
\
.
1 Page
'
.
THE APARTMENT
Pittsburgh economist explains why it may not be* until
what might be
before
called
1963
late
.
Today's Growth Stock Syndrome Is Tomorrow's
normal economic growth rate is re¬
a
stored—assuming no unusual defense or other outlays.
In projecting
Searching Look at 1961 and Our Economic Problems
—Reuben
He provides a sector-by-sector analysis of the econ¬
E.
*
-
absence of an incentive for
Salada-Shirriff-Horsey, Ltd.—Ira U. Cobleigh_!
'
v
Cautioning that govern¬
How
spending can be of the aspirin type, the economist favors a
Jl
unemployment relief once the economy operates properly.
that have
consid-
available
are
the effect of introducing a
erable
of
sufficient statistical evi¬
now
;
.
caution in
of
degree
of
forecasts
any
currency
"
'«
business
for
A
year
1961.
<
ago,
mildly
optimistic
for
fear of
money.
it
that
is
Dr. R. E.
labor-management rela¬
there
was
or
more
less general
the
thus,
.
the
increase
the
to
national product, standards
as
men
living, average income and
outlays by both business and con¬
the
had
production
commonplace.
in
a
rude
Trouble
in
pear
one
spots
area
began
after
to
more
Insurance
Stocks
electronics intl.
*
48
continental
8
crosbyFrom Washington Ahead of the News—Carlisle Bargeron
13
Indications of Current Business Activity
31
teletronics corp.
food fair
declining, the Re¬
less
were
Mutual
Funds__
ex¬
i
^__r
News About Banks and Bankers^-
22
properties
>
24
But, business¬
and,
than
florida capital
Observations—A. Wilfred May_____
;
5
-
Our Reporter on Governments
15
Public Utility Securities,
20
Securities Now in Registration
32
healthy, status
39
Prospective
a
Security
Offerings
Security Salesman's Corner,
Complications
Market
concerned, perhaps the most
disturbing factor last year was the
The
The State of Trade and
the
at
strike.
and
.
.
You—By Wallace
Streete
_______"17
•
Steel
1
,v".
..'
'
'
.....
Industry,,
4
>/»• "' 4
1
i
/
r
'
*
\
' I
:
■
Tax-Exempt Bond Market—Donald D. Mackey__^_«_
famous
now
mills
•
,
2
.
t
early days of 1959 when talk
steel
.
the domestic economy
first began about the
private investment
espe¬
cially for new plant and equip¬
ment, the decline in the money
gross
DIgby 4-4970
20
Security I Like Best
behavior of inventories. Inventory
dislocations really date
back to
another,
especially in the accumulation of
inventories,, the
diminution in
operated
-6
Washington and You
high levels of capacity in order
pipelines that were con¬
48
to fill the
supply and the unsettled status of
the balance of payments with gold
flowing out of the country in dis¬
turbing quantities. By mid-July
cerned
ages.
too,
over
There
that
*Article
possible future short¬
was
after
Capital Corp.
available this week.
not
general feeling,
the strike, there
a
Continued
1960, the money supply—the total
Broadway, New York 5
44
-
of
is
ap¬
J.F.ReiIIy&Co.,Inc.
spite of
The
as
■
when
required
investment, in
Inventory
So far
certain dis¬
turbing forces beginning to oper¬
ate.
and
enterprises
business expectations.
leading indicators more and
reveal
_Cover
-
Einzig: "The Extensive Market in Foreign Currency Deposits" 11
year,
evident that
present
substantially
awaken¬
came
(Editorial)
Dealer-Broker Investment Recommendations
gish behavior of the money sup¬
ply in recent months is a disturb¬
na¬
year,
It
capital, ltd.
the
ing factor and does not indicate
more
to
during
was
not
was
induce
After the first quarter of the
ing.
See
Coming Events in the Investment Field
the lower cost of money. The slug¬
-
progressed, the
for
to
become
*
<■
As the year
tion came
yet
Bank
not ready to accept the
of money as a sufficient
present,
of
not
We
were
ties
severe
impact
As
calcu¬
a
evidently, the prof¬
itability of investment opportuni¬
decline. Talk
automation
in reducing the number of avail¬
able jobs with a given level of
about
St. Louis
inducement;
for the decade. Much hope
pinned on the expanding pop¬
ulation as constituting a backdrop
was
against any
Dallas
Philadelphia
Regular Features
System tried to make money
low cost
Cleveland
Angeles
San Francisco
a-
borrowing trans¬
future marginal
pansionary efforts.
of
sumers
Los
con-,
cheaper in order to stimulate
in
made
Later
investment
serve
N.Y.
Direct Wires to
ward movement and that business
period of the fabulous
sorts of predictions
were
18
money,
stimulate
to
Diaz-Hernandez___________;
Chicago
the economy had entered a down¬
All
gross
J.
only one of the
his
decision-making
when it became
movements,
nearly universal belief
that the decade of the 1960s would
be
is
inc.
40 Exchange Place,
Teletype NY 1-1825 & 1-4844
Role
far, and
business
mackie,
&
14
easy
compensate formoney
and yield a
in
process.
was
years.
Puerto Rico's Progress and New Latin American
becomes
factors
warnings about
downward
minor
there
it
Singer, Bean
12
.
itial borrowing. The cost of money,
ably full utilization of resources.
some
some
by
shrink, the
a
Electronic Int'l Cap. Ltd.
10
will
of
cost
*
9
-
HA 2-9000
sufficient return to induce the in¬
employment and reason¬
Aside from
than
investment
Ellis
The Disturbing Facts of Our Export Position—Emile Benoit
productivity (efficiency) of their
feeling that it would reflect a high
rate
of
industrial
activity,
in¬
creased
to
actions—that the
growth,
booming
a
induced
lated risk in any
the year 1960 itself
not viewed as-one that would
Business Outlook—Ira T.
early;
was
Businessmen must take
tions. Although
Miles Samuelson
7
—
E. S. Morse
expansion by increasing
the supply,
a
fact money man¬
agers have learned long ago.
records, especially in view of the
or less-seitlecLstatus of na¬
Martin, Jr
Problems Facing Canada and Its Investment Dealers
business
Slesinger
more
demonstrate
easier
McC.
V* Frederick R. Kappel
Perhaps, the overt efforts
traction
econ¬
tionwide
inflation
supply and induce
omy
would
achieve new
was
Guy P. Harvey
U. S. Photo Supply
one
was
in this direction went too
sectors
the
when there
year
for
belief
i
supply since this
policy goals, at least
in the
general
most
its
There
optimistic
of
of
strongly
was
5
Answers to Questions About Satellite Communications
should
One
difference.
money
1960 and rath¬
1961.
End
1959.
point out, however, that the Fed-'eral Reserve System might share
some
blame
for
the
shrinking,
iness forecasts
er
Will
4-6551
Computer System
The
$3
about
or
was
the
of
most bus¬
'•were
What
billion
highly significant was
the fact that the supply was be¬
low 1959, not so much the amount
con-
ditions
checking accounts and.
outside banks — was-
bank
• around $138
billion below
'
>'
Market
Bull
Monetary Policy Alone Cannot Cure Economic Ills
W.
dences
the
—Roger W, Babson __ulp---
:
profit opportunities which can obviate the need for aspirin type
of
"By
When
WHitehall
<
YORK
,f
,
,
WALL STREET,'NEW
Telephone:
4
.'
.
..
,j
*
us.
V
dynamic fiscal policy geared in the direction of improving investment
and
Determine
to
•
■
.v.
,
Obsolete Securities Dept.
;
99
industry to invest and the need to absorb
displaced unemployed.
to
it with
<
.<
Slesinger-.-^A.^...--—---.^^-^-^.-^.—3.
omy's prospects and pinpoints as the basic problems facing us the
the hard core of the
paper
obsoletes !
Sell 'em
A
industrial output will advance only a few points above its
assumes
present level.
ment
''
'
I
Don't
those
■
Disappointment—William B. Eagleson, Jr.:__>'__:j_^____Cover
$7 billion increase in 1961's GNP to $510 billion, Professor Slesinger
a
\
V.
on
page
26
Published
Twice
Weekly
Copyright 1961 by William B. Dana
*
For many years we
have
specialized in
COMMERCIAL
The
PREFERRED STOCKS
25
U. S. Patent Office
1868
B.
Park
DANA
Place,
REctor
CLAUDE
WILLIAM
25 BROAD
New York Stock
Exchange
TELETYPE NY 1-5
Every
plete
Boston
Nashville
Newark
Chicago
Schenectady
Glens Falls
Worcester
state
issue)
statistical
Other
Chicago
SEIBERT,
April
Office:
111.
Subscription
matter Febru¬
20,
Treasurer
135
S.
Union,
in
Dominion
Canada,
Other
Editor
1961
Other
news and ad¬
Monday (com¬
market quotation
news, bank clearings,
etc.)
South
of
Countries,
La
Salle
STate
St.,
2-0613).
$65.00
per
$68.00
$72.00
per
year;
per
of
year;
W» V. FRANKEL & CO.
year.
INCORPORATED
Publications
39
Bank
$45.00
—
(Telephone
Rates
Pan-American
every
issue
city news,
3,
second-class
at
Subscriptions
in United States, U.
Possessions, Territories and Members
(general
and
corporation
and
1942,
Y.
9576
MORRISSEY,
Thursday
vertising
records,
Albany
J.
Thursday,
ST., NEW YORK 4, N. Y.
TELEPHONE HAnover 2-4300
to
SEIBERT, President
DANA
GEORGE
Members
25,
COMPANY, Publishers
New York 7, N.
2-9570
D.
as
the post office at New
York, N. Y., under the Act of March 8, 1879.
ary
WILLIAM
Founded
Reentered
FINANCIAL CHRONICLE
Reg.
Spencer Trask & Co.
Company
and
and
Note—On
the
rate
Quotation
year.
per
Record — Monthly,
(Foreign Postage extra).
account
of
of
foreign
subscriptions
must
made
be
the
exchange,
in
New
and
fluctuations
remittances
WHitehall
3-6633
in
for
advertisements
York funds.
BROADWAY, NEW YORK 6
Teletype NY 1-4040 &
1-3540
4
The Commercial and Financial Chronicle
(1744)
of
Salada-Shirriff-Horsey, Ltd.
review of
swift
company
a
the
that by mergers, by introduction of
imaginative new food products and by managerial competence has
the
of
juice
and, SSH,
A Rus¬
travelled
17,000
jet across country in
than five hours; and dinners
cludes
This is
world of speed.
a
has
sian
just
M. P. H.; we
less
milady
that used to take hours for
to
be whisked
now
can
prepare
dining room table in a
matter of minutes—thanks to in¬
the
onto
That's where SaladaShirriff-Horsey,
Ltd. comes
in.
This
Canadian based enterprise
stant foods.
moving rapidly ahead in
has been
"instant" products and now
these
mashed
out
turns
will fluff in
a
that
potatoes
trice, Shrimp New-
burg that reaches serving perfec¬
tion after six minutes of boiling
in the
plastic bag it comes in, in¬
puddings for dessert, tea
comes
immediately to life
stant
that
adding boiling water,
and fruit juices that become full
bodied from tiny crystals by the
application of tap water.
merely
by
These
SSH today
of
of the products
some
are
and only quite re¬
cently have all the divisions that
make
these
many
functional
foods
been
roof.
brought
under
one
company
the
1955
In
first
offered its shares to the public as
In 1956 the
Shirriff-Horsey, Ltd.
Canadian
panies
were
American
and
of
Salada
com¬
Company
Tea
assimilated into the corpora¬
line
brand
smartly
a
instant
of
name
in¬
merchandised
puddings
(six
flavors), fruit jellies, jelly des¬
serts, pie fillings, vanilla extract
and sundae toppings. The newest,
and probably
most rapidly grow¬
ing item in the "Shirriff" product
Mashed
"Instant
pre-cooked
is
line,
Flakes."
Potato
Produc¬
tion of this
fluffy food line began
in
late
1959.
Response was so
eager
that
original
production
already
been
doubled. "Shirriff" is making the
has
capacity
obsolete as the
buggy whip. Supplementary con¬
venience potato products include
"Shirriff Au Gratin, Scalloped and
potato masher
as
Sliced Potatoes."
>
Branching into the snack food
industry SSH acquired, in late
1960,
Made-Rite
Potato
Chips
Limited, and Watson Food Prod¬
ucts, Ltd., and now does a thriv¬
ing potato chip business under the
Made-Rite
An
labels.
Watson's
and
bright future
lies ahead of SSH in its develop¬
exceedingly
ment, promotion and sale of pure
instant citrus juice crystals. These
are
the end result of years
search
of
involving
millions
of
of re¬
expenditure
the
and
dollars
the
myriad of ob¬
stacles. Today, simply by stirring
overcoming
of
juice
crystals
into water, it is possible to deliver
cialists in citrus fruit concentrates
ar
dehydrated
pure
citrus
juice with 96% of the
All of these expan¬ Vitamin
"C"
content
of
fresh
dynamism to the fruit. 'This process has been ac¬
company and set the stage for a
claimed as' the third major his¬
sustained rise in earning power toric
break-through in the con¬
and in corporate stature.
Today centration of citrus fruits. Crys¬
SSH sales are running well over tals
weigh but l/7th as much as
$50
million
annually
and
the canned juices and only half as
company's common stock is now much as equivalent frozen con¬
the valued possession of over 7,000 centrates.
was
is
at
last
fabulous
a
It
All
Makes
might be
SSH
Company Tick?
good idea to
a
re¬
view
briefly the plants and prod¬
ucts
which
the
enterprise.
important
tire
as
contributed
motion
forward
mated
now
have
and
of
this
Tea
the
to
ani¬
is
most
Salada
brand
suplies one-third of the
Canadian
market
and
en¬
ranks
the number three brand in the
(through Plant Industries,
of instant citrus fruit
crystals, and
market of excis¬
a
ing dimensions. The problem of
supplying
many
areas
of
the
world
where
ments
are
Vitamin
"C"
nutritionally
ele¬
needed,
but where citrus resources, trans¬
portation
and
refrigeration
lacking, has
Seaboard.
crystals makes them ideal for
and
area
Salada
Expansion of the sales
the
rising popularity of
Instant
Tea
point
to
stimulated
future
from
revenues
tea.
"Junket"
known
name
a
is
brand
the
broad
extremely well
an
name.
company
line
of
Under
this
manufactures
instant
desserts,
gelatines, cake frostings and fudge
mixes. s
now
convenience
compact
are
been solved. The
ward
of
1960
controlling
dustries,
SSH
interest
Inc.,
the
acquired the
in Plant In¬
sole
processor
for¬
abroad. In fiscal 1960 SSH adver¬
tising appeared in 190 magazines,
and supplements,
newspapers
livering
million
360
over
de¬
adver¬
tising messages.
>
Financially
strated
Sales
of
in
unem¬
annually
the
Clearings for Apr. 15 Week
Were
1.1% Above Corresponding
1960
Week
Bank clearings last week showed
increase compared with a year
an
Preliminary figures compiled
Chronicle, based on tele¬
ago.
the
by
graphic
advices
from
the
chief
cities of the country, indicate that
the
for
ended
week
Saturday,
April 15, clearings from all
of
it
is
United
the
States
possible
from
pities
which
obtain
to
weekly
clearings was 1.1% above those
the corresponding week last
activity.
turing
for
over
1960.
Over
past
earnings
net
years
the
$2
have
facturers
sheet
Balance
is
excellent
position
with
of
current
SSH
assets
at the end of fiscal year (9/30/60)
of
million
$14.6
liabilities
Funded
of
debt
against
only
of less
lion is followed by
shares
Stock
$5.1
listed
current
amounted
million,
than
on
the
Toronto
of
the
steadily
rising
capita income in the U. S.
Canada, and the surging de¬
mand for convenience
food, it
ap¬
that Salada-Shirriff-Horsey,
placed in an industry
pears
Ltd. is well
with
above
average growth
Coming from relative
obscurity six years ago SSH has
way
potentials.
attracted
substantial investment
a
following
both sides of the St.
Although the shares
are selling around a new high
at
I8V2, the equity is quoted at only
on
net
indicated
1961
earnings of $1
these
days
of
per
in
monthly
the
This
fourth
romantic
strongly
data
reveal
received
increased
the
had
rise
a
in
order
new
you
the
reach
may
Salada is
of tea.
by manufacturers
$600 million for
Strength since February in
been
elected
Hooker
&
a
Fay
Inc.,
the
New
Stock
York
and
Pacific
LAKEWOOD, Colo.—Shaw, Bauer
and Company, Inc. has opened a
branch office at 1480 Hoyt Street,
W.
the
Wright.
management
of
John
Will
—
787,322
for
0.2
+
April Looks
the
Be
2.4
Best
1961 Month
Demand for steel
taken
to have
seems
real
buoyancy for the
first time in the upturn, The Iron
Age notes. And if this situation
on
continues,
the
in steel
comeback
operations could begin to feed on
itself, further adding to the pickup.
So
ih
far, gains
statistics
from
steel
strip
orders,
vanized
in
comments
executives.
and
Sheet
highlighted
by gal¬
tinplate, provide en¬
and
so
apparent
are more
than
To
a
limited
more
do structurals. But bars,
either
volume
period,
and
sales
new-car
quickened
make
the
pre-
the
of
pace
March
considerably,
prompt¬
to
manufacturers
substantial
ments
good
during
automobile
ing
a
in
business
of
Easter
upward
adjust¬
second-quarter
in
schedules
to
step
up
pur¬
is
already
In
the
benefiting
latter
half
of
from
production
March
resumed
the
this.
ingot
upward
executives
But
these
tion
evidence will
More
seen
as
to warrant
a
have
firm
to
be
judgment
to the probable strength of
A
covery.
consensus
seems
the
magazine
facts
to
be
points
parable
10%
March
the
over
position
Because of fewer shipping
days, the total gain is expected to
be
less
(2)
are
than
10%, however.
May orders for
10%
or
(3)
Rate
been
now.
Order
more
solid
of
above
of
the
intake
order
60%
for
has
flow
than
is
four
described
them.
such
specific
Frequently
times
areas
often
and
is
do
of likely
not
find
overlooked
the
inherent
at
be
ten¬
self-feeding.
plant and equipment
are
substan¬
tially overbuilt and that hence
no
support can
be
ex¬
pected from business investment.
to
tivity
Current
ever,
the
at
current
last
levels
business
production
are
Some
a
week,
based
on
over
1960
•
other
matter
of
tial.
But
have
their
factors
promise
they
will
effect
the national
on
largely
are
and
poten¬
undoubtedly
the
market,
metalworking weekly
says.
The big worry this time is that
relation
last
as
before.
ever
capacity.
the
weeks
(4) Steel operations moved
when
on
mills
some
ahead
more
April position.
59%
concentrate
com¬
for some
mills.
the view at the end of recessions,
people
to
over-all situa¬
Orders for April shipments
running
re¬
forming that the upturn will be
relatively slow. This is typically
the
on
impressive—
as
(1)
are
year
in
discouraging bull¬
are
ish talk.
trend that had begun early in the
but was interrupted briefly
February and early March.
and
other heavy steels are
spotty or responding slug¬
gishly to the upturn and sales
output
and
chases of materials. Steel activity
in
Shaw, Bauer Branch
under
Like It
wire
did
stores
output but also in relation to
JAPAN
■>
.
788,516
Production
Department
Capacity does look large, not only
Exchanges.
+31.6
extent,
order
Montgomery Street, members significant
Coast
+28.6
i865,000
1,138,000..
,
manufacturers'
to
Vice-
1,044,799
Boston
Steel
%
1,343,566
___
Philadelphia.
N
1960
$15,339,991
couragement.
FRANCISCO, Calif.—Alfred
of
re¬
that
experience
dency of recoveries, once initiated,
Of Hooker Fay
1961
$14,975,601
tail trade indicates moreover,
search for
Alfred Dau V.-P.
r-—(000s omitted)
York—
Chicago
and
previous attrition in backlogs.
strength
has
or¬
slightly exceeded
the volume of shipments, which
also rose. This brought to a halt
the
follows:
as
April 15—
New
that
already
almost
month
was
suggests
point early this year
they did not wish to cut
much
further.
February
also
ters
retrench¬
of
a
ap¬
larly frightening. In any event, if
you look further into this lively
Dau
Our comparative sum¬
for the leading money cen¬
quarter
placements. The total of
share.
a
praisals of growth stocks, such a
multiple does not seem particu¬
M.
than
same
Lawrence.
times
1960.
probably has remained favorable.
Exchange.
Because
the
roughly
average
stocks
$9 mil¬
com¬
less
to
manufacturers
million.
2,100,000
in¬
February,
in January but much less than
ders
doubled.
In
ventory liquidation by all manu¬
1960.
steadily
1956 to
in
Week Ending
ment
in
premliminary
totals
at
$27,534,357,941
against
$27,224,904,487 for the same week
conditions that underlie manufac¬
the
advanced
Our
mary
where
has
1958
for
other sign has been further
evidence of improvement in the
income
$400,000
the
Probably more heartening than
reached
from
in
was
any
$50 mil¬
rise
of
over
and
it
as
recovery.
as
YAMAICHI SECURITIES CO., LTD.
slow,
earnings has been impressive. Net
of
COrtlandt 7-5680
is
upturn
an
the first. Employment and
motion.
forward
well
now
are
lion
211
BROADWAY, NEW YORK 6
that
sure
making, but the signs are
sufficiently encouraging to justify
the working hypothesis that gross
national product and most of the
other
key measures of activity
will be somewhat higher in the
demon¬
has
SSH
lot
a
President
111
the
$100
Financial Condition
Strong
SAN
TOKYO,
in
different appearance.
Rank
stand
your cup
Affiliate of
solutely
are
output
of
is
It
figures
weekly
its
run
much
modest
improve¬
too early to be ab¬
suggestive
ment.
while
February,
by
recent
recovery
in this view, the capacityrelation
would
have
a
year.
conclusion that possibly
Brokers and Investment Bankers
defined
1959-60
course,
be
enterprise,
YORK, INC.
a
the
expansion then under
nipped short of flower
by the confluence of steel strike,
abrupt shift from deficit to sur¬
plus in the Federal budget, and
restrictive monetary policy. Had
though reduction in the latter may
been smart and aggressive
merchandising. Advertising
and promotion have been exten¬
sively cond u c ted throughout
Canada, the United States, in the
Caribbean area, and, increasingly,
In
of NEW
only with
the
was
its
share
YAMAICHI SECURITIES COMPANY
available
are
data,
monthly
Comprehensive
in 1959-60 also may be
that
has
18V2
Japanese Securities
Failures
Commodity Price Index
way
in
submarines, camp¬
ing trips and expeditions. Broad
uses
are found
among heavy de¬
mand buyers—the military serv¬
ices, hospitals, hotels and res¬
taurants, big industrial and
During
Business
Index
considered misleading if it is held
it
and
buyers.
number of observers to that view.
of output
ployment figures should begin to
look
better
in
that period,
al¬
citrus
airplanes,
a
second quarter of the year than
the basis of the diversity
of its products but
on
its course,
considerable
run
lag, show that the tendency
toward
stabilization
was
fairly
and excellence
per
institutional
SSH moved
has
enlisted
has
well
use
on
recession
and
more
mon
United States, although it is only
merchandised along the Atlantic
the
time
an
constantly at work on new
which fit into its total
merchandising plans. At a Re¬
search and Development Centre atLittle Falls, N. Y., new foods are
constantly being ideated, tested
and perfected. And, of course, the
company
is exceedingly merger
minded, and may well acquire, as
it has in the past, other companies
with compatible product lines.
million
Alone
.
which
diverse
has
monthly
strengthened the (impression that
Shrimps,
only
Survey
by
Morgan
Guaranty Trust Co. of New York
reveals that the parade of statis¬
tics
over
the
past' month
has
products
Inc.) is the world's only producer
has, before it,
and Harbor House
Guaranty
Morgan
published
is
four
What
The
food
products
interesting and at¬
tractive inventory. SSH, however,
Not
Price
Production
posi¬
a
product with
a
or
•These
Food
TRADE and INDUSTRY
potential demand.
represent
Trade
Auto
Shrimp Creole,
Newburg, all packaged
in plastic bags for almost effort¬
less preparation and serving. ;
new
stockholders.
on
under the SEA,
Curry
Retail
The State of
Rounding out the line of in¬
stant, or swiftly prepared foods
is the SEA division, turning out
brands,
Output
Carloadings
reality
a
Production
Electric
the exclusive pioneer
as
tion to cash in
merged.
sions added
Steel
a
tion; in 1958 the "Junket" Brand
was acquired; and
in 1960 Plant Industries, Inc. spe¬
Foods division
Thursday, April 20, 1961
orange
in this field seems now in
"Shirriff"
The
.
City,
and
grapefruit district of Florida, the
orange
rapidly expanded its sales and profitability.
.
crystals. At Plant
heart
company's
plant
is
humming,
turning the juice of 30 million
oranges
into
about
a
million
pounds of crystals a year. Instant
By Dr. Ira U. Cobleigh, Enterprise Economist
A
citrus
in
.
recession
levels,
levels
of
A large Midwest mill notes, for
example, that instead of orders
being cut back as in previous
months, it has received no cut¬
backs
how¬
and
therefore not really relevant. Re¬
lating present capacity to the level
cancellations
so
in
as
April.
though it
far in 1961.
Steel service centers
ac¬
peak.
or
And this month looks
will be the best
are
watch¬
ing mill sheet delivery ^schedules
closely. They don't want to be
caught short in the event there is
a
stretchout in
delivery
Some
have
already
Continued
promises.
stepped-up
on
page
29
*
Volume
193
Number
6048
.
.
The Commercial and Financial
.
Chronicle
(1745)
published and actively distributed
by
the
American
Paramount
Record Corporation.
OBSERVATIONS...
BY
A.
WILFRED
MAY
So
has
appealing
feeding
this
During
stered
SOPHISTICATES AND
become - that
(apparent¬
ly becoming a bit egg-heady; viz.
his
current
article
in
Playboy
torrent
of
huck¬
market hokum
distribution
ORDERS
-
(with
complained
as
old
"draw
down"
roulette,
craps,
of
the
winnings in
ponies,
mar¬
in
it just doesn't work, for either the
offensive,
long-term investor
ordered
tion
bles, etc.; but in the stock market
the SEC-J. M. Landis anti-adviser
dled),
the
and
million
sell
otherwise
as
dollar
surely
the
of
ped¬
author abstaining from
any
System
should
week's
Oscar
get
Hard¬
of
one
awards
(along
with
Elizabeth
Taylor,
Shirley
Jones, Zero Mostel et al).
Our
nominee
Burton
ship
in
Crane,
of
this
for
THE
INVESTOR
is
area
his
author¬
SOPHISTICATED
(Simon
ter, New York; 273
$3.95).
Originally
Schus¬
and
pp.,
index;
w.
published
in
April, 1959, the book is now going
into its eighth
printing.
In
lieu
of
enticing you with
get-rich-quick
author's
an
gimmick,
is
ness
pet
this
volume's
educational
Times, with one of his
stints comprising round-the-clock
phone inquiries
to
the
Street's
analysts, eminently qualifies him
reporting.
Popular
a
The
objectivity is sig¬
in
his
edi¬
tion-to-edition modification of his
of
use
we included a chart
demonstrating
that,
during the 1825% rise
typically,
in
Minnesota
the
holder
the
Mining
knocked
tion
the
that
—when
That
he
invested
posi¬
intervening
author
his
we
the
used
Thiokol
decided
is, the
been
short-term,
the
best—in
1949,
stop-loss
have
the
of
Over
showed
stop
of his
each
years.
to
would
cut
in
since
addicted
"insurance"
killing
to
not
it.
use
occasion he real¬
one
ized that, unfortunately, you
have
Chasers'
Trend
can't
it too.
cake and eat
your
We
hope
deem
Tranquillizer
trend
those
even
really
in
holding
formal
a
sell
or
definite
stock
a
stop-order
the
getting
emotional
cheap
of
purpose
back¬
stop. Adviser George Schaefer,
explained
"How
I
sells
his
in
current
Helped More Than 10,000
Profit
in
if
after
to
stock
a
and
just [?]
advance.
Stocks!"
it
50% of its
proof
dictment?)
pre¬
order
"at
the
to
Crane's
of
THE
VESTOR back in November,
1910,
plac¬
broker to
stated
a
price. A
Investment
abandoned
the conventional
to have
recordings' cover in two col¬
captioned ('STOCK MARKET
ors,
PROFITS
For the
—
Investor—Learn
ing
secrets
of the
mak¬
money
Start
pros.
million
second
your
Sophisticated
the
photographed pair
holding—yes—a piece of
ticker
tape
with
symbols
and
prices (GR—57y4 CY— 43%
).
of hands
of play¬
ing
the
and
then, most notably when too
market
falls
speculators
down
and
presentation.
Included in the thorough
graph treatment
trying
to
many
not
and, in the language of the Street,
investment) device which has
been
becoming
tant
even more impor¬
feeding the market boom,
in
via
both
the
ticker
and
the
May
1959
the
Exchange
has banned the placing of
Stop
Orders in the following issues, "in
view
of
conditions which exist in
[their] markets": Thiokol, Studebaker-Packard, American Motors,
NAFI, Standard Kollsman, Lionel
TelAutograph, Comptometer, Bal¬
timore & Ohio, and Brunswick.
And
just this week the Ameri¬
Stock
can
its
Exchange
permanent
Round
next
announced
banning
of
all
Sell Stop
Orders, effective
(April 24).
Monday
infinitely
than
the
greater
impact
Exchange's
in¬
Stock
formational
literature
has
been
the
best-selling How-To book by
the
itinerant
dancer,
Nicolas
Darvas.
As
of the
one
twin
tech¬
niques for knocking off the
ket
millions
(the
other
mar¬
being
choreographic variations of timebreak
worn
oat
-
"signalling,"
this maestro "techno-fundamentalist"
offers
"trailing stop-loss in¬
surance."
amateurs
enticing
*The
"A
variation
of
its
Guide
even
ORDER"
for
the
this
trader's
such
market
the
then
in
another
the
bettor's
Exchange in the
September, 1958,
informational
STOP
exert
just
of
Stock
issued
1950s
"THE
While
this
New York
calmer
me
is
brochures
with
the
Careful
gadget
Investor."
did
ccmmotim
Exchange's
on
subtitle,
not
as
dubbing
then
of
set,
principle
price-
is
that
makes
devised
the
reduction
a
it
on
less—not
in
nonsensical
an
issue's
more—attrac¬
tive!
More of that "don't-argue-with-thetape" credo—perhaps valid for the specu¬
lator, but surely having no relevance to
investment
under
any
definition.
set
Mr.
your
courageously
morning at the
you
the
next
market.
No
fooling
may
stop.'
you
out
sell
I suggest that
opening
tion
of
earnings
record
of
so
crush
"growth" issues; the performance
the
"Biggest
Stocks"
(Blue
of
Chip-ism); the effect of
mergers,
etc.
sis
sis-
sis
even
truly,
more
phisticated
author
by
via
So¬
a
Sophisti¬
cated merchandisers.
in
And
making
contribution
the
substantial
a
the
to
individual
education
investor,
of
they
Mr.
Crane's
lucid
Growth
concept,
including the mythology; Formula
Plans; the Funds; and even some
constructive
your
how-to-ism
the
truly
"speculative"
proves
a
classification
should be so accepted. For it is
badly needed for the constructive
education
which
is
of
in
with
fuddy
-
business
change);
profits
Old
such
Era
old
as
-
of
bore¬
income
and
by
the
rather
than
Stock
the
Ex¬
more
tracking down of market
(if not always "killings").
Spoon-Fed
captured
six
and
activity.
the
degree
There
both
in
I
is
a
these
of
culmination of
.
.
like
of
market
steady
rise
the
preceding
bull market.
a
to
watch
the
(4) A prolonged period of tight
with low bond prices and
large stock transactions usually
the
termination
of
a
pre¬
reform
Of course now, with
Kennedy attempting to
President
control
the
situation
is
money
not
so
market, this
significant.
some
market
time
the
before
.
bull
culminates,"this does not
that the stocks you hold will
mean
go
,
up
any
further. Therefore the
of New
table
Lows
which
appear
daily newspapers should be
and compared with the
general averages.
.
Bond
To Admit Partner
Prices
ment in
the
on
front
of your daily
newspaper's city
newspaper.
the
editor determines
York
Stock
Exchange,
May 1st will admit Luke J.
O'Shaughnessy and Alphonse C.
on
Fattoruso to partnership. Mr. Fatis the firm's office mana¬
market
front
page
The
when
the stock
should appear on the
news
It is always well to
be acquainted with that man and
pagp.
toruso
find
ger.
holdings.
he
how
out
stands
and
Planning
a
Planning Corporation of
York
branches:
Myers,
ment
has
at
opened
three
Broadway, Ft.
under the manage¬
Fla.,
Morris
of
Herman; at 792
Imperial Drive, Largo, Fla., under
the direction of Otha
at
1040
Jerrold
ing to sell, enter
a
a
fair
rule,
are
As
is
worth watching.
bonds
long
falling,
begin
the
as
there
As
decline
to
yields
bond
need
fear
of
the
bull
be
little
market's
culmi¬
large
brokerage
balance
orders
the
(8) All the talk about mergers,
etc.,
houses
relative
always
number
buy or sell and the
prices at which the orders are to
be
As
executed.
these
brokers
notes, when they go out
to
lunch, the game is stacked
against those who are depending
on
"fixed" selling orders.
Conclusion: In the long run, we
must not forget Sir Isaac Newton's
"Law
Action
of
Reaction"
and
pronounced in 1687 and translated
into
English in 1729. Since the be¬
time,
has
every
period of
too
gone
has been followed by a
reaction.
When
we
Author
educational.
Company
were
—
nas
so
WAYS
doing. FINALLY, ALPREPARED
BE
SOME
SUCH
AN
EVENT
under
the
direction
of
J.
USUALLY
MARKS THE IMMEDIATE CUL¬
MINATION
OF
A
Sedgewick Named
By W. C. Pitfield
MONTREAL, Canada—W. C. Pitfield & Company,
James
should
be
Street,
the
Sedgewick
as
Limited, 235 St.
West,
election
has
of
Executive
President and Director.
1870
L.
Jones.
Clientele
Crane's
invest¬
Reproduced
long-playing records, they
on
are
Correspondents inprincipal cities
(Special to The Financial Chronicle)
LOS
ANGELES,
Homme
has
Calif.—John
added
been
to
H.
3324
Wilshire
merly
with
Blvd.
He
was
throughout the United States and Canqda
the
staff of Shearson, Hammill & Co.,
for¬
Dempsey-Tegeler
&
UNDERWRITERS AND DISTRIBUTORS
OF INVESTMENT SECURITIES
Company.
Don I. Gole Opens
WOOSTER, Ohio—Don I. Cole is
conducting
a
securities
business
from offices at 234 North Buckeye
Street,
under
Don I. Cole &
the
firm
Company.
name
of
MAR¬
BULL
KET.
a
Shearson, Hammill Adds
FOR
EVENT.
UNEXPECTED
branch office at 330 East Netlleton
St.,
the
basis,
Trulock &
opened
on
the
investor
could
forecast this change; but now we
are
on
a
political basis instead.
President Kennedy, the
Federal
Reserve, and Congress can extend
the present, bull market—but they
are simply delaying the final evil
gold
under the direction of
Inc.,
and
far
period of
Goldstein.
JONESBORO, Ark.
of
to
nounced
nating.
consolidations,
order to sell
an
market," rather than at
fixed price. Remember that the
Jordan; and
Ave., Irving-
Springfield
ton, N. J.,
bonds
new
1521
should not be too anxious
you
with his
(7) The relation between stocks
Financial
ing,
to get out at the top. When decid¬
day by
move¬
the stock market appears
Bernard, Winkler & Co., 50 Broad¬
way, New York City, members of
New
Prices
Stock
vs.
(6)| Never wait until the
make up your mind
you
ginning
Although
the
Dow-Jones
prosperity
Averages may continue to go up
in the
\
When
that the bull market is culminat¬
(5)
for
a
the stock will sell off.
compare
money
to
a
large stock¬
signal that
a
holder, this is usually
"at
pub¬
Stock Prices and Money Rates
Bernard, Winkler
fashioned
Fortunately, in view of its so
popular applicability to languagelearning, gardening, etc. etc., the
phonograph recording book has
ment
.
signals that
culminating. In the
of the death of
case
in
items about consolida¬
be good
community,
ownership
(and surely
"people's capitalism" piil
prescribed
zestful
an
the
duddies
with the
market
are selling out.
(2) I watch the level of brokers'
loans
good
Hence,
mergers.
Trulock Branch Opened
book
useful
classic speculative
guide.
Although possibly not appreciated
as
a
compliment by the author,
our
bull
a
good,
interested
about
taxes. •]'
Thus,
the
watched
New
non-technical,
cover
trading tips (all 57 varieties) from
the Big Boys; the Systems and
charts of every kind; those Sig¬
me
of
or
bull market is
that the insiders
first.
other explanations,
whole
of
are
Branches
and
that
distasteful
legislation!
a.m.?"
Coverage
to
end
bull market.
recording
a
Sophisticated Investor"—
Financial
Broad
the
points
dodge the
excited orders
of
news
may
means
But
around.
these
tions
begins to decline, it
that we are nearing
of
earning
not
are
shareholders of the larger cor¬
When the number of
shareholders
called
-
Naturally, the directors
company are in the best position
to get earnings news. As
long as
the
company
is
consolidations
ing by members of the New York
Stock Exchange. When it is 6% or
more, the stock market is in a
vulnerable position.
compound interest pay¬
the
actual
year-to-year
ments;
you
by selling after 11:00
as
use
Magee
your
have
you
brains
time I sug¬
a
head. Then, when
stock closes below the mark
your
its
surely
Order's
their
have
would
in
stops
stop
on
now;
"careful
[sic]
investors" was
engaging in "investment" sanctity
stretching.
Investment-wise;, the
Stop
users
piles
get
'John
the
gest
dom
only
Not
;
are
stop
kicked out.' At such
nals;
Spreading the Gospel
Of
'the
Then
Magee
"literature."*
Since
it.
use
Street Statistics
lished percentage of total borrow¬
topics: the effect of mar¬
gin cuts; the impact and calcula¬
read.
directors
phono¬
versial
delay the expected
money and its prospects are
these contro¬
are
than
more
(1) I like to notice the number
(3)
now
highlights this recently emerged
importance of speculative (surely
important
an
.
ing
the
content
reveals,
most
commendably, a remarkably thor¬
ough and serious tenor of facts
..'"This
Mr. Crane's open-mindness here
.
.
Remarkably then in contrast to
this glamorous exterior, audition¬
by having another lot sell at the
given price.)
mechanical way
offer
Watch Wall
of
ventive
and offered
following timely amendment:
and
conclusion.
porations.
furthering the most effective
or
on
a
the
price
market,
final
legends
ing of I market Stops,
fixed
a
After my 50 years of study of„the
stock market, I tender a list of
signs for the culmination of a bull
worrying about your first!" Cen¬
tered between these so-glamorous
are
do
can
—barring the unexpected.
stop
now,
better after the order is "elected"
at
and doubts governmental action
Public
printing
STOP-LIMIT Order, more cautious
and less frequently
used, tells the
Babson provides the answer to
this elusive
mystery.
He sets
eight signs that signal when a bull market will
culminate; advises
selling at a fair market" rather than a fixed
price when getting out;
up
age. It was felt necessary
and
he, fortunately,
Mr. Crane in the seventh
Mr.
edifica¬
disciples.
unending
the
IN¬
when it reaches
the
End
By Roger W. Babson
Relations controversy, is the mas¬
terful merchandising of this pack¬
for "the
Flexibility
No doctrinnalre
buy
market"
for
sets
his
Surely—a book and
/
.
Mr.
has
(Reductio ad abof our overall in¬
surdum
market
as
tome,
SOPHISTICATED
sell
,
Significant to the consideration
the
Dow-Theorists,
the
use
technique—with
a
not
including
chasers,
elite
also
does
reader
esoteric
too
us
the
that
the
STOP-ORDER, ,(A STOP ORDER
is
200
of
.
re-traced
manifested
"Observations" of
table
vious
author's
suggested
and
Investors
Speculative
Gadget
nificantly
(In
the
on
New York
for his objective book
trader.
the in-and-
or
Aug. 25, 1960,
understand¬
ing of the various popular market
techniques as practiced by all the
leading experts. Mr. Crane's job
as
daily market columnist of the
Handling
out
How-To-
concentrated
reader's
The Bull Market Will
technique
magazine) is reported to have just
today's
stock
STOP
How to Determine When
spoon¬
billionaire Paul Getty
OF
5
Dominick
&
Dominick
Members New York, American & Toronto Stock Exchanges
14 WALL STREET
NEW YORK
an¬
K.
M.
Vice-
6
(1746)
The Commercial and Financial Chronicle
'
santly
TAX-EXEMPT BOND MARKET
at
it
work
that, by the
develop
months, the
may
summer
Federal Reserve will have
By DONALD D. MACKEY
plished
balanced
during the early part of this
municipal bond
seemingly
and
state
developed
ing in an
withstood
has
market
adverse bond market factors dur¬
year
of overpric¬
chain reaction.
pattern
a
almost
million, which is a relatively nor¬
suddenly the situation has
changed and a condition of oversupply has been generated.- As a
result, this segment of the bond
market has been upset and pric¬
ing technique has temporarily at
mal amount for this time of year.
least
The
evaluate
inventory situation, although
heavy ($417,876,000 Blue List state
and municipal total as of April 20),
ket
the
as
ently
and
unrealistic
This
meas¬
the
to
to
of
many
has
situation
our
been
conta¬
by
than
them
of
most
as
fluctua¬
supply
temporary
caused
*
half
sold
Yield
timing,
the
municipal
market
price
level is in
usually
have
U.
S.
investors
have
been
Index
been
the
Treasury
moderate
Financial
in
far
Commercial and
Chronicle's
Reserve in its
over-all monetary and open mar¬
ket
A
Federal
Since last Feb¬
ruary,
the Federal Reserve has
been particularly active in Treas¬
ury note and bond issues and has
operations.
maintained
bond market
government
exerting
general
a,,
There
market
orderly
thoroughly
a
has
well
as
monetary
been
and bond issues/This stability
to
keep the general
level of state,
bonds
porate
As
municipal and
have
we
least
at
has
price
cor¬
stable.
frequently pointed
bond
been
priced
the
indicate
and
large,
state
price rela¬
have been orderly and
consistent through the past few
this
format.
On
April
an
gain
market
average
a
three-quarters
point. In partial explanation
this
market
said
be
that
seasonal
anomaly,
general
as
it
may
well
as
improvement in toll road
is
revenues
substantial
a
factor.
tionships
in
months
the
of
manner
Corporates Depress Municipals
the corporate bond market
ments
in
cently
Foreign
broad
a
become
develop¬
have
way
a
bond
re¬
market
negative..
As
to
less
the
in
corporate market, an
light
supply
MARKET ON
of
months
ahead.
New
issue
volume, both municipal and
corporate, will be relatively heavy
least
at
into
the
imponderables
The
summer.
deriving from
in¬
ternational politics will constitute
a
constant
bond
same
issues
pressure
toward lower
prices.
Improving business
gradual pressure in the
will exert
the
unusually
volume
direction;
With
all
of
by
the syndicate man¬
Wells Fargo Bank
by
the
American
Trust
&
Co.,
Illinois
bonds
in
remain
inces¬
Maturity
Bid
3%%
1978-1980
3.75%
3.65%
3%%
1980-1982
3.35%
3.25%
3Ys%
New Housing Auth. (N.
Los Angeles, Calif.__
3Vz%
....
3%
1978-1980
3.30%
3.20%
3%
1978-1979
3.30%
3.15%
3%%
1974-1975
Cincinnati, Ohio
Orleans, La
Chicago, 111.
1978-1979
3.20%
3.05%
1977-1980
3.40%
3.30%
3%%
Baltimore, Md.
3.00%
1978-1980' 3.75%
3.60%
3Y4%
Y., N. Y.)
3.10%
1980
3.30%
3.40%
3y2%
3.40%
3.30%
1979
3.70%
3.55%
3y4%
1977
3.70%
3.55%
3%
New York City, N. Y
1980
3Y4%
New
1980
3.55%
3.50%
(1971-1991)
by
Co.
the
the
to
the
aged
Trust
Morgan
3.70%
for
&
erating
Initial
3.60s.
reception
in
Co.,
has
been
the
and
investor
slow
in gen¬
present
balance
$2,329,000.
School District No. 4 also
Obligations)
AND
MUNICIPAL BONDS
of
recently
postponed.
came
to
awarded to the group managed by
included
Ripley &
Co., Inc. and
the underwriters
Brothers,
Smith,
among
Lehman
were
Parney & Co., and the Mercantile
Trust Co.
Scaled to yield from
1.75%
3.85%
to
for
City, New Jersey
City, Okla
Owossj, Michigan
Public
Housing
Administration,
Washington, D. C
Suffolk County, New York.
Wilton, Connecticut
RHODES-HAVERTY BLDG.
JAckson
ATLANTA 3,
1-0316
1962-1980
1963-1981
Noon
,
Noon
3:00 p.m.
1962-1981
1982-2001
1982-1986
Noon
3:00 p.m.
10:00 a.m.
3.70s,
the
-
—
p.m.
p.m.
p.m.
5,000,000
1,000,000
5,000,000
April 25 (Tuesday)
Alvin
2,250,000
1982-1976
8:00
p.m.
2,428,000
1961-1989
1:00
p.m.
1,250,000
1,400,000
1,250,000
1,000,000
3,000,000
School Districts, Texas
1963-1969
1962-1981
1962-1979.
1961-1975
1961-1991
1962-1989
1970-1978
Babylon Union Free Scnool District
No.
9, New York
Commanche
Independent
County
-'School District No. 8, Okla
Easthampton, Mass.
Granville
County,
Carolina
North
Guaynabo, Puerto Rico______
Indiana
Indiana
University,
2,255,000
Hempstead, New York
Oregon
(State
Oregon
State
Education,
of)
30,000,000
,_
Higher
of
Board
!
.
.
Noon
10:00 a.m.
10:30a.m.
9:00
1964-1991
9:00 a.m.
1963-1984
8:00
April 26 (Wednesday)
Edison Township,
County,
Henry
Isle
New Jersey
3,050,000
1,000,000
j
Va
of
1,000,000
2,500,000
Wight, Va.
Lane County Sch. Dist. No. 4, Ore.
Michigan
Paoli Area School Authority, Pa.__
Tennessee (State of)
_
a.m.
.
7,300,000
Oregon
1:00p.m.
11:00 a.m.
11:00 a.m.
25,000,000
3,850,000
15,600,000
;
,
'
p.m.
1961-1980
1961-1980
1962-1981
1962-1986
1962-1986
Noon
Noon
j
4:00 p.m.
1963-1981
11:00
8:00
11:00
a.m.
a.m.
p.m.
bonds met with excellent investor
remain in account.
Tuesday,
April 27 (Thursday)
Berlin-Boylston
April
Logansport, Ind. came to market with
33,400,000 electric utility revenue
bonds due 1964-1981. The highest
bid
submitted
was
cate
by the syndi¬
Securities
&
and
Co.
Jackson
April
on
Louisiana
were
managed
18,
$3,400,000
Weld & Co.
bidding. Among
Goodbody
in
the
a.m.
1,000,000
St.
Mic dlesex
1962-1986
11:00 a.m.
District, N. J.__
1,011,000
1962-1981
'8:00
p.m.
4,510,000
1962-1980
10:00
a.m.
1963-1976
Noon
Bond
School
Minneapolis, Minnesota
April 28 (Friday)
—
Nueces
County, Texas
Rowles,
Co., Johnston, Lemon
payable
solely
both
to
as
1,625,000
__s_____
May 1 (Monday)
Jackson
Palm
Center
County,
District No.
School
1,500,000
Unified
Sch.
1982-1986
10:00 a.m.
1962-1981
11:00
Dist.,
California
No.
8:00 p.m.
4,436,000
58, Mo.__
1962-1981
1,100,000
Springs
Pima County
High School District
1, Arizona
—
a.m.
May 2 (Tuesday)
Grand
Rapids, Michigan
Johnson County,
account
Co.,
&
Co., and Rand & Co. The bonds
are
a.m.
11:00
group
White,
by
&
the
by
won
underwriters
Winston
&
11:00
1961-1980
Louisiana
Ariz., street and highimprovement
(1962 - 1980)
in extremely close
the
1962-1981
2,350,000
"
Phoenix,
were
1,415,000
Sch. Bd., Va.
Bldg. Comm.,
&
Curtis, Francis I. DuPont ;& :Co.;
and others. -Uponreoffering the issue was priced to
yield from 2.40% to 3.70%. The
present balance is $1,620,000.
Dist.,
Giles County, County
in¬
cluding White, Weld & Co., F. S.
Moseley & Co., Paine, Webber,
Sch.
Reg.
Massachusetts
18,
managed by Eastman Dillon,:
Union
Rural
Los
13,120,000
Shawnee-Mission
High Sch. Dist. No. 6, Kan.
'
3:00 p.m.
j 2,000,000
Raleigh, North Carolina^___!
Winnebago County School District
1962-1986
9:00 a.m.
1962-1986
1:00 p.m.
1962-1991
11:00 a.m.
2,200,000
Olmsted, Ohio
1962-1981
30,000,000
1,971,000
3,080,000
Angeles Sch. Dist., Calif
North
1982-1985
|
1962-1974
8:00 p.m.
2:00 p.m.
'
principal and interest from funds
allotted to the
its
share
Vehicle
City of Phoenix
of
Fuel
the
Tax.
State
They
At
out
of
re-
to 3.85%.
this writing about 60%
are
of the
account.
Oregon,
204,
111.—:
— —
electric
to
the
revenue
group
Miami
New
District, Ohio
Conservancy
Albany-Floyd
County
purchase the electric
&
properties
Light
Electric
the
will
power
bonds
2.50%
in
be
Power
Tillamook
sole
the
of
were
reoffered
to
*
yield
initial
re-
1961-2001
10:30 a.m.
1962-1981
11:30 a.m.
1961-2001
10:00 a.m.
1963-1971
10:00 a.m.
1964-1999
10:00 a.m.
7,500,000
May 5 (Friday)
River
Pearl
Valley
Water Supply
District, Miss.
8,800,000
.____
May 8 (Monday)
Cranford Township, New Jersey__
1,012,000
San Bernardino Elementary School
1932-1981
'
District, California
of
within the county. The
to .4.10%,- Upon
2,700,000
Seattle, Washington
8:30 p.m.
-
«■
1,900,000
May 9 (Tuesday)
dis¬
distributor
Noon
May 4 (Thursday)
Port
Citv
System
Thereafter,
the
distribu¬
Pacific
Distribution
district.
trict
of
Co.
of
1963-1986
35,000,000
4,110,000
___
by Smith,
majors Goldman, Sachs & Co.,
Securities Corp.,
and
tion
2,715,000
Bldg.
Authority, Indiana
Authority, N. Y.
State Teacher's College, Texas
People's
(1965-2000) bonds
managed
-
May 3 (Wednesday)
.
Pore of New York
Wednesday, April 19, Tilla¬
County,
No.
as
Motor
were
offered to yield from 2%
to
GEORGIA
2:00
2:00
7:30
Austin, Texas
the sale of the bonds will be used
>>
1963-1991
1961-1988
1963-1986
April 24 (Monday)
Equitable
Robinson-Humphrei| Conftpanijjnc
2:00 p.m!
City School District, Mo...
Ozark, Ala.
__i—
Weeden & Co. The proceeds from
The
1964-1991
49,955,000
2,893,000
2,371,000
Ocean
Oklahoma
reception and only $270,000 bonds
as
LOCAL STOCKS
y
2,140,000
2,300,000
1,200,000
8,700,000
3,870,000
____
Barney & Co. and which included
CORPORATE BONDS
was
f
,
Building
Corporation, Indiana
Estero Mun. Imp. District, Califs-
(1962-1990)
Harriman
2000
due
April 20 (Thursday)
Elkhart South Side School
April 13 with $1,736,000
bonds. The issue was
on
4.80s
the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
Utility District awarded $4,400,000
STATE
flotation
(Highway
Michigan
Larger Issues Scheduled For Sale
*
market
issue may be represented
future. The proposed
near
In
North
Babylon, New York, Union Free
mook
1894fc
Guaranty
majors
as
Drexel
were
man¬
Dominick, and Amer¬
ican
Securities
Corp. The issue
was
scaled to yield from 3%
to
On
ESTABLISHED
awarded
account
Included
account
the
in
Kansas
Dominick &
bonds
April 19, 1961 Index=3.337%
(General
to 3.70%. At
half
of
the
Mass.
Asked
(State)
(State)
New Jersey Highway
Auth., Gtd.__
New York (State)
Pennsylvania (State)
Vermont (State)
Co.,
account.
District,
bonds
Connecticut
ately sized state issues: $37,300,000
$3,318,000 general obligation bonds
";av
California
&
reoffered
April 13, Boston Metro¬
on
politan
Devine
Bank, and
were
yield from 2.25%
writing about
Also
National
Forgan
Glore,
California
bonds
includ¬
Trust Co., C. J.
The
Also
factors
REPRESENTATIVE SERIAL ISSUES
Rate
and
Co.
Continental
ing
Massachusetts
relatively small
commenting on.
largest issue, which
Thursday,. April 13,
on
reported that the $178,000,Turnpike Ex¬
It is
000
three moder¬
tension
worth
are
with
items
bid
there
$4,700,000 Marin Municipal
District,
California
im¬
provement bonds due 1965-1991.
The high bid for this issue was
"
these
punctuated
scheduled.
munici¬
and
of sealed
was
although
.
cumstances have exerted pressure
on
the bond market as a whole
particularly.
Prices
calendar
state
Water
On
Lower
The pressure on the bond mar¬
ket cannot be expected to become
During the past few weeks cir¬
on
Indicate
Bond
the
government bond market.
and
Factors
is
Ahead
Week
week's
$25,000,000
was
is
since then of about
bond
general
but, by and
municipal bond
•:
13, the last reporting date, the
Smith, Barney & Co. toll road bond
index averaged a yield of 3.70%.
In early March this average yield
was
3.74%. This would roughly
broad demand and have thus been
against
7*
follow
not
of
market
was
pal
for sale. Several of these
sold
was
The toll road bond average does
of
cheap
year
time.
offerings
that have
the immediate
to fit
ago
reached in late
February (March 1 index 3.204%).
Our averages indicate only a two
point average decline since that
out, there have been several large
state
it averaged
3.338%.
high point of the market for
this
little
but
change in most of the note
fended
week
The
The
Next
issue calen¬
new
of
light,
The•; week's
enough to sustain
The
1961.
the
this
high-grade
20-year bond yield index is about
unchanged this week at 3.337%.
ease.
issues
United
price level in a loose kind of
It has been fairly stable thus
kets are to a very large extent
directly and indirectly influenced
business.
number of
a
others.
Steady
broader
Financing
terms
issues up
less
way.
as
were
offering.
initial
on
been
not
However, the recent supply has
after
patterned
for
markets
the
in
extremely
to
irregular
securities. Treasury security mar¬
by
This week
dar
Bank and
issues
a
Ten¬
(General Obligation). The
week's
volume
is well spaced.
There
are
no
negotiated issues
sold.
were
Oregon
aged
new
bond
Recent
submitted
the bond market
poor
the
up
be
again be served by a
active
more
Recent
Excepting
general
a
by association, has slowed
generally.
Municipal issues are no exception.
smallest of
but the
all
to
Treasury Market Sets Pace
bond
de¬
backing
are
really well received by
or
However,
market may
gious to other phases of the mar¬
aown
investors.
tions
may
ket and,
would appear to
vorable
supply
issues
New
effectively
largest institutional interests.
authority bond indexes,
be relatively.fa¬
and
the
to
price concessions appear pres¬
as
the various state, munici¬
ured by
unable
been
mand.
mar¬
point
price level,
average
pal
serious
a
this
at
deterrent
generally
Quite
ing
the
past
week
and
has
changed but little, either techni¬
cally or as to average prices or
yields. The new issue calendar
continues
to
total
around
$500
does not constitute
prices
lower.
$15,600,000
nessee
monetary ease, but that
little
and
Revenue)
bonds
accom¬
bond
The
offering about one-quarter of the
excellent job exerting
an
Thursday, April 20, 1961
...
Cincinnati, Ohio
21,500,000 *1971-2001
___
Noon
Piscataway Township School Dist.,
,
New
San
Jersey
__________
Diego County, California
,
2,400,000
1981-1984
2:00 p.m.
7,500,000
1932-1981
10:30 a.m.
Volume
193
Number
6048
.
.
The Commercial
.
and,
Financial
Chronicle
(1747)
Yet
Monetary Policy Alone
]et
by
,
the
bluest takes tron countries took
and pearance.
sail
rimer,
a
it
e
Cannot Cure Economic Ills
12o
people
But
by
System, JVashintgon, I). C.
More
.
.
of
.^°
Atlantic,
possible
is
125 million dollars
across
a^mos^ ?nSwa^y'
j
however,
transfer,
the readiness with which the
In
rendering
policy, critics
long-term securities
on
last
•
acocunting of the Federal Reserve's "nudging"
an
"all-maturities"
year's highs,
funds
are
in
face
beginning to flow
economic
expansion.
posed in this
or
r®n9y of
asked to note that marxet yields
of
more
contrariant
awareness
'.
of the problems
dictates; and disavows all but
to date.
The central
of structural
a
with
Secretary of the Treasury Dillon
if
,
to solve the
are
we
quiescent
at
the
moment,
in
urging
a
and
price
fives, the
.been
completed.
"
•
outset
I
that
clear
business
I
what
terest
any
even
nor
level of in-
the
than
implications of that fact, to
which we' as a nation only recently have been awakening, are
.
.
agrees
enormous
reduction
It
means
in practical significance:
that in commerce and
Mn finance Americans
in
are
com-
all
of
it
exclu-
go
but
also
with the world;
in
com-
sively to labor in higher wages, 'petition not' only for goods and
or to management in higher profservices but also for capital funds;
its.
be
rates
having
By tnis means demand can
stimulated
to
provide more
in competition not only in design,
promotion and credit
quality,
may be a year
jobs for those who
from
ployed, and to keep the economy -petition not only for goods and
moving to higher levels, and still lenders but also as buyers and
greater job opportunities in the borrowers.
These things haven't
My
now.
is
concern
with
basic
the
Now
applica¬
tion
of
such
to
a
in
way
get
of
-
Already,
work of fast
capac¬
one
McC.
w.
Martin. Jr.
a
our
"
is
urgent
in prices;
in
com-
come
what
—
also
about
didn't
"just happen" by accident,
is
Soon
overnight,
after
World
began to give
War
generous
globe-girdling netair transport is bind-
II
for
.
a
significance.
The earth
foreign
??eer,
these
own
and
for
war-devastated
in
the
up
to help
rebuild
homes, factories, transport facilities
in
order
to
restore
those
of
this
economy,
recognize, is based
into
a
neighborhood
of some 123 nations. ' '
•
jn
the
course
programs
of
time
bore fruit.
our
aid
must
living in
recognize
a
more
token,
same
We
are
af-
now
in
fence
our
self-discipline, both in
and
international balance sheet,
in
our
motive.
ov-
Experience
ment,
the
has,
well
pretty
in
as
a
and foreign maigoing to have to come
up with the right goods and services, at the right places, in the
right times, with the right prices.
we are
of
was
the
as
yearly
deficit
no
modest
proportions
there
*
Trade Is
a
remember
they
are
competing
with other workers over the world
Two-Way Street
^or jol:)S as wel* as wages,
Neither can we afford to be
Priced out of the market by currency inflation: in our govern¬
mental processes we must guard
aSamst reckless budgetary and
monetary practices that can un-
The international flow of goods
and services and capital is a two-
street, and the traffic is mutually advantageous to all participants. It will benefit us as well as
the rest of the world to expand
way
One of the worst things
ties
andTithtt undlmtae' SSTSSfwould
be
to
adopt
petitive position
restric-
a
as both
Continued on
...
,v.
have
of
phrase
become
f ,*
solici tation of an offer to buy
any
of these Debentures.
offer is made only by the Prospectus.
United States Steel
our
familiar
as
result
a
4'/2% Sinking
frequent
d'scussions
of
market operations in gov¬
our
open
♦ "
.
$300,000,000
breadth, depth,
markets, to
with which some
a
A
sys¬
do to increase the
use
*-5 I
of
directing
human effort—voluntarily, ra,h°r
than by compulsion—to the task
of achieving a Y igher standard of
living for all. The more we can
resiliency of
<*^5
demonstrated
means
and
nor a
ernment
securities, the better off
all of
Dated
Corporation
Fund Debentures Due 1986
April 15, 1961
v
Due April 15, 1986
will be.
us
-
Interest
Certainly
is
if the western
to-have
the
world
.
,
payable April 15 and October 15 in Xew York City
economic
growth
and strength which is required to
meet
any
threat that may
posed by t'-e Communist bloc,
who
inhabit
the
do
everything
organize
the
communities
maximize
nomic
solve
free
in
such
their
a
If
we
a
velopment
working
to
of
which
we
of prog¬
more
people
accept
eff ciently to
hard
road
to
conditions.
pro¬
achieved
in
are
under
the
goals
some
DILLON,READ&CO.INC.
THEFIRST BOSTON CORPORKUHN,LOEB&CO.
Incorporated
Lowering
EL YTH &CO„ INC.
DREXEL & CO.
EASTMAN DILLON, UNION SECURITIES & CO.
GLORE, FORGAN & CO.
HARRIMAN RIPLEY & CO.
GOLDMAN, SACHS & CO.
be
to
way.
Advocates
CO.
a
unlikely to be gained
other
any
obviously
travel
But
legally
of
willing and able
and
some
MORGAN STANLEY &
be
Tnis, I recognize, is harsh doc¬
to
may
mar¬
pay.
trine
Copies.of the Prospectus may be obtained in any State from only such of the undersigned as
offer these Debentures in compliance with the securities laws of such State.
external
challenge to
a
are
-
months, and
world
wider
as
1
re¬
goods and services at prices
which
to
to
eco¬
the time-honored basis
on
duce
our
as
role in the de¬
our
must
*,we
competition
met
on
measure
the past few
over
play fully
kets,
to
permanently the balance of
payments difficulties
to
of
way
are
Price 99V4% and Accrued Interest
must
combined
potential.
be
we
power
resources
in
have achieved
ress
world
our
Our
Incorporated
KIDDER, PEABODY & CO.
MERRILL L YNCH, PIERCE,
Price Level
HAZARD FRE RES & CO.
FENNER & SMITH
LEHMAN BROTHERS
SALOMON BROTHERS & HUTZLER
Incorporated
all
Let
of
us,
in the banking
community, in government, and in
labor
and
field of
lenge.
we
management in every
endeavor, accept this chal¬
Throughout our country,
must
not
only
increase
productivi:y but also
the gains on to the
the
form
of
lower
of
in
rather
consumer
STONE &
Incorporated
WEBSTER SECURITIES CORPORATION
*"
WHITE,
WELD & CO.
DEAN WITTER & CO.
our
pass some
prices
SMITH, BARNEY & CO.
April 19, 1961.
/
proe-
domestic
In
kets
The war- tive trade and investment policy.
offer to sell
The
judg¬
■ my
reliability of the market
tem
an
private
We cannot afford to be priced
ou^ °* tJie market by the wagecause
for alarm,
but in Price spiral: in our private entereach of the past three years
prise, employers must remember
although for most of that period the^ are competing with other
exports exceeded imports
the employers over the world for salea
deficit ran well above $3 billion.
and profits, and employees must
long
was
I
This announcement is neither
our
governmental
esses.
market system. It is founded uppn;
concepts of private property, com¬
petitive enterprise, and the profit
our
ourselves
the
on
we
trou-
tiative, imagination, inventiveness,
enterprise, managerial skill and
deficit
a
our
Meeting the competition of the
world requires of Americans ini-
era
running
that
competitive
shells,
in,'but to
strength, to launch
ouxf to engage in the competitive
fray for ap we are worth
to
summon
the materials and that
some
has been
bSterStandards 0^11^^we
not
re-
in international
been
Asiatic
striving
steps
economic
By the
role
have
our
As
lesa
with
The way out of
bles is not to draw into
That means we have been spending, lending, and investing abroad
more than foreign countries have
been spending, lending, and investing here.
countries
ruins,
new
we
the
nations
were
necessary
has shifted.
and
African
world.
^developments
as
restored
new
are
of vigorous competilion and new problems are an
inevitable by-product.
In ten of the past eleven years
a
more we pros-
trade,
we
simply
fun<^s
°f
ow
borders.
habilitation.
our
jess
With European countries almost
fullv
means and opportuni-
their
All
promore,
order, extrade, and
we
aid to the
clean
space.
tbev
and
planet's three billion peo-
compressed
strength
all
we
this
ties
across
in
can
seriously doubt.
The
and
their
*
countries to the family of selfpie together so closely that the suppotring nations. They did the
word "stranger" has diminishing work of reconstruction; we sup- the flow.
ing
ity and future
o
—
problem
the
of
..
visible
most
shrinkage of
best
economy,
n
the
the
but
terms
changes in the world
time
the steady
American
whose
our
makes
as
the
most and
out
.
of
one
and striking
these
principles
are now unern-
future.
principles and
panded
finances
.
<
nation's economic problems.
make
making
predictions
forecasting
to
want
'
not
am
their
fairs
m
petition not only with each other
the
At
^ey Prospered they
more and consumed
duced
?-re
trade, the
we
<phe
per
have
world-wide
two
more
trade.
got
hard-won.
of effort to promote
years
freer international exchange. The
creditors, from borfrom aid to
hailed
bill' for
gains of
lencers,
toward
dollar
The
unemployment and the value of the dollar, domestically
though
to
rightly
sense,
banking chief addresses himself to the problems
internationally,
pounds,
tries of the world has, in a broad
/
small part for the success achieved
and
anotner.
financial linkage of the free ccun-
procedure; pledges every effort to make it work
new
without establishing arbitrary rates and limiting the free market's
.
that of
dollars,
tor
that
now
from
Pr?duc^rs> from
*
to
rowers
ten
freely into activities favorable to
Mr. Martin cites his
cur-
§auFers
debtors
on a new ap- jt would wipe out the
changed
francs, marks, lira and yen can be
exchanged almost as readily as a
that
and
pressures,
For
is
c?uJ}}r7 c*n 110 ^
exchanged
steady at levels appreciably lower than
are
the
are
co
important tnan the speed
cable
a
it
Tney
the
across
cable,
transfer
By Wm. McC. Martin, Jr.,* Chairman, Board of Governors of the
Federal Reserve
even
fastest
7
'
*
sellers
page
25
8
&
DEALER-BROKER
Co., 132 South Main Street, Salt
City 1, Utah. Also available
Lake
data
are
tric
INVESTMENT LITERATURE
Cincinnati Gas & Elec¬
on
Great
of Indiana.
American Rubber & Plastics Corp.
THE FIRMS
THAT
UNDERSTOOD
PARTIES
INTERESTED
SEND
TO
MENTIONED WILL
THE FOLLOWING
BE PLEASED
Thread
April
American
vestor"—The
111
111.
N.
Municipally Owned Toll Facilities
Also in the
Savings
Monroe
West
Corporation, P. O. Box 2701, Den¬
ver
1, Colo.
—
and
Trust
Harris
April 1961 —
Bank,
St., Chicago 90,
Business Review
1
Comparison
—
Securities
Canadian
Bulletin
Ltd.,
Monthly
—
Ross, Knowles & Co.,
Adelaide
St.,
West,
Ont., Canada.
—
25
estimated
of
and
actual
revenues—Stifel, Nicolaus
& Co., Inc., 105 West Adams St.,
Chicago 3, 111.
86
Trinity
New
$1
per year.
York
copy,
per
issue
same
Sulphur
6,
discus¬
are
Holding
Railroad
of
sions
Investor,
Place,
Y.—15c
in
In¬
"American
of
issue
Discussion
—
Com¬
Potash,
pany,
Duval
&
Crane
Carrier Industries Inc.
and
Thursday, April 20, 1961
.
are
memo¬
are
Life
Pacific
Northern
Burl¬
&
4, N. Y.
Pacific
Great
Financial—Data—
Western
& Co.,
Inc., 300 Park Ave.,
N. Y. Also available
New York 22,
data
are
cial
Charter Finan¬
First
on
Corp.
Capital
Midland
and
—
Corp.—Report—Thom¬
Hazeltine
Broadway,
New York 4, N. Y. Also available
is an analysis of Olin Mathieson
&
son
2
McKinnon,
Chemical
Corp.
Oils
Study of 35 companies —
Hardy & Co., 30 Broad St., New
Anchor Hocking Glass Co.—Mem¬
way,
orandum
York
Hershey Chocolate—Data—Cooley
Hemphill, Noyes & Co., 15 Broad
Fricke &
St., New York 5, N. Y.
Over-the-Counter
Comparative
showing
of
U.
Stocks
S.
Analysis
—
—
Values—Comparison
Canadian
and
stocks
—
—
N.
4,
Averages
Utilities
Growth
ticular
Gas
United
to
reference
Power
Kansas
Improvement,
of
Review
—
issues with par¬
H.
tric.
Hentz
&
Co.,
Wall
72
York 5, N. Y. Also
an
analysis of In¬
ternational Mining Corp. and data
New
Street,
is
available
on
International
Central
of
Railways
America
Canadian
and
Market
Japanese
market
Co.
New
of
Inc., Ill Broadway, New
York 6, N. Y. Also available are
analyses of the Japanese Con¬
struction
Industry,
Shipbuilding
Industry,
over-the-counter
and
Chemical
New York 4,
Stock
—Nomura
Market
—
Survey
Securities Co., Ltd., 61
Broadway,
New
York
available
Yawata Iron &
tronics);
Kirin
Limited
Oil
(elec¬
Street,
N. Y.
Photography
—
to
Bell
Howell
&
Company;
Co.
of
the
Co.,
Dynacolor
(plastics);
Rubber Co.;
Corp.
Polaroid
ana
—
The
Savings & Loan Holding Company
Stocks—Analysis—J.
Co., Inc.,
110
Minneapolis 2,
Savings
lytical
Hitachi,
Fuji
Kansai
Kawasaki
Iron
Yoko¬
Heavy
bishi
Ind.
Spring 1961 —
List
arranged
by
industries —
Emanuel,
Deetjen
&
Co.,
120
Broadway, New York 5, N. Y.
Trading
ties
Co.,
Co., Mitsui
Electric,
Tokio
Insurance,
Ma¬
Tokyo
25
Nikko
Securi¬
Broad
Street,
Utility
Common
selected
Wall
Stocks:
A
Comprehensive
analyzing profit potential
—
company
copy
common
—
Aircraft
&
Co.,
St., New York 5, N. Y.
*
*
Armaments
—
Memoran¬
dum—Stein Bros. & Boyce, Starks
stocks
Securities
—
Research
—
Light Co. and U. S. Freight
&
Company.
Canadian
Anglo
Memorandum
Co.
Topeka
H.
Lewis
New
&
Co.,
York
in
Lynch, Pierce, FenSmith
Inc., 70 Pine St.,
&
ner
New York
5, N. Y. Also available
reviews
are
of
Atlantic
Coast
Line, Chicago Musical Instrument
Co., Federal Sign & Signal, Fisch&
&
Moore,
Hotel
Industry,
Y.
dated
—
—Clayton
Milk Street,
available
Industry,
Olin
Liggett
Mathieson,
Ron-
Corp.
Radiator
&
Standard
Sanitary Corp.—Data—J. A. Hogle
Banks, Brokers and Financial Institutions
New York
Fireman
way,
KVP
Sutherland
— Paine,
Webber, Jack¬
Curtis, 25 Broad St., New
N. Y. Also available are
&
York
Lanolin
Plus,
Building,
Nuys
Calif.
randum
Electronics
Los
ACF
on
Laboratories,
Haloid
Xerox
•
14,
Angeles
is
|
Inc.
Sold
Members New York Security Dealers Association
Trinity Place, New York 6, N. Y.
Teletype NY 1-376; 377; 378
—
Industries.
&
Co.,
Y.
Valley Securities Co.
Inc.,
Building,
Rochester
14,
Powers
Y.
N.
Chicago
Mill
Lumber
&
Co.—
Memorandum—E. F. Hutton & Co.,
61
Broadway, New York 6, N. Y.
Also available
memoranda
are
on
Pepper Bottlers Corp., Flying
Tiger Line, George W. Helme Co.,
Salada Shirriff Horsey Ltd.
and
—
William
South La Salle
Street, Chicago 3, 111. Also avail¬
Analytical
&
Blair
able is
Brochure
135
Co.,
brochure
a
Continental
on
Industries—
Chemical
—Memorandum—Wm.
&
C.
Roney
Co., Buyl Building, Detroit 26,
available
Mich.
Also
randa
on
Prophet
Vernors
are
memo¬
Michigan
Chemical
Co.,
Tecumseh
Ginger
Also
on
Lytton
analyses
are
Life Insurance
Financial
and
Cement Company.
of
Corp.
America
Manufacturing
of
Report
;—
Allyn &
Martin
report
on
fourth
for
Institutional
quarter of
Memorandum
—
&
Donnell
Co.,
Inc.,
New York
way,
Mine
5, N.
Broad¬
Sperry
Mobile
—W.
Co.—
Corp.
Rand
Video
F.
Los
Tapes, Inc.—Report
Taylor, 639 South Spring
Angeles 14, Calif. Also
available
is
bulletin
a
New York 5, N. Y. Also
is
a
report on Globe
Street,
Union Inc.
Brothers—Memorandum—
Reeves
Walston & Co.
is
5, N. Y. Also available
bulletin on Machinery Shares.
a
on
Aeco
—
Study
Corporation
—Robert H. Huff & Co., 210
Seventh St., Los Angeles 14,
New*
York
City
Quarterly
stocks
—
West
Calif.
Stocks
Bank
Analysis
Laird,
of
11
Bissell
&
—
bank
Meeds,
Gas Investments—Informa¬
on
miral
tax
Oils,
shelter
Inc.,
offered—Ad¬
400
B
Bettes
Building, Oklahoma City 6, Okla.
Pacific
Bulletin
Gamble
—
ganization,
New York
De
Oil
Co.
Robinson
Witt
Inc.,
Conklin
120
Corp.—1960
122
are
—
Devices—Analysis—B. N.
Rubin & Co. Inc.,
New York
v—
Bulletin
—
Boenning & Co., 1529 Walnut St.,
Philadelphia 2, Pa.
Canada—
Analysis — Greenshields & Co.
(N. Y.) Inc., 65 Wall Street, New
5, N. Y.
Freeport Sulphur
—Shields
Co., 44 Wall Street,
5, N. Y.
New York
Southern
M.
Gas—Data
&
Company—Report—Carl
Loeb, Rhoades & Co, 42 Wall
New York
Street,
available
Y.
Also
of
Theaters,
Chemical
&
N.
5,
reviews
are
ABC-
Dominion
Co.
Hilton
and
Hotels.
Oil
Standard
Oil
Company
annual
1960
report
(Indiana)
Standard
—
(Indiana)
Dept.
W-100, 910 South Michigan Ave,
Chicago 80, 111.
Company
Standard
N.
Vanden
Dixie
Cosco and
Sun
& Co,
York 5,
New
available
Also
Y.
Broeck
Street,
Liberty
Winn
Co.—Review—
Register
L.
data
are
Stores,
—
Or¬
Broadway,
5, N. Y. Also available
Corporation
—
Th.iokol
Chemical
Corporation
Street, New York 5,
Trans
Mountain
Oil
—Report—Dattels
King
Street,
Ont, Canada.
U. S.
N.
—
Grace Canadian
Members: New York
&
Co.
Products
Corp.—
Analysis—Glore, Forgan & Co., 45
Wall St., New York 5, N. Y.
Hammill
Street,
New
available
&
5,
Market,
14
N.
reviews
are
Glass and
Co.,
York
Y.
Granite City Steel—Memorandum
Mrtnbtrt:
Hocking
Light.
Valley National Bank—Memoran¬
dum—William
R.
Staats
&
25
Co,
South
640
Spring Street, Los An¬
geles 14, Calif.
Warner
Lambert
Pharmaceutical
Co.—Analysis—J. R. Williston &
Beane, 2 Broadway, New York 4,
N.
Y.
Wesco
Financial
Corp.—Analysis
—Reynolds & Co, 120 Broadway,
New York 5, N. Y. Also available
is a report on Bailey Selburn Oil
&
Gas Ltd.
as
Principal foe
Securities, Inc.
Security Dealers Association
HAnover 2-0433-45
'
Principal Stock Exchange* of Canada
National
Also
Food
of
Anchor
Wall
Pennsylvania Power &
through and confirmed by
The
,
Freight Co.—Review—Shear-
son,
NY 1-4722
Orden Executed at regular commission rates
Memorandum
Co.
47
Kitchener,
West,
.
Ltd
Broadway, New York 4, N. Y.
•
—
Y. \
Pipeline
Brokers, Dealers and Financial Institutions
25
Re¬
port—Dreyfus & Co, 2 Broadway,
York 4, N. Y.
New
Specialists in Canadian Securities
TELEX 015-220
on
Hamilton
Ritter Co.
Chemical
—Auchincloss, Parker & Redpath,
2 Broadway, New York 4, N. Y.
Shale
56 Beaver Street,
4, N. Y.
memoranda
America.
Corporation
General
annual
Secretary, Richfield Oil
Corporation,
555
South Flower
St., Los Angeles 17, Calif.
report
Giant
Nationwide
Inc., 74 Wall Street,
New York
Report—Blair & Co. Inc., 20 Broad
Y.
Appliances
Safety
Mc¬
—
120
Analysis—Schirmer, Atherton &
Co., 50 Congress St., Boston 3,
Mass. Also available is an analy¬
of
Co.—Report—
Inc., 1 Wall
Co.
&
Kidder
M.
A.
—
Memo¬
Co.,
120
Broadway, New York 5, N. Y.
55
1960.
St.,
Re¬
—
Co., 25 Broad St., New
N. Y. Also available is
progress
sis
—
Street, Chicago 3,
Also available
Corp.
—
&
4,
Selections
tion
Company—Analy¬
Richardson Co. and Packaging
Elco
Company
5, N. Y.
Reading
view—L. F. Rothschild & Co.,
Alfred
&
available
C.
5,
memo¬
Oil
and
& Company,
Building, Dallas 1,
Salle
a
WJR
Ale
Commonwealth
La
is
Broadway, New York 5, N. Y.
Parker, Ford
Vaughn
Inc.,
a
York
New
Corp.
120
(The Goodwill Station).
—
York
St.,
available
Fluor
on
Manufacturing,
Tranter
Coffee
—
Corp.
Company.
Casualty
Detrex
Glass
Ford
Wall
1
Also
randum
Droulia
see
4,
Memorandum—Francis I. du Pont
Broadway, New York 4, N. Y.
Capital Plastics—Analysis—Gene¬
Francisco
San
Owens
Magnavox
York
Troster, Singer & Co.
Analysis -—
Inc., 221 Mont¬
Fay,
—Analysis—Pistell, Crowe Inc., 50
111.
Inc.
Libbey
and
Philadelphia
Tar
St.,
New York
Broadway,
Paramount
Company
&
Fisheries—Memoran¬
dum—General Investing Corp., 55
—
N.
memo¬
a
Ford Motor Company of
Bought
Van
Co.,
Capital Cities Broadcasting Corp.
randum—A.
Capital Corp.
Baxter
&
available
Also
Eichlin
Inc.
Research
Broadcasting—
Cities
Analysis—Courts & Co., 11 Mari¬
etta Street, N. W., Atlanta 1, Ga.
Corp.
and
Refining,
Airplane.
Hooker
Memorandum—Sutro
South
Alderson
Boeing
&
Cliffs
Cleveland
Atlantic
Capital
Dynamics
Computer Systems
Merchants
United
on
Calif.
Oklahoma
Roto-American
4,
data
5, N. Y.
Alaska
South Georgia Natural
Company
Paper
Report
son
York
Pan
Solitron
—
New York 5, N. Y.
memorandum
on
N. Y.
4,
Memorandum
■—
Harris, Upham & Co., 120 Broad¬
Kendall
a
Corp.
Analysis — Eisele & King,
Libaire, Stout & Co., 50 Broad¬
way,
Ltd. — Analy¬
Dillon, Union Se¬
curities & Co., 15 Broad St., New
Petroleums
Richfield
Chemical
Newport
gomery
Company,
ACTIVE-i
Systems.
—
Securities
Corp.,
79
Boston 9, Mass. Also
is
Products,
American
Memorandum
—
Consoli¬
Co., and
Airborne
Iron,
Engineering
Co., Pitney
Carnation
on
Bowes, Pittston
—
Company
in
Manufacturers,
of
Wall
63
N.
5,
—
St., Hartford 4,
the same bulletin
Analysis—Charles A. Taggart &
Co. Inc., 1516 Locust Street, Phila¬
delphia 2, Pa.
Corp.,
Insurance
Myers,
CURRENTLY
HAnover 2-2400
Fe
Analysis
—
Atlantic Refining
Tex.
74
&
Santa
&
Company
Railway
Also
data
are
Iron
Atchison,
sis
»
Baker
Inc., 150 Broadway, New York
Duncan
For
Telephone—
Amott,
—
38, N. Y.
Street,
Conn.
San
available
100 Pearl
Co.,
Heyden
Continental Assurance Company—
Discussion
er"—Merrill
life
$1.00
Power
issue of "Investor's Read¬
current
son
in
Market, Pennsylvania Pow¬
Giant
Dr.
Life
Way to
booklet
Food
on
Ex¬
Stocks—Bulletin
issues—Bache
*
bach
N. Y.
Insurance
Stock
of
Allegheny
&
Sony,
Ltd.,
New York 4,
Records
Mitsu¬
Steel—The
&
Pea-
Building, Louisville 2, Ky.
Shibaura Electric Co., and Yawata
Iron
Kidder,
Mitsu¬
Nippon
Fire
&
—
Ind.,
Shoji, Mistui
Kokan,
Oil,
memoranda
are
&
Leaseway Transportation.
Industry—Ana¬
Reorg.,
bishi
Nippon
Power,
Maruzen
Chemical
Shipbuilding,
St.,
Steel,
&
Electric
Steel,
Mitsubishi
Sixth
&
Selections,
Japanese Stocks and Candidates—
of
Dain
Minn.
brochure
Stock
on
Reviews
South
Loan
&
M.
parative figures — The Toronto
Stock Exchange, 234 Bay Street,
Toronto 1, Ont., Canada.
and Showa Oil
o y e r,
Co., 11 Broad¬
New York 6, N. Y.
BTU
Corp.
changes in North America—Com¬
Sekisui
available
er
M
Woodcock,
French, 123 South Broad
Philadelphia 9, Pa. Also
Street,
John
Discussion
industry with particular reference
36
per
Front
46
Sumi¬
Toyo
Co.
Life
23-
a
Rayon;
Breweries;
Chemical;
Chemical
Y.
of
Steel; Fuji Iron &
Hitachi
Toanenryo
6, N.
analyses
are
Steel;
Profit
over
and
National Quotation
—
Inc.,
Bureau,
Bureau
yield
to
as
in
used
body & Co., 17 Wall Street, New
York 5, N. Y.
issues.
Japanese
rine
stocks
performance
period
year
over-the-
Quotation
both
Averages,
Dow-Jones
35
—
York,
hama
National
the
the
the
Co., 207 East Michigan
St., Milwaukee 2, Wis.
Analysis
—
Securities
Yamaichi
tomo
in
and
Milwaukee
Pacific.
Also
industrial
industrial
counter
&
Light and Rochester Gas & Elec¬
listed
the
used
stocks
St., West, Toronto 1, Ont., Canada.
Folder
—-
compari¬
between
son
Index
up-to-date
an
Wills, Bickle & Co., Ltd., 44 King
reasonable priced
Y.
—
&
St.,
sis—Eastman
Phillips Petroleum
Company—Re¬
George W. Helme
view—Ira Haupt &
Chemical
Francisco
Co.—
Schwabacher
—
Montgomery
4, Calif.
100
Co.,
Study
—
Products
Hawaiian
Pacific
Memorandum
Vilas &
Hickey, 26 Broadway, New York
Lines
ington
Canadian Industrial Gas.
Toronto,
reports on Southern Equitable
Insurance
Company,
and
Morrison Knudsen Company.
U. S. Borax and Philco.
on
Evans
45
American
San
Street,
Montgomery
Francisco 6, Calif.
Co.,
LITERATURE:
&
Witter
available
Also
Y.
Co.
—Memorandum—Dean
IS
N.
randa
Newberry
Oil Co.
Standard
and
J.
J.
Canada,
.
.
—Goodkind, Neufeld, Jordan Co.,
Inc., 400 Park Ave., New York 22,
Nickel Co.
Co., International
of
AND RECOMMENDATIONS
IT
Chronicle
The Commercial and Financial
(1748)
Association
of
Security
Deal**
Broadway, New York 4. N. Y.
Volume
193
Number 6048
.
.
The Commercial and
.
Financial
Chronicle
(1749)
rise
a
The Business Outlook
By Ira T. Ellis," Economist, E.
Nemours &
Co.,
1960
tion
rable
of
the
situation
is
no
current
the
and
outlook.
complete
one
question
business
sum
The
is
final
is
be such
Ira T. Ellis
business
or
of
this
far has
well
relatively
moderately
compared with their rise of
Price
Prices
will
and some further decline in
busi¬
includes government salary rates,
construction
costs, residential
that
an
probable
the business pattern during
will be exactly opposite to
of 1960. Last year began on
seems
very
one
a
optimistic note and ended with
mild
decline.
a
This
is be¬
decline and
rising trend. The level
production in 1961
be 4% below the average for
many
level.
but
Although
we
are
apparently it was not
good enough. It was a record year
considering today principally the
in many ways. In
year
1961,
usual
pattern
employment, in
personal income, retail sales, in¬
chemical
the
of
production
once
and
for pensions
vided
ahead
riods
be
of
are
of
largely
time
pro¬
during
pe¬
high business activity to
used
to
support
in¬
personal
come
during periods of low busi¬
ness
activity
They
and
are
unemployment.
real contracyclical forces
they
or
working.
are
the
of
level
of
employment.
employment
the men and
ing
armed
forces
in
women
at
was
—
Ci¬
i.e., exclud¬
—
a
the
record
high level of 66.7 million in 1960,
a
million
the
above
previous
the
1959 average,
record
year.
There
has been
some decline in employ¬
early in this year, especially
manufacturing. Although the
level
of
unemployment is cur¬
rently higher than is desirable,
tuition
etc.,
familiar
as
costs
rates, local
well as the
for
specific
remember
our
the
income side
believe that the
economy, we
mildness
this
of
the
of
that
decline
we
keep personal
income for the country as a whole
see
will
year
above the level of last year.
Total
personal income in the country in
is expected to be 2%
the
income
total
in
1960.
higher
Personal
tary
creases
in
wage
and salary
rates
of
the
un¬
another.
year
from one job to
Employment
over
the
has declined in durable
manufacturing,
creased
but
it
has
in¬
substantially in wholesale
retail
and
trade,
finance, insur¬
ance,
and
real
estate,
service
industries, and especially in state
and
local
government
activities.
Furthermore,
the
are
although we stress
number of unemployed who
seeking work, we have no
count in the
country
the
on
num¬
job opportunities which
Certainly we need more
school teachers, college professors,
scientists, technicians, doctors,
nurses, ministers, secretaries, peo¬
in
domestic
current
ment
are
made
in
other
The
But it did
in all areas,
measures.
records
produce
high
does
service,
level
not
of
mean
etc.
The
unemploy¬
that
available, but that
fill the available
1961
income.
is
1960
was
distorted
still
short, the
varied
a
year,
the
by
a
Many
will
to
stimulate
restrain
salary
tive
year,
The year began
of
ance
substantial
the
But
at
the
start
build-up
was
substantial
only in the first halfyear.
Inventories were actually
reduced during the second half,
and
especially
during
the last
quarter. The principal inventory
and
increase
the
subsequent
re¬
duction occurred in durable goods
manufacturing,
largely related to
the
of
aftermath
the
1959
The
exchange, the deposited securities
we
no
jobs
cannot
job opportunities
above
amount
excludes:
the
The
M.
ther
services
continued
to
of the
as
has
been
W.
Calkins,
All
make
strenuous
efforts
im¬
$47.5
-a
of
rate
we
the
should
Federal
note
and
state
almost
faster
eral
Although
deal about the
Mr.
1949
Co.
than
governments is
and it is rising
spending at the Fed¬
last
LOS ANGELES
level.
Another strong area
of spending
was the consumer seg¬
Consumer expenditures in
year
ment.
NEW YORK
BOSTON
ALBANY
announcement
purposes
of
of the close of business March 23, 1961.
Dealer Manager in the solicitation
deposit of securities.
PHILADELPHIA
BALTIMORE
BUFFALO
16
Schwarting joined
additional deposits of cash
$100,000 initial cash subscription received by the
CHICAGO
joined
advertising
spending by
large,
Howard
of
the
Vice-Presi¬
ex¬
ST. LOUIS
DETROIT
AF-GL
years'
tion with the J. Walter
local
as
Assistant
Clancy
Goldman, Sachs & Co.
Government,
that
by
Chairman
following
rise
we hear
spending
Vice-
ecutives.
billion, and the state
governments
almost
billion.
great
Assistant
advertising account
are
of record only.
as
as
announced
three
dents
almost $100 billion, with
local
and
I
year
from
Board.
the Federal Government spending
almost $52.5
year
and
throughout 1960. The total for the
year was
a
Law, Inc., national advertis¬
public relations agency,
ing
All Government Spending Is Up
and
year,
satisfying
back
of Peter J.
Clancy,
Schwarting and Henry
Stephenson
steel
The undersigned acted
a
problems
new
Presidents of Albert Frank-Guen-
strike.
Spending by government at all
for the purchase of goods
this
election
Robert W.
Fund from State Street Research & Management
Company, the Fund's Investment Adviser.
levels
accounts,
have
we
Three Officers
payment of solicitation fees;
made to round out fractional shares; and the
neces¬
AF-GL Names
AF-GL
valued
and
wage
the
bia, Washington, D. C., April 5, 1961.
must
Prospectus dated November 28, 1960. For
were
in
^From a talk by Mr. Ellis before the
spring economic meeting
of
the
Union
Trust Company of the District of Colum¬
as the "Exchange Date" as of which the
exchange of $153,502,419
deposited securities for shares of Common Stock of Federal Street Fund, Inc. was consum¬
mated in accordance with the Fund's
of
year—
now.
March 24,1961, was established
the
this
us
avoid
of
look
we
Federal Street Fund, Inc
of
to
believe it will be
when
with high hopes
year, based
inventory
rising
a
a
shooting war, how
employment, how to
Although
on an expectation of
inventory, building.
importantly
with
on
problems
international
our
etc.
business
record
a
the
sity for raising prices, how to bal¬
$153,502,419
moderate
of
year
a
price declines for industrial com¬
modities but
with
a
continuing
rise in the prices of goods and
services bought by consumers.
de¬
increases
rates
year
of
business
of
be
how to avoid
1950. Mr.
exchange having been completed, this
the steel strike of 1959, a competi¬
for
mild
a
outlook
should end
year
1960
year
effects
for
The
cline, especially in the first half.
corporate profits,
or
farm income. In
or
all.
per¬
sonal
especially not in automobile pro¬
duction, * or steel, or residential
construction,
in
One of the most favorable factors
was
the continuing rise in
from the available labor force. We
appears as a matter
not
were
many soft spots. The
began high and finished low.
year
ex¬
and services, in
outstanding bank
investments,
and
in
but
areas,
many
There
in the output
industry,
1960
year
high records in
new
economic
are
unfilled.
ple
the
summary,
changing
past
will be
supported by un¬
employment compensation, public
and private pensions, and by in¬
much
employment is seasonal, or very
short-term, or is caused by volun¬
ber of
Turning to
that
Summary
In
trend.
discussion today
vilian
openings.
This
Unemployment
There is much
to match our present
labor force with the available
job
of
and
many
of
forecast
compensation
mediately
goods
volume
not
this
fares,
of
commodities.
1961
in
college
transit
year
industrial
may
rents,
more
than
dustrial production,
goods and
in the country
ing forces. It
years
year
of
the economy overcome the declin¬
living or in
and services
the
of
probable price
about
1.5%,
a
the
completed
now
National
the
and
make
us.
of
in
upward
Gross
inclusive
present
loans
services
and
creep
compared with 1.7% in 1960 and
in 1959. Remember that this all-
year-end will be higher than the
the
to
concept
services produced
ness
1961
good business
ports
goods
1961
the decade of the 1960s. Last year
the
Rise
Level
continue
the year 1960, but the level at the
of
of
find
will
the
some¬
ment
in
in
decline is
in
we
that
of
quarter
ways,
this
average
$3.6 billion during I960.
of
a
decline
increase
there
change
of
was
the
on
4%. Finally,
may
Product,
suggests
be
no
abrupt
trend, but merely
continued liquidation of
inventory
that
growth—the rise
of goods
have
or
inventories
the
decline
of
a
plant and equipment
new
in
the
end with
We
residential
services
of
ginning with a mild
I confidently expect that it will
and
private
There
mildness
any
by the savings and the hard work
of
mild
ing for
The
year.
been
of
may also be
decline in business spend¬
into
purchased by people—is not auto¬
matic, and it is not provided by
government. It must be produced
all
of
construction.
year,
business
new since the 1930s and
it
contributes to the mildness of the
business declines. Note that funds
for unemployment
in 1961 compared with 1960 in the
activity
continue
level
1961, as they did in 1960. If we
study the prices of all goods and
it
standard
volume
current
mild
Furthermore,
spending for plant and equip¬
ment
until
the rising
forces in
because
investment,
Economic
our
sales.
1959.
in
businessmen
of
grow.
the
growing,
the
work
in
occurred
as
plans,
occurring in 1961,
show sharp in¬
are
years
is
the
business
in
half
so
probably not
as was 1960,
employment. This stability
during periods
of personal income
of
modest increase is expected
a
business
Production
mild, actually the mildest in
or
employment, has
trend, but the rise is
not steady. Some years show de¬
creases,
unsatisfactory
the
business recession since 1926. The
upward
America
first
decline
investment,
as
decline
probably
the
tivity in this country,
some
for
outlook
because
mild
of
and
the
good year
a
will
ac¬
creases,
only
importantly
of the order of 3%
importantly
changing. The
an
and
a
about
spending for durable
year
compared with
automobile
significantly off¬
The year 1961 will
always
business
current
of
government
—
Industrial
it
volume
in
1961?
al¬
because
rise
areas
the
two
construction,
reflecting
volume
What
of inter¬
ways
this
inventories.
This
is
goods
by the abrupt and substantial
changes in demand for goods for
we
it.
But
these
set
busi-
subject
in
demand
outlook
make
1959.
consumers—was
of
what
est
of
spending
plans and
hopes of all of
us.
consumer
level
the
n e s s
and
in
to the
answer
outlook
is
goods,
nondu¬
services
rose
goods,
1960,
we
n e s s
durable
those
as
and
spending by government at all
levels. A mild decline is expected
41/2% above their previous record
day. The busithe
nonresidential
There
posing to¬
are
for
strength
1960, especially consumer
spending
for
services,
private
year's end with over-all personal income at last year's level.
Individuals differ in their estima¬
areas of
will be the same
1961
and in
thing
in
rising upward trend
a
has
next record
our
Many of the
in
mild decline for the year but
a
low
business year.
I. du Pont de
Du Pont's economist offers his assessment to the
economy's outlook.
at the
recession
a
1962 will be
year
Wilmington, Delaware.
Anticipated is
from
started strongly indicates that the
9
in
associa¬
Thompson
agency.
the
Mr.
agency
in
Stephenson started with
in
August
1946.
Chronicle
The Commercial ancl Financial
About
Answers to Questions
development of other space com¬
munication systems for other pur¬
great big place
to fill it.
I hope this will help to answer
some of the questions and uncer¬
Satellite Communications
Space is
poses.
and
don't
we
We
Company's
communications systems.
means
the
It
plain that satellite com¬
systems offer a prac¬
seems
tical means for
television and
the
also
conversations but
telephone
data
relaying not only
*
service
just as
of cables is pro¬
regulation
by way
regula¬
government
under
vided
under
provided
be
government
tion.
•
proposal, own¬
ership of a satellite system used
for public service would be han¬
nothing whatever in our
is
there
But
proposals that would conflict with
American tradition or limit
the
opportunity of others. On the
contrary,
the
opportunities
of
others would be increased.
the
Third, under our
across
oceans.
We know how
to
a
international communications.
would
lites
pro¬
working
shortest
possible time, and to insure that
this country will lead the way in
get
creasing needs, to
taxpayer.
munication
and
plans
T.
system "in being" in the
intent to exclude international carriers, and looks to a Gov¬
ernment bureau
to put satellites up without, however, expense
any
to
A.
offer by all odds the best
to serve the public's in¬
posals
T.'s position regarding outer-space
He voices confidence in its success, denies
that the
convinced
are
T.
&
Kappel makes clear A. T. &
Mr.
dled
build
traditional
the
in
The
way.
ground sta¬
sat¬
harmony with
the communi¬
foreign
communication
agencies — just as the terminals
of existing systems are owned to¬
day.
The Bell System has had
many years of fine and satisfac¬
tory dealings with these agencies
cation
all
♦From
talk
a
by
Carolina
North
the
N.
Raleigh,
Mr. Kappel before
Citizens
Assoc.,
C.
and
work
to¬
and in
gether
net¬
various
this
coun¬
tries. We know
also
that
ellite
needed
Frederick R. Kappel
urgently
are
supplement
tele¬
ocean
existing
facilities, for the demand, for in¬
cables
phone
growing
other
and
ternational
is
communications
fast and the needs
be met
time. Further, we are
very
of the next few years must
and met
on
confident that the A. T. & T. Com¬
pany
produce
can
economical
serviceable,
a
communication
space
system capable
of giving
high
quality service to the public—and
quickly. We are already well
along on developing an experi¬
now
satellite.
is
for
What
glad
testing.
to
pay
There
I
are
this
And
for
the
need
of
gov¬
we
so
be
points
Bell
Sought
provide,
could
no
whatever
to
pre-empt
We
are
not
seeking
a
monopoly of space communica¬
a
Our
communication systems
natural
used
is simply
interest
in
extension
providing
of
to
the
in
case
of
as
is
of
ership
the
system
by
rata in the capital
operating expenses.
pro
Fifth,
a
very
would expect to obtain
large part of the ground
equipment, and many of
elements
the
satellites
the
competitive basis
companies. So there
themselves,
on a
other
from
of
the
for
are
the
producers
and
along
many
this
would doubtless
supervise rocket launchings, the
rockets
and
launching facilities
government
would
be
supplied by private in¬
lite system we propose
do
our
public
service
in order to
job
it
as
Second, service by
way
of satel¬
any
circumstances
preclude
the
Pratt
Corporation
of
Bloomfield will work with Grum¬
Aircraft Engineering Corpo¬
man
ration
Coughtry
and
ability of
airplane
the JT8D Turbofan, are
have, to date, ordered 92 of the jet
transport
planes:
Eastern
Air
high speeds in level flight. Ka¬
would contribute propellers,
Lines, United Air Lines and Luft¬
hansa German Airlines.
Other
shafts and gear boxes and Grum¬
would build the remainder of
responsible
survivors
in
unable
7
helicopters
rocket
for
to
feet.
Vice-President
Corp.,
cf
closed-end
a
an
offer
The
to
sell
nor a
solicitation of
an
mobile
its investment business
at
1650
Broadway,
offices
York
from
New
City.
BROOKLYN,
Rosenblatt
offices
has
Y.—Bartman
"been
2845
at
formed
Fulton
&
with
a
in
be
securities
business.
Abraham
Bartman
offer
to
buy
any
of these securities.
Ncw Us"e
175,000 Shares
Coleman Engineering Company, Inc.
a
the
accuracy
The
vault'
Share)
11 y
c a
compartment
himself
machine,
vault.
the
of
Universal
Price $11.75 per
Share
der
a
Marketing
Match
gone
insurance
than
and
field
com¬
into the casualty
home¬
the
added
that
I'l
it
big step for his company.
if
D. W.
offices
ness
from
wea
5357
at
Manau-
Street.
Kroeze McLarty
r
Duddleston
JACKSON, Miss.—The firm name
of Kroeze, McLarty and
Company,
Deposit Guaranty Bank Building,
the
members
acquisi¬
Electronics
Kong Opens
HONOLULU, Hawaii—D.W.Kong
is engaging in a securities busi¬
Baltimore
by
been
Corporation un¬
merger now
a
was
opens
of
awaiting
is
Reflectone
Jl
Presi¬
of the
identify
must
the
to
Bankograph
tion
until
whom
employee,
' if
in Hart¬
Hartford's
of
other
owners'
autointo
a
a bank
goes
1
I'J
mutual
.business
packaged
and
segregated
assets
headquartered
has
pany
machine, insuring
of the transaction.
is
deposit
t i
m a
Common Stock
the
fjgi
Hartford,
of
John Alsop
necticut
deposit. A customer inserts a de¬
posit slip and a duplicate with his
deposit and presses a button.
A
validated deposit slip is returned
to him and a microfilm record is
by
n
said he believes
that this is the first time a Con¬
get back
receipt furnishing proof
made
with
Mutual
dent.
and
coin
checks and automatically
April 14, 1961
per
currency,
and
parent company's hold¬
and
ings
ford.
Using the Bankograph, bank cus¬
tomers
will
be
able
to
make
of
charter
a
Maryland
a-
training systems and com¬
deposits
in
Mutual
of
the
from
manufacturer of elec¬
based
tronic
field, but
car
filed
financed
Reflectone Electronics, Inc., Stam¬
ford
auto¬
The casualty company will
wholly-owned stock
sub¬
a
sidiary
*
*
the
launched in Connecticut later this
1962.
the fall of
entering
business is expected to be
new
year.
to
a
and Isidore Rosenblatt.
the
to be completed
expected
of
a
underwriting
been
has
building, which will be air
is
and
fire insur¬
has announced its
company,
passenger
conditioned, will begin this spring
*
Street
are
in
Partners
N.
in
is,
and
ground
set
structure,
separate building, much
of it two stores high, with space
between its walls and those of the
administration area. Construction
effect,
of the
F orm Bartman & Rosenblatt
main
the
the
on
facility,
research
The
within
primarily
business
with
the
organization
of
a
casualty
insurance
company.
A
name has not yet been chosen for
the company which initially will
limit its business to the private
parking space for about 300 cars
under
the
raised administration
rests
conduct¬
now
ance
of
Company
Insurance
Mutual
site
Aymes in N. Y. C.
ing
in
intention
down
longdr period
time.
to float over its hilltop
in
Bloomfield
with
open
area.
Aymes, Inc. is
of
nuclear
able to
engines, the
would be
engine
appear
investment
offering is made only by the Prospectus.
(Par Value SI
rocket
Hartford,
Lehman
earth satellite
For even though
an
deliver power for a
architecture, the company main¬
tains. It is designed so that it will
company.
E. B.
from
nuclear
a
be valuable
would
pow^r^ul than existing chem¬
rocket
ponents,
unveiled
its
new
Bankograph machine on April 11.
This advertisement is neither
trips
formerly
The
believed that
engine
other planets.
less
Company
Manufacturing
engine
It is
sion.
lac¬
operate,
to
nuclear
pulsion. The project is under the
sponsorship of the National Aero¬
nautics and Space Administration
and the Atomic Energy Commis¬
H-43Bs
Two
other
where
been
in¬
April
down
I .*
contract to develop
for rocket pro¬
on a
company
a
all
bomber
the
of
shot
Mexico.
New
rescuing
for
S
developments at Pratt & Whitney
Aircraft include bidding by the
Kaman, which produces
the plane.
1963.
of
months
designated
scheduled
Boeing in the early
- Tnree
airlines
for delivery to
fly
to
hi
Production
transport plane.
of the engine,
jet
that
take-off and
on
up
conventional
a
of United
will shortly
models
helicopter to rise
a
respects the building is unique
was
'
begin test cell runs of the engine
designed to power the Boeing 727
Vertical
Landing (VTOL)
the design of a
on
division
a
research,
announced.
was
Mr.
A
Whitney Aircraft of East
&
Aircraft Corporation,
scale model
of its new headquarters and re¬
search center on view.
In many
it
"
and
'...
Hartford,
of Hartford has put a
of
ul
addi¬
convenience
status.
ical
director
and,' in
product
:!:
Aircraft
Kaman
Emhart
engage
ought to be done would not under
public.
*
*
000
as
the economy theme of
quality,
taste,
ing winds up to 70 miles an hour,
freezing rain and altitudes of 9,-
dustry.
Sixth, the creation of the satel¬
stress
year's time.
had
change,
107,000
Heublein's
launch another ex¬
may
flew
opportunity
of electronic
other products.
same line, while
company
over
Lloyd S. Coughtry
cases
from
will
were
pansion program in Hartford in a
advertently
sharing
cost and
we
at
five
phone cables,
or
by the other
companies' participating in own¬
new
of bottled cock¬
in the year
earlier period. The new campaign
Mr. Ugo Galassi, President
was
to
cocKtails.
increased
sales
offered,
was
tails
Carlton
Sheraton
bottled
eight months this
153,000
to
helicopters, is the manufacturer of
the H-43B turbine aircraft which
now
tele¬
ocean
line
of
line
new
In the first
Underwood, when interviewed- tion, four other basic appeals willbe
made
to the buying public:
the exhibit, forecast that the
of
man
through
either
machines
75
the
at
Hotel.
New York City, mem¬
bers of the New York Stock ExWall St.,
1
in the future. This
done
arrangements,
leasing
dene
that
networks
service
now or
be
shown
at
car¬
them
authorizes
its
is
appropria¬
current campaign for
in the
tions
in
man
would be available to
Commission
of
models
Lloyd S. Coughtry has become as¬
sociated with Bear, Stearns & Co.,
far as ownership at
concerned, the system
"common
exhibit
day
Hartford
of
Inc.
advertising
doubling
government officials and commer¬
cial interests. About 18 different
of
companies for any services
that the Federal Communications
the
desire
space
Thursday, April 20, 1961
Ileublein,
Hart¬
of
C. recently for
members of the diplomatic corpj,
straight,
rier''
gear
has
in
Coughtry Joins
Bear, Stearns a-
would be all kinds of
that
clear.
System
we
staged
a
three
Washington, D.
the
so
is
can
would
space.
tions.
change
international
station
rockets.
make
Monopoly
the
any
propose
all
And
No
First,
we
several
would like to
we
branch
some
ernment to launch
start
expect
end
do it
mental
and
Corporation
Underwood
ford, manufacturer of typewriters
and
ciher
business
machines,
plane for the Army, Navy and Air
Force. The VTOL would combine
respect.
this
we
systems
to
world
Fourth,
sat-
commu¬
nication
the
over
wouldn't
the
of
works
the
by
that
ellites
will
.
Connecticut Brevities
Take-Off
foreign terminals would be owned
tions
.
a
expect
tainties I have read in the papers.
Telephone &
Frederick R. Kappel*, President, American
Telegraph Co., Neiv York City
By
.
(1750)
10
&
pending.
of
the
Stock
PhiladelphiaExchange,
has
changed to Kroeze, McLarty
Duddleston.
H
'
Copies of the Prospectus may be obtained from any of the several Underwriters, includ¬
ing the undersigned, only in States in which such Underwriters are qualified to act
as
dealers in securities and in which the Prospectus may
legally be distributed.
,
i
CHAS. W. SCRANTON & CO.
Primary Markets in
Members New York Stock
Exchange
CONNECTICUT
M
ts
New Haven
Auchincloss, Parker & Redpath
U-
SECURITIES
,
Johnston, Lemon & Co.
Wilson, Johnson & Higgins
i
-
'%
''
*'
K
^
Jr
York—REctor
2-9377
Hartford—JAckson
'
l\
7*2669
New
n
Teletype NH 194
1'
r
u
Volume
193
Number
6048
.
.
The Commercial and Financial Chronicle
.
(1751)
mi
ditional
■
I he Mtensive Market in
~
>
T^ATtAQI To
i T»y»AV> /itt
it
has
been
confined
to
foreign-
heavier
t,
It is
last
Our
\
rates
held
are
to
be
unworkable
or
futile,
or
both,
by a knowledgeable expert who knows full well the inner workings of
international
short-term
greatly'
which
exchanges
are
Their
use'
being circumvented and how this makes currencies and exchanges
"amazingly inadequate,"
to
warns
against the
pressure
develop, and advises we mitigate
remove
or
Eng.—During
last
th#»
few months the market in "Euro-
dollars"—dollar
posit
owned
given in dewith British or
and
Europeans
by
.
deposits
temporary
centers.
case
may
the
extent
to
dollar
dollar is
deposits
them
swap
-
of
forward
dollars.
The
into
sale
particularly
the
ttt
W
Should this be done on
a
really, large scale -it- would
greatly increase potential selling
pressure on the dollar.
.
•sterling it means that they sell
spot dollars against the purchase
this possi¬
is
centers
additional
mean
This
with the United States. There
of
amount
publicity
fair
a
that
so
paid by British banks, just as it
possible to obtain a higher inrate on dollar deposit than
is
by American
banks.
while Swiss and West
German banks are precluded from
paid
Likewise,
paying
interest
foreign
on
de-
posits, non-Swiss and non-German
marks
francs
Swiss
of
holders
in
are
or
D.
position to obtain
a
such
deposits outside Switzerland and
West Germany respectively.
a
reasonable
This
of
on
largely
is
affairs
of
state
result
the
deposit rate
keep
to
attempts
deposit rates artificially or
altogether tee payment
interest
on
deposits. Foreign
a
:
.
.
.
as
given their
they
the
currencies
that
discovered
have
not
are
banks in the
due by
whose
countries
hold
who
artificially restricting or
measures
& Co. who has
headed
the
club
the
in
are
past year. The
take
the
Field
be
have
alone
long
are
estimated
,
.
.
0
,
,
_
B°bert
ls
dollar the
the
?lth% by ex.^ange restrictions or American banks are prevented mann of
^y the ^willingness of banks to from paying them deposit rates B°bert M.
T
PurP0aes- lf> in accordance with supply and & Co. and
acquire
such
foreign
currency
deposits by means of swap transactions. They can use these facilities whenever they want to expand credit,
or
i
position uncomfortably
Under the British banking
n
by
some
credit.
the
of
means
actions
can
£12
million
Such
credit
such
serve
trans-
swap
the
basis
for
additional
of
expansion
p°?e_ 1
escapes
the
.
-
of
■
■
"
such
can §et better ratesit js
opera-
such
°Pera
true, at present the dollar
is
.
not
under
acute
Although the volume of foreign
currency
deposits has .increased
eonsiuerably since the beginning
sooner
or
later
bound
to
of the movement in
suiting
tential
extent
tary authorities. By acquiring ad-
crease
is
of
1957
incalculable.
time
the po-
further
the
in-
the
such
and
additional
from
But
pressure
is
pressure.
develop
-
mone-
control
of
limfts
potential
,
by
that
pressure
extensive
This announcement is neither
an
The
NEW
Colsia
is
vestment
of
before
now
businpqs
f
-r
at
217 Cliff
nor a a
solicitation of offers to buy
any
of these securities.
$35,000,000
.
Transcontinental Gas
Pipe Line Corporation
Mortgage Pipe Line Bonds, 5% Series due 1981.
years
(Due November 1, 1981)
Britain.
significance
main
this
of
Price 99%
change is three fold.
titutional
Plus accrued interest from May 1, 1961
It discloses the futility of;
to
prevent international
vements of short-term funds by
1)
ing
preventing
artificially
of
ans
payment
the
restricting
of
Copies of the Prospectus
>osit rates.
writers,
the control of
monetary authorities over the
weakens
It
2)
□urces
including
the
may
be obtained in
undersigned,
as
any
State only from such of the several Under-
lawfully offer the securities in such State.
may
of their domestic money
rkets.
It
3)
exchanges
susceptible
outward
ough
the
increases
the
ich
to
extent to"
concerned
White, Weld & Co.
■'/
:
.
•
:
'
Stone & Webster Securities Corporation
...li..
'
'
,
pressure
arbitrage
and
'
.
BIyth & Co., Inc.
Glore, Forgan & Co.
Goldman, Sachs & Co.
,
Eastman Dillon, Union Securities & Co.
....•'
'
'
The First Boston Corporation
culation.
object
'he
German
st
of the Swiss and
authorities in ban-
the payment of interest on
eign deposits is to discourage
influx
of unwanted
foreign
g
ids.
l
be
Since, however, the ban
circumvented by re-de-
;iting
Swiss franc or
)osits
with
non-Swiss
D. mark
or
non-
E.
Harriman Ripley & Co.
«
,
Lazard Freres & Co.
Lehman Brothers
...
*
Kidder, Peabody & Co.
Incorporated
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
Paine, Webber, Jackson & Curtis
Samuel
thn
Avenue,
April 20, 1961
First
—
•
+
Unfavorable Consequences
'he
nomi-
W.
Co.
unrW
posits developed on a large scale
outside
Board
three-
conducting his
offering is made only by the Prospectus.
de¬
&
■
offer to sell
sterling de¬
market in
a
15
of
Smith, Barney & Co.
Incorporated
in-
firm
name o* Bostonian Investment
Securities Co. Offices are located
ISSUE
rates.
In
the
case
of
sterling the
gentlemen's agree¬
ment restricting deposit rates was
some
Johnson
Bostoniari Inv Securities
ooslonia« IHV. securities
WINTHROP, Mass.
re-
use
Euro-dollar, deposits in speculation or arbitrage will be much
Hitherto,
-
-
..
deposit
for
as
Presi-
Gardiner of Reynolds
H. Stanley Krusen of
"0WSV€ff'l their depositors are in demand they will be inclined to .Shearson, Hammill
f
°ffer their dePosits where they. ;te
■■■
whenever they find
their cash
portions until over 20 years after
the imposition of restrictions on
operation
-
BergR. W. Pressprich & Co.,
velopment of a market in deposits
did not assume appreciable pro¬
in
Cluett
_
Tl^asurer-
deposits by foreign Governments
]
widely known by de¬
positors but that it took such a
long time for them to discover it.
of
T
C.
become
case
succeed
Vice
billion
the
passed
respective territories. The curious
the
to
early
Nominated
to
Mr.
W. Scott Cluett
thing is not that this fact has now
In
held
in June.
speculation by means of borrow- or Central Banks. But it is not
For new members of the
dollar
mark.
These
funds
are .lpg,
in„.
vulnerable currency Governments or Central Banks of Governors to serve for
available
for
being
converted and ?elllnS >he spot exchange, has who
offer their dollars in the year terms, the club has
temporarily
into
the
national alway.s. exist?d- The extent of such Euro-dollar market. It is private nated Earl K. Bassett of
currencies
of
the' banks
which. °Pfatians
* limited however,-firms and individuals. So long as Hutton & Co., Charles L,
to
determined by
by
annual
Day
nf
Euro-dollars
payment of a rate of interest
supply and demand
banks situated outside their
the
at
Bond
Club's
<•
will
place
run
position to prevent
a
for
election
mentioned
countries
the
of
above
of
Weld
a
preventing the payment of an
adequate interest need not apply
outside the countries concerned.
None
Stitzer
White,
Kidder P^body & Co. The new
^ate of officers also includes Lee
etc
deposited outside the coun-,empg of, T°rward discount -amazingly inadequate. American S* ^
1
Tru®t
tries concerned must
by now JPa^GSbanks are about to be authorized
Todd
of
Kuhn^Tnph I
into
very
substantial figure.
ard
SLtil wo'
to pay hl^her interest rates on
Loeb & Co- for
system £1 million of cash secured
deposits
sue
1,0 suc~
Raymond
J
.
in anticipation of
tight.
of
D.
the
to
j
-
.
-
of
York
ceed
d?llars means ,that irV,°Fde^
The obvious remedy lies in I
■
J™ d+.
usp ,ra*e the Bri*ls.h terminating artificial interference (
autlYOrities have to increase their with deposit rates. Let the rates
anyone
from
depositing
funds d°*lar bom paid 0n dollar deposit, sterling y
with Swiss or West German banks draw on.
.United States gold deposit rates etc. be determined
down
holders
New
'
mm
,
Inadequate
:
of
"
.
Criticizes U.- S. Measures
of
for' President
Club
"
German banks, the measure is
largely ineffective. Why should
the non-payment of interest deter
to prevent
of
of
at
j
its
terest
re-
LlUett NaiTteU
.
Bond
,
that
j
to
source
nominated
a revaluation of
reserve- increases tnereby.
by market influences. If holders
the two currencies if, in.addition
What is even worse, the exist- of dollars can get the same inexistence is now widely realized, to the prospects of a capital gain, ence of foreign currency deposits terest rates in the United States
It
is
not so
widely known, on they can obtain a high yield by provides additional facilities for :as they can get abroad they will
the other hand, that similar mar- re-depositing their Swiss franc or speculating against the currencies have no inducement for offering
kets exist also in other currencies, D. marks in London or Paris or concerned.
Holders of such de- their deposits abroad.
'especially in sterling, Swiss francs Amsterdam?
0311
.^em outi"ight in
'Although the new Washington
and D. Marks. It is possible nowa;tbe hoPe of being able to cover Administration appears to have
days to obtain in continental liBillion Euro-dollars Already
at a lower, rate when the. de- realized the importance of the
nancial centers a higher interest
-phe
grand
total
of
dollars, p
s maturf- Su£h. operations new development the measures it
rate on sterling deposits than that
sterling, Swiss francs, D. marks become
worth while - when a -proposes to take against it are
continental banks—received
ni
this
OCr
scare.
*
advisable
mitigate
or
th*>
nn
^
•
vulnerable.
are
was
*s nothing to prevent a resident -p.
ty
i rn
i
t\
in New York from taking advan-, H 0"P rSOTlni ylllh P"PPQ
ta&e of the higher deposit rate*
uyiuk/i ICO.
offered on dollar deposits in Lon- w. " Scott
Cluett
of
Harriman
don or
continental financial Ripley
&
Co
Inc
ha«?
hpPn
selling pressure involving loss of
gold.
If
British - banks
holding
proposed measures
our
bility while the going is good.
LONDON
increased
re¬
He criticizes
in
scale
-
capital flows. Dr. Einzig explains how
vulnerable to selling pressures.
as
large
a
-
discourage the influx of unwarranted foreign funds
strictions to
bound
on-
Finally, the development and
expansion
of
the
practice
of
foreign
currency
deposits
has
effort, and those by European countries, to interfere with free
market interest
-year
Japan.
it
therefore,
move
j
foreign currency Depositsaara-.Rtijfsus
By Paul Einzig
than
^jsss^. ?**>»..<* **
currency the banks can defy the with no exchange restrictions
6 yT S f°
e
icial monetary there is nothing to prevent domes-
_
Al»Al n*V\
deposits
currency
™
.
ll
foreign
---
11
Dean Witter & Co.
12
The Commercial and Financial Chronicle
(1752)
then
Problems Facing Canada
And Its Investment Dealers
the
In
In
the
challenge of providing
funds for domestic investment and
in makiiig this charge to
his
in the
colleagues
Government
the
in
blunt
a
financial
international
is equally
Morse
Mr.
warning
reputation.
for offering
Government
the
industry
jeopardize
to
not
poor
ture
savings-leadership to the public
U.
has
S.
this
At
possible that
several
last
of the stock
i
n
lead¬
d i
than
tors
c a
by
tom, and while
it
be
may
bit
to
turned
there
are
to have
some
p ro
mising
signs.
ex¬
has
doubt
no
factor
portant
at
the
business
de¬
is
income
while
been
personal
at
bit
a
a
worse
and
has
I
do
to
confidence
which
of
would
be
$100 million
if realized, and not
is
into
sales
and
a
far below the
billion of
inventories
tober
if
an
confidence returns,
with
atmosphere
we
as
been
of
inventory buy¬
on
there
know,
much
positive
of
any
the
has
series
detail
in
the
were
Club
concluded
to
resources.
recent
very
a
Economic
he
we
capital
"Leaving
aside
under-developed
development
life
rounded
of
of
nation
a
do
speech
in
but
build
and
and
our
the
New
by saying:
hu¬
spirit, in order to
economic
own
future
expression
own
our
of
resources
mind
man
of
na¬
tional
independence."
said before, this topic has
been very widely debated in Can¬
ada, and many prominent people
have taken part, some agreeing
with the Governor, some disagree¬
ing and some going along in part,
As
I
the
all
not
way.
Governor
The
cized
for
not
has
criti¬
been
the
offering
is
and
like
Canada
and
will
to
ADVERTISEMENT
ANY
OF
IS
THESE
NEITHER
AN
SECURITIES.
in
every
our
balance
ments, continued reliance
As far
lessly
bringing discussion of
subject to such a high level
throughout the country.
President
the
of
TO
SELL
IS
NOR
A
MADE
I
have
D.
of
A.
some
been
trying to do
One
so.
of the key factors in dealing with
the
problems which
arise when
likely to
are
country balances its
a
international books in the
which
Canada
this
true
is
of
one
does
or
any
if
or
size
growing foreign
SOLICITATION
ONLY
BY
THE
of
its
re¬
and
savings.
OF
OFFERS
ISSUE
APRIL
will
we
Canadian
Savings and Investment
I
a
was
impor¬
an
key issue, and I made
a
number of addresses
on
the sub¬
Fall, during my tour
of Western Canada, I said the fol¬
lowing and I would like to repeat
part of it now because I believe
it
has
a
great bearing on this
problem—
ject.
Last
"Canadian
saving
comparable to
habits
are
of other
those
in¬
dustrialized countries.
period of 35
a
have
dians
been
Going back
Cana¬
years,
saving
an
aver¬
Since
come.
this
in
of their disposable in¬
of 7%
age
pay¬
pace
on
end¬
the
they
know
we
"This
industry
a
of
This, of
be
to
means
their
course,
true.
challenge to
a
since
the
are
we
our
ones
can
One
that
is
great
the
concern
proper
of
environ¬
saving and investing be
in our country, and this
additional
an
with
concern
reason
such
for
PAR
for
matters
as
in¬
ideas
new
the
STOCK
Fall,
Dealers
into
$9
foreign
PER SHARE
ings
Canada
ONLY
IN
IN
STATES
SECURITIES
PROSPECTUS
IN
WHICH
AND
IN
MAY
SUCH
WHICH
BE
OBTAINED
UNDERWRITERS
THE
FROM
ARE
PROSPECTUS
ANY
OF
QUALIFIED
MAY
THE
TO
LEGALLY
UNDERSIGNED
ACT
BE
AS
the
becomes
let
size
less
de¬
upon
us
of
relation
realistic
be
Canadian
to
the
job
be called upon to
sav¬
they
do.
&
CO.
I
SHEARSON,
HAMMILL
&
CO.
COURTS
'
&
CO.
&
COMPANY,
the
into
other
or
of
known
which
be
must
drawn
markets,
capital
out
but
in
opinion they are insufficient
fop all the Government and cor¬
my
porate financing which is required
if we are to maintain an adequate
if
and
Government
of
standard
industrial
our
mercial
bulk
vast
service,
and
of
accounts,
percentage
in
are
the
not
is useful
must
large
a
accounts
than
less
amounts
The
savings
our
still be in small
is
com¬
strength is to grow.
for
$100, and this
type of capital which
development money.
as
Challenges Investment Dealers
I
not
do
believe
do
There is
be
it
very
negative
and
counts which
ment
investment,
savings ac¬
promote
activate
to
be realistic.
heavy demand for
in this country and
certainly up to us to
is
out and
get
should
we
a
capital
while
I
to
mean
approaching this subject, but I
those
useful
are
invest¬
as
capital
and are now static,
do not believe domestic savings
alone
are
the
to
up
job.
More¬
should appreciate what
staggering job it would be to
over,
we
find the funds with
which to
ac¬
quire control of even some of the
leading
Canadian
corporations
now
under
foreign
ownership
even
if
to do
so.
above
had
we
the
normal
capital which face
We,
opportunity
over
and
demands
for
This would be
the
challenge
more
and
more
borrowers
markets.
We
into
home
the
Canada
of
Bank
fidently believe this,
we
to
are
ernment
protect
spreads.
Broadening
other
equally
tion
to
is
are
to
we
strengthen
labor
must
Canada
if
investment
as
par¬
present
markets
our
in
important
continue
more
our
fields
Gov¬
our
and
con¬
must do,
we
maintain
business
ticularly
in
of
distribution
our
Government securities and I
if
as
capital
constantly being
are
the
broaden
providing
of
funds at
come
by
pressed
year.
Investment Dealers, must
as
the
to
every
us
meet
our
posi¬
We
dealers.
seriously
toward this
end.
Let
me
believe
that
however,
say,
the
Government
also
I
has
a
responsibility to show leader¬
ship in managing its own accounts.
Lectures the
It
is
indeed
Government
disappointment
a
that the Federal Government, in¬
stead
of
having
a
surplus,
small
be
running in the red again
this year to the extent of almost
$300 million. Reliable students of
finance
government
now
believe
considerably larger deficit is in
the offing for the new fiscal year.
If
Government
and
corporate
securities
period net personal savings have
averaged
only $1.6
billion
an¬
nually.
There is, therefore, an
we
properly
can
is
moreover,
problem
finance
of
in
of
new
capital and
the
savings.
should,
INC.
us
Not Saving Enough
When
ings
are
you
used
consider
not
only
the
that
for
on
sav¬
new
to
on
live
competition
the
tinuing
ing.
one
other
program
the
Government
hand,
our
hand
with
I do not be¬
Federal
the
within
must
who
central government.
lieve
new
a
the
confounding
others
demand
for
describe
surplus
as
saving,
this development is not giving the
public the proper leadership, and,
apparent discrepancy between the
amount
KALMAN
is
a
averaged $2.4 billion annu¬
ally and in that same three-year
MARACHE
somehow
will
have
GRANBERY,
of
amounts
It
accounts
these
nicipal
DEALERS
amounts
for
more.
In the last three years net new
issues of Federal, Provincial, mu¬
DISTRIBUTED.
No¬
almost
considerable period of time.
a
is
effectively
of capital.
sources
in
would
THE
channel
can
However,
OF
point
securities, then the
about
COPIES
direction."
and
pendent
PRICE
this
in
I was making
the one I should
like to stress now, is that the more
domestic savings we Investment
VALUE)
for
are
or
our
out and promote savings and in¬
vesting and there's plenty of room
Now,
($1
for
ap¬
higher
saving only
are
incomes.
greater
at
percentage
same
been
Canadians
—
living
are
since
have
incomes
period
parently
last
COMMON
frbm
of
„
over
"Additionally, given a proper
environment, it is up to us to go
National Bowl-O-Mat Corporation
800
almost
new
felt that savings
tant if not
flation.
220,000 shares
reports
banks
$100,000
in
When I assumed office last June
present
1961
banks
of
more
savings.
understanding
my
chartered
do
ment for
18,
use
vember last that there are
savings will
well
try to "go it alone."
we
ours
PROSPECTUS.
is
It
and
accumulated
own
in which
way
domestic
how
determine
the
domestic
of
use
our
use
problem
premium on
of the other
Quite obviously the
we
the
difficulties—is
efficient
and
—
foreign ownership
currency,
lated
manner
now
whether
undesirable
an
is
NEW
our
this
of
less
do
It
I.
contribution to the discussion, and
of
debt, and
a
continuously shrinking area of
industry under domestic owner¬
ship and control. To achieve our
yet
action taken
OFFERING
been
these have remained almost static
the
for
deficits
recommendations
OFFER
THE
foreign borrowing.
We have
following the latter course
and the Governor is urging us to
to
tude
vestments.
BUY
accumulated savings or else resort
$10,000 and upwards, and of these
rising—they have roughly doubled
of
we
so
80,000 personal savings deposits in
effectively channel sav¬
ings to effective use in sound in¬
TO
and
concrete
seriously
countries, selfbetter
for
the
continued vigor
cover annual
demands,
have to either dip into
to
year
but, regardless of this
and also regardless of whether or
not we agree with him, I do be¬
lieve we owe him a debt of grati¬
solutions,
who
THIS
be some, and prob¬
quite a large amount of
money
being added to savings
deposits, it is quite apparent we
are
not
saving
sufficient
each
always
chartered
satisfy national aspi¬
kind, than the
most
ideal kind of purely
eco¬
nomic development, if the latter
involves
perpetuation
of
large
more
rations
the
not
a
not only material
resources,
factors
in other areas of in¬
well, and that there
ably
a
of
to
problem of unemployment.
com¬
position
better
solutions
seek
if
served
own
the
York
represented, last Oc¬
was
to
our
Thus,
represen¬
Association
Governor
In
considerable
in
better
to
which the Invest¬
Dealers'
Canada
be
be
conference
a
by the
impression that, in his words,
are
living
beyond
our
use
possible and
this, the Prime
various
of
high level
means," and implied that in de¬
veloping our country we would
even
funda¬
a
country
a
"We
as
called
leaders
ment
1957.
are
the
on
should
which
of
tative groups, at
promising.
very
Fourthly,
ing
$8.7
the
of
This
1960
is
Labor
fully
as
Minister
in¬
an
over
I
so.
own
rowing by Canadians and has left
chronic condition, but
believe we can allow it
resource
brought to
consequences
of foreign invest¬
ment in Canada and foreign bor¬
described
been
will
is
speeches, and in his 1959 An¬
Report, the Governor dis¬
cussed
turned
economy
has
realization
in
the
peak
not
utilized
Thirdly, plans for capital spend¬
ing in 1961 call for outlays of $8.3
crease
It
every
nual
a
remain
mental
returns.
billion,
almost
as
position to increase
his spending if general
the
as
downward.
the individual
uneasy
is at least in
level
spending
rate
business-was
this
of
the
rising turn of its cycle in late 1958
and 1959 and, of course, became
disposable
high
a
consumer
high
relatively
a
when general
These prob¬
of the Bank of Canada.
turbing is that unemployment ran
cline.
Secondly,
in
that
doubt
little
seems
are
international
our
certain aspects of our
qn
first
was
unemployment is the most serious
factor.
What is particularly dis¬
im¬
an
offsetting
in
the
of
seriousness
been
There
with
but
issues,
vestment !as
Canada I felt I should make
of
Thursday, April 20, 1961
.
outside world, and
As
international balance of payments
considerable amount of
a
them.
particularly pertinent to
and I have made a
are
Debate
a
ticipated.
stimulated
no
doubt by
Very good business in Europe,
have been running at a relatively
high rate. The strong trade posi¬
ports,
tion
have
justification
and
it
does
seem
even
possible that things could
turn earlier than is generally an¬
Eric S. Morse
First,
should
consider
should
we
point of discussing them at
opportunity.
by the business com¬
and the individual con¬
we
that
business,
our
extent
then
we
thinking
am
lems
reasonably good year in 1961. The
generally held view that business
will pick up by mid-year seems
recession
important
balance of payments.
the
to
up
sumers
premature
that
around,
picked
is
I feel
today.
grave
concerned
If this
is being shown
which
it
specifically
those series of problems which
is
munity
say
has
is
I
ago.
year
proceed further
Balance of Payments Problem
the
in
that confidence
a
investors
same
a
the
was
confidence
bot¬
hit
it
if it could
as
must remember that sev¬
seriously
present today in a greater degree
business
have
six weeks,
signs of bot¬
some
we
optimistic, but at the same
very
seems
market
1960,
quarter of
problems which
have been widely discussed of late
are likely to remain with us even
in the upswing of prosperity, and
quite apparent, certainly from the
seems
action
ing
It
as
see
we
it
business.
I
as
eral
question of confidence is
important, particularly in the
investment
junc¬
it
ture
1960.
of
middle
the
about
since
showing
time
The
all
first
be
can
rise.
business
the
now
of
must solve
we
.
of-payments
but
ing could be important in the next
significant indicators,
in Canada and the
been
gently sagging
economy
in
slowed
middle
our balanceproblem
with
the
especially with
the United States, and rely on our
goals
This, then, is the business pic¬
looks
by
Judged
business
into this year.
chastises
baiance-of-payment problem, which he finds not peculiar to Canada.
the
problem
the
start to rise
complicating the task of private financing. The investment
to international financial co-operation to solve the
and for
banker
the
term
about
1961 is
Canada's
Morse
Mr.
Moreover,
continued
for
toming out and looks
with
severe
look
summary,
but
of broadening the distrib¬
uting of Canadian government securities,
more
I
longer
down
meet
has not kept
well become self-liquidating.
may
Montreal, Canada
must
plain
unemployment at something like
the present level for some time.
Vice Chairman, TV. C. Pitfield & Co. Ltd.,
investment dealers
the
with the population growth.
Therefore,
By E. S. Morse*, President, The Investment Dealers' Association
Canadian
believe
economic develop¬
our
ment in recent years
pace
of Canada;
I
made.
fact is that
.
exhort
means,
pursue
and
a con¬
of deficit financ¬
Volume
193
Number 6048
.
.
The Commercial and
.
Financial Chronicle
(1753)
Moreover,
that
I
strongly
believe
Government would be
the
others
capital
follow
have
position
our
markets.
in
foreign
Policies
which
a
purely nationalistic line
tendency to react on the
a
country which institutes them and
it
would
the
be
most
future
country
which
unfortunate for
development
if
took
we
damaged
of
this
action
today
international
our
investment position.
to
ourselves
serve
as
well.
unwise to take action which would
prejudice
and
In
then,
summary
Canada
cult
must
face
I
feel
real
and
diffi¬
we
have,
in
and
we
ancing
deficit
a
count
by
current
on
of
means
surplus
a
on
capital account.
high
should not let them dismay us, nor
should we permit them to panic
in
their
esteem
have
enjoyed
investment
an
and
rating
few
good
as
as
Financial
all
Much has been said in the
press,
the
about
the
views
of
U.
S.
Baby
the
and
Canada,
Budget
Time
not
in
or
relations
with
foreign investors, but it is cer¬
tainly to be hoped that we have
not.1
Canada
tation
of
the
got
ever
it
started,
good
a
then
deal
game
would
we
find
costly
more
and
to develop this
provide the high
level of Government services that
and
to
required.
are
Canada
domestic
to
sav¬
stimulate
Also,
people
believe
I
to
long-term solu¬
balance-of-payments
by working in good¬
other
nations
which
are
to
settle
to
common
all.
"From
talk
a
by
Mr.
Member
Morse
the
of
the
to
Investment
of Canada,
Association
a
lem
Montreal.
Barron McCulloch
could
I
be
much
accomplished if
WORTH, Texas—Barron Mc¬
Culloch has admitted John S. Mc-
lead
in
work
to
solving
mutual
follow
international
behavior
policies,
in
and
in
is
adorn
we
that
only
a
son
feeling is part of the
for the kind
has
he
gram
of
To
of
many,
his
trimmed
to
wind. It is
the
fit
a
the
for
its
But
more
a
than
program
expected.-
been
Congressional
fact that it is
conservative
reason
has
program
licans
many
the
velt
who
is
this
added
complacency.
much
to
the
Mr.
of
That
the
attitude
be
the
the
national
national
objectives
mood.
Most
no¬
was
country
what
will
you
do
for
do
can
you
Tor
—
your
In
The,
-
this way:
reasons
periods
of
nearly
a
this
feeling
Kennedy
during the
think
to
its
of
the
Cleveland
on
two
and Harry S. Truman
Kennedy himself once
these
facts
that
the
Mr.
United
Today there certainly is
times.
his
As
Mr.
last
conference,
unemployed there
press
7%
massive 93%
a
Presidential
Kennedy's
show
if
even
yvhat
about
cially
the
still
liberal
more
programs,
big
Democratic
majorities
New Deal Days which have
persisted
for
two
the
most
part
Eisenhower
admin¬
istrations.
These,
the
rest
me
that
and
of
the
world, it
Canada's
position at
seems
prestige
international
any
bargaining table is weakened and
that
Canada
open
to retaliation by other
tries.
Since
country,
herself
leaves
Canada
but
tant stake in world
vulnerable
is
with
one
wide
small
impor¬
trade,
we
retaliation
to
are
people
are
willing to
they believe every¬
body else is being asked to do the
same.
But again this more often
applies to the foreign emergen¬
sacrifice
if
in the
as
controls.
case of
price-wage
President, for ex¬
The
ample, knows it will be far
difficult
to
hold
forthcoming
Barring
then, the
line
automobile
both
on
the
a
President's
to
lose a great deal.
The
advantages to be gained by purelv
nationalistic
surely, of
a
policies
not,
are
long-term
Mr.
vestment
1932,
nature.
attitude
of
the
Financial
Mr.
McClane
McCulloch
in
the
far
munist
value
greater
in
course
a
the lead
which
Corporation
with
offices
nations
solving
baiance
Mr.
Kennedy
because they
Southern
cf
-
institutions.
siderable
of
in
international
There
talk
be
payments
-
has
been
making
feels
are
are
due to
Fund
and
central
of
making
bank,
it
greater
Democratic
con¬
Secretary.
Mr.
Weinstock
Dreyfus & Co.
|
and
I understand
that this and other proposals are
consideration
under
nedy administration in the U. S.,
and
by
the
are
countries
intention
My
details
of
is
what
not
to
moves
discuss
are
pos¬
sible, but rather to stress that this
country should be locking to so¬
lutions
of
this
nature
in
the
in¬
ternational sphere
and should not
restrictive, nationalistic
adopt
In
measures.
all
with
the
this
day and age,
dangers apparent in
world
we
affairs, it is essential that
work
and
co-operate
with
other countries, try to understand
their problems
view,
more
solutions
Canada
the
and their points of
and if we do this we are
likely to arrive at lasting
to
has
world
our
a
difficulties.
own
respected
community
place
of
in
nations
associated
He
Cities
thereto
he
with
was
Common Stock
Harris,
ham & Co. in Boston.
Mr. O'Brien
ern
was
formerly
Brokerage Co.
Also
with
the
ties
firm
are
compliance with the securities laws of the respective States.
Helene
ert Hewitt.
Van
Chicago Inv. Women
Dinner
CHICAGO,
be
111.
—
saluted
at
Meeting
"The
the
Bosses"
meeting cf
the Investment Women of Chicago
April 26, 1961', when the mem¬
are
inviting their employers
on
to
be
soecial
o'clock dinner
guests
at
a
6:00
at
the Chicago Bar
Association —iMain Dining Room
the
on
12th
Cocktails from 5:15
cede
the dinner.
The
guest
on
will pre¬
help
Francis 1. duPont & Co.
Hemphill, Noyes & Co.
Incorporated
VV. C.
Langley & Co.
Shearson, Hammill & Co.
McDonnell & Co.
Reinholdt & Gardner
Cruttenden, Podesta & Co.
Straus, Blosscr & McDowell
Incorporated
.
First Securities
ll
r>
Company
Hallowell, Sulzberger, Jenks, Kirkland & Co.
of Chicago
!
Sutro & Co.
Courts & Co.
Hooker &
Newburger, Loeb & Co.
-
White &
Fay, Inc.
Company
Lester, Ryons & Co.
J. R. Williston & Beane
.
speaker will
be
Mr.
Robert C.
Liebenow, President of
Chicago
Board
of
Trade,
whose title will be "Farm Legisla¬
Eppler, Guerin & Turner, Inc.
Hill, Darlington & Grimm
the
tion—Past
and
Metropolitan Dallas Corporation
Norris &
Edward Duffy to Admit
Edward J. Duffy & Co., 11 Broad¬
way,
Mitchum, Jones & Templeton
Present."
New York City, members of
May l*vill admit Stephen S. Feehan to partnership.
to
Allyn & Company
Alstyne, Noel & Co.
Floor.
the New York Stock Exchange, on
opportunity
A. C.
bers
take the
in
be obtained from the undersigned only
undersigned may legally offer these securi¬
may
in those States in which the
Prater, Adele Bruton, and R. Rob¬
matters of this kind where
an
Copies of the Prospectus
man¬
of the local office of South¬
ager
in
have
Price $15,125 per share
Up-
is
to
Company
formerly
was
on
we
The Victoreen Instrument
Association.
Petrocchi
and
position
350,000 Shares
is
lead
a
as
Mr.
Manager of the Fort Worth office
of Eppler, Guerin & Turner. Prior
will
market.
mon
the
subject of discussion
finance ministers of the
forming the com¬
the
six
circumstances to be construed
Manager of
trading
depart¬
the Ken¬
by
no
is
Companv.
Dealers
Mr.
world
a
joined
Hirschberg, Inc.
Mason-Hagan, Inc.
April 19, 1961
been
135-24
Rodman & Renshaw
J. C. Wheat & Co.
Pierce, Carrison & Wulbern, Inc.
was
formerly with Gruntal & Co. and
in
He
and
rities
con¬
of the International Monetary
use
1947
at
Treasurer, Abe Weinstock, Vice-
New Issue
began his career with
the old Henry L. Doherty & Com¬
took
co-operate
through
problems
would
the non-Com-
to
firm
MLW
—
has
Hoover Avenue to engage in a se¬
curities
business.
Officers
are
Marvin Weinstock, President and
Worth in
own
American
GARDENS, N. Y.
Securities
formed
in¬
VicePresident of the Fort Worth Secu¬
Canada
in getting
Fort
who
and
sales
ments.
Service
Cooperation
Of
his
his
on
Form MLW Securities
KEW
1941.
pany
International
in
career
opening
began
actions
public.
partnership in Barron
McCulloch
prices.
emergency
programs are and will
motivated by his belief about
offering of these securities for sale or a solicitation of an offer to
buy any of such securities. The offering is made only by the Prospectus.
McCulloch & Company, Continen¬
Life Building.
the
domestic
be
an
John S. McClane
more
in
negotia¬
and
wages
foreign
tal
and
stand
McCulloch
O'Brien to
coun¬
a
an
Barron
for
President, and Mollie Weinstock,
This advertisement is not and is tinder
to
world
the
The President feels also that
the
American
the
Democratic
Congress?
Espe¬
in
the
since
even
Democratic
economic
majorities
at
at work.
the
mandate for
no
it
margins such as Mr.
own
last
November
radical
or
dire
no
Kennedy put
to
desire
a
which discriminate against foreign
investors, or unduly restrict the
flow of trade between Canada and
had
roots.
more
tn^ay
measures
gave
he
something." Yet this
relate
threat than
domestic reform.
tions
the
have
Grover
nation.
War
Democrats
to
nation
to
appears
been
Kennedy
States,
except in dire times, is essentially
a
conservative, even complacent
illusory
five
reason
foreign
cies,
From
reasons
century since the end of the Civil
only
every
has
minority
a
vote.
through
Kennedy
overwhelm¬
winner
with
Mr-
But
Kennedy would like
to go farther is evident from his
frequent descriptions
of what
Roose¬
each.
people.
Mr.
either
won
occasions
and
is
is
as
no
shaken the
desire to "do
D.
handily four times,
or
with
considers
Franklin
and Woodrow Wilson each
deeper than the current temper of
the
Congress.
It
goes
back to
he
for
popular
real
moderation
Presidency
big victories.
won
Except
elected
President's
a
compared
with
11
Republicans.
Kennedy does feel that the
Even
more
important, four of big response to his Peace Corps
those Democrats barely won elec¬ proposal
shows
that
there
is
tions where-almost all the
Repub¬ abroad in the .land a considerable
pro¬
to
hardly agree that it is a conserva¬
tive program calling as it does for
a $2 billion deficit
budget.
Mr.
interna¬
dif¬
Mr.
Democratic
Congress.
Republicans would
Nevertheless,
elected to the
rea¬
of domestic
sent
been
ingly
country."
tional investment.
If
and
catastrophe would shake it out.
our
field
no
important than in
more
complacent
ask
good
all
is
your
We
of
more
his dnaugural plea to his
fellow Americans. "Ask not what
co-operation
rules
far
as
what: he considers to be the
basic conservatism of the
country.
He is said to feel that the
country
and
took
problems.
the
pic¬
by
table
with non-Communist countries in
should
being
radical than his domestic
program
indicates but is being restrained
should
more
we
is
tured by his intimates
of the American
Clane, Till Petrocchi and Dennis
believe
Kennedy
what
Admits Partners
is not the
and
President
people
FT.
Eisenhower
CARLISLE BARGERON
him
friends,
Montreal
the
minority and
Furthermore, it is Mr. Kennedy's
feeling that the eight years of
made
we
for
a
campaign but the close result
This
only country
balance-of-payments prob¬
with
the
possible
repu¬
time-consuming
country
of
use
country that is likely
a
change the rules after the
has
which
our
with
Dealers'
If
to
to
degree, dam-, problems
any
financial
our
tions
difficulties
whether
actions
we
term relief but carry
to
look
will
tell
but
us,
humanly
more.
will
have, to
we
and
should
number of countries.
a
alone
aged
ings
save
widely
is
increase the
the
of
Bank of Canada have been
quoted
selfish
near
that
the
and
Governor
confront
other
and
lasting benefits. We should do
no
Reputation
in
into
us
ours,
promise
International
both
difficulties
These
provide
majority party. The arithmetic of
Congress, of course, bears this out.
ac¬
Investors in
other countries have held Canada
countries
BY
Canada, at a heavy rate,
have been, in effect, bal¬
who
ference between
...Ahead of the News
for
some
time, been importing
capital either through foreign bor¬
rowing or from foreigners invest¬
ing
servatives
FROM WASHINGTON
that
because
problems
13
Birr & Co., Inc.
Stirling & Company, Inc.
*
;
14
The Commercial and Financial Chronicle
(1754)
quately and go into exports in a
The Disturbing
Facts
Of Our Export Position
By Emile Benoit,* Associate Professor of
Graduate School of Business, Columbia
International Business,
University,
Y.
N.
manufactures
Other factors empha¬
sized in the explanations of de¬
cline of U. S. export shares were
prices
big
way.
the
fact
that they had improved the
design (and thereby
the
"quality gap"), or
or
reduced
competition is viewed as a serious matter by Professor
Benoit whose research uncovers some startling evidence of our com¬
generally approached exports
more
seriously than U. S. firms.
European
manufactured
good number of our respon¬
dents reported
first-hand infor¬
price level. Culprits are
and not our general
goods
A
price of our
petitive decline. What counts, says the writer, is the
mation
productivity, restrictive fiscal and credit policy, invest¬
said to be our
U. S.
policy, and lack of Congressional concern about our eco¬
ment tax
be
surprised
the German re¬
by
Ger¬
bonds in 1959: it seemed clear
man
that
buy
S.
U.
the
to
started
I
valuation.
deterio¬
so
new
op¬
for
formation
am
surprised only
that
the
by
small
so
of
the
that
not
that
Germany
we
about. Italian gold
and dollar reserves are higher in
relation to trade than Germany's.
worry
production in Italy and
France has been growing about as
.fast
as
in
Germany
(Which is
Industrial
about
U.
four times
have
in
has
as
fast
held down
been
than
Germany.
as
even
better
this
all
And
of
really could be felt. We have not
anything yet. I predict we
be seeing competition
from
.seen
will
after
Europe
make
Sixes
teeth
other
and
in
covered
while
a
back
our
These
will
that
rattle.
matters
book,
my
Sevens:
and
are
Europe
The
at
Common
Market, The Free Trade Area and
published
by the Columbia University Press,
the U. S., which is being
and
will
out
be
This
months.
in
couple
a
gives
the
of
back¬
trade
the two rival European
blocs and presents a pro¬
posal
for
ground
on
healing
documents
and
weakening
in
position
the
of
in
this
we
are
most
the
split.
explains
the
It
the
competitive
U.
S.;
it
gives
of
■
on
to
able
been
get
information;
in
local
the
over
of
the
language;
adaptations
local re¬
quirements; and failure to fill ex¬
port orders correctly or on time.
Over 95% of the respondents felt
that there had been a progressive
product to
deterioration
and
American
of
hold
to
down
U..
the
step-up
I
tical
of
that
say
research
my
backs
;<
There has been
a
up
European competitors in 1953, but
that it lost this price advantage
is the most strik¬
ing example: thus in 1953 the
U. S. was selling structural shapes
1959. Steel
by
high-grade Bessemer steel at
price of $87 per metric
ton, compared to $98 in Germany,
$97 in France, $107 in Belgium,
and
$122 in Italy. By 1958 we
were
selling the same steel for
of
an
average
$121 per metric ton, compared to
steel at $121,
$111,
Belgian
comparable British
at
steel
German
$122, French steel at $113,
Italian steel at $120.
steel at
and
of
highly
equipment
(machine tools and machinery) I
/ sample
producer's
Taking
statis¬
the view
own
chief
its
than
cheaper
selling
a
fabricated
100%.
found
lot of superficial
prices
business
these
costs
export
S.
-
must
S.
U.
drive.
com¬
renewed
requiring
petitiveness
efforts
meet
S. was producing and
the U.
that
leaders
that, for example, German
were
17%
higher v than
prices in 1953, but no higher
1959: Italian prices were 26%
and others
should be better
informed). One often hears the
comment that our general
price
in
by additional investment
earnings or royalties from foreign
affiliates
or
licensees.
Signifi¬
cantly, in three out of four cases,
level
they had lost the foreign business
their own foreign affiliates or
Europe.
But
level
irrelevant.
profits
in
loss
any
up
on
to
licensees
American
other
to
or
companies.
labor
(some
of whom
has'not
is
But the crucial
of
these
their
the
how they
losses. I
is
export
were
answers
nificant because
of
question I asked
companies
explained
think
Prices
Export
many
very
sig¬
economists,
labor
denying
that
become
less
have
Well,
Vice-Presi¬
Comptrollers of our
Presidents,
the
and
dents
U. S. goods
competiiive.
largest companies, who
questionnaire,
my
with
them.
them
tion
markets
was
become
price.
price
vantage
raised
care
of
U.
agree
five
of
explana¬
S.
export
that foreign products
competitive
more
in
pointed
out
that
already had
producers
advantage
not
were
not
main
of
loss
Others
European
a
out
thought the
the
had
did
Four
for
answered
able
to
fully
in
1953
but
exploit this ad¬
until
they
had
production enough to take
of
the
home
market
ade¬
than
more
the
in
general price
Agricultural
at
the
is
factured
world
give away
we
quarter
a
agricultural exports. What
our
counts
price of the
goods
we
manu¬
export against
competition. When you look
these
figures you get
impression.
Between 1953 and 1959,
a
very
different
unions, and politicians have
been
risen
prices for example, are, purely
artificial, and don't determine our
exports:
Our
leaders
ment,
our ex¬
finished
manufactures
rose
9%,
and
of semi-finished
goods,
17%. 'Meanwhile, exports
ports
of
of
manufactures
U.
K.,
rose
22%
in
the
1953, but 3% lower in
1959;
French prices were 23%
higher in 1953, but 12% lower in
1959 (if quoted in dollars), etc.
higher in
About
1953-54
matter
in
U.
S.
buy
rose
of
prices
rose
only
in
turning,
the
into
includes
list
Chrysler,
International Harvester, Reming¬
Motors,
Bur-'
McBee,
Royal
ton-Rand,
British
10%,
manufactures only
of
French
manufactures
declined
5%
—as
Wholesale
actually
quoted in dollars
result
a
5%. The price
if
of
devaluations.
prices show
about the
How
of
Obviously there
U.
pattern.
S.
prices
of
are
shorter
cost:
output
U.
that
estimate
per
industrial
S.
hour
man
only
rose
1953 and 1959. This
between
lower than in any of the ad¬
of
countries
It
Europe.
for example, with 22%
operation
tive
restrictive
fiscal
illustrated by the fact
Our
is
policy
for goods and serv¬
ices declined from
16% to 11%
of national output, and in
1956
and 1957 we achieved a whopping
cash
a
it
had
there
1955
was
industrial output
in
whole
three
moving
taken
cash
too
ever
many
figures either!)
to
that
is
it
surplus,
that what is a
surplus for the government is a
after all, is that the gov¬
means,
I
Thus,
frankly
pro¬
costs
while
Compared to this, all the social
legislation, foreign aid and alrost
all the other things that Congress
likes
to
vial
squabble
and
started,
then
and
of
admit,
4
i
'
'
data
C
opies of the offering circular
be obtained from the undersigned.
to
not
thev
those
our
of
and
help others.
then
we
paradise,
payments
Questions
Blames
tivity
I
rough, because the
entirely comparable
do
that
suggest
rising
relatively
with
a
The
tion
our
been
think I have
I
surely decline.
Oi*r
real
Export
the
Surplus'
that
fact
billion
$4.6
and
are
that
rate.
be
about
trade
running
surplus
1960,
by.
obscured
achieved
we
about
situa¬
the
dangers of
somewhat
are
on
still
This
figure
in
at
may
highly
misleading, however,
you bear in mind that in
we have been suffering from
unless
1960
recession, which brought about
small decline in
our
our
imports (of
raging
created an
whereas
Europe
abnormal
for
and
the
has
temporary
market
exports, which have risen
by perhaps 22%. For example we
have found
difficulty in selling
no
lots of
a
moderated
U. K.)
capacity
in
(especially
and
as
the
European industrial
increases,
markets
like
these will
dry up. That's why it's
important that -we use this
so
breathing spell to modernize our
equipment,
eration
raise
and
cur
rate of op¬
unit cost.
loweHour
why
rising
so
Policy
produc¬
slowly,
pretty good idea,
can't
say.
Sees U.
Let's
Credit
although
balance
position in
our
our
Permanency
deal of
great
ask
has
our
experience.
we
and
If we
in a
chief competitors.
Restrictive
When
pair per
living
are
and
the world will
to
delivery. As European demand is
our
actual
our
afford
in¬
been
checks
This
PACIFIC COAST SECURITIES COMPANY
pretty
have
costs
may
get
about 12%, those of
rose
are
but
—
we
expansion
costs down,
can
we
fool's
tri¬
If
industrial
get
can
are
about,
inconsequential.
dis¬
Belgium and Italy ac¬
tually
declined,
and
those
of
Germany rose
only 7%. These
statistical
comparisons
are,
I
Per Share)
President's
the
backing
attempt to raise our growth rate.
(after
costs
France,
(Par Value Sl.OO
of urgency in Con¬
productivity
for
counting
worried about the
am
a sense
in
gress
given
them.
to
lack of
business
has
it
than
consumers
more
away
from
power
quite non-competitive steel
and steel products simply because
European
plants couldn't
make
labor
unit
our
in line.
less
or
creases)
Common Stock
taxed
has
purchasing
and
a
the
of
rest
run
spending power for the
economy:
what
it
deficit in
in
hold
the
for
thing
great
a
government
to
never
realizing
boom
enough
ignore these
but the nation as a whole
pay
for their ignorance.
These characters naively imagine
has
3%),
to
knowledge
no
facts,
about
more
PHARMACEUTICAL VENDING CORPORATION
with
FoiitiCians
of modern economics
(by 25%) and far outstripped our
had
Federal
(I'll bet not
heard of these
the
in
surplus
Budget of $3.6 billion.
a
growth
for
started
We
years.
only in 1959. Then,
in 1960, we had the
out of our sails by
up
again
once
wind
deflationary
quarter of
no
significant
last
the
After
growth
kept rising
they
mentioned, but
enormous
an
effect.
a
of $6.7 billion. This
surplus
figure seldom
is
a
ductivity
Federal
1959,
and
1953
between
Belgium,
44%
in Germany,
in Italy, and 48% in France.
countries
300,000 Shares
.
expenditure
productivity
growth, thereby
raising unit cost. Wages rose fast
in
Furope
too,
but in
several
April 18, 1961
incen¬
is less
install new and improved
to
plants.
in
wages
overhead,
that
means
high.
Moreover, there
Sweden, 23% in the U. K., 38%
our
single
triple-shift
or
costs stay
in
Meanwhile
lowest unit
and 'a
runs,
double
of
instead
factor emerging from my
analysis is the slow growth of
American industrial productivity.
46%
NEW ISSUE
under
impossible to achieve
single
compares,
of record only.
15 to
of
and
biggest
the
But
work.
at
factors
I
same
plants at an average
20% below full capacity,
these conditions it is
running our
don't,
loss
competitiveness?
a number of
price
S.
U.
this
explain
we
can
our industrial'
We have been
use
plant to capacity.
ourselves
Gain
Slower Productivity
to
ability
an
ever
This
S.
U.
General
Ford.
14%), while the export
manufactures
and of German
seems
swer
back
think, in the fact that U. S.
are
roughs, Singer, Bell & Howell,
in France, and 133%; General
Foods, American Machine
in
Germany. Now
look at the
&
Foundry,
U.
S.
Industries,
price
comparisons.
Our
export Baldwin - Lima - Hamilton,
and
prices of finished manufactures scores of others.
rose
16%
(and of semi-finished
goods
proof. Basically the an¬
to be this. In our fear
of inflation and national debt, we
have been applying over-restric¬
tive
fiscal policies
which have
been restraining our rate of in¬
dustrial growth and resulting in
rigorous
firms
increasing
numbers,
to
buy
foreign-made
components and models to import
T
1961
Thursday, April 20,
ernment
70%
of this stock having; been sold, this advertisement
a
to
.
equipment,, Bv 1958-59, this pro¬
portion dropped to about 30%.
There is also a lot of significance,
vanced
as
used
were
Bank
World
the
from
loans
\yas
appears
revealing indication is
half
the
industrial
Another
this.
13%
All
commodities
the
have
I
U. S.
in the
accomplished before the
European integration
been
benefits
since 1953? Ob¬
still the low-cost
producer on a lot of items. Never¬
theless, the trend is disturbing. On
change
viously
analysis of this from the govern¬
their industrial costs
and
S.).
too
exports
only
to
not
Because
Why?
prices absolutely higher or
and has there been any
our
made
Emile Benoit
are
really out of the woods. After all,
it's
have
of the com¬
were
Are
lower,
two-thirds of these had more than
story,
we
40%
them
worried.
this is the end
or
of
Most
I
that
doubt
most
over
orders
answering
lor
failure to make minor
panies I studied had lost part of
their export markets since 1953.
is
amount.
an
the
found that
re¬
valuation
the
and
trade,
interesting
part of the research I have been
doing is the survey I made of the
competitive experience of our 500
largest industrial corporations. I
readj ustments
were
inevi¬
I
S.
Perhaps
currency
table.
U.
to
prices?
specific price comparisons, I find
portunities this will create
U. S. foreign investment.
•
challenge of European integration
points.
that
rated
some
or^ unwillingness to
creait
terms
offered
by
or requests
inadequate for¬
eign advertising
and
publicity;
failure
to
supply
essential in¬
competitive
the
of
idea
some
I obviously can't cover
all this ground in this brief paper.
I can just sketch out a few key
had
situation
export performance, such as:
competitors;
inadequate
foreign
personal
contacts
with
foreign
distributors or customers; delays,
Now,
competitive
in
a
1953.
which
in
why anyone should
weaknesses
serious
on
only
since
absolute
about
How
shows
course
deterioration
relative
match
formula as
into the E.C.M.
The impact of this European integration on our trade is not viewed
forebodingly providing we can meet the new European competition.
England and the Outer-Seven may be admitted
I do not know
Disturbing Trend
of
This
inability
growth rate. Discussion concludes with suggested
nomic
to how
producers
foreign
better or more flexible
terms of export credit or terms of
quality
K.
German prices 5%,
and
French
prices declined 1015% if figured in dollars.
12%,
supplied
sale,
C.
that
20-24%, U.
rose
.
.
I
have
a
K. in E.
C. M.
specifically at
the effects of European integra¬
tion.
I
have
always
felt
that
sooner or later the U. K. ought to
and
more
probably
common
Free
look
would
market,
Trade
and
join
that
the
the
of
the
Association
Volume
193
Number
6048
.
.
The
.
Commercial and Financial Chronicle
(1755)
fl
k.
"Outer
Seven"
bargaining
basically
a
intended
was
maneuver
to
strengthen the U. K.'s position in
refusing to join without special
At
concessions.
ment,
a
this
lot
the
hope
closer.
present
of
mo¬
union
Within
the
looks
last
fort¬
night, the U. K. has gone on rec¬
ord as accepting in principle the
common external
tariff, and com¬
economic
mon
;}"i ■ b
is
an
institutions.
enormous
still
trying
This
step forward. It is
wealth
time.
tl
way;
U'
is
But
it
has
at
moved
the
to
up
same
long
a
move
Common
Market.
In
fort
formula
which
introduced
I
gjods
would
pends
in
large
enable
a
the
chinery.)
ity
neutral
I
countries
M
Switzerland, Sweden and Austria
—to
the
"Outer
Seven"—
join the Common Market
special associates
on
as
temporary
a
the
it also
must
depends
on
exporting commun¬
rises to the challenge
the goods, and giving
customer
service
ma¬
our
well
as
solid
the
values, in
goods that he
as
if he is
have
rather
to remain
our
another's.
than
markets are viewed as
expendable — of interest only in
export
domestic
won't be
recessions—we
able to hang on to
export markets
Only if
them.
the domestic markets,
Britain's
ing standards of remuneration—as
obligation
her
to
partners
of
care
Com¬
would
be
by what I call "no
injury" guarantees on the part of
the Common Market, which would
commonwealth
assure
that their total
exporters
exports to Europe
as
and if firms allocate to them their
best
is
personnel—with correspond¬
standard
in
practice
companies—can
European
face
we
ex¬
our
port future with real confidence.
*An
address
the
fore
by
World
York
New
Benoit be¬
New York,
Professor
Club
Trade
of
reduced
Market)
would
not
(They
by the new arrangement.
would
be
offered
tariff
quotas
sufficient
w
to
restore
past
levels of exports to Europe, if the
new tariffs cut back their trade!)
A similar
be
guarantee would in fact
extended
all
to
outsiders, and
GATT would be in charge of ad¬
judicating
and
applying
this
Boston Banks
mula
that
is
protect
the
well,
as
it
in
such
would
S.
U.
the
Rockland-Atlas National
"hot
have
I
tim
trade
Boston began
operating
as one
in-
prise
the
to
term
be
siderable
there
more
will
offset
in
severe
when
increasingly
France
ket
to
!■'
e.
German
supply
their
and
be
con¬
a
what
I
call
an
As
of
needs
Common
Mar¬
partners, they will be unable
certain other markets,
in Canada and Brazil,
otherwise would have
they
that
pre¬
empted, thereby leaving more op¬
portunity for U. S. exports to re¬
direct
to
exports
they
Actually,
if
%!
markets
losses
been
have
lost
in
Euro¬
think
I
from>. trade
the
the
about
potential
diversion
have
discus¬
in
Common
Market.
Incidentally, the first two
of
Common
the
If
ft-
U
operation
trade,
members,
side
frf
not
but
world.
the
of
Market showed
of
?'#
m
0
p
'
tions
stitution
years
large expansion
a
only
also
the
among
with
While
ity
Ik
3M>
fey'
i»»i
the
imports
out¬
from
countries
f
A
Seven," and from
also substan¬
was
trade diversion is,
I
think, far less important than
the growth effect and the com¬
der the
and
it,
envision
I
as
is
big pickup in industrial growth,
and
efficiency,
leading to
far
a
larger markets
in
higher degree of
competitiveness.
say
this good
or
it's good if
Europe
and
efficiency
a
The
in
New
that
the
we
can
European
I'd
meet the
expansion of
demand
will
create
in full
likely to
■
cerned
term
the
money
likely
are
for the fore¬
As
against
strong
a
this,
demand
for
boom is in the mak¬
These kinds of conditions
exactly conducive to the
ing.
not
the
for
reasons
somewhat
which
conditions
free
down
move
be
in
nations
bit.
a
unfavorable
are
This
far
as
this
country are con¬
particularly in the near-
sector.
are
an
feeling
and
000
total
grow¬
ing among money market special¬
that
a
reduction
in
the
Cen¬
the
rates are weli
discount
rate
here
for
a
and
a
which
is
available
in
these
monetary
the
and
appears
especially
situation,
reference
to
the
gold
situa¬
position of the dol¬
to
augur
well
for
bonds
and
stocks
have
much
are
It
is
This is not
an
been
well
taken
The
better
is
for
on
sale
to
these
still
tractive
tone
the
to
bringing in
long-term
more
far
So
that
exchange offer will be
coming along for certain of these
obligations some time in the fu¬
an
ture.
dle
These
term
confined
purchases of the mid¬
issues
to
have
particular
any
been
not
group
of
buyers but it does appear as
though some of the out-of-town
commercial
the
banks
more
it
War
leading
have
beep
prominent takers
have
issues
been
there
is
terest
in
evident
is
which
the
that
II 2V2S have
mediate-term
Will
them
the
more
the
of
man
securities.
Reserve
been the
the
inter¬
maturity investors
picking up, although
an
unimportant in¬
not
the
other
issues
Corporate
Switch
Buying
With
the
opinions increasing in
numbers at least that the business
is
recovery
is
more
under way, there
passing amount of
in the money
now
than
a
discussion going on
and
capital
the
Federal
markets
to
as
Reserve
over-all
pattern of
operations. On the
there
those
are
the current
flexibility
who
market
open
other
and
tinues
as
Trust
long time.
this
in
Favored
Still
Company Inc. is engaging in
The long-term area of the Gov¬
curities
ernment
109
quiet
Luther
market, although on the
side as far as the private
formerly
Ireland,
business
South
C.
from
Winooski
Hackett
of
is
President
purchases of these issues are con¬ -and Treasurer of the firm. Luther
cerned, appears to have been ac¬
F. Hackett is Vice-President and
tive in a modest way because of
commitments
which
are
being Secretary.
only in Units consisting of $22.50 Principal Amount of
Debentures and 1 Share of Common Stock
n
State Street Bank and Truzt Com¬
pany,
Price
tive
of
The
Bank
Rockland-Atlas
of
Poston,
combined
the
months. Mr.
cxrcut've
is
Hagemann
ates
14
The
a
For
Ireland will
cff'cer.
and
will
be
(Plus accrued interest
after
the
chief
The bank oper¬
offices throughout Eoston.
bank
eombmed
w'll
lee hlgginson corporation
have
as
lim¬
■
.
by law, and, in addition. wiU
directors'
have
a
cf
members.
M. H.
advisory
board
■
.
•
'
;
ALTO,
Calif.—Melrose
business
from
Hamilton Street.
a
offices
amott, Baker & Co.
Incorporated
1
'
Incorporated
shearson, hammill & co.
tucker, anthony & R. L. day
Incorporated
Blair & Co.
W. E. HUTTON & CO.
E. F. HUTTON & CO.
H.
at
^
^
francis I. dupont & co.
secu¬
'
paine, webber, jackson & curtis
Incorporated
Tappan, III, is conducting
rities
hornblower & weeks
A. c. Allyn and company
Tappan III Opens
(Special to The Financial Chronicle)
467
Unit
Copies of the Prospectus may be obtained from the undersigned
only in those states and by those persons to whom the
undersigned may legally distribute the Prospectus.
that
.
21
per
the Debentures from March 15, 1961)
of
s»x
be cMef
board of directors of 25.
ited
$25
on
Nat'ona1
Present
banks.
at
Avenue.
(Without Par Value)
is Chairman of the Execu¬
Committee, and H. Frederick
Hap'emann, Jr.. for"erly P^esi "ert
a se¬
offices
con¬
William D.
President
:
BURLINGTON, Vt.—Hackett and
Companv.
Chairman.
that
policy with its greater
will be with us for a
400,000 Shares of Common Stock
Offered
hand,
believe
Hackett &;Co. Formed
Bonds
is
likely to return to the "bills only"
policy. In some cases it is taken
for granted that as soon
as
the
economicpattern
takes
on
a
more
healthy
appearance,
the
powers that be will abandon the
$9,000,000 6'/2% Convertible Subordinated Debentures d^e 1981
Street
of State
when
Board
Winston-Muss Corporation
Bigelow. now Chair¬
Board
at¬
Government
they held previously.
as
Edward L.
new
Policy?
maturity range.
cal, all 1,850 employees will have
the same titles, duties and seniori¬
ties
The
non-Federal
April 18, 1961
oracti-
as
new-
investors.
makes
than
capital
more
offer of these securities for sale. The offer is made only by the Prospectus.
of $55,000,than $500,000,000 in
by
indica¬
are
tions that this trend will continue.
Neiv Issues
,
more
reported that
of
corporate
these funds and there
secu¬
rities, but also in the probability
the
Also,
are
corporate
interested, not only in the return
penalty
long time.
funds
offerings
bonds
which
pension
substantial.
recent
of the
Govern¬
commitments
in
common
are still being put away
portfolios of investors who are
in
Again,
be
to
making
of
excess
resources.
ac¬
advices,
World
seems
the
non-Federal
issues
Government list, according to
among
Likely
The
ments,
return
Refunding Offer
the
maturities
bonds
Advance
Discount Rate Seems
Lower
As against the purchases
distant
market
Anticipating
long-
capital market condi¬
future.
is
rates
as
the
The intermediate-term issues in
both
favorable and
of
most
modest
stocks, largely because of
inflation psychology and the
the
with total
England
capital funds in
PALO
bad for us?
The
addition,
been
Company.
approval joined the two in¬
into the second largest
bank
and
-v
competition.
has
capital
a
for
sur¬
a
common
of State Street Bank
name
Trust
stitutions
Actually,
petitive effect. The chief effect of
Is
if
are
there
17,
executive officer.
integration,
m
On the
the
were
rates
evident
seeable
following re¬
ceipt
of
consolidation
approval
from appropriate state and Fed¬
eral regulatory authorities.
The
consolidated bank is operating un¬
April
Mr.
other
of
to continue that way
H. F. Hagemann, Jr.
William D. Ireland
fellow members increased fastest,
the rise in imports from the U. S.,
tial.
in
lar,
from the "Outer
P
there
tion
Bank |
overemphasized
sions
other
the betterment in the internation¬
the
markets.
pean
I
those
agency
ex¬
supply
g.,
if
market and
rate
producers
the
for
to
appreciable
and that the
"counter-diversion."
bonds
the
estimates
lot
a
Government
enough
are
large,
will
ample,
to
latter rate has not been
how
from
have
In
rates.
which
would- not
borrowing of funds.
is
It
under
I will merely say
amounts
moreover,
%
followers
softening
with
if the two blocs join together than
if they remain separate.
I think,
St.
so-called
here
out .that short-term
shoulv
compute
these
...
not
effects
from
a
the
Bank rate would not be' too
much of a surprise, as far as they
are concerned.
It.is being pointed
might fall vic¬
con't
in
quote them
though
to
markets
ists
Trade
diversion
I
confidence
A.
to
trade
S.
tariffs.
that
S.
U.
cn
tried
U.
to
new
of
but
repetition
other hand, it would not be
al
Effect
•
cause
transfer
funds"
slightly
free world money centers.
of
Bank
a
much
enough to
the
of
Bank and Trust Company and
"positive" injury to U. S.
exports there. •
cause
not
Street
The
Mass.—State
BOSTON,
Euro¬
new
interest
boom
short-
of these securities.
position
arrangements
the
in
in
decline
could
prevailing in the bond market.
for¬
a
help
trade
case
tariff
pean
of
term
decrease
rates
tral
advantage
modest
some
money market experts. They
believe
that
short-term
interest
some
main
Consolidate
3y2%
funds. The Federal Government is
also reportedly buyers of selected
swing in Europe appears to be
slowing down with the possible
exception of West Germany. This
probably means that interest rates
uncertain
formula.
One
capital
purchase of fixed income bearing
obligations and seem to be the
be
ac¬
being bought in a fair¬
ly sizable way by those who arc
handling the purchases of securi¬
ties
for
city and state pension
CHIPPENDALE, JR.
markets,
with
a
fair amount of activity,
appear to be working on a pattern
which might be followed for
a
period of time, in the opinion of
are
City
Federal
indications that
counts.
and
money
belief that
(including both the U. K. and the
Common
T.
and
are
are
long-term
The
taken just as
are
seriously
taken
BY JOHN
state
There
long-term
bonds
do, de¬
whether
basis, with a "neutral" status, im¬
plying
no
commitment
to
the
principle of political unification.
monwealth
the
we
on
the
really
selling
members,
of
part
for
counts.
particu¬
are
modernize
to
But
whether
If
permit
made
the government adopts
intelligent
fiscal
policies, that give
us
a
customer
but
we
such markets. Whether
ILK., Norway and Denmark to
join the Common Market as full
%
tnat
Our Reporter on
com¬
larly good at making, and selling.
If we can only
get and s.ay com¬
we
should
flourish
in
petitive
of
book,
my
ma^s-consumption,
incentives
logi¬
to
on
and I think the next
really
income,
lot
a
--miadifc-
paiticu.any
Common¬
and
preference
'uiixigs,
the:
the
cally impossible by holding
the "Outer Seven"
ol
rapidly expanding economic base
at home,
within which cost re¬
ductions
are
really
achievable.
(We badly need, for example, tax
achieve
to
rapidly growing markets for
15
-
*
walston & co., inc.
16
The Commercial and Financial Chronicle
(1756)
ourselves
AS WE SEE IT
distributed among
at
Continued from page 1
there
that
the people
short
some
economic
to
large. The question is how
is
than
millenium.
force"
cut
great deal better
a
the
can
is
conclusion
One
state.
"task
No
required to reach a
this
of
al¬
sort
than a
task force may be required
free
economy
work to the the state until it is endowed
to persuade the rank and file
best advantage to all. Here with powers and ability far
and the politicians that such
it is that we begin to find beyond those of the citizens
is the best way to proceed.
widely differing views among who compose it. The trend
do
the
and
men
land—the
of
so-called
the
make
we
these
of any
women
had
dif¬
in
recent
the
reason
of
the
years
by
ferment that
It
has
taking place
the world over
tion
of
ber
of
the
fol¬
long accepted in
country and in a num¬
of others too, that the
was
economic
maximize
to
way
of
of
trend
far
us
moorings,
from
away
of
lived
that
nate
all
of
as
he
best and
sees
that each individual is in the
end
rewarded
forces
in
natural
by
amounts
equal
to
think
the
state
do
can
for
do
individual.
the
attention
followers
his
and
the
had
public
accepted
How
to
contribution
who
may
member
are
not
to
the
to
not
avoid
worthy
of
what
re¬
We said at
real
one
to
earlier
an
discussion
this
in
Their
such
field
a
point
the
that
problem of the day was
of determining the means
by which generally accepted
goals could be most effec¬
tively reached. Possibly we
should
to
Strange Doctrines
The
our
trouble
today is that
different,
even
drastically
elements
and
dressed up to
alien
state
have
been
have
make it
simple. It is a return
and practices of
of
all
said
have
to
do
an
of
that
the
such
great
to
us
found
appear
what
the
best
that
is
in
us,
economically speaking.
With Lind, Somers
son
has
can
do
Ore.—Louis
become
for
Somers
tional
Bank
&
American
U.
S.
with
Na¬
Na¬
He
formerly with Camp & Co.
was
Building.
is neither
The
offer
sell
solicitation of
offer to buy
offer is made only by the Off ering Circular.
an
to
nor a
an
any
of these securities.
NEW ISSUE
April 17, 1961
70,000 Shares
All-Tech Industries, Inc.
Common Stock
(par value lOtf
per
Price $4
per
Copies of the Offering Circular
may
inhere the securities may
share)
share
be obtained only in such States
be legally offered.
Robert l. ferman
&
Company
Incorporatsd
Miami, Fla.
New
York, N. Y.
Continued from
was
ture
Lowell, Mur¬
phy & Co. in
Mines
was
C.
Co.
in
the
was
Sud-
established
ing
for
department
N.
business
investment
corporation effective April 27.
a
Officers
will
be
Ro¬
Bernard
President;
John
Y.
G.
Walker, member of the Exchange,
detsky,
Sidney Feinberg, Vice-Presi¬
and
dents; Marvin Kleinzahler, Secre¬
and
tary,
in
Kaplan,
Raymond
Treasurer.
May
1st
Dreyfus
&
York
the New
change,
will admit
Bligh to partnership.
already
is
listed
Thomas
P.
Admit Partner
&
Co.,
York
van
&
—
Broad
Street,
members
of
the
Stock
Goodbody & Co.
&
Co., 2 Broadway,
City, members of the
York
York
1,
Larkin,
Stock
Exchange, on
will
admit
Edward
J.
Werner
Lehnberg
and
Frederick
J.
Millett
to
partner¬
ship.
Burnett Partner
M.
Edgard,
In Cavalier Co.
staff
He
Bosworth,
son
FRANCISCO, Calif.—Emer¬
Burnett has been
partnership
Robert F.
the
Street.
Company.
30
City,
York
New
John
and
joined
with
Stock
of the follow¬
DENVER, Colo.
formerly
York
To Admit to Firm
Now With Peters, Writer
Seventeenth
The stock is
2
Ex¬
Secretaries.
has
New
Gruss & Co. Will
SAN
Conklin
com¬
inter¬
mem¬
Stock
Andrus
Incorporated,
St., New York City, an¬
Assistant
per¬
Exchange, on
May 1, will admit Henry Worms
to partnership.
S.
Treasurer;
contract to
unusually
an
the
on
May
the election
Ltd.,
success¬
Exchange.
Names Officers
nounce
a
Co.
been
sophisticated nature.
Goodbody
Pine
in
esting vehicle for participation in
areas
of investment of a highly
New
70
Fluor
opinion Fluor Corp.
stock
mon
Malon Andrus
Malon
S.,
subsidiary
Europe.
New
Co.,
Broadway, New York City,
of
of construc¬
U.
new
a
has
In my
New
Dreyfus & Co.
To Admit Bligh
bers
the
of
securing
Gruss
On
recovery.
engineering
Free
J.—Rodetsky,
Kleinzahler, Walker & Co., 26
Journal Square, members of the
New York Stock Exchange, will
as
ex¬
design for a
refinery expansion project in
Trinidad, and should participate
in a major way in the expansion
of
petroleum and petrochemical
industries in Sterling areas and
Rodetsky Firm to
Corp.
CITY,
ful
form
Form
its
engineer
helium
Construction
and
which
trading
continue
Bureau of
London, Eng., the Fluor Engineer¬
Lloyd W. Hammer
manager
JERSEY
is
at Keys, Okla.
advantage
outside
tion
past
the
Fluor
to
new
a
helium
take
To
Mr.
Hammer
Fluor
selected
for
ects
of
Amos
&
water
The
company expects to participate in
a major way in
subsequent proj¬
prior
officer
an
irr 1959 when the
traction plant
department
and
which
in
areas
construct
and
research
thereto
potable
brine.
formerly with
the
2
page
of
extraction
the
which have interesting
potentialities are helium where
the company came into the pic¬
Mr.
Hammer
724
announcement
I Like Best
Other
of
Peters, Writer & Christensen, Inc.,
This
The Security
working
(Special to The Financial Chronicle)
Building.
Thursday, April 20, 1961
from
Bank
tional
sistant
Berel-
connected
Co.,
with
Co.,
&
Bennett and Theodore W.
(Special to The Financial Chronicle)
PORTLAND,
associated
become
ing officers: John G. Beutel, Vice-;
President;
Sal
Malfitano,
As¬
we
always expected to do
and
some
thing we shall not make
headway 6n the way
Lind,
for ourselves
do
to
abandon¬
newfangled
finding ways
enabling the
for
is
way
this
about
means
by
introduced
an¬
faith
nonsense
and
the
the
economics,
fathers—and
ment
contradictory, doctrines have
been
is
the
a
or
in
need
most
we
of
swer
society.
"goal" should be
our
what
which
acts
Quinn
gen¬
always
has
mer
Coughlin & Co.
Do It
seeking out from among the greatest problem of the day
nostrums and arbitrary pro¬ is to persuade the rank and
eral public welfare — eco¬
cedures
now
so
often
pro¬ file to accept the truth about
nomic welfare, that is. This,
the best means for that pur¬
of course, is the essence of posed those which they think
would come nearest to bring¬ pose. Of course, it is useless
the doctrine of Adam Smith
to rail at politicians for re¬
usually labeled laissez-jaire. ing an economic millenium.
It is still our belief that we Unfortunately it is not diffi¬ fusing to do what the vast
cult to present such programs majority
of their political
can
progress faster and with
and such ideas in a way to supporters back home think
greater justice to all by fol¬
they should not do. Yet some¬
lowing these principles in give the unthinking the im¬
pression that there is an easy how, somewhere, we must find
our
public policy and our
ways and means of educating
legislative output. In other way to economic heaven —
the largest contribution to be both the rank and file of the
words,
we
shall
come
made by those who have al¬ voters of the land and those
quickest
to
the
economic
ready accumulated consider¬ who represent them at Wash¬
goals we all have in mind by
able wealth or who now en¬ ington that a new start is need¬
enacting
only
those
laws
ed in the direction of public
which are necessary to pro¬ joy larger incomes.
If any one wants to know policy in this country. Until
tect one citizen from others
his
Colo.— -Lloyd W. Ham-
DENVER,
of
policy.
and,
devoted
is
milieu in which the
a
become
according to them, ought to
sole
adult
their
of
teachings of Franklin Roose¬
welfare is to make sure that officially or unofficially are
each individual, so long as seeking better things for this
and
for the
free
he
does
not
infringe upon country
world
so
largely confine
equal rights of others, is per¬
their attention to what they
fectly
free
to
pursue
his
business
at
.
(Special to The Financial Chronicle)
ler
who
those
been
rejected and have
most
lives in
our
unfortu¬
extremely
doctrines
had
fathers
after
scene
solid
the
half
velt
is
of
our
least
adrift.
It
the
upon
much
badly
thus
and
a
of influence with them,
came
the
which
Roosevelt
and
today,
large proportion of the
men
the
Franklin
of
voters
.
Lloyd W. Hammer
With Quinn Co.
more
very
Deal.
New
the
the
was
took
Marx.
Karl
birth
vir¬ times,
and Great
the
from
ideas
lowers
this
of
because
also
The
hardships of the
Depression and
the
infiltra¬ persuasive
personality
of
been
tually
It
widely
more
much
though
glorifies
long been in evidence in
degree or another before
one
fering
doctrines
.
301
admitted to
Cavalier
Street,
&• Otto,
members
of
the
Pacific Coast Stock Exchange. Mr.
Burnett
was
Sulli¬
Pine
in
with
was
formerly
Schwabacher
&
Shearson, Hammill &
associated
Co.
Co.
and
Volume
193
Number
6048
.
.
The Commercial and
.
Financial
Chronicle
(1757)
THE,MARKET.
Nevertheless, $2.55
AND.YOU
.
turned in
was
give the dividend ample cover¬
age. Here, again, the management
obviously is hopeful and is con¬
tinuing its expansion to
stores and
The 700 level for the Dow indus¬
trial
average, a
pinnacle never
in
seen
market
tion
as
the
day of definite
a
that
had
been
There
kind
doing
overdue, for
ominous about
of
reaction
was
thing. For another
the usual yardsticks that can flash
a
warning were
all
favorable.
Trading contracted when the list
was
one
also
record
contracted
levels
strength.
there
that
were
Not until
been
ever
from
as
many
of
with
revolt
new
the
in
outbreak
Cuba
was
of
scored
shares,
than
at
20%
"Wonder
one-time
is
down
to
missiles
will
that
on
tained for
operations,
rocket propellants and
clearly
emerges
there
is
little
in
side
the
market
1959
hopes.
With
the
uncharted
sistance
of
industrial
levels
few
the
saw
significant
abounded
of
rocket
then
the
roadblock
in
1961
stock
line
as
being
predictions
it
stock
split
per
ran
into
earnings
dim
to
much
of
in
the
of
Improved Action
of
the
oils
better-acting
were
price of the
a
of
range
dozen
points.
the
a
better
to
corner
in
programs
are
some
which
it
is
the brink
on
Meanwhile, its
no
Some
estimates
showing
pany,
could double last year's 76-
its
mostly because
back
dates
the
cent
recession
of
couple
a
recession,
own
industry is still
troubled in spots with oversupply
is
definitely
Pacific
prospects
Phillips
one
with
up
An
dominion
has
bright
and
As
39%
Pacific
in
interest
a
10
held
case,
added four top executives
from Phillips and Sunray which
now holds a 6% interest. Running
is
a
the
than
ample
5%
of
showing
mostly neglect
since the company is faring well
although bad weather and the
of
opening
restrained
last
cost
stores kept profit
new
The chain is
year.
the end
of last year it had
operation which is
the
740
759 in
even more
retail stores
to
At
than
by Sears
apart from its catalog sales offices.
run
[The views expressed in this article
do
not
necessarily at any time coin¬
those of the "Chronicle."
They are presented as those of the
author only.J
cide
with
come.
the stock
half
was
the
of
its
Research Dir.
They appointment
Barone
Ira
Haupt
announced
smith,
of
George
L.
Director of Research of
as
&
Co., Ill Broadway,
City, members of the
Stock
Exchange,
was
by Bertram M. Gold¬
managing
partner
of
the
investment firm.
Mr.
Barone has been associated
with
Ira
years
and prior thereto
Alstyne, Noel &
Van
Haupt &
Co.
for
in
a
this
indicated
an
of
range
far
so
was
with
Co.
and
With California Investors
Calif. —Lester Hallenbecome
affiliated
Investors,
566
are
be
to
not
over
its ability to
of
shipping
with
Olive
This
any
thriving
a
operation
that
during which the in¬
dustry operated less than half of
the
U.
is
planning to expand its operations
British
new
a
Columbia
also expand
operations significantly.
This
pipeline.
Pacific's
will
ness
general market easi¬
by
since they have had nothing
for a long time.
The
correct
of
troubles
well
auto
the
publicized,
from
petition
is
What
has
are
dividend
that
is
it
competing
both
own
with
with
a
job of
foreigners,
good
exports and in their
The foreign pro¬
countries.
last year was better than
duction
fifth of GM's
total vehicle out¬
at
commitment
indicated
an
threat
in
no
this
Interest
in
-
some
.-problems
-
Loan
nationwide group of
dealers.
The
notes
are
Net proceeds from the
together
with
Home
current
Loan
Banks,
offering,
of
will
be
1961
700
Division
Duncan
The
The
has
President
to
conference
will
Waldorf-Astoria
York.
Telephone Corporation
a
been
is
its
only
a
study
Bear, Stearns & Co.
in
a
company
row
but
a
the
to
Shearson, Hammill & Co.
Shields & Company
divi¬
'
I
$1.40
to
a
for the sixth year
been showing
has
Hill Richards & Co.
Johnston, Lemon & Co.
Sdiwabadier & Co.
Incorporated
Stein Bros. &
recent
profit pinch that kept
last year's results from exceeding
the rebord $2.64 reported in 1959.
a
Hayden, Stone & Co.
Sears
prospering
above
Company
bit
dozen points.
candidate for
increase
Burnham and
climb
who
company
may be obtained from the undersigned only
undersigned is qualified to act as a dealer in
in which the Prospectus may legally be distributed.
in states in which the
entire
a
some
where it is
dend
has
than half
Yet
average's
April 19,1961.
Boyce
Walston I Co., Inc.
Robert
announced.
Copies of the Prospectus
since
area
range
more
the.
industrial
in
changed from Feb.
Price $9 Per Share
securities and
42nd
Conference
12, 13 and 14 to Feb. 5, 6 and 7,
R.
funds
Bankers
Division's
Trust
1962 have been
Trust
priced at 100%.
Trust
Mid-Winter
($1 Par Value)
Sears
record last year
are
Home
Common Stock
collossus, Sears,
Roebuck, hasn't
been
anything
approaching a skyrocket even in
the
recent
buoyant markets. It
has contributed virtually nothing
ago.
It all added up to
enough so that GM reported record
sales last year, a not inconsider¬
-
the
runs
boosted sales
There
a
of
Changed
American
pessimism and
The
able feat.
The
Its
case.
put and double the levels of seven
vv
of
a
it shows currently.
years
securities
of
$2
indicated rate
a
Dates
Association
Agent
IXC /Independent
change in
policy of sub¬
The mail order
the
the
Smith,
a
ship replacement program
the
doing
Everett
to around 1970.
to
General Motors records is the fact
is
planning shows
to
welter
is
status
potential somewhere around
this year, so there is no
a
of
the
through
350,000 Shares
for
$5
including com¬
foreign
imports.
in
lost
world
Dates
by the Federal Home Loan Bank
Board
In 1959 it earned $4.77 and
that to $4.86 in 1960 and
General Motors, weren't much
affected
to
Lines
well-depressed giants,, such
The
as
"Giants"
ABA Trust Conference
14
boosted
its
Previously-Corrected
that
there
dividend
S.
year.
<
in
government
The
with
Pacific is Westcoast Transmission,
with
April
on
NEW ISSUE
sidizing cargo and passenger ship¬
ping.
years
Pacific, which
notes
neither an offer to sell, nor a solicitation of an
offer to buy,
of these securities. The offer is made only by the Prospectus.
on
until
by
made
was
re¬
$817,075,000.
announcement is
companies
least
owned
1962
consolidated
the Home Loan Banks will be
duced to
unfounded.
is new government policy to
step up its own oil supplies after
try
26%
17,
the
of
continue
just turning the profit corner and
$148,000,000
17, 1961 and due Jan.
Banks, and
has
of
kindly
by
investors,
but
the
figures behind U. S. Lines show it
former
entwined
dated April
Fiscal
year
yield
will
Also
offering
on
and retirement of the
maturing
notes, outstanding indebtedness of
Federal Home Loan Banks 3.10%
non-callable
retire
$160,000,000 notes
April 17, 1961.
Upon completion of the offering
Offers Notes
Public
to
maturing
seven
Standard & Poor's.
FRESNO,
used
F.H.L.B.
has
generally have not been looked
Aiding the Canadian oil indus¬
capacity.
on
Haupt Names
of
payment which, in this
Shares
Phillips executive.
two
(left), to Sidney J. Weinberg,
Goldman, Sachs & Co., the dealer-manager.
is Stanley Miller, a Goldman, Sachs partner.
partner
Looking
Ira
Avenue.
that
ONE OF THE FIRST CERTIFICATES of Federal
Street Fund, Inc.,
which is starting with assets of $153
million, is shown by George
F. Bennett of Boston, Fund President
senior
on
Favorites
points
shows
retain
fact,
the company currently
go
nearly 6% which might normally
in
and,
com¬
to
favorite
indicate doubts
result, Phillips acquired
a
has
and
Mid-Continent.
section
better
one lately, but still
friends, is U. S. Lines.
some
quite
of
Sunray
past
quiet
a
This
properties
Petroleum
the
Kresge
berg
old-line
been
the
of
is
California
that it has consoli¬
now
the
dated
is
companies
and
years
almost
at
off..
that the
year
the
and
tapering
are
Old-Line
encouragement.
Petroleums
Canadian
looking
in
nicely
high in 1959.
problems, while the Canadian oil
government
of
this
there
available
The domestic oil
business
signs
At its low this year
fore the general business slide.
with
spurted
profit
from
be¬
years
re¬
the
of
show
through
yield
York
volume production.
sec¬
earn¬
has
:
store
New
tions of the list. That industry has
been
making a
superior profit
concentrated in other
the
York
have
was
runup.
In
New
sales
ing
reporting
new
although it has quieted down a bit
year
after last year's stock
split
To
the
participating
among
when sell¬
ones
the
of
earnings, particularly since
Oils'
as
this
affairs, Thiokel is
a
its
turning
now
the
held
under
students
readings well above
well
liberality,
is
was
a
trading,
has
shade
that line.
Some
en¬
lustre of this growth issue. So far
700
and
like
schedule of
But
the basis
on
a
a
a
less-than-perfect guessing, but
it
propelled
rocket and threatened to go
re¬
mentioned
were
as
sales
year.
in
average
territory, whatever
those arrived at
were
looked
by
dashed
or
since
main¬
leader both of
a
gines. The stock back in 1958 and
to
on
new
be
long time, is Thiokol
a
Chemical which is
victorious
as
for
either
Stock"
wonder-worker
long since reflected
the expropriation of their Cuban
reflect
their
definitely re¬
strained action, despite the stress
as
particularly
record
busily opening in new areas
give it true nationwide status.
Restraining
that
have
one
discount
under
issues
until
by the
those of
a
mostly happenstance. The affected
and
all-time
new
available
more
The
a
seen
being
a
overvalued
an
Where
are
are
A
issues cross the tape for
day's work. That the correction
coincided
with
all-time high.
1300
as
candidate for dividend
a
million
issue.> But
romantic
GM
on
63
certainly not
more
had
year
is
peaks
different
a
the
investment.
near-
seen
this
the
yield
approaching 4%'-% on a definite
blue chip grade issue and a priceearnings ratio of around 14 times,
it
heavy, and the breadth of the
list
of
Possible
This
issue
GM, ings peaks.
shares held by du Pont still hangs flected the progress in
over
little
was
Some
tribution
on
the better work.
it.
pinched for it, as for the industry
generally. And the threat of dis¬
correc¬
profit-taking moved in
leaders
summer.
new
General Foods is also considered
contracts
expire late in the
Profit margins have been
open
catalog sales offices.
Dividend Hike
colossus like GM. For one,
a
labor
history, gave the stock
stiff fight this week in¬
a
cluding
even
Federal Street Fund Formed
to
BY WALLACE STREETE
:
V
.
17
be
held
in
at
New
18
The Commercial and Financial Chronicle
(1758)
rising.
is
rate
literacy
Puerto Rico's Progress and
New Latin American Role
90%
I offer these
-
figures
evidence
as
the
of
experiment I spoke of be¬
fore. Each of the facts represents
a
part of the story of Puerto Rico
a
story that started with a
—
By J. Diaz-Hernandez,* Executive Director, Continental
remarkable
the
outlines
Diaz
Mr.
devoid
of
hope, which
momentum with .the ap¬
pearance
of
dynamic
political
leadership
with
the
American
system of free enterprise, and to¬
people
Branch, Economic Development Administration
Operations
in
progress
Rico
Puerto
gained
today,
potential trade and investment areas where private enterprise can
;
day
develop .new markets, and how the commonwealth can become a
"workshop" and a "showcase" for Latin America — in line with
President Kennedy's recent proposal.
Mr. Diaz is not unmindful of
~
Puerto
Castro.
unrest in
helping
intelligently
people
demonstrates free
both
ness
—
the
To
government and busi¬
is
changing in respect
have
that
problems
long
States
of the United
The attitude
the
In
Rico
have
to
in¬
people and permitting free
is
Rico
Puerto
other
A
is
there
and
why others
missiles
most
promising
bagasse,
uct.
material
by-prod¬
raw
sugar cane
a
Rico
Puerto
local
at
areas
governments
produces
some
three million tons of bagasse
each
but only 2% of this is used
request
trade
the
and
zone
grant signed by
Secretary of Commerce,
the U. S.
companies need not be physically
located within the zone. They can
elsewhere
establish
in the island,
and, by receiving permission to
operate as "sub-zones" still have
the
all
to
access
allowances
feature
Another
of
interest
companies doing business
is
that
part of the zone's benefits.
are
for
tions.
A
any
one
do
not
tax
of the
countries
off-shore
a
that
income,
transfer foreign profits
can
to Puerto
them
there, tax
re-investment
later,
hold
and
free,
as
foreign trading corpora¬
company doing business
in
Rico
to
overseas
Rico's availability
Puerto
site
items.
age
space
of year
the State. to
make
bagasse-based
fibers
Department. And this contribution which can be made into a long
to international cooperation does
string of products like containers,
not
stop
with
underdeveloped hardboard,
insulating board,
veloped
Thursday, April 20, 1961
not
can
added; particularly those units
and
underde¬
the
electronic sub
being pro¬
now
which go into nose cones,
Bootstrap"
"Bootstrap"
visited
have'
like
.
reason
no
be
ICA
the
of .the
study
to
"Operation
Dozens of
officials
its
Four
and
;
duced ~in
developed for the island's
famed
the
trade within the American Union.
us
methods
program.
while preserving
American citizenship
auspices
Point
starters,
automatic trans¬
parts
/ i A
number of
components are
past
the
under1
*
•
ternal autonomy
of
con¬
fronted
•
countries have visited Puerto Rico
<
sub
and
generators
World
rates
Puerto
valued
automotive
V*v';
•
the
to
Rico.
candidates
are
assemblies, com¬
Puerto
logical
,
ponents
eight years over
14,000 ' leaders,
planners,
and
technicians V from
107
foreign
spoke of how this status had al¬
lowed
Lesson
work in close as-
can
Other
the
around
in
companies
missions.
and
•—in
told
•;;
A
overcome
with the United States.
sociation
world:
and the appeal of
America
Latin
to
adds, has one of the fastest growth
Rico, he
and
world
the
in
do
can
anti-Yankee
present
in
Rico
Puerto
what
being
is
.
instruments
:■
,
.
appliances, machinery, measuring foreign markets. Remember too,
already have proved that companies in the trade zone
these
products
can
be
made are eugioie lor the same tax ex¬
profitably
in
Puerto Rico.
We emption and industrial services
now
feel that such products as available to companies operating
business
machines,
typewriters, elsewhere in Puerto Rico. This
adding machines and calculators opens up a whole new area for
can be
added to the growing list manufacturers.
of products manufactured by U. S.
Incidentally, under the terms* of
still
is
and
/
»
.
.
.
for
_
e
r
e
s
Puerto
in
at
announced in¬
tention
the
us¬
a
and
J. Diaz-Hernandez
America, is but
private
role
realize
the
public
our
and
taking at the
are
in
Americans
aspect of the
one
that
leaders
national
ministration
when
will
Puerto
freedom from
S.?" he asked.
the
the
Britain
Governor.
no
beginning
are.
importance
of
to
freer,
of
Twenty
lion
to
the world.
be
can
value
nearly 2 mil¬
Ricans
were
trying
Puerto
eain
million
omy
living
a
land.
chained
than
less
on
of
acres
was
time.
this
at
ago
years
The
to
one
a
econ¬
crop—
mutually beneficial -itrade
with the Latin Countries, and that
sugar,
which
trolled
by monopolies and absen¬
military alliances and foreign aid
alone
can
not
provide
lasting
answers
to
the
questions
and
problems arising out of interna¬
tional
relations.
Our
country is
tee
more
landlords.
despite
shooting
widespread
was
high;
at
took
incident
an
place several
involved
Luis
of
years
Rico's
Puerto
Munoz-Marin.
which
and
ago
Governor
It
illustrates,
i think, the extent to which trade
and economic unity have become
fundamental part of
lations.
a
The Governor
was
foreign
re¬
and
home
to
year.
distilleries
rum
needlework
and total income
done
from
paid
women
four
il¬
and
manfacturing
having shown
gain
of
9.4%
National
Product
billion.
$1.6
has
been
Gross
10%
to
dairy, live¬
industries.
eliminated
and
29% of the Commonwealth budget
ship
Commonwealth
to
the
United
relation¬
States.
He
that
of
the
is
now
United
being expended
on
day,
on
largest
can
per
a
overseas
In
goods.
ranks
island
figures,
total
seventh
operations
the
exceeded
in the world,
powers
ahead of such countries
and
Rico
Puerto
from
.
bought
to the
V
.
There
mainland,
are
,
now
_
650
over
U.
or
factories.
be
do
we
lower
States.
than
With'
education, the
names
in
American
American
Can;
business
velop
—
Carborundum;
Consolidated Cigar; Hickock Man¬
nor a
solicitation of
is
of
of
is
our
to
purpose
which
Rico
This
area.
any
the
to
contribute
to
de¬
making
by
it
national.
and
away"
firms
Un'.on
offer
To
date
opened
direct
Van■ Raalte.
and
these
factories
are
coming
of
to
about
Producers
of
Rico
Puerto
three
a
at
estate
small
machine
to
an
ISSUE
April 20, 1961
to
a
;
ten year
and
costs
training of workers,
a
week.
afford
can
variety of financial aids
and incentives, ranging from real
49,000 indirect jobs. New factories
rate
we
wide
a
have
approximately 57,000
and
an
additional
up
jobs
a
do not accept "run¬
we
the
also offer
we
incentive
de¬
was
out of the belief that
to
power
tax
It
has
be
can
to destroy,
so
not to tax be the
create.
served
as
the
the
can
power
to
in
well
us
work with
our
has
it
private enterprise,
so many
of the
that have established
served
companies
affiliations in Puerto Rico.
In
This
billion.
circles
some
have
we
been
this stillRico's net
of
Puerto
doubled
will have
means
double that
to
$2.7
rate
a
of
of the
U. S.
It means one of the fastest growth
rates in the world/It means, too,
a
bigger and more profitable out¬
let for your goods.
growth
Two
the
predictions:
more
10-year
same
Rico's
$2,700
there
Within
period
Puerto
income should
family
from
should
to
rise
$4,000
over
be
available
and
66,000
additional
new
factory jobs.
opening remarks I-spoke
deeper
significance
of
In my
of
the
Rico's
Puerto
ties
ever-strengthening
the
with
United
States
and
indirectly touched upon the uses
that might be made of the Puerto
Rican experience.
Puerto Rico
in
areas
Caribbean
the
was
Latin
to
of the first
one
America
and
the
begin to awaken to
challenging promises and de¬
mands
and
to
life
of
world.
While
in
it
inventions
the
took
of
modern
the
World
events
many peoples to the
of freedom and
equality, the
call
call
clearly in Puerto Rico
as the mid-30s.
heard
was
early
as
II
War
stir
Puerto
Ricans
wanted
to
be
free of absentee landlords and the
monopolies
sugar
island
tied
to
that
one
the
kept
and
crop
a
miserable living standard.
To
the
many
independence
last
This
end
decade
income
period of corporate tax
exemption.
electrical
Will
safely predict
can
we
by1 the
young
great deal. In addition to
Carbide;
Because
as
NEW
it
profitable working part of a
healthy American economy, state
power
sell,
ac¬
ufacturing; International Paper;
Parke-Davis; Phelps Dodge;
Sperry Rand; Star Kist; Sunbeam;
offer to buy any of these Securities.
The offering is made only by the Offering Circular.
to
not
what
know
war.'t
not
Puerto
power
offer
does
a
the
an
to
United
the
Rico
We
decline
the
S.-
of the biggest
some
v
that
economically depressed and
veloped
This is neither
within
Puerto
to
,
.
,
effort
Our
"run-away" industries. Its
laws prohibit the extension of aid
to
either
"run-away" industries
rise of
a
various stages
in
industry is in no way
take plants and jobs
to
areas
States.
and
believe
I
a
new
cept
$760 million worth of goods from
the United States, a rise of 12%
over 1959.
It sent $646 million in
goods
22%.
year
Rico,
Puerto
are
new
designed
<
1960
In
attract
France
as
fiscal
establishment.
of
and
Italy.
last
in
more
scores
only by the six largest manufac¬
turing
the
During
record 163 U. S. firms started
program,
Kico's
rate
the Commonwealth
defeat
the
death
increased
power,
whole
foreign correspondents, ex¬
plaining the structure of Puerto
some
purchasing
is to¬
capita basis, the
buyer of Ameri¬
vastly
•
No Run-Aways Allowed
would
rose
fruit
investment.
of
affiliated factories in Puerto Rico.
Agriculture has been
citrus
and
Malaria
Possessed
These include
1959.
diversified to include
American
the
$121,
phenomenal
a
over
to
well.
as
hour.
$225 million.
was
much
economy
side of the
growth has
one
Rico's
Puerto
meant
;
,
future?
rapid economic
the
the
an
By contrast, today Puerto Rico's
net
income
is
$1.3 billion, last
year
economic
of the
growth prevail?
growth, further
number of its un¬
employed,
and
expanding
op¬
portunity, > the Commonwealth is
stepping-up its program of in¬
dustrial promotion, and adding to
the machinery for attracting new
reducing
on
what
in Puerto Rico.
or
overseas
Now.
Tomorrow's Economic Growth
continuing
to
means
economic
was
cents
capita income
per
stock,
meeting with
by
one-half
few
hand
some
The
a
was
a
was
through cooperation and mutual
lespect, as equals — with the
peoples of the world.
Speaking of economic ties re¬
me
60,000
literacy
consisted of
minds
rate,
Malaria
awakening to the importance of
building realistic economic ties—
con¬
population,
death
by
up
turn,
The
high
a
in
was,
of
program
this is only
But
story.
question that Puerto
highly successful experi¬
Rico's
own
a
island's
Development
furfural
tamer
the current rate of
particle board.
As
to
Council and advise its officials
their
and
tile,
accoustical
rayon,
Ad¬
Scotland
development.
time
same
replied
visited
address the Scottish
ment within the American system
shop" in Latin
look
from
news
economic
There is
work¬
new
U.
does,"
as
"showcase
Ted
November,
British
famed
but
get
"About
ing the Com¬
Last
lands.
Rico's Economic Development
spoke-up.
"Yes,
y's
monwealth
nation¬
of
correspondent
the
agency,
Rico
of
the
Reuters,
part,
Kenned
isolating, it¬
walls
Mosooso, Administrator of Puerto
Then
President
by
the
alism.
Rico,
!Simulated,
least
without
behind
self
in
t
the
termination
in-
current
Rico, he explained, had
dignity of self-de¬
attained
The
rcene.
I
Puerto
world
the
on
States.
the
United
the
Attempts at infiltration by
Communists
Puerto
to
in
lay
answer
from
Ricans
look
failed,
wanted
ahead
and
to
because
to
able
be
hope. Fur¬
thermore, their peaceful tradition
and their
long association with
United
States, had instilled
in Puerto Ricans a natural
respect
for the
orderly process of consti¬
tutional law and democracy — a
the
respect
that
is
evidenced
the
in
ORTRONIX, INC
stability of today's Commonwealth
within
99,930 Shares
criticized for
being drawn. The Popular Party
allowing an average
profit on investment of from 12
to 40%. We know that high profits
sound business structure
a
are
not
but
of
a
have
revenues
COMMON STOCK
(Par Value Ten Cents Per Share)
of
measure
efficiency.
and,
what^ is
has
the
morality,
continued
to
rise
ping
new
a
the
was
to
role
as
and
Latin American markets. In
Copies of the Offering Circular
the
undersigned
may
may be obtained from the undersigned only in states where
legally offer these securities in compliance with the securities laws thereof.
keep¬
ing with this, a foreign trade zone
has recently been opened at the
city
port
island's
unique,
of
west
because
duty-free,
BEIL
&
HOUGH, INC.
under
the
makes
it
U.
S.
within
have
zone
is
the
The
several
as
lesson.
the
zone
and
and
needed
In
this
covered
the
to provide
back
to
to
industries,
manufacturing
Rico
to
neither
the
nor
run
know-how
the
take
to
to
that
unemployment
economy.
Puerto
road
had'
industries
cut
way^
the
to
product
attempted
strengthen the
ideal, for example,
for
a
manufacturer
who
might
want to import materials and ship
finished
would
industriali¬
basic
cement
Puerto
capital
build
permit
it
dense
and here learned another valuable
trade
limits.
in
able
be
answer
found
government
such
it
its
never
island's
The
be
provide
first
to
to
efficiently the land
it would
used
support
the
is
flag
the
on
This
quota-free
manufacturing
This
Mayaguez,
coast.
were
zation.
step¬
a
Caribbean
reforms
it became evident that
soon
population.
stone to
Land
matter how
in
living
Puerto Rico.
beginning
But
no
so
of
standard
formed.
was
were
instituted.
important,
more
Returning to imertu Rico's plan
the future, the island is now
$3.00 Per Share
By 1938 the political lines
Government
for
Price
Government.
it
Rico
dis¬
would
have
industrialization.
With
the.
cooperation
States
of
the
Governments it
a
set
United
about
climate favorable to
Volume
193
Number
6048
.
.
The Commercial and Financial Chronicle
.
s
investment
fields,
free
less
and
encouraging to
enterprise. The Federal Gov¬
ernment, realizing that a healthy
nomic
target for critics of America's
a
colonial
policies,
velop the
i
This
set
to
out
de¬
mutual
effort
culminated
to
Commonwealth status
In
effect, this
between
in
1952.
arrangement
was an
Congress and the people
Rico. Congress recog-
t
of
i
nized Puerto
Puerto
Rico's
determination
voted
right to selfthe
and
people
overwhelmingly to
remain
joined to the United States.
Today
gressive and practical solutions to
problems
nationalism
do
I
of
solution
is
colonialism
and
devised.
ever
not
that
say
'
•
to
Graduates—1961 Institute of Investment Banking
non-
the
same
applicable to the dip-
lomatic and economic problems of
the Latin American republics, but
maintain that the
I
Puerto
Rican
experience has proved that
some¬
thing
be
can
political
done
to
trade
and
of
an
improve
relations.
shows that when the
It
government
underdeveloped
towards
Had
American
the administrative
lative
branches
ment
cooperated
of
and
area
the
our
.
Latin
business.-
and
legis¬
govern¬
closely'
with
one
another
in
seeking a
better understanding of the prob.-,
more
lems of Latin America and in de-i
veloping methods of contributing
to,
well
as
using,, those
as
areas,
this sort of destructive crossing
and
purposes
the
understanding
this
relationship stands
a
monument
to
enlightened
diplomacy as one of the most pro¬
the
policy
America.
resulting
could
It
is
of
mis¬
have
avoided.
as
<
market
Simply stated, this is due to the
inflexibility of our>- eco¬
and
relationship,
new
with the elevation of Puerto Rico
;
this
far-seeing,
more
19
curious
be
,
losing
are
rigid,
Communist European competitors.
Puerto Rico would be able to pay
its own way and would cease to
v
(1759)
,
been
.•
still
not
too
late
to
set;
things right—and I don't mean by.
offering large sums of money./ I
mean by participating, as a pax't-r
ner,
in
a
closely
coordinated
mutual effort. Puerto Rico,, suffering from almost every one of
the very problems that are being
confronted
in
Central
South
and
America
today, developed a strong
productive economy without ask¬
ing for money from the Federal
Government.
What
was
tion in the creation of
enterprise,
stimulate
commerce
/
•
and
:
/ *
•
:
has
of
the
to
draw
United
the
attention
States
to
Latin
America for the first time in
20
over
years—and, in this, has done
great
a
as
But the danger
might write it off
we
Communist
a
it
movement,
extension of Soviet efforts to
an
em¬
in
terms
confidence
American
a
of
in
And
born
another
Football
as
the
of
Keith
as
strength
ex¬
and
a
barrass the United States and sub¬
dom
attain
can
its
objective
_,,,.T;bis .is.,a naturajL. reaction. We
hear
Castro
watch
attack
he
as
with
her
then
trade
sets-up
tions
and
us
rela¬
satellites,
the
Soviet
Union
and
recognizes
Red
starts
collectivizing
Cuban agriculture. But it is for us
China,
and
to think
that this
eral
revolution, and the
anti-Yankee
America,
is
unrest
not
in
Soviet
a
gen¬
Latin
inven¬
tion, but is the product of general
dissatisfaction.
both
are
The
accusations
warning and
a
a plea—
meaning is that the
revolution would be taking place
and their true
if
there
were
International
Reds
have
it
cause
to
been
the
The
general
the
—
as
simply be¬
easy thing
an
the
on
rest. Everything
of
in
moved
has
thing
Communism.
capitalize
fiance
such
no
un¬
by
P,
be traced
can
—
most
Edward
America
to
us
Working
not work
have
the
A.
the
kind
of
Communism
must
we
to
in
vacuum
is
remember
What
that
the
the disease, the will to
pursue happiness was there long
before the Reds began spreading
poverty,
their propaganda.
Our
not
task
in
popularity
what
Latin
the
it
we
in
either.
States
stands
trouble is that
is
America
engaging
America
United
what
and
of
contest,
of
people
Latin
.
matter
a
a
The
know
do
can
for.
The
have not based
Latin
policy upon an exten¬
sion of our system. The sounds of
hostility we hear now are the
our
sounds
of
disillusionment.
Our
It
plenty has not hardened us.
has, in fact, led us more than
into the reality of the world
ever
and
is
its
demands.
threatened
sion
we
by
stand
it.
preserve
aster
strikes
scene
to
Where
freedom
violent
aggres¬
read^ to fight to
When
natural
are
we
offer aid
first
our
to
of(,
Still
have
Latin
the
not
the
to
the
and comfort to
its victims. It is not in
ignore
suffering.
dis¬
truth
nature
human
been
America
remains
that
and
and,
enough
in
E.
in
•
&
Co.,
Lynchburg.
technology
sources.
could
build
of
180
over
Rio
turn
the
and
&
C.
,
re¬
Rolfe
history; There are
people south of
of
the
and by the
the number
now,
century
560
million
twice
—
Company,
Minneapolis.
population' of
Albert
Baltimore.
Co.,
FOURTH
Jr.
Winston-Salem.
"
,
r
Frederking,
Houston.
Robert
C.
Edmund
Stein
H.
Saunders,
&
Cornhoff,
Stiver
A,
G.
Becker
&
Alan
Beverly
Co.,
Hills
Inc.,
Co.,
Minneapolis.
Dominick,
&
New
ROW
moment
that
with
we
&
New
Co.,
York.
John
Sachs & Co.,
Philadelphia.
Jack
Eli
Boston.
Seifert
R.
John
Parke,
&
'
Johnston
Goldman,
C.
Baltimore.
Legg & Company,
C.
Payne
Union
Securities
Co., Inc., Dallas.
Tullis
E.
Hutton &
F.
Co.,
New Orleans.
Willard Howard
Investment
Company,
-
Jack
and.
Howard,
&
Tyson,
Boston.
Denver.
Bank
National
at Dallas,
Dallas.
Lee
Koenigsberg
L.
Harry
Company,
Incorporated, Boston.
Davis
H.
Mercantile
•
&
Eaton
Higginson Corporation, New York.
Co.,
St.
Louis.
William
&
Bros.
D.
Boyce, Baltimore.
&
Sherrerd,
&
Jr.
Peter
Co., Boston.
J.
Co.,
Incorporated,
Joseph
&
B.
Philadelphia.
Co.,
Lyon
Jaffray
J.
& Hopwood,
a
better
that
&
Weeks,
Philadelphia.
York.
The Ohio
Allen
Company, Columbus.
Weintraub
,
New York.
Newburger
&
Co.,
Philadelphia.
the
but
do
to
win
heart
markets
I
of life,
not
develop,
the
of
know
terms
to
of
co¬
All of these
shares having been sold, this announcement appears as a matter
show them
to
seek
—
and
Latin
exploit,
will begin
we
regain
to
April 18, 1961
NEW ISSUE
the
America.
that
today, in certain
areas, this might seem nearly im¬
possible. True, it will never be
but
easy;
great
since
States
United
when
shied
has
away
150,000 Shares
the
from
challenges?
Fifteen
years
Committee
ago
conducted
a
a
Senate
full-scale
investigation
of
Puerto
Rico's
problems and pronounced them
"unsolvable." Well, we know they
were not. Every day that conclu¬
sion is proved wrong again, as
new
opportunities open up in a
wide variety of industries and as
Rico
Puerto
becomes
more
HYDRO-ELECTRONICS CORPORATION
Common Stock
than
AMBER, BURSTEIN & CO., INC.
important part of Ameri¬
ca's
manufacturing
and
trade
structure. And I submit that, as
the world has seen in Puerto Rico,
ever
an
there
is
problem
no
American
system,
that
with its
and its
enterprise economy
tive
imagination, can .not
address
International
New
of record only.
mutual search for
a
way
we
in
York
by
Mr.
Executives
City,
Exchange Place, New York 5, N. Y.
the
free
crea¬
ARMSTRONG & CO., INC.
BERNARD L. MADOFF
solve
solution.
Diaz
40
before the
Association,
15 William
Street, New York 5, N. Y.
Minneapolis.
Schmidt
Marshall
Hornblower
Theodore Schmitt
New
Co.,
Binford
&
Piper,
W.
III
Sherrerd,
Rosenthal
Goodbody
Chicago.
George
Gorman
these
willing
are
them
operation and
show
we
York.
I
United States.
The
'
Moses
A.
George L.
Jr.
Dabney
Brown
O.
&
(From left to right)
&
Doering
Rosenthal
Roger
'
Garcia
Incorporated,
.,
N.
Butcher
William
Philadelphia.
Co.,
B.
•-
.
Jones
York.
.,/
Carr
L.
Robert
ColumbusS'
Co., Long Beach.
w
Richmond.
Company,
Mullen
K.
&
& Co., New
Dain
M.
Dominick
Roberts
Townsend,
Gasaway
D.
.
Paine,
&
&
Raymond
York.
J.
Denver.
Incorporated, Milwaukee. «*
Bennet & Company, Detroit.
Edward
Co., New
Bengtson
McCarthy
Vernon
&
ROW
J.
Detroit.
Jr.
Sherrerd
F.
J.
Drexel
Lascor
A.
The
Loevvi
Seeber
John
Chicago.
Co.,
Hughes,
Boettcher
P.
&
(From left to right)
Leon
Corporation,
Bianchetti
Hogle
Dallas
right)
Co.,
Wells,
J.
A.
SIXTH
S.
Michigan
Witter
Dean
J.
Hammill
Abbett
Herbert
Baltimore.
Boyce,
Riker
J.
of
B.
Alfred
Boone
Schmidt,
Ohio Company,
Robert
John
O'Brien
R.
!'
■
Black
L.
&
Bros.
Alexander
'
'
Richmond.
Co.,
'■
Noyes
Richmond.
Co.,
&
&
Purinton
G.
First
Columbus.
Cain
Wheat
Co.,
Abilene.
II
I
Company,
Craigie
A.
C.
Stein
Company,
Allyn and
Lord,
&
Co.,
H.
Manley,
million
Grande
&
&
&
Chicago.
Robert
Beaudry
A.
Loewi
J.
un¬
■
•
Sadtlcr
&
Securities
Budinger
Shearson,
Armfield',
Fridley
Marshall
The
•
.
ROW
W.
Howard
1
we
economy
Union
Proctor
T.
C.
A.
■
W.
J.
&
Watkins
J.
Ronald
Wohlforth
W.
,
Drake
B.
McDonald
F.
Chicago.
Atlanta.
Co.,
G.
Abbott,
James
:
Miller
A.
Co.,
Washington.;
Witter
M,
Henry
Pierce, Fenner & Smith,
i.
Reynolds
<
■
William
&
Sites
M.
Hemphill,
Tengdin
Herbert
Mead,
Co.,
&
William
Robert
Company, Butler.
Allison-Williams
the
the
together
an
in
has
capital;
labor
Working
dreamed
the
the
and
the
has
C;
;
Green
Southwest
Courts
Hart
Charlotte,
Robert
and both
north
right) V
Dillon,
&
,
Corporation, New York.
ROW
Harold
Crawford
Jr.
Corporation,
Bourne
(From left to right)
•
Peabody
Delbert
First
...
Lynch, Pierce, Fenner & Smith,
(From left to
hemi¬
?
.
Masten
A.
FIFTH
Boston.
Dean
Wyatt
can
we
we
many
Inc.,
Co.,
Company, Incorporated,
-
Profitably
southern
contribute—the
♦An
doing
&
Boston
H.
*
Baltimore.
Co.,
Woodward
Ferris
Pont
Kurtz,
why
purpose
and benefit from its
fact
du
Merrill Lynch,
to
together profitably. We
northern
south
years
thrives.
be
can
&
<
to
Eastman
McKinlay
S.
William
for
willing
ROW
M.
John
Ralph Lowell, Jr.
spheres have something of value
people
which
and
it
are
reason
common
a
work
create
no
exceed
and
I.
Chicago.
SECOND
expected
choice,
helped
that
we
Together
There is
the
no
it,
show the way.
will
these people
understanding,
them
that
and
of preoccupation with other areas.
gave
discover
show
done
We
no
to
the
our
Puerto
for the states of Central and South
de¬
to
Ellis
V'-v
i
Chisholm
S.
George
remains
now
THIRD
Kidder,
II
Illinois
The
perhaps
difficult—lesson
Rico had to learn. It
open
emotional identification with Cas¬
tro
the
first—and
Buckingham
Watts
(From left
Wisman
Francis
Granville
Philip
/
Minneapolis.
Inc.,
First
Philadelphia.
The First Boston
A.
Baker,
Barney Dreyfuss,
Paul
Merrill
the
was
States,
United
-
■;
Boston.
not afford to forget
can
V
.
Company,
Adler,
This
beyond these defiant ges¬
tures. We
-
Hardy
The
Pittsburgh.
.
Kreld
associating with the United States.
Anti-Yankee Unrest Is No Myth
'
Scribner,
George A. Peterson, Jr.
&
E.
Varnedoe,
higher standard of life and free¬
vert American
Joreign polipy.
Solum
Rubin
&
Savannah.
perience: A nation seeking to at¬
economic
.
Gilmore
R.
Leopold
,
"
.
Jacobs
Deane
George M. Henderson
Moore, Leonard & Lynch," Pittsburgh.
William
& Co., Portland.
Prescott, Shepard & Co., Inc., Cleveland.
of
■
tain
P.
Kalman
David
greatest lesson
Rico
Asherman
Paine, Webber, Jackson & Curtis,
Saturday—
Puerto
Dallas.
Milwaukee,
greatest asset.
our
here is the
out
vote
system
our
system that is
service.
is that
now
us
of
Turner, Inc.,
Arthurs, Lestrange & Co., Pittsburgh.
are
served
L.
M'. Payson
William
r
Each
time
that
you
hear of
and
brought closer together/ another manufacturer establish¬
The Castro revolution in Cuba
ing a plant in Puerto Rico, think
initiative, both
people
H.
E.
Singer,
and
Joseph P. Short
free
"
(
Charles
McCormick
C.
Eppler, Guerin
coopera¬
economic
an
sponsible
and
ROW
(From left to right)
James
Adrian
stead, and received
atmosphere that would attract and
capital
nations gain
FIRST
asked in¬
was
government
of
the
United
States actively cooperate with re¬
private
,
40 Exchange Place, New
York 5, N. Y.
20
The Commercial and Financial Chronicle
(1760)
rates
PUBLIC UTILITY
promotional,
more
dictated that
judgment
cut amounts to
SECURITIES
OWEN
BY
ELY
share.
Wisconsin Power &
Light, one of
utilities bearing the
"Wisconsin,"
has
annual
name
of
supplies
electricity
over
$50 million.
It
company and
Service formed
Public
electric power pool, which will
an
,
revenues
an
enable the
The
company had a
in spite of the
1960
business and
companies to cut costs
by building larger plants and by
mer.
communities,
and
at
wholesale to 33 municipalities and
prolonging
spite
to
1963 when the
rural
cooperatives
utilities.
It
13
in
gas
retail
at
in
385
over
also
and
public
supplies natural
municipalities,
LP
in two, and water in two.
cities served include Sheboy¬
gan, Fond du Lac and Beloit.
pal
Revenues
about
are
87%
elec¬
the
additions.
periods
between
will begin in
companies will buy
and sell firm power capacity.
Benefits
Electric
gas
Princi¬
revenues
than
more
rupled.
in
revenues
With
Canadian
Wisconsin, there is
gas
now
restric¬
no
pany
is not only aggressively out
after
gas
(or 50% of combined electric and
gas
income); commercial 20%, in¬
dustrial
14%
and
natural gas
on
ing
and the
com¬
business, but is extend¬
the
service
to
new
com¬
munities.
the
territory is devoted
principally to agriculture, dairy¬
ing and tobacco, it also includes
rock quarries, sand and gravel de¬
posits
and
versified
tries.
in
cents
1959)
in¬
de¬
credit
for
over
that
fact
the
construction
on
share.
In
New
declined
a
Society
of
Security
President
Forsberg
have
"We
1961 will be
and
was
cents
recent talk before the
a
York
ary
sum¬
(an
a
confidence
good
a
year.
February,
business
weather
was
we
finished
on
budget.
that
In Janu¬
though
there
turndown
comparatively mild,
the first
two
Earnings
months
share
per
49.6c compared with 51.4c m
1960.
Because
of
rate
our
reduc¬
zinc mines, plus di¬
manufacturing
indus¬
a heavy industrial
Beloit has
tion and
iness outlook starting the year, we
development work for
with good results. In
the past five years 118 new plants
built in the
were
isting industrial plants
customers
Machine Company.
electric
Body
In Janesville
Chevrolet
plants
General
of
and Parker Pen.
Fisher
and
Motors,
Fond du Lac and
were
In
tomers
kwh
1960
accounted
used
an
for
and
revenue
farm
of
about
or
of residential
rural
19%
average
annum,
per
that
40,000
some
cus¬
customers.
Il¬
lustrating the extent of farm
dustrial
the Kohler Com¬
largest company,
Kohler, despite its long history of
labor troubles,
has
greatly ex¬
panded its plant facilities in re¬
cent years.
O
V
v
of
The company has a generating
capacity of 476,000 kw plus firm
purchased power of 23,000; peak
proximately
area,
being the
demand last year was 398,000 kw.
There are four steam plants with
a
combined
capacity of 420,000
construction
loaders
ently
at
a
In
of
one-third
a
about
40,000
kw;
interest
and
in
two
other
plants with 35,000 kw ca¬
pacity.
These and other hydro
plants of the Wisconsin River are
backed
foot
and
up
by
system
of
operated
utilities
and
18
a
billion
reservoirs
by
paper
the
cubic
owned
electric
companies
in
the state, under the name of Wis¬
consin Valley Improvement Com¬
pany.
as
1960 proved to be the best
hydro generation year in the his¬
tory of the Wisconsin River.
un-
Wisconsin Power &
had
:.A,:
been
selling recently around
over-counter
market,
pays
$1.48 to yield 3.9%.
The
price-earnings ratio based on 1960
earnings is 16, and based on the
in
38
the
1961
budget estimate would be
16.7, compared with the industry
average of about 21. The dividend
payout at 62% of last year's earn¬
ings is low, indicating the possi¬
bility of a dividend increase some
time
during 1961-62.
Com. Stock Equity
47%
68,362
14
39
100%
be
Robert
40
Allen
D.
Wall
has
become
to
City,
announcement
an
as¬
Corporation,
St., New York
Robert H.
Last
there
equity financing for
any
time.
some
that
with record hydro
available, the company
year,
power
earned
about
6.4%
net
plant
although in earlier
account
Mr.
ac¬
by
Craft, President of the
ing of income taxes at the source
dividends are received by
before
security
every
&
to
Sons
which
President
&
had been
of
for
he
with Alex.
four
was
Aubrey
G.
Co., Inc.
Farm
CORPUS
years,
Vice-
a
Lanston
holders
organized
Not
Cooperatives that pay no taxes at
but these are taxes that are
passed on to the public in higher
prices for everyone to pay.
The capital gains taxes I are a
all,
tax
on
worst
capital, jand we are the
offender in all the world
this
in
respect. No other govern¬
and
penalizes its
hounds
ment
inves¬
tors, with the kind of tax we have
to suffer in this country in this
respect. The market is clogged
with withheld, over-priced, stocks
that don't
CHRISTI,
Tex.—Flato,1
company
stated:
electric rates
our
the
some
cut.
"Certain
were
neighboring
light of
from
a
The
of
our
Co. has been formed with
at Highway 44 and Bald¬
Boulevard to engage in a se¬
curities
business.
Malcolm
W.
above those of
utilities
and
in
earnings position
plus the advantage of making our
our
and L. C.
urer.
FIF
Officers
Bean, Jr.,
are
President,
Carter, Secretary-Treas¬
Mr. Bean
was
formerly with
Associates.
>
is
it
his
a matter
much
revenue
risk
on
taking,
an
less
first
the
the
and
by
stockholder,
income tax on
a
$50
credit
4%
it. He doesn't need
pays
on
of record only.
of
ports
corporations
have to hire
to
figure
should
and
more
will
who
clerks
more
how much should,
not, be deducted from
out
And wouldn't it be
just for
once all
the
in
this
country
corporations
gov¬
to tell
going
the
bookkeepers, in all the
corporations, whether or not your
income or mine is going to be up
10%
down 20%
or
whether
had
not
or
this year?
Joe
Doe's
Or
wife
pair of twins last February?
Maybe they will do, all this by
too;
lot
but
department
will
the
on
to
figure
deducts,
bill
the
pay
it will
anyway
bureaucrats in the
more
it
out,
and
for
the
who
extra
cor¬
of
course!
Stock
Salesmen
Should Raise
The
pay.
union wouldn't sit around and do
came
something like
in
Washington
if
nothing
up
The
only
country
little
their
threatened
this
and
bee-hive.
citizen
a
way
of
protect
can
this
himself
against iniquitous legislation is to
organize his group, put
for
up a fight
rights and threaten those
his
who vote against those
at
extinction
I'd like to
president
every corporation
see
America,
organizations,
holders
rights with
polls.
the
in
and
also
write
trade
to
stock¬
to
them
tell
get be¬
hind this push to defeat these tax
bills.
The only answer to continued
tax oppression on the stockholder,
the risk taker, and the fellow who
up
the capital is to demand
unmerited
them
upon
Federal
tax
by
claims
both
placed
State
Governments
be
and
ended.
Otherwise, all the deficits, govern¬
ment spending, give-aways, subsi¬
dies, and aid to depressed areas,
will
only
ployment
in
result
and
country. You
more.. unem¬
misery
in
can't make
forcing people
stock market,
to
gamble
they
so
this
jobs by
in
the
make
can
capital gains taxed at 25%, when
have to pay 52% to Uncle
Sam first through their corpora¬
tions, and then from 20% to 90%
they
more
what
on
they
receive
in
dividends.
The only way this
grow
need
country can
and create the jobs we will
in the sixties is to
get the
off
the
in
back
the
of
American
indus¬
try. More taxes—less jobs.
P.S.—A step in the right direc¬
tion is the drive
now being spon¬
by the non-profit investors
sored
League,
New
Inc.,
York
a
a
home"
"take
their
to
tax-eaters
is
and
told them what these bills will do
shareowners
"New Frontier"
ours
stockholders
their
to
should be 20%, 30% or 90%? Who
of
heart-warming
and wonderful if
in this great
bookkeeping charged to the
poration — we
stockholders,
April 18, 1961
he
horde
a
of tax collectors checking the re¬
check
appears as
pay
dividends,
exclusion
tax
announcement
raise
brake
a
also has to
his
your
puts
corporation,
take
pf these shares having been sold, this
my
Don't use my words,
own." We could show
these Washington parasites they
can't strip us dry. Any one that
wants to join me I am ready and
raring to go. How about it boys?
use
that
speculation, and job making.
After these taxes are paid
formula
All
from
going to tell these
think.
you
rather
would
every dividend check each month.
Who is going to decide whether it
Flato, Bean Co.
Senators
people, "Write it in your own
tell these tax grabbers what
out of lock-boxes
come
investors
doesn't
all
for
enterprising
risk-taking,
win
pressure
taxes
out of line at 52% of net
when compared with taxes that
are not collected from Unions and
the
of
disenfranchised.
corporation
are
way
ernment
customers
dis¬
been
have
and
only
business
nation's
this
of
the stock¬
years
many
establishments
or
I
both
as
state and I am
wrote
too
For
offices
result
this
in
salesman
'
country.
voluntary rate reduction of $1,200,000 last year, apparently as
the
pro¬
posed changes in the existing laws
of the land should be opposed by
Bean &
of
these
of
Both
stockholders.
the remainder. Well and good,
Allen
Brown
prior
years
on
the return had averaged 6% or a
little under. The company took a
equally
another
is
that
provide for the withhold¬
would
but
company.
unlikely
appears
There
tions.
injurious piece of legislation
tax
sociated with Paribas
well
stockholders in American corpora^ hand,
these taxes on to their heirs
than pay them. The capital gains
Allen Joins
cording
$173,562
now! granted
credit
dividend
the
dilute the
repeal or
pass
Paribas Corp.
$81,700
23,500
Congress to
in
coming
move
a
because,
ap¬
follows:
Total
Light, which
pres¬
was
Stock__
Preferred
$2.28 per share in 1961
compared with $2.38 in 1960."
Wisconsin
on
capitalization
Bonds
will
The company has two
hydro plants with a combined ca¬
of all
are
.1AwA-a
cost
next year.
also
country
installed
1960
It
pacity
the
(000's Omitted)
into operation in December
go
in
farms.
million, is expected
$14
some
appliances, 40%
use
electric barn cleaners and silo
kw, and another 100,000 kw unit,
under
electric
of
7,045
twice
Sheboygan constitute another in¬
pany
budgeted
ex¬
Wisconsin is a leading
dairy state and the dairy business
is
important
in
the
company's
area.
the
ex¬
panded.
load with Beloit Iron Works, Fair¬
are
and 152
area
conservative bus¬
more
a
Friendless?
Are Stockholders
is
There
and
many years,
banks Morse and Yates-American
to
in
industrial
While
of
year
downturn
amount equal to 21
an
were
The company has been active in
miscellaneous
17%.
now
by
stated:
gas
dential and rural sales account for
revenues
interest
good
earned
was
4
the
while
about
electric
of
crease
Analysts
ending 1960
nearly quad¬
tion
of
com¬
cool and wet
a
$2.38
doubled in the decade
tric, 11% gas and 2% water. Resi¬
49%
annual
average
(If the com¬
parison is carried back to 1950 the
average increase would be 5%.)
Early in 1961, the
Wisconsin
Thursday, April 20, 1961
BY JOHN DUTTON
CORNER
the common stock
have increased steadily since 1954
Light Company
.
on
pounded gain of 6%.
Wisconsin Power &
.
SECURITY SALESMAN'S
The
about 18 cents per
j
Earnings
with
three leading
good
make
we
the reduction in November."
.
according
234
1,
to
N.
Fifth
Y.
Avenue,
The
league,
President
William
Jackman, is seeking signatures
petitions from individuals all
the
country
^
on
over
requesting Congres¬
sional opposition to the proposed
measures.
Additionally, the petitions
an
increased
dends
and
tax
credit
drastic
capital gains tax.
on
urge
divi¬
in
cut
a
the
the
Roof
116,500 Shares
Stock
salesmen
in
this
country
should get our customers together
and tell them what is going on.
General Sales Corporation
We
should
write
Congressmen.
that
(Par Value $1.00
per
our
their
share)
that
a
may
including the undersigned,
be obtained from only such of the underwriters,
as may
lawfully offer these securities in this
State.
j. k. Norton & Co.
customers
should
our
visit,
will
write
to
Congressmen and tell them
they vote for this kind of
Shenanigan
a
next
tax
on
dividends,
withholding tax,
time
these
great
that
going
to
fill
give them to
my
the
names
of
am
going to
name
am
my
the
Colorado
class
A
Springs,
common
stock
($2 par)
of International
Safflower Corp. at $5 per share.
International
offices
Denver,
in
the
Colo.,
Safflower,
with
Equitable Bldg.,
will use the net
standing loans, and the purchase
of
seed, machinery, and equip¬
ment.
am
and
Now Fin. Planning Co.
SYRACUSE,
name
have
Co.,
pockets
customers. I
number of this bill. I
of
ing capital,, the lease or purchase
of
land, the retirement of out¬
my
going to tell them the
shares
proceeds of the offering for work¬
for office they will get such
shellacking from the 15,000,000
people who own stocks they will
never forget it.
am
&
the
a
with post cards and I
Copley
Colo., has offered publicly 60,000
statesmen
run
I
Joseph Nadler & Co., Inc.
We
to
if
and
Copies of the Prospectus
letters
write, talk on the radio, organize
groups, and stir up such a rumpus
Common Stock
Stock Offered
get copies of this bill.
should
We
Int. Safflower
going to
esteemed
Congressman from .my district, as
N., Y.
—
The
of Robert P. Sheridan
firm
Com¬
pany, State Tower Building, has
been changed to Financial Plan¬
ning Company.
Volume
193
Number 6048
.
.
.-The Commercial and
Financial Chronicle
(1761)
"Our organizational
changes are designed to improve
earnings and to accelerate long-term
growth. The unification of three separate
sales and
refining-marketing operations trill give
us
the
advantages of efficiency and flexibility under single
management of a nation-wide subsidiary. The
new
structure
executives
to
will
use
permit all of
their talents
FOR LONG RANGE
our
effectively
improve the Company's profitability."
more
to
JOHN E. S WEA RING EN, PRESIDENT
GROWTH
/
Nineteen-sixty Annual Report discloses accomplishments in
terms of increased
earnings and corporate reorganization
During I960, Standard Oil Company (Indiana) made several
important strides in its long-range program to increase effi¬
(New Jersey) stock was paid for each 65 shares of Standard Oil
Company (Indiana) stock, or cash payments were made jn lieu
ciency
and earnings. A comprehensive
reorganization of
product manufacturing, marketing and distributing activities
of fractional shares of
accomplished. Foreign activities were accelerated. And
planning department was set up to help lay out longrange programs for the Company and assess investment
opportunities in the petroleum business and related fields.
the ninth
was
was
a
Jersey stock. The total dividend value
equal to about 50 per cent of earnings, marking
$1,995 and
straight
in which this ratio has been maintained.
year
new
For the
Production. Net production of crude oil and natural
gas
liquids in North America averaged 299,283 barrels per day
in 1960. After
production of 110 million barrels during the
year, reserves showed a gain of 103 million barrels, bringing
I960, corporate earnings were about 4 per
than in 1959. Net earnings totaled $144,762,000
$4.05 a share on the average number of shares
outstanding,
compared with a net of $139,597,000 or $3.90 a share
cent
or
as
the
year
greater
previous
Cash flow increased
year.
pared with $8.70
a
to
$9.62
a
share,
the total
at
com¬
and
revenues
were
due mainly to larger sales of major petro¬
gas and automobile supplies. Total
leum
up,
Assets.
Sales
and
other
operating
rose
assets at
$57 million
year
tures were
to
a
record
$2,038,208,000.
2,347 million barrels
cubic
feet
at
end,
year
an
increase of 2,090 billion
cubic feet.
In
Argentina
substantial production of crude oil was
amounting to 31,400 barrels a day at year end. Ig
Venezuela the
Company shared in the completion of several
large wells. A subsidiary was formed in Australia—Amoco
products, natural
income
to
year
billion
Income
in North America
end. Net production of natural gas increased 4.5
per cent—from 1.51 billion cubic feet daily to 1.58 billion
cubic feet. Net proved reserves of natural
gas totaled 15,358
share in 1959.
Record
reserves
achieved
Total
end equalled nearly $3 billion. Capital expendi¬
$251,574,000.
Australia Ltd.—which
with
Important Reorganization. On December 31, I960, the Com¬
completed a major reorganization in which Standard
Company (Indiana) became entirely a parent company
for domestic and foreign activities. Its functions will be:
1) to provide guidance for policies, planning, and programs
initial crude
an
plans to build
refinery
a
near
capacity of 15,000 barrels
a
Brisbane
day.
pany
Directory of Standard Oil Company (Indiana) Major Subsidiaries
Oil
of the consolidated
enterprise; 2) to
oversee
among
all subsidiaries; 4)
to
to
PETROLEUM
AMERICAN OIL
COMPANY, headquartered in Chicago, manufactures,
transports, and sells
petroleum products in the United States. It markets
through its Standard Oil division in 15 Midwest states.
of the manufacturing, transporta¬
over to
Refining Company, also wholly-owned, has become
a
SERVICE PIPE LINE COMPANY, Tulsa,
transports
its
wholly-owned subsidiary—American Oil Company. American
Oil Company, further expanded by the facilities of Utah Oil
national
AMOCO
CHEMICALS
markets chemicals from
INDIANA
trades crude oil and natural
gas
Oil
Company
Dividends
Paid.
dividends of 35
fourth quarter
subsidiaries
were
not
The
cents
Company paid four quarterly cashshare. In addition, a special
each per
OIL
COMPANY
AMOCO
OIL
PURCHASING
TRADING
trades crude oil and
dividend of one share of Standard Oil Company
STANDARD
(Indiana)
(INDIANA),
our
CORPORATION, Chicago, manufactures and
petroleum here and abroad.
ciency inherent in unified management. Operations of other
by the reorganization.
crude oil for
refineries and for others.
refining-marketing organization, with all the increased effi¬
Standard
CORPORATION, Tulsa, finds and
in the United States and Canada. Its
in oil exploration and development outside of North America.
coordinate
evaluate performance,
tion, research and marketing facilities was turned
affected
gas
subsidiary, Pan American International Oil Corporation, New York City,
engages
organization and personnel.
The direct management
AMERICAN
produces crude oil and natural
and handle the
Company's business and financial affairs; 3)
operations
PAN
TULOMA
petroleum
GAS
gas,;
COMPANY, Tulsa, buys,
liquids in the United States.
S.
and
CORPORATION, New York City, buys, sells, and
products elsewhere in the world.
PRODUCTS
COMPANY,
Tulsa,
markets
liquefied
natural gasoline, and related products.
For the complete 1960 Annual Report, write Standard Oil
910
sells,
MICHIGAN,
Company ^Indiana), Dept. W-100.
CHICAGO
80,
ILLINOIS
21
m
22
has
Simanek
H.
MUTUAL
been
Vice-President
Corporation, Bos¬
ton investment manager and dis¬
tributor of Incorporated Income
Fund
and
Incorporated Investors,
"Is
third oldest of the nation's mutual
funds.
and
Simanek
Mr.
wholesale
two
31 total net
assets amounted to $44,689,672, or
$18.24 a share on the 2,449,600
shares outstanding. On Dec. 31 net
assets were $39,807,991, the equiv¬
alent of $16.24 per share on the
2,451,100 shares then outstanding.
BY
ROBERT E. RICH
Parker
The
will
representative
funds
in
for
Michigan,
be
the
Indiana
Kentucky, with headquarters
If
viewed
you
lofty
world
from
casions
a
overlooking Manhat¬
teeming financial district,
would be justified in asking:
you
earth
recession?"
A
Wall
veteran
hasn't had
how
to
just
down-to-
he
considerable
letting it
in
"works
doesn't
Streeter, who
cook,
long
as
lessly and that
FUNDAMENTAL
INVESTORS,
Investing in
Wall
New
H.
stocks
common
by
York's
oasis of prosper¬
is
the
last
Board
the
tape
other
it may be that the
fraternity worries need¬
secret
totaled
a
said:
"Ticker
grinding
than
this
voices
surely
capacity,
seek
about those
"something
nothing."
major beneficiaries of
golden
flow
are
learning
that money
piness
Over at 11
their
busiest
world, but he
store
is not
a
to
turning
on
to
over
profes¬
Plainly, the
management.
Having
happy
hot-stock and quickstories to tell, they charm no
turn
1960.
fund's
the
In
first-quarter
re¬
to
stockholders,
it
was
pointed out that total net assets
reached a new high, up 14.7% in
the three-month period, after de¬
12 cents
a
share payable April 15.
Net
asset value per share on a larger
dividend of
the
ducting
11.9%
number of shares increased
parage has passed them by.
in
share
port
,•
benighted butchers ana
investing .chores
sional
Wall, G. Keith
the
runs
able
be
$43,767,000, equal to $24.98
on
1,752,085 shares out¬
standing on March 31. These fig¬
ures compare with total net assets
of $38,152,000 and net asset value
per share of $22.32
on 1,709,067
shares
outstanding
on
Dec. 31,
for
that one day
do
something
be
even
bakers who insist
won't buy hap¬
l./VA
'
may
we'll
the
Funston
the
It
small
those
murmuring about
are
who
York north of Pine Street.
k
still
to
that
folks
ol'
anew
around
great time we ought
no
able
be
must, be the
faraway Pittsburgh and
Detroit, and that segment of New
INVESTMENT FUND,
boardrooms
country and emerge, after a
interval, "with fat capital
gains. In
to
equity markets operat¬
Canyon
into
aecent
and
year
walk
is
50%
out
last
theoretical
this
*
Net assets of Dominick Fund, Inc.
people will have to do henceforth
the
DIVERSIFIED
to undo dy¬
Ns
*
have found at
we
weapon
no
in
the
period.
same
nothing customers and unbridled
speculation.
Brokers,
who
are
business to pursue overnight mar¬
ket
Financial
possessing figures.
This department has had occa¬
sion to note in the past that the
He has been sounding warn¬
man.
in bonds, preferred stocks and
ings
stocks.
common
common-stock holdings
eliminated during the first quar¬
ter
were
Neptune
Meter
Co.,
United States Plywood Corp., CIT
paying
A balanced investment
against
the
overtime
the
that
last
*
Investing for long term growth
fields of scientific and
economic
development.
stock
possible
away,
keep
to
no
price
and
Once
they've
Fund
scared
talk incessantly
priced
growth
stocks," but usually wind up con¬
"over
-
to
higher.
The Russians put only one man
in space, but thousands of Ameri¬
cans
have
been
up
there
for
\
months
now
coming
back
show
sign of
to Mother Earth.
no
Hugh W. Long and Company
lot
Incorporated
party
a
who
of
people
it's
and
would
a
suggest
have
who
man
a
who
expects to be
kitchen
the
uUt
not
a
race,
me
al,
bold
that
find
must
it
when
gets
always
as
to the
soned Wall Streeters
come
know,
we
swift.
If
•
not
are
stay;
be
talism,
if they want
should behave
least
at
of
cause
It will prove one day
comfort to recall
name
they
capi¬
cordially in¬
Investors!
Make
mistake
no
having
guests
Stocks
quite
it, the
time.
tion
at
train,
a
Investing in bonds,
stocks for current income
possible growth of
principal and income
since 1932
supplanted Sex and
topics for conversa¬
the breakfast table, on the
over
lunch, far into the
the
Adams
net
to
be
Great
dead.
But
Fever
of
ever
1961
a
Express
assets
manufacturers
13.5%
of
total
comprised
assets,
electrical
products manufacturers comprised
and oil and gas
10.9%
10.1%,
companies
of March
I?
Fund reports new com¬
during the first three
of
this
year
included:
a
represented
as
31.
*
*
Energy
*
mitments
Apco Oil Corp. (units), American
Machine & Foundry, Central Lou¬
Electric, Cerro Corp., Elco
isiana
Electronic
Associates,
Electric, L. M. Ericsson
Telephone Class B, Falconbridge
Nickel
Mines,
Foote
Mineral,
General
Precision
Equipment,
Jarrell-Ash, Pechiney S. A., Sogerap, Sperry Rand, Universal Oil
Products
and
Yardney Electric
Corp.,
Emerson
i]
ti
m
Corp.
Eliminations
Allis
-
Energy Fund:
Cleveland Elec¬
by
Chalmers,
tric,
Consumers Power, Collins
Radio, E. I. du Pont de Nemours
& Co., Electric Storage Battery,
General Tire & Rubber, HewlettPackard and Kalvar Corp.
r|»
cji
Fairfield
nounced
share
on
tfi
Securities, Inc.,
an¬
value
per
net
its
I
asset
March
31
was
$167.69,
compared with $129.34 on Dec. 31,
IBM
New
common
-
largest
purchases
stock
included Armour &
Co., Wilson &
Tiie
Lazard Fund,
Co., Armstrong Rubber Co., Gen¬
eral Tire & Rubber Co.,
Brush
inc.
I
I
I
81
Co., Jim Walter Corp.
and additional shares of American
Beryllium
Telephone & Telegraph Co.
the end
At
of the March
quar-
Report
for the three months ended
Selected
March 31, 1961
american
shares
Available upon
request
i arc,
will
be
Prospectus from
your
dealer
or
44 Wall
Street,
Selected Investments Go.
135 S.
La Salle
St., Chicago 3, III.
New York 5, N.
Y.
his
Co.
total
reports
March
at
31
amounted
$104,200,233, the equivalent of
$31.29
a
share
the
on
3,329,595
shares outstanding. This compares
since
with
struck,
on
the homespun fellow can cut quite
Investing primarily in
stock of office equip¬
Common
ment
The Funds Report
and
well
as
Stock Fund
F
as
Tn Hollywood, New York and
Washington, it has been said, if
you can't be glamorous you might
and
newcomers
Fulbright or one of
colleagues is down the block.
in the locker room,
at funeral receptions and
before
and after religious services.
night,
preferred, and common
I'
the second half of the year.
indi¬
vidual
holding,
amounting
to
12.6% of total net assets.
fund's
the
results, but rather be¬
the
Senator
have
Soviet
the
Balanced Fund
...
are
about
.
HOWARD'
during
they fear that the good for¬
After all, if 800 Dow and the
10,000.000-share day is just around
the corner, it's a fair guess
vited.
EATON &
place
reversed.
of people's
were
of
of
tune
small
that in the
.
take
International
portfolio. However,
its
remains
com¬
for lack
to
.
will
recovery
pletely happy these days, it's not
themselves.
CONSIDER
sify
:ts
shouldn't be there or,
Elizabeth, New Jersey
of
shares
900
sea¬
to
Westminster at Parker
equities was due in part, it was
said, to the belief that a business
in
Business Machines stock to diver¬
but, as a breed, they are unmoved
by tips and prospects of a fast
profit.
Right now, a lot of mor¬
ticians and manicurists are doing
much better than the profession¬
ones, are worried, although not
always for publication. After all,
quite
and
year-end, before taking into con¬
sideration dividends payable
in
February, 1961 out of 1960 income
and realized gains.
The increase
J. Heinz Co. The fund also
and H
sold
Co.,
Anaconda
X
ter, holdings of common stock
comprised 93.5% of total assets,
compared with 90.9% at the 1960
Professional portfolio managers
are
not without emotions either
er
it's
burned
been
Among
Corp.,
Thursday, April 20, 1961
hot.
Many people, especially the old¬
fellow
people
some
off, the scars
they'll return.
around
even
and
psy¬
heal
before
Amid the
present-day frenzy it is not easy
managers
about
the
pre¬
matter how high the
how low the value.
recommenda¬
-
own
chology business. When the mood
to buy is present, it is all but im¬
is
as
ceding they'll go
V
.
growth
even
no
hardly
are
business is
stock market
noting
wunderkind
profits, they
they recite the many
splendors of a new one in birth.
tion
|possibilities in securities of companies!
in many
analysts,
their
of
selling at nearly 1,000 times earn¬
ings, are getting jittery oyer their
DIVERSIFIED GROWTH
STOCK FUND,
are
And
end.
one
work
to
voting spring¬
wondering when
importantly, where—
more
will
it
hands
even
time bonuses,
—and,
something-for-
hired
and
gatherings.
Confessing
to
temptation to abandon their
.
months
outstanding.
shares then
namic communism. Maybe all that
beyond
But
ana
whole
ing
envy
splits
$300,008,842, equal
to
$12.34 a share on 24,308,354
shares outstanding. The asset total
was
20% greater than the $249,610,658 in assets reported on the
same date a year ago. The yearago asset total was equivalent to
$10.68 a share on the 23,370,856
31 amounted to
and, as
Fiorello
once
business
more
the years.
an
course,
a
reported rec¬
per
share
value in its quarterly report to
shareowners. Net assets on March
and
assets
total
ord
shot
Mayor
not
late
LaGuardia
Of
of recession."
long
a
he's
breakthroughs.
tape ain't spaghetti." With the Big
selected for possibilities of growth
in income and capital
over
Street
country
iK
gains,
jargon—capital
day: "This is
an
It
short-order
he knows the
as
fretful
desert
Street."
whether
matter
can
attention
known that
be
Wall
looking south from Maiden Lane,
this
victim
of
combat
fatigue
sighed after yet another frantic
a
knows
elevator operator or a
this year, stated the situation even
better,
in
the
gathering
dusk,
ity in
who
man
pick stocks. A fellow
by
:|i
*
Chemical Fund, Inc.
the
as
command
week-end to himself
a
:fe
Everybody Happy?"
suite
tan's
"What
in Detroit.
the
.
ports that at March
Assistant
named
of
FUNDS
.
Corp. re¬
International
American
Parker Corp. Elects
Harry
and Financial Chronicle
The Commercial
(1762)
figure at parties and solemn
$93,100,725,
the
same
the close of
oc¬
equal
to
$27.96
number of shares
at
1960.
A CLOSED-END DIVERSIFIED
selected common
stocks for
INVESTMENT COMPANY
possible
growth of principal
LISTED ON THE NEW YORK
and income
...
•
•
•
Affiliated
•
since 1931
1 Prospectuses
your
available from I
Investment Dealer
EATON & HOWARD, Incorporated
i
□ BALANCED
□ STOCK FUND
mutual investment fund of diversified
A
stocks selected for investment
"•quality and income possibilities. Mail
this ad for free booklet-prospectus to
Copy of the
March 31, 1961
Quarterly Reporr
Investment
objectives of this Fond
possible long-term capital and
income growth for its shareholders.
are
j
24 Federal St., Boston 10, Mass.
FUND
a
common
Common Stock Investment Fund
A
or
\
j
is
Fund
E&H
'
STOCK EXCHANGE
I
„
.
Prospectus
■
upon
request;
?
CALVIN BULLOCK, LTD.
Established
ONE
WALL
will be mailed upon request
1894
STREET, NEW
YORK 5
48 Wall
Street
Name.
Lord, Abbett & Co.
| Add ress
Room 914
New York
—
Atlanta
—
Chicago
—
Los Angeles
—
Name
;
New
San Francisco
Address
York
5,
N. Y.
If
?:
i
Volume
193
Number
6048
The Commercial and Financial
Chronicle
(1763)
'
I960.
Total
I
iive
31,
assets
gross
$2,353,923.85
$1,413,361.56
Lazard Fund, Inc. reports that net
equaled
March 30, against
Dec. 31, 1960. The
on
on
assets
largest holdings as of Marcn
California Liquid Gas,
States
James
of
Gas
Talcott,
Los
Union
and
Jim
Bank
and
Walter
Transactions in the
included
sales
Glass Co. and
ditional
third
of
equity-type securities. This
31, amounted
with
pares
$15.33
on
fund
close of the
87.6%
was
com¬
or
the
in
*
Fund,
assets
ment
mately
the
of
Corp.
has
S.
&
The
$1,000,000, in¬
of
of
ville
Invest¬
Madison
shares
month.
$22.63, its net asset value,
were
to
completion
of
condi¬
Fund
of
a
earlier,
year
month
rose
to
in
made
were
Air
Products, California Liquid
Gas, County Trust Co. of White
Plains, N. Y., First Security Corp.,
i
I'
^
Union
n
t\
%
Jim
Bank
Walter
of Los Angeiej and
Corp. Initial commit¬
ments- included purcha.es of Citi¬
& Southern National Bank
zens
and
Guaranty Bank of Phoenix.
i
$J1
sir
A.
'*
#
Securities
have
been
$153,502,419
from
accepted
in
vestors
*!«
.
.totaling,
37
in
states
640
in¬
exchange'
for shares of Federal Street Fund,
Inc., it
I
F.
announced
was
by George
Bennett', President of the fund,
and
Sidney J. Weinberg, senior
partner of Goldman, Sachs & Co.,
dealer-manager of the group so¬
liciting the exchanges.
They at¬
tributed
the
"the
to
of
succesj
efforts
of
the
dealers
fund
in
geographical sections of the
try."
all
coun¬
With the
acceptance of these
stock tenders, Federal Street be¬
the
comes
first
the
of
"big
ex¬
change funds" to be consummated.
Several
of
others
minimum
change
third
ihe
in
process
the
Over
deposits
$50,000
about
permissible
$50,000.
was
of
tween"
t
are
organization.
The
ex¬
One-
be¬
were
$100,000
and
two-thirds
less
were
and
than
$200,000. About 5% of the depo its
in excess of $ 1.000,009.- The
largest single investment by -an
were
individual investor exceeded $4,600,000. The average individual
holding in Federal Street Fund is
approxhmatelv
share
i
$240,000.
Each
priced fat. $1,000. "
-
was
-
Inves'ors Diversified Services, l ie.
Nationwide
and
have
In
Group
joint
urance
agreed to undertake
study project looking to
force that
I!
both
I
ment
in
urance
services
organizations.
of
forces
of
Announce¬
the study involving sales
totaling
of
most
selling
would offer the invest¬
and
ment
a
a
9,400
in
persons
the
states, was made by
W. Grady Clark, Pres:deit of In¬
■r
•
i
RICHFIELD
Consolidated net income for 1960
was
I960
$28,720,000 ($7.11
completed from the Field to
vestors Diversified
Services; Mur¬
D. Lincoln, President of Na¬
ray
i
tionwide, and Charles T. Ireland,
Jr., President of Alleghany Corp.
The I. D. S. group offers faceamount certificateand life insur¬
through
ance
subsidiaries,
affiliated
shares
w
if'
in
funds.
Nationwide
five
offers
line of insurance and is
and
mutual
one
a
full
■
In
mately 10,000 barrels
sales
Net
record highs for crude
established
Richfield
1960,
a
deep-water terminal. By
early 1961, production from this joint venture
compared to $28,058,000 ($6.95 per share)
as
for 1959.
other
and
was
approxi¬
day from'20 wells.
per
operating
amounted
revenue
•production, refinery runs, pipe line and marine terminal
$288,960,000 in 1960,
throughput, petrochemical sales, and refined product sales.
preceding
During the last quarter of 1960, average gross crude produc¬
tion exceeded 100,000 barrels per day.
to
bilities at the end of the year was 4.2 to 1.
significant
in Alaska
new
and
pipe line
a
compared to $269,932,000 for the
The ratio of current assets to current lia¬
dends which have amounted to $3.50 per
extension of the Swanson River Field
made during the year
was
year.
as
For the 24th consecutive year, Richfield
,
A
of the
largest fire and casualty insurance
share),
per
paid cash divi¬
share in each of
the past ten years.
was
underwriters and the third largest
8$
the
of
independent
insurers
of
automobiles.
AT
DECEMBER
Net
value
asset
per
share of In¬
vestors
Research
creased
to $13.96 from $11.51 dur¬
Find,
31, it was announced by the fund
in its quarterly rrnort to share¬
holders.
Taking advantage of fa¬
vorable market conditions, Inves¬
Research
bank
loan
in
vested
m
»
b
Fund
and
wTas
common
obtained
119.2%
stocks, the
i"
Issues
purchased
during
the
included
Litton
Indus¬
^rmstro"g Cork, Otis Ele¬
vator,
Trane
tocopy,
Co., American Pho¬
KawicM Chemical, Ten¬
Campbell's
High-Voltage
neering,
P..
were
Federated
Fairchild
&
$371,447,694
Sales and other income
58,644,991
Less
$344,577,091
Recounts receivable (net)
Inventories
44,739,484
14,304,586
16,446,116
Properties, plant and equipment
(net)........
.
;
.
charges.
.
.
.
..
.
.
.
........
Costs,
operating and general
penses.
7,240,316
ex¬
.
44,851,273
Net income per
*on average
Liabilities and Capital
$
share*
1
'.v..-..
$ 35,742,346
136,402,868
140,511,901
Production of crude
Western
Eastern
Stockholders' equity:
Capital stocki.....
,
28,719,936
$7.11
C.
Engi¬
Vending,
and
77,417,027
77,402,164
183,251,400
168,668,229
$433,889,739
Grumman Aircraf:,
Department
Camera,
Stores,
Florida Power
Light, and Southern Co.
a
copy
of
1960
1959
31,031,000
29,027,000
4,415,000
3,947,000
.
Hemisphere
Western Hemisphere.
Eastern
$422,324,640
24,175,000
.
.....
products
3,454,000
54,289,000
50,302,000
52,258,000
47,733,000
our
Report
Corporation,
555 South Flower
Los
Street,
Angeles 17, California
RICHFIELD
Executive offices: 555
OIL
22,886,000
3,863,000
Hemisphere
Crude oil processed at refinery
write: Secretary,
Richfield Oil
$6.95
oil—gross
Hemisphere
Sales of refined
1960 Annual
28,058,104
Production of crude oil—net
.
Earnings employed in the business
For
$
shares outstanding
OPERATING STATISTICS-BARRELS
$ 36,818,444
Long term debt,.
41,461,897
•
$422,324,640
Net income
Current liabilities
20,633,433
27,729,157
>.
Other deductions
7,241,511
182,275,783
191,038,445
......
Taxes, including income taxes,
248,489,804
$433,889,739
Deferred
72,147,874
$272,429,217
Deductions:
i
257,649,284
79,108,883
$292,338,811
43,781,133
Investments and advances (net)....
gasoline and oil taxes
Souo,
Vendo. Issues eliminated from the
portfolio
1959
Corn., Coca-Cola. Mc¬
Graw-Hill,
A.
$
47,721,085
Corn., Plough, Inc., F-^erson
Electric, International Tele¬
phone
&
Telegraph,
Beechnut
Lifesavers,
-
55,296,138
nessee
Brunswick
$ 54,659,931
in¬
quarter
tries,
Cash and Government securities..
re¬
stated...
1960
.
.
a
Total
net
a sets
amounted to $3,339,282, with 239,213 shares outitandtng.
port
INCOME ACCOUNT
FOR THE YEARS
1959
I960
in¬
Inc.,
ing the three months ended March
tors
CONSOLIDATED
.
31
Income:
Assets
Hi
BALANCE SHEET
CONSOLIDATED
and
$1,972,000, against
$525,000 in March, 1960.
Scnering Corp. Ad¬
purchases
sales
Wellington Equity volume for last
broad list of equities.
a
Wellington
$11,316,000, up from the $9,-
525,000
Louis¬
a
has assets consist¬
company,
ing of
transaction
Sales
of
Wellington
Fund
and
Wellington Equity Fund in March
set
all-time
records
for
that
approxi¬
tions. S. & B. Investment,
acquired
B.
about
exchange
43,250
subject
>!:
Inc.
to
an
Fund at
ma¬
"
*
quarter the
volving
liquid
turity.
invested
amounted
earlier,
1960
Madison
At the
quar¬
Brockway
year
with the balance in cash
March 31,
on
a
obligations of relatively short
Dec. 31,
share
per
91.4%
with
compares
1960.
Corp,
ter
March
standing.
This
$15.93 per share
Producing,
Inc.,
Angeles
of
$130,094,137,
or
$16.96
per
share
on
7,671,629 shares
out¬
were
Coasiai
as
to
23
CORPORATION
South Flower Street, Los Angeles 17, California
24
He
Kingston, N. Y., died April 16.
NEWS ABOUT
had
President
been
the
of
bank
since 1937, and had been a
BANKS AND BANKERS
LONG
New Branches
•
New Offices, etc.
•
'1
.•
(
Total
department
trative
assets
Bank,
Manhattan
Chase
York,
New
Rockefeller, President, an¬
David
nounced
yesterday.
Hess joined the bank as a
Mr.
1951 he has
Since
1915.
in
page
adminis¬
been associated with the
proposed formation
in a bank holding
result
would
of the
in
Vice-Presidents
view that the
appointed
the adminis¬
been
have
Stockdale
H.
John
and
Hess
W.
Herman
with
company
concentration of
a
limits
consistent
with effective competition within
beyond
Westchester
result
tion
in
a
County; that it may
lessening of competi¬
the interests of
the public, and in a tendency to¬
ward
monopoly
in
Westchester
injurious
to
U.
Govt,
S.
promoted to Assist¬
ant Vice-President in 1952.
anti-com¬
petitive implications and the con¬
sequent adverse impact on the
public interest weighed the bal¬
and
and was
Stockdale
joined the bank
in 1927 and has been in charge of
Mr.
services division of
administrative
department
1952.
He was appointed an
the operations
the
since
and
1950
in
Treasurer
Assistant
promoted to Assistant Vice-Presi¬
dent
1952.
in
the
Treasurers in the in¬
Board's
George
pointed
*
a
New
Bank,
Manhattan
Chase
York.
Mr.
Bank's
the
joined
Kruger
petroleum department in 1957 as
a mining geologist and was named
Technical Director, mining indus¬
try,
in
Other
E.
Merkt
D.
Oswald
were
Vice-
Assistant
to
President and Vahe H. Kenadjian
Russell
E.
Archie
and
Officers
ment
financial
and
Invest¬
to
investments
the
in
planning
depart¬
THE
*
*
NEW
OF
Mar.
Dec. 31, 1960
31, 1961
$
7,962,957,367 8,668,429,220
resources-
6,874,696,515
U.
banks
S.
Govt,
1,246,502,568
Loans
__
119,315,261
*
140,576,845
*
Bank
White
New York
of
Plains,
April
the
by
York,
18
two
also
merger
proved
and
the
Westchester,
New
the
of
merger
of
Bank
meetings
at spe¬
approved
institutions.
be
must
Controller
ap¬
of
the
James S.
that
Rockefeller, Chairman,
acquisition
of
the
Na¬
tional Bank of Westchester, would
give
First
branches
National
at
telling how
it
and
size
of
would
City
"There
once.
many years
take
to
get
21
is
no
and years
that
many
He
*
of
the
Banking Board,
Banking Board
announced that the
disapproved
the
Bankers
Trust-County Trust bank holding
company application.
Clark
decision
in¬
be part
ation would largely
other
from
Trust
Bankers
than
was
indicated
based
on
Westches¬
ter; and that approval of the pro¬
posed application would result in
a tendency toward monopoly over
wholesale banking services within
The
The
of
the
Banks
of
that the influence that
exercise
the
on
future
asset and market concentration
that
this
the Board's
Liberty
National
the
be
and
tween
City
bank and the second largest West¬
large
a
chester
bank
York
New
were
consummated,
major New York City banks
would
control,
ing assets and deposits and
thirds
Hi
Hi
Hi
I
Buffalo, New York, has in¬
pany,
its
creased
from
capital stock
common
SOUTHERN
Cohn
*
Hi
H:
of the Erie County
Company,
East
Aurora,
merger
Trust
to
monopolize
banking
market
power
Westchester
be
inherent
in
such
a
sit¬
Buffalo,
title of the
Trust
N.
under
Y.,
Liberty Bank and
Company,
has
filed
been
Banking
Department.
.>
Hi
The
Board
Hi
H:
Governors
of
Federal Reserve
of
the
the
to
State
Street
Mass.,
to
with
merge
land-Atlas National
Rock-
the
of Bos¬
Bank
»!•
O'Brien, Managers of The County
Trust
Company,
N.
r
Y.,
were
Treasurers.
White
*
*
Plains,
Assistant
named
Ht
Hi
John H. Saxe, 79, President of the
State of New York National Bank,
Laibd, Bissell 8 Meeds
New
Members
American
120
York Stock
Stock
Exchange
Exchange
BROADWAY, NEW YORK 5, N. Y.
Telephone:
Bell
BArclay
7-3500
Teletype NY 1-1248-49
Specialists
in
Bank
Stocks
*
H:
of
branch
Pacific
Another
Bank
will
Hawaii, Honolulu, Hawaii,
of
opened in
early June.
Agana,
be
in
Guam,
Coleman Stock
with
Is All Sold
150,000 shares
Engineering Co. Inc.
stock at a price of $11.75
offering of
of
the trust division of Chicago Title
common
and
announced by
Chicago, 111.,
Trust Company,
President.
rich,
in
Paul W. Good¬
.
Harold C. Bull
President
elected Vice-
was
the
of
charge
pro¬
department.
Otto J. Zack
elected
Vice-President, ef¬
bate
was
immediately, and he will
responsibility
for
trust
business development effec¬
assume
new
tive June 1.
Bank
The
San
of
Trade
of
Fran¬
Calif.,
Francisco,
San
cisco,
charter from the
a
He
has
State
Capi¬
Superintendent of Banks.
talized for $1,500,000.
share was made on April 14
Auchincloss, Parker & Redpath and associates.
The stock
sold quickly at a premium.
Net proceeds from the sale of
the common stock will be used by
the company for the retirement of
short-term
borrowings
and for
additional working capital.
per
by
He
He
its
increased
stock
common
Ht
Ht
test
Operating division of the company
is
Rockford,
its
name
&
changed
has
111.,
to the City National Bank
Trust
Company
effective April
1.
*
Torrance,
located in
Nov.
30,
.
Rockford,
of
months
seven
1960,
sales of the company
of
of
$970,000 of long-term debt; 310,504
the
capitalization
consists
now
company
stock, and 36,cumulative con¬
of common
shares
shares of 6%
758
stock.
vertible preferred
.
Ht
Calif.
ended
consolidated net
and its sub¬
aggregated $2,959,230.
the
For
Outstanding
City National Bank of Rock-
ford,
products and
The company also man¬
and operates a supersonic
track in the state of Utah.
sidiaries
$25.)
Hs
elec¬
ground handling equipment,
tro-mechanical parts,
ages
$3,750,000 to $4,125,000, ef¬
fective April 3. (Number of shares
outstanding
165,000
shares,
par
The
in Los Angeles,
Calif., is engaged primarily in re¬
search, development, engineering
and
manufacturing
of
missile
from
value
Co. Inc.,
Engineering
Coleman
systems.
By the sale of new stock, the La
Salle National Bank, Chicago, 111.,
has
Coleman
with headquarters
$196,064,320
164,267,842
177,596,205
16,189,748
25,704,507
Deposits
Cash
Ht
U.
__
Govt,
S.
secu¬
holdings—
37,111,469
35,403,475
discts.
109,020,958
113,710,987
Undivid. profits—
2,176,368
Genesee Merchants Bank
and
,
*
the
of
given
State
Bank,
under
Michigan,
of
tit
the
Trust
&
effective March
Ht
and
Vernon,
title
the
Genesee Merchants Bank
Company,
Trust
&
Michigan,
Flint,
Company,
1,521,858
rity
Governors
approval to the merger of the
Vernon
from
due
&
banks
of
Board
6.
Board
of
the
has
System
ap¬
proved the merger, which was ef¬
New Jersey, and the Linden Trust
Linden,
Company,
title
the
New
of
Jersey,
the
Union
County Trust Company, with head
office transferred
of
the
former
to
Union
County
loca¬
Trust
Company.
H:
*
the
Currency
Township,
Cashier
total
of
Camden
Its
M.
County,
McCrane,
D.
in
New
will
Jr.,
be
its
and
It
Buck.
$500,000
has
capital
a
and
surplus.
*
Hi
a
Vice-President
of
head
the
the
bank's
of
Pittsburgh
Research
Trust
He
Section
Investment
Mr. Drelles began his
as
an
Hs
Ht
Investment
The
lika,
National
Opelika,
increased
Bank
of the
of
Ope-
Alabama, has been
from
$100,000 to
$150,-
000, by a stock dividend, and from
$150,000
of
new
the
to $200,000 by
stock, effective
Ht
The
El
*
Paso
Texas,
Paso,
common
sale
April 5.
Hs
in
Analyst
with Peoples First National
Bank
stock
price of $4 per share.
a
Net
the
has
Bank,
increased
capital
stock
El
its
from
$4,500,000 to $5,000,000, by a stock
dividend, and from $5,000,000 to
$5,500,000 by
the sale of new
stock, effective April 3. (Number
of
shares
outstanding
275,000
Ht
from the sale of
will be used
proceeds
shares
common
by the company for various cor¬
retirement of
and
notes; construction of increased
plant and office facilities; pur¬
chase of
raw
mortgages
chattel
motion and
ance
for
materials; sales pro¬
The bal¬
advertising.
of the proceeds will
be used
working capital purposes.
All-Tech
Industries
Hia-
Inc.,
manufactures
and markets
a
product line of
automatic amusement devices for
Fla.,
ride
machines
partment
variety
ters
designs,
coin
These
children.
are
-
activated
in de¬
located
supermarkets,
stores,
stores and
ultimate
for
public.
*
loans;
certain
leah,
National
Hi
Inc.
Co.
&
porate purposes, including repay¬
Ht
capital stock
common
Farmers
shopping cen¬
use
by the
makes
The company also
furniture hardware.
Directors of the
tional
Bank,
nounced
was
main
was
Cashier
Seattle-First Na¬
Seattle,
that
elected
the
ber
career
Ferman
(Miami, Fla.) and Miller Securi¬
ties Corp. (Atlanta, Ga.) offered
on
April 17 70,000 shares of All-
ment of bank
at
Department.
1956
Bank, Atlanta,
Georgia.
shares, par value $20.)
*
National Bank, Pittsburgh, Pa.
will
&
to
Delaware
President
Earl
Citizens
(Number of shares outstanding
20,000 shares, par value $10.)
H:
Cherry Hill National Bank of
Jersey.
National
has been issued by the
of
the
of
Director
Southern
of April 3, of the Union
as
under
a
L.
Robert
at
Governors
of
Reserve
Federal
Common Offered
Tech Industries Inc. common
Peyton Anderson has been named
The
All-Tech
Ht
*
Speros G. Drelles has been elected
Request
19
and
Election of two Vice-Presidents in
its
$183,740,337
resources—
Joseph
on
1,203 branches across Canada
abroad, and more than
have
Public
The
Mar. 31, 1961 Dec. 31, 1960
Total
Comptroller
BANK STOCKS
The
the
to
came
Federal Reserve System has
TRUST
CONNECTICUT
STAMFORD,
COMPANY,
the
Available
*
COUNTY
FAIRFIELD
THE
tion
*
Canada.
_
however, is still subject
to
the approval of the Federal
Governor-in-Council.
The merged
institution would
Company.
County Trust Company, Elizabeth,
Francis P. McElroy and Frank X.
in
largest
second
Chicago National in 1960.
System has given
Bank and Trust Company, Boston,
fective
*!•
Chicago
the
He
Bank.
Liberty Bank and Trust
Hi
the
with
merged
received
The
Im¬
of Canada approved
the merger of the two at special
meetings held in Toronto April 14.
The new bank would take the
title of Canadian Imperial Bank
of Commerce and would be the
the
of
President
was
Liberty National Bank of Chicago,
$3,602,500 to $4,067,790, con¬
sisting of 406,799 shares of the par
value of $10.
Loans
that
the
suddenly
died
Illinois,
fective
The Liberty Bank and Trust Com¬
bank
commercial
of
Members
SOMALI REPUBLIC,
of
Board
April 3.
two-
branches in Westchester, and
ADEN,
TANGANYIKA, ZANZIBAR,
AND
the
System, under the title of Liberty
Bank
and
Trust
Company, was
bank¬
commercial
of
75%
about
them,
between
11 N. Y. CITY
INDIA, PAKISTAN, CEYLON, BURMA,
RHODESIA
by
has
of the Federal Reserve
Governors
Township,
Branches In:
ADEN,
Fredonia,
which
York,
approved
Bank,
April 16.
Mr.
the
and
Commerce
of
perial Bank
tit
Savings
was
ignored; that if this proposal
a
contemplated merger be¬
KENYA, UGANDA, ZANZIBAR
NORTHERN
of
Bank
New
Delaware
square, s.w.I.
Trust
and
Company, Buffalo, New York, and
of the State Street Bank and Trust
street, s.w.I.
the Government In:
Chicago,
of the Canadian
The stockholders
Bank
I
Ht
tit
Ht
been
$4,200,000,000 of assets.
Vice-President,
o
.
London Branches
UGANDA,
Bank
merger
in
New York State banking could not
QUARTERLY ANALYSIS
KENYA,
the
of
date
ton, Boston, Mass., under the title
Head Office:
to
h n,
Trust and
Harris
a
H:
Harris Bank when it merged
*
of
course
26, BISIIOPSGATE, LONDON, E.C.3.
Bankers
System.
*
effective
permission
Superintendent
also noted
C
Maurice
National
Hi
with the New York State
originating within
of
approved
been
the
almost
BANK LIMITED
st. james's
has
one-half of
such commercial bank opportuni¬
to
under
Bank
Peoples
Reserve
Company,
NATIONAL AND GRINDLAYS
13
York,
the Federal
a branch
open
Hi
Hi
by the Board of Governors of the
A charter
54 parliament
Collins,
&
London, England.
Federal
N. Y., into
County
in
Bank
Illinois
Chicago, Illinois,
to
Board
which
Trust,
with
New
the
merger
actual and potential correspondent
uation.
He
Clark, New York State
Superintendent
of
Banks
and
Mr.
com¬
the proposed affili¬
cut off banks
thereof; that
G. Russell
had
holding
and not of any
dividual bank which is to
would
locations," he added.
Chairman
concentra¬
asset
proposed
a
system,
pany
two
Currency.
said
the
to
companies, refers
of holding
sion
approval of this application would
Shareholders in the First National
National
The
Banking Law, which is con¬
cerned with regulating the expan¬
4,118,762,116 4,254,929,949
profits
*
cial
the
Westchester.
discts.
&
Undivid.
City
though County Trust now controls
a similar proportion of Westches¬
ter's commercial banking business,
1,454,447,284
se¬
hold'gs
curity
2,029,684,200
due
and
from
7,641,924,475
1,594,799,163
Deposits i__.;
Cash
New
North
Hi
Ht
Company,
Reserve
elected
also
has
Director.
Clapp
merger,
Continental
Trust
Erie County, Hamburg, New York.
been
competi¬
advantages of a $3 billion
York
City bank; that al¬
I
ties
BANK
CITY
YORK
$
Total
of
title
the
Fredonia,
amounting
NATIONAL
FIRST
Collins,
ing services), in combination with
relationships
ment.
*
bank¬
commercial
Westchcester's
tion
1960.
promoted
holding
company
(with 40-50% of
occupy
North
of
Bank
the
dominant
the
was
proposed
would
tive
been ap¬
Vice-President of the
Kruger has
E.
Banking
the
position within Westchester which
'
*
action
stated
Clark
for
Advisory Director of Balti¬
National Bank, Baltimore,
an
awaits the approval of
of the Peoples Bank
Hamburg, Hamburg, New York,
the economic power and
ternational department.
*
basis
the
ed
more
merger
The
disapproval.
Superintendent
that
its
application,
toward
ance
the
promoted were Michael
W. Curran and Horace F. Scharges
Others
to Assistant
of
Hi
|
Davis, President of The
the effective date of
was
of Feb. 17.
as
Hi
Maryland.
*
^
of
1945
731,853
died March 27.
York,
public might result from approval
Treasurer
*
Mr. Robert L.
in
Assistant
82,922,029
<
1,186,600
the First National Bank of Olean,
the
an
town, Pa., effective
H*.
April 3
named
42,659,365
42,658,450
79,665,048
profits
*
New
Norris-
Robert D. Goodall has been elect¬
discts._-_
&
Undivided
com¬
merged
Bank and Trust Company,
Hi
secu¬
of
Manager
Assistant
an
East
with and into Montgomery County
22,899,239
holdings
rity
Loans
County. He pointed out that while
added
convenience to the
heads
the loans services division. He was
194,477,413
24,711,647
banks
Trust
and
Bank
Spring
of
from
due
some
trative department and now
193,838,786
——
&
named
Norton
stock of $300,000, was
mon
$214,226,498 $212,649,988
resources
Deposits
Cash
Thursday, April 20, 1961
Hi
City,
Township, Pa., with
Vincent
BANK,
31, 1961 Dec. 31, 1960
J|>
$
Mar.
!
Hi
National
Company
ISLAND, NEW YORK
Revised Capitalizations
•
predecessor
a
.
trustee
*
NATIONAL
SECURITY
.
the Bellevue branch.
The
*
*
Company,
Trust
&
.
bank.
Hi
since 1923.
Consolidations
Financial Chronicle
The Commercial and
(1764)
E.
Assistant
the
to
Branch
sion
department
fice,
and Robert E.
at
the
an¬
Coleman
Economist
office, John
advanced
in
Wash.,
Robert
C.
Her-
For the year
the company
and
net
ended Oct.
had sales of
income
Supervi¬
main
Beppler
of¬
was
of $39,152.
completion of the current
Assistant
ing,
the
outstanding
company
nno shnrpc
nf
31,1960,
$464,907
Upon
financ¬
capitalization of
will consist of
rnmmmvstock.
150,-
Volume
$
193
Number
6048
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, April 20, 1961
(1)
?<■
%
.
-O
TORONTO
'
-j.
i
r
BOND
TRADERS
ASSOCIATION
29TH
ANNUAL
KING
DINNER:
EDWARD
HOTEL
•
•
•
APRIL 7,
1961
In
1
HONORARY
CHAIRMAN
3:
VICE-CHAIRMAN
SECRETARY
HONORARY
CHAIRMAN
TREASURER
VICE-CHAIRMAN
HONORARY
VICE-CHAIRMAN
I
1
W:
Officers
Donald L. Erwood
Harris & Partners
Limited
R. W. Cairns
I
Governors
Harold
Dominion
Corporation Limited
Gordon R.
McLeod, Young, Weir
&
Irving
Securities
Campbell
Burns Bros. &
Denton Ltd.
Company Limited
H. R. Hutchison
M. St. B. Harrison
W. Robson
Paul R. Flemming
Greenshields & Co
Bank of Montreal
A. E. Ames & Co.
Flemming <ft Co.
Inc
James G.
Carnegie
Wisener, Mackellar
&
Co., Ltd.
J. R.
Alex M.
Ramsay
Ramsay Securities
Co., Limited
Dunkley
W. C. Pitfield & Co.
Limited
(ex Officio)
\\
I
Robert R. Sale
Walwyn, Stodgell &
Co. Limited
Harry T. Whitaker
Nesbitt, Thomson
Company Limited
and
(2)
Volume
Thursday, April 20, 1961
193
Number
6048
...
A Supplement to
the Commercial and Financial Chronicle
•wmmmtm
ip|
%
% w
V
,
Y'^skIan
W.
Leonard
Woolley, Dominion Securities Corporation, Limited; N. D. Young,
Dominion
Securities
Corporation,
Limited;
Ted
Wooley,
Thompson, Kernaghan & Company Limited
S.
W.
Barlow, McLeod,
Cheat, Burns Bros. &
A.
Young, Weir & Company, Ltd.; J.
Denton. Limited; F. W. Wittstock,
E.
Osier
Walker, Investment Dealers' Association of Canada; H. R. Hutchison, Greenshields & Co Inc;
Annett, Investment Dealers' Association of Canada; John Mowat, Toronto Dominion Bank
Co.
320
Telfer
Hanson,
Hanson,
Robert
Geoffrion,
Paul
&
Richardson
& Co.; Andre
Beauchamp,
Gelinas (Montreal); John Duffy,
Richardson & Co.
Hanson,
Ltd.
S.
Gairdner 8
E.
Flemming, Flemming & Co.; Earl Hagensieker, Reinholdt & Gardner (St. Louis, Mo.); Den
Erwood, Harris & Partners Limited; Harold Irving, Dominion Securities Corporation, Ltd.
Company Limited
Bay Street, Toronto, Canada
McLeod,Youmg,Weir & Company
LIMITED
We
Members:
provide
a
complete service for
financing in Canada.
dealers
corporate
The Investment Dealers' Association
Private enquiries from
are
invited.
of Canada
Government, Municipal and
Corporation Securities
Members:
The Toronto Stock
Exchange
Montreal Stock
Exchange
Winnipeg Stock Exchange
Canadian Stock
Exchange
Vancouver Stock Exchange
i
Stock orders executed
50 KING
Affiliate
Gairdner &
Montreal
Gompany Inc.
60 Wall Street, New
Member:
on
all
Exchanges
Head Office
1
,
Ottawa
Calgary
Kitchener
STREET WEST,
Winnipeg
Quebec
TORONTO
London
Vancouver
Sherbrooke
Windsor
Hamilton
Edmonton
New York
York
The Investment
Affiliate:
Dealers*
Association
of Canada
Toronto
Kingston
Ottawa
Calgary
Kitchener
Quebec
Edmonton
London
Halifax
Montreal
Vancouver
McLeod,Young,Weir
Hamilton
INCORPORATED
New York
Winnipeg
^
15
BROAD
STREET
•
NEW
YORK
Volume
193
Number
6048
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, April 20, 1961
STOCKS
BONDS
Markets
(3)
maintained in
all
classes of
Canadian
external and internal bond issues.
Jack
Perry,
Toronto
Dominion
Richard Lauber, A. E. Osier Co.,
Wills, Bickle & Company, Limited
Bank;
Ltd.;
Peter
Gooderham,
Stock orders executed
Stock
Exchanges,
on
net New York markets quoted
or
request.
on
i
Private
wires
to
the Montreal and Toronto
Toronto, Montreal, Ottawa, Winnipeg,
Calgary, Vancouver, Victoria and Halifax
BELL SYSTEM TELETYPE
NY 1-702-3
Dominion Securities Corporation
Associate Member American Stock Exchange
Boston
London, Eng.
Toronto
40 EXCHANGE PLACE, NEW YORK 5
Montreal
Ottawa
Calgary
Telephone WHitehall 4-8161
Canadian
Halifax
Affiliate
and
—
Member
Canadian
Stock
Toronto,
Winnipeg
Montreal
Exchanges
Victoria
A.
F. Francis, W.
C. Pitfield & Company, Ltd.; H. A. Walcot, W. C. Pitfield & Company, Ltd.
(Kitchener); Thomas Rogers, R. A. Daly & Company Ltd.; Roland Dodwell, Mills, Spence & Co., Ltd.
t
Canadian
Investment Securities
A.
E. Ames & Co.
Limited
UNDERWRITERS
A.
AND
DISTRIBUTORS
E. Ames & Co.
Members Toronto and Montreal Stock
Jim
Cadman, Royal Securities Corporation Limited;
George Mills, Royal
Securities
Corporation
Limited; Rob Roy, Royal Securities Corporation Limited; Peter Howard, Anderson &
Company Limited
Affiliated
fifteen
cities in
offices
Exchanges
in
Canada, England and France
A. E.
Ames & Co.
Incorporated
New York
BUSINESS
Bill
Hovey,
Equitable
Securities
Canadian
Bank
Canada,
of
Ltd.;
Commerce;
Jack
Bankes, Royal Bank
A1 Clark,
Bank of
Canada
of
Canada;
Boston
ESTABLISHED
1889
Harris & Partners Inc.
Ted
Avison,
(Ottawa)
15 Broad
Tel.
Street, New York 5
WHitehall
4-0731
Affiliated with
Harris & Partners Limited
55
Yonge Street, Toronto 1
Tel. EMpire 2-5751
507 Place d'Armes
Montreal
V
Virtue.
James
James
Richardson & Sons; S. B. Phipps, James
& Sons; W. C. Lamont, Lamont
Richardson
Richardson & Sons; H. R. Bennett,
and Company Limited
52
Vancouver
Cornhill
London, England
(4)
Thursday, April 20, 1961
Volume
193
Number
6048
...
A
Supplement to the Commercial and Financial Chronicle
At Your Service —
Midland Securities Corpn.
Limi ted
MEMBER:
THE
INVESTMENT
DEALERS'
ASSOCIATION
The Midland
OF
CANADA
Company
Limited
MEMBER:
TORONTO
STOCK
EXCHANGE
Fred
MONTREAL
STOCK
CANADIAN
STOCK
EXCHANGE
Stevenson,
EXCHANGE
Collier, Nortis & Quinlan (Montreal); John Auld, Gairdner & Company
Walter Keyser Gairdner & Company Limited; Bruce De Cambra,
Gairdner & Company Limited (Montreal)
Limited;
Midland Canadian Corporation
NEW
YORK
CITY
Harold
Stanley, Royal Securities Corporation Limited; Bellman H. Mason, Mason & Crysdale Limited;
W. McBride, Midland Securities Corpn. Limited; L. L. Bell, James Richardson & Sons
Cecil
Specializing in
Province of Ontario
and
Hydro Electric Power Commission of Ontario
BONDS
•
Mason
Crysdale
&
LIMITED
Members:
The Investment Dealers' Association
302
BAY
of Canada
STREET
TORONTO
1
Jack
EMPIRE
Bellman H.
Mason
Peter S.
Marie
0.
CANADIAN
We
or
6-8961
Lascelles, Dominion Securities Corporation, Limited; Peter Jones, Dominion Securities Corporation,
Limited; Dave Greig, Imperial Bank of Canada; George Paxton, Imperial Bank of Canada
Crysdale
Saunders
SECURITIES
specialize in servicing dealers by obtaining
placing blocks of Canadian listed
or
over-the-counter
Harry
T. Whitaker, Nesbitt, Thomson and Company Limited; Walter Lund, Bank of Montreal
(Montreal); John Arthur, Bank of Montreal; Mike Harrison, Bank of Montreal
securities.
Our
on
Trading Department maintains firm
markets
listed and unlisted issues in U. S. funds and is avail¬
able for all types
of dealer transactions.
TRADING
DEPARTMENT
EMpire 6-5831
TELEX 02-2461
WISENER,
MACKELLAR AND
COMPANY
LIMITED
MEMBERS
MEMBERS
THE
INVESTMENT
ASSOCIATION
OF
DEALERS
THE TORONTO STOCK
EXCHANGE
CANADA
220 Bay
Street, Toronto 1, Canada
John
Craig, J. L. Graham <£ Company Ltd.; Art Williams, Fairclough Co. Ltd.; Edward B.
Kernaghan,
Thomson Kernaghan & Co. Ltd.; Glen
McQuirter, Kernaghan & Co. Limited
Volume
193
Number
6048
...
A
Supplement to the Commercial and Financial Chronicle
(5)
Thursday, April 20, 1961
CANADA—
Service
When you
on
all Securities
require information
quotations
or
Canadian Industrial, Mining
any
on
Oil security,
or
*
facilities
our
are
always at
Monthly Bulletin
Lloyd
Gower, Midland Securities Corpn. Limited; Bill
Ross, Knowles & Co. Ltd.; Don Dique, Midland
Securities Corpn. Limited
Allen,
E.
R.
R.
disposal.
your
on
Request
Ross, Knowles & Go. Ltd.
Pope, Ross,
Knowles
&
Co.
Ltd.;
Gordon
Ryan
Daly & Company Limited; Dave Ekmekjian,
Ross, Knowles & Co. Ltd.
A.
Members: The Toronto Stock Exchange
and The Investment Dealers' Association
25
ADELAIDE
Hamilton
STREET
Brantford
WEST
Gordon
Good,
Gairdner &
Wisener, Mackellar
Company, Ltd.;
Bill
& Company Limited
'Wilson,
Howard
Hunter,
Eric
Equitable
Securities
Canada
Scott, J. H. Crang & Co.
Limited;
D.
Sudbury
Brampton
London
of Canada
TORONTO, CANADA
Sarnia
Windsor
Niagara Falls, Ont.
Nesbitt, Thomson and Company,
Limited
355 St. James Street
350
West,
MONTREAL
MONTREAL
KITCHENER
REGINA
QUEBEC
TORONTO
SAINT JOHN
BOSTON
OTTAWA
PETERBOROUGH
CALGARY
HAMILTON
FREDERICTON
LONDON, ONT.
GODERICH
BARRIE
EDMONTON
NEW YORK
Bay Street*
TORONTO
WINNIPEG
VANCOUVER
VICTORIA
MONCTON
HALIFAX
LONDON, ENGLAND
ZURICH
Canada-Wide Bond Trading Services With
Affiliates in New York, Boston and Zurich
Nesbitt, Thomson and Company, Inc.
25 Broad
Robert
Wisener
Frank Weller,
Wisener,
Company Limited
and
Mackellar
&
Phil
Bartlett,
Dominion
Baxter, Bank of
Joe
Securities
NEW YORK 4,
Securities
Corporation,
Limited;
Canada; Ben Scott, Dominion
Corporation, Limited
Street,
.
NEW YORK
CANADIAN SECURITIES
complete facilities for Canadian
stock and bond
trading
SPECIALISTS IN CANADIAN
SECURITIES
Burns Bros.
&
Denton
Limited
James Richardson & Sons,Inc.
14 Wall Street
Investment
Burns Bros.
Securities
New York 5, N. Y.
Telephone
DIgby 9-2850
&
Denton
Inc.
Canadian Affiliate
James Richardson & Sons
44
2
King Street West,
TORONTO
Broadway,
NEW YORK
1
4
Established 1857
MONTREAL
Serving Investors Across Canada
WINNIPEG
VANCOUVER
HAMILTON
OTTAWA
(6)
Volume
Thursday, April 20, 1961
193
Number
6048
...
A
Supplement to the Commercial and Financial Chronicle
Dealers in
Government Bonds
SAUNDERS, CAMERON LIMITED
FIFTY-FIVE
YONGE
TORONTO
STREET
1, CANADA
EMPIRE
6-8601
G.
TRADERS
IN
W.
Sythes, Fairclough Co., Ltd.; R. J. Rice, J. R. Meggeson & Co. Ltd.; J. R. Meggeson,
Meggescn & Co. Ltd.; Barry Nelson, Nesbitt, Thomson and Company Limited
J. R.
—
INVESTMENT TYPE
BONDS & SHARES
J* R* Meggeson & Co*
LIMITED
ROYAL
BANK
—
BUILDING
TORONTO
1921
ESTABLISHED
MEMBERS:
THE
INVESTMENT
DEALERS'
ASSOCIATION
OF
CANADA
McClellan,
Bankers
Bond Corporation,
Limited;
Jim
Angus,
Bankers Bond Corporation
Limited; R. H. Goold, Bank of Montreal (Toronto); James Annett, Annett & Company Limited;
John Dowsley, Toronto Dominion Bank
Lome
Brawley, Cathers & Co.
Members
Investment Dealers' Association
Toronto Stock
of Canada
Exchange
1
•
CANADIAN
GOVERNMENT-MUNICIPAL-CORPORATION
SECURITIES
•
CANADIAN
BANK
OF
COMMERCE
EMPIRE
BUILDING
3-5821
TORONTO
George Mills, Royal Securities Corporation Limited; Edward Gunn, Midland Securities Corpn. Limited;
Nigel Gunn, Bell, Gouinlock & Company, Ltd.; Jack Wallace, Midland Securities Corpn.
Limited; Bud Roberts, Midland Securities Corpn. Limited (Montreal) ;
Bob
Sale,
Walwyn,
Stodgell
&
Co.
Limited
bell, gouinlock & company
INCORPORATED
74
TRINITY
NEW
PLACE
YORK
UNDERWRITERS AND DISTRIBUTORS OF
CANADIAN GOVERNMENT, MUNICIPAL AND
CORPORATE SECURITIES
AFFILIATES
BELL,
GOUINLOCK
&
CO.
LEGGAT,
LIMITED
Established
44
1920
King Street West,
BELL,
GOUINLOCK
LIMITED
Membars
Montreal
Stock
Exchange
Montreal
Toronto
Homer Dunn, Dominion Securities
-
Limited;
Tom
Snowden,
Corporation, Limited; P. L. Gilbert, Dominion Securities Corporation,
Dominion Securities Corporation, Limited; J. D. Schultz,
Securities Corporation, Limited
Dominion
Volume
193
Number
6048
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, April 20, 1961
(7)
§
Annett
Company Limited
&
Member
The
Investment
Dealers'
Association of Canada
Canadian Government and Corporate Securities
Gordon
Annett Partners Limited
Bell, Bank of Nova Scotia; Hugh Washburn, Bank of Nova
Scotia; Alan Jarvis, Greenshields
& Co Inc; Ernie
Jarvis, Wisener, Mackellar & Company Limited
Member
Toronto
220
Stock
Bay Street,
Exchange
129 St.
James St., West,
Toronto, Ontario,
Montreal, Que.,
Canada
Canada
Telephone EM 3-7361
Michael
Lewis
Telephone VI 4-4451
Biscotti, Jones Heward & Co. (Montreal); Stanley Moran, Davidson & Company (Montreal);
Moran, C. J. Hodgson & Co., Ltd. (Montreal); Ralph Browning, Wisener, Mackellar &
Company Limited; Fred Rutland, Wisener, Mackellar & Company Limited
Underwriters
.
.
Distributors
.
.
.
Government of Canada Bonds
.
Dealers
Treasury Bills
Provincial and Municipal Debentures
1
Corporate Bonds and Shares
Prime
Acceptance and Commercial Paper
EQUITABLE SECURITIES CANADA LIMITED
Member
of The Investment Dealers' Association of Canada
EQUITABLE BROKERS LIMITED
Member of The Toronto Stock
I
Hal
Murphy, Commercial & Financial Chronicle (New York City); James R. Dunkley, W. C. Pitfield
Company, Ltd.; Ron W. Cairns, McLeod, Young, Weir & Company, Ltd.; James Carnegie,
Wisener, Mackellar & Company Limited
60
Exchange
Head Office
Yonge Street, Toronto, Canada
&
MONTREAL
U. S.
Direct
Bill
Daly,
O'Brien
and
&
Williams; Ray Hicks, O'Brien & Williams; George Mulligan, Nesbitt
Ltd. (Montreal); Wray Matthews, Canadian Bank of Commerce
HAMILTON
•
KITCHENER
Subsidiary: Equisec Canada Inc.
private
wire
with
Goldman, Sachs &
Co.,
New
York
Thomson
Company,
Established
Member*
1897
C^o^oc^cbange
deacon FINDLBY
L
I
M
I
T
E
Gortrnntnl,
181
Brown, Gairdner & Company, Ltd.; Frank McDonald, Gairdner & Company, Ltd.;
Scott, Gairdner & Company, Ltd.; Carman King, Annett & Company Limited
William
BAY
COYNE
D
Member.Inbestmenl Association
Dealers'
Murray
•
of Canada
Municipal and Corporation
Bonds
STREET, TORONTO, CANADA
(8)
Volume
Thursday, April 20, 1961
Canadian Government,
and Corporation
ANDERSON
193
Number
6048
...
A Supplement to the
Commercial and Financial Chronicle
Municipal
Securities
COMPANY
&
LIMITED
Members
The Investment Dealers* Association
BANK
DOMINION
of Canada
TORONTO
BUILDING,
Telephone EMpire 3-8103
Montreal
Telephone
—
UNiversity 1-0111
Peter
Sam
Crysdale, Mason
& Crysdale, Limited; Alan Davidson, Equitable Securities Canada
Sharpe, A. E. Osier Co. Ltd.; Harold Jarvis, A. E. Ames & Co., Incorporated (New York
Ltd.;
City)
Canadian Government and
Corporation Securities
2^
o/i
4
King Street West
<io?0.
Toronto
•
Telephone EMpire 2-6121
affiliate of
T. A. Richardson & Co.
Members The Toronto Stock
:
V?■■■"• I v';. V
O.
L.
Exchange
-
Robertson, The Canadian Bank of Commerce; Nelson Lane, Nesbitt, Thomson and Company
Limited; Herb MacFarland, Nesbitt, Thomson and Company Limited; John Abell,
Wood, Gundy & Company, Limited
■
KERNAGHAN & CO. LIMITED
INVESTMENT SECURITIES
2nd Floor, 67
Richmond St. W., TORONTO, EM. 4-4256
Specialists in Special Situations.
THOMSON KERNAGHAN & CO. LTD
Members The Toronto Stock
1961
Ivan
Exchange
Younker,
Hap
Bank of Nova
Seagram, Bank
Scotia; Dave Hackett, McLeod,
Young, Weir &
of Nova Scotia; Fred Blain, A. E. Ames & Co.,
Smith, Bank of Nova Scotia
Company
Ltd.;
Ltd.;
Warren
EDITION
CANADIAN
Common Stocks
On Which
CONSECUTIVE
DIVIDENDS
CASH
Have Been Paid From
5 to 132 Years
20 PAGE BOOKLET
—
Red
—
Jarvis, A. E. Ames & Co., Incorporated (New York City); Howard Wilson, Dominion
Corporation Limited; Jim Belshaw, Brawley, Cathers & Co.; Ernie Jarvis,
Wisener, Machellar & Company Limited
Securities
Dominion Securities Corporation, Limited (Montreal); Terry Sheard, Dominion
Corporation, Limited; B. C. Scott, Dominion Securities Corporation, Limited
Securities
COST OF THESE BOOKLETS
1
199
to
200
On orders of
cover
25
cents each
15 cents each
up
100
or
more,
a
three-line imprint
on
the front
is included without extra cost.
Commercial
Wm. B.
&
Financial Chronicle
Dana Co., Publishers
25 Park Place, New York 7, N. Y.
Please
enter
Canadian
our
order
Common
tables.
for
Stocks
Copies
with
of
booklet
accompanying
on
dividend
,\
Jack
Love,
Volume
193
Number 6048
.
.
The Commercial and Financial Chronicle
.
(1765)
Monetary Policy Alone
jJL
^
5ln<L
^
?
Quesdons
r?1Sj
u. s. steel Deb.
and with
,
assist
an
Cannot Cure Economic Ills ™a^v^norCu£
Continued, jrom page 7
and
throughout the world.
In
solution of our
balance - of
payments
problems
requires energetic private compe-
environment of appro-
an
priate fiscal, monetary, and
TWc
kept
under
rinpc
constant
had
have
we
ma,n
fiscal
monetary restraint. For
now
wage-
nM
to
time
seri-
a
ous
unemployment
problem
at
home, along with a deficit in the
open
eien
markets,
mus,
Anti-Recession Moves
aggravating
rieaerai
the
neserve.De-
last October, to provide some
°f the additional reserves needed
g'aib
^ buying certificates, notes, and
bonds maturing within 15 months,
month
When
ine
somewhat
balance of p y
payments
ts-
pur-
bills, in which
market operations had
been concentrated for several
years, the direct impact of our
purchases might drive-short-term
rates so low as to encourage a
further outflow of funds to for-
and
some
face
by
reserves
chasing Treasury
our
short,
tition in
supplied these
we
buyers of goods and services
longer
limit
to prior
than
had
we
the
12-
usually held
to that time.
Verv earlv
launched
well
Federal
upon
of
gram
1960
the
ago
year
in
to
pro-
buttress
the
against weaknesses
economy
were
to
dent
after
become
that
increasingly
mid-vear
In
evi-
March
the r eueidl nehei ve o^bltllll i>
Hie Federal Reserve
System's
upen
h
decline'AomeVi
The«. 011 Feb. 20 of this year,
the Federal Reserve began to buy
securities
a re;
on
the
\v
billion of additional
reserves were
induce
evnan*inn
an
having
maturities
be-
cnmo,x,ha+
™ £
,
iatesecurity flotations submitted
tions
planned
stat;
by
governments
fGr
'up
adds
to
Monthly
and
the
of
one
of
March
the
highest
reclnt
figures for
local
month
rfseTn
sharn
vears
ygures ior recenx yeais.
on
long-term securities have been
Meanwhile, market ytelds
,
this
practice of operating in all
maturity sectors of the GovernJ
new
,
...
,
.
w
,
liquid funds."0
of
Some
are
people
have
"You
said,
^g to mak* water
downhill
run
in one direction and up-
in bank credit and the money supnlv
Earlv in Tune
and again
in
tp'e
lates in the past. Among
developments have been
?.ome widely publicized predictions of an economic upturn which
appear to have given a boost to
ovnontotinnc.
(Jonora
olon
itrnvo
'Between
duced
cember
cash
nearlv
as
reserves
were
August
152
of
eligible
reserves
T)l~
vault
to
and still
provided
were
re
and
billion
made
was
counted
rates
be
more
bv
onen
market operations,
Some measure of the
of
ness
the
in
the
Federal
the
effective-
foregoing actions
Reserve
dramatic
is
by
recorded
Steel
United
Corporation
4J/2%
sinking fund debentures due 1986
is being placed on the market on
April 19 by a nationwide underwriting
headed by Morgan
group
_
Stanley & Co. The debentures
are
priced
.
in-
at
from changes in technology, shifts
99Va%
^
and
%
i
accrued
I?
e
7
preferences and in Morgsm Stanley & Co. m the ofdefense production requirements, ie™% ar„e 295 investment firms
depletion of resources, relocation . T e, offering marks the largest
of plants> and so on.
^)llc+ debt .finan"2f
*
>
operation undertaken since 1958
A major difficulty in getting and stands as one of the largest
workers displaced by such devel- 0f its kind on record. In
*n
consumer
.
opments
into
other
jobs
is
that
tivities. But we can help them to
overcome that by providing them
with
educational
and
training
programs, better information
about job
nf
opportunities,
nnnclnn
ond
revision
knmnfU
nlonc
+
n
and a sharp rise in work opportunities.
mteiest rates.
1953
XJ.
In
S
Steel
July,
through a
sold
due
It
is
1983.
expected
debentures
that
will
be
delivery
made
about
April 26, 1961,
purchaser so elects on
n
a
on
In some of these instances, the
primary obligation of the government will be leadership, rather
than action, for obviously a major
of
on
or
(if
or
the
before
or
inm\
^
nn*
part working capital expended in
expansion and modernization
its
program and will be used for
Fixes Responsibility
mentioning these develop-
can be sure
ments, I do not—emphatically not
yet how much can be accom- —mean to claim great accomplishPushed by these operations. But ments for the Federal Reserve,
the Problem is there, and we must We have P^yed a part, but that
1S alk
tures
porate
Quite frankly, nobody
make every effort to solve it. That
we intend to do.
Since the Federal Reserve instituted its all-maturities procedure
seven weeks ago, there has been,
quite naturally, considerable discussion about the procedure itself
and
more about its results to
,
stances in mid-1958, the securities along with tax programs to stimumarket experienced a drastic late investment that will expand
as
discount
.
$300,000,000
States
Jpw the highs of a year ago, in their skill, education, training and Morgan' Stanley-managed under"Jf faee of developments that backgrounds are not generally writing group, an issue of $300,often have produced higher in- those required in expanding ac- 000,000 of 4% sinking fund deben-
hill in another. It can't be done."
August
Financing Sets
^Itic a^OM^nTupple- three-Year High
An issue of
?
i
'
.
S222+? rnent of
™™
™
these
y°nd the short-term area.
The two-fold purpose of
4
° TVT
to
onen
h^nnd^idv56 i2
Re tw e e n
business
nrovided
Switch to Long Terms
a
Reserve
vigorous
a
actions
over
fiscal
monetary and fiscal operations are needed if we are to
p
°
sp^ deal effectively with the unemhigh* hawhPPn
P]°yment problem without at
th® ,
f mrmth in +^1
u
2 some point risking harmful side
Hnlla" I?
^er
effects as, for instance, the toucht
™„ri+Arfm+a?i2??S2,7KC°2?°,4 ing off of a new wage-price spiral.
fl
np+:vii:®
steady, at levels appreciably be-
Began
from
now
to give stimulus to the
evidence thaUunds^e'be^innins
t
25
including
purposes
cor-
future
expenditures for property addiand
replacements.
Capital
tions
expenditures of
than $2,130,-
more
000,000 have been made
the five years 1956-1960.
during
responsibility and role in efforts
Annual sinking fund payments
Furthermore, I would hope that to overcome unemployment, both of $15,000,000 will be made on
it would be clear to everyone by, cyclical and structural, rests upon each April 15 from 1967 to 1985,
now that we have never intended management and labor.
inclusive. The corporation has the
to
/
to
establish
rate level.
try
Instead,
ognized
from
arbitrary
an
The
Federal
Reserve
in
past,
rec-
now,., as
beginning
the
have
that
vigorous
we
the
of
use
intends
to
its
make
monetary
pop cumulative
option
to
double
sinkblg fund Payment in any
yeal1
e s.mkmS ^und is calcu.
the effectiveness of Federal Re- powers in order to contribute to
^ated to retire 100% of the issue
place in bank reserve positions. date.
serve operations depends heavily the attainment to conditions con- by maturity.
At the beginning of 1960 member
dn muck of this discussion, it upon the Reactions of investors, ducive to a productive, actively
The debentures are redeemable
bank borrowings were $400 iril-, se8ms
to me, there has been a Also, that investors are very likely employed, steadily growing econ- at 104%% to and including April
lion more than their excess re- mistaken over-emphasis placed to react adversely to attempts to omy with
relatively stable prices. 14, 1963, at decreasing prices
Now
serves
lion
of
thev
free
have
change that took
have
$^00
reserves.
been
mil-
Moreover,
uP°n
the levels of interest rates,
a* i* some particular levels
rates could be in themselves
of
set
rates
are
likely to make
arbitrarily,
and
hence
such at-
any
put
clearlv
cannot
be
conditions
thereafter to and including April
by monetary
H 198J>. and thereafter at 100%.
those
provided
an
tempts self-defeating bv moving DO]icv
alone
Heln
is
needed
The sinking hmd redemption price
objective of monetary policy.
their investments elsewhere.
In
in dhectly
attacking will be 100%, The corporation
credit, based in part on growth of
That is not the case. What the our country, the government can- some of the problems of unem- ma^ not prior to April la, 1966,
time deposits.
Total bank loans Federal Reserve is seeking to do not compel anyone to invest or
payment that cannot reasonably exercise its option to redeem any
and
investments
at
the
end
of
i*s not to set some particular level lend his money at rates he is un—
solved
by
credit
measures,
debentures from or in anticipation
Februarylwere $12.8 billion above of rates for either short or long willing to accept, any more than without such
help, we might find of monies borrowed at an interest
the level of February 1960.
term securities, but rather to in- it can compel anyone to borrow at some point that the piague of cost t0 11 0± less than 4-55%'
Nevertheless
the task of enoiHuence the flow of funds in in- at rates he will be unwilling to unemplovment was still with us,
Long-term debt on Dec. 31,1960,
neering monetary ease was
in- ternatlonal and domestic channels, pay. That is a fact that no public but
by then it had been com. after giving effect to the issuance
creasingly complicated during
The progress of its efforts, authority
can
ever
afford to pounded by inflation.
of the new debentures but before
1960 by an outflow of short-term
therefore, cannot be measured ignore.
what is needed, in my judgJanticipated exercise by June
we
high
rate
able
of
to
sustain
increase
of
a
Lpedally
bank
_
capital which intensified the bal-
of
which
I
ance
payments
-
mentioned
important
was
the
problem
of
cause
of
earlier.
the
.
An
outflow
disparity between short-
merely by matching the level of
rates prevailing at
given time
with the rates prevailing just bebefore transactions were extended
a11 maturities.
term interest rates in this countrv
and
anv
it would
Tome
.
Abundant liquidity prevailed
on
antlCl
slaclc business conditions and lack
fn resect
wwber
outflow
of
to
nnt nf
wpt-p
the
nn
othpr
mand
dHood rnitv,
artivif^ nrovniiin^
sido
of
fho
Atlfn?i2
husinoss
where
centers is bring stemmed;
and in respect to long-term rates,
teere
was
for funds
^rous'de-
a
and
high short-term
consequently
rates
of
interest,
particularly in Germany and the
of
liquid
to
take
turns.
suostantiai
capital
-
being facilitated.
advantage
The
of
overseas
better
continuing accumula-
tion
of
can
dollars
foreign claims
and
gold reached
a
the
on
Amen-
outflow
nanrial""enters
tive
short
but
specula-
market last fall.
Federal
confront
Reserve
difficult
a
During
the
System
early
March,
It would
front
a
to
this
on
remains
policies
vigorously
fitting
We
of
investors
to
de-
competitive
to
to
ch
sucn
setting
seuing,
a
the
Federal
ine
r eaerai
eninS credit condit ons.
the
m a x
i
Se^U^
i
sustainable
,
,
Fu?'
an
other* sl^^illion^consti1
'
/ /o,
707
p^eferred stock an^
common
stock
-
iu)2
m
year
ended Dec. 31,1960,
the corporation reported products
and
services sold
amounting
ings to fixed charges of 18.19
Lower
fojt
And in such
the
a
a
beginning
Price
Level
of
the
to
corn-
$3,643,000,000
16.09, respectively, for
and
1959.
mentioned at
1
The corporation is the nation's
remarks:
IarSest integrated steel producer
these
built
nnrtinn
cnmp
with
pared
setting, conditions
demand-expansion
locoing
„
In March' the number of per"
sons holding jobs totaled 65.5 mil-
i
ot
nnrf''
$2,941,586,000 of
For the
c
upon
provision of better value through
speed
2Q1
ot
$3,698,500,000 and ratio of earnCaHs
m u m
r
•
outstanding at Dec. 31, 1960.
g^
n
rates
economic growth
'
Reserve System would be able to and income reinvested in business.
««7 <?ut
operations more ef- There were 54,033,307 shares of
fectlvely, and at the same time common stock, par value $16%,
Unemployment Problem
promote
-+
consistea
At the moment- we have Press" T°Uld
"Pe f0rT
d t
reduce unemplovment demand-expansion I
.
a
8U' i™.0± a credlt agreemient by
3lary t0.borrow up to $2110,2;;'
rkuW°U
aV?
fl '
G'Vt Ln
market
re-
a„|
of
structure
nf
,
t^itv gains to the consume?
tlvl^y ^all^rth^cegs^nd
.
;
,
steel products.
•,
a
.
,
and manufactures
nroduc-
a
,
.
wide range of
In addition to the
.
•
v
*
+
«
j
in the
productlon of stee1' the integrated
de_
operations include the mining of
mand-expansion further fostered iron ore and coal; the quarrying
months
currency convertibility makes t a
6
fo%g
the labor forc
by active American trade in 0f limestone; the operation of faposslbla' at any tlmed
were looking for work
in vain, widemng world markets.
cUities to beneficiate raw mateIpaf fn International finance
Not since World War 11 had S° ' In my 'iudgrnent' there ls 110 rials and produce coke; the fabria
_
—
a
on
in
bank
of
world's
in
economies
expansion of bank
recovery
measure.
If
in
that could
the
even
currencies, and
ficulties
re-
scale
confidence
cause
To
going
strongest
gain and hold
to
against
in
the
have to
the
rates,
conditions
the
dollar,
remain
causes
these flows—differences in
est
shake
strongest
internal dif-
the
even
confidence
are
market.
freedom
p
fact
The
over.
are
guar$
a
m
against
however
troubles
our
on
as
mark
speculation
be foolish
DreSume
we
credit
German
of the
re-
the dollar has quieted.
to
dilemma.
latter
increases
to foster
following
wage-price
can
of
blend
well-balanced
and fiscal policies, and
ha^eTespefted
c^e whit" ^toho! aid ^ greater -era »
the necessity that the market
sPect bot to easi g and
the
t
1960, economic recession at home
serves
framework
judicious
a
actions,
monetary
have
onerations
the
t5fa^ntae?e1syt
oi interest
in
markets
valuation
called
for
whatever
transactions
our
-
some
exchange
flows
This conjuncture of events, doand
international, forced
mestic
the
market
our
is
ment)
specific
algavf rise ^at
and
dramatic
upbidding in the price of gold
the London
on
was
But
within
Pressing
of
stage where confi-
dence in the American dollar
to" a'
re-
the
To anyone surveying develop- botn tne trenci
ments in recent weeks certain and tlle tlow 01 tunas.
things will be apparent.
amounts
flowed
transac-
our
whether the flow of capital into main basically free to reflect the
Productive investment activities underlying forces of general sup-
"umslances® sTbst^nlal 'amount's Jte soL'tobulence in°foretl
spite
tuibuience
toieign
L urns id
rices,
of
thus to register more
in the various maturity
of
make
free
funds
wider range
a
and
been
foreign
of
tions,
speedily
rates!
short-term
to
the
the execution
in
these1
are
have been trying to do
direct impact
the best
annear
Gf that progress
gauges
we
sectors
I
Gauges Measuring Success
short-term rates abroad.
What
is to operate over
of
inter-
of monetary
many
been unempl°yed at that
seasoa;
surer
path than this to an endur-
ing prosperity, in which all free
Getting these people into active, men may share. If we actively
productive
work
will
require
no
threat the
comprehensive efforts, on several pursu. this c
fronts for we will need to press Communists may produce will
forward—simultaneously against seriously endanger our security.
differing causes ot unemploymen .
*An address
Against cyclical unemployment,
which arises
from contraction
of
Mr. Martin before the
Reserve
City
Bankers,
by
Assccjation
of
Boca
Fia.,
Raton,
April
11,
1961.
and
buiidings
the
tlirp«.
'
as
other
+hp
as
bridges,
steel
nroduction
2
well
of
erection
and
cating
of
struccement
,wnprshin
of
the ownership of
a
number 0f transportation companieg
wbich
principally
carry
materials involved in the
.
»
steel
products,
the
prqduc-
26
The Commercial and Financial Chronicle
(1766)
in
added
be
sities
of expansion.
Iggi
billion.
$11
This
lion
strike
the
Once
steel
another
a
state
inventories
short-sighted policy if the indus-
once
during the first
quarter of
1960,
^
*
"
at
build-up
that
well, learned
get along with
as
day-to-day
basis so far as keeping their pipe¬
lines
filled,
relying
on
supply
sources for inventory rather than
on
the
a
with
computer techniques that reduce
the necessity for overstocking
improved transportation and
all
of
ui
nnmhpr
thp
tne
numoei
There
starts.
now-is
facing
reducing the necessity for
toward
high inventories—and all of these
things came to fruition at about
the
time.
same
In
addition,
who
had
over-buying
scarcity
manufacturers
many
accustomed
become
during
of
periods
various
the
1950s
was
there
that
learned
the
to
little
running short of
supplies, and so they too reduced
their overall inventory cycle. Im¬
danger
of
now
show
of
for
not
much
To
this,
must add the gen¬
we
eral cost consciousness which
culminated
decline
accumulation
of
of
rate
steady
inventory
that by the end
so
instead
of inventory
stimulating GNP posi¬
1960,
build-up
tively,
inventory use-up caused
GNP to decline slightly. Because
of the $11 billion stimulus in the
first quarter, however, the year
showed a rate of inventory accumulation of between $3 and $4
billion. For 1961, the level of in¬
ventory accumulation should be
more
mid-1961,
By
most businesses
should have their inventory prob¬
lems
rather
well
under
control,
being main-
with inventory cycles
of
tained
out
rather
than
inventories
about
effect
ably
latter
be
current
sur-
the impetus
might be
year,
GNP
to
$2 billion. The
of
buying
accumualted
pluses. For the
of
more
direct
inventory buying prob¬
will
not
be
felt
until
the
part of the year. It should
remembered
that
there
is
a
greater tendency for firms to cut
down
on inventory accumulation
they operate at a significant
percentage below capapity, and
when
this will be
many
increasingly true for
manufacturing companies
during much of 1961.
......
^
Frequently,
in
the
that
made
the Economy
statement
the
has
economic
health of Amercia reflects
in
activity
three basic areas—construction,
steel and automobiles. Let
at these for
a
construction
about
1.53
improvement
us
look
moment. Residential
reached
million
a
units
peak
in
of
1959
and averaged out to about 1.3 mil-
lion in 1960. For 1961, the figure
"Numbers
appeared
economy
Game"
the American
why
reason
strong and
so
healthy during the
attributed
1950s can be
the phenomenon of
to
growth.
The
growth
of
long
tho
of
rate
range
.
from
eronomv
may
look for
the
m
wait and
become
common¬
the comparable
probably will be
total for
about $2
1961
half
as
less.
Broken
atti¬
see
down
be-
as
tween
quarters, we may expect a
sharper adjusted decline during
the first half of the year,
but with
after ! mid-
improvement
some
summer.
than
1960,
and
above-men-
the
total
in
construc-
the
probability of
commercial
in
substantial increase
a
latter
category
the
as
rather
way
positive
role to act by
certain public
of hastening
works
outlays if the recessionary
Even so, the num¬
?orces deepen.
ber
of
bond
by state
indicates
approvals
and
local
governments
'hat
there
will
be
increase
an
3% fewer
production has
Additional
in
oublic construction even if the
Federal Government outlays
should not be enlarged.
examples-
are
Plant
that
businessmen
equipment
orimary
don
reason
is the
the
for
will
be
to
seems
agreement
Equipment
and
0r
five years, and has been acting
as
a
sort of drag even
in the
more
is the
behavior
of
unemployment. Although industrial activity has remained high and the total of employment has behaved well, we
recent
prosperous
find
a
hard
years,
of unemployment
core
with
This
us.
with, the normal
labor
force
is
resulting
factors.
several
To
begin
increase in the
which
formerly ran
800,000 or less annually, now
appears to
be hitting an annual
at
rate of about 1,200,000.
Gradually,
the increased population of the
1940s
will
be hitting
the labor
market
this
and
will
accentuate
the
problem of normal increase,
Besides, when business slackens
and prices rise and the one bread-
challenge of increased
ductivity leading to
more
pro-
efficient
outlays
new
drop
plant
in
winner
A
of
unutilized
already exists
cur-
rently in many industries.
Few
oeople realize the extent of industrial capacity that has been
added to American industry
1950. In
fact,
since
industries that
operating at be.ween 50 and 75% of capacity still
are
pouring out more physical
units today than they did in 1950
when their ratio was about 100%.
This causes several serious probems for the economy. One is the
negative
effects on
investment
plans* and a second is the influcurrently
merit
as
oroduce
many
are
the volume of unemployplants are able to
greater output but with
newer
a
fewer man-hours of input,
These factors should be
bered
when
we
read
is
unable
make
to
ends
about
a
labor
force.
But, if it
was
causing the problem, there would
be less to worry about.
A
serious
more
is
factor
the
sharp increase in managerial efficiency that is being experienced
along with the improved produc¬
tivity
of
the
remaining
labor
Automation is
playing a
significant role in this respect and
is causing a considerable degree
force.
of
This
displacement.
suggest that the
tion
shouW
pace
is not to
of automa-
slowed
be
technological
change
agerial improvement
that
—
or
-
or
man-
should be
Rather, what is hap¬
pening is a displacement without
a countervailing absorption of the
displaced workers. One of the
abandoned.
conventional solutions to the
lem
of
technological
prob-
junemploy-
ment has been the
reduced
prices
suggestion that
would enable a
greater output to be sold, thereby
need for the displaced
But, the price situation
today appears to be one that does
a
workers.
particular
not hold
'■hat
stantial reduction.
industry such as steel
operating only
slightly
above 50% of capacity. But, none¬
theless, when plants are at such
low levels, thev are not enthusiastic about any new investments
is
the
Recent
sional
any
sub¬
a
Congres¬
by
headed
Holland from Penn-
have
for
rise
the
nrices
in
-
:
2®
"SsSd
lSio
MDrLimate'•
approx mate
;
long established rates
^
wniibn
the
count
can
be
and
so
fact that
into
given
a
ac-
i
GNP
,
with less labor,
produced
increased rate becomes
an
pe^wfioTV fluT
Trdeed
hp
in
increase
quired
at
would be
to enjoy
prices
were
we
of
GNP
a
lodav
no
re-
the
game" of estimating rqtes of
.
growth and uses different terminal
;
There
blotting
absorb
them
may
not
are
industries
paper
any
enough
other
to
tx7u
v
.
Why
Thus,
the
;
*
-
Expansion
it
is
^
j
Needed
is quite
volume
.of
;
possible that
unemployment
51/2-6 million
by the end of 1961, or an increase
of more than a million over the
figure at the beginning of the
year in spite of a total for employment that could be stable or
off only slightly. This brings out
the fallacy of looking at increa>
ing
employment
figures
alone.
might be
as
high
bers
results,
if
as
however,
"plays the
one
are
,
num-
points. For example, from 1957-60,
GNP advanced at
way.
xt
Different
obtained
rate of about
a
<
2.7% annually; from 1953-57, the
rate was 2.3% yearly; but between
1943 and 1954, the increase averaged out to an annual rate of
5.2%. Therefore, we can get vary¬
ing levels at which 1961 would be
normal
"depending
on - which
historical rate of increase
.
we
use.
It is interesting to note that the
1948-54
period
employment
other
was
was
level
rraximum
periods
.substantial
The
unemployment data are the
more
significant.
This situation
ment
points
one in which
nearly
at
a i
that
and
in
the
.
has been a,
of unemploy-
there
becomes
the
necessity of maintaining not only/a stable rate of
industrial growth if the nation is
to
enjoy continuous prosperity.
but to
to
show
an
increasing rate of
expansion.
At the present
that
a
time, it is likelv
GNP of about $550 billion
current prices would be required if we were to have full
employment. Such a figure is far
at
of reach for 1961 or even
1962, and if it should be attained
out
later, the increase in the labor
force would make it necessary to
reach
still
a
achieve
greater
GNP
if
we
are
not
saddled continuouslv with
be
large
segment of unemployment.
The
expected increase in GNP for 1961
hardly will take care of any increase
in prices, let
absorbing
alone provide
i b i I i t
additional
p o s s
any
production
as
well.
It
important, then, that all
of the economy do their
utmost
achieve
to
the
of
rate
growth necessary to attain reasonabiy full employment. Otherwise
the
economy
will
be
sluggish
throughout the 1960 decade and
we
wm nof enjoy the potentials
To
that the current decade offers.
be
the 1948-54 period was
helped ' along
by
the
pent-up.
scarcities
still
remaining
from
sure,
War
World
affair
and
II
the
and
the
increased
associated with cold
Korean
outlays
war.
to
to
a
degree
only of labor but other
cf
sectors
Possible
full
employment.
The
necessity for an increased rate of
national economic growth thus is
obvious
not
factors
y
of
un-
Private
Stimulants
The gap
that exists in spending
in the economy today is not one,
that cannot be filled. But, it must
be
filled
general
if
full
employment
prosperity
are
and
to
be
achieved. In this respect, we note
that
there
stimulants
are
in
several
the
significant
that
economy
might be called upon to generate
the increased
activity necessary
for
higher rate of
is the vol-,
Not
only does the volume of ume of consumer spending. This
unemployment constitute a drain is running at about a record level
on the psychological state of the
at the present time, and the fact
nation, it also becomes costly in that this is so has been responsible
the'
public
transfer
payments in no small way for keeping the
necessary to support it. With unrecessionary influences from
employment in excess of 6% of deepening
the labor force—and as high as
The current Federal Govern12-25% in many distressed areas ment
policy
has. attempted
to
one cannot look forward to any
stimulate this facet of activity
miracles
in
business
conditions through such policies as extending
•
■
------during the year. ~~ — devices unemployment benefits, --------Stop-gap
hastening
such as extended unemployment veteran insurance dividends and
compensation benefits that might the like. But, one must remember
pump
a billion
dollars into the that these payments are transfer,
economy are
no
solution.
They payments and do not involve any
merely transfer purchasing power increase
in
production;
they
and
the techniques of taxation transfer purchasing power from
used
to
finance
their
outlays one
group
to
another
on
the
might introduce a negative multi- theory that the marginal propen¬
plier effect on business. Just as sity to consume of the receiving
there
is human
unemployment, group is greater than that of the
there will be an unhealthy situa- paying group. It is possible, howtion with respect to the degree of ever, that these payments might
unemployment of the other agents be financed through deficit fiof production and resources of the
nancing and thus not diminish
economy—capital, land and entre- purchasing power from those who
preneurial ability itself.
Bank¬ might be taxed. This might result
ruptcies that are on the increase
in
an
increase
in the
effective
sap the strength of the nation and
supply Of money and an infla¬
point to the inefficient utilizaemployed.
experiencing
a
growth. One of these
.
by
committee
rrrpqgmon
sylvania
promise of
studies
about $486
about $496 bil¬
Actually, it
billion, but without
prices.
absorbed.
new
lower
prices
precluding the
the
this increase alone that
creaking
remem-
$503.2
adi,icWnt
bfl-
been
b^en
1959
luxury of full employment at the
present time.
that
"
'
so
for any normal growth, completely
and
1961.
for this anticipa-
degree
capacity that
by
was
figure
per unit
be reduced and more production sold
is great. It is only in this wav
that the displaced workers may be
costs
- "
meet, other members of the family
were
general
in
of
rate
1960
"Lut ^(ibiufon
enter
New
lion
this
three^fB^^dHot bSie
With
textile
®hould
should have
have
These do not tell the whole story,
Drag Caused by, Unemployment
be
national government has assumed
a
the
'
a
15%
during the last 12 years
but employment has declined by
half
has
billion
shopping cenand
governconstruction. Indeed, we
ence on
^
Activating Forces
been
might
have
increase
There
steady.
that the
are
place,
a decline
construction, it is
industrial
ioned
volume;
more
but
ago
The
companies,
the
from
a
several
and
still
initiate
off
that
mental
to
holding
tude
in
the
in
firms
although there should be
to
42%
auto industry is turning out
the
on
first
companies
most
resulted
and
of
between
(office buildings,
ers),
non-profit
en¬
in-1960
reducing excess
investment in non-producing inventories.
All
of
these
things
gulfed
much
as
better
tion because of
larger inventories.
favor
disOne of the rather troublesome,
sipated by way of increased costs persistent problems that has been
>f construction. Although the out-' introducing a pessimistic note into
00k for residential construction is the economy during the last four
oossible
necessity
and
increase
this
in
the
in
$35 and $36 billlon
uncertainty during
of 1961, the excess
capacity characteristic of so many
the
a
dollars
sent
distribution also have contributed
lessening
con-
However, this is in terms of cur-
proved methods of marketing and
to
have. The
now
expectations
Based
slight increase in
1961 over 1960, reaching about $57
billion, for an increase of about
$2 billion over the preceding year,
should
produces
available readily.
wgs
construction
all
for
are
total outlay for the year will drop
beiow that for i960, whose total
in the population. The
total
they
the plant expansion plans.
overall
uneven
an
when
moblies>
have
announced
ambitious plans for expenditures for
plant and equipment for 1961, the
itself today in the
fewer number of marriages and
fewer new family formations,
The
1500 less workers than in 1950 but
such. as in aluminum and auto- production and
now
new
are
manifesting
contributed
stock-
to Justlfr increased
added expend!: more vehicles today than
and
Although
1930s depression low birth rate is
procedures,
^
their
towards
38%.
on
reacting
are
Better
communication
and
declined . by
about
80 000;
the
electric ' lamp
industry employs
resolved
in-
age group
and
GNP
The
shown a 100% increase in produc- 'bimon)andaDDlv
tivity during the last decade; in growth to it
the
fiict between interests tends to be
and
power
to stock the materials themselves.
warehousing
prosperous
now
costs
Another factor is the fact that the
nation
more
But, because of the
that corporate offi-
of capacity they
doubling-up
purchasing
dnw
a
have
tures
as
fewer
doubled-up families and the costs
of borrowing have increased. I In¬
terest
rates
on
government fi¬
nanced home mortgages have not
oeen very competitive with
general market opportunities recently.
they could
inventories and began to
more
1937
risen 5%
and
siow
they seem
be that the
as
yearv
less .common
j-A'.
oo
smaller
operate
between
whereas shipments rose
121%; telephone industry employment has dropped 5% since 1955
but business has gained by 25%;
workers;
both of these factors
steel users, and
more
in
maintenance
and
o n
Thursday, April 20, 1961
are
!5
households were efficiently to utilize what plant
new
housing
More and
employment
11
.
occupational
examples
18.5%
unable
affair
easier terms of borrowing. Now,
was
level.
other businessmen
-r
+i
this
steel
u c
capital
creased
the pre-strike
near
w
+
holders, it would be difficult for
World
after
untll
cials
country
Korean
the
became
going to approach and remain
anywhere
fu
hopes that ultimately if
stewardship
na-
spending units into one household
impetus to GNP of about $11
billion again. But, it was not long
was a realization that
the rate of inventory
u„n
future period.
maturing
The
housing
and
formed
*
before there
not
II
many
f
this factor alone accounted for an
•
production.
wait
affects
economy
ncrease
War
a
illustrates
where the
the
•£15^
in
was
to
6
vaiue:aaaea
housing
case
of
tional
settled,
accumulate
more.
In fact,
began
users
in
Residential
national product.
gross
d
of
Several
be
Sl°nlr„y„I?e„r,iod„WOuld electrical machinery productivity
•
' «
hiT be a more economical one — *
in has risen 20% but J1- number of
the
Which to expand rather than to jobs-between 1953 and 1960 has
might
ucaBC
wITInph
l"1B
[^ rufiiarc
aonars
stimulus to
sharp, but unnatural
•
gave
fnerease
this
AJ?Ui-
m
appeared
mated
p r o
This may be, in the long run, a
continue to increase
to indicate> *
inventories as the
more imminent.
At that time, the annual rate of
inventory accumulation approxi¬
expansion
neces¬
nf
replenish depleted inventories—
at
any
rate, steel would be in
short
supply. Thus, the second
quarter of 1959 witnessed a rapid
strike
seriousness
.
Shnnf W^neeiaHvif^ the efforts wlH require not only its existing
?bout 1900 to 1959 averaged out
^ AHmini^fratinn to caPaclty but additional facilities,
to about 2 9%
vear
Thus if we
u^p t^ ter^ ^t^rest rates re EsPe.cially> if costs of construction bituminous coal production has take the GNP of 1959 ($482 1
to
effort
renewed
a
to
pertinent:
i,,,
would
tend
problem.
nf
oiicfht
o
3
and
replacement and the bare
A Searching Look at 1961
And Our Economic Problems
Continued from page
capacity
limit their capital expenditures to
.
pinpointed
the
tion of resources.
tionary force but there
seems
to
Volume
193
be little need to
ourselves
concern
bring the nation closer to
Consumers,
to
steel
general,
have
major tendency to
been
their
goods and
buying into
re<^uc]n§
^ 0
influences
,of
In another
addi-
able
drop, and this for 1961
high
as
encouraging
is-
of
drop
to
a
is
steel
as
States has
steel.
the
hardly
the/mean
buy
dur-
shorten
deaden
But, even if
bit, this will
a
increase in
any
of
the
its
able
this
increased
produced
with
portionate
of
output
less
em-
non-durables
in
a
be
pro-
the
labor
force.
invisible
to
than
increase
exports. The balance of payments difficulties stem from the
items
investments
well
as
and
1.1.
the
capital
as
flow
of
i
o
aid
m.
*
,
leaves
but
as
.
of the
sector
the
that might
to fill in any gaps
this
economy—and
public
The
sector.
Federal
policy
Government
cently has been
is
re-
until
pects
answer
on
rate
more specifiinvolved faith in the
This
interest
of
the
activity. The thought
that
the
rests
short
The
run.
primarily in the cost
efficient operation and to
an
continue
to
obsolete
equipmept would nlace them at a seri0us
disadvantage
not
only
in
present
was
for
tain
lower cost of money
would
induce entrepreneurs to undertake
a
type of
any
are being forced into
capital outlays in order to main-
business
as
engaging in
Many firms
initiating
stimulating
in
device
use
domestic markets
but
in
interna-
investment
activity
which,
in tional ones as well. In addition,
would stimulate the econ- the pressure on some firms as. a
What it overlooked was the-;result of research and develop-.
turn,
omy.
fact
that
than
more
the
rate, of
ment
outlays
by ( others forces
into a competitive cycle of
outlays that will increase capacity
interest is
required. The marginal
efficiency of capital, or what the
businessman
his
is able
investment
outlook
this
is
has
to
expect
pertinent,
been
not
many
on
still
and
very
,
is
be
late
as
line
1961
1960s, and
be
that
mean
run
serious'
a
sluggish one for some time,
course, this assumes that there
be
increases
sudden
no
in
other
unusual
activities.
But,
if the
economy
is to generate signs of
substantial activity and growth at
outlays for defense, wars or
present,
it
almost
is
positive
a
will
be called into active play.
This
means
that deficit financing will
conclusion
stimulate
to
There
little likelihood
is
produc-
growth.
and
consumption
tion,
policy
fiscal
that
utilized
be
the
of
flow
that tax
This
money.
the
outlay of Federal funds. 1
process
than
is
a
direct
All
the
signs
activity
at
are
discouraging
indicate any substantial
to
will
;n
try
its
Steel will
h'ave a very good year if its total
product'on hits 100 million tons,
thus calling for an operating ratio
of less than two-thirds of
fortunate
million domestic
tion
000
to
between
if
it
sells
models, in addi-
300,000 and 400,-
foreign cars/ A similar situaof
ances
only slight
of
all
household
types, furniture and
goods; and household
repairs.
Stating
automobile
above,
operations of the budget,
ancj here primarily spending, with
reliance
less
erai
tax
on
a way of acting
stimulating activity,
buc great care must be exercised
in
the
in
which they are
in
manner
utilized.
is
There
possibility
the
that
ever
running
Federal deficit of 1$8 to $12
aright
re-generate
inflationary forces.
the
present
tear that
pres-
a
a
billion
of
there is
eating
increases in GNP. This is eviby the rather stable be-
Up
fenced
havior
of
the
over
the
a
consumer
last
slight
few
dip
is
*
More
production
specifically,
the
major
components of GNP might be
The
1961
at
Gross
the
National
outside will
be less than $10
of
that
for
1960,
probably
billion in
but
excess
more
than
likely will increase by only about
$7 billion to approximately $510
Public
offering
6Y2%
convertible
pected to
line up something like
following for the year: Con¬
sumption expenditures of about
$334 billion
or
an
increase
of
the
about
$7
billion
1960.
over
no+
us
us
only
every
in
one
of the
less
a
forceful
manner,
as
sustaining elements in
the economy.
However, its major
impetus will be directed towards
cluding
services, in¬
food,
clothing,
amuse¬
" care,
recreation
and many personal services. Little
change can be expected for the
"big ticket" items.
One of the
ments,
medical
unfortunate results from this situ¬
ation
is
the
lessened
secondary
and other repercussions on further
employment.
Consumers might be
expected
spend
to
much
as
in
1961
in
but
in
and
come
few
will be with
same
that
the
will
the
many
plague
of
headed
The
$9,000,000
of
subordinated
.The
Common Marketed
'
,
I
V.
•
as
(
Joseph
Nadler
&
l,
Inc.
Co.,
and
J. K. Norton &
Co. announced
April
their
18
that
on
offering
of
Sales
into
time
any
share.
Net proceeds from the
be
used
by the
financing
for
company
additional working capital, inven¬
tories and facilities for its Port¬
land,
Oregon, discount center; to
funds
repay
same
advanced
center,
provide
to
and
for
the
at its Salem, Ore.,
purposes
working
will
be
and
on
con¬
stock
after
billion
less
durables
on
in
entitled
are
mandatory
to
to
1961,
Gross
ment
private
will
be
domestic
invest¬
and
to $500,000 additional, in 1964
each year thereafter to and
including 1980.
The debentures
other
than
for
redeemable
are
the
sinking fund
at prices ranging from 104%% to
the principal amount.
The sink¬
ing
fund
redemption
price
is
100%.
Winston-Muss,
which
laggard
a
in
1961
should drop substantially be¬
low the 1960 level of about $72.8
and
billion.
In
fact,
billion
probably
sidered
as
level
a
would
of
$65
be I
con¬
doing well.
Reductions
in inventories and plans for new
plant
and
equipment
are
the
major causes of "this decline'. This
drop becomes
is
recalled
the
that
the
American
receives
its
of
types
clines,
between
real
heart
stimulus
of
systefh
enterprise
from
these
Inventory
outlays.
de¬
alone,
will
account
for
$5-6 billion of this drop.
General
Ore.,
Sales
owns
count
Corp.,
Portland,
merchandising
centers
Salem, Ore.,
and formerly conducted a drapery
and bedspread business in New
York City and Newark, New Jer¬
sey.
The
company
also
owns
G. E. B. S. Co., formerly known
as:
Government Employees Buying
recently es¬
tablished General Sales Accept¬
ance
Co.
for
the
purpose
of
providing installment credit for
Service,
the
it
and
members
the
of
company's
merchandising
centers.
are
is
estimated
that the
will
could
Federal
of
advance
$7-10 billion
if
influences
the
elaborate
a
com¬
final
about
by that
imports
does
not
unfavorable
out
ex¬
amount.
the
merchandise
restricted to customers of the
are
predecessor business and enrolled
union
members
employees,
and
whom
of
each
the
bal¬
has
company.
by
just
about
For the nine months ended Dec.
Texas
of deep depression nor
one
inadequate purchasing
but rather
lack
a
power,
of incentive
part of industry to fulfill
obligations
as
stimulus
a
of
its
in¬
thereby generating jobs
level
of
$354.2
then
sponsibility
on
is
billion.
clear.
the
The
The
part
of
re¬
the
government for
a
construction
with
4,600
houses,
Hydro-Elect.
ended
$4,950,315.
Co.,
Inc. and
company
ties
is
en¬
as
Open
N.
from
ojffices at 138
Street under the firm name
of Monmouth Investors
duPont & Co. has opened a
nomic
office'
a
second
alter¬
native to stimulating the economy;
it is the aspirin type of relief and
New du Pont Branch
in
Building
the
Francis I.
Petroleum
under
ixr
—
t
the
Credit
Intermediate
on
April
approximately
19
a
new
$215,000,-
nine-month debentures
1,
1961
maturing
and
T.
Knox, Fiscal Agent, and
group of securities
branch
Tower
management
from
Proceeds
the
financing
will be used to refund
of
3.30%
$156,200,000
debentures
maturing
May 1, 1961, and for lending op¬
erations.
The
following
issues
also
reopened
the market at
of
3.35%
and
sold
at
net price, $2,000,-
a
maturing
July
3,
1961; $5,000,000 of 3.15% maturing
Sept. 5, 1961; $5,000,000 of 2.95%
maturing Nov. 1, 1961.
Mittell-Keizer Formed
BOSTON, Mass.
—
Mittell-Keizer,
Inc., has been formed with offices
at 19 Congress Street as successor
to
the
investment
business
of
Keizer
&
David
P.
Co., Inc.
Officers are
Mittell, President, So¬
phie Keizer, Treasurer and E.
Mittell, Clerk.
Company.
opportuni¬
ties.
Government spending may
become necessary but it should be
remembered that this type of eco¬
SHREVEPORT, La.
and
of
earnings
dealers.
J.—Joseph R.
is engaging in a securi¬
business
Main
had
.
May
Ber¬
very
Monmouth Investors
Cordaro
1960,
nationwide
000
OCEANPORT,
31,
1962. Priced at par, the
issue is being offered through
prototype
close tol¬
erance
measurements from plans
and designs furnished by its cus¬
tomers or prepared by itself.
The
company serves many agencies of
the
government and
the Space
Exploration Program as well as
private companies.
well
made to
than
apartment
1,
were
products
more
$22,986,848
net
offered
of
gaged in the manufacture of pre¬
cision tools and component parts
for such tools, as
Dec.
of
Federal
a
of
the
12
9-Month Debens.
Inc.,
share.
Generally,
over
F. I. C. B. Offers
new
Hydro-Elec¬
Corporation
at
$2
per
tronics
of
and
forma
pro
dated
&
shares
total
a
income
John
150,000
of
having a
total
of
dwelling units.
Predecessor companies of Win¬
ston-Muss
Corp. for the seven
Feb.
Stock Is Sold
of
cost
a
com¬
building
9,502
issue
Co.,
have
and
communities
000 of 3%
&
at
nities
E.
Amos Sudler Branch
investment
stimulus is
associates
$145,000,000, including three shop¬
ping centers, residential commu¬
Banks
$500,145.
on
purchasing power. Consumer
disposable income, in fact, might
rise between $3-5 billion over its
direction
and
pleted development
of
Armstrong
problem of 1961, thus,
cor¬
controlled
financier.
Muss
nard L. Madoff have sold an issue
real
stock
Since 1949 Messrs. Winston and
The
Burstein
the
certain
associates, including two
corporations controlled by trusts
cteated by Clint W. Murchison,
31, 1960, the company and its sub¬
sidiary had consolidated net sales
Amber,
of
government
purchased permanent membership
from
acquire
assets
of their
con¬
amount.
same
The
Member¬
of
which will
represent
of payments,
tinue
GNP
merchandise
ceeding
ance
to
billion should arise
exports
$3
our
This
impetus
West.
will
ac¬
prop¬
by Norman
Winston, Davis Muss and some
total
pensatory fiscal spending. Most of
the present increase will come in
certain types of national security
outlays,
health,
education
and
transportation.
A
It
porations
K.
own
income-producing
certain
or
months
the
and
of
erties.
the right to purchase
recession¬
program
count the
ship in the company's stores and
Federal Government undertakes
more
States, operating for its
has grown in the
that this
by as much
deepen
on
exe-,
large scale
property
development
and
construction
projects
throughout
the
United
no
deficit
possible
is
cen¬
the closeddoor
membership system, which
is one of the recent developments
in retail merchandising and which
operated
will
of
fi¬
undertake
programs
It
on
corporated
has
company's two discount
total
lo¬
cated in Portland and
ters
all
be
in
and operates two dis¬
discount
ary
1960
store
The
assumption
the
new
a
to
This
the
of
open
Eugene, Ore.
of
by
can
total of approximately $108 bil¬
the
to
proceeds will
units
lion.
of
used
the
by about $8 billion, reaching
rise
as
be
of
expected
Expenditures
government
a
serious when it
so
cution
balance
for
in¬
was
credit sales to member customers.
subsidiary)
(a
an
sinking fund
$500,000 prin¬
retire
in January 1961,
engage in the planning and
Corp.
1,.;
cipal amount, and to an optional
sinking fund sufficient to retire
capital for General Sales Accept¬
ance
at
Aug.
The
$4-5
one
The price
common
They
annual
up
closed.
books
stock.
1961, and prior to maturity, unless1
previously redeemed, at $11.25 per
scribed
will
in
princi¬
$25.
was
116,500 shares of General
Corp. common stock at a price of
$2 per share has been oversub¬
the
on
offered
were
debentures
sufficient
and
Win¬
made
was
common
vertible
-
400,000
of
consisting of $22.50
unit
per
'
and
stock
underwriting group
Lee Higginson Corp.
securities
units
General Sales
\|
1981
common
by
share of
r
due
pal amount of debentures and
years.
This
component will continue to serve,
but
of
consequences
ex¬
not curtail
1962.
Gross National Product for 1961
the
to
pointed to as a key indicator of
business -activity.
The total for
at least for the balance
and most of
nearer
employment,
recessions
Lowering of the cost alone of
money is insufficient. It should be
hoped that the tax policies will
1961
full
small
Product,
Qf
of
Units Offered
years
rate of $495-496 billion
a
representing the total value of all
the goods and services produced
during the year, already has been
programs
begins to operate at levels
those
and
mechanism
industrial
ter from
for the first quarter.
dynamic fiscal
policy becomes increasingly grave.
It should be geared in the direc¬
tion of increasingly improving the
opportunities for investment and
the future expected profit — the
marginal efficiency of capital.
jem jn spite of any governmental
responsibility
Winston-Muss
Corp.
and
serious prob-
its
the
cannot
27
an
months—
apparent,
pipelines as well as producticn
capacity,
that inflation
a
overlook
until
government
April 18 by
vestment
the
should not become
the
spending, deficit financing and the
price in-
gut, there seems to be enough gap
in the economy and enough goods
jn
But.
throughout the year,
possibly reaching a level of about
$520 billion during the last quar¬
is not
time,
the
ston-Muss
number
inflation is
for
therapy
shares of
cutting. Fed-
outlays have
qu'ckly
5.5
improvement,
if that,
prevails with regard to
most
consumer
durables—appli-
tion
indicated
capacity.
The automobile industry probably
be
As
the fiscal
jn
above its present level.
initiate any program
that will stem any
to
these will probably center around
^ex
early autumn. For the year, it
is unlikely that industrial output
will be more than a few points
Government
power
fluenees.
although the improvement should
be rather evident by late summer
or
Federal
real
government will be forced to act.
advance
total
deepening of the recessionary in-
rise in business activity this year,
will
an
the
And it appears that governmental
to
nancing.
to indicate that
seem
present
At
levels
for
does not account
and
Government
Instead of Tax Cuts
little
of
ness
contrac-
a
Expects Federal Spending
•
signs
there are some
Although
indicate
Once again, the necessity for
slight improvement, too many
of the sensitive indicators of busi-
*.
that
ones
reduction will be used to increase. ent
slower
billion,
leaves
future.
debentures
unusual
for business will
the outlook
will
the longer run conmay
offset the short
This»
restored.
is
a
Of
1.3%
as-
so
siderations
depression is in the offing; rather |
that
There is reasonable
stimulating demand is apparent,
more
not
does
that
current
that this capacity will be
required during the dccade o£ the
)fion.
1963 before the trend;
as
once
$503.2
was
about
suranee
-
will
show anything like any type of
normal
rate
of
growth for the
economy.
Furthermore, it might
unlikely
of
The hope is that
the future demand will utilize this
.
Prospects for Economic Growth
It
spite
capacity.
capacity.
„
.
in
further
> excess
optimistic recently.
T>
esti¬
as
increase in current dollars of $21.1
billion. This estimated increase is
consciousness of most firms today.
monetary measures
cally.
firms
the
of reliance
one
consumer
and
plant and equipment expenditure
programs
in view of the rather
plateau nature of business pros-
the
of
to
comes
much as $3 to $4 billion.
Qne jaaight question the wisdom
of
economy
be relied upon
in
,
additional
one
it
services,
increases can be expected throughout 1961, with retail trade gaining
The Public Sector As.a Stimulant
This
figure
the non-durables and
When
and loans.
mu
1960
by the Department of Com¬
-
ployment since improved -techmology and management will en-
1
-
for
does pick up
in
;
will
things react to
demand
this
will
demand for products—all
hhese
foreign trade acconcerned, the- United
been doing well by way
is
count
that
great
fifth
as
It
1957-58.
as
former
consumer
manufacturers
their
there
3-5%.
as
almost
far
that
observe
not
recession of
So
noted
companies
.less materials and
area—private invest-
has been
decline
the
The
merce
equipment,
petroleum
,
have
be
than
mated
• ♦ions are instigated. Railroads will
,ke
demanding
less
con-
require
ment—we
might
unit
billion.
for
less
use
dictable change in others.
Instead,
all sorts of multiple chain reac-
This
services.
outlays that
a
per
of the
one
demand
(1767)
inter-relationships that for any increase in prices which
exist between
industries; a change might wipe out as much as half
in one does not generate a pre¬ of the advance. GNP will continue
a
tional plant and equipment.
.
derived
the- compacts
larger vehicle. This is one further
example of the nature of the in-
+uS-U ^ e r-S k.ave
shift
as. k ^ I'
multiplying
sumer
of
since
Chronicle
P^rc^asing; but in tricate
there has
durables
the softei
The Commercial and Financial
.
steel
in
not shown any
tended
.
in terms of units clouds
fuller employment.
^
the
.
li. particularly if it factors
iinu^
should
Number 6048
COLORADO
SPRINGS,
Amos C. Sudler &
a
branch office at 415
under the
Colo.—
Co. has opened
North Tejon
management of Leonard
28
The Commercial and Financial Chronicle
(1768)
ing for periods ranging from
Is Growth Stock Syndrome
three
or
and
days
single
every
several
to
one
Disappointment Tomorrow?
pied
a
deposit of £2
1
page
entitled
him
responsible as
who had led his
partly
piper
followers to disaster. In
ever,
based
entire
his
on
which
In
fact, how¬
argument
fundamental
a
should
readers from
have
was
premise
his
saved
just such
discussing
disaster.
a
to
less than
share would be
per
annual
profits
gain, but with
no
hours of the public
1,000 shares were sub¬
scribed for, whereupon the pro¬
moter departed for the Continent
richer by £2,000.
It
is
interesting
whether,
written
had
in
to
this
1941
the sober-minded purpose of pro¬
describing
viding (1)
market
and
he
to
added
third
a
condition, namely,
reasonable yield. There must have
seemed
little
for
reason
such
a
stipulation in 1924 since, although
high grade bonds yielded some
5y2 %, stocks provided an income
20%
to 30%
greater
the
on
aver¬
If
speculation
Mackay's
for
So
much
for
Edgar
Lawrence
Smith.
has
book
when
men
caught
in
up
From
cept.
some
sold
be
learned
The second book is quite differ¬
and
if
to
vance
question its
you.
discussion
a
of
ments, please bear with
This is
moment.
published
of
in
called
invest¬
and
700
and
for
me
big
a
a
the
one
It. is
pages.
"Extraordinary
Delusions
rele¬
old book, first
an
1841,
than
more
bought.
My pur¬
dwelling so long on the
in
Popular
Madness
the tulip mania in
Holland
to the
Sea
bubble, so irrational
by hindsight as to tax the credu¬
but
minder
and
easily
these
plication
Tulip Mania and the South Sea
specu¬
lation in
is
in
period
were
originally sought by collectors and
horticulturists
roses
prized.
But
rose,
sprang
modation
Single
prices
choice
chim¬
footmen
solely
and
maids
markets
the
which
for
the
of speculators
bulbs
changed
will
not
lars.
In
were
made
any
in
tulips.
for
£280 ster¬
attempt to
into 1961 dol¬
even
this figure
convert
accom¬
hands
the then equivalent of
ling. I
now
for
into
up
are
as
storekeepers,
as
sweeps,
plunged
orchids
or
species
just
fortunes
vast
case
and
quickly
as
to
legal
buy
best
bought
lost
bonds.
made
of
The
of
tulip
income
ered
of
account
the
South
and
the
related security
speculation in England is perhaps
more
pertinent to this paper to¬
day.
About 100 years after the
affair of the tulips there occurred
the speculative boom and
collapst
English South
in the shares of the
Seas
Co.
which
"bubble"
to
incidents
which
companies
and
80-odd
formed
Stock
for
conceivable
were
name
similar
followed.
were
every
and shares
the
gave
some
any
purpose
sold to the eager
public
after
which,
quite
fre¬
quently, the promoters absconded.
In other cases, the
companies
were
allowed to cling to life while the
shares were bid ever higher by
a
populace
swept
up
in specula¬
that
be
of
streets
art
a
of
of
London,
wages,
making
to
soap,
wheel for perpetual
finally, "to
to
assure
improve
to
the
construct
motion, and
carry on an undertak¬
ing of great advantage but nobod~r
to
know what it is."
genius
scheme
who
devised
offered
for
The
man
of
this
lattdr
sale
5,000
shares of stock at £100 each
subscriber
who
paid
an
pur¬
This
consid¬
was
proper
what
accept
were
stocks.
have
we
in
in
had
stocks
bonds
great
a
and
of
proportions
the
bear
a
somewhat
that
so
today
it is necessary to accept an income
of
to
As
stock
well
is
much
as
enjoy
50%
in
benefits
tomers
known
to
object
of
the
We
mary
of
no
Uncle
this
Joe's
persist
only
stocks
I
the
pri¬
in¬
told time
Mary's trust
income
is
that
suspect
in
income
will
common
as
continue
to provide rapid
principal, or per¬
haps I should say until a market
break not only
raises questions
appreciation
about
the
growth
investors, including
equipment, drugs, office
and
chemicals, sell at
times earnings to yield
ever,
electrical
growth
machines
15
in
of
assurance
but
wipes
20
to
between 2%
stocks
further
much
out
presently existing values.
point we will be urged
of
At that
3%. The
and
embracing
the
growth
electronics,
leisure
and sports activities, sell
anywhere from 30 to 100 times
current annual earnings and often
provide little or nothing in divi¬
dend yield.
at
of
growth
deterrent
a
rationalized
Some
at
tors
of
an
companies
therefore
willing to
are
per
annual
average
that
and
em¬
earnings
rate
if stocks
average
pay an
earnings for this rate
growth; where earnings prom¬
of
ise
to
five
at
grow
of
rate
years
share
a
sonably sell
at
projected
it is
rea¬
current
Current
for
craze
founder just because
becoming so undiscrimiFew stocks have a chance
may
now
nating.
live
to
times
1965 earnings.
"Biff the
growth
next
then
can
100
com¬
the
for
This represents 13 times
earnings.
its
annual
an
50%
to the high hopes and
up
prices that
putting on them."
higher
Let
.make
me
investors
are
denying
clear
no
this
at
in
one
belief in growth as a valid
my
invest¬
objective.
Regardless of the
type of account with which we
may be dealing at the moment I
think that we fail to do our job
properly if
funds
at
which
the
do
we
we
not
disposal
our
in
beneficiaries from
the
purchasing
The
lar.
however,
which
of
on
of the dol¬
my
the
concerns
protect
inroads
power
burden
way
a
to
expect
can
invest the
remarks,
manner
in
this
objective of growth in
value is to be pursued.
It seems
to
that
me
consideration
tors.
what
in
changes
are
over
to
earnings and
ings
ratio.
of
(b)
Of
that
me
period
any
function
a
stocks.
common
It
price
time
of
changes in (a)
the price earn¬
the
rising
two,
earnings is the true growth factor
since
the
dramatic
effect
of
an
expanding price earnings ratio is,
least
to
curring.
some
Let
specific
us
extent,
take one
examples.
ings
rate of about
two
Business
the
a
past
12
compound
15% annually which
income
Evidence
stocks
grow
is
for
of
the
which
to
be
The
price
it
charts
issues
caught
to
me
issues
in
York
one
my
Seventeen
were
appetite
hoped will
a
Selecting
of
A
second
pect of secular gain in the funda-"
mental factors of basic value, with
earnings, is
stock investor
seeks.
It is assumed that, given
growth
in
basic
value,
price
growth will follow. Furthermore,
the
higher the rate of growth
forecast or expected, the higher
the price one reasonably may pay
for
a
dollar of current
earning
primary emphasis
what the
growth
on
that
Note
growth
this
are
estimates
the
no
fact
famil¬
significance.
been
outstand¬
of
future
important factor in
an
doctrine.
estimates
Such
invariably
al¬
heavily
on
rely
trends of the recent past and some
analysts
their
would,
search
fact
in
for
restrict
growth stocks
to
companies
which have recorded
successive earnings gains for the
past
three or five years.
This
brings
growth
to the proposition that
one
stocks
stocks
are
have grown in the past.
been
be
price
that
agreed
expected to
which
Since it has
gains can
growth
accompany
basic value, it becomes a simple
in
matter
to
identify
growth
stocks
merely by consulting" price tables
whatever period of past years
for
appeal to
may
This
the
technique
practitioner
would have
purchase
to
Mining at
led
IBM
time
any
the past
10 years at least, up
to and including the present, with
very satisfactory results. It would
have
also
Rohm
price
40
him
led
Haas
and
to
Outboard
501),
(recent price
purchase
780
at
(recent
Marine
at
21), Amerada
at
148
(recent price 55), Aluminum
Company of America at 134 (re¬
cent price 61), and Ampex at 42
(recent price 20). What has .hap¬
pened
in
these
latter
change the expectation
cases
to
of
large
profits to the realization of losses
We have
of
The
an¬
is not hard to find.
seen
that the selection
growth stocks relies heavily on
projection of the trends of the
a
past,
and
Mackay's book
beings in groups
Dr.
as
of
this
constant
price
about
the
since
in
1948
1960
$160
actual
figure
the
price
Company
of
of
average
have
share
per
During
mean
the
would
of
been
instead of
$672
per
same
period
Standard
Indiana
has
Oil
risen
from 21 to 42, almost entirely as a
result of expansion in the nrme
earnings
1960
ratio
were
since
earnings- in
only about 6%
higher
plication to the periods other than
the one covered by the study it
would suggest that the- greatest
opportunities for gain
current
are
not among the gener¬
to be found
ally recognized growth stocks "but
in
values
where
areas
being
are
modestly appraised and where the
investor may have an opportunity
to
enjoy not only rising earnings,
price-earnings ratios as
an
human
almost
irresistable
pro¬
pensity to project such trends into
and
possibility,
hood,
in
nounced
and
on
even
the most
into
the
ac¬
the
likeli¬
interruptions
stable
and
pro¬
long term growth trend.
rather
on
this point have
general
attention
the selection
which
take
withstand
cannot
My remarks
invite
not
>f short term
even
been
Application
psychology to
common
frequently results in price
levels which do
count
investiga¬
interesting
these
along
lines
made
was
charge of investment research
at
company.
my
Stocks
Growth
Do
Better
Do
Than Income Ones?
article
by Robert Anderson entitled "Un¬
realized
in
Potentials
Stocks,"
which
Growth
consid¬
attracted
erable attention
at
publication
the
in
the time of its
March-April
1955 issue of the Harvard Business
Review.
ment
invest¬
an
advisor, set forth the results
which
would
the
over
by
Mr. Anderson,
have
and held
achieved
been
1936 through 1954
who had bought
years
investor
an
list of 25 growth stocks,
a
deserves
to
of
ing in 25 "stable income stocks."
Since the growth
stocks
but
some
I
would
research
growth stocks
attention.
were
se¬
lected in 1955 largely on the basis
of their actual performance dur¬
ing the 18-year test period, it
might be expected that their per¬
formance
perior
did
that
of
the
not meet
This
have
would
to
been
su¬
which
stocks
growth criteria.
in fact the
was
Includ¬
case.
ing in each instance reinvested in¬
the growth stocks achieved
during the period
compared to gains of 304%
for
come,
a
gain of 514%
the "income" stocks, and
the
age.
It
out
the
might
article
be
that
achieved
investor
Aver¬
clear through¬
made
was
400% for
Industrial
Dow-Jones
such
by
who
results
the
long"an
adopted
extremely long view and a will¬
ingness to disregard even major
fluctuations in market prices pro¬
vided the outlook for the company
in
question
growth
to
price
of
Mr.
sufficient
indicates
eventually a
appreciation
in
the
support
substantial
its
shares."
Farr
forward
carried
for
six
additionaDyears, from 1954 to
1960, the price performance of
Anderson's
two
groups
of
stocks
with quite surprising results/Dur¬
ing this subsequent period of six
the
years
average
stocks
rose
pared
to
83%
70%
of
in
for
stocks.
stocks
growth
stocks
income
the
value
the
com¬
growth
Including
income
averaging close to 50%?
swer
stocks
however has been closer to
annum.
Had the price
earnings ratio of IBM remained
of
average,
multiples will result in greater
appreciation . .
(than will the
purchase of stocks with high mul¬
tiples). If this conclusion has ap¬
term
the analyst.
25%
per
that
the purchase
stocks with low price-earnings '
the
compared to the results of invest¬
power.
indefinite future.
these
over
concluded
and
1959
to
"on
Some may remember an
the
the
and
growth
Most would agree that the pros¬
price
stock
1939
moment.
have
share.
re¬
stock
in
problem
teaches,
the
performnace of a large number of
stocks
during the period
from
by Elliott Farr, Vice-President in
investing, strange as it may
seem, lies in the identification of
the growth stocks themselves. Let
us
consider this difficulty for a
by American industry in
general. The rate of gain in mean
of
Co., in Philadel¬
Trust
phia, I will describe only briefly
since
it appeared
in the JulyAugust 19bu issue of the Finan¬
cial Analysts Journal under the
title "Price-Earnings Ratios." Mr.
Nicholson
examined
the
price
tion
stock
is far better than the average rate
attention
names were
had
of
recent
Growth
Stocks
shown
of these small
recent
listed
has
many
Times
summary
performance
that few. of the
These
is
found
New
stock issues and
cently.
beneficiaries.
investors'
regularly publishes
the
sell
stocks, perhaps at a loss,
to provide greater cur¬
order
places.
to
and
Another
of
years,
out such
Tradesmens
Provident
the
Stock
Francis Nicholson
well.
growth stock. Earn¬
a
share over
have grown at
per
years
or
Everyone
knows that International
Machines is
non-re¬
of
Bank
to the sky.
over
place, let us consider
ingredients
of
obvious
seems
Growth
the
are
growth
for
Basis
Buying Low P/E
for
but rising
success,
and Minnesota
The
Case
namely,
an
expansion of the price earnings
ratio. It is a truism perhaps worth
restating that trees do not grow
this
of
involves two major fac¬
problem
principal
himself the
to
to
avenue
most
if
point that I yield to
ment
are
purchased for
are
price earnings ratios
high by any historical
at
standards, the investor is in effect
inves¬
times
16
occur,
general proposition, how¬
a
which
have
start, with the
industrial
of
4%
they
will
increase by
expectation.
price
reasonable
stocks
enthusiasm.
that
view
share
of
them
of
pirical
and
their
that
combination of
some
do not consider these astronomical
ratios
himself
satisfy
or
Problem
"Enthusiasts
will
times.
200
than
more
circumstances
As
at
long
as
cus¬
average
trust
importance.
disinterest
us
matters,
are
after time that in Aunt
of
one
these
favored by
In the first
all
become
now
vestor's interest.
in
say:
"Some oi the groups
ownership.
investment
on
growth has
or
either
to
can
one
a
of
as
the
who have occasion to consult
iar
initial
to
the
income.
common
time
lesser
for
the
for
entirely
an
market
market
were
seamen's
stocks
to
Since
rent
pave
highest-
shift
ership
Among the long lists cf such en¬
terprises
described- by
Mackav
to
income
own¬
in
formed
the
be
recognized
to
be
greater risks inherent in the
bull
70
about
If
is
to
ratio
earnings
price
annum,
per
increase from the current level of
1970
6%
as
widely
tive fever.
companies
could
the
by
initially
inducement
Sea
bubble
twice
The
when
much
differential
to
common
bulbs.
stocks
as
improving
penalty
relationship to the
yield
Pennsyl¬
time
a
in
which accelerated about that time
pose
the
or
35%
to
this
a
ex¬
15%
of
20-fold
10
stocks
in
at
provided
grade
for
common
than
more
was
rate
a
pound
first author¬
were
common
to
last
ago,
years
was
over
the
as
accounts
This
order
value
10
trust
prices bore
intrinsic
accounts
recent
Only
years.
when finally it became clear that
no
officer
responsibility
of trust accounts.
trust
as
return
wealthy
the
interesting to recall how
thinking has changed
stocks
in
bulbs
faced
with respect to the use of common
or
The
problems
ap¬
investment
the
a
then
grow
an
Changed Investment Thinking
It
at least
Economist, in commenting on
had
dangers.
investment
for management
tulip bulbs which swept
and pauperized much of Holland
1630s.
the
with
re¬
a
truths
have
do
the
to
charged
vania.
Bubble
the
overlooked
truths
by
today
offer
to
easily forgotten
And
ized
Imagine for instance the
merely
of
ample, trustees
lity of the present-day reader.
ney
nec¬
today
of
describes in vivid detail examples
of human conduct, ranging from
rare
any
parallels with conditions of
Crowds,"
by
one
Dr.
Charles
Mackay. This remarkable volume
South
con¬
least
at
essary
it well.
ent
years
this phenomenon last summer,
be
not
subject is not to suggest
have
con¬
common
or
stocks.
we
or
clearly the
which
under
should
should
popular
cause
practical standpoint
a
he has stated very
stocks
sen¬
become
of
wave
a
enthusiasm for
they
pose
think
any
us
His message was the longterm investment merit of common
I
could
us
portfolio
to enjoy in the next 10
repetition of the 20-fold
pecting
will accelerate from the historical
new
ment
late
the
the behavior of otherwise
be
sible
ditions
age.
stock
after 120 years, it
point out how -irrational can
to
of
one
a
point of all this is that the
The
issues
to
relatively small companies. Any
Thursday, April 20, 1961
One study, by
investor who buys IBM today ex¬
institutional
Dr.
message
is
of
can
reference
don
1920s.
consistency of income,
(2) safety of principal." Were
writing today, I think it fair
suppose
that he might have
My point
12
.
ago.
be made, however,
issues
exactly 100%.
without
.
price gains recorded over the past
decade is saying to himself that
one
of
two
things
will
occur.
Either the rate of earnings growth
1841,
than
American
the
fact,
been
ponder
volume
rather
had
In
more.
or
gain for all 17
average
was
of
there
and
issues which
100%
by
287%
was
other
The largest
quickly compile
quasi-investgrade stocks which are sell¬
ing at anywhere from 50 to 100
times current earnings. The Lon¬
chapter might have been added
a
the
During
offering
.
mediate speculative
of
£ 100 per share.
the firsts few
in¬
stock
common
vestment, he used these words:
",
not with the thought of im¬
.
five
risen
Continued from
held
gain shown
were
than those recorded some 10 to
years
selling
was
above the issue price.
two
weeks
.
income stock
growth
dividends,
gained 116%;
94%.
rose
stock
the
the
median
The
55%; the median
31%.
rose
the
Of
income
stocks, 88% gained 50%
more;
of the growth stocks
or
50%
did this well.
of
the
growth
as
the
Dow-Jones
Less than half
stocks
did
as
well
Average.
This result h surprising only
first
glance.
two
lists
the
Examination
discloses
growth
stocks
year as 1955 are no
sidered.
American
that
of
as
of
recent
longer
at
the
some
of
a
so con¬
Can, for exam¬
ple. a^d Amerada.-National" Steel
and Johns
time,
the
stocks
Manville.
1955
contains
list
At the same
income
of
General
\
Foods,
Borden, Sterling Drug, American.
Electric power, Procter -& Gamb'e. and Reynolds Tobacco.
first
instance,
a
premium
In the
placed
Volume
on
the
193
Number
6048
past growth evaporated when
growth was interrupted.
In
the
prices responded
second,
only
not
to
growth, but also to the
expanding
price-earnings ratios
which went with it.
In
addition
conclusion
previously reached by Mr. Nichol¬
son, Farr observed that:
(1) An apparent growth pattern
for
a
not
.
The Commercial and Financial Chronicle
.
trusts and all of
sonal
accounts
Texas
industry
company or an
may
Instruments
(2)
In the event that a high
earnings ratio is paid for
growth, and a change occurs in
the apparent trend, the loss po¬
of
owners
at
low
very
Continued from page 4
their
that
the
stock
of
was
investment quality, we completely
discern anything in the
failed to
situation
to
which
would
recommend the
chase.
This
cause
stock for
technique
limited
us
pur¬
probably
application
trust
to
accounts.
(3) If
stock the risk
of loss
the
and
potentiality
of gain is large if growth subse¬
quently develops.
(4) A larger part of the profit
in
growth stocks is due to a change
the price earnings ratio than
to
a
change in earnings them¬
selves.
Thus,
capital
gains
are
primarily the result of recogni¬
tion; purchase after such recogni¬
tion may be too late.
,
in
One
final
observation
identification
With
of
of
the
on
growth
benefit
the
stocks.
present
our
knowledge of the great contribu¬
'made
tion
to
lives
our
elec¬
by
tricity during this century, guess
the amount of earnings gain re¬
corded
electrical equip¬
leader,
General
by the
industry
ment
Electric, from 1902 to the end of
War
World
II.
actual
The
about 30%,
only
was
share to $0.52 per
per
gain
from $0.40
share.
Stocks
stocks:
first
tionalize
the
to
attempt
vesting in companies
which
at
are
the
market favor.
have
had
or
industries
moment
In my organization
the
the
market
issues
identified
had
growth
as
stocks
and
ful
customer of a New York brok¬
firm
erage
vestment
in
describing
his
in¬
It is his
sell stocks
whenever
they become market
favorites and to purchase others
practice
philosophy.
he said to
believe
to
nue
high price
firmly that this ave¬
growth has not only a
foundation, but also the
logical
of
success
with
rela¬
tively limited risk and the pros¬
pect of a reasonable yield on the
funds so employed. Beyond this,
it offers the investment officer an
opportunity for the exercise of his
is
wihch
talents
more
stimulat¬
ing, at least to me, than a policy
of merely following the crowd.
value for consideration, and I be¬
which will turn out to be the dis¬
lieve
appoint ents of tomorrow.
have
the
stated
and
own
making
of
our
also
grant
of glamortype growth stocks appear not to
through the purchase
be
of
more
than
great success.
real
very
and
an
the risks
must be directed to
eye
well
as
are
accounts
trust
involve
efforts
where
who
to me personally
whose investment
ones
others
to
difficulties
these
that
investor
one
the technique with
On the other hand,
has employed
find
know
I
since
insurmountable
I
as
to the possible
probable rewards.
or
growth
to
be
achieved if not through the pur¬
then
How
of
chase
is
I would
alternative methods.
growth stocks?
two
suggest
search out and
buy issues of small companies
which will be the growth stocks
One
is to
way
of tomorrow before they are
ognized
know
as
rec¬
such by the market.
from
own
my
I
experience
that this is both difficult and pos¬
sible to
asked
were
we
About five years ago
do.
by
an
interested
party to buy 100 shares of Texas
Instruments then selling at 14 for
a
This we did with
trust account.
the result that the
ment
than
has
since
ten-fold.
original invest¬
increased more
the
At
to
this
First, the source of
information was
are
two
sequels
customer's
not
personal research, or some other
investment
counselor,
but
a
chance
to
of
Los
on
rewarding.
acquaintance in the bar
Super Chief en route
the
Angeles.
Secondly,
one
might expect that having been
exposed to this opportunity so
early in the
game,
many
this
year
the
same
have
number
group
of our
more
wells
significant
any
actual
steelmaking
fleet
inventories.
out
in
steel
usage,
operations could
higher
operating
re-
rates
as
and more customers feel the
more
pinch
of
Growing Volume of Orders to
Cause
Rise
Steel Output
in
This Week
Steel
production will
move
up
again this week to meet the grow-
volume of orders from cusincluding the automotive
industry, Steel magazine said.
It believes output will substantially exceed the 1,720,000 tons
industry poured in the week
It's the first time
ended April 15.
that
production
million
Steel
has
tons
25,
above
gone
since
the
week
1960.
its
bases
prediciton primarily on developments in the
Youngstown district. Ypungsjpwn
Sheet & Tube Co. expects to start
up its Brier Hill Works this week
after
three week close down for
a
construction
work
mills.
And
has
additional
an
Sharon
rolling
on
Steel
Corp.
hearth at
open
VUL
+
•
*
i
Other districts also
on
position in the independent tele¬
phone field through acquisition
of additional companies.
the
For
1960,
total
year
ended
Dec.
31,
ITC reported consolidated
operating revenues of $1,-
573,589, and consolidated net in¬
come applicable to common stock
of
$96,566.
Zilka, Smither Adds
(Special to The Financial Chronicle)
PORTLAND, Ore.—John P. Tem¬
ple has been added to the staff
of Zilka, Smither & Co., Inc., 813
Southwest Alder Street, members
of the Pacific
Coast Stock Ex¬
change.
com¬
Corp. worked a full
at Kenosha, Wis. and
days
Studebaker-Packard
tained
a
four-day
South
Corp. main¬
schedule
at
Bend.
Several
new
compact
mod¬
car
try's expectations for
added
Of
the
continuing
week's
output, General
accounted ofr 54.86% of
Motors
passenger
Ford
cars;
Motor
Co.
revised
formula
no
ss
industry's
operating rate based on the Jan. 1,
1960, over-all productive capacity.
Instead, and effective Jan. 1, 1961,
percentage
of
Electric
the output figures are given
an lndex of production based
as
on
foil3.?? weekly production
for
The revised method of reportin£ Presents the following data:
.
Output
6.0% Higher
Than in 1960 Week
the
The
amount
distributed
of
electric
energy
the electric light
industry for the week
ended
Saturday, April 15, was
estimated at 14,434,000,000
kwh.,
according to the Edison Electric
Institute. Output was
252,000,000
by
and power
kwh.
above
that
of
the
previous
week's total of
14,182,000,000 kwh.
817,000,000 kwh., or 6% above
and
Production for week ending
April 15, 1961, was 1,748,000 tons
that of the comparable 1960 week.
(*93.8%) change from previous
week's 3.1% increase and output
of 1,696,000 tons (*91.0%).
Freight Car Loadings in Week
Ended Apr. 8 Were 15.8%
Production this year through
April 15, amounted to 23,402,000
tons (*83.7%), or 40.4% below the
Loading
39,292,000
tons (*140.6%) in the
period through April 16, 1960.
The Institute concludes with
Index of Ingot Production by District, for week ended April 15,
1961,
as
follows:
Below
Same
of
1960
Week
freight in
the week
ended
April 8, 1961,
totaled 505,930 cars, the Associa¬
tion
of
American
nounced.
94,817
revenue
This
cars
Railroads
was
15.8%
or
an¬
decrease
a
below
of
the
corresponding week in 1960, and
decrease
a
of
:"index of ingot
18.3%
Production for
113,338
cars
or
week in 1959.
Week Ending
April is, i%i
below
the
corresponding
Loadings in the week of April
13 cars above 4he preced¬
ing week.
8
were
district.
At
least
has
been
Youngstown
70
loaded with
district.
Cleveland
91
in the Western
Detroit
Chicago
Cincinnati
St. Louis
Southern
Western
106
96
87
112
102
113
highway trailers or highway con¬
tainers (piggyback) in the week
ended April 1, 1961 (which were
the
in
Detroit
Kaiser Steel Corp.
district has
increased
its produc-
by nearly 1,000 tons
a
day.
a raw
on
17
No. 1 heavy melting
cents
to
$39.50
a
—_
——,
There
included
__
that
was
a tew
weekiy
production
3,054
1959
93.8
on average
1957-59.
for
steel
Auto Output for Week Ending
Apr. 14 Showed a 20.1% Jump
Over Last Week
u.
S.
passenger
major
automakers
turning
up-
stocks and
Ward's Automotive Reports said
43
of the
industry's 48
aut0
assembly plants operative,
output this week reached 112,551
units, a 20.1% jump from, 93,730
cars produced last week and equal
to 83% of the 135,402 assemblies
m
the
same
week
-phe statistical
u.
S.
totaled
truck
a
said that
this week
agency
making
23,698 units, only
from
ago.
year
23,448
but less than 10%
a
last
off the
slight
week,
com-
parable 1960 week in which 25,681
quarters, but there's another wage trucks were turned out.
hike in the offing. Employment.
Total U. S. vehicle production
costs will go up $2 to $3 more this year was 1,000,000 units beper ton on Oct. 1, as agreed in
hind the 1960 pace as of April 14,
the wage package negotiated in the reporting service noted.
January, 1960.
Ward's said that three passenger
erately
in
the
mod-
appraised
dwindling dealer
enlivened competition,
sales,
increase
improve
production
this week climbed to the highest
level of 1961 as the nation's five
that with
rqay
car
second
Because of the
and
cars
third
car Plants, Ford's Falcon-Comet
s^e a^ Metuchen, N. J. and its
Wixom, Mich. Lincoln-Thunderbird facility, and Chevrolet's Will°w ^un Corvair plant were
scheduled for Saturday overtime
wark. Ford's Louisville truck
Plant was also on a six-day proSram,
and International Harcontinuing vester scheduled 10-hour shifts,
for
the
326
be
a
deterrent.
President
Chrysler Corp. closed its Dear-
Kennedy's
new
de-
born, Mich. Imperial plant for the
above the
piggyback loadings
first
totaled
13
or
of
period
class
1961
one
of
per
corresponding pe¬
41,093 cars or
1960,
but
above
44.2%
of
decrease
a
two-tenths of
cent below the
riod
weeks
134,107 for
cars
the
in
I
corresponding
1959.
There
S.
railroad
U.
58
were
systems
originating this type traffic in the
current
one
week
year
ago
compared with 51
and 47 in the cor¬
responding week in 1959.
Intercity Truck Tonnage for Week
Ended
Apr.
8
Was
3.5%
Below Same 1960 Week
Intercity truck tonnage in the
week
ended
April
8,
3.5%
was
less than that of the correspond¬
ing week of 1960, the American
Trucking
Associations,
nounced. Truck
than 2%
Inc.,
tonnage
an¬
was more
ahead of the volume for
the previous week of this year—
up
2.4%.
These findings are based
on
the
weekly survey of 34 metropolitan
areas conducted
by the ATA De¬
partment of Research and Trans¬
port Economics. The report reflects
tonnagb handled at more than 400
truck terminals of common car¬
feet in the prior
will
over-all
decrease of 141
37.8%
or
tities,
—
revenue
week.
riers of general
the country.
competitive
reported
week's
a
increasing presmaterials
nonferrous metals, plastics,
paper, and wood — steelmakers
will
think
twice
about
raising
their prices even when demand
strengthens appreciably. The
availability of low priced
imported steel, even in small quanfrom
cars
more
ing week of 1960 but
"Index °f production based
a
or
1.3% below the correpondan increase
cars or
,
ma-
Total industry
11,126
one
in
total). This
of
gross
were
Cumulative
J?APPnt
in
rteceni nrirp rpHnrtinns in
price reductions
sure
a
upturn.
furnace
more
currently under kept pace.
and the compapy
Earnings
its
three
blast
were
The price cuts are not likely to
Telephone
Corp.
operations as a holding spread to tonnage products—carcompany
in early 1956, and it bon sheets, bars, plates, struccurrently controls 12 subsidiary turals, or pipe—for several reatelephone
operating
companies. sons, foremost of which is the
These companies are located in profit squeeze. Employment costs
New York, New Jersey, Michigan, have gone up $5 a ton since the
West Virginia, and Florida. Four last steel price increases in 1958,
affiliated telephone operating and
productivity
gains haven't
intends to continue broadening
in
was
Buffalo
the
Independent
are
The
•
*
began
option to ITC,
a^ons-
stepping
are
materials.
companies
week,
American Iron and Steel Institute 28,72%; Chrysler Corp. 9.15%;
has materially changed its weekly American Motors 6.13% and
report on the steel industry oper- Studebaker-Packard 1.44 %.
headed
poses.
last
Motors
can
five
sales
-"-S previously announced (see
PaSe 26 of our issue Dec. 22) the
Two more open
put into operation
products do not presage a
shares of Independent Telephone general weakening of the indusCorp. common stock at $9 per try's price structure, the metalworking magazine says.
share.
Stainless steel producers have
Proceeds from the offering will
trimmed prices on some products
be applied by ITC to the repay¬
to narrow the gap between their
ment of bertain bank loans, for
quotations and those of foreign
additional investments in and ad¬
mills. Price reductions in galvanvances
to operating subsidiaries
ized conduit reflect increasingly
and
for general corporate pur¬
stiff competition from other
sale
Motors, which ef¬
North East Coast-_ 103
Buffalo
88
Pittsburgh
86
operations.
hearths
in
divisions
•
V
,,,nru
posite
offered for
April 19, 350,000
, Pro(luction Data for the
tomers,
up
general cutbacks
seems
Week Ended April 15
a
1.7
General
fected
longer rel&tes production totals
delivery delsys.
terial
by Burnham and Co.
public
gt
Both
material for steelmaking, weakened pricewise and
pushed down Steel's price com-
Telephone
underwriting
of
without
increase
the
week.
be as an alloy in steelmaking els were scheduled to roll off
(ferrocolumbium and ferro tan- production lines next week, ac¬
they talum-columbium) rather than as centing sports car styling and,
pipe a metal.
withal, acknowledging the indus¬
than last to drill about
cleaned
Even
ing
week, along with Dodge-Plymouth
operations in Newark, Del. and
St. Louis; Ford closed standard
passenger car sites in Dearborn
and St. Paul, but both companies
planned less "down-time"
next
pletely active this week. Ameri¬
Demands of the project doubled
columbium metal production in
*960 and would nave led to a
modest increase this year,
F?r the time being, columbium's
jobbers and producers admit they
Scrap,
Common Offered
An
f°r aH practical purposes,
earliest chance for growth
-
They say
will order 30% to 60%
tion
Ind.
mar-
29
producers provide another
of the dangerously low
level of inventories.
one
our
There
car
will be
emphasis
by William B. Eagleson, Jr.,
before the Pennsylvania Bankers Associa¬
tion Trust Conference at Harrisburg,
Pa.
time this
truly
one
of
tomorrow's
growth stocks, then selling at a
relatively reasonable appraisal of
its prospects.
was
story.
this
clients' money grow.
our
that the diffi¬
culties involved in achieving this
will
I
it
.
*An address
endorsement
my
objective
commend
I
it. *7
example
ap¬
plied a price earnings ratio ap¬
propriate to that status.
These
experiences merely support the
premise stated by a very success¬
afford
can
these
done, there remains the task of
weeding out of the list of pos¬
sible
investments, those growth
stocks
of
yesterday and
today
I
warehouse
push small customers back
couple of days on mill sched-
a
of
out
experience re¬
peatedly of buying stocks like
Campbell Soup, General Foods,
Procter & Gamble, Merck, Car¬
penter Steel and others because
they
appeared
to
offer
sound
value and a reasonable yield, only
to discover a year or so later that
our money had been doubled after
we
likelihood
ra¬
earnings
ratios which
are
powerful evi¬
dence that the growth prospects
have already been recognized and
discounted by the market.
This
of
in
rela-
a
inventory position.
purchases,
weak
Gains
ended June
,
must
tively
Oil
in which I sug¬
be sought is sim¬
ply the purchase of value even
though this frequently means in¬
I
These, then, seem to me to be
problems in buying popular
One
gest growth may
",;.j
the
growth
other way
not then in fashion.
Problems in Buying Growth
indicates
This
ules. Few
Favor
The
modest multiple is paid
a
sound
a
moderate
increase.
could
Purchase Values Out of Market
tential is great.
is
fense program has jolted the
ket for columbium, a major refractory metal, Steel reports,
Better than 90% of it has been
Rush orders, particularly from going into work on an atomic airmiscellaneous users,
continue to plane. Now that project is dead
buying rate. Others have
dropped long-term inventory reduction plans.
plus rush orders from automakers,
price
for
STATE OF TRADE AND INDUSTRY
the
Unhappily, such was not
case.
Although we satisfied
has
persist.
officers' per¬
our
became
(1769)
prices.
ourselves
the
to
.
Lumber
freight throughout
Shipments Were
Behind
1960
4.9%
Volume
Lumber production in the United
States in the week ended April 8,
totaled
218,881,000
compared
with
board
feet,
203,642,000 board
week, according
Continued
on
page
30
The Commercial and Financial Chronicle
30
Department Store
Nationwide
INDUSTRY
STATE OF TRADE AND
*
A
0.5%.
:
'
,
•»
.
Production
*
.
v
f
M
Although there was a fractional
decline this week in the Whole¬
compiled
Index,
&
Bradstreet, Inc., it
somewhat exceeded that of a year
by
1
Price
Food
sale
Dun
comparable week of pre-war 1939
when the toll was 313.
Failures involving liabilities of
On April 18 the index stood
$6.02,
down 0.2%
from the
ago.
at
decline
three-week
a
preceding week, reported Dun &
Bradstreet,
Inc.
Casualties ran
considerably higher than last year
when
308
occurred
or
in 1959
when there were 304. Some 22%
more businesses failed than in the
Latest Week
-
ended
by turning up to 383 in the week
ended April 13 from 343 in the
Fractionally in
Down
IV
Commercial and industrial fail¬
ures
Price Index
Food
Wholesale
11.
0'
268,728
..F
^
260,035
230 375
254,432
239 551
Week
for
13
April
Ended
>.
1960
.
Rise
Failures
April 9,
.
_
"203,642
218,881
.
Orders —253,120
New
!l
1961
-
prior week.
Business
April 1,;
11gg1-,
? __l_24i,770""
Shipments
week
the
on
during
the
and finished slightly below
irregularly
moved
the
for
the
Exchange
Cotton
York
New
V.
-
April 8,
.
feet
board
indicated:
-weeks
slight dip in volume.
Prices of cotton futures
in
figures
the
are
of
thousands
the
from
.
Following
,
ago
year
down.
were
prices finished unchanged
prior week, despite a
Lamb
the figure was
260,035,000 board feet.
Compared with 1960 levels, out¬
put
declined
15.8%, shipments
dropped
4.9%, and orders fell
•:
1
associa¬
reports from regional
tions.
receipts
and
trading held steady
in
some
markets
from page 29
Continued
to
to =344
climbed
$6.03, but up 0.7%
from the $5.98 of the correspond¬
$5,000
ing 1960 date.
ceeded
wholesale cost this
week were corn, oats, barley, but¬
ter, cocoa and lambs. Commodi¬
ties
quoted
lower
were
flour,
wheat, rye, bellies, lard, coffee,
cottonseed
oil, eggs, steers and
size
hogs.
against 44 in the preceding week.
Most of the
rise occurred in
earlier
week
sum
of
31
is
tion,
trend of food
sale
declines
week
in
price level, reflecting
lower prices on some grains, flour,
butter, hogs and steel scrap. The
daily wholesale commodity price
index, complied by Dun & Brad¬
street, Inc., stood at 269.16 (193032 = 100)
on
April 17, compared
269.62
275.30
a
in
and
corresponding date
trade
nine
the
of
Six
major
geo¬
graphic regions reported heavier
casualties during the week. The
from
90
to
climbed
States
in the Pacific
toll
in the East North
71,
Central to 70 from 54, and in the
West North Central to 22 from 12.
The
failures
States where
from
94
Middle
the
in
place
took
Atlantic
decline
marked
only
down
were
There
112.
vir¬
was
tually no change in the South At¬
appreciable decline occurred
wheat
all industry and
except wholesaling.
groups
to
ago.
year
An
the
on
earlier
week
a
how¬
year's
in
ever,
slight decline this
the
general wholesale
a
commodity
with
levels,
last
ceeded
Slightly From Prior Week
was
casualties
facturers, where the toll fell to 64
from 71, and among wholesalers,
off to 24 from 26.
Mortality ex¬
prices at the whole¬
Wholesale Commodity Price Index
Down
While
47.
service
35 from 30, contrasting
appeared among manu¬
edged to
level.
There
from
72
to
up
commercial
general
the
show
to
as
concerns
retailing where the toll increased
to 188 from 169 and in construc¬
is not
Its chief
index.
cost-of-living
a
failing
week's
the
and meats in general use. It
function
ex¬
prices during the week,
42
with
States
lantic
New
buying, of wheat was influenced
by prospects of the third largest
winter wheat crop on record.
In
failing than last year, with the
sharpest upswings from 1960 in
the North Central, Mountain and
Pacific regions.
?!
»».
'1
%
sales
In
lagged.
wheat
prices,
noticeably
flour
to
mills
the dip in
prices dipped
week earlier;
with
line
rye
from
a
rs
trading was narrow and stocks
heavy.
Although transactions were lim¬
:>!»
ited
'J,
rye
mostly
to
immediate
needs,
prices remained close to the
prior
week;
however,
country
marketings of corn were light.
Trading
in oats was dull and
prices showed fractional declines.
corn
»!
There
was
marked
a
in
increase
prices, reflecting good
and export buying and
soybeans
domestic
relatively low supplies.
Domestic
trading
again
sluggish
this
flour
Canadian failures
compared with
56 in the preceding week and 36
reported
as
Post-Easter
Calendar
Week
Despite extensive reduced-price
sales
trade
retail
promotions,
dipped sharply in the week ended
April
19,
prior
week
Palm
Sunday
last
week.
about
was
However,
a
on
1960
the
year,
with
par
the post-Easter week of last year.
a
calendar basis the
and
curred
most
declines
no¬
oc¬
in
dle East and Latin America.
sales
domestic
rice
was
and
export
sustained at
a
Both
volume in
high level
and
prices matched those
week earlier, rice supplies
limited
in
quiries
for
rice
and
sizable
week
on
increase
sugar
was
Coffee
in
passenger
total
a
year
dollar
cars
19
lar
was
12 to
calendar
re¬
ago.
volume
of
light and
from
a
prices held
cocoa
re¬
16% below the simi¬
week
last
year,
ac¬
cording to spot estimates collected
sustained at the level of the
Dun
gional
&
Bradstreet,
estimates varied
was
prior
Inc.
from
Re¬
the
comparable 1960 levels by the fol¬
lowing
percentages;
Central —17
to
lantic
—16
to
North
—21; Middle At¬
—20;
Central —13 to
East
West
last
ended April
week
ended
17%
loss
riod
showed
April
8
the
over
last
a
pe¬
same
In the preceding
week ended April 1 sales showed
an increase
of 6% from the same
year.
in 1960. For the four weeks
week
ended April 8, a 1%
reported
Jan.
while
increase was
1960 period,
April 8 a '2%
the
above
to
1
decrease occurred.
Natl. Bowl-O-Mat
headed by
group
Marache & Co. made
initial public offering April 19
220,000
shares
of
National
of
Bowl-O-Mat
at
Corp.
stock
common
$9 per share.
Of
the
the
holders,
balance
of
approxi¬
mately $1,100,000 will be applied
toward the company's expansion
for
other
program,
and
corporate
general
purposes.
National Bowl-O-Mat Corp. was
incorporated
in
New
Jersey
in
the
purpose
1961
for
owning
and
operating
through
wholly owned subsidiaries,
a
na¬
tional chain of
centrally managed,
modern,
automated,
air-condi¬
tioned bowling centers.
The
owns 12 bowling
located in seven states
Rico, all acquired
in
March
1961
through an ex¬
change of stock.
Lanes now in
operation
total 354.
Immediate
plans call for the addition of 128
lanes through
the expansion of
existing centers and the creation
company
centers,
and
of
Puerto
in
containing modern bowling fa¬
cilities
bar
typically include
tain centers have cocktail lounges
in
North
—17; South Atlan¬
centers
The
bars.
shopping centers
are
housed
other
or
up-
structures.
from
will be derived
bowling
charges
of revenues will
20%
cocktail
lounge
and
about
and
come
bar
from
opera¬
Combined
income
of
the
com¬
subsidiaries for the five
months ended Jan. 31, 1961 totaled
$1,143,721.
For the fiscal year
ended Aug. 31, 1960 such income
totaled $1,314,722 compared with
pany's
$401,324 for the like 1959 period.
Pro
forma
and
E. F. Hutton Co.1
To Admit Booklet
May
will
1,
Charles
York
&
Bocklet, Jr.,
in E. F.
Co., 61 Broadway, New
become
a
partner
City, members of the New
Bocklet
partner in Bernard, Winkler
York Stock Exchange. Mr.
is
a
&
Co.
view Avenue.
week
as
and
—12; New Eng¬
"
Corporation.
•'
Miss
Ogden;
N.
Beck,
Mae
Yvonne
Co.
Friedrichs &
■
•.
,
Miss Marietta Gagnet, Chairman, Fred
Publicity Committee:
-
Weil, Labouisse,
Howard,
\
-
Motor
Federal St. Fund
McKesson
$153,502,419
have been accepted from 640 in¬
vestors
located
in 37 states in
totaling
Securities
for shares of Federal
Street
Fund,
Inc., it was
an¬
nounced on April 18 by George
exchange
Bennett, President of the Fund,
and
the
dealers
of
sections
geographical
country."
the
of the
success
efforts
"the
They
exchanges,
the
liciting
tributed
senior
Weinberg,
J.
Sidney
at¬
Fund
in all
of
the
stock
the
comes
of
first
the
"big
ex¬
minimum
The
permissible
ex¬
$50,000.
third of
Over onethe deposits were between
$50,000
and
was
two-thirds
$100,000
were
and
about
less than $200,000.
of the deposits were in
About 5%
of
$1,000,000.
The
largest
single investment by an individual
investor exceeded
$4,600,000.
individual holding
The average
Federal
in
was
Street
Fund
is
ap¬
priced at $1,000.
Officers
the
of
Fund
include
Paul C.
Cabot, Chairman, and Mr.
Bennett, President. Messrs. Cabot
and
and
Bennett
also
are
President,
Chairman
respectively,
of
and Deputy-Treasurer,
respectively, of Harvard College.
Treasurer
K. A. Romey
Opens
SAN JOSE, Calif. —Kenneth A.
Romey is conducting a securities
Invested
tion
total
Other
cording to
Bennett,
Mr.
not
was
size in
itself, although it is start¬
from • scratch with assets of
ing
about
the
ranks
and
$154,000,000
33rd
as
largest investment com¬
in the nation.
pany
The
assembling
the
accomplished
months, Mr.
Bennett said, despite the fact that
it had to pioneer in the solution
of
many
technical
and
legal
job
Fund's
in
of
portfolio
little
a
The
was
two
over
assets under their direc¬
over
Fund
$1
was
to
sufficient
economic size
an
to
permit broad diversification in
a
number
than
tion
of
or¬
diversifica¬
quality,
the
proper
desired
and
names
In
concentration.'
attain
to
rather
industries
of
undue
more
companies
were
refused for deposit than were ac¬
cepted. Exchange offers
coming
in
when
reached
was
the
and
still
level
were
final
tenders
termi¬
nated.
^
The
ings
seven largest industry
of
the
Fund
with
the
hold¬
per¬
centage of the portfolio total are:
building 8.7, drugs 7.4, electronic
6.5,
chemicals
6.3,
publishing 6, soap and cosmetics
equipment
4.8
insurance
and
The
largest
4.7.
holdings
Fund
of
individual
companies on March
24, 1961, the date of the exchange,
Weyerhaeuser
Co.,
Eli
Lilly
&
Co.,
General
Ameri¬
can Transportation Corp., OwensCorning
Fiberglas
Corp.,
and
were:
International
Business
Machines
Corp.
billion.
directors
said,
he
purpose,
attain
der
organization.
change
Stewart,
Chairman of - National
Dairy Products Corp.
The objective of the Fund, ac¬
acceptance
change funds" to be consummated.
Several others are in the process
of
&
problems.
of these
tenders, Federal Street be¬
With
Nolen,
President
of
Robbins, and E.„ E.
C.
man
Operations
Starts
Charles G. Mortimer,
Co.,
Chairman of General Foods; Her¬
State Street Investment Corp. and
business from offices at 1228 Fair-
the
Weil,
proximately $240,000. Each share
On
to—10; West South Cen¬
during
Miss Tressie Higgins, Editor,
Labouisse, Friedrichs & Co.; Mrs. Helen Dupre,
Waters & Alcus; Mrs. Celestine Russell, Howard, Weil, Labouisse,
Friedrichs & Co.; and Mrs. Carolyn Gertner, Equitable Securities
Monthly Publication (:Les Gals":
Howard,
excess
to —7.
up
ard, Weil, Labouisse, Friedrichs & Co.; Miss Marjory Woods, Waters
Alcus and Miss Doris Kolwe,. National Bank of Commerce.
&
capitalization of the
subsidiaries, as of
Feb. 15, 1961 and giving effect to
the offering includes $3,133,835 in
long-term debt and 713,507 shares
of common stock, $1 par value.
company
tral —3
>
moved
Mrs. Mary Addington, Chairman,
Lillie Moore and Miss Norma Young, How¬
Committee:
Membership
Arnold & Derbes; Miss
to
tions.
land —6
to
•
Mrs. Alice R. McCarthy, Chairman,
Newman, Brown & Co., Inc.; Mrs. Winnie Bishop, National Ameri¬
can Bank; Miss Elizabeth Gagnet, Frank B. Wood; Mrs. Dee Mes¬
sina, Howard, Weil, Labouisse, Friedrichs & Co.; Mrs. Rita Scully
and Mrs. Ruth Sherman, Merrill Lynch, Pierce, Fenner & Smith
and Mrs. Jo Ann Zeringue, Hibernia National Bank.
Arrangements Committee:
partner of Goldman, Sachs & Co.,
dealer-manager of the group so¬
revenues
plies and generally sluggish vol¬
ume.
In contrast, prices on steers
Mountain —8
appointments:
F.
tic —10 to —14; Pacific Coast —9
Central
President, announced the following Com¬
Miss Crane, the new
mittee
it is
estimated that approximately 70%
to
East South
Glas
snack
a
restaurant, children's nurs¬
ery,
rental lockers, shoe rental
facilities
and
pro
shops, where
bowling accessories are sold. Cer¬
or
or
Vice-President, Mrs. Martine Le Beuf,
& Company; Secretary, Mrs. Vicki Weeser, Dane & Company;
Treasurer, Miss Elsie Fahrmann, Equitable Securities Corp.
ones.
new
Bowl-O-Mat centers, in addition
to
Lucy Crane,
G. McCarthy as follows: President, Miss
Crane Investment Co., Inc.;
of
January
the
aboard
Mrs. Dorothy
will
retire debts due stock¬
be used to
La.—The installation meeting of the Women's
held on April 22,1961 at a luncheon
"River Queen."
The 1961 officers were installed by
Bond Club of New Orleans was
and
$640,000
proceeds,
Mrs. Vicki Weeser, Secretary.
ORLEANS,
NEW
underwriting
Granbery,
prices dipped moderately,
reflecting increased salable sup¬
—13;
President; Mrs. Martine Le Beuf,
Common Offered
An
Miss Lucy Crane,
Vice-President, and
Miss Elsie Fahrmann, Treasurer;
Left to Right:
;
week.
Hog
Names Officers for 1961
1, an increase of 6% was re¬
ported. For the four weeks ended
April 8, 1961, a 1%
gain was
reported.
According to the Federal Re¬
serve
System, department store
sales in New York City for the
Hutton
prices
during the week and volume
period
April
Turkey
lagging volume. A slight
occurred
The
new
below
tail trade in the week ended
by
unchanged
were
earlier.
steady
of
Ivory Coast.
Trading in
prices
In¬
shipments
from
a
were
markets.
many
received
were
the
of
of
mained
Orleans
Women's Bond Club of New
of
decrease
the week
For
year.
a
like
the
below
16%
and the similar cal¬
endar
volume
the
both
from
Easter week
inquiries for flour from the Mid¬
a
Thursday, April 20, 1961
.
of gross
Retailing Sharply
1960
Below
ticeable year-to-year
dipped moderately; there
slight pick-up in export
prices
.
April
ended
week
showed
1961,
For the current fiscal year,
apparel, but volume in
furniture,
appliances
and floor
covering was down appreciably.
Scattered
reports
indicate
that
was
8,
the
for
dex
to-date
last year.
was
week
businesses
more
Twenty-two
were
On
in
England had
16% From 1960 Week
Department store sales on a
country-wide basis as taken from
the Federal Reserve Board's in¬
against
as
All regions except
week ago.
a
41
reflecting light trading and ample
supplies in most markets.
The
addition
Sales Down
an
foodstuffs
raw
and
ago
dipped to 39 from 43. Liabilities
ranged above $100,000 for 41 of
total of the price
pound
per
week
a
appreciably the 267 of this
the similar week of 1960.
the other hand, small casual¬
with
losses
under
$5,000
ties
Price Index rep¬
the
300
in
On
Inc.
Food
Wholesale
resents
Bradstreet,
&
Dun
more
or
from
in
Higher
The
.
(1770)
include
Henry Ford II, Chairman of Ford
The
1961
asset
was
'
•>,
'.
of April
as
$1,027 per share.
.
•
value
i
•
y.
,
.
.
„• »
,V
14,
Volume
193
Number
6048
.
.
The Commercial
.
and
Financial Chronicle
Indications of Current
The
Activity
week
Latest
IRON
Indicated
steel
AND
STEEL
operations
Crude
42
*
PETROLEUM
oil
and
gallons
Crude
(net
tons)
Apr. 23
__
Distillate
fuel
Residual
oil
output
(bbls.)
(bbls.)
(bbls.)
/
>
;
(bbls.)
Distillate
*
fuel
fuel
Residual
ASSOCIATION
at
'
at
oil (bbls.) at__
:
oil «bbls.V at-i_i_—L___
OF
AMERICAN
Z
7,855,000
8,264,000
27,980,000'
28,708,000
28,534,000
Apr-
2,872,000
2,931,000
3,391,000
Crude
11,284,000
11,995,000
12,885,000
6,195,000
6,060,000
6,913,000
7
225,659,000
7
Apr
26,619,000
193,313,000
224,653,000
226,449,000
24,896,000
26,000,000
7
88,507,000
89,677,000
95,888,000
7
42,517,000
42,261,000
43,299,000
U.
S.
Indicated
construction
505,917
492,582
(U.
coal
S.
BUREAU
and
lignite
Pennsylvania anthracite
DEPARTMENT
STORE
cars)__Apr.
8
472,773
473,708
475,703
551,097
ELECTRIC
Electric
BRADSTREET,
AGE
steel
(per
Pig iron
(per
gross
PRICES
Electrolytic
OF
$364,100,000
$382,400,000
$440,000,000
BUSINESS
$397,800,000
NEW
12,700
24,600
13
151,700,000
233,200,000
133,600,000
196,200,000
lApr.
13
35,100,000
37,200,000
57,400,000
30,200,000
$91,800
*$91,400
$91,600
Apr.
8
6,565,000
6,560,000
6,130,000
8,382,000
Apr.
8
265,000
331,000
307,000
260,000
3,343,470
3,543,661
6,041,299
3,296,083
3,493,740
47,387
49,921
128,801
4,800,812
•4,822,337
3,879,460
:
8
128
Apr. 15
14,434,000
Apr. 13
*151
128
153
—
DUN
14,182,000
14,554,000
13,617,000
343
363
308
383
6.196c
6.196c
$66.44
$66.44
$66.44
Apr. 10
$39.50
$37.83
In
$66.41
$39.17
$33.50
6.196c
U.
(tons
28.600c
28.600C
32.600c
28.025c
27.425c
27.175c
/ 31.275c
11.000c
11.000c
11.000c
12.000c
10.800c
10.800c
10.800c
12.000c
12.000c
12.000c
11.500c
13.000c
DAILY
Apr. 12
26.000c
A.
26.000c
104.500c
stocks at end of period
\
-
Number
OF
99.250c
..-tiff?
h'*;* vO
y 1
87.99
88.27
88.40
Aaa
92.35
92.64
92.93
Aa
90.34
90.91
91.34
87.86
87.99
85.07
_
87.59
-Apr. 18
82.15
82.27
85.59
89.23
Apr. 18
89.37
"
v
87.86
85.59
Baa.
sales
of
January
of ultimate
AND
manufacturing
t
89:64
89.78
86.24
89.64
90.34
87.45
Durable
goods
4.54
4.53
4.75
AVERAGE
4.23
4.21
4.45
LABOR—Month
4.35
4.32
4.57
4.59
.Apr. 18
4.57
4.56
4.78
5.00
5.02
5.19
Durable
4.74
4.77
4.96
Nondurable
4.44
4.43
4.69
4.46
4.44
4.39
4.60
367.3
366.3
371.8
382.1
ASSOCIATION:
(tons).
325,808
327,851
335,296
All
Durable
320,592
323,093
316,815
93
94
448,677
112.70
111.85
110.71
ACCOUNT
OF
MEM¬
in which
2,955,410
2,246,500
795,120
799,470
730,240
396,200
3,294,260
3,314,170
2,309,930
1,706,740
4,089,380
4,113,640
3,040,170
2,102,940
-Mar. 24
704,970
526,910
480,670
331,940
the floor—
,
*
a1"'
purchases
Total
24
purchases
Other
sales
sales
EXCHANGE
Odd-lot sales
Number
Dollar
SECURITIES
—
by dealers
of
SPECIALISTS
incl.
(not
value
N.
ON
EXCHANGE
IN
PLANTS
Total
U.
451,410
314,730
Number
of
motor
1,142,565
882,116
1,245,940
685,215
147,135
126,450
1,354,366
1,059,848
831,009
593,934
1,213,988
978,144
720,384
191,410
154,140
4,865,688
3,550,749
5,856,998
4,469,720
3,138,054
OF ODDY. STOCK
EARNINGS
Total
Short
LABOR
2,187,384
1,286,950
$99,897,824
$61,557,659
870,250
835,700
663,880
348,560
870",2^5
835^700
767,810
786,980
6"6~3li5
348^565
616,030
587,670
'
MEMBERS
of
—
U. S.
1,150,510
1,129,040
1,045,330
709,660
27,325,510
26,624,360
20,725,110
13,341,240
28,476,020
27,753,400
21,770,440
14,050,900
:_ii
foods
—
—
—
i
other than farm and foods
—Apr- jApr- M
-APr- H
119.5
119.4
88.4
-Apr*
,
—
commodities
7,909,103
9,010,575
23,583,253
22,566,918
329,156
Shipments
•186,785
250,954
301,605
Inventory
991,190
1,033,324
Passenger,
Tubes
—
———
*
Motorcycle, Truck and Bus Inner(Number of)—
3,207,766
Inventory
Production
109.2
.
119.8
120.1
88.6
90.0
109.6
106.7
3,899,369
8,923,924
42,645,000
37,519,000
40,375,000
39,150,000
19,226,000
17,990,000
32,210,000
940,910
(pounds)
(pounds)
(pounds)
Tires
Bus
*850,979
(Number of)—
-i-
95.0
*94.8
96.6
95.6
127.9
127.9
128.1
128.7
figure.
delivered
Plan.
fNumber of orders not reported since introduction of Monthly Investment
at centers where freight from East St. Louis exceeds one-half cent a pound.
basis
tPrime Western
1,292,264
987,806
1,314,809
3,990,699
Inventory
994,799
3.956,841
3.376,343
33,390
35,510
TIN—CONSUMPTION OF PRIMARY AND SEC¬
TIN
ONDARY
long
in
OF
IN
THE
MINES)
tons):
beginning
of
UNITED
—
Month
STATES
of Jan.
33,485
period
5,665
Stocks
Total
at
of
end
period
i
in
scrap
5,115
manufacturing
—
3,680
2,285
37,795
7,470
200
70
7,400
2,845
4.570
2,070
2,830
-
5,965
-j.
9,755
45,265
.
4,915
70
transactions
Zinc
Secondary
33,485
6,035
processed
Intercompany
38,600
33,115
—
5,210
39,150
Receipts
91.2
109.2
2,913.414
(Camelback)—
Rubber
Shipments
-
11,034,355
38,402,000
L-
—_—
9,394,015
37,216.000
Production
Tread
5,390,897
•2,816.795
5,076,360
Shipments
-
on
334,207
295,475
963.939
Consumed
•Revised
10,029,687
•6.799.240
8,189,206
23,691.262
Inventory
Implement Tires (Number of)—
Stocks
—-—
,
Tractor
(in
___Apr. 11
—
-—
25,000,000
8^133,618
(BUREAU
DEPT. OF
(1947-49=100):
—
42,298,366
8,000.000
Tires (Number of)—
Production
n.
Mar- 24
SERIES
83,834,843
4,052,338
20,000,000
January:
Shipments
'
NEW
620,773,685
73,963,102
MANUFACTURING ASSOCIATION,
RUBBER
Truck and
(SHARES):
—Mar- 24
Mar. 2.
PRICES,
$774,468,265
596,424,925
4,825,041
operating before charges
Net income after charges (estimated)
Net railway
Inventory
SALES ON THE N. Y. STOCK
ROUND-LOT STOCK TRANSACTIONS
Meats
All
11,862
2,801,270
——————...Mar. 24
shares
Mar. 24
sales—
products
Processed
8,333
$133,879,734
J}ar. 24
Commodity Group—
All
commodities—-=—.———
Farm
8,010
6,726
2,790,462
^ar. 2*
sales
—
1,298,812
2,797,188
$133,801,257
sales
sales
WHOLESALE
2,195,717
$141,255,991
1,519,716
STOCK
OF
$699,241,730
68.643,141
—
—
Production
Sales
Other
Total
$73,033,522
2,809,280
2,761,738
01
sales
round-lot
$145,645,233
2,127,397
$103,602,064
2,751,549
Mar- 24
AND
$668,304,817
573,715,402
operating revenues
operating expenses—
—
1
ACCOUNT
220
of February:
Total
Production
—Mar. 24
■—Mar. 24
-
ROUND-LOT
129,777
220
CLASS I ROADS
Shipments
COMMISSION
purchases by dealers—Number of
EXCHANGE
655,133
121,629
(AS¬
SOCIATION OF AMERICAN RRs.)—Month
RAILROADS
Passenger & Motorcycle
^ar- 24
FOR
785,130
'364,893
280
cars
passenger
2,570,804
6,390,406
sales
TOTAL
486,742
408,539
coaches
5,363,586
other
Other
3.59
97,454
529,370
567,250
Customers'
Round-lot
2.87
3.22
506,273
755,250
918,975
Round-lot sales by dealers—
Sales
2.50
trucks
991,310
sales
Short
3.85
2.50
vehicles
number of
motor
1,026,820
—
shares—Total
5.50
,: 4.01
'
3.51
"
SALES
FROM!
S.—AUTOMOBILE MANU¬
of
Mar. 24
Mar. 24
——Mar. 24
short
of
-•.
FACTORY
of
3,263,655
Customers'
Number
;
.
3.33
•;
3.15
Number
4,318,196
Mar. 24
Mar. 24
value
3.47
4.99
-
3.51
—
VEHICLE
MOTOR
(24)—
(200)—
Average
3.15
3.25
—
Number
5,990,300
Odd-lot purchases by dealers (customers' sales)— v
Number of orders—Customers' total sales
Dollar
Tel & Tel.)
Amer.
44,600
6,055,675
—
—_
3.11
4.84
—
270,130
(customers' purchases)—!
shares
2.45
2.06
YIELD—100
—_—
(25)
INC.—Month
AND
DEALERS
2.47
2.11
STOCKS—Month of March:"
(125)
41,600
TRANSACTIONS FOR ODD-LOT ACCOUNT
LOT
AVERAGE
WEIGHTED
409,810
Mar. 24
Sales—.—————------•—
STOCK
33.8
$2.29
■
2.12
-—
Taxes
"
Short
Total
$2.31
2.47
goods
37,700
members—
for account of
transactions
40.3
38.4
■
$2.32
—
Total
sales
Total
goods
491,670
—
round-lot
39.7
39.3
38.6
40,290
1,545,776
Sales
sales
79.93
38.9
39.5
714,960
Mar- 24
-^ar>
____——.———
Mar. 24
Other
98.74
81.02
FACTURERS' ASSN.—Month of March:
I
sales
Short
»
4,217,450
Mar. 24
Mar. 24
:
£ales
Total
Total
4,208,140
Mar. 24
Sales
on
$90.91
97.07
81.83
1
$89.86
97.57
39.1
(15)
Insurance
(10)_
Mar. 24
transactions initiated
$90.71
;
—
Banks
registered—
Sales
Other
OF
goods—.—
Industrials
Utilities
SPECIALISTS
transactions initiated off the floor—
Total
DEPT.
goods
Nondurable
COMMON
purchases
sales
S.
450,380
INDEX-
BERS, EXCEPT ODD-LOT DEALERS AND
Short
U.
—
goods
Durable
91
440,723
Railroads
Other
HOURS—WEEKLY
AND
manufacturing—
MOODY'S
.
9,680,000
6,840,000
of March:
manufacturing-^
All
113.02
REPORTER PRICE
AVERAGE—100
purchases
16,520,000
•8,914,000
Hours—
299,289
86
Total
•15,583,000
Hourly earnings—
305,857
Total
173.9
•6,669,000
goods
Nondurable
459,067
Other
•158.3
15,471,000
—
ESTIMATE
4.47
sales—
101.0
156.8
Weekly earnings—
All
manufacturing
FACTORY EARNINGS
5.01
Short
5,226,000
93.1
—
4.25
4.74
Other
7,268,000
*5,046,000
goods.
3.78
Apr. 18
specialists in stocks
12,494,000
*6,469,000
Avg.=100)—
turing industries—
All manufacturing
Nondurable
Baa
of
(1947-49
•11,515,000
92.2
workers)
Payroll indexes (1947-49 Avg.=100)—
All manufacturing
Estimated number of employees in manufac¬
4.39
Total
11,405,000
5,047,000
82.77
4.23
57,718,915
1
of
6,358,000
79.96
3.72
58,519,032
DEPT.
SERIES—Month
(production
goodsEmployment indexes
All manufacturing
82.03
3.80
57,615,101
$961,822,000
58,741,463
31—
S.
55,973,498
$955,263,000
of
goods——
4.56
Transactions
59,435,999
$1,010,932
,
customers at Jan.
PAYROLLS—U.
A 85.20
•
AVERAGES:
FOR
61,598
consumers—
omitted)
customers—Month
REVISED
LABOR
-Apr. 18
TRANSACTIONS
ultimate
(000's
ultimate
-Apr. 18
DRUG
126,776
INSTITUTE—
;
Durable
89.51
PAPERBOARD
93,029
147,799
(tons
Nondurable
85.46
Bonds
116,680
131,308
February:
'nrV
Apr. 18
of
from
EMPLOYMENT
All
■
Aaa.
*97,682
134,812
111,924
2,000 pounds)
January
83.34
DAILY
108,418
151,833
139,562
of
ELECTRIC
Month
26.000c
88.67
YIELD
March:
of
(tons of 2,000 pounds)-
copper
Revenue
11.800c
104.000c
26.000c
109.750c
AVERAGES:
Group
5,912,438
13.500c
11.500c
Month
(net tons)
of 2,000 pounds)
Kilowatt-hour
28.600c
month
fabricators—
to
S.
Refined
EDISON
QUOTATIONS):
(net tons)__
INSTITUTE—For
Refined
6.196c
Apr. 10
Apr. 10
*
Feb.:
Copper production in U. S. A.—
Crude (tons of 2,000 pounds)
&
1
,
ton)
of
tons)
(net
coke
Delivered
ton)
MINES)—Month
Oven coke stocks at end of
COPPER
INDUSTRIAL)
OF
(net tons)
coke
Oven
Beehive
Apr.
.
AN.D
M. J.
(BUREAU
Production
RESERVE
lb.)
&
Total
COKE
88.00
ROUND-LOT
$54,200
13,100
._
PRICES
PAINT AND
*$54,100
COM-
of February
24,200
88.15
1949
OF
86,524
13,100
-Apr. 18
OIL,
.DEPT.
-
SERIES- -Month
136,566
$54,100
INVENTORIES
Manufacturing
•
received
86,028
'
214,956
24,600
Apr. 12
Orders
70,189
61,605
222,889
(tons)
Wholesale
_
NATIONAL
'
78,007
70,074
Retail
11.500c
Government
(tons of
grades
171,400,000
Apr. 12
S.
all
2,000 pounds)
226,400,000
Apr. 12
U.
output
(tons of
191,400,000
_Apr. 12
BOND
smelter
191,000,000
copper—
inu us triads
18,105,000
169,600,000
Apr. 12
MOODY'S
330.826,000
48,020,000
INSTITUTE, INC.—Month of
Stocks at end of period
PRICES:
gross
(E.
BOND
357,762,000
25,119,000
export
...
270,400,000
_Apr. 12
MOODY'S
:
177,300,000
MINES):
INDEX—FEDERAL
kwh.)
000
Finished
METAL
and
,
186,800,000
INC
(per
domestic
(barrels)
13
AVERAGE=100
COMPOSITE
Scrap Steel
30,713,000
13
(tons)___
FAILURES. (COMMERCIAL
IRON
16,000
28,610,000
27,903,000
HI_~~Apr.
ZZZIlApr.
ZZZZZZZZApr.
INSTITUTE:
(in
output
zinc
MERCE
(tons)
SALES
SYSTEM—1947-49
EDISON
14,000
28,677,000
33,481,000
4,
.2,000 pounds)
600,747
Apr. 13
Z
municipal
OUTPUT
14,000
253,398,000
224,140,000
29,242,000
33,688,000
.
(barrels)
1
505,930
~
Bituminous
31,495,000
March:
Slab
63,645,000
25,539,000
8
;
.
.
Federal
COAL
221,653,000
30,960,000
(Millions of dollars):
Public construction
and
253,162,000
223,497,000
(barrels)
imports
consumption
AMERICAN ZINC
CONSTRUCTION—ENGINEERING
Private construction
State
imports
product
Decrease all stocks
17,051,000
<
Apr.
of
254,471,000
(barrels)
(barrels)
12,638,000
6,032,000
Ago
(barrels of 42 gal¬
output
output
(barrels)
output
oil
Shipments
(no.
production
each)
Refined
2,755,000
7
7
Year
Month
INSTITUTE—Month
346,759,000
8,035,000
28,680,000
1
7
NEWS-RECORD:
Total
domestic
Benzol
RAILROADS:
freight loaded (number of cars)
Revenue freight received from connections
ENGINEERING
7,899,000
7
Z~~Apr*
Revenue
CIVIL
7,093,210
7,353,310
7,351,310
n
Apr'
*
7,226,560
Previous
January:
Total
2,238,000
PETROLEUM
Natural gasoline
7
~Anr'
,Apr'
Stocks at refineries, bulk terminals, in
transit, in pipe lines—
Finished and unfinished gasoline
Kerosene
AMERICAN
lons
—IZIZAnr"
~~~ZZ--ADr"
I~""Apr'
_1_
___
output
80.9
1,574,000
of that date:
are as
Month
Ago
54.0
1,696,000
of quotations,
cases
either for the
are
Latest
'
A
(bbls.)__
(bbls.):
oil
fuel
1,748,000
in
or,
Domestic crude oil
of
.
.
stills—daily average
(bbls.)___:—
output
(bbls.
average
output
Kerosene
Ago
58.0
that date,
31
production and other figures for the
cover
Dates shown in first column
Year
Month
Week
60.0
on
'
output—daily
each)
Gasoline
Apr. 23
month available.
month ended
or
Previous
Week
-
•
capacity)
INSTITUTE:
condensate
to
runs
cent
or
of
Steel
AMERICAN
INSTITUTE:
(per
Equivalent to—
ingots and castings
following statistical tabulations
latest week
Business
AMERICAN
(1771)
•
•
32
The Commercial and Financial Chronicle
(1772)
.
.
Thursday, April 20, 1961
.
* INDICATES
Now
Securities
in
Advanced
the
of
NOTE—Because
—$3.50 per share.
processing by the SEC it is becoming
difficult to predict offering dates
awaiting
ized in October,
increasingly
with
high degree of
a
fice
The dates shown
accuracy.
Investment
Management Corp.
Business—The
1960 to operate
company
was
Price
organ¬
insurance home of¬
an
service and management company
items reflect the
but
pany
and
index
expectations of the underwriter
general, to be considered as firm
not, in
are
accompanying detailed
the
in
the proceeds estimated at $851,895 as a
acquisition of interests in life insurance;
fixtures; for the establishment of a
sales organization and for working capital. Office—The
will
furniture
for
•
EJectronics
ACR
Feb.
27,
refiled
1961
Rector
(5/15-19)
Corp.
125,000
use
for the
reserve
and
Building, Little Rock, Ark.
Underwriter—Ad¬
Underwriters, Inc., Little Rock, Ark.
vanced
shares of common stock.
Price—$3 per share. Proceeds—For salaries of additional
+ Aeroject-General Corp.
personnel, liquidation of debt, research and the balance
April 11, 1961 filed $15,000,000 of sinking fund deben¬
tures, due 1981. Price—To be supplied by amendment.
Business—This subsidiary of General Tire & Rubber Co.,
is engaged in the research, development and manufac¬
ture of rocket engines and propellants for military and
space exploration purposes. Proceeds—For the repay¬
working capital. Office—551 W. 22nd St., New York
City. Underwriter—Robert Edelstein Co., Inc., New York
City.
V r.-. .V-.:.;
for
Accesso
(5/8-12)
Corp.
Jan.
30, 1961 filed 40,000 shares of common stock and
40,000 shares of preferred stock (par $10) to be offered
ment
debt.
Office—1100
West
Holly vale St., Azusa,
Calif. Underwriter—Kidder, Peabody & Co., New York
City (managing). Offering—Expected in late May.
public sale in units consisting of one share of _comand one share of preferred stock.
Price—$15 per
for
of
mon
Business—The company is engaged
unit.
manufacture
lighting
fluorescent
of
sale
and
acoustical ceiling systems.
Leonard & Sons,
Jan.
be
construction
Business—The
ponents and systems designed and manufactured under
government contracts by companies in the missile, space,
Corp.
electronic
outstanding shares of class A
Price —To
stock.
common
Construction
&
filed 30,000
1961
6,
installation
Airwork
April 14, 1961
(letter of notification)
unit
of
share
one
of
42,500 units, each
stock
common
(par
one
one share of class A stock (par $1). Price—$7
unit. Business—The sale and redemption of trading
stamps. Proceeds — For printing trading stamps, cata¬
logues; advertising and franchise development. Office—
26 Broadway, New York, N. Y. Underwriter—J. B. Coburn Associates, Inc., New York, N. Y.
cent) and
and
Jan.
19,
which
Auto
filed
1961
75,000
System,
Leasing
to
are
the present holders
thereof.
for
trucks
and
Feb.
loans
Underwriter
share.
Busi¬
periods
Proceeds
Rochelle,
&
N.
and
four
of
offering
shares
350,000
stock of The Victoreen
common
Instrument
$15,125
of
Co.
at
share
per
April 18 by
an
headed
a
was
price
of
made ion
Van
by
furniture
New
York
underwriting group
Alstyne, Noel &
Net proceeds from the
will
be
used
by the
financing
company
to
Dec.
radiation
new
capital
equipment
facilities; to finance increased
inventories
and
accounts
receiv¬
able; to modernize existing equip¬
ment
and to acquire new auto¬
matic equipment for one of the
company's
subsidiaries
and
to
expand and modernize the exist¬
ing facilities and open a new West
dose
tubes.
subsidiaries
indica¬
resistors
Victoreen's
make
part
of
the
corporate
Instrument
company's
general
funds.
The Victoreen
Co.,
develops and
ous
bal¬
Cleveland,
line
of
use in
medical, industrial,
pharmaceutical, aircraft and mis¬
fiscal
year
ended Dec.
31, 1960, Victoreen and its subsid¬
iaries
reported consolidated
net
sales of $14,042,698 and net income
of $490,496.
Upon
completion
financing, outstanding
capitalization of the company will
consist of 2,011,067 shares of com¬
stock; $2,459,000 of 6%
vari¬
electronic and nuclear instru¬
ments
and
medibal
d
e
vices,
radiation
including
measuring in¬
subordinated
con¬
debentures
$50,000 of sundry indebtedness.
Sidney Rubin Opens
BETHESDA, Md.
is
conducting
from
a
offices
Avenue.
_
to
Sidney Rubin
7913
stock, each
purchase
shares in the next issue of
common
mineral
offering price.
in
resources
two
shares, at
Price—$4
prospecting
B
stock.
life
Price—$25
insurance
and
unit. Business—The writing of
per
allied
lines
insurance.
of
Proceeds—•
For
capital and surplus. Office — Third National Bank
Bldg., Nashville, Tenn.
Underwriter—Standard Ameri¬
Securities, Inc., Nashville, Tenn.
Financial
Corp.
(5/22-26)
March 24, 1961 filed 175,000 shares of common stock,
which 125,000 shares are to be offered for public sale
the company and
holders
ent
of
by
50,000 outstanding shares by the pres¬
thereof.
Price—To
be supplied by amend¬
operation of three Ohio savings
and loan associations, an automobile and truck
leasing
business, and a small bdilding contracting business in
ment.
Business—The
southern
Ohio.
for general
Proceeds—The
corporate
Road, Norwood, Ohio.
March 22,
be
Ohio
American
of
repayment
//"-/■//.
(managing).
Gas
debt'and
Office—3955 Montgomery
Underwriter—Westheimer & Co.,
purposes.
Co.
1961 filed
101,081 shares of common stock to
by stockholders on the basis
offered for subscription
of 2.7
new
shares for
each
share
held.
Price—$3.50
per
share. Proceeds—To repay bank loans and for construc¬
tion. Office—546 South. 24th
Ave., Omaha, Neb. Under¬
writer—Cruttenden, Podesta & Co., Chicago (managing).
Offering—Expected in early May..
American Mortgage Investment
Corp.
April 29, 1960 filed $1,800,000 4% 20-yr. collateral trust
bonds and 1,566,000 shares of class A
non-voting com¬
stock.
offered
for
vestment
It
is
that these securities will be
units (2,000) known as In¬
proposed
public
sale
in
Certificates,
each representing $900 of bonds
Price—$1,800 per unit. Proceeds
principally to originate mortgage loans and
and 783 shares of stock.
—To be used
them
disposition.
carry
until
market
Office
—
conditions
210
are
favorable
Amity Corp. (5/22-26)
17, 1961 filed 88,739 shares of common stock (par
Price—$3 per share. Business—Land development,
Jan.
$1).
including the building of an air strip, a marina, and a
housing cooperative. This is the issuer's first public fi¬
nancing. Proceeds—For general corporate purposes, in¬
cluding $170,000 for construction and $12,000 for debt
reduction.
Office—Equitable Building, Baltimore, Md.
Underwriter—Karen Securities Corp., New York City.
per
and exploration for
Israel.
Proceeds—For
(4/26)
Feb. 28, 1961 filed 100,000 shares of
—$4
common
stock. Price
share. Business—The design and development
disposable hypodermic ampoules for adminis¬
tering medication. Proceeds—For general corporate pur¬
per
of sterile
including laboratory equipment, salaries for en¬
gineers, moulds and dies, and working capital. Office—•
poses
To Admit
Kahn
&
Peck,
Place,
members
Cohn
Exchange,
Alvin
New
the
of
on
&
Co.,
74
York
City,
York
New
Y0DR PRIME SOURCE FOR
Stock
April 27 will admit
J.
««NEW
Townsend, Dabney
To Admit Smith
BOSTON, Mass. — Townsend,
Dabney & Tyson, 30 State Street,
members
of
the
New
Maryknoll
.
York
and
Boston Stock
will
admit
member
Exchanges, on May 1
Philip W. Smith, Jr.,
of
the
New
York
Ex¬
change, to partnership. Mr. Smith
is a principal of Walston & Co., Inc.
D U L U T H,
Clarey,
Inc.
for
Center St., Little Rock, Ark.
Kahn, Peck Co.
Keenan &
securities business
at
,
—
(par $1)
of
the current
mon
Co.
common
Ampoules, Inc.
common
warrants
sile fields.
Ohio,
manufactures
two
Delaire, member of the
Exchange,
to
partnership.
Mr.
Delaire is a partner in Gruss & Co.
broad
due
1974; $680,725 of mortgage
indebtedness of subsidiaries; and
The
will become
carries
also
company's
subsidiaries.
appliance dealers throughout the
Proceeds—For the repayment of
Trinity
the
Insurance
Underwriter—Amico, Inc.
field, photographicelectronic equipment, and adver¬
tising and display signs.
They
a
Life
certain
vertible
of the proceeds
area.
Business—The
types of medical instrumentations
manufacture
Educational
and 240,000 shares of class B non¬
stock to be sold in uints, each unit to
consist of 4 shares of class A stock and one share of class
voting
mon
(5/10)
discount of 25% from the
a
share.
Coast operation for another of the
ance
Office—Millville,
Auchiilcloss, Parker & Redpath,
—.
and
City
which
of
additional
hi-meg
meters,
electronic
For
repay
capital.
23, 1960 filed 125,000 shares of
share
in the nuclear
acquire
and
working
America-Israel Phosphate Co.
felt for
Co.
for
debt and for working capital. Office—71 West Merrick
Blvd., Valley Stream, N. Y. Underwriter—Mortimer B.
Burnside & Co., Inc.
phosphate
struments,
Public
supplied by
21, 1961 filed 200,000 shares of class A stock. Price
tors, laboratory and field radiation
Stock Marketed
be
per
from
(managing).
survey
To
share. Business—A sales finance company, spe¬
cializing in the purchase of conditional sales contracts
For working capital. Office—
Underwriter — Carl M. Loeb,
Victoreen Com.
—
—$5
(4/24-28)
Co., New York City
J.
and
All-State Credit Corp.
—
Y.
Price
Feb.
the issuing company and 50,000 shares, representing out¬
standing stock, will be offered for the account of the
present holders thereof. Price — To be supplied by
amendment.
undisclosed
Alaska. Underwriter—To be named.
the business of leasing
20, 1961 filed 160,000 shares of common stock, of
110,000 shares will be offered for the account of
New
an
Creamery Products, Inc.
Dec. 19, 1960 (letter of
notification) 130,000 shares of
common
stock (par $1). Price—$2 per share. Proceeds
—To purchase equipment, and other
necessary materials
for distribution of dairy products.
Address—Anchorage,
which
Rhoades
purchase
Washington, D. C., and New York City.
(managing). Offering—Imminent.
Electronics, Inc.
to
shares.
common
N.
of over one year.
offices in Philadel¬
phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.
Office—1616 Northern Boulevard, Manhasset, N. Y. Un¬
derwriter—Hill. Darlington & Crimm, New York City
Adier
of
bank
Proceeds—To repay loans; open new
•
warrant
Alaska
per
ing stock
•
engines, instruments and accessories. Proceeds—To
Inc.
Price—$10
American
Dec. 5, 1960 filed 960,000 shares of class A common vot¬
Cincinnati,
(5/8-12)
unattached
an
number
100,000 shares of class A stock, of
be offered for public sale by the
ness—The company is engaged in
automobiles
Corp.
(managing).
amendment. Business—The overhaul and sale of aircraft
and 25,000 shares, being outstanding stock, by
company
(5/23)
April 12, 1961 filed 140,000 outstanding shares of com¬
mon
stock (par $1). Price—To be supplied by amend¬
ment. Business—The operation of television, radio and
motion picture theatre facilities and phonograph records
and music publishing. Proceeds—For the selling stock¬
holder. Office—7 West 66th St., New York City. Under¬
writers1—Merrill Lynch, Pierce, Fenner & Smith Inc.,
and Cyrus J. Lawrence & Sons, both of New York City
(managing).
•
per
A-Drive
repay
17, 1961 filed $1,5U0,000 of 6% subordinated de¬
bentures, due May 1, 1976 and 10-year warrants to pur¬
chase 125,000 shares of common stock, to be offered for
public sale in units consisting of $1,000 of debentures
■je Action Discount Dollars Corp.
consist
Proceeds—To
March
Y. Underwriter—None.
to
industries.
Stone & Co., New York City
launching platforms. Proceeds—To selling stockholders.
Office —43
North Village Avenue,
Roekville Centre.
N.
aircraft
Underwriter—Hayden,
missile
of
and
loans, buy additional equipment and for working capital.
Office—Deer Park, L. I., N. Y.
supplied by amendment.
and
City
American
shares by the present holders thereof. Price—To be
sup¬
plied by amendment. Business — The testing of com¬
Inc., New York City (managing).
Missiles
Acme
York
City.
'ic American Broadcasting-Paramcunt Theatres Inc.
(5/22-26)
24, 1961 filed 100,000 shares of common stock,
(par 10 cents), of which 40,000 shares are to be offered
for public sale by the company and 60,000
outstanding
metal
hangers,
Inc.
March
systems,
tiles and other types of
Proceeds—For the repayment
of loans and general corporate purposes.
Office — 3425
Bagley Avenue, Seattle, Wash. Underwriter—Ralph B.
tile
acoustical
Laboratories
ISSUE
purposes.
Office — 82 Beaver Street,
Underwriter—Casper Rogers Co., New
(managing).
York
can
Aerotest
in the design,
REVISED
business
New
with the related
secondary purpose of owning investments in entities en¬
gaged in- the insurance business.
Proceeds—The com¬
the
in
PREVIOUS
ITEMS
•
general
Jan. 13,1961 filed 300,000 shares of common stock.
number of issues
large
Registration
ADDITIONS
SINCE
BOUGHT
direction of John
L.
Banks, Jr.
-
v
39
Minn. — Keenan &
has a branch office
SOLD
QUOTED
M SIEGEL
Clarey
at 2222 East Fourth St., under the
-
for Banks, Brokers, Institutions
Dlgby 4-2370
Broadway, New
Ac.
York 6, N. Y.
Teletype No. N.Y. 1-5237
Volume
193
Number
6048
.
.
.
The Commercial and
Financial
Chronicle
(1773)
238 North Main
St., Hudson, Ohio. Underwriters—Brand,
Seigel, Inc., and Kesselman & Co., Inc., both
&
Grumet
•
27,
April 20
Development Co., Inc. (5/1-5)
$1,500,000 of 7% subordinated de¬
April 1, 1971 and 75,000 shares of common
1961
company
facilities.
Co.)
(Bids
United
organized under
acquire land for the
States
(Offei-ing
11:00
Fenner
Office—3436 North Verdugo Road,
Glendale, Calif.
April 21
Haloid
(Offering
Apache Corp.
March
Resitron
31, 1961 filed 300 units in the Apache Gas and
Program 1962.
Price—$15,000-per unit. Business—
The acquisition,
holding, testing, developing and oper¬
ating of gas and oil leaseholds.
Proceeds—For general
sidiary, APA, Inc., will act
gram.
April 24
Adler
as
--'"v;
■
loarl
M.
Astek
Automation
California
(Vvilliam
Proceeds
—
For
investment.
Office
—
523
prop¬
Crowell-Collier
(4/24-28)
Daffin
and
Co.,
its parent.
Price—To
The
—
Power
(Offering
supplied
formerly
Cleaver-Brooks Special Products, Inc., is engaged prin¬
cipally in the development, manufacture and sale of
equipment used for desalting and purifying sea and
brackish water. Proceeds
For research and develop¬
ment and working capital. Office — 225 North Grand
Ave., Waukesha, Wis. Underwriters — Carl M. Loeb,
Rhoades & Co., New York City and Loewi & Co., Inc.,
Milwaukee, Wis. (managing).
Business
be
Fulton
company,
Industries,
(T.
Giannini
Controls
Hickory
23,
1961
(Underwriter
to
be
on
the basis of
—-22
offered
for
Laboratories, Inc.
2,100,500 shares of common stock
subscription by
one
for
working capital.
Ariz.
(B.
Microwave
Proceeds—To repay loans and
Mohawk
(R.
National
National
Probable
.(Van
11:30
&
Smith
Inc.
Bids—To
received
be
May
15
AE-mstrong
(Stroud
&
at
of
&
Varnish
Works,
(Bache
Co.)
&
March
&
Sierra
shares
Motorola,
(Halsey,
(managing).
10
a.m..
Electronics, Inc.
Stuart
March
30, 1961 filed 165,000 shares of common stock (par
Price—$5 per share. Business—The distribution of
electronic equipment including high fidelity, radio and
television components.
Proceeds—To repay loans, ex¬
pand facilities and for working capital.
Office — 525
Ampoules,
$1).
Jericho
Accesso
Airwork
Malkan
&
(The
Sachs & Co.)
R.
Astek
Instrument
(4/24)
Corp.
capital.
Office
Woodhill, Inc.,
•
(letter of notification)
—
Armonk, N.
Y.
Securities,
July
22,
Price
Underwriter
—
M. H.
Inc.
cn
CST)
a.m.,
(
$7,000,000
(Maltz,
(M.)
U. S. Government
(5/1-5)
Co.
&
100,000
Blue Haven
Corp.; Rodetsky,
Wegard & Co.)
Securities
and
and
Inc.
shares
Units
Leonard
Sons,
&
Inc.)
$600,000
Units
Peabody
&
Stone
Lyon
Common
125,00
share's
110,000
Co.)
shares
.Common
Co.)
&
Common
Co.,
&
(Stroud
$1,180,748
Inc.)
Co.,
Treat
&
&
Debentures
$2,550,000
Co.)
Common
Inc
Co.,
Inc.
and
Roth
&
Co.,
Inc.)
$2,200,000
Common
Stein, Hall & Co. Inc
Eberstadt
&
shares
250,000
Co.)
(Tuesday)
L.
C.
(Hemphill,
Noyes
&
Co.
Class A
and Estabrook &
Co.)
180,000 shares
Bonds
Peoples Gas Light & Coke Corp...
(Bids
Common
Potoma
Weill)
&
$280,000
May 10
10
CDST)
a.m.
$30,000,000
(Wednesday)
All-State Credit
(Mortimer
April 28
Co.,
110,000
shares
Industries, lnc
Berlind,
Common
&
Co.)
King Kullen Grocery Co., Inc
Clayton
Co.;
&
Walker
&
Philadelphia Aquarium, Inc
Publishers
May 9
.Common
Greenwald
$4,800,000
Liquid Gas Corp..
(F.
Co
Kleinzahler,
received)
Common
(Thursday)
April 27
Blatt
$15,000,000
Kings Electronics Co., Inc
(Amos
Bonds
Corp.
(Plymouth Securities Corp.) $260,000
(Carter,
New York, N. Y.
Atlantic Fund for Investment
shares
120,000
Tronomatic
200,000 shares of
common
stock
(par 10 cents). Price—$1.50 per share.
Business—The
manufacture of flight
instruments and
control systems for missiles, space vehicles and aircraft.
Proceeds—For
leasehold
improvements, furniture and
equipment, the purchase of equipment, and working
17, 1961
10
$100,000,000
Bonds
Winston
Jay,
B.
|
Common
Dominick)
&
(Bids
•
March
and
Anthony
150,000 shares
& Electric Co
Gas
Co.)
DST)
a.m.
be
to
(Hayden,
Inc.)
Common
-
(Dominick
Madison
Expected in June.
11
Greenwald
(Ross,
Tucker,
and
Corp.
Day)
&
Electronic Assistance Corp
Equipment Corp
L.
Debentures
Stanley
Corp.
Common
Boston
First
Common
underwriting)
shares
(Monday)
California
$30,000,000
Inc. and Kesselman & Co.,
Inc.
Inc.;
Inc.)
Co.
(Auchincloss, Parker & Redpath) $1,500,000
<
Grolier
Co.
&
&
Corp
(Ralph
...Bonds
$400,000
I., N. Y.
Loeb
Barney
Engineering Corp
Maltz,
lnc
Precision
Kuhn.
Smith,
Co
(Thomas
(Wednesday)
Grumet & Seigel,
General
Underwriter—
Co., Inc., New York City. Offering—
Turnpike, Mineola, L.
Arnold
(Brand,
..Bonds
L__
and
(Friday)
Rocket Jet
Class A
$15,000,000
Goldman.
and
Co.
$50,000,000
(Thursday)
May 5
Debentures
&
Oil
(Bids
shares
lnc
April 26
DST)
stockholders—no
to
(Kidder,
Arrow
Common
(Wednesday)
May 8
CST)
$3C0,000
Chicago, Burlington & Quincy RR._ .Equip. Tr.Ctfs.
$300,000
holders. Office—1330 South Kilbourn Ave., Chicago, 111.
Underwriter
Lee Higginson Corp., New York City
(Bids
Common
$1,600,000
Iowa-Illinois Gas & Electric Co
—
shares
Pacific Power Co
May 4
Common
200,000
Co.)
125,000 shares
Co.)
200,000
Inc.)
Inc.:
Co.
Co.
(Bids
Common
&
Inc.)
Washington Gas Light Co
Corp
Weld
Co.)
$480,000
—__
(White,
Co.,
a.m.
&
&
(Morgan
(Tuesday)
April 25
&
11
Ripley
Continental
holders
Endevco
&
$650,000
Co.)
132,570
Common
100,000
—
Bradford
C.
Class A
(Offering
Units
9, 1961 filed 207,315 outstanding shares of com¬
stock, to be offered for public sale by the present
thereof. Price—To be supplied by amendment.
Business
The manufacture and sale of paint, varnish,
lacquer and paint cans. Proceeds—For the selling stock¬
mon
J.
shares
Debentures
Treat
Freres
Class A
Co.)
underwriting)
.Common
and
$15,000,000
$675,000
Inc.)
Wolf Corporation
(No
Co.
(Kingdom of)
Common
Pharmaceutical, lnc
Inc.
(5/1-5)
Inc...
&
(Tuesday)
May 3
Corp.__
Inc.)
&
Corp.)
Telephone Co. of Pennsylvania.-.Debentures
(Harriman
185,000. shares
York
Lomasney
Common
Securities
Williamson
and
...
(Bids
$27,000,000
America, lnc
A.
(Myron
$800,000
stockholders—underwritten by Dean Witter & Co.;
Inc., and Merrill Lynch. Pierce,, fenner
& Smith,
Inc.)
118,384 shares,
to
$400,000
—______
W.
and 'Warren
Co.
Thrift Courts
Vitamix
Paint
Corp.
Norway
—Common
Seigel,
Co.)
$900,000
Inc.)
Co.,
&
&
Grumet
Terryphone Corp.
(DST).
a.m.
Common
Common
Sloss
(Marron,
&
Inc
Inc.
Hammill
May 2
shares
Inc.)
Co.)
&
shares
Mfg. & Galvanizing Corp
(Offering
Bell
Roblin-Seaway Industries, lnc
(Brand,
Stonehill
Debentures
Noel
Alstyne,
200,000
$285,000
240,000
EST)
a.m.
Co.)
&
(Armstrong & Co.,
Common
Progress Webster Electronics
bidders:
White, Weld & Co. (jointly); Merrill Lynch, Pierce,
Fenner
11
Common
Blyth & Co.,
!
Inc.)
Co.,
$300,000
Washington Natural Gas Co
$300,000
Co..
Common
Corp.)
Common
Common
&
Labouisse,
$200,000
Co
Gas
(Bids
Halsey, Stuart & Co. Inc.; Eastman
Dillon, Union Securities & Co., and Equitable Securities
Corp. (jointly); Blyth & Co. and Dean Witter & Co. (joint¬
ly); Lehman Brothers; Stone & Webster Securities Corp.
and
S.
$290,000
lnc
Edelstein
Weil,
$2,654,370
Corp
Investors
Forgan
Co.,
(Amos
$125,000
Nedick's Stores, Inc...
Little Rock, Ark. Un¬
by competitive bidding.
determined
Fuel
Of-
E.
Units
Howard,
Co.)
(Cooley &
U.
Co
Dowd
Shearson,
shares
Tassette, Inc
Marketers, Inc.
(Robert
fice—Ninth and Louisiana Streets,
be
F.
Food
&
200,000
Common
Co.
$300,000
and
300,000
and
Industries,
(Shearson,
Common
Inc.)
Brothers)
Insurance
Underwriter—None.
derwriter—To
Spartans
Lazard
Office—2 North 30th Street, Phoenix,
$12,0(30,000 of first mortgage bonds, due 1991.
Inc.)
named)
Co.)
&
Associates,
(Lehman
Arkansas Power & Light Co. (5/15)
March 23, 1961 this subsidiary of Middle South Utilities
filed
Rubm
N.
R.
Gabriel
Units
&
Co.
Co.)
Co.
Inc.)
Co.,
$300,000
Co.)
Wanderer,
(Meade
Price
&
.Common
Meridian Electronics, Inc....
Business—The processing of black
and white and color film.
&
Planning Corp
(Espy &
&
$160,000
shares
368,000
Marcon Electronics Corp....
stockholders
share for each share held.
new
cents per share.
common
J.
...—Common
be
Inc.)
....Capital
&
Seacrest Industries
.Common
to
Co.,
Stp.ats
(Federman,
$200,000
Associates,
$300,000
..Common
Securities
(Glore,
Stratton
lnc
Coburn
B.
shares
Common
Securities, Inc.)
Instrument
Loeb,
(A.
Corp
&
240,000
Opelika Manufacturing Corp
Hopwood)
Honey Dew Food Stores, lnc
Film Processing
filed
&
Walston
Co.)
Peabody
Industries,
(J.
M.
Corp
Kirsch
M.
(Kidder,
Income
March
Northern
shares
Pharmaceutical
Co.)
Inc
R.
Fuuer
Common
Jalfray.
and
$650,000
Common
&
Friedrichs
—Common
Inc.
Co.,
Co.)
Panacolor, Inc.
underwriting)
233,955
Geriatric
Carl
lnc
(Robinson-Humphrey
Common
Planning
Common
stockholders—i\o
to
$760,000
$405,000
Bagasse Products Corp.
D.
(I.
Co
—
Arizona Color
IS.
shares
150,000
Duke
Corp.)
Co.)
Corp
(Charles)
National
shares
Co.)
Piper,
&
Peabody
(Albion
Debentures
—
and
Brotntvs
60,000 shares
& Co
(William
..Capital
88,977
Publishing Co..
by
Capital
Securities
(Fontana
Inc.)
shares
&
$224,200
Common
Hammill
Co.)
&
Corp.)
Lytton Financial Corp
—
Barth
J.
Common
Securities
Industries, Inc
$150,000
Corp.
(Liehman
3, 1961 filed 340,000 shares of common stock
(par $1), of which 227,000 are to be offered for public
by the company and 113,000 outstanding shares by
amendment.
(D. C.)
Common
Corp.)
shares
Common
(Kidder,
$300,000
to1 siocknoiuers—Unuerwritten
(Offering
sale
by
Heath
.Common
620,445
March
Cleaver-Brooks
Co.
&
150,000
Corp
Economics
Kreisler
inc. i
Rhoades
Inc.
Loewi
and
Co.)
Corp.
Jodmar
(Offering to stockholders—underwritten by Alex. Brown & Sons)
Mar¬
Simmons, Chicago (managing).
Aqua-Chem,
;
snares
Corp.
Co.
&
$600,000
Corp
Community Research & Deveiopm't, Inc...Common
quette Ave., Minneapolis, Minn. Underwriter—Blunt El¬
lis &
'Fabien
shares
160,000
Co.)
Co.
&
Wooohill
Financial
Corp.)
Common
&
jtone
'(Goodbody
Common
&
Philadelphia
Staats
R.
Securities
(Continental
Corp
H.
Common
$300,000
Common
(Clayton
Development, lnc
(First
the acquisition, development and operation
shopping centers, office buildings and industrial
erties.
Glass
$200,000
Inc.)
—..Common
Rhoades
(M.
31, 1961 filed 1,000 units in the First Apache
Realty Program. Price—$5,000 per unit. Business—The
Program plans to engage in the real estate business, with
of
Emmer
Common
Co.,
Rhoades
Instrument
Apache Realty Corp.
on
&
340,000
March
empnasis
niederman
juoeb.
$300,000
Corp.)
(Warner, Jennings, Mandel & Longstreth)
Ltuman
by
Aqua-Chem, Inc.
underwriters for the Pro¬
''■
/"•
• ■■.
Common
Common
Inc.)
Co.,
(Manufacturers
Debentures
Inc.__t
Loeb,
$175,000
Instruments, Inc
(Monday)
M.
&
Electro-Mechanical
Elion
Electronics, lnc
(Carl
its sub¬
$1,000,000
Inc.)
Panels, Inc
(Plymouth
General
Office—523 Marquette Ave., Minne¬
and
E.
(D.
Inc.)
Co.,
Dodge Wire Corp
First Boston Corp.)
by
Laboratories, Ltd
Oil
company
Lynch,
Debentures
1
stocknolders—Underwritten
Brothers)
$10,288,000
to
Cp.,
&
Securities
(Hayden,
Inc..
National Airlines,
Nicholls
(Vestal
$15,093,600
.
F.
(Blaha
(Friday)
Xerox
&
Debentures
Economy Book Co
(Offering to stockholders—underwritten
Un¬
Co., St. Louis, Mo., and
Lester, Ryons & Co., Los Angeles, Calif./
The
by Merrill
$15,393,900
Inc.)
$575,000
Dixie Natural Gas Corp
..Debentures
Smith,
&
derwriters— Dempsey-Tegeler &
—
Bonds
stockholders—unuerwriiten
to
Units
Corp.)
Activities, Inc
Customline Control
$12,000,000
a.m.)
Freight Co
Pierce,
—
corporate purposes.
(
$98,238
Nicholls
F.
(G.
Henderson
related
course and
Proceeds
For the payment of a
mortgage
note, for development expenses and for working capital.
apolis, Minn. Underwriter
Holton,
by
Orange & Rockland Utilities, lnc
was
law in April, I960, to
development of residential lots, a golf
stockholders—underwritten
to
&
be offered for public sale in units
consisting of
$500 of debentures and, 25 common shares. Price—$632.50
Business—The
(G.
Corp.
Inc
Services
Activities, Inc
Consolidated
....Common
Equipment
(Offering
stock to
per unit.
California
Industries,
(International
(Thursday)
Computer
filed
bentures due
C.
Consolidated
Angeles Crest
Feb.
M.
B.
NEW ISSUE CALENDAR
of New York City.
33
(Friday)
CTS
Burnside
&
Co.,
Inc.)
$1,000,000
Common
Corp.
Common
Irvington Steel & Iron Works
Class A
Corp
B.
(Goldman,
Sachs
&
Co.)
300,000
shares
—
ment
with
the
in
filed 2,000,000 shares of common stock.
$25 per share.
Business — A diversified invest¬
company, which will become an open-end company
redeemable shares upon the sale and issuance of
1960,
shares
being registered.
Proceeds—For investment
U. S. Government securities.
New
Yprk
Citv.
Office—50 Broad Street,
Underwriter—Capital
Counsellors,
50
Broad
Street, New York City. Note—This uompany was
formerly the Irving Fund for Investment in U. S. Gov¬
ernment
L.
&
Fane
Co.,
Inc.)
$300,000
May
1
(Bids
(Monday)
on
page
34
Units
Angeles Crest Development Co., Inc
(Dempsey-Tegeler
&
Co, and Lester,
$1,897,500
Ryons
&
Co.)
May
11
(Lee
Atlantic
Fund
Government
Higginson
for
Corp.)
207,315
Investment
shares
(Bids
Counsellors)
(Eldes
Securities
May 15
in U. S.
—Common
Securities, Inc
Corp.)
Common
$472,500
ACR
received)
$4,155,000
11
a.m.
Bonds
DST)
$6,500,000
(Monday)
Electronics
(Robert
$50,000,000
to be
(Thursday)
Sierra Pacific Power Co
Armstrong Paint & Varnish Works, Inc.. .Common
Beryllium Manufacturing Corp
Continued
Equip. Trust Ctfs.
New York Central RR
(Capital
Securities, Inc.
(L.
Common
Corp
Edelstein
Co.,
Inc.)
$375,000
Continued
on
page
34
34
The Commercial and Financial Chronicle
(1774)
American
—Bonds
Arkansas Power & Light Go
(Bids
11:30 a.m. DST)
Criterion
lOLering
May 24
shares
11
C.
DST)
a.m.
Langley
(Hornblower
Bonds
New Orleans Public
(Bids
Beam
Bonds
11
$10,000,000
DST)
a.m.
Products
"
r
Board Co.,
Paper
(Goldman,
DST)
a.m.
June
Common
11
Stone
(Hayden,
Financial
June 5
Fintube
Common
Chock Full O' Nuts Corp
(F.
Eberstadt
&
Co.)
(N.
Hart
A.
Co.)
&
(Merrill
DST)
a.m.
6
Lynch,
$30,000,000
and
Jackson
Lee
Curtis;
&
Kidder,
Corp.)
500,000
Higginson
Weaker,
Jackson
&
June
Common
Beam
common
stock. Price
burglar warning systems. Proceeds—To
subsidiaries,
buy
equipment
to
make
sale
of
estab¬
component
parts of warning systems now manufactured by others,
reduce
indebtedness, add to inventory, and for working
Office—Bellemore, L. I., N. Y.
Underwriter—
Broad Street Corp., New York City (managing).
capital.
First
Automated
April 7,
5
cents).
Procedures
filed
1961
Corp.
per
share.
Business—The
(par
company
offers customized data processing service which involves
the
breaking up of complex accounting operations into
simple tasks performable by its machines. Proceeds—To
purchase additional equipment.
Office — 71 West 23rd
Street, New York City. Underwriter—Jay W. Kaufmann
6 Co., New York City.
•
Automation
Jan.
27,
1961
stock
Development, Inc.
(4/24-28)
(letter of notification) 40,000 shares of
(par 5 cents). Price—$3.75 per share. Pro¬
ceeds—For further
development of the "Skyjector." Of¬
fice—342 Madison Ave., New York City. Underwriter—
First Philadelphia Corp., New York, N. Y.
• Automotive Vacuum Control Corp.
March 30, 1961 (letter of notification) 60,000 shares of
common stock
(par $1). Price—$5 per share. Proceeds
—For
advertising,
fice—1007
East
new
B.
M. C.
products and working capital.
Of¬
Second
writer—Donald J.
Street, Wichita, Kan.
Under¬
Hinkley & Co., Inc., Denver, Colo.
Industries, Inc.
(5/1-5)
March 1, 1961 filed 50,000 shares of 7% non-cumulative
preferred stock (par $7.50); and 200,000 shares of com¬
stock
mon
(par one cent), of which 50,000 shares are
public sale by the company and 150,000
outstanding shares by the present holder thereof.
The
offering will be made in units, each unit to consist of
to
be
(James
(Bids
be
B.),
of
supplied
(Bids
troceecis—For
be offered for
one
preferred share and four
Business—The
whiskeys, vodka, brandies and cordials,
the selling stockholders.
Office—65 East
Water
Street, Chicago, 111. Underwriter—Gold¬
Sachs & Co., New York City (managing).
~
use
a
diverse
line
of
electronic
components
for
in
For
guidance and communication systems. Proceeds—
expansion and working capital. Office—1101 1109
Utica
Ave., Brooklyn, N. Y. Underwriter—International
Services Corp., Paterson, N. J.
•
BarChris
March
nated
plied
Construction
Corp.
30, 1961 filed $3,500,000 of convertible subordi¬
debentures, due May 1, 1976. Price—To be sup¬
by
amendment.
Business—The design, manufac¬
bowling alleys and bowling equipment.
Proceeds—For construction of a new plant,
development
of new products and
working capital. Office—35 Union
Square West, New York City. Underwriter—Drexel &
Co., New York City (managing). Offering — Expected
ture and
in
sale of
mid-May.
57th St., New York
New York, N. Y.
(5/22-26)
Fintube Co.
Brown
March
Office—-3 W.
City. Underwriter—Harry Odzer Co.,
1961 filed 122,000 shares of class A common
27,
Stuart & Co.
son
and
Philadelphia 3, Pa. Underwriters—To be deter¬
competitive bidding. Probable bidders: Halsey,
Inc.; First Boston Corp.; White, Weld & Co.,
Dillon, Union Securities & Co. (jointly);
Stanley & Co. Bids—To be received in Room
Eastman
Morgan
2315,
195
(DST)
•
on
Broadway, New
May 2, 1961.
York
City,
up
to
11
a.m.
Beryllium Manufacturing Corp.
I., N. Y.
City.
(5/1-5)
Underwriter—Eldes Securities
Corp.,
New
York
•
Bfatt
25
Co.
(4/27)
1961 filed 100,000 shares of common stock (par
Price—To be supplied by amendment. Busi¬
The
issuer
manufactures
and
equipment, the repayment of debts and for working
capital. Office—315 Third St., Trenton, N. J.N Under-■*
writers—Maltz, Greenwald & Co., New York City (man¬
aging); Clayton Securities Corp., Boston, Mass.; Rodetsky, Kleinzahler, Walker & Co., Jersey City, N. J.; and
L. C. Wegard & Co., Levittown, N. J.
new
©
Blue
March
Haven
industries, Inc.
(4/27)
(letter of notification)
30, 1961
70,000 shares of
working capital. Office—11933 Vose St., North Holly¬
wood, Calif. Underwriter
—
Carter, Berlind, Potoma &
Weill, New York, N. Y.
Briel
Feb.
1961
(letter
For
trial
of
notification)
11,590
shares
of
stock
16 shares held.
construction
and
Price—$8
share. Proceeds—
working capital. Address—Indus¬
per
Park, Shelbyville, Ky. Underwriters—J. J. B. Hil-
liard & Son and Stein Bros. & Boyce, both of Louisville,
Ky.
Broadcast
Feb.
28,
common
derwriter—Shearson,
1961
stock
International, Inc.
(letter of notification) 60,000
(par five cents).
Price—$5
Business—Producers
of
loans,
repay
purchase additional
Hammill
Co.,
&
New
York
City
(managing).
Finance Corp.
Business
Aug.
(letter
1960
5,
stock
of notification) 195,000 shares of
Price — $1.50 per share.
Office—1800 E. 26th
(par 20 cents).
radio
and
television
Underwriter—Cohn Co., Inc., 309
St., Little Rock, Ark.
N.
Little Rock, Ark.
Ridge Road,
CTS
(5/10)
Corp.
filed 300,000 shares of common stock (no
par) of which 75,000 shares are to be offered for public
sale by the company and 225.000 outstanding shares by
the present holders thereof. Price — To be supplied
amendment. Business—Manufactures electronic and elec¬
March 16, 1961
primarily variable resistors
repay debt and
working capital. Office—1142 West Beardsley Ave.,
Elkhart, Ind. Underwriter—Goldman, Sachs & Co., New
York City (managing).
'
'
tro-mechanical
and
components,
associated
switches.
Proceeds—To
Cad-E-Mobile
March
class
20,
A
common stock
per
of
share.
programs.
Proceeds
—
For
60,000 shares of
Price—$2 per
(par five cents).
salaries,
advertising,
inventory,
working
Co., Washington, D. C.
California
Financial
(4/24-28)
of capital stock, of
which 35,000 are to be offered for public sale by the
company and 53,977 outstanding shares by the present
holders thereof. Price—To be supplied by amendment.
Business—The company, through a subsidiary is engaged
Feb.
in
shares
Corp. of America
(letter of notification)
1961
capital. Office—1830 N. E. 163rd Street,
North Miami Beach, Fla. Underwriter—Lloyd, Miller &
and
(par $2.50) to be offered for sub¬
scription by stockholders on the basis of one new share
common
for each
Proceeds—To
equipment and real estate, and for working capital. Of¬
fice—15001 South Figueroa Street, Gardena, Calif.
Un¬
share.
Industries, Inc.
17,
class A
Price—To be supplied by amendment. Business—
of multiple spindle-turret drilling ma¬
for
stock
common
$1).
installs
bowling
lanes and related equipment. Proceeds—-For expansion,
—
City.
York
New
Curtis,
Proceeds—For business expansion.
cents).
ness
&
Burgmaster Corp. (5/15-19)
March 23, 1961 filed 190,000 shares of common stock (par
t
common
(M.)
Feb. 28,
public sale by the company
for
chines.
105,000 shares of common stock. Price
—$4.50 per share. Business — The fabrication of pure
beryllium components and other materials. Proceeds—
For expansion and inventory, with the balance for work¬
ing capital. Office—253 W. Merrick Rd., Valley Stream,
L.
(par $1), of which 100,000
stock
The manufacture
for
Manufacturing Corp., manufactures, assembles and
distributes
85,000,000
mined by
• Bell
Telephone Co. of Pennsylvania
(5/2)
April 7, 1961 filed $50,000,000 of debentures, due May 1,
2001. Proceeds—To repay advances from A. T. & T. the
parent company, and for expansion. Office—18^5 Arch
atron
Price—
received)
shares are to be offered
and 22,0C0 outstanding
shares by the present holders thereof. Price—To be sup¬
plied by amendment. Business—The production of heattransfer equipment for use primarily in the petrochemi¬
cal, chemical and refining industries.
Proceeds — For
new equipment and working capital.
Office—300 Huron
Street, Elyria, Ohio. Underwriter—Paine, Webber, Jack¬
man,
$11.50 per unit. Business—The company, formerly Beak--
shares.
be
to
Proceeds—For general corporate purposes.
(5/17)
amendment.
Bonds
(Bids
$20,000,000
Distilling Co.
(Thursday)
Power. Co
Gulf
(par 10 cents). Price—$4 per share. Pro¬
ceeds—To increase inventory, reduce indebtedness and
common
Bond*
$15,000,000
received)
be
to
7
December
by
(Tuesday)
5
$5,000,000
Bonds
received)
$8,000,000
received)
be
to
Virginia Electric & Power Co
__Bonds
1961 filed 200,000 outstanding common shares.
be
South
to
Preferred
Georgia Power Co
Common
December
received)
$15,500,000
received)
be
to
900,000 shares
Inc.)
Feb. 27, 1961 filed
common
©
Smith,
Fenner &
Bonds
Co
(Bids
(Thursday)
production
Street,
110,000 shares of class A stock
Price—$3
8
Price—To
27, 1961 filed 150,000 shares of
to
(Bids
Audiographic Inc.
lish
Pierce,
$5,000,000
received)
(Wednesday)
18
Power
Bonds
$250,000,000
(Wednesday)
$806,000
Curtis)
—$4 per share. Business—The manufacture and
and
& Telegraph Co
Brooklyn Union Gas Co
March 24,
fire
Georgia
received)
Preferred
to be
(Bids
Equitable
by
$5,000,000
received)
be
to
shares
Peabody
Continued from page 33
Feb.
Common
80,000
Bonds
Mississippi Power Co
(Bids
$12,000,000
Co
Corp.)
be
to
(Bids
shares
Schaper Manufacturing Co., Inc
(Paine,
Insurance
(Thursday)
September 28
Mississippi Power Co.
Community Public Service Co
Real Estate Investment Trust of America--Ben. Int.
Webber,
DST)
noon
$20,000,000
received)
be
to
Debentures
(Tuesday)
June 7
Bonds
11:30
Common
shares
387,500
$412,500
Edison Co
(Bids
Corp.)
Bonds
Northern States Power Co
Public Service Electric & Gas Co
Common
$17,500,000
received)
be
to
(Tuesday)
August 8
$30,000,000
stockholders—underwritten
to
(Bids
$7,500,000
Harwyn Publishing Corp
—Bonds
Electric Co
(Bids
American Telephone
Debentures
Inc.—Bonds
(Tuesday)
27
October
June
shares
122,000
Curtis)
&
June
Massachusetts
Debentures
received)
Securities
Securities
Common
Jacksop
Life
(Offering
$226,217
Securities Corp.)
be
to
(Bids
Southland
Co
Webber,
Debentures
$20,000,000
Pennsylvania Electric Co
shares
175,000
Co.)
Bond9
Consolidated Edison Co. of New York,
(Bids
11 a.m. DST)
$50,000,000
(Monday)
(Equitable
shares
Corp
&
DST)
a.m.
shares
$25,000,000
DST)
(Tuesday)
June 20
shares
Fox-Stanley Photo Products, Inc
Common
100,000
Co.)
&
Common
(Karen
Co.
Common
283,200
Co.)
150,000
Generating Co.
11 •a.m.
(Thursday)
(Bids
Amity Corp.
&
&
(Bids
Co.)
&
Sherman
D.
$300,000
Columbia Gas System, Inc
DST)
a.m.
1
shares
223,833
Laboratories Inc
(Paine,
Co.)
Co._
11:30
Common
stockholders—underwritten by
to
(Bids
Co
(Westheimer
Ohio
(Bids
(Monday)
May 22
"(Paine,
L.
&
Bonds
$30,000,000
DST)
Corp.
Southern Electric
Rogers
a.m.
(Thursday)
15
Photronics
$9,000,000
stockholders—Bids
to
•
Brown
-Bonds
$15,000,000
Michigan Electric Co..
Bonds
11
Power
(Offering
American
June
DST)
a.m.
(Wednesday)
31
Indiana &
$20,000,000
Sachs & Co.)
Interstate Power Co
(Bids
May
Debentures
Inc._
$30,000,000
DST)
Pipe Line Co
11
(Bids
Common
Research
a.m.
(Wednesday)
Michigan Wisconsin
$3,869,750
(Thursday)
May 18
Aerotest
1
Weeks)
Service, Inc
(Schwabacher
Interstate
___Ben. Int.
Trust
Corp
(Casper
,
11
(Bids
14
June
(Monday)
29
Lime
Eastern
Pennsylvania Electric Co
(Bids
May
Common
Sachs & Co.) 200,000 shares
(Goldman,
.»
Common
shares
200,000
(Offering
Distilling Co
(.James B.)
Federal
!
Bonds
Co
Virginia Electric & Power
6
$40,000,000
(Wednesday)
May 17
(Tuesday)
June 13
Co.)
&
&
11:30
Bonus
$2,000,000
received)
be
to
(Bids
(Thursday)
May 25
$25,000,000
-Common
$1,000,000
Co.)
&
Co
Edison
Missouri
Debentures
DST)
a.m.
U. S. Realty Investment
Common
New York State Electric & Gas Corp
(Bids
(Stroud
$30,000,000
Co
Gas
11:30
$1,462,500
Co.)
Magneiax Corp.
shares
101,398
Inc.)
Co.,
&
Natural
iW.
World, Inc
Weld
(White,
DST)
a.m.
-——A
Stout &
Lebaire,
King,
&
...
Bonds
Sigma Instruments, Inc
(Tuesday)
May 16
Harcourt Brace &
10:30
(Bids
80,000 shares
Stone & Co.)
»
(Eisele
J.
(Wednesday)
Consolidated
Common
Wayne-George Corp
(Hayden,
(Bids
Common
22,415
underwriting)
stockholders—no
to
&
Cyrus
$3,120,000
Co.__
Electric
North
& smith, Inc. and
Sons)
140,000 shares
Fenner
Michigan Consolidated Gas Co
Common
underwriting)
stockholders—no
to
Pierce,
JLawrerce
190,000 shares
Co
Insurance
(Offering
Lynch,
Properties, Inc.-
Income
-Common
(Merrill
Common
Hammill & Co.)
(Shearson,
Inc.
$12,000,000
Burgmaster Corp.
Theatres,
Broadcasting-Paramount
1961
Thursday, April 20,
.
(Monday)
12
June
(Tuesday)
May 23
Continued from page 33
.
.
23,
the
area.
1961
savings
It
also
filed
and
Corp.
88,977
loan
conducts
shares
business
an
in. -the
insurance
San
agency
renders management services to its subsidiaries
ticipates
in
the
financing
of
real
estate
Francisco
business,
and par¬
development
Volume
193
Number
6048
.
.
The Commercial and
.
projects. Proceeds—For the repayment of loans and for
expansion. Office — 11 Tillman Place, San Francisco,
Calif. Underwriters—William R. Staats &
Co., Los An¬
Lamont, New
Liquid Gas Corp.
(5/8-12)
21, 1961 filed 125,000 shares of common stock (par
$1), of which 50,000 are to be offered for public sale
by the company and 75,000 outstanding shares by the
amendment.
thereof.
Business —The
liquified petroleum
ceeds—To
Price
finance
Nevada and
and
gas
the
To
—
sale
be
and
accessory
acquisitions
supplied
•
Ransome
chase of machinery
of
80 Pine
March
ment
April
10,
•
concerns^ Office
The
—
expansion.
Inc.
Office—540
N.
W,
Proceeds
—
F.
note and for
a
6%
and
—To
For
St., Portland, Ore. Underwriter—Shiels Secu¬
one
79th
Bowd
each
for
21.
Price
short-term
100
—
notes.
shares
$14
held
with
share.
per
Address
c/o
rights
Proceeds
—
to
West
—$6
share.
per
Business—The
stock.
common
is
repay
and
devices
for
ground
support
facilities
also
sold
for
loans
manufactures
military use.
and
for
Broadway,
in
for
products
working capital.
Office.-*-15126
Calif.
Underwriter — First
Charleston
—For
.
Gardena,
pected in late April.
March
purpose
Proceeds—For the repayment of
Street Corp., New York
23,
common
special
.
,
(letter of notification) 15,000 shares of
(par $5). Price—$10 per share. Proceeds
purchase of new equipment, research and develop¬
working capital. Office—Stark Industrial Park,
Proceeds—For
Eberstadt &
•
New
Avenue,
N.
17,
Office—425
Y.
April
no
17,
investment.
10
par
common
the
of
management
Office—501
W.
10th
Ciairtone
March
Calif.
Activities,
Inc.
(5/1)
Bailey
Underwriter—G. F. Nicholl*
New York 38, N. Y.
Inc.
—
capital.
Office — 400 Jersey
Avenue, New Brunswick, N. J. Underwriter—Milton D.
Blauner & Co., Inc., and M. L. Lee & Co., Inc., both of
New York City. Offering—Expected in late May to early
and
Avenue,
working
for
June.
•
Consolidated
Cigar Corp.
April 10, 1961 filed 275,000 shares of common stock (par
$i), to oe offered for subscription by holders of out¬
standing common stock at the rate of one new share for
each 8 shares held. Price—To be supplied by amendment.
Business—The manufacture and sale of cigars. Proceeds
Multi-Image, Inc. Office
St., Wilmington, Del. Underwriter—None.
Corp. Ltd.
1961 filed 200,000 shares of common stock.
Price—To be supplied by amendment. Business—The de¬
sign, manufacturing and distribution of stereophonic
—For
high fidelity radio-phonograph consoles and accessories
Proceeds
For
research and
development, expansion,
increased inventories and repayment of debt.
Office—
Office—529 Fifth Avenue, New York
in late
29,
fering—Expected in late May.
CoastaT
7%
corporate
(letter of notification) $175,000 of 10-year
chester, N.
of
Proceeds — For general
Lowell Street, Man¬
Underwriter—Shontell & Varick, Man¬
$100 to
purposes.
H.
$1,000.
Office.— 36
chester, N. H.
Coastal
cents).
ness—The
stock (par
by amendment. Busi¬
preparation of technical literature on the use
Price—To be supplied
Inc.
filed 100,000 shares of common stock (par
10 cents).
Price—$5 per share. Business—The installa¬
tion, maintenance and "servicing of automatic vending
including complete in-plant automatic cafe¬
in the metropolitan New York area. Proceeds
—For equipment, the reduction of debt and other cor¬
porate purposes.
Office — 59-05 56th Street, Maspeth,
N. Y.
Underwriters—Diran, Norman & Co., and V. S.
Wickett & Co., Inc., both of New York City. Offering—
one
share for each
new
30,
and
Expected sometime in May.
Co.
held
and
market
its subsidiaries produce, refine, transport
petroleum and petroleum products.
Pro¬
10
shares held
of
record
March
record March 30, with rights to
expire
Price—$6 per share. Business—The com¬
organized on March 22, 1961 by the manage¬
was
5.
the
of
three Government Employees
Group com¬
plans to engage in all kinds of fire and
casualty insurance business. Proceeds—For general cor¬
ment
panies
and
porate purposes.
ance
Office—Government Employees Insur¬
Building, Washington, D. C.
Underwriter—None.
Crowell-Collier Publishing Co. (4/24-28)
March 14, 1961 filed $12,000,000 of convertible subordi¬
nated debentures due
by
for
1981, to be offered for subscription
on the basis of $100 of deben¬
stockholders
common
each
25
common
shares
held.
Price—To
be
supplied by amendment. Business—A holding company
whose subsidiaries publish books and operate radio and
TV stations. Proceeds—To
repay
loans. Office—640 Fifth
Ave., New York City.
Underwriter — Carl M. Loeb,
Rhoades & Co., New York City (managing).
Curley Co. Inc.
March 30, 1961 filed 50,000 shares of common stock
$1).
Price—To be supplied by amendment.
(par
Business—
The manufacture and packaging of household
liquid de¬
tergents for distribution under private labels. Proceeds
—For general corporate purposes. Office—Jefferson and
Masters
Sts., Camden, N. J. Underwriter—Carter, Berlind, Potoma & Weill, New York City (managing). Of¬
fering—Expected in early May.
•
Custom
Components,
fine.
Jan.
24, 1961 filed 165,000 shares of common stock (pal
cents). Price—$3 per share. Business—The company
designs, develops and produces high quality components
10
microwave
and
electronic
systems. Proceeds
—
For
expansion, acquisitions and working capital. Office—
Passaic Ave., Caldwell, N. J. Underwriter—Manufactur¬
ers
Securities Corp., 511 Fifth Ave., New York, N. Y.
(managing); Bioren & Co. and Wm. Stix Wasserman &
Co., Inc., New York City, Chace, Whiteside & Winslow.
Inc., and Draper, Sears & Co., Boston, Mass. Offering—
Imminent.
•
Cuslomline
Control
Panels, Inc. (5/1-5)
notification) 120,000 shares cf
common stock
(par 10 cents).
Price — $2.50 per share.
Business—Manufacturers of control panels for central¬
ized
(letter
1961
21,
of
chemical
of
control
ceeds—For
and
industrial
Pro¬
processes.
training program for additional engineering
personnel; additional capital equipment; payment of a
bank loan; opening of a Los Angeles sales and engineer¬
ing office; research and development and working capi¬
tal.
a
Office—1379
E.
derwriter—Blaha
•
Daffin
Linden Avenue,
&
Co.,
Inc.,
Long
Linden, N. J.
Un¬
Island City, N. Y.
(4/24-28)
Corp.
March 22,
1961 filed 150,000 outstanding shares of com¬
(no par), to be offered for public sale by the
holders thereof.
Price—To be supplied by amendment.
stock
mon
Business—The manufacture and sale of specialized agri¬
cultural machinery. Proceeds—For the selling stockhold¬
ers. Office—121 Washington Ave., South, Hopkins, Minn.
Underwriters
Piper,
—
Jaffray
Lehman
&
Brothers, New York City, and
Hopwood, Minneapolis, Minn, (man¬
aging.)
it Data
April
no
Processing, Inc.
12,
par
1961
common
(letter of notification) 75,000 shares of
stock. Price—$4 per share.
Business—
The
research, design and development of advanced digi¬
tal computers. Proceeds—To purchase or lease computer
equipment. Office—1334 Main St., Waltham, Mass. Un-.
derwriter
First Weber Securities Corp., 79 Wall St.,
New York City.
—
it Davis
March
La
Industries
16, 1961
stock.
common
(letter of notification) 100,000 shares of
Price—$3 per share. Office—111 North
Blvd., Beverly Hills, Calif. UnderwriterRaymond Moore & Co., Los Angeles, Calif.
Cienega
^ De-Flectronics, Inc.
April 13,
common
ness
—
1961
stock
The
assemblies.
(letter of notification)
112,000 shares of
(par 10 cents). Price—$1 per share. Busi¬
of electronic components and
manufacture
Proceeds
—
For the
purchase of inventory;
manufacturing facilities and working capital. Office---50
Third
Dean
St., Mount Vernon, N. Y. Underwriter—Theo¬
&
Co., New York, N. Y.
Milk Co.
i
March 31, 1961 filed 150,093 shares of common stobk,
which 100,000 shares are to be offered for public sale
the company and
holders
ment.
.
and
op¬
of
June
pany
ent
(5/3)
April 7, 1961 filed $100,000,000 of» debentures, due 1991.
Price—To be supplied by amendment.
Business—The
company
Proceeds—For
by stockholders of Government Employees in¬
Co., on the basis of one new share for each rive
dore Arrin
Oil
unit.
per
of Government Employees Life Insurance
Co., and Government Employees Corp., on the baois of
E.
Continental
Publications Corp.
March 30, 1961 filed 110,000 shares of common
60
Vending,
March 31, 1961
1
(par
terias,
registered series notes to be offered in varying de¬
nominations
Automatic
share of preferred and one snare
stockholders
machines,
Acceptance Corp.
March 1. 1961
New York
May.
Consumers
—
118 Rivalda Road, Weston, Ont., Canada. Underwriter—
Reiner, Linburn & Co., New York City (managing). Of¬
Underwriter—Eastman Dillon, Union Securities &
City (managing).
Offering—Expected
City.
Co.,
expansion.
one
Price—$1.01
Insurance Co.
(5/15)
27, 1961 filed 520,000 shares of common stock
$2), to be offered for subscription by common
Feb.
filed 200,000 shares of common stock (par
Price—$4 per share. Business—The design,
cents).
ment,
type.
(letter of notification) 30,000 shares of
stock. Price—$10 per share. Proceeds—
Sound
Henderson & Co.,
development, manufacture and sale of standard and cus¬
tom
made
printed and lithographed business forms.
To repay loans, purchase additional equip¬
Corp.
To repay debts and to purchase
—100
11612 W. Olympic Blvd., Los
28,
Proceeds
Distributor—Associates Management,
Advertising
1961
—
Consolidated Business Systems,
share. Business—A closed-end diver¬
company
City
—
common
one
Marcn 30, 1961
Inc., Fort Worth, Texas.
ic Cinestat
date,
field Road, Livingston, N. J.
& Co., Inc., 1 Maiden Lane,
Builders, Inc.
Fort Worth, Texas.
Warrants
for construction of a new bowling alley. ;
general corporate purposes. Office—26 West North-
for
6, 1961 filed 50,000 shares of common stock, series
Proceeds—For
shares.
right for each
tures,
1961
investment
record
one
101% of the principal amount. (Stock) $3.50
Business—The issuer is principally engaged
the construction
and operation of bowling
alleys.
Proceeds—To retire a mortgage and outstanding deben¬
Inc.
Price—S5.50 per
common
in
equipment; and for working capital. Office—525 Lake
Ave., S., Duluth 2, Minn. Underwriter—Jamieson & Co.,
Minneapolis, Minn. Offering—Imminent.
sified
of
basis of
share.
per
of
2.
(manag¬
benture)
Lex¬
Underwriter—F.
stock
Church
Md.
1961 filed $1,000,000 of 6V2% convertible sub¬
ordinated debentures, due April 30, 1976, to be offered
by the company ^nd 50,000 shares of common stock (par
50c) to be offered by a selling stockholder. Price-—(De¬
—
Feb.
Baltimore,
Calif. Underwriter—Holton,
Consolidated
Feb.
(letter of notification) 90,000 shares of
(par 50 cents). Price — $3.30 per share.
Business
The manufacture of pressure sensitive em¬
blems. Proceeds—For payment of obligations; purchase
2,
common
the
on
Los Angeles,
Co., New York City (managing).
Chroma-Glo,
March
expansion.
York
purchase
porate purposes. Office
Chock Full O' Nuts Corp. (5/22-26)
April 7, 1961 filed $7,500,000 of subordinated debentures,
due May 1, 1961. Price—To be supplied by amendment.
Business—The operation of a chain of restaurants in the
New York City area, and the packaging and retail sale
coffee.
York
erating expenses.
Office
Scottsdale Savings Building,
Scottsdale, Ariz. Underwriter—Preferred Securities, Inc.,
Phoenix, Ariz.
for
Angeles,
Charleston, S. C.
Underwriter — Johnson, Coleman,
Manning & Smith, Inc., 8 State Street, Charleston, S. C.
ington
Sons,
^ Computer Equipment Corp. (4/20)
April 5, 1961 (letter of notincation) 46,780 shares of
common
stock (no par) to be offered for subscription
by stockholders on the basis of one new share for each
10 shares held of record April 20. Price—$2.10 per share.
Proceeds—For research and production, and general cor¬
ment and
of
held,
named.
City (managing). Offering—Ex¬
Rubber Co.
1961
stock
South.
Broad
the
right for each share
issuable upon conversion of a series A debenture, as if
such debenture had been converted, and one right for
each share issuable under the option agreements.
The
warrants will provide that one new share will be issuable
for each eight rights tendered. Price—To be supplied by
amendment. Business—The company's activities are or¬
ganized on a divisional basis—Business Machines, Com¬
munications and Electronics, Business Forms, Burke Golf
and Worthington Golf Ball Divisions. Proceeds—For the
repayment of debt and for working capital. Office—5600
West Jarvis Ave., Chicago, 111.
Underwriters — To be
missile and space programs of the U. S. Government. The
company
the
share held
electronic, electro-mechanical and mechanical
and
systems
for
will be issued on the
the business of engineering, research, development, man¬
ufacturing and installation of custom communication sys¬
tems
&
common.
tures
ments
Price
engaged
on
shares
31, 1961 filed 160,401 shares of common stock to
be offered for subscription by holders of outstanding
common
stock; 6V2% subordinated convertible sinking
fund debentures, series A, due 1970; and option agree¬
C.
company
1, 1972
common
Comptometer Corp.
Chalco
Engineering Corp.
Jan. 30, 1961 filed 100,000 shares of
due Jan.
Saratoga Street, Baltimore, Md. Under¬
Brown
of
about
March
Lacey Comption,
Esq., Manassas, Va. Underwriter—Folger, Nolan, Fleming-W. B. Hibbs & Co., Inc., Washington, D. C.
—
New
Trust Co.
offered in units of
shares
ing).
expire
To
Inc.
105 shares for each $1,000 of debentures held. Price
be supplied by amendment.
Business—The devel¬
Office—14
Telephone Co., Inc.
March 6, 1961
(letter of notification) 20,000 shares of
common stock
(par $10) being offered for subscription
by stockholders of record April 4, at the rate of 24 new
April
Development,
share for each two
new
writer—Alex.
shares
Co.,
15, 1961 (letter of notification) 297,000 shares of
preferred stock and 297,000 shares of common stock to be
surance
&
opment, ownership and management of income produc¬
ing real estate projects.
Proceeds — For construction.
Mutual
Central
&
March
working capital. Office—1963 W.
convertible debentures
basis of
Street, Miami, Fla.
& Co., Inc., New York City.
Offering—Expected in mid-May.
Underwriter—R.
on
Community Research
(4/24-28)
and
leasing of automobiles.
Stanley
(managing).
Criterion
Investment Co.
Feb. 27, 1961 filed 620,445 shares of common stock to be
offered for subscription by holders of its common stock
(letter of notification) 109,000 shares of
(par 10 cents).
Price — $3 per share.
1961
stock
common
Business
and equipment, leasehold
rities Inc., Portland, Ore.
pected in late May.
System,
of
1961
2,
Burnside
Blvd., Los Angeles, Calif. Underwriter
—Dempsey-Tegeler & Co., St. Louis, Mo. Offering—Ex¬
Flan
shares
(letter of notification) 25,000 shares of
common stock
(par $1). Price—$5 per share. Proceeds—
For purchase of stock in a customer's showroom; pay¬
Capital for Technical Industries, Inc.
April 10, 1961 filed 500,000 shares of common stock.
Price—$10 per share. Business—A small business invest¬
ment company. Proceeds—To
repay a loan and to pro¬
Car
100,000
St., New York 5, N. Y. Offering—Imminent.
Commercial
•
•
notification)
of
improve¬
working capital. Office—26 Buffington St.,
Irvington, N. J. Underwriter—Richard Bruce & Co., Inc.,
Office—P. O. Box 5073, Sacramento, Calif.
Underwriter—Kidder, Peabody & Co., New York City
(managing).
Westwood
Underwriter—Morgan
March
ments and for
Pro¬
Liquiefuel, Inc., to retire debt and for work¬
vide long term capital to small business
26,
.
stock (par 20 cents). Price—$3 per share. Busi¬
ness—Manufacturers
of
resistors.
Proceeds—For
pur¬
ing capital.
—1281
Corp.
1961 (letter
common
of
Co.
ceeds—To repay debt, make advances to affiliates and
for expansion. Office—1300 Main
Street, Houston, Texas.
Continental
Colber
Jan.
by
distribution
equipment.
of
Street,
35
York City.
March
holders
(1775)
general corporate purposes. Office—130 W. 42nd
New York City.
Underwriter—Jesup &
California
present
Chronicle
and maintenance of complicated electronic equipment
produced for the Department of Defense. Proceeds—For
geles and J. Barth & Co., San Francisco.
•
Financial
of
by
50,093 outstanding shares by the pres¬
Price—To be supplied by amend¬
thereof.
Business—The wholesale distribution of milk
and
products in the middle west. Proceeds—For the re¬
payment of debt and for working capital. Office
3600
milk
Continued
on
page
36
36
The Commercial and Financial Chronicle
(1776)
Road, Franklin Park, 111. Underwriter
Co., Chicago (managing).
A. G.
—
Becker &
Electronics
Decitron
March 16, 1961 filed
Corp.
public
sale
the
by
and
company
ceeds
U.
the
for
Government.
capital. Office—850 Shepherd Ave., Brooklyn,
derwriter—M. L. Lee
Jan.
Machine
Electric
Co.,
N. Y., Un¬
Inc.
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Busi¬
ness—The company operates three retail stores selling
sewing machines and electrical appliances. Proceeds—
For expansion and general corporate purposes. Office
—Ill Delancey Street, New York, N. Y. Underwriter—
stock
Michael
•
Pariser
Detroit
applied
be
to be withdrawn.
the
10
cents).
ment
construction
and
communities
rate
Hollywood,
Fla.
New
City
single-family residences and
general corpo¬
Offering
(managing).
—
Expected
in
June.
March
Inc.
(letter of notification) 100,000 shares of
stock (no par). Price—$3 per share. Proceeds—
testing and working
capital. Office — 3650 Richmond St., Philadelphia, Pa.
Underwriter—Royer Securities Co., Philadelphia, Pa.
materials,
raw
Di
production,
Fruit Corp.
April 10,1961 filed 275,000 shares of common stock
G'orgio
Franicsco.
•
Dixie
Dec.
Offering—Expected in late May.
Natural
Gas Corp.
(5/1-5)
notification) 75,000 shares of
(par 2 cents). Price—$4 per share. Busi¬
ness—Develops oil and gas leases in West Virginia. Pro¬
ceeds
For general business purposes. Office — 115
1960
5,
(letter
of
stock
common
—
Broadway, New York 6, N. Y. Underwriter—Vestal Se¬
curities Corp., New York City.
Dixon
March
Chemical
31,
Industries, Inc.
filed $1,500,000 of 6%
1961
ordinated
income
debentures due
convertible sub¬
1981
offered for
be
to
subscription by holders of the company's common stock.
Price
To
—
be
manufacture
struction of
supplied by amendment.
a
P.
Brooks
W.
acid.
Business —The
Proceeds—For
tiie
plant and for working capital.
new
Broad
ing).
sulfuric
of
—1260
Street, Bloomfield, N. J.
& Co., Inc., New York
con¬
Office
Underwriter—
City
(manag¬
Offering—Expected in late May to early June.
Dixon
Chemical
March 31, 1961 filed
fund
debentures,
amendment.
liquid
and
& Research, Inc.
$2,900,000 of 6% convertible sinking
due
sulfur
Price—To
1978.
Business—The
dioxide,
be
supplied
by
production of sulfuric acid,
aluminum
sulfate,
chromic
acid
corrosion-resistant
struction
of
a
ing capital.
new
coatings.
Proceeds — For con¬
plant, repayment of debt, and work¬
Office—1260 Broad Street, Bloomfield, N. J.
Underwriter—P.
W.
Brooks & Co., Inc., New York City
Offering—Expected in late May to early
(managing).
June.
•
15,
filed
of
the
subsidiaries
are
children's hard
of
stock
common
the company and 75,000 outstanding
holders thereof.
Price—To be
Business—The company and its
engaged principally
in the
Proceeds—For
books.
cover
Dec. 7,
(5/1-5)
1960, filed 100,000 shares of
share.
per
aluminum
Business—The
cloth.
screen
Price
stock.
common
manufacture
of
woven
Proceeds—The repayment of in¬
debtedness and
general corporate purposes. Office—In¬
dustrial Blvd., Covington, Ga.
Underwriter—Plymouth
Securities Corp., New York City.
it Doughboy Industries, Inc.
12, 1961 filed 100,000 shares of
Price
To be supplied by amendment.
April
Business
—
manufacture
sale
and
of
flour
stock.
common
new
equip¬
—
The
the
production
of
animal
feeds,
toys and swimming pools, and the manufacture
machinery for heat sealing and labeling containers.
working capital and the repayment of
Proceeds —For
loans.
man
Office—New
&
Richmond, Wis. Underwriter—KalCo., Inc., St. Paul, Minn, (managing).
Duke
March
Power
tional class A
writers.
common
Prices—Of
stock to be offered to the under¬
class. A
of
additional class A common^ 2V2 cents per share. Proceeds
To expand the company's inventory to go into the
packaging and export of electrical equipment, and for
working capital. Office—1346 Connecticut Ave., N. W.,
Washington, D. C.
Underwriter — Carleton Securities
Corp., Washington, D. C.
$2
common,
per
share;
—
•
Electro-Mechanical
March
Corp.
basis
record
To
be
for
(4/24)
17,
facturers
1961
(letter of notification)
Securities
Corp., 511 Fifth Avenue, New York
17, N. Y.
of
subscription by
one
new
share
stockholders
common
for
each
stock
30
shares
held
to
Inc.
Aug. 31, 1960 (letter of notification) 250,000 shares of
common stock. Price—At par
($1 per share). Proceeds—
To purchase new equipment, rental and for administra¬
tive costs. Office—115 Washington Blvd., Roseville, Calif.
Underwriter—A. J. Taranto & Co., Carmichael, Calif.
^ Electronic Aids,
March
29, 1961
stock
common
Proceeds
Metals,
Inc.
■
(letter of notification)
(par 10 cents).
Price
100,000 shares of
—
$3 per share.
To purchase equipment and raw materials,
working capital. Office—857 N. Eutaw St., Bal¬
and for
—
Md. Underwriter — R. Topik
Madison Ave., New York, N. Y.
&
timore,
Electronic
Assistance
Co.,
Inc.,
295
(5/8-12)
Corp.
17, 1961 filed 110,000 shares of common stock (par
10 cents) of which 60,000 shares are to be offered for
public sale by the company and 50,000. outstanding
shares by the present holder thereof. Price—To be sup¬
plied by amendment. Business—The design, engineer¬
ing, manufacture and sale of radar altimeters, communi¬
cations devices and test equipment.
Proceeds—For in¬
vestment in a new subsidiary and for expansion of pres¬
ent facilities. Office—20 Bridge Avenue, Red Bank, N. J.
Underwriter—Hayden,
(managing).
Electronic
Stone
&
Co.,
New
York
City
April 24, with rights to expire May 15. Price—
supplied by amendment. Proceeds — To repay
short-term
loans.
Offices—Charlotte
ton, N. J., and 30 Rockefeller
Underwriter—None.
1, N.
Plaza,
C.;
New
FlemingYork City.
(letter of notification) 30,000 shares of
Price—$10 per share. Proceeds—
To go to selling stockholders.
Office—2801 W. Roosevelt
Road, Little Rock, Ark. Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark.
1961
14,
capital stock (no par).
Endevco
March
Corp.
(4/25)
125,000 shares of no par common
supplied by amendment. Business—•
design, manufacture and sale of piezoelectric trans¬
ducers and associated electronic equipment. Proceeds—
stock.
1961
1,
filed
Price—To
be
Associates,
development, production and sale of analog com¬
puters and precision electronic laboratory equipment;
and also
in
the
computer engineering services at three centers
United
and
States and
Proceeds
Europe.
—
To repay
for
working capital.
Office — Long Branch,
Underwriter—W. C. Langley & Co., New York City
(managing).
Offering-—Expected in late May.
Elgeet Optical Co., Inc.
March 28, 1961 filed 180,000
Price
—
lenses
and working capital. Office—161 East
Pasadena, Calif. Underwriter—White,
equipment
California J3Ivd.,
Weld &
Co., New York City (managing).
Equity Capital Co.
April 7; 1961 filed 100,000 shares of common stock
—
The
loans,
mortgage
obligations from
tire
(par
Price—To be supplied by amendment. Business
making of short-term construction and second
$1.25).
debt
Avenue
and the buying of improvement loan
the holders thereof. Proceeds—To re¬
for
and
working
Office
capital.
North, Minneapolis, Minn.
—
430
First
Underwriter—Paine,
Webber, Jackson & Curtis, New York City (managing).
•
Fabien
Corp.
some
time in June.
(5/1-5)1
Feb. 27,
1961 filed 60,000 shares of outstanding common
Price—$6.75 per share.
Business—The company,
stock.
formerly Fabien
Textile Printing Corp.,
the
colored
printing
materials.
of
Proceeds
—
is engaged in
designs on various types of
To selling stockholders.
Office—
Lodi, N. J. Underwriter—Goodbody
City (managing).
Co., New York
&
$6.50
and
per
optical
share.
shares
Business
systems
Proceeds—For repayment
research and
Iowa
April 7, 1961
com¬
mon
For
for
—
of
common
The
camera
of bank loans,
Far
St., Cla-
West
Financial
Corp.
filed 950,000 shares of capital stock, of
which a maximum of 770,000 shares will be offered for
public sale by the company, and a maximum of 180,000
outstanding shares will be offered by the present hold¬
ers thereof. Price—To be supplied by amendment. Busi¬
1961
30,
ness—The
company owns a majority
of State Mutual
Savings & Loan Association capital stock and operates
an
insurance agency. Proceeds—To repay loans, and to
make loans to developers of real estate projects. Office
—415
West
Fifth
St., Los Angeles, Calif. Underwriter—
Co., New York City
(managing). Offering—Expected in late May.
Eastman Dillon, Union Securities &
•
Faradyrte Electronics
Jan.
30,
1961
filed
Business—The
and
of 6% convertible sub¬
Price—100% of principal amount.
company
distribution
of
Corp.
$2,000,000
ordinated debentures.
in
is engaged
the manufacture
high reliability materials and basic
electronic
components, including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬
Office—471
payment of debts and for woorking capital.
Cortlandt
Street,
Belleville,
N.
J.
Under¬
writer—S. D. Fuller Co.
it Federal
Paper Beard Co., Inc. (5/18)
filed $20,000,000 of sinking fund deben¬
tures, due May 1, 1981. Prices—To be supplied by amend¬
April
18,
ment.
Business—The
1961
manufacture
of
folding boxboard,
corrugated containers and machine made
glassware. Proceeds—For a new mill at Versailles, Conn.,
paperboard,
and modernization of
existing facilities. Office—24 River
Road, Bogota, N. J. Underwriter—Goldman, Sachs &
New York City (managing).
stock.
production
of
manufacturers.
machinery,
development, with the balance for general
new
Office—106 W. Chestnut
Underwriter—None
Iowa.
March
1,650 shares of
(par $20). Price—$30 per share. Proceeds—
sto,ck
working capital.
rinda.
•
(letter of notification)
ceeds—For the
on
of
Y.
it Farmers Mutual Telephone Co. of Carinda,
Electro-Nuclear
N. J.
common
Pro¬
selling stockholders. Office—Amsterdam,
Underwriter—Hayden, Stone & Co., New York
Offering—Expected
(5/1-5)
54,000 shares of
common
stock (par one cent).
Price—$2.30 per share.
'Business—The company designs, develops and produces
electronic test equipment and systems for the communi¬
cations and data processing fields.
Proceeds—For ex¬
pansion and general corporate purposes. Office—Town
Dock Road, New Rochelle, N. Y.
Underwriter—Manu¬
loans
14, 1961 filed 368,000 shares of
be offered
the
Co.
N.
For
Industries, Inc.
July 19, 1960 (letter of notification) 75,000 shares of
class A common stock (no par) and 20,000 shares of addi¬
The
noodles;
mac¬
share. Business
equipment.
test
City (managing). Offering—Expected in late May.
Joyce Street, Orange, N. J. Underwriter—Hayden, Stone
& Co., New York City (managing).
of
and
spaghetti,
electronic
of
The
expenses
plastic
aroni
for
manufacture
ceeds—For the
Office—511
ment, moving
and working capital.
binding of
Inc.
March 30, 1961 filed 75,000 shares of capital stock (par
$1). Price—To be supplied by amendment.
Business—
used
Inc.
Empire Life Insurance Co. off America
whiqh 75,000 shares are to be offered
present
Devices,
Price—Between $10 and $12 per
thereof.
—The
March
(5/1-5)
150,000 shares
Co.
public sale by
by
repayment
March
Dodge Wire Corp.
—$6
1961
(par 10 cents)
for
the
Electro
(par
$2.50). Price—To be supplied by amendment. Business
—The production, harvesting and marketing of agricul¬
tural products, especially fruits,
Proceeds—For the re¬
payment of a loan.
Office — 350 Sansome Street, San
Francisco, Calif. Underwriter—Dean Witter & Co., San
(5/1-5)
Corp.
April 3, 1961 filed 105,000 outstanding shares of common
stock to be offered for public sale by the present holders
(co-managers).
Pa.
Economy Book
March
and
equipment
new
supplied by amendment.
1961
29,
common
For
Allentown,
shares,
it Dictron,
operation of a quarry in Kutztown, Pa., and
of
limestone
for
cement
companies.
of
debt.
Office—Kutztown, Pa.
Underwriters—Stroud &
Co., Inc., Philadelphia and Warren W. York & Co., Inc.,
Proceeds—For
Office — 5707
Hollywood
Boulevard,
Underwriter—Amos Treat & Co., Inc.,
purposes.
York
of
Florida.
in
Glass
Empire
(5/29-6/2)
Corp.
production
Proceeds—For
30, 1961 filed 200,000 shares of common stock (par
Price—$3 per share. Business—The develop¬
March
ness—The
'
Development Corp. of America
and
supplies
March 31, 1961 filed $700,000 of subordinated debentures,
due 1976.
Price—At 100% of principal amount.
Busi¬
Underwriter—To
is expected
&
aging).
Lime
Eastern
Office—1221 E. Keating Avenue, Muskegon, Mich.
be supplied by amendment. This state¬
poses.
Bristol, Pa. Underwriter — Warner, Jennings,
Longstreth, Philadelphia, Pa.
St.,
Inc., New York, N. Y.
photographic
and
corporate
purchase of machine tools, payment of $95,000 of notes
and accounts payable, and for general corporate pur¬
ment
ley
Mandel
acquisitions, to pay notes due, and for general
purposes.
Office—68 W. Columbia Street,
Hempstead, N. Y. Underwriter—Casper Rogers & Co..
film
cameras,
pment;
curred by
the
to
ing stockholders, who are two company officers who will
lend the net proceeds to the company. Office—430 Buck¬
Emmei
1960
also processes and printsj black and white
phonographic film. Proceeds—To reduce indebtedness in¬
equ
Proceeds—To
market imme¬
Marchfr 8, 1961 filed 190,000 shares of class A common
stock, of which 160,000 shares are to be offered for pub¬
lic sale by the company and 30,000 outstanding shares,
by the present holder thereof. Price—$4 per share. Busi¬
ness—The sale of glass, metal, fiber and plastic contain¬
ers; and housewares and garden accessories. Proceeds—
For the repayment of debt and general corporate pur¬
poses. Office—6250 N. W. 25th Ave., Miami, Fla. Under¬
writer—Clayton Securities Corp., Boston, Mass. (man¬
29,
sell, ng
Ltd.
share.
per
28, 1960 filed 60,000 outstanding shares of capital
stock (par 50 cents), together with five-year warrants
for the purchase of 6,000 new capital shares, to be of¬
fered for sale in units of one share of stock and onetenth of a warrant. No sale will be made of less than
10 such units. Price—To be related to the price of the
Oct.
Exchange, Inc.
(letter of notification) 75,000 shares of
con .non stock (par 10 cents).
Price—$4 per share. Busi¬
ness—Operating a chain of retail stores and concessions
May 26, 1960 filed 1,375,000 shares of class A stock. Of
stock, 1,125,000 shares are to be offered for the com¬
pany's account and the remaining 250,000 shares are to
be offered for sale by the holders thereof. Price—Not to
$3
Camera
Eastern
this
exceed
(5/1)
Inc.
Instruments,
diately prior to the offering. Business—The firm makes
and sells instruments add equipment for scientific and
industrial measurement and analyses. Proceeds—To sell¬
10
Dec.
Corp., New York, N. Y.
Tractor,
Offering—Expected in late May.
City (managing).
Elion
Rochester,
New York
company's stock in the over-the-counter
20, 1961 filed 160,000 shares of common stock
cents). Price—$3 per share. Business—A dis¬
tributor of the coin-operated commercial washers, and
dryers, heaters and other equipment produced by In¬
ternational Duplex Corp. Proceeds—For expansion and
working capital. Office—641 Bergen St., Brooklyn, N. Y.
Underwriter—Godfrey, Hamilton, Magnus & Co., New
York City (managing). Offering—Expected in May.
1961
17,
common
Planned
—
corporate purposes. Office—838 Smith Street,
N. Y.
Underwriter—Troster, Singer & Co.,
(par
Expected in mid-to-late May.
Delanco
Underwriters
Thursday, April 20, 1961
.
March
City. Offering-
& Co., New York
of
Duplex Vending Corp.
Pro¬
for working
For research and development and
—
(letter
York
20,000^ outstanding
S.
Y.
N.
by the present holders thereof.
Price — $2 per
share. Business — The ^design, manufacture and sale of
equipment
1961
Office—222 Newbridge
poses.
offered for
shares
electronic
10,
Ave., East Meadow, L. I.,
Investments Co., New
City and Fidelity Investors Service, East Meadow,
L. I., N. Y.
50,000 shares of common stock (par
cent), of which 30,000 shares are to be
one
Corp.
notification) 80,000 shares of
class A common stock (par one cent). Price—$2.25 per
share. Business—The development and manufacture of
chemical products. Proceeds—For general corporate pur¬
April
River
Chemical
it Dubow
Continued from page 35
.
.
•
Fiat
Metal
Manufacturing Co.,
Co.,„
Inc.
March 29, 1961 filed 220,462 outstanding shares of com¬
mon
stock (par 10 cents), to be offered for public sale
by the present holder thereof. Price—To be supplied by
amendment. Business—The manufacture and
distribution
Volume
193
Number
6048
.
.
The
.
Commercial and Financial Chronicle
prefabricated metal shower cabinets, glass shower en¬
closures and pre-cast shower floors. Proceeds—For the
selling stockholder. Office — Michael Court, Plainview,
L. I., N. Y.
Underwriter—Dempsey-Tegeler & Co., St.
of
Louis and New York City.
to-mid June.
•
Offering—Expected in early-
Inc.
Filtors,
March
16, 1961 filed 271,000 shares of common stock,
of which 122,000 shares are to be offered for
public sale
by the company and 149,000 outstanding shares, by the
present holders thereof. Price—$7 per share. Business—
The design, manufacture and sale of subminiature and
microminiature
For
general
hermetically sealed relays.
corporate
Proceeds—
Office—30
purposes.
Sagamore
Drive, Port Washington, N. Y. Underwriter—Demp¬
sey-Tegeler & Co., St. Louis (managing). Offering—
Expected in early-to-mid June.
Hill
•
Sales
Fireco
Ltd.
items in Canada, mainly in supermarkets. Pro¬
consumer
selling stockholder.
Office
—
33
Racine
Rd., Rexdale
(Toronto), Canada. Underwriter—McDon¬
& Co., New York City (managing). Offering—Ex¬
pected in early May.
|
nell
if First Small Business Corp. of New Jersey
April 18, 1961 filed 300,000 outstanding shares of capital
stock (par $1), to be offered for public sale by the pres¬
holder
ent
thereof.
Business—A
ment.
Business—The
company
bowling center
on
—
Price—To
small
be
supplied
business
by
investment
amend¬
For
Building,
company
Each warrant will entitle the holder thereof to
share of
one
Broad
St., Newark, N.
J.'Un¬
Business
Investment
Company
of
Tampa, Inc.
1960 filed 500,000 shares of
share. Proceeds
—
stock. Price
common
Midwest Publishing Co., Inc.
April 11, 1961 (letter of notification) 900 shares of class
if Focus
A
common
stock. Price--At par
—884 Beriek
($100
per
share). Office
Drive, University City, Mo. Underwriter—
None.
Fox
Head Brewing Co.
16, 1961 (letter of notification) 52,806 shares of
common stock (par $1.25).
Price—At-the-market at time
„
March
sale.
of
and
Proceeds—For
working
Waukesha,
redemption
of preferred
stock,
Avenue,
capital.
Office — 227 Maple
Underwriter — Milwaukee
Co.,
Wis.
Mil¬
waukee, Wis.
•
Fox-Stanley Photo Products, Inc. (6/5-9)
29, 1961 filed 387,500 shares of common stock
(par $1) of which 50,000 shares are to be offered for
public sale by the company and 337,500 outstanding
March
shares by the present holders thereof. Price—To be sup¬
plied by amendment. Business—In May 1961 the com¬
plans to take
pany
over
the businesses of The Fox Co.,
San
St.
Antonio, Tex., and the Stanley Photo Service, Inc.,
Louis, Mo., which are now engaged in the processing
of
photographic
the sale of photographic
equipment. Proceeds—For working capital and possible
future acquisitions. Office—1734 Broadway, San Antonio,
Tex. Underwriter—Equitable Securities Corp., Nashville,
films
and
Tenn.
August 1961 and at $3 per share from September 1962
to February 1964. Price — $4 per unit. Business — The
company
(formerly
Gar
Wood
Philadelphia
Truck
Equipment, Inc.), distributes, sells, services and Installs
Gar Wood truck bodies and equipment in Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
Proceeds
For general corporate purposes.
Office—
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬
derwriter—Fraser & Co., Inc., Philadelphia, Pa.
Gateway Sporting Goods Co.
March
20,
1961 filed 50,000 shares of common stock.
supplied by amendment. Business — The
Price—To
be
retail
toys,
For
sale of sporting goods, photographic equipment,
luggage and other recreational items. Proceeds—
expansion. Office—1321 Main St., Kansas City, Mo.
Underwriter—Stern
Brothers
Offering—Expected
in
Friden, Inc.
30, 1961 filed 360,000 shares of common stock of
which 150,000 shares are to be offered for public sale by
the company and 210,000 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬
manufacture
Business—The
and
sale
of various
products such as calculators, adding machines, data
processing equipment, Ticketograph machines and elec¬
tronic heaters.
Proceeds — For plant expansion, new
equipment, prepayment of loans, and inventory. Office
Washington Avenue, San Leandro, Calif. Under¬
writers—Dean Witter & Co., San Francisco and Merrill
—2350
Lynch, Pierce, Fenner & Smith
Offering—Expected in late May.
Fulton
York City.
Inc., New
Co.,
early May.
Kansas City,
Mo.
operation of closed-door membership de¬
Wichita,
Proceeds—For
Washington, D. C., and Honolulu.
selling stockholders.
Office—10900
the
Page Boulevard St. Louis, Mo.
Underwriters—Bosworth,
Sullivan & Co., Inc., Denver, Colo., and Scherck, Richter
Co., St. Louis, Mo. (managing).
Offering — Expected
time in June.
some
Corp.
(5/1-5)
1961 filed 130,000 shares of common stock.
share. Business—The company is active in
the over-the-counter market as both broker and prin¬
cipal, sells mutual fund securities and life insurance, and
finances the payment of life insurance premiums. Pro¬
ceeds—For additional working capital. Office—130 W.
42nd Street, New York City. Underwriter—Continental
Planning Co., 130 W- 42nd Street, New York City.
Precision
Equipment Corp.
(4/26)
$1). Price—To be supplied by amendment. Business—A
holding company whose subsidiaries are engaged in the
production of electronic and electro-mechanical compo¬
nents and equipment for military aircraft, naval vessels,
missiles and space vehicles.
Proceeds—To repay debt.
Office—50 Prospect
Ave., Tarrytown, N. Y. Underwriters
Corp., and Tucker, Anthony and R. L.
Day, both of New York City (managing).
Geriatric Pharmaceutical Corp.
Feb.
1961
28,
(letter
of
notification)
50,000
shares
Proceeds—For general corporate purposes.
Commonwealth
of
Boulevard, Bellerose, N. Y.
Co., New York, N. Y.
Office—■
Under¬
writer—T. M. Kirsch
Giannini
27,
Controls
1961
(4/24-28)
of notification) 30,000 shares of
10 cents).
Price — $10 per share.
development and manufacturing in
Proceeds — For general corporate
Broad Street, New York, N. Y. Un¬
(letter
stock
(par
Business—Research,
technological fields.
Office—30
purposes.
Corp.
derwriter—Kidder, Peabody & Co., Inc., New York, N. Y.
it Gilbert Data Systems,
April 14,
Price—$2
Inc.
1961 filed 175,000 shares of common stock.
per share. Business—The affixing of price tags,
packing, warehousing of apparel and other services for
department and chain stores. Proceeds—For plant addi¬
tions, repayment of debt and working capital. Office—
441 Ninth Ave., New York City. Underwriter—Schrijver
& Co., New York City.
\
Girard
are
common
company and 225,766 outstanding shares by
the present holders thereof.
Price —To be supplied by
amendment.
of
hard
Business—The publication and distribution
and
paperback books for adults and
children. Proceeds—For the purchase of additional stock
in Bantam Books,
cover
Inc., Wonder Books, Inc., and Treasure
Books, Inc., and for working capital. Office—1107 Broad¬
way, New York City. Underwriter — Blyth &
Co., Inc.,
New York City (managing). Offering—Expected in midMay.
Guaranty National Insurance Co.
27, 1961 (letter of notification) 120,000 shares ol
common
stock (par 50 cents).
Price—$2.50 per share.
Proceeds—For investment and the operation of the com¬
pany. Office—916 Broadway, Denver, Colo. Underwriter
—Copley & Co., Colorado Springs, Colo.
Feb.
Hager Inc.
March 31, 1961 filed 200,000 shares of common stock
(no
by amendment. Business—
financing and sale of household food freezers and
par). Price—To be supplied
frozen foods to the
Proceeds—For the repay¬
consumer.
ment of debt and
working capital. Office—2926 Fairfield
Ave., Bridgeport, Conn. Underwriter—Marron, Sloss &
Co., Inc., New York City (managing). Offering — Ex¬
pected in mid-June.
if Hale-Jusiis Drug Co.
April 5, 1961 (letter of notification)
30,000
Central
Cincinnati,
Parkway,
Ohio.
Haloid
Xerox
Inc.
(4/21)
debentures, due 1981, to be offered for subscription
stockholders on the basis of $100 of deben¬
for each 25 shares held of record April 20, with
rights to expire May 8. Price — To be supplied by
by
common
tures
amendment.
products
Business
for
The
—
xerographic
manufacture
Industries Corp.
Underwriter—First Boston
Corp., New York City (man¬
Harcourt
Brace
&
World,
(5/16)
Inc.
March 24, 1961 filed
101,398 outstanding shares of com¬
mon
stock (par $1) Price—To be supplied by amend¬
ment. Business—The publication and sale of textbooks,
Ave., New York City. Underwriter—White, Weld & Co.,
Inc., New York City (managing).
if Harrisonville Telephone
April
3,
1961
common
stock
Co.
notification) 12,500 shares of
(par $20) to be offered for subscription by
(letter
of
the basis of one new share for each two
stockholders
on
shares held.
Price—$22.50
per share.
Proceeds—For the
loans, and working capital.
Address —
Waterloo,
Underwriter—McCourtney-Breckenridge
& Co., St. Louis, Mo.
repayment
of
111.
Harvey-Wells Corp.
28, 1961 (letter of notification)
March
common
stock
(par
20,000 shares of
cent).
Price — $15 per share.
loan, purchase equipment, for im¬
one
Proceeds—To repay a
and working capital.
Office — 43 Kendall
Framingham, Mass.
Underwriter — Schirmer,
Atherton & Co., Boston, Mass.
provements
Street,
Harwyn Publishing Corp.
March
stock
(5/22-26)
1961 filed 110,000 shares of class A common
30,
Price—$3.75 per share. Business—
illustrated encyclopedic works, princi¬
pally for children. Proceeds—For general corporate pur¬
(par 10 cents).
The publishing of
Office—170 Varick Street, New York City.
Rogers & Co., Inc., New York City. Offering—Expected
in late May.
Futterman
March
31,
Corp.
1961
shares of class
A stock
Proceeds—For
the purchase of properties.
Office—580 Fifth Avenue,
New York City. Underwriter—Van Alstyne, Noel & Co.,
New York City (managing). Offering—Expected in early
leasing and sale of real estate properties.
May.
if G. B. Components, Inc.
April 10, 1961 (letter of notification)
For
100,000 shares of
(no par). Price—$3 per share. Proceeds—
repayment of loans and working capital. Office—
common
stock
14621
Arminta
St., Van Nuys, Calif.
UnderwriterWarner, Jennings, Mandel & Longstreth, Philadelphia,
Pa.
,
GPC, Inc.
March 27, 1961
'
stock
and
'
$25
&
Hanly, Hempstead, N. Y. (managing). Brand,
Seigel, Inc.; Kesselmann & Co., Inc.; Casper
Industries, Inc.
filed 87,500 shares of common stock.
per share.
Business — The manufacture and
sale
of doll carriages, hobby horses
and pony stock
horses.
Proceeds
For working capital.
Office — 100
South 30th and Jane Streets, Pittsburgh, Pa.
Under¬
writer—Robert M. Harris & Co., Inc., Philadelphia.
March
Price
29,
$4
1961
2,180 shares of class A common
principal amount of certificates of
1,680 units. Price—For the
share.
For the certificates: $75 per
unit.
•
Heath
March
(D.
C.)
&
Co.
Un¬
Y.
(5/1-5)
filed 240,000 shares of common stock
(par $5), of which 50,000 shares are to be offered for
public sale by the company and 190,000 outstanding
shares by the present holders thereof. Price—To be sup¬
plied by amendment. Business—The publishing of text¬
1961
17,
books and related materials for students.
Proceeds—For
working capital. Office—285 Columbus Avenue, Boston,
Mass. Underwriter—Kidder, Peabody & Co., New York
City (managing).
—
—
Grayco Credit Corp.
Jan. 16, 1961 (letter of notification) $150,000 of 10-year
7% sinking fund debentures and 75,000 shares of com¬
mon
stock (par $1) to be offered in units consisting of
50 shares of common and $100 of debentures. Price—$200
per unit. Proceeds — For working capital. Office — 1012
Market
St., Johnson City, Tenn. Underwriter—Branum
Investment Co.. Inc.. Nashville. Tenn.
Grolier
filed
$125,000
per
Grumet
Inc.
(4/26)
March 17, 1961 filed 120,000
indebtedness to be offered in
stock:
Edwards &
new
Golden Triangle
1,000,000
filed
Price—To be supplied by amendment. Busi¬
The owning, managing, constructing, acquiring,
(par $1).
ness—
plant, equipment and working
Office—San Juan, Puerto Rico. Underwriter—
capital.
of
aging).
Inc., Atlanta, Ga., and Walston & Co., Inc., New York
City (managing).
ture, and sale of certain types of furniture to retail deal¬
a
sale
photographic use.
standing 5V4% preferred stock, repay bank loans and for
working capital. Office—2 Haloid St., Rochester, N. Y.
derwriter—N. A. Hart & Co., Bayside, N.
filed 100,000 shares of common stock (par
Price—$5 per share. Business—The manufac¬
Proceeds—For
and
photocopy
reproduction,
Proceeds—To redeem all out¬
and
poses.
ers.
Underwriter
ated
50
cents).
of
March 17, 1961 filed $15,093,600 of convertible subordin¬
March 22, 1961
Inc.
shares
Price—At par
stock.
($10 per share). Proceeds
—For repayment of loans, the purchase and installation
of a conveyor system, and working capital.
Office—20
common
(4/24-28)
Feb. 21, 1961 filed 233,955 shares of outstanding com¬
mon stock. Price—To be supplied by amendment. Busi¬
ness—Produces textiles, automotive parts, metal cast¬
ings, cotton ginning equipment and pre-engineered steel
buildings. Proceeds—To selling stockholders.
Office—
Atlanta, Ga. Underwriters — Robinson-Humphrey Co.,
Industries,
stock (par
to be offered for public
sale by the
school materials, aptitude tests, and general books. Pro¬
the selling stockholders. Office—750 Third
stock (par 10 cents). Price—$4 per share. Busi¬
ness—The distribution and sale of geriatric pharmaceuti¬
45
Dunlap, Inc.
$1), of which 210,320 shares
ceeds—For
(4/24-28)
common
cals.
Grosset &
March 31, 1961 filed 436,086 shares of
and for
March 28, 1961 filed 150,000 shares of common stock (par
—The First Boston
works, juvenile books and the
teaching machines and related pro¬
working capital. Office—575 Lex¬
ington Ave., New York City. Underwriter—Dominick &
Dominick, New York City.
•—None,
per
General
reference
grams. Proceeds—For
East
General Economics
March 8,
Price—$5
cyclopedias,
37
retail distribution of
The
partment stores in Denver, Kansas City, St. Louis, Min¬
common
March
&
Gem International, Inc.
April 6, 1961 filed 150,000 outstanding shares of common
stock (par $1).
Price—To be supplied by amendment.
Feb.
ment.
purchase
to
To
provide investment
capital. Office—Tampa, Fla. Underwriter—None.
per
lane
stock at $2 per share from March
common
neapolis,
Office—810
derwriters—Shearson, Hammill & Co., New York City
and Heller & Meyer, East Orange, N. J.
—$12.50
32
a
Underwriter—None.
Portsmouth, Va.
stockholder.
Oct. 6,
constructing
Ameritronics, Inc.
Jan. 25, 1961 filed 80,000 shares of common stock and
160,000 warrants to purchase a like number of common
shares, to be offered for public sale in units, each con¬
sisting of one share of common stock and two warrants.
Business—The
Small
now
G-W
organized in July, 1960, by the National State Bank of
sole stockholder. Proceeds — For the selling
Newark,
First
is
Route 58 in Portsmouth, Va. Proceeds
construction expenses.
Office — 316 New Kirn
—
March 31, 1961 filed 123,000 outstanding shares of com¬
mon stock
(no par). Price—To be supplied by amend¬
ment. Business—The service merchandising of non-food
ceeds— For the
(1777)
shares of common stock (par
$1), of which 60,000 shares are to be offered for public
sale by the company and 60,000 outstanding shares by
the present holders thereof. Price — To be supplied by
amendment. Business—The publication and sale of en¬
Hickory
Industries,
Inc.
(4/24)
(letter of notification) 25,000 shares of
common stock (par 10 cents). Price—$5 per share. Busi¬
ness
Manufacturers of barbecue machines and allied
March
1961
9,
—
equipment. Proceeds — For general corporate purooses.
Office—10-20 47th Road, Long Island City, N. Y. Under¬
writer—J. B. Coburn Associates, Inc., New York, N. Y.
•
Honey Dew Food Stores, Inc.
(4/24-28)
(letter of notification) 145,000 shares of
common
stock (par 10 cents). Price — $2 per share.
Business—The company operates a chain of 10 super¬
markets. Proceeds—For general corporate purposes. Of¬
fice— 811 Grange Road, Teaneck, N. J. Underwriter
Jan.
To
27,
be
1961
named shortly.
if Hotchkiss Mining Corp.
March
28,
common
1961
stock
(letter of notification) 2,165
(par $1). Price—$10 per share.
Continued
shares of
Proceeds
on
page
38
38
Chronicle
The Commercial and Financial
(1778)
.
.
Thursday, April 20, 1961
.
in
Continued from page
I'M
&
37
\<n
—For
P
District, Gunnison County, Colo.
ji't*
mining expenses. Office
Spring Creek Mining
Underwriter—None.
—
Co.
Johnson
Howard
,
i. * v
660,000 outstanding shares of com¬
Price—To be supplied by amend¬
Business—The company and its subsidiaries oper¬
March 13, 1961 filed
stock (par $1).
mon
'
.(
ment.
supply a large restaurant chain. Proceeds—For
stockholders. Office—89 Beale St., Wollaston,
Mass. Underwriters—Blyth & Co., Inc., New York City
and F. S. Moseley & Co., Boston, Mass. Offering—Ex¬
and
ate
,p,
the selling
h,t
\, ilkf
4*
'
Jf
.,\v
pected in early May.
p,t
1 /■J
>»»
>}%
For
W
aril
J/1
[!,i
r
*h1
h
,;) it
I!"/ s
i/.
ii »•
;>
rate
[»>
»<i -f
7G4
I
i
i
*1
<■
!
iV
»
■
<b
Ml
Ml'
(6/12-16)
31, 1961 filed 150,000 shares of class A stock (par
March
!■
Properties,
Inc.
share. Business—Formerly
Corp., the company owns and
operates six apartment houses and plans to construct
two more.
Proceeds—To repay debt and for working
50
ill
Price—$9.75
cents).
known
as
per
Price Investors
Office—1801 Dorchester Road, Brooklyn, N. Y.
capital.
Underwriter—Eisele & King,,
York
Hift
?!r
il r
filed 165,000 shares of common stock (par
10 cents). Price—$3 per share. Business—The engineer¬
ing, designing and precision machining of electronic
components. Proceeds -— For research and development,
inventory, equipment, start-up costs of semi-conductor
production, and for working capital. Office—78 Clinton
Rd., Caldwell Township, N. J. Underwriter — Edward
Hindley & Co., New York City. Offering—Expected in
■
>l|.
*!i»
t»li
■fir
F>
vli'V
M'»'
early May.
!<(*
; Mi
Intercontinental
March
Motels, Ltd.
(letter of notification) 150,000 shares of
stock (par 10 cents). Price—$2 per share. Pro¬
28, 1961
.
|i
common
lU '
r
»l."'
ceeds—For
•H*
acquiring Fleetwood Motel Corp. and work¬
Office—Towne House Motor Lodge, P. O.
Box 1061, Martinsville, Va. Underwriter—T. J. McDon¬
ald & Co., Washington, D. C.
capital.
ing
\u*
Products, Inc.
March 10, 1961
lilt
<;
Lebaire, Stout & Co., New
City (managing).
Industrial Control
.|U
<
f
jj
•JI*
International
■:r
Feb.
!r
fi
•
28,
Photocopy Corp.
(letter of notification)
1961
common
stock. Price
facturer
i
'•tir
and
—
100,000 shares of
$3 per share. Business — Manu¬
distributor
chemicals and
working capital.
of
office
ment,
t
jitv>
paper.
and
I'lVI
Mlf
March 24, 1961 filed $15,000,000 of
due
(4/25)
first mortgage bonds,
Proceeds—To repay bank loans and for
1991.
struction.
Office
con¬
206 E. 2nd
Street, Davenport, Iowa.
by competitive bid¬
ding. Probable bidders: Halsey, Stuart & Go. Inc.; Mer¬
rill Lynch, Pierce, Fenner & Smith Inc.; First Boston
Corp.; Glore, Forgan & Co., and Lehman Brothers (joint¬
ly); White, Weld & Co. and Blyth & Co., Inc. (jointly).
Bids—To be received in the Whitehall Room, 4th floor,
33 South Clark Street, Chicago, 111., at 10 a.m. (CST) on
—
Underwriters—To
determined
be
Office
Chicago, 111. Underwriter
York City.
•»
(f|»1
lil«t
Interstate
l!v
Power
—
Co.
—
equip¬
expansion
photocopying
Proceeds—For
564
W.
Randolph
J. J. Krieger &
St.,
Co., New
(5/18-6/2)
March
16, 1961 filed 223,833 shares of common stock to
offered for subscription by common stockholders on
be
the
lit,.
basis
|?!*s
record
('U
be
I'l*
.
one
new
share
for
each
16
shares
May 18, with rights to expire June 2.
supplied
loans
"»
of
by amendment.
and 'Tor
construction.
Proceeds—To
Offices—1000
held
•
Feb.
13,
1961
stock
common
general
»
(letter of notification) 150,000 shares of
(par 50 cents). Price—$2 per share. Busi¬
Fabricators
ness—
(4/28)
of
corporate
structural
steel.
Office
purposes.
—
Proceeds
Somerset
—
For
Street,
New
Brunswick, N. J. Underwriter—L. L. Fane & Co.,
Inc., Plainfield, N. J.
Electronics
Ita
Co.
notification) 60,000 shares of
share. Business—Manufac¬
equipment and components. Proceeds—
For general corporate purposes. Office—Lansdown, Pa.
Underwriter—Woodcock, Moyer, Fricke & French, Inc.,
Philadelphia, Pa.
April
7,
1961
(letter
• J-F
April
Investment
10,
1961
Corp.
(letter of
/
notification))
100
bonds
(par
$1,000) due serially from 1961 lo 1976, inclusive. Price—
At par. Proceeds—For working capital. Office—112 W.
Fourth St., Joplin, Mo. Underwriter—None.
ic Jackson National Life Insurance Co.
April
11,
1961
Price
of class A common
Business — The company
in the life insurance business. Proceeds
filed
—
$4
300,000
per
shares
share.
I'f*
derwriter—To
|t;t
and working capital.
Office—245
Michigan Avenue, Jackson, Mich. Underwriter—
Apex Investment Co., Detroit.
X
\
^
West
Jefferson
Counsel
Corp.
March
13, 1961 filed 30,000 shares of class B common
(non-voting). Price—$10 per share. Business—The
company was organized under Delaware law in January
1961 to sponsor the organization of the Jefferson Growth
stock
tional and operating expenses. Office—52 Wall St., New
York
•
City. Underwriter—None.
Underwriter—Fontana
Y.
Securities, Inc., 82 Beaver
Street, New York, N. Y.
Research Laboratories, Inc.
29, 1961 filed 100,000 outstanding shares of com¬
mon stock
to be offered for public sale by the present
stockholder. Price—$10 per share. Business—Basic re¬
search and development leading to the design, manufac¬
ture and sale of precise electronic components and in¬
struments. Proceeds—For the selling stockholder. Office
West
—603
—C.
E.
130th
Street, New York City. Underwriter
Unterberg, Towbin Co., New York City (man¬
bank
Un¬
bidding.
11
'«
)
•H
U
it'll
('<
I'MU
■
iH
a.m.
(DST).
Interstate Power Co.
March
m
i
(5/18)
16, 1961 filed $9,000,000 of first mortgage bonds,
due 1991. Proceeds—To repay bank loans and for con¬
struction.
Office—1000 Main St., Dubuque, Iowa.
Un¬
derwriters— To be determined by competitive bidding.
Probable bidders: Halsey,
Stuart & Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith Inc.; Kidder, Peabody
Uti»
»ly<
I'ti*
»
competitive
&
M.
h
by
Kidderj Peabody & Co.; Salomon Bros.
Hutzler; Merrill Lynch, Pierce, Fenner & Smith Inc.;
White, Weld & Co. Bids—To be received on May 18 at
[«<><
|m|i
b
k{
determined
Marbledale
Road,
Co., Inc., New York City (managing).
Inc. (5/1-5)
Feb. 27, 1961
(letter of notification) 60,000 shares of
common stock
(par $1). Price—$5 per share. Business
—Sale and rental of automobiles.
Proceeds—Acquisi¬
tion of cars for rental purposes; acquisition of additional
salesroom; advertising and sales promotion and for
working capital. Office—241 Park Avenue, New York,
N. Y.
Underwriter—Albion Securities Co., Inc., New
•
&
Lyon
Ross,
(Charles),
Kreisler
York, N. Y.
Corp.
April 12, 1961 filed 90,000 shares of class A stock. Price
—$2.50 per share. Business—The company produces fer-
rites, which are ceramic-like materials with magnetic
properties, and conducts a research and development
program for ferrite products. Proceeds—For the repay¬
ment of a loan, research and development, new equip¬
ment and working capital. Office—P. O. Box 6, Fox. Is¬
Port Chester, N. Y. Underwriters—Ross, Lyon
land Road,
Co., Inc., and Schrijver & Co., both of New York City.
LP Gas
Sept.
Savings Stamp Co., Inc.
Price—At par
stock
common
of notification) 30,000 shares of
($10 per share). Proceed!
(letter
1960
27,
—For
purchase of creative design and printing of cata¬
logs, stamp booklets, advertising and for working cap¬
ital. Office—300 W. 61st St., Shreveport, La. Underwriter
—International Sales
& Investment,
Inc., 4501 North
Blvd.. Baton Rouge, La.
ic Lannetf
Co., Inc.
(letter of notification) 150,000 shares of
common stock. Price—$2 per share. Business—The man¬
ufacture and sale of pharmaceuticals. Proceeds—For a
April
1961
7,
building, research and development, and a sales
training program. Office—Frankford Ave., and Allen St.,
new
Pa. Underwriter
Co., Inc., New York City.
Philadelphia,
Leeds
—
Netherlands
Securities
Homes, Inc.
March
9, 1961 filed $1,000,000 of 6% subordinated sink¬
ing fund debentures, due 1976 and 300,000 shares of com¬
mon stock to be offered for public sale in units consist¬
ing
of
principal
$10
of debentures and three
supplied by amendment.
amount
Price—To
shares.
common
be
Business—Company, formerly Aluminum Siding & Sup¬
ply Corp., is a holding company whose subsidiaries are
engaged in the sale, construction and financing of shell
capital, and
homes. Proceeds—For construction, working
Ailor
in
mortgages
Office—2501
shell homes.
on
Ave., Knoxville, Tenn. Underwriter—J. C. Brad¬
ford &
Co., Nashville.
Lincoln
March
Price
Fund, Inc.
1961 filed 951,799 shares of common stock.
Net asset value plus a 7% selling commission.
A non-diversified, open-end, management-
30,
—
Business
—
primary investment ob¬
and, secondary, income
put and call options. Proceeds—
For investment. Office—300 Main St., New Britain, Conn.
Distributor—Horizon Management Corp., New Britain.
type investment company whose
appreciation
capital
is
jective
derived from the sale of
Lindy Hydrothermal Products, Inc.
filed 65,000 shares of common stock (par
cents).
Price—$4 per share.
Business—The design,
March 30, 1961
10
manufacture, distribution and sale of heat exchange
products and custom tanks for the storage of water,
chemicals and other liquids. Proceeds—For new equip¬
ment, plant relocation, product development and repay¬
ment
Hoffman
Office—2370
debt.
of
aging).
City.
Offering—Expected in late May.
Jungle Juice Corp.
Oct. 28, 1960 (letter of notification) 120,000 shares of
common
stock
(par 25 cents). Price—$2.50 per share.
Proceeds—For working capital and expansion. Address
—Seattle, Wash. Underwriters—Planned Investing Corp.,
New York, N. Y. and Fidelity Investors Service, East
Meadow, N. Y.
•
Kawecki Chemical Co.
March 23, 1961 filed $3,500,000 of 4%% convertible sub¬
ordinated debentures, due
1976, and 17,282 shares of
common stock (par 25
cents), issuable upon the exercise
of warrants. The
debentures
scription by stockholders
on
to be
are
offered
for
sub¬
the basis of $100 principal
of
debentures
for
each
15
shares
held.
Price—
Business—The research and pilot plant produc¬
tion of rare metals: Proceeds—To repay debt and for
working capital. Office—Boyertown, Pa. UnderwriterCarl
M.
Loeb, Rhoades & Co., New York City
aging). Offering—Expected sometime in May.
(man¬
Richman
Street, New York
& Co., New York
Underwriter—Bond,
Probable bidders:
be
loans and for working capital. Office—
Tuckahoe, N.-Y. Underwriter-
the repayment of
40
City.
amount
Street,
prevailing market price on the over-the-counter market
or on any securities exchange upon which they may
be
listed at any time after. 60 days from the date1 of the
company's offering. Business—The company is engaged
principally in the design, development and manufacture
of radio frequency connectors. Proceeds—For expansion,
Julie
March
At par.
repay
the
new
investment
Jodmar
Industries, Inc. (5/1-5)
Feb. 24, 1961 (letter of notification) 75,000 shares of com¬
mon stock (par 10 cents).
Price—$4 per share. Business
—Design, lay-out, installation and maintenance of indus¬
trial heating and air-conditioning systems.
Proceeds—
For the purchase of inventory for current business; pur¬
chase of machinery, equipment and inventory for pro¬
posed manufacturing business; sales promotion and re¬
serves.
Office—8801-11
Farragut Road, Brooklyn 36,
N.
and 45,187 shares, being outstanding stock, by
present holders thereof. Price—$4 per share for the
stock. The outstanding shares will be offered at the
company
of
stock. Price—$5 per
common
Price—To
Main
27, 1961 filed 295,187 shares of common stock, of
which 250,000 are to be offered for public sale by the
&
tures electronic
(5/8-12)
Kings Electronics Co., Inc.
Krystinel
Irvington Steel & Iron Works
of
Dubuque, Iowa, and 111 Broadway, New York City.
!(»'
•
Jan.
April 25.
Fund, Inc., a new open-end diversified investment com¬
pany of the management type. Proceeds—For organiza¬
Planning Corp.
Income
I1"
t
Underwriter—Life Se¬
'
i;
>\
plans to engage
—For capital funds,
if- '
ii«i *i
Co.
Inc., Teaneck, N. J.
•
I'. ft'
•ll
Insurance
Spring Street, Little Rock, Ark.
curities, Inc., Little Rock.
stock.
Income
Life
(4/24-28)
Dec. 29,
1960 (letter of notification) 5,000 shares of
cumulative preferred stock (no par) and 10,000 shares
of class A common stock (par 10 cents) to be offered in
units consisting of
one
share of preferred and two
shares of common. Price — $40 per unit. Proceeds—To
open a new branch office, development of business and
for working capital.
Office—3300 W. Hamilton Boule¬
vard, Allentown, Pa. Underwriter—Espy & Wanderer,
>
•ll
both of Denver,
Colo.
I "I
.
Colo.
Building, Denver,
Equitable
Purvis & Co. and Amos C. Sudler & Co.,
'
Office—■
Underwriters-
to make loans to such bottlers, etc.
necessary
•<■■
>
and in the preparation of the concentrate
purposes
enfranchising of bottlers, the local and national pro¬
motion
and
advertising of its beverages, and where
and
*
it)
Inc.
15,
29, 1960 filed 600,000 shares of com. stock (par $1)
Price—$2.50 per share. Proceeds—To further the corpo¬
-i t
■it
Co., New York, N. Y.
June
*1 ^
.f
I;
capital. Office—4077
Underwriter—J. I. Mag-
working
I C Inc.
t<».
*i
i
and
Hydroswift Corp.
Oct. 20, 1960 filed 70,000 shares of common stock. Price
—$5 per share. Business—The firm, which was organ¬
ized in February, 1957, makes and wholesales product*
and services for the fiberglass industry, including par¬
ticularly fiberglass boats known as "HydroSwift" and
"Skyliner." Proceeds—For general funds, including ex
pansion. Office — 1750 South 8th St., Salt Lake City,
Utah. Underwriter—Whitney & Co., Salt Lake Citv-Utah.
1!'r
,
expansion
1961 filed 150,000 shares of common stock.
Price—To be supplied by amendment. Business—Manu¬
factures timing devices, and web control systems for
printers. Proceeds—For the repayment of debt and for
working capital. Office—135 So. La Salle St., Chicago,
111. Underwriter—F. S. Moseley & Co., Boston, Mass.
rff)
■
of debt; advertising and sales pro¬
Avenue, Bronx 57, N. Y.
March
I
h
(par
repayment
Kurletron,
[? ■' |
ff
the
Park
i
I > i* S
i
stock
motion;
At
1961
29,
common
Preferred
30, 1961 filed 400,000 shares of common stock.
Price—$2.40 per share. Business—The company is au¬
thorized to sell life, accident and health insurance. Pro¬
ceeds—To be added to capital and surplus. Office—310
Iowa-Illinois Gas & Electric Co.
(letter of notification) 40,000 shares of
one cent).
Price—At-the-market.
Business—The manufacture of plastic items. Proceeds—
'March
Investors
May 18
on
March
Plastics & Chemical Companies, Inc.
Howe
:M.
11 ■'
Salomon Bros. & Hutzler.
up to 11 a.m. (DST) at
the office of The Chase Manhattan Bank, One Chase
Plaza, New York 5, N. Y., 23rd floor. Information Meet¬
ing—Scheduled for May 8, at 3 p.m. (DST) at the office
of The Chase Manhattan Bank, 28th floor.
White, Weld & Co.;
Co.;
Bids—To be received
Lockwood Grader Corp.
Feb.
1961
2,
filed
$600,000
sinking fund deben¬
6%
of
tures, series A (with warrants for the purchase of 18,000
shares
of
class
stock), and 40,000 shares of
Price—$1,000 per debenture and
$10 per class A share. Business—The manufacture and
sale of field agricultural machinery and grading, sorting
and handling machinery, primarily for use in the potato
industry. Proceeds—For working capital. Office—Gering,
Nebr. Underwriter—First Trust Co. of Lincoln, Nebr.
class
•
A
Lyttort
March
company
made
for
supplied
owns
the
by
stocks
associations.
and
Corp., acts
Corp.
filed 300,000
1961
be
loan
agency,
common
stock.
Financial
30,
Price—To
and
A
common
as
through
trustee
It
a
shares
of
amendment.
of
several
also
capital stock.
Business—The
California
operates
subsidiary,
under
by the associations.
|
an
Title
savings
insurance
Acceptance
deeds securing
trust
loans
Proceeds—To repay loans
and
March
Boulevard,
Hollywood, Calif. Underwriters—William R. Staats &
Co., Los Angeles and Shearson, Hammill & Co., New
which
York
King Kullen Grocery Co., Inc. (5/9)
28, 1961 filed 180,000 shares of class A stock, of
50,000 shares are to be offered for public sale
by the company and 130,000 outstanding shares by the
present holders thereof. Price — To be supplied by
amendment. Business—The operation of a chain of selfservice food
stores in the Long Island, N.
Y., area.
Proceeds—For the construction and
equipping of a new
Liberty Ave.,
Jamaica, N. Y. Underwriters—Hemphill, Noyes & Co.,
and Estabrook & Co., New York
City (managing).
warehouse
and
office.
Office
—
178-02
working
City
capital.
Office —8150
( managing). Offering
Sunset
—
Expected in
mid-
June.
•
( E. F.)
Mac Donald Co.
April 11, 1961 filed 275,000 shares of common stock (par
$1). Price—To be supplied by amendment. "Business—
The
creation and
administration
of
incentive
campaigns
designed to achieve the sales objectives of its customers.
Proceeds—For the
Ludlow
selling stockholders. Office-—120 So.
St., Dayton, Ohio. Underwriters—Smith, Barney
Volume
193
Number
6048
.
.
.
The Commercial and Financial
&
Co., Inc., New York City and Merrill, Turben & Co.,
Inc., Cleveland, Ohio (managing).
•
Gas & Electric Co.
(4/26)
23, 1961 filed $7,000,000 of first mortgage bonds,
April 1, 1991.
Proceeds—For repayment of bank
fkadison
March
due
for
and
loans
construction.
Madison
Street,
1,
Wis.
Office
—
100
Underwriters
Fairchild
No.
—
To. be
deter¬
mined
by competitive biding: Probable bidders: Halsey,
Stuart & Co. Inc.; First Boston Corp.; Glore, Forgan &
Co. and Iiarriman Ripley & Co., Inc. (jointly); Merrill
.
Lynch,
Pierce,
Fenner
& Smith Inc.; Eastman Dillon,
Co.; Kidder, Peabody & Co., and
White, Weld & Co. (jointly). Bids—Expected to be re¬
ceived on April 26 at 10 a.m. (CST) on the 8th floor of
.'Hi W. Monroe Street, Chicago, 111.
Information Meeting—April 24 at 2 p.m. (CST) at the same address.
Securities
Union
"
•
&
Magnefax Corp.
distribute desk-top copy machines and supplies. Proceeds—For new equipment, leasing office space, salaries,
to
-
advertising, and other corporate
purposes.
Office—1228
Commercial Trust Bldg., Philadelphia, Pa. Underwriter
—Stroud & Co., Inc., Philadelphia (managing).
/
•
(1779)
if Michigan Consolidated Gas Co. (5/23)
14, 1961 filed $30,000,000 of first mortgage bonds,
April
due
Proceeds—For the
1986.
repayment of debt'and for
Clifford Street, Detroit, Mich.
determined by competitive bid¬
Office—415
construction.
Underwriters—To
be
ding.
Probable bidders: Halsey, Stuart & Co. Inc.;
White, Weld & Co.; Lehman Brothers. Bids—To be re¬
ceived in Detroit on May 23 at 10:30 a.m. (DST).
Micro
Electronics Corp.
Majestic
March
Ave., Jersey City, N. J. Underwriter—Hayden, Stone &
Co., New York City (managing). Offering—Imminent.
i10 cents).
Price—To be supplied by amendment
ness—The
design,
manufacture
and
sale
of
a
(par
Busi¬
line
of
plastic insulated food and drink serving accessories, prin¬
cipally mugs, bowls and tumblers. Proceeds—For plant
relocation, new equipment, and other corporate purposes.
Clifton
Office—84
Place, Brooklyn, N. Y.
Underwriter
Inc., New York City.
Offering—Ex¬
pected in late May.
—Pistell,
•
Crow,
Marcort
Feb.
Electronics
Corp.
27, 1961 (letter of notification) 30,000 shares of com¬
stock (par $1).
Price — $10 per share. Business —
mon
of
Manufacture
electrical
electronic'
and
equipment.
search
199
<r
&
and
Devon
Terrace, Kearny, N. J.
Co., New York, N. Y.
Marine
Sept.
&
'
'T
Underwriter—Meade
/■'
'r ' ' r
Industries, Inc.
l
(letter of notification) 300,000 shares of
common
stock
(par 10 cents). Price—$1 per share.
Proceeds
For purchase of equipment; inventory of
parts; working capital; and research and development.
Office
120 S. Fairfax, Denver, Colo. Underwriter—
Amos C. Sudler & Co., Denver, Colo. Y
March
1, 1961
—
—
Microwave
March
Associates,
Inc.
(4/24-28)
27, 1961 filed 240,000 outstanding shares of
Manufacturing Inc.
(letter of notification)'»100,000 shares of
class
stock
A
(par
cents).
10
Price—$3
per
'
thare.
metal parts
for missiles, rockets, radar and marine items.
Address—Hagerstown, Md. Underwriter—Batten & Co.,
Washington, D. C.
Feb.
'
Corp.
capital. Office—204 E. Washington St., Petaluma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
land, Calif.
working
if Marrud, Inc.
April 12, 1961 filed 194,750 shares of common stock, of
which 100,000 shares are to be offered for public sale
.
and 94,750 outstanding shares by the
present holders thereof. Price — To be supplied by
amendment. Business — The wholesale distribution of
by
.
'
.
the
company
cosmetics, beauty aids, health aids and related products.
Office—189 Dean St., Norwood, Mass. Underwriter—Mc1
Donnell & Co.,
Matthews
New York City.
Corp.
(letter of notification) 200,000 shares of
(par $1). Price—$1.5C per share.
Pro¬
ceeds—To retire bank loans; purchase new equipment
and for working caiptal.
Office—12923 Cerise Street,
Hawthorne, Calif. Underwriters—Holton, Henderson &
Co., Los Angeles, Calif., and Sellgren, Miller & Co., San
Francisco, Calif.
Feb.
28,
common
1961
Electronics,
Inc.
(4/24-28)
-
&
Inc.,
Jan.
Iron Co.
10, 1961 filed 119,322 shares of capital stock being
for subscription by the company's stockholders
then
the basis of one new share for each
held, with rights to expire on April 24.
per
share. Proceeds—To establish a reserve
of record April 3 on
shares
Price—$60
for 1960 tax
payments. Office—452 Fifth Ave.,
New York
—
Washington. D. C.
Underwriter
—
Metropolitan
Brokers, Inc., Washington, D. C.
Miami
March 24,
common
.
Industries,
Inc.
1961 filed 175,000 outstanding shares of class A
stock (par $1), to be offered for public sale
by the holders thereof. Price—$9.50 per share. Business
production and sale of electric resistance welded
—The
v
..
tubing.
Proceeds — For the selling stockholders.
Office
Springereek Township, Miami County, Ohio.
Underwriter—H. Hentz & Co., New York City (manag¬
steel
—
ing).
Offering—Expected in late May.
Business—The
components
Proceeds
—
de¬
used
the
For
Ex¬
in
selling
South
Street, Burlington, Mass.
Brothers; Kuhn, Loeb & Co.,
Dodge & Co., Inc., all of New York
Clark,
Milliken
—
(D. B.)
Co.
15, 1961 filed $240,000 of 6% subordinated sink¬
ing fund debentures, due 1971, with stock purchase war¬
rants
attached,
stock.
Prices—The
a
7V2%
together
with
75,000
debentures will
be
shares
sold
at
capital
of
par,
with
underwriter's commission; the stock will be sold
$3
per share. Proceeds—For debt reduction and work¬
capital. Office—131 North Fifth Ave., Arcadia, Calif.
ing
Underwriter—Lester, Ryons
Offering—Expected in May.
Missile
& Co., Los Angeles,
Calif.
purposes.
basis of
$100 of debentures for each 18 common shares
Price—To be supplied by amendment. Business—Domestic and international transport of
persons, prop¬
reduce
for
Pr< ceeds—To make payments
short-term
general
national
corporate
Office
purposes.
—
Miami
Miami, Fla.
Underwriter
York City (managing).
New
planes
on
indebtedness, with the balance
Airport,
Brothers,
—
Inter¬
Lehman
National
Bagasse Products Corp. (5/1-5)
14, 1961 filed 16,200 units, each unit consisting
of
$100 of 15-year 7%
subordinated
debentures, 30
shares of class A common and 10 warrants
(to buy
a
like number of class A shares).
Price — $163.85
per unit.
Business — Manufactures composition board,
hard
board
and
insulating
board
from
bagasse,
a
waste
product
of
sugar
refining.
Proceeds — To
March
build
a new plant at Vacherie, La. Office—821
Gravier
St., New Orleans, La. Underwriters—S. D. Fuller & Co.,
New York City, and Howard, Weil, Labouisse, Fredrichs
& Co., New Orleans (managing).
•
National
Food Marketers, Inc. (4/24-28)
27, 1961 filed 100,000 shares of common stock. Price
$4 per share. Business—The company is engaged in the
processing and packaging of quick-frozen, prepared
seafood meat and poultry for use by restaurants and in¬
Jan.
stitutions
and frozen ready-to-heat meals for distribu¬
through vending machines. Proceeds — To repay
loans; purchase additional machinery; establish a food
laboratory, and for advertising, promotion, and working
capital. Office—Blue Anchor, N. J. Underwriter—Robert
tion
Edelstein Co.,
Inc., New York City.
National Fuel Gas Co.
(4/24)
March
22, 1961, filed $27,000,000 of sinking fund deben¬
tures, due May 1, 1986. Proceeds—To refund $15,000,000
5M>%
of
Inc.
Sites,
tion
debentures
due
1982
and
other
for
corporate
Office—30 Rockefeller Plaza, New York City.
Underwriters—To be determined by competitive bidding.
March
30, 1961 filed 291,000 shares of common stock.
Price—$5 per share. Business—A prime contractor with
purposes.
governmental agencies for the building of missile and
specialized facilities. Proceeds—For
working capital. Office—11308 Grandview Ave., Wheat-
Probable bidders:
Md. Underwriter—Balogh & Co., Inc., Washington,
on,
D. C.
Moderncraft Towel
Dispenser Co., Inc.
30, 1961 filed 80,000 shares of common stock, of
which
73,750 shares are to be offered for public sale by
6,250 outstanding shares by the under¬
Price—$4 per share.
and sale of
an
Business—The manufacture
Pro¬
improved towel dispensing cabinet.
ceeds—For
advertising, research and development, pay¬
ment of debt, and working capital.
Office — 20 Main
Street, Belleville, N. J. Underwriter—Vickers, Christy
& Co., Inc., New York City.
Insurance
Mohawk
Co.
Dowd
&
Broadway, New York City. Underwriter—R. F
Co., Inc., 39 Broadway, New York 6, N. Y.
Monticello
Lumber &
11,
& Co.,
rence
April 21, at 11 a.m.
(EST) in Room 240, 2 Rector Street, New York City.
National
Mercantile Corp.
1961 filed 100,000 shares of common stock
and five-year warrants to purchase an additional 20,000
March
29,
common shares,
to be offered for public sale in units
consisting of one common share and one-fifth of a war¬
rant.
Price—To
be
supplied
Business
by amendment.
—The distribution and retail sale of
phonograph records.
the repayment of loans and for working
Proceeds—For
Avenue, Union City, N. J. Underwriter—A. T. Brod
Co., New York City (managing). Offering—Expected
late May.
gan
&
in
National
March
Mfg. Co., Inc.
1961 (letter of notification) 75,000 shares of
common stock
(par 10 cents). Price—$4 per share. Busi¬
ness—The sale of lumber, building supplies and hard¬
ware.
Proceeds—To repay loans and for working cap¬
ital. Address—Monticello, N. Y. Underwriter—J. Lau¬
April
(jointly). Bids—To be received April 24 at 11:30 a.m.
(EST) in Room 2033, 2 Rector Street, New York City.
capital. To expand retail operations. Office—1905 Kerri¬
(4/24-28)
Aug. 8, 1960, filed 75,000 shares of class A common stock
Price—$12 per share. Proceeds—For general funds. Of¬
fice—198
Halsey, Stuart & Co: Inc.f White, Weld
Co.; First Boston Corp.; Eastman Dillon, Union Secu¬
rities & Co., and Stone & Webster Securities
Corp.
&
Information Meeting—Scheduled for
March
Inc., New York, N. Y.
24,
Scientific Corp.
1961
Price—$1.15
filed
1,500,000 shares of common
share. Business—The company
per
stock.
is
censed under the Small Business Investment Act of
and
is
registered
closed-end,
with
the
SEC
as
non-diversified,
a
investment
management
li¬
1958
which
electronics, physics and chem¬
istry. Proceeds—For investment and operating expenses.
Office
First
National
Bank
Building, Minneapolis,
Minn.
Underwriter—Bratter & Co., Inc., Minneapolis,
company,
will invest in the fields of
—
Mortgage Guaranty Insurance Co.
Oct.
$1).
17, 1960 filed 155,000 shares of common stock (par
Price—To be supplied by amendment. Business—
Insuring lenders against loss on residential first mort¬
gage
loans,
principally on single family non-farm
homes.
Proceeds—For capital and surplus.
Office—606
Wisconsin Avenue,
Underwriter
Milwaukee, Wis.
Note—This
qualified for sale in New York State. Offer¬
—Bache & Co., New York
stock is not
City (managing).
ing—Expected in June.
Minn.
if Nat Nast, Inc.
April 18, 1961 filed
stock.
ital,
28, 1961 filed 100,000 outstanding shares of com¬
(par $1), to be offered for public sale by the
thereof. Price—To be supplied by amendment.
Business—The manufacture and sale of medicated pro¬
stock
items,
prietary
cosmetics,
toiletries
and
fragrances.
stockholders. Office — 2101
Hudson Street, Lynchburg, Va.
Underwriter — Smith,
Barney & Co., New York City (managing). OfferingExpected in early May.
Proceeds
—
For
the
Inc.
selling
(4/25)
Price—$4
150,000 shares of class A common
share. Proceeds—For working cap¬
per
construction,
stock such items
and
as
funds
estimated
$125,000
to
Nedick's
Stores, Inc.
(4/24)
Feb. 21, 1961 filed 185,000 shares of common stock (par
20 cents), of which 60,000 shares are to be offered for
the
account
of
the
and
company
125,000
outstanding
shares by the present holders thereof. Price—To be sup¬
plied by amendment.
Proceeds — For expansion and
working capital. Office—513 West 166th St., New York,
N. Y. Underwriter—Van
City
•
Alstyne, Noel & Co., New York
(managing).
New
England Telephone
March 30,
& Telegraph
Co.
1961 this subsidiary of A. T. & T. filed 3,149,-
615 shares of capital stock being
1961 filed $30,000,000 of debentures, due 1986.
Price—To be supplied by
amendment. Business—The
at
bowling clothes and accessories, gym
clothing, etc. Office — Kansas City, Mo. Underwriter—
Hardy & Co., New York City (managing).
•
Manufacturing Corp.
Morton
March
Motorola,
Metropolitan Securities, Inc.
Nov. 17, 1960 (letter of notification) 100,000 shares of
class A common stock
(par $1). Price—$3 per share.
Proceeds
For working capital.
Office — 919-18th St.,
W.,
current
March
City. Underwriter—None.
N.
the
to
holders
offered
10
and
mon
Co., Inc., New York, N. Y.
Mesabi
related
the American Stock
of specialized
energy.
Office
be
on
City.
West
(letter of notification) 95,000 shares of
common stock (par 10 cents) of which 91,290 shares are
to be offered by the company and 3,710 shares by the
present holders thereof. Price—$3 per share. Proceeds—
To repay loans and for working capital. Office—1001 W.
Broad Street. Richmond, Va. Underwriter—B. N. Rubin
1961
20,
radio
com¬
public sale by the present
Underwriters—Lehman
stock
Meridian
March
Price—To
sign and production
microwave
writer.
(letter of notification) 100,000 shares of
(par one cent). Price—$3 per share. Pro¬
purchase raw materials, advertising and for
stock
ceeds—To
for
price of the stock
the company and
1961
1,
common
offered
be
to
thereof.
market
Proceeds—For expenses in the fabrication of sheet
Marine Structures
stock
mon
radar sites and other
Electronics
1960
22,
common
'
corporate
Airlines, Inc. (4/21)
1960 filed $10,288,000 of convertible subordi¬
debentures, due 1975, to be offered for subscrip¬
by holders of the outstanding common stock on the
and
Proceeds—For
purchase of equipment and tooling, re¬
development and working capital. Office—
other
for
National
erty, and mail.
at
(4/24)
and
Avenue, Milwaukee, Wis. Under¬
Baird & Co., Milwaukee (managing).
writer—Robert W.
(managing).
stockholders.
MaHlory Randall Corp.
March 30, 1961 filed 120,000 shares of common stock
loans,
held.
change at the time of the offering.
Claremont
bank
repay
Office—208 Wisconsin
$124,000 for new plant, $76,000 for equipment, and $110,U0U ior working capital. Office—1191 Stout St., Denver,
Colo. Underwriter—R, Baruch & Co., Washington, D. C.
—
ladies'
340
goods merchandise. Proceeds—To retire on or about Oct.
1, 1961 all outstanding 7*&% convertible debentures; to
nated
holders
—
auxiliary power plants, centrifugal pumps, inboard ma¬
rine engines and a line of leisure time and
sporting
31, 1961 filed 100,000 shares of common stock.
Price
$4 per share.
Business — The manufacture of
printed circuits for the electronics industry. Proceeds.—
Specialties, Inc.,
March 7, 1961 filed 140,000 outstanding shares of com¬
mon stock.
Price—To be supplied by amendment. Busi¬
ness—The firm is chiefly engaged in making and selling
sportswear coordinates. Office
39
Sept. 21,
Microtron
(6/12)
10, 1961 filed 200,000 shares of no par common
stock. Price—$5 per share. Business—The company plans
April
v
Chronicle
offered for subscription
and sale of electronic prod¬
of debt and advances
to Motorola Finance Corp., a wholly-owned subsidiary.
Office—9401 W. Grand Ave., Franklin Park, 111. Under¬
share for each
with rights to
expire on May 19. Price—$42 per share. Proceeds—To
retire $40,000,000 of first mortgage 4JA% bonds, series
B, which mature May 1, 1961 and to repay advances
from the parent company. Office—185 Franklin Street,
writers—Halsey, Stuart & Co., Inc. and Goldman, Sachs
Boston, Mass. Underwriter—None.
March 27,
development, manufacture
ucts. Proceeds—For the repayment
&
Co., New York City
Nash
(J. M.)
March 30,
Co.,
(managing).
Inc.
1961 filed $1,000,000 of series A
subordinated
series B
debentures, due July 1, 1981 and $1,000,000 of
subordinated debentures, due July
convertible
Price—To
be
1,
1981.
supplied by amendment. Business—The
a variety of industrial products includ¬
by stockholders
seven
shares
on
held
the basis of
of
record
one
April
new
25
if New Orleans Public Service, Inc.
April 13, 1961 filed $15,000,000 of first mortgage bonds,
due 1991.
Proceeds — For construction and the repay¬
ment of debt.
La.
bidding.
Orleans,
competitive
Office—317 Baronne Street, New
Underwriters
—
To
be
Probable bidders:
determined
by
Halsey, Stuart & Co. Inc.;
manufacture of
ing woodworking and packaging equipment, power saws,
Continued
on
page
40
40
The Commercial and Financial Chronicle
(1730
Continued from page 39
rities Corp.;
W. C. Langley & Co., Glore, Forgan & Co.
First Boston Corp.; Merrill Lynch, Pierce,^
phia
(jointly);
Lee
Smith
'
t:
5.'
it
Higginson Corp.; Equitable Securities Corp., and
Eastman
Dillon,
Union
Securities
&
Co.
(jointly);
Kidder, Peabody & Co. and Stone & Webster Securities
Weld & Co.;
(jointly); White,
Corp.
Salomon Brothers
Inc., Eastman Dillon, Union Securities
Co, Kidder, Peabody & Co, and White, Weld & Co.
(jointly). Bids—Expected to be received on April 20.
■it
*
■i
*h\
■&
for
Wall
Underwriters—To be determined by competitive
bidding.
11:00
to
up
New York State Electric & Gas Corp. (5/16)
March 24, 1961 filed $25,000,000 of first mortgage bonds
due 1991. Proceeds—To repay bank loans and for con¬
struction.
Office—108 East Green Street, Ithaca, N. Y.
f
&
&
& Hutzler.
■h
11
(EST)
a.m.
Information
April
13
at
Meeting—Scheduled
Trust
Bankers
Co,
16
St, New York City.
Palm
,
EST.
a.m.
Sept.
8, 1960, filed 10U,000
(par 1 shilling). Price — $3
company
shares of common stock
share. Business — Tht
per
intends to deal in land in the Bahamas.
Pro¬
ceeds—To buy land, and for related corporate purposes.
Office—6 Terrace, Centreville, Nassau, Bahamas. Under¬
Blyth & Co., Inc.; Harriman Ripley & Co.; First Boston
Corp., and Glore, Forgan & Co. (jointly). Bids—To be
received on May 16 at 11 a.m. (EST).
writer—David
Nippon Telegraph & Telephone
April
10,
which
Public Corp.
filed $15,000,000 of guaranteed bonds of
1961
$5,000,000 will be due in
Barnes
&
Co, Inc., New York City. Of¬
fering—Imminent.
(5/1-5)
Feb. 24, 1961 filed 200,000 shares of common stock (par
2b cents). Price—$4 per share. Business—The company
plans to engage in the business of developing and print¬
ing color film primarily for the motion picture and tele¬
Panacolor, Inc.
vision industries. Proceeds—For the construction
supplied
machines to
in
The
1976.
formed
are
amendment.
by
in
1952
furnishing
bonds
take
to
Business—The
over
from
the
company
government
was
the
telephone,
telegraph and related
communication services in Japan.
Proceeds —For ex¬
pansion.
Read
Office—Tokyo,
Underwriters—Dillon,
Japan.
Co. Inc.; First
&
& Co.
public
of
Boston Corp., and Smith, Barney
Offering-—Expected in early May.
(managing).
North
Co.
Electric
be
Price—To
15.
subsidiary
by amendment.
Business—
Ericsson Telephone Co. of
supplied
of L. M.
telecommunications
systems, electromechanical
Stockholm,
Sweden,.^manufactures
equipment,
remote
control
and electronic components, and power
Proceeds—To
fice—553
supply assemblies.
loans and. for working capital. Of¬
Street, Galion, Ohio.
Under¬
repay
South
Market
writer—None.
•
Northern
March
sales promotion, market development and officers'
salaries; for mortgage and interest payments; and for
working capital. Office—6660 Santa Monica Blvd., Holly¬
wood, Calif. Underwriter — Federman, Stonehill & Co,
(managing).
New York City
present
amendment.
lumber
Corp.
Business
yards in the
stockholders.
selling
Kansas
City,
Kansas
City
10, 1961 (letter of notification) 75,000 shares of
stock (par one cent). Price—$4 per share. Busi¬
devices.
Proceeds—
1991.
Probable bidders:
Equitable
of
of
chain
a
Proceeds—For the
St. John Avenue,
Brothers
Co,
&
(5/17)
Levergood Street, Johnstown, Pa.
Halsey, Stuart & Co. Inc.; Blyth & Co..
Ripley & Co. (jointly); First Boston
Corp.; Kidder, Peabody &
Co.; Kuhn, Loeb & Co.
N. Y. Underwriter—I.
Levittown, N. Y.
11
80
of
on
the 37th
Street, New York City on May 17 at
Information Meeting—To be held at the
(DST).
a.m.
Bids—To be received
above address
on
May 12 at 10
a.m.
(DST).
Pennsylvania Electric Co. (6/5)
1961 filed $12,000,000 of debentures, due 1986.
Office—222 Levergood Street, Johnstown, Pa.
Under¬
for the
writers—To be determined
continuing development of the Norwegian
Underwriters
Harriman
Ripley
econ¬
&
Co., Inc.;
Kuhn, Loeb & Co. Inc.; Lazard Freres & Co., and Smith,
Barney & Co. Inc.
omy.
it Nye-Mathews
March
28,
common
—For
i.
f
t
r
i)
0
A
iM
IV
>1''
Mining,
mining
(letter of notification) 15,000 shares of
(no par). Price—$20 per share. Proceeds
expenses. Office — 711 Merchants Bank
ic Ohio Edison Co.
due
1991.
ment
of
Proceeds—For
debt.
Office
—
•
the
and
repay¬
Main
City
on
St., New York City.
3,
1961
offered
to
Fund, Inc.
filed 2,000,000 shares of common stock to
investors through a tax-free exchange of
shares for securities of
change
a
Price—Net asset
share). Business—A
new
selected list of companies. Ex¬
value (expected to be $10 per
fund which provides
through which holders of blocks of securities
diversification
Peabody & Co.; Halsey, Stuart & Co. Inc.; Kuhn, Loeb &
Co. Bids—To be received at 80 Pine Street, 37th floor,
on June 5
at noon (DST).
Information Meeting—To be
and
continuous
Gas
on
Light &
June 2 at
Coke
10
Co.
a.m.
(DST).
professional
a
medium
may
obtain
investment
management without incurring Federal capital gains tax
liability upon the exchange. Proceeds—For investment.
Office—51 North High St.,
Columbus, O. Distributor—
The Ohio Co., Columbus, O.
March 30, 1961 filed $30,000,000 of first and refunding
mortgage bonds, series J, due 1986. Proceeds—To pay at
maturity $15,100,000 of first and refunding mortgage 3%
series G, due June 15, 1961 and for general
corporate purposes.
Office—122 S. Michigan Avenue,
Chicago 3, 111.
Underwriters—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
bonds,
Co.
Inc.; Glore, Forgan & Co.; First Boston Corp.
be received on May 9 at 10 a.m.
(CDST) in
1615, 122 So. Michigan Ave, Chicago, 111.
—To
Perini
Bids
room
fund
U.
which
will
$
i''
:«r
■i*;
iji'
Nicholls & Co.,
in
new
stock.
mutual
hold
only convertible debentures and
bonds. Proceeds—For investment. Office
S. Treasury
—One Maiden
a
Lane, New York City. Underwriter—G. F.
Inc., New York City. Offering—Expected
early May.
Opelika Manufacturing Corp. (5/1-5)
30, 1961 filed 200,000 outstanding shares of com¬
mon stock (par $5), to be offered for
public sale by the
March
holders
thereof.
Price—To
be
30, 1961 filed 1,451,998 shares of common stock
(par $1), of which 1,350,000 are to be offered for public
sale by the company, and 101,998 outstanding shares by
the
present
holders
amendment.
U.
S.
and
thereof.
Price—To
be
supplied
by
Business—The
construction
and
company is engaged in the
contracting business in the
recently entered the real estate
general
Canada
and
and
a
variety of tex¬
industry and to hospitals
Proceeds—For the
selling stock¬
West Chestnut
Street,
other institutions.
holders.
Office—361
Underwriter
—
Glore,
Forgan
&
Co.,
Chicago, 111.
New York City
(managing).
Orange
& Rockland
Inc.
(4/20)
March 14, 1961 filed $12,000,000 of first
mortgage
series G, due April 15, 1991. Proceeds—For
bonds,
redemption
$6,442,000 of first mortgage bonds, series B, due
May
1, 1961; for repayment of bank loans and for construc¬
tion.
P
P
Office—10 North Broadway, Nyack,
writers—To be determined by competitive
N. Y. Under¬
bidding. Pre¬
vious bidders: Halsey, Stuart & Co.
Inc.; Equitable Secu¬
three
shares
new
for
each
four
shares
be
supplied by amendment. Business—design, development and manufacture of optical
electro-optical systems and components used in
The
and
reconnaissance, photo-interpretation, photo-gramand optical scanning devices. Proceeds — For
working capital, research and development, and new
metry
equipment.
Office—134-08 36th Road, Flushing, N.
Underwriter—L. D. Sherman & Co, New York City.
Potter
Instrument
Co.,
Y.
Inc.
March 24, 1961 filed 210,000 shares of common
stock, of
which 190,000 shares are to be offered for
public sale by
the company and
20,000
ent holder thereof.
manufacture
equipment.
finance
to
outstanding shares by the pres¬
per share. Business—The
of
electronic
data
processing
Price—$10
and
sale
Proceeds—For
accounts
Co, New York
in early May.
Power
the
receivable
City
repayment
and
of loans
inventories.
10
and
Office
Underwriter—Bear Stearns &
(managing).
Offering—Expected
Designs Inc.
March 31, 1961 filed 500,000 shares of common stock
(par
cents).
Price—$2 per share. Business—The design,
manufacture and sale of power supply
equipment for the
conversion of commercial AC power.
Proceeds—To re¬
loans, for expansion and working capital. Office—
Shames Drive,
Westbury, N. Y.
Underwriter —
Pistell, Crow, Inc., New York City. Offering—Expected
in
late
May.
Precisionware, Inc.
March 30, 1961 filed 125,000 shares of common stock
(par
$1), of which 50,000 shares are to be offered for public
sale
by the
the
present
chen
holders
cabinets
and
other
sells to
tors. Proceeds^— For
75,000
thereof.
Business—A
company
working
and
company
amendment.
outstanding shares by
be supplied by
Price—To
contract
types
of
manufacturer
of
cabinets
wood
kit¬
which
builders, contractors and distribu¬
equipment, plant expansion and
78 Livingston St, Brooklyn,
new
capital. Office
—
N. Y.
Underwriter—Hayden, Stone & Co, New York City
(managing). Offering—Expected in late May.
Presto
Feb.
27,
Dyechem
1961
(letter
Co., Inc.
of notification)
110,000 shares of
(par 10 cents).
Price — $2.50 per share.
Business—Producers of dye markers and shark repelstock
common
lants.
45
Proceeds—For general corporate
purposes.
John
Street, Yonkers, N. Y.
Underwriter
Co, Inc., New York, N. Y.
—
Office
Frank
Karasik &
•
Products
27,
Research
1961
Co.
(5/29-6/2)
filed
283,200 shares of common stock
(par $2), of which 120,000 shares are to be offered for
public sale by the company and 163,200 outstanding
shares by the present holders thereof. Price
To be
supplied by amendment. Business—The development,
—
manufacture and sale of synthetic rubber
caulking com¬
pounds, protective coatings, encapsulation materials and
glass skylights. Proceeds—For the selling stockholders.
Office—2919
Empire Ave, Burbank, Calif. Underwriter
—Schwabacher & Co, San Francisco, Calif,
Progress Webster Electronics
—$4.50
per
sidiaries
common
(managing).
(4/24)
stock.
Price
Business—The company and its sub¬
engaged in the business of manufacturing,
are
components
mercial
Corp.
share.
distributing
and
and
developing electronic equipment and
products for residential, com¬
military use. Proceeds—For working capi¬
and
tal. Office—10th
related
Street, and Morton Avenue, Chester, Pa.
Underwriter—Marron, Sloss & Co, Inc., New York City
Proceeds—To repay
Jan.
loans and for general corporate pur¬
poses. Office — 73 Mt. Wayte Ave, Framingham, Mass.
Underwriters—F. S. Moseley & Co, Boston, Mass, and
Paine, Webber, Jackson & Curtis, New York City.
Building Corp.
•
Publishers
Company, Inc. (5/8-12)
27, 1961 filed 220,000 shares of common stock. Price
—$10
per share. Business—The company and its
sub¬
sidiaries are engaged in the business of
selling and fi¬
nancing books sales. Proceeds—To acquire the assets of
Books, Inc., 1140 Broadway, New York City; to invest
1961 filed $630,000 of 5J/2% leasehold mortgage
sinking fund bonds to be offered for public sale in de¬
in a new District of Columbia
company, Books, Inc.; to
invest additional funds in a
subsidiary; to finance instal¬
nominations of
ment sales contracts
is
Office—1116
Feb. 24,
$1,000 and $500. Business—The company
a
building on leased premises in the
business district of Lincoln, Neb, which will provide
street level space for retail tenants and a six-level, selfparking garage.. Proceeds—For construction.
Office—
National Bank of Commerce Bldg, Lincoln, Neb. Under¬
writers—Ellis, Holyoke & Co, and Commerce Invest¬
ment Co, both of Lincoln, Neb.
constructing
Pharmaceutical
Feb.
17,
common
—For
1961
Vending Corp.
(letter of notification)
stock.
Price—At
machinery
and
300,000
shares of
($1 per share). Proceeds
equipment, plant facilities, in¬
par
receivable and for working capital.
St, N. W, Washington, D. C. Under¬
writers—Amos Treat & Co, Inc., New York
City and
Roth & Co, Inc.,
Philadelphia, Pa. (managing).
Puerto Rican
6,
1961
class
A
common
share.
Proceeds
Co.
of
April
and 10 shares of stock.
Operation
of
an
Price—$150 per unit. Business—
aquarium in or about Philadelphia.
Proceeds—To acquire ground and to construct
um
building
or
an
aquari¬
buildings. Office—2635 Fidelity-Philadel¬
—
(par 10
For
Electronics,
12,
common
Aquarium, Inc.
(5/8-12)
Oct. 14, 1960 filed $1,700,000 of 6% debentures due 1975
»nd 170,000 shares of capital stock (par 50 cents) to be
offered in units, each consisting of one $100 debenture
stock
100,000 shares of
Price — $3 per
payable, to purchase
cents).
accounts
Maryland, Inc., Baltimore, Md.
Wilmington, Del.
Philadelphia
Airlines, Inc.
of notification)
(letter
equipment and for general corporate purposes. Office—
c/o F. J. Perez-Almiroty, 1764 Ponce de Leon
Ave, San
Juan, Puerto Rico. Underwriter—Investment Securities
ic RMS
Office—100 W. 10th Street,
Underwriter—Pacific Coast Securities
18th
Feb.
ventory and working capital.
v
of
of
(managing).
Co, San Francisco, Calif.
Utilities,
basis
Price—To
development field. In addition it will control and operate
National League Baseball Club of Milwaukee, Inc.
the
supplied by amendment.
Business—The manufacture and sale of
tile products to the linen rental
of
Proceeds
Planning Co, Washington, D. C.
Jan. 13, 1961 filed 150,000 shares of
Corp.
Peterson
common
the
held.
•
•
One Maiden Lane Fund, Inc.
April 7, 1961 filed 300,000 shares of
Price—$3 per share.
Business—This is
shares
share.
construction, equipment and working capital. Of¬
Burlington Avenue, Silver Spring, Md. Under¬
March
(5/9)
March
Ohio-Franklin
Feb.
be
a
North
May 22 at 11:30 a.m. (DST).
Information Meeting—Scheduled for May 17 at 3:30
p.m.
(RST) at the New York Society of Security Analysts,
M
-
construction
47
23,000
per
(par
cents), to be offered for subscription by stockholders
10
on
never
Blyth & Co, Inc., and Harriman Ripley & Co. (jointly);
First Boston Corp.; Equitable Securities Corp.; Kidder,
Peoples
Street, Akron,
Ohio.
Underwriters—To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.,;
Glore, Forgan & Co.; Eastman Dillon, Union Securities
& Co., and White, Weld & Co.
(jointly); First Boston
Corp.; Morgan Stanley & Co. Bids—To be received at 16
Wall St., New York
by competitive bidding. The
before issued debentures. However,
the following underwriters bid on the last issue of bonds:
has
company
(5/22)
April 14, 1961 filed $30,000,000 of first mortgage bonds,
Price—$8
Photronics Corp. (6/15)
Feb. 24, 1961 filed 150,000 shares of common stock
the
March 28,
held at the above address
Blag,. Indianapolis, Ind. Underwriter—None.
15 William
!. |
K 1
inc.
1961
stock
i;
|V
—
—For
notification)
of
(par $1).
fice—922
Pine
(Kingdom of)
(5/2)
April 7, 1961 filed $15,000,000 of 15-year external loan
bonds of 1961, due May 1, 1976. Proceeds—For the ac¬
quisition and importation of capital equipment required
Norway
stock
common
Inc.
(letter
1961
1700
Securities
Floor
E.
operation
$10,000,000 of first mortgage bonds,
Office—222
For general corporate purposes. Office—3 Carll
Ave., S.,
Investors Corp.,
20,
Underwriter—
pay
ness—Manufacturers
R.
The
middle west.
Office — 6311
Pennsylvania Electric Co.
March 28, 1961 filed
Inc,and Harriman
Babylon,
—
Underwriter—Stern
Mo.
Corp.;
electronic
Photogrammetry,
March
Underwriters—To be determined by competitive bidding.
(5/1-5)
Building, Philadelphia, Pa.
Philadelphia, Pa.
—Plainview, L. I, N. Y.
(managing).
common
of
Lumber Co.
outstanding shares of class A
(par $2.50) to be offered for public sale by the
holders thereof. Price — To be supplied by
common
due
Instrument
(Frank)
March 28, 1961 filed 83,389
(5/15)
March 30, 1961 filed 22,415 shares of common stock to be
offered for subscription by stockholders of record May
This
of two
print color film by the Panacolor Process;
for
Paxton
Trust
aerial
1964-1966 and $10,000,guaranteed as to principal
and interest by the Government of Japan. Price—To be
000
\
Thursday, April 20, 1961
.
writer—First Investment
Developers Limited
bidders: Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co. and Salomon Bros. & Hutzler (jointly);
Probable
■d
.
Stroud & Co, Inc.,
Fenner
.
1961
stock
ness—The
Inc.
(letter of notification)
100,000 shares of
(par 25 cents). Price—$3
manufacture
of
television
per
share. Busi¬
FM radio an¬
tennae. Proceeds—For general
corporate purposes.
Ad¬
dress—Bronx, N. Y. Underwriter — Martinelli & Co,
New York, N. Y.
•
Ram
Dec.
and
Electronics, Inc.
28,
1960
common
stock
(letter of notification) 75,000 shares of
(par 10 cents). Price—$4 per share.. Busi¬
ness—Manufacturers of electronic and
replacement parts
Volume
193
Number 6048
The Commercial and
...
for television receivers and other
electrical circuits
ceeds—For general corporate
purposes.
Pro¬
Office—600 In¬
dustrial Ave., Paramus, N. J.
Underwriter—General Se¬
curities Co
Inc., 101 West 57th St., New York
City
Offering—Expected in early May.
Estate Investment Trust
of America
(5/22-26)
March 31, 1961 filed 500,000 shares of
beneficial interest
in the Trust. Price
To be supplied
by amendment. Busi¬
ness—The Trust which was organized in
1955
to
acquire
three Massachusetts business
trusts now
holds real estate properties in 12 states
and the District
of Columbia.
Proceeds
For investment.
Office
294
of
assets
St.
—
—
Washington St., Boston, Mass. Underwriters
Paine
Webber, Jackson & Curtis; Kidder, Peabody & Co
aad
Lee Higginson Corp., all of New York
City.
—
Enterprises, Inc.
1961 filed 110,000 units of common stock and
warrants, each unit to consist of one share of class A
March 16,
and
two
common
the purchase of class A
per share
within 36
purchase
warrants for
(one exercisable at $5.50
common
for 18 months and the other at $6 per share
months).
Price—$5 per unit.
Business—The
plans to operate a chain of bowling alleys in
company
the
stock
midwestern
states, initially in Missouri and Kansas.
Proceeds—For the building of
bowling centers. Office—
6000 Independence Ave., Kansas
City, Mo. Underwriter
—I. M. Simon & Co., St.
Louis, Mo.
Red Star Yeast & Products Co.
San
16, 1961 filed $1,000,000 of convertible subordin¬
ated debentures, due 1976. Price
To be supplied by
amendment. Business—The production of
yeast and yeast
products for the pharmaceutical, food, and animal feed
—
industries.
Proceeds
For diversification and possible
Office—221 East Buffalo St., Milwaukee,
Underwriter—Loewi & Co., Inc., Milwaukee.
—
acquisitions.
Wis.
Renaire
March 30,
Foods, Inc.
1961 filed
Feb.
For
working capital. Office—2223 El Cajon Boulevard,
San Diego 4, Calif.
Underwriter — Norman C. Roberts
Co., San Diego, Calif.
San
$600,000 of debentures, 6V2%
125,000 shares of common stock, (par $1)
100,000 shares are to be offered for sale by the
and 25,000 outstanding shares by the present
holders
for
thereof.
the
Price—At
debentures
and
100%
$6
of
principal
share
per
for
amount,
the
stock.
Business—The retail distribution of food freezers, frozen
foods,
groceries, vitamins, proprietary medicines and
principally in the Philadelphia and Baltimore
sundries,
trading
of
Proceeds—For construction, the purchase
areas.
installment contracts resulting from the sales of food
and
freezers, and for working capital.
Office—770 Bal¬
timore Pike, Springfield, Pa.
Underwriter—P. W. Brooks
&
Offering—Expected in late
Co., Inc., New York City.
May
•
early June.
or
Resitron
Feb.
16,
Laboratories, Ltd. (4/21)
(letter of notification) 200,000
1961
stock.
common
manufacture
Price
of
—
closed
$1
share.
per
circuit
shares
of
tubes,
circuit
breakers
and
systems.
Proceeds—To repay bank loans, purchase new
equipment
Nebraska
D.
E.
relays for high
for
and
Avenue,
Liederman
working
&
capital.
Monica,
Santa
communications
powered
Co., Inc., 50
Office
Calif.
—
2908
Underwriter—
Broad St., New York
City.
•
Rchlin-Seaway
Dec.
—$6
29,
Industries,
Inc.
(4/24-25)
80,000 shares of class A stock. Price
Business—Organized under New York
share.
per
with, and
will be consolidated
the business of Roblin, Inc., which
buys and sells scrap steel and other ferrous and nonferrous metals and Seaway Steel Corp., which operates
a rolling mill
producing bars, rods and other shapes of
steel and nickel. The company will also have interests
carry
on
ranging from 50%
lessor of
a
in a demolition contractor, a
demolition equipment, a stevedoring business,
metals
anodes
broker
general
and
other
and
to 76%
a
rolled
corporate
manufacturer
nickel
•
New
City
York
Rocket
Jet
rolled
nickel
Office—1437 Bailey Ave..
Brand, Grumet & Seigel.
(managing).
purposes.
Buffalo, N. Y. Underwriter
Inc.,
of
products. Proceeds—For
stock
Engineering Corp. (5/5)
outstanding shares of com¬
Price—To be supplied by
design, development and
manufacture of escape and survival eauipment used in
military aircraft. Proceeds—For the selling stockholders.
Office—1426 South Flower Street, Glendale, Calif. Un¬
derwriters—Thomas Jay, Winston & Co., Inc., Beverly
(par
amendment.
cents).
75
Business
Hills,; Calif.,
and
—
Maltz,
The
Greenwald & Co., New York
City. iThe latter firm will handle the books in the East.
Rocket
Research
Corp.
Jan. 19, 1961 filed 300,000 shares
—$2.25
per
research
on
of common stock. Price
share. Business—The company is engaged in
new high energy propellant systems, the de¬
rocket for application to
and in the preparation of
proposals which have been submitted to certain govern¬
mental agencies.
Proceeds—For general corporate pur¬
poses. Office—233 Holden Street, Seattle, Wash. Under¬
velopment
satellite
of
and
miniature
a
space
vehicles
writer—Craig-Hallum, Kinnard, Inc., Minneapolis, Minn.
Ruth
March
Outdoor
Advertising
Co.,
Inc.
80,000 shares of
class A stock (par 10 cents). Price—$3 per share. Busi¬
ness—Outdoor advertising.
Proceeds—For general cor¬
porate purposes.
Address — R. D. No. 2, Albany, N'. Y.
Underwriter—Lewis & Stoehr, New York, N. Y.
10,
1861
(letter of notification)
Safeguard Corp.
1961 (letter of notification) 75,000 shares of
common stock (par 50 cents).
Price—$4 per share. Pro¬
ceeds—For capital funds, expansion, and working capi¬
tal. Office—1114 N. Broad Street, Lansdale, Pa. Under¬
March 21,
writer—Netherlands Securities
Proceeds
ances.
Office—724
(H.&
band
be
craft, starting-up expenses, and working capital. Office
—155 Montgomery Street, San Francisco, Calif.
Under¬
writers—Birr & Co., Inc., and Wilson^ Johnson & Higgins, both of San Francisco.
Schaper Manufacturing Co., Inc.
29, 1961 filed 80,600 shares of
(5/22-26)
stock (par
to be offered for public
common
A.),
Inc.
be
instruments and accessories.
Proceeds—For
work¬
Sherman Co.
29, 1961 filed 1,096) of limited partnership shares.
$5,000 per unit. Business — The company was
Office—10
To
supplied by
amendment.
Business—The company plans to furnish
scheduled air transportation service in the San Fran¬
cisco Bay area. Proceeds—For spare parts, lease of air¬
—
appli¬
ing capital and expansion. Office—1119 North Main St.,
Elkhart, Ind. Underwriter—Clark, Dodge & Co., New
York City (managing). Offering—Expected in early May.
Helicopter Airlines,
Price
home
on
(par
supplied by amendment. Business—
importation, manufacture and distribution of wind
Price—To
The
A
share.
9th
Selmer
in
common
contracts
working capital and expansion.
St., N. W., Washington, D. C.
Under¬
March 16, 1961 filed 40,000 shares of common stock
March
one
sales
For
—
writer—None.
offered in units, each unit to consist of one share of class
and
consisting of $100 of debentures and
Price—$200 per unit. Business—The
stock.
purchase of conditional
*
41
Price
—
March
on
15, 1961 to acquire the Hotel Sherman
Proceeds—To purchase the above property.
Street, New York City. Underwriter
Chicago.
E. 40th
—None.
Pacific
Sierra
Power Co.
(5/2)
April 10, 1961 filed 132,570 shares of
common stock (par
$3.75) to be offered for subscription by common stock¬
holders
held
on
of
the basis of
one
new
share for each 12 shares
record
Price—To
May 2, with rights to expire May 22.
supplied by amendment. Proceeds—For
be
the repayment of bank loans and for construction.
—220
South
$4), of which 15,000 shares are
sale by the company and 65,600 outstanding shares by
the present holder thereof. Price—$10 per share. Busi¬
ness—The
due
Virginia Street, Reno, Nev.
Office
Underwriter—-
None.
design, assembly, manufacture and sale of a
variety of plastic toys and games. Proceeds—For work¬
ing capital. Office—650 Ottawa Ave., North, Minneapolis,
Minn. Underwriter
Paine, Webber, Jackson & Curtis,
(managing).
Schneider
—
(Walter J.)
Corp.
March
30, 1961 filed 120,000 shares of class A common
10 cents). Price—$5 per share.
Business—Organ¬
(par
ized
the
March 24,
on
real
—For
estate
1961, the company plans to engage in
business
and
allied
general corporate purposes.
activities.
Proceeds
Pacific Power Co.
Sierra
April 10,
(5/11)
filed $6,500,000 of first mortgage bonds,
1961
Proceeds
1991.
For
—
construction.
Office
220
—
South Virginia Street, Reno, Nev. Underwriters—To be
determined by competitive bidding.
Probable bidders^
Halsey, Stuart & Co. Inc.; Stone & Webster Securities
Corp.; Dean Witter & Co.; Kidder, Peabody & Co. and
White, Weld & Co. (jointly). Bids—To be received on
May 11, at 11 a.m. (DST) at 49 Federal Street (8th
floor), Boston, Mass. Information Meeting—Scheduled
for May 9 at 3 p.m.
(DST) at One Chase Manhattan
Plaza
Office—67 West 44th
(23rd Floor), New York City.
Sigma
Instruments,
Inc.
(5/24-28)
Street, New York City. Underwriters—Brand, Grumet
& Seigel, Inc., and Kesselman & Co., Inc., both of New
York City. Offering—Expected in early June.
27, 1961 filed 200,000 shares of common stock (par
$1), of which 78,540 are to be offered for public sale
by the company and 121,460 outstanding shares by the
Scope, Inc.
28, 1961 filed 75,000 shares of common stock.
To be supplied by amendment. Business — The
research and development of projects for agencies of the
U.
S.
Government.
Proceeds—For
the repayment of
present
Feb.
holders
thereof.
Price
—
To
be
supplied by
formerly The
March
amendment.
Price
Fisher-Pierce Co., is engaged in the development, man¬
ufacture and sale of sensitive electromagnetic relays,
—
marketing of new products, and
for working capital.
Office—121 Fairfax Drive, Falls
Church, Va. Underwriter—Hodgdon & Co., Inc., Wash¬
ington, D. C.
debt,
production
Scot
March
Price
Lad
and
Silver
—
packaging of food products for supermarkets.
—The
Proceeds
proceeds, estimated at $2,185,000, will be ap¬
net
with the balance to
be added to working capital.
Office—Chicago, 111. Un¬
derwriter—Hayden, Stone & Co., New York City (man¬
aging). Offering—Expected in late May.
plied to outstanding
indebtedness,
Industries
Seacrest
Corp.
(5/1)
24, 1961 (letter of notification) 40,000 shares of com¬
mon stock
(par one cent). Price—$7.50 per share. Busi¬
ness—The sale of home-freezers and refrigerator-freezer
combinations, home delivery of food plans, and manu¬
sale of swimming pools. Proceeds—For the
facture and
purchase of Westchester Foods, Inc. stock; current liabil¬
ities; building improvements; advertising, promotion and
expansion and for general corporate purposes. Office—
Franklin
N.
Avenue,
New York 6,
Square, Long Island.
Co., Inc., New York,
Corp., 92 Liberty Street,
Franklin
Underwriters—A.
Y.
J.
Gabriel
N. Y. and Williamson Securities
company,
March
Pacific
Co.
15, 1961
(letter of notification) 200,000 shares of
common
stock (par $1).
Price—$1.50 per share. Pro¬
ceeds—For development of property; repayment of loans
and real
investments.
estate
Issaquah, Wash.
Inc., Issaquah, Wash.
Simulatics
Office—1325
Underwriter
way,
—
Sunset
Rowley
High¬
Agency,
Corp.
March
27, 1961 (letter of notification) 150,000 shares of
stock (par one cent). Price—$2 per share. Busi¬
ness—The investigation of probable human behavior by
common
Feb.
354
The
—
photoelectronic street lighting controls and other elec¬
tronic control devices. Proceeds—To repay bank loans
and for working capital. Office — 170 Pearl St., South,
Braintree, Mass.
Underwriter—W. C. Langley & Co.,
New York City (managing).
Foods, Inc.
1961 filed 250,000 shares of common stock.
To be supplied by amendment.
Business — The
28,
Business
N. Y.
of
use
technology.
computer
Proceeds
—
To
repay
a
short-term bank
loan; and for working capital and gen¬
corporate purposes. Office—501 Madison Avenue,
New York 22, N. Y. Underwriter—Rhssell & Saxe, New
York, N. Y.
'*
eral
Southern States Investment &
Mortgage Corp.
(letter of notification) 100,000 shares of
common stock (par $1). Price—$1.50 per share. Proceeds
—For
advances
to
subsidiaries
and
working capital.
Office—424 Mark Bldg., Atlanta, Ga.
Underwriter—
First Fidelity Securities Corp., Atlanta. Ga.
Feb.
1961
8,
—
March 20, 1961 filed 110,000
mon
in units
of
formed
1960 filed
law in December 1960, the company
shares
April 5, 1961 85,000 shares of class A stock (par $10) and
85,000 shares of common stock (par 10 cents) to be
Business —The
television
Oakland
&
Inc.
con¬
vertible series due 1976, to be offered for public sale
by
company
Francisco
25
$2).
1961 (letter of notification) 100,000 shares of
capital stock (no par). Price—$3 per share. Proceeds—
28,
New York City
the company and
of which
Olive
Diego Chargers, Inc.
March
March
be offered
papital, Inc.
St., St. Louis, Mo. Underwriters—
Hornblower & Weeks, New York City and I. M. Simon
& Co., St. Louis (co-managers).
Offering—Expected in
late May.
Recreation
common
Louis
(1781)
April 11, 1961 filed 750,000 shares of common stock (par
$1). Price—$10 per share. Business—A new small busi¬
ness investment company.
Proceeds — For investment.
Office—611
Real
the
•
Chronicle
Financial
Co., Inc., New York, N. Y.
•
Seaiectro Corp.
March 24,
25
cents)
1961 filed 231,600 shares of common stock (par
of which 100,000 shares are to be offered for
and 131,600 outstanding
holders thereof. Price—To be sup¬
plied by amendment.
Business — The production of
electronic components and sub-assemblies for use in
electronic
and
electrical, equipment, aircraft, missile,
communications and data-processing industries. Proceeds
public
sale
by
the
company
shares by the present
—For
the
new equipment; expan¬
Office—139 Hoyt Street, Mamaroneck, N. Y. Underwriter—Bache & Co., New York
City (managing). Offering—Expected in mid-May.
repayment
Investments
Search
Jan. 4, 1961
—$1
per
Business—A non-diversified closed-end
company.
Proceeds—For working capital
share.
investment
and
for
investments.
apolis, Minn.
Office—1620 Rand Tower,
Minne¬
Underwriter—None.
Securities Credit
Jan.
Corp.
filed 1,000,000 shares of common stock. Price
Corp.
filed $3,000,000 of 6% series A subordi¬
Price—100% of principal amount.
Business—The company and its subsidiaries are engaged
in the retail financing of new and used automobiles, mo¬
27,
nated
1961
debentures.
bile homes,
appliances, furniture and farm equipment for
ventories of such automobiles and direct lending to con¬
sumers,
and the
writing of automobile, credit life, and
other types of
insurance. Proceeds—For working capital.
Office—1100 Bannock St., Denver, Colo. Underwriter—
None.
Security Acceptance Corp.
7, 1961 filed 100,000 shares
March
stock and
basis of
—To
of class A common
$400,000 of 7% 10-year debenture bonds, to
one
be
chase
Insurance
share for
new
supplied
the
55%
Life
Carolina
Co.
(6/5-9)
by
of
each five shares held.
Price
Proceeds—To pur¬
outstanding common stock of
amendment.
the
Co.
Insurance
not
heretofore
^
the
owned by
issuer.
table
Office—Dallas, Texas. Underwriter—Equi¬
Securities Corp., Nashville, Tenn.
(managing).
Southwestern
Capital
Corp.
April 4, 1961 filed 500,000 shares of common stock. Price
—$3 per share. Business—A small business investment
company and a closed-end, non-diversified management
investment company.
Proceeds—For investment. Office
—1328
Garnet
Avenue,
San Diego,
Calif.
Underwriter
—None.
ic Southwestern Oil Producers, Inc.
April 13, 1961 filed 250,000 shares of common stock.
Price—$2 per share.
Business—The company has ob¬
tained the right to drill for oil and gas on 720 acres near
Artesia,
M.
Proceeds—To drill a test well on the
Office—2720 West Mockingbird Lane, Dallas,
Underwriter—Elmer K. Aagaard, Salt Lake City,
N.
property.
,
purchasers, and the wholesale financing of dealers' in¬
Life
28, 1961 filed 80,000 shares of common stock, to
be offered to holders of the outstanding common on the
of loans;
sion, and working capital.
Southland
March
Texas.
Utah.
®
Inc.
(5/1-5)
filed 200,000 shares of common stock
(par $1). Price—To be supplied by amendment. Business
—The
manufacture
of apparel for men, women
and
Spartans
March
23,
Industries,
1961
children, and the operation of self-service discount
de¬
Proceeds—For the repayment of loans
and for expansion. Office—One W. 34th St., New York
1, N. Y. Underwriters—Shearson, Hammill & Co., New
\ork City and J. C. Bradford & Co., Nashville, Tenn.
partment stores.
Continued
on
page
42
H2
The Commercial and Financial Chronicle
(1782)
Continued from page
for
and
41
reserves.
Office
4725
—
Wyandotte St., Kansas
•
ladueo
Bowling &
Leasing
.
.
Thursday, April 20, 1961
price will be
offering. For the stockholders' shares, the
-
supplied by amendment. Business — The company, for¬
merly Sentry Corp., is primarily a general contractor for
City, Mo. Underwriter—None.
Standard-American Leasing Corp.
.
Corp.
heavy construction projects. Proceeds—The proceeds of
the first 12,000 shares will go to Netherlands Trading Co.
The balance of the proceeds will be used to pay past
240,000 shares of
common stock (par $1). Price—$1.25 per share. Proceeds
—For working capital. Office—2855 Highland Drive, Salt
Lake City, Utah. Underwriter — E. H. Coltharp & Co.,
March
stock to be offered for public
due legal and
Salt Lake City,
$240 of debentures, 50 common shares and 20 warrants.
edness, and for working capital. Office—11-11 34th Ave.,
Long Island City, L. I., N. Y. Underwriter — (For the
Feb.
(letter of notification)
1961
14,
Standard
Utah.
Life
Security
Insurance Co.
of
Y.
N.
filed 162,000 shares of common stock
to be offered for subscription by holders of common and
class A stock on the basis of two new shares for each five
shares held.
Price —To be supplied by amendment.
March
1961
27,
health in¬
Of¬
Underwriter—
writing of life, accident and
Business—The
Proceeds—For general corporate purposes.
surance.
Fifth Avenue, New York
fice—111
City.
None.
March
(letter of notification) 12,500 shares of
1961
30,
class B
(par 10 cents)
stock
common
(par $10).
share; for class
Proceeds—For organizing
$2
common,
share.
and 10,000 shares
Price—For class A
$25
B
common,
a
per
Office—1905 Little River Turnpike,
recreational club.
Under¬
per
Fairfax, Va.
writer—None.
Stein, Hall & Co. Inc. (5/8-12)
1961 filed 250,000 outstanding shares of com¬
March 30,
(par $1), to be offered for public sale by the
Price—To be supplied by amendment.
stock
thereof.
holders
wide variety of
Business—The company manufactures a
specialty products, including specialized adhesives, synthetic resins, natural gum derivatives, food
stabilizers and similar items. Proceeds—For the selling
stockholders.
Office—285 Madison Avenue, New York
chemical
City.
Underwriter—F. Eberstadt & Co., New York City
& Yale,
Stocker
Inc.
March 30, 1961 (letter of notification) 100,000 shares of
no-par common stock.
Price—$3 per share. Business—
Manufacturers of precision dimensional measuring de¬
vices and developers of optical and audio-visual equip¬
ment.
Proceeds—New product development, expansion
marketing program, and working capital.
Office —
40 Green St., Marblehead, Mass.
Underwriter — First
Weber Securities Corp., 79 Wall Street, New York City.
Offering—Expected in early May.
of
and
Price
50,000 class A warrants to purchase common
sale in units consisting of
$640
—
per
unit.
Business
—
The construction of
bowling centers. Proceeds—For construction and work¬
ing capital. Office—873 Merchants Road, Rochester, N. Y.
Underwriter
Myron A. Lomasney & Co., New York
•
1961 filed $1,500,000 of convertible subordi¬
15,
debentures, due May 1, 1976. Price—To be supplied
nated
—
A holding company whose
produce ballistic devices, solid propellants,
electronic test systems and microwave components. Of¬
fice—4551 E. McKellips Rd., Mesa, Ariz. Underwriters—
Stone Mountain Scenic
March 20,
1961
stock
common
Railroad, Inc.
(letter of notification) 150,000 shares of
(par $1). Price—$2 per share. Proceeds
—For
purchase of land and materials, right of way prep¬
aration, and working capital.
Office — 710 Peachtree
Underwriter—First Fidelity
Corp., Atlanta, Ga.
*'
Street, N. E., Atlanta 8, Ga.
Securities
Stratton
March 3,
debentures, due Dec. 1, 1981. Price—At 100% of
principal amount. Business—The development and op¬
a
winter
and
summer
recreational
Mountain in southern Vermont.
Stratton
Office—South
construction.
resort
on
Proceeds—For
Londonderry,
Vt.
Under¬
"Taro-Vit"
•
Straus-Duparquet Inc.
Sept. 28, 1960 filed $1,000,000 of 7% convertible subordi¬
nated debentures, due 1975. Price—At par. Office—New
York City. Underwriters—John R. Boland & Co., New
York City and Paul C. Kimball & Co.
(Chicago). Offer¬
ing—Expected in late April to early May.
Industries
Cnemical
Ltd.
Nov.
25, 1960 filed 2,500,000 ordinary shares. Price—
$0.60 a share payable in cash or State of Israel Bonds.
Business
The company produces, in Israel, a poultry
—
food
supplement, and pharmaceutical and chemical prod¬
Proceeds
$750,000 for expansion; $170,000 for
ucts.
—
(letter of notification) 87,664 shares of
Price—$1.50 per share. Proceeds
—For a new building and equipment. Addres;—Clack¬
amas, Oreg. Underwriter—June S. Jones Co., Portland,
Oreg.
April
13,
Sun
March
1961
stock (par $1).
common
Valley Associates
1961 (letter of notification)
$205,000 of lim¬
partnership interests to be offered in units of $5,000,
or fractional units of not less than
$2,500. Proceeds—For
working capital. Address — Harlingen, Texas. Under¬
writer—First Realty Syndicators, 11 E. 44th Street, NewYork, N. Y.
ited
^ Super Food Services, Inc.
April 14, 1961 filed 60,000 shares of common stock (par
one cent), of which 30,000 shares are to
be offered for
public sale by the company and 30,000 outstanding shares
by the present holders thereof.
Price—To be supplied by
amendment. Business—The company and its subsidiaries
distribute
food
products to about 643 independently
owned
IGA
retail
grocery stores in Ohio, Florida, New
York, New Jersey and Michigan. Proceeds—For working
capital. Office—105 South LaSalle St., Chicago, 111. Un¬
derwriter
Shearson, Hammill & Co., New York City
(managing). Offering—Expected in mid-to-late May.
—
•
(5/1-5)
Inc.
Tassette,
15, 1961 filed 200,000 shares of class A stock. Price
—To be supplied by amendment.
Business—The com¬
pany
organized under Delaware law in 1959 to
exploitation and sale of "Tassette," a patent¬
was
hygiene aid. Proceeds—For advertising and
promotion, market development, medical research and
administrative expenses. Office—170 Atlantic St., Stam¬
of
Survivors' Benefit Insurance Co.
March
30,
1961 filed 50,000 shares of
to
6
State
territories of
and
the
JJnited States.
Sponsor
John
—
Co., 135 South La Salle Street, Chicago, 111.
Nuveen &
Tax-Exempt Public Bond Trust Fund, Series 2
filed $10,000,000
23, 1961
Feb.
(10,000 units) ownership
amendment. Business
of
Price—To be filed by
will invest in interest bearing obligations
municipalities and territories of the
U. S., and political subidivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
counties,
states,
ceeds
—
For
Street, Chicago, 111.
South
Office —135
investment.
Salle
La
Sponsor—John Nuveen & Co., Chi¬
111.
March 10,
Electronics Engineering Corp.
1961
Telephone Employees Insurance Co*v>;'
22, 1961 filed 43,117 shares of capital stock to be
subscription by stockholders on the basis of
new shares for each three shares held. Price—$27.50
offered for
share. Business—The company writes automobile
insurance, principally to employees of tele¬
casualty
companies
who are considered preferred risks.
Light Sts., Baltimore, Md. Under¬
Office—Pedwood and
writer—Eastman
York City
Union
Dillon,
(managing).
*
Securities &
:-V.;
Co., New
V '
Inc.
.
>
(letter of notification): 70,000 shares of
common stock (par $1).
Price—$3.75 per share. Address
Ilwaco, Wash. Underwriter—None..,
v
ic Telephone Utilities,
31,
1961
Templeton,
March
Damroth Corp.
>
Of the
convertible.
$1,500,000 of debentures, $1,260,000
presently outstanding.
Business
Price—100% of the principal
The
management and distribution
of shares of four investment companies, and also private
—
investment counselling.
efforts
of
Proceeds—To increase the sales
subsidiaries, to establish
a
new
finance
com¬
for general corporate purposes. Office—630
Avenue, New York City. Underwriter—Hecker &
and
pany,
Co.,
Philadelphia
underwriting
is
$445,000
of
the
de¬
14,
1961 filed
$75,000,000
of debentures due May
&Webster Securities Corp.; White,
Co., and Haisey, Stuart & Co. Inc., (managing).
Offering—Expected in mid-May.
Feb.
&
$24,145
The
convertibleV
of 6%
1,
1976
and
150.000.
share
per
in
1961
Januarv
to
$15.
loans and dealer con¬
to
557,333 shares
of the
to
PFa^a
Limited
be
related
to
A.S.E.
prices
at
time
of
the
Partnership
velop and operate the Toledo Plaza apartment project
in-
Md., scheduled for occupancyin May, 1961. Proceeds—For the purchase of the above
property. Office—1411 K St., N. W., Washington, D/C..
Underwriter—Hodgdon & Co,, Inc., Washington, D. C.
Prince
County,
George
Tourist
March
Industry Development Corp.
Ltd.
;
1961 filed $2,000,000 of 7% subordinated de¬
benture stock due 1981, convertible into class B ordinary
stock. Price—100% of principal amount. Business—The
29,
organized in 1957 for the purpose of fi¬
Proceeds—To repay*
was
company
nancing tourist enterprises in Israel.
advances
the State of Israel and to
from
various enterprises such as
port industries.
—None.
March
Office—Jerusalem, Israel.
^
'■
■
,
make loans to
hotels, restaurants and trans¬
Underwriter
.
Inc.
1961 filed $111,235,900 of 6J/2% subordinated
debentures, due 1978, with warrants, to be of¬
for subscription by stockholders on the basis of
30,
income
fered
$100 principal amount of debentures for each 6 common'
shares held. Price—To be supplied by amendment. Pro-;
ceeds
—
For
repayment
of debt
and
general
corporate
380 Madison Ave., New York City.
Underwriter—None. Hughes Tool Co., which owns vot¬
ing trust certificates representing 78.23% of the com-1
Office
purposes.
—
pany's outstanding stock, has agreed to purchase enough
of
for debentures, if any, to provide
with at least $100,000,000. Offering—Ex¬
pected in late May.
the
the
unsubscribed
company
Investment Co.
(letter of notification) 120,000 shares of
common
stock (par $1).
Price—$2.50 per share. Pro¬
ceeds-—For advances to subsidiaries. Office—278 S. Main
15,
1961
Street, Salt Lake City, Utah. Underwriter—Continental
Securities Corp., 627 Continental Bank Building, Salt
Lake City, Utah.
Transistor
March
29, 1961
Applications, Inc.
(letter of notification)
common
stock.
Price—$3
per
100,000 shares of
Business—
share.
Manufacturers of transistorized test equipment and elec¬
tronic medical equipment, and the development of ad¬
shares,
—
Jan.
due
April 7, 1961 filed $522,500 of interests in the partner¬
ship to be offered for public sale in 209 units. Price—
$2,500 per unit. Business—The partnership was organ¬
ized under Maryland law in April 1961 to acquire, de¬
Mass.
Business
mobile;
increase volume of small loans; and
$700,000 for the reduction of notes payable. Office—Salt
Lake City, Utah. * 5Underwriter—Whitney & Co., Salt,.
Lake City, Utah."
tracts;
no-par
28,
which
$7.50
from
Transcontinental
1, 1981.
Weld
$1,000,000
debentures
volume of direct industrial
crease
March
if Tennessee Gas Transmission Co.
April
of
Corp.
Trans World Airlines,
30, 1961 filed $1,500,000 of 5%%
amount.
ranging
-
convertible de¬
bentures, due 1969, with 120,000 shares of class A com¬
mon
stock
(non-voting) and, 12,000 shares of class B
common
(voting) stock, into which the debentures are
are
sale
per share in January 1970. Proceeds—$96,560 to increase
volume of accounts receivable financing; $24,145 to in-,
Toledo
March
March
and
underlying common shares. Price—At 100% of principal*
amount. The debentures will be convertible at prices
,
(letter of notification) 300,000 shares of
common stock (par 10 cents). Price—$1 per share. Pro¬
ceeds—For repayment of loans; product development;
expansion; and working capital:. Office—818-17th St.,
Suite 610, Denver 2, Colo. Underwriter—Amos C. Sudler & Co., Denver, Colo.
per
subordinated
manufacture
registered
1960
30,
The
.
Tele-Film
two
—
Finance
Time
Dec.
Proceeds—For expansion of the business into other states
share.
(4/24-28)
Business
company is
qualified to write life insurance in the state of Missouri.
per
(managing).
America, Inc.
1961 filed $800,000 of 10-year 8% convertible;
subordinated debentures, 100,000 shares of common stock
and 50,000 warrants to purchase a like number of com-,
mon shares, to be offered in units of $400 of debentures,
50 common shares, and 25 warrants.
Price — $800 per
vanced
Price—$21.70
111. Underwriter—Hornblower"
Aurora,
Thrift Courts of
1961 filed 1,728,337 shares of common stock of
are to be offered for the account
issuing company and 1,171,004 shares, represent¬
ing outstanding stock, are to be offered for the account
of the present holders thereof. Price—For the
company's
common
be offered initially to stockholders and thereafter to
policyholders, employees and company representatives.
St.,
Weeks, New York City
homes, and the pre-construction of motel units. Proceeds
—To repay bank loans, provide funds for the issuer's
subsidiary, and add to working capital. Office — 1630
West Bristol St., Elkhart, Ind. Underwriter — Myron A.
Lomasney & Co., New York City (managing).
Terry Industries, Inc.
stock
North
...
Power Tool
unit.
16, 1961 filed $5,000,000 of interests (5,000 units).
computed on the basis of the trustees eval¬
uation of the underlying public bonds, plus a stated
percentage (to be supplied by amendment) and dividing
the sum thereof by 5,000.
Business — The trust was
formed by John Nuveen & Co., Chicago, 111., to invest in
tax-exempt obligations of states, counties, municipalities
Underwriters—Stone
develop additional
Office—Apache Junction, Ariz. Underwriter
and humidity control equipment. Proceeds—
general corporate purposes.
Address —- Peekskill,
N. Y. Underwriter—Harry Odzer Co., New York, N. Y.
perature
Price—To be
Tax-Exempt Public Bond Trust Fund
ductions.
property.
1961
11,
Jan.
ford, Conn. Underwriter—Amos Treat & Co., Inc., New
City (managing).
York
Price—To be supplied by amendment. Proceeds
—For the repayment of debt, expansion and advances to
subsidiaries. Office—Tennessee Building, Houston, Texas.
—None.
Co., Inc.
(letter of notification) 60,000 shares of
common stock (par 10 cents). Price—$5 per share. Busi¬
ness—Manufacturers of self-contained packaged
tem¬
if Tfterm-Air Mfg.
April
28,
Ariz. It has developed part of the property to form the
Apacheland Sound Stage and Western Street, architec¬
turally designed for the 1870 period, which is used for
the shooting of the motion picture and television
pro¬
Proceeds—To purchase and
Pike, Camp Hill, Pa. Underwriters—Stroud & Co.,
Philadelphia, Pa., and Warren W. York & Co., Allen- •
town, Pa. (.managing).
>
' •
V'-J:
lisle
Feb.
bentures.
foot
leases, sells and services a line of internal communica¬
tions systems for use in business and industry. Proceeds
—For working capital and expansion. Office—4409 Car¬
ed feminine
formed
—
24, 1961 filed 200,000 shares of common stock (par
5 cents), of which 80,000 are to be offered for public sale
by tne company and 120,000 outstanding shares by thes
present holders thereof. Price — To be supplied by
amendment.
Business — The company manufactures,
^Ttor
Feb.
Third
March, 1959 to develop real property at the
Superstition Mountain near Apache Junction,
(4/24-28)
lerryphone Corp.
Co.
April 19, 1961 filed $4,000,000 of subordinated convert¬
ible debentures. Price—To be supplied by amendment.
Proceeds—To retire short-term bank loans. Office—175
Superstition Mountain Enterprises, Inc.
Jan. 30, 1961 filed 2,000,000 shares of common stock.
Price —$2.50 per share.
Business
The company was
in
New
Underwriter—None.
phone
30,
Inc..
Co.,
&
For
.
it Sunnyside Telephone Co.
Greenfield
only)
equipment and working capital; and $130,000 for repay¬
ment of a loan. Office — P. O. Box 4859, Haifa, Israel.
cago,
writer—Cooley & Co., Hartford, Conn.
Co., Inc., both of New
City. Offering—Imminent.
—The fund
1961 filed $650,000 of 5% convertible subordi¬
of
York
certificates.
(5/1)
Corp.
nated
eration
Adams & Peck and McDonnell &
shares
company's
Feb.
Industries, Inc. r
ia«uey
March
accounting bills, to reduce current indebt¬
York City.
—
(managing). Offering—Expected in late May.
City
finance the
(managing).
•
stock
subsidiaries
Inc.
class A common stock
mon
debentures
by amendment. Business
it Starlit Fairways,
cf
31, 1961 filed $600,000 of 6% convertible subordi¬
due
ly/1, lz5,000 shares of common
nated
For
and
semi-conductor circuits and systems.
new
Proceeds—
product development, expansion of sales
working capital.
effort,
Office—103 Broad Street, Boston,
Weber Securities Corp., 79
Underwriter—First
Volume
HhI
193
Number 6048
.
The Commercial and Financial Chronicle
,
Offering
Mflv
mdy,
eariy
.
Expected in
—
Triangle Instrument Co.
manufacture
components,
repayment
Drive
Froceeds—]For
of
debt,
and ueaar
and
working
Tronematic
•
Feb.
Corp.
(letter
27,
City.
1961
of notification) 65,000 shares of
stock (par 10 cents).
Price—$4 per share. Business
Manufacturers of various
types of machines. Proceeds —For
general • corporate
purposes.
Office —25
common
400,000
Bldg., Seattle, Wash. Underwriter—H.
Co., Inc., Seattle, Wash.
\
shares
P.
Business—Furnishes
Proceeds
For
freight
transportation
U.
Jan.
S.
3,
Mfg. & Galvanizing Corp. (5/1-5)
1961 (letter of notification; luu.000 shares
stock
common
ceeds —To
(par 10 cents)
reduce
Price
$3
per
share
.
city> utah-
holder: At-the-Market. Business—The development of
property in California for single-family homes, the investment in notes or contracts secured by single-family
share; for the debentures: at par. Business — The
importing, assembling, manufacturing and selling of
homes, and other phases of the real estate business.
Proceeds—For ordinaryexpenses, repayment of loans
Per
of
watches and jewelry. Proceeds
Pro-
—
and working capital. Office—636 North La Brea Ave.,
For working capital,
Office—231 South Jefferson St., Chicago, 111.
Los Angeles, Calif Underwiter-Reese, Scheftel & Co.,
Inc., New York City. Offering—Expected m late May.
Under-
strong & Co., Inc., 15 William St
Warner Brothers Co.
March 29, 1961 filed 200,000 shares of
Price—To be supplied by amendment.
U
Realtv
S
March 30
k
of diversified
investment.
Underwriter
V,
•
.? J
.
.
Variab
1961
11
.
intprpst
estate
properties.
&
New
York
Annuities
2 500 000
investment
...
niu^al fund Proi^eds—For
9^ SLLt KansaTcitv Mo
Universal
Feb.
23,
common
Manufacturing Co.
1961
stock
(letter
135,000
offi^~a?RPwr
W.
aitaiin
&
4th
stock,
by
the
selling
Street, Wmona, Minn.
are
and 100,000
/
Vector
Engineering, Inc.
March 3, 1961
(letter of notification) 50,000 shares /of
common stock (par 10 cents).
Price—$6 per share. Business
Provides engineering and design services.
Proceeds—For general corporate purposes.
Office — 155
Washington Street, Newark, N. J. Underwriter—Omeea
Securities Corp., New York. N. Y. Offering—Expected in
—
May.
early
Versapak Film & Packaging Machinery Corp.
March 30, 1961 filed 150,000 shares of common stock and
150,000 five-year warrants, to be offered for public sale
in units of one share of stock and one warrant. Price—
$3,125
unit, Business—The design, development and
sale
of versatile automatic
equipment for packaging
items in special heat-shrinkable film. Proceeds—To repay loans, for additional equipment and inventory; and
for working capital. Office—928 Broadway, New York
City. Underwriters—Hill, Thompson & Co. (managing);
Hampstead Investing Corp., and Globus, Inc., all of New
York City.
per
i,- Virginia <S"~emica?s & Smelting Co.
Apfil
18, 1961 filed
r.
135,000 shares of common stock, of
which 50,000 shares will be offered for
the account of the
company and 85,000 outstanding shares for the selling
stockholders.
Price
To be supplied by amendment,
—
Busines:—The
manufacture
of
industrial chemicals, re-
frigerants and aerosol insecticides. Proceeds—For expansion. Office—Norfolk, Va. Underwriter—White, Weld &
Co., New York City (managing). Offering—Expected in
early June.
Visual
&
^
Kraus
determined
12,
common
entertainment purposes.
Proceeds—For
•
Wilshire
Insurance
Co.
Feb. 17, 1961 filed 313,000 shares of common stock, of
Washington Natural Gas Co. (5/1-22)
March 30, 1961 filed 118,384 shares of common stock and
warrants to purchase 3,500 shares.
The company plans
to
offer
114,884 shares for subscription by common
holders on a share for share basis and the remaining
126,000 shares, together with any of the 187,000 shares
not purchased by stockholders, to be offered publicly.
Price—$5 per share to stockholders and $5.50 per share
to the public. Business—The writing of workmen's compensation, common carrier liability and automobile
(physical damage)* insurance. -Proceedst— To increase
capital funds to provide for the-writing of additional
policies in all lines of its business and to expand its coverage into other classes of insurance. Office—5413 West
stockholders
„
shares
22.
The
on
on
May 3 at 11 a.m. (DST).
the basis of one
new
which 187,000 will be offered for subscription to stock-
share for each
10
held of record
May 1, with rights to expire May
Price—To be supplied by amendment.
Business—
distribution of natural gas at retail in the Puget
Sound
Proceeds—For the
Office—
1507 Fourth Avenue, Seattle, Wash. Underwriters—Dean
Witter & Co., San Francisco; Blyth-& Co., Inc., and
Merrill Lynch, Pierce, Fenner & Smith Inc., both of
area
of
Washington
state.
repayment of bank loans and for construction.
New
York
City.
Washington Boulevard, Los Angeles, Calif, Underwriter
—None. Note—This statement was effective on April 18.
Wolf Corp.
Investment Trust
*
March 31, 1961 filed 600,000 shares of beneficial interest
in the Trust. Price—$5 per share. Business—For investment in income producing real estate in the metropolitan Washington, D. C. area. Proceeds—For investment,
Washington Real Estate
Office—919 18th St., N. W., Washington, D. C. Underwriters — Ferris & Co., Washington, D. C. (managing).
Offering—Expected in late June.
.
(4/24-28)
v
Feb. 15, 1961 filed 30,000 shares of class A
-
.ock.
e
Price
>—$10 per share.-Business—The company was organized
under Delaware law in January 1961 and proposes to
engage in the construction, investment and operation
of real estate properties. Proceeds—For investment and
working capital. Office — 10 East 40th St., New York
City. Underwriter None,
Wonderbowl, Inc.
Feb. 6, 1961 (letter of notification)
150,000 shares of
stock. Price—At par ($2 per share). Proceeds
—To discharge a contract payable, accounts payable, and
* Watsco, Inc.
April 13, 1961 filed 155,000 shares of common stock, of
common
which 135,000 shares are to he offered for public sale by
the company and 20,000 outstanding shares by the present stockholder. Price—To be supplied by amendment.
Business The manufacture of valves, strainers and other
products for the refrigeration and air conditioning industry. Proceeds For construction; pew equipment; advertismg; salaries; the repayment of debt, and working
capital. Office—1020 E. 15th St., Hialeah r la. Under-
notes payable and the balance for working^apitah Office
—7805 Sunset Blvd., Los Angeles, Calif. Underwriter—
Standard Securities Corp., Los Angeles, Calif,
writer Aetna Securities Corp., New York City (managing).
f
Wayne-George Corp. (5/15-19)
March 22, 1961 filed 80,000 shares of common stock (no
par), of which 60,000 shares are to be offered for public
sale by the company and 20,000 outstanding shares by
the present holders thereof. Price—To be supplied by
amendment. Business — The design, development and
manufacture of digital transducers. Proceeds—For repayment of debt, new equipment, research and development, and, working capital. Office-^-588 Commonwealth
Ave., Boston, Mass. Underwriter—Hayden, Stone & Co.
New York City.
*
Co., Inc.
"
.
March 13, 1961 filed 131,960 shares of common stock, of
stock
and
sale of paper products including envelopes, announcements and advertising materials. Proceeds—To repay
debt and for working capital. Office—185 Kent Avenue,
Brooklyn, N. Y. Underwriter—Robert L. Ferman & Co.,
Miami, Fla.
Wash_
>
1961
educational
&
Williamhouse, Inc.
March 27, 1961 filed 106,000 shares of common stock.
Price —$6 per share. Business—The manufacture and
by competitive
(letter of notification) 100.000 shares of
which 80,000 shares are to be offered for public sale by
(par five cents).
Price—$3 per share,
the company and 51,960 outstanding shares by the presBusiness—Manufacturers of an audio-visual-device for >• ent holders thereof. Price—To be supplied by amend- -
Jan.
McDonald & Co. and Ball, Burge
—
Cleveland
i^raus, cieveiana.
Lynch, Pierce, Fenner & Smith Inc., and
Securities Corp. (jointly).
Bids—To
Webster Publishing
Dynamics Corp.
Underwriters
/-/.»,
Webster
ington, D. C,
• Upper Peninsula Power Co.
April 14, 1961 filed 26,000 shares of common stock (par
$9). Price—To be supplied by amendment. Proceeds—
Calif.
^
.
P* recelved in r00m u06> 1100 H street, N- w
Co., inc., Minneapolis, Minn.
Vagabond Motor Hotels, Inc.
14, 1961 (letter of notification) 100,000 shares of
common stock
(no par). Price—$3 per share. Proceeds
—To construct additional motor hotels, and for working
capital. Office—3555 Fifth Avenue, Suite B, San Diego,
Calif, Underwriter—Norman C. Roberts Co., San Diego,
Merrill
stone
Underwriter
Feb.
.
Underwriters—To be
Ci
and
stockholders,
To repay debt and for construction. Office—616 Shelden
Avenue, Houghton, Mich. Underwriters—Kidder, Peabody & Co.; \Paine, Webber, Jackson & Curtis and
Stone & Webster Securities Corp.
Offerings-Expected
in late May.
..
.
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Equitable Securities Corp.; First Boston Corp.; Eastman
Dillon, Union Securities & Co.; Kidder, Peabody & Co..
shares of
(par 10 cents) of-which 35,000 shares
to be offered for the account of the company
outstanding shares,
D
,
-•*
of notification)
.
March 29' 1961 filed $15,000,000 of refunding mortgage
bonds- due 1986- Proceeds-To repay debt and fpr construction. Office—1100 H Street, N. W, Washington 5,
new
W
..
Washington Gas Light Co. (5/3)
Prioe—«Rin
Underwriter—Waddell & Reed ,deeH&
underwriter
lnc
wacmeii
lne, Kansas Citv Mo
Kansas City, Mo.
policies in the State of Ohio. Proceeds—For expansion.
Office—1 Union Commerce Annex, Cleveland 14, Ohio.
Offering—Expected in mid-May.
(managing).
-
of stork
geasing the
sto* to
Busmess-The company^ssuesjind sells Jife Insurance
cent acquisitions. Office—325 Lafayette St, Bridgeport,
Conn Underwriter—Lehman Brothers, New York City
Citv
Fund, Inc.
share*
stock,
Business—The
menJs ?nd women's shirts, sleepwear and paperboard
Packaging. Proceeds-To repay loans incurred for re-
Ave, Cleveland. O.
Weeks
common
manufacture and sale of women's foundation garments
Proceeds-
...
_
e
filed
Business—A
Of"ice-20
tom' share
.*'•
'
Hornblower & Weeks, New York City
„
United
real
Office-720 Euclid
Hornblower
—
Imanarfn/l
Anril
75/24;'
Truest
Western Reserve Life Assurance Co. of Ohio
March 1, 1961 filed 120,000 shares of common stock to be
offered for subscription by stockholders on the basis of
three new shares for each five shares held. Stockholdersaretovoteatthe annua1 meeto* £ April on in-
*
^hare. BUsinel'-Theown-
Tr'ustPrice—$10per
the
ership
For
Investment
aghig). Offering—Expected in late April to early May.
NY
1961 filed 386 975 shares of henefiHal
_
Western Growth Corp.
March 17, 1961 filed 202,107 shares of class A common
stock (par 10 cents), of which 150,000 shares are to be
offered for public sale by the company in units of 10
shares each; and 52,107 outstanding shares by selling
stockholders after trading commences. Price—For the
company's stock: $100 per unit. For the selling stock-
writer—P. J. Gruber & Co., Inc., New York City (man-
New York
Underwriter—Elmer
K. Aagaard, Newhouse Bldg., Salt Lake City, Utah.
—
purchase inventory, and for working capital.
Office—
5165 E. 11th Avenue, Hialeah
Fla
Underwriter Arm:
Business—Factoring.
stock. Price
and $150 of debentures. Price—For the stock: about $8
liabilities; sales promotion,
current
-
common
March 9, 1961 refiled 100,000 shares of common stock
(par $2.50) and $600,000 of 16-year convertible bonds
(convertible into common at $6 per share), to be sold
initially to stockholders in units of 25 shares of stock
serv-
new
—
•
v
(letter of notification) 100,000 shares of
stock (par one cent). Price—$3 per share. Busi-
The manufacture and installation of highway
signs. Proceeds—For the reduction of debt, sales promo^on> inventory and reserves. Office—4700 76th St., Elmhurst, L. I., N. Y. Underwriter—Amber, Burstein & Co.,
40 Exchange Place, New York 5, N. Y.
Waitham Watch Co.
ness
equipment, expansion and
working capital. Office—711 Third Avei, New York City,
Underwriter
Merrill Lynch, Pierce, Fenner & Smith
Inc. (managing).
/
;
~
—
Western Factors, Inc.
—$1.50 per share. Proceeds—To be used principally for
the purchase of additional accounts receivable and also
may be used to liquidate current and loqg-term liabil*ties, Office — 1201 Continental Bank Bldg., Salt Lake
common
$100 principal amount of debentures for
shares held. Price—To be
supplied by amend-
ices.
The manufacture and sale of
June 29, 1960 filed 700,000 shares of
Walter Sign Corp.
of
hient.
pur-
March 30, 1961
Pratt &
Freight Co. (4/20-5/8)
March 15, 1961 filed $15,393,900 of convertible subordinated debentures, due April 1, 1981 to be offered for subscription by holders of its outstanding capital stock on
seven
Proceeds—For
—
Atlantic Securities Co. and V. K. Osborne & Sons, Inc.,
a11 of New York City* Offering—Expected in late May.
of
States
basis
automobiles.
of
Business
lyn 23, N. Y. Underwriters—Martinelli & Co., Inc.; First
rities
the
rental
chase of automobiles, advertising and sales promotion,
and working capital. Office—1712 E. 9th Street, Brook-
common
stock (par 25 cents). Price — 62 y2 cents
per
share. Proceeds—For mining expenses. Office—511 Secu-
each
100,000 shares of
(par 10 cents). Price—$3 per share. Busi-
stock
ness—The
Boulevard, Bronx, N. Y. Underwriter—PlyCorp., New York, N. Y.
United
amendment.
scientific instruments, laboratory apparatus and supplies,
Proceeds — For working capital. Office — 1515 North
Sedgwick Street, Chicago, 111. Underwriter—Hornblower
& Weeks, New York City (managing). Offering—Expected in mid-May.
.
Waldorf Auto Leasing, Inc.
March 23, 1961 (letter of notification)
mouth Securities
• Tungsten Mountain Mining Co.
April 7, 1961 (letter of notification)
Welch Scientific Co.
March 20, 1961 filed 545,000 shares of common stock,
(par $1), of which 176,000 are to be offered for public
sale by the company and 369,000 outstanding shares by
the present holders thereof. Price—To be supplied by
Ave., Philadelphia, Pa. Underwriter—Bache & Co., New
York City (managing).
\
(4/26)
common
Bruckner
program
Reco Ave., St. Louis, Mo. Underwriter—Newhard, Cook
& Co., St. Louis (managing),
(4/24-28)
be supplied by amendment. Business—The issuer
compounds, makes, packages and sells ethical and proprietary drugs and vitamins throughout the country,
Proceeds—For working capital. Office—50 51 Lancaster
the
Office—Oak
capital.
To develop
designed for use in teaching machines and
in other formats, and for working capital. Office—1154
—To
inventory,
Place, Syosset, L. L, N. Y. Underwriter
Armstrong & uo., Inc., New York
—
materials
March 3, 1961 filed 100,000 shares of common stock. Price
per
equipment,
high school students. Proceeds
• Vatamix Pharmaceutical, Inc.
share. Busiprecision instruments and
of
Office—42 S. 15th Street,
43
Underwriter—Best & Garey
Co., Inc., 2520 L St., N. W., Washington, D. C.
100,000 shares of
Price—-$3
lne
ness
general corporate purposes.
-Suite 204, Philadelphia, Pa.
,
March 30, 1961 (letter of
notification)
common stock (par one cent).
(1783)
ment. Business—Publishes textbooks for elementary and
Work
Wear
Corp.
1961 filed 310,604 shares of common stock
(par $1), of which 141,925 shares are to be offered for
public sale by the company and 168,679 outstanding
shares by the present holders thereof; Price—To be supplied by amendment. Business — The manufacture and
sale of work clothing, and industrial laundering and garMarch
31,
ment rental. Proceeds—For the repayment
of debt and
working capital. Office—1768 East 25th St., Cleveland,
O.
Underwriter — Hornblower & Weeks, New York City
(managing). Offering—Expected m late May.
#
Wrather
March 29
Corp.
1961 filed 350 000 shares of common
stock (no
supplied by amendment. Business—
The company manufgetures and sells Stephens power
ahd saii boats and various marine and sporting goods
manufactured by others. It also plans to acquire "the stock
x
Price—To
be
' of Muzak
Corp., Wrather Hotels, Inc., Wrather Realty
Corp., Stepheps Marine, Inc., and various television film
properties. Proceeds — For construction,* repayment of
debt and working capital. ^5ce
270. North unon
Drive., Beverly Hills, Calif. Underwnter-r-Lee Higgmson
Corp., New York City (managing). Offering &xpectea
in early June.
44
The Commercial and
(1784)
Continued from page
.
.
Thursday, April 20, 1961
.
Office—P. O. Box 1087, Colo¬
Proceeds—For expansion.
& Electric Co.
Baltimore Gas
43
Financial Chronicle
Feb.
21, 1961, F. E. Rugemer, Treasurer, stated that the
company is considering
the issuance of $15,000,000 to
Springs, Colo.
rado
8, 1959 through subscription rights and was underwritten
by First Boston Corp., and associates. The last sale of
parts or stampings principally
semi-conductor industry. Proceeds—For the
of precision
manufacture
used in the
repayment of debt; inventory; research and develop¬
and working capital.
Office—204 North Fifth
Street,
Youngwood,
Pa.
Underwriters — Bruno-
ment,
& Co., New
Lenchner, Inc., Pittsburgh and Amos Treat
York City.
Do you have an
stock in the second
of
that
so
can prepare an
we
write
&
early 1962.
Office—Lexington
Remsen
(6/8)
<
Pierce, Fenner & Smith Inc.; White, Weld & Co.; Blyth
& Co., Inc., and F. S. Moseley & Co., (jointly). Bids—To
be received
March 15, 1961
made
A.
U.
T.
Inc.
Productions,
shares.
that this company plans
"Reg. A" filing covering 100,000 shares of common
stock (par 10 cents). Price—$3 per share. Proceeds—To
finance production of TV films.
Office —130 W. 57th
Street, New York City. Underwriter—Marshall Co., 40
Exchange Place, New York City. Registration—Expected
March
15, 1961, it was reported
a
in
May.
Acoustica
Inc.
Associates,
& Co., New
York City
California
I
Supply Co.
Antonio, Tex. Underwriters — White, Weld & Co.,
York City and Underwood, Neuhaus & Co., Inc.,
Houston, Tex.
•
American
11,
stated in the 1960 annual report
plans to sell about $18,750,000 of FMA
it
was
tnat the company
insured mortgage bonds to cover 75% of the cost
vessels
new
now
under construction. Business—The com¬
York City and the Great Lakes to
Sea
Red
of four
operates passenger and cargo vessels between New
pany
the Mediterranean and
Ports, India and Burma. Office—39 Broadway,
New York
Co. Inc.; First Boston Corp.;
ner & Smith Inc.
Cartandaigua
one
Carbonic
business. Office—97-02 Jamaica Ave.,
Underwriter—R. F. Dowd &
Commonwealth
Jan.
Edison
Office—72
—To
Caxton
Jan.
24,
Woodhaven, N. Y.
Blyth & Co.,
Smith, Inc.
Community Public Service Co. (6/7)
Feb. 6, 1961 it was reported that this company plans to
sell $5,000,000 of first mortgage bonds.
Office—408 W.
7th Street, Fort Worth 2, Texas. Underwriters — To be
determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Stone & Webster Securities
Corp.; Paine, Webber, Jackson & Curtis; First Southwest
Co.; Kidder, Peabody & Co. and White, Weld & Co.
(jointly). Bids—To be received on June 7. Information
Meeting
Scheduled for June 5 in the forenoon at 90
Inc.; Merrill Lynch, Pierce, Fenner &
—
Broad
St., New York City.
'
■(6/20)
sell
be determined
Halsey, Stuart & Co. Inc.; First Boston Corp.; Morgan
Stanley & Co. Bids—To be received at the company's
office on June 20 at 11
a.m.
Information Meeting—■
Scheduled for June 13 at 10 a.m.
Gas Co.
Natural
Consolidated
of 25-year debentures. Business—A hold¬
for six operating concerns engaged in the
natural gas business. Proceeds—For construction. Office
—30 Rockefeller Plaza, New York 20, N. Y. Underwriters
—To be determined by competitive bidding. Probable
sell $40,000,000
ing
company
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.,
Boston Corp. (jointly); White, Weld & Co.,
will be made.
Central
a full filing of this
constituting its first public offering,
Price—Approximately $3 per share. Busi¬
stock,
publishing.
Office—9 Rockefeller
City. Underwriter—To be named.
Plaza,
First
and
Corp.
it was reported that
Paine, Webber, Jackson & Curtis (jointly). Bids—
May 24 at 11:30 a.m. (DST). Informa¬
To be received on
tion
Meeting—Scheduled for May 19 at 10:30 a.m. (DST)
in the Bankers Club,
120 Broadway, New York City.
Consumers Power Co.
15, 1961 it was reported that this company may
$20,000,000 of preferred and $30,000,000 of bonds
about mid-year. Office—212 West Michigan Ave., Jack¬
Feb.
Hudson Gas & Electric Co.
sell
ly); Morgan Stanley & Co.
stock,
American
Telephone & Telegraph Co.
7, N. Y. Underwriters—To be determined by competitive
bidding. Probable bidders: Morgan Stanley & Co.; HalStuart & Co.; First Boston
Corp. Bids—To be
Appalachian Power Co.
1, 1961 it was reported
Feb.
Electric
Power
The last
Louisiana
Feb.
Electric Co.,
it was reported that the company is con¬
issuance of $6,000,000 of bonds or deben¬
of 1961. Office — 415 Main St.,
Pineville, La. Underwriters—To be named. The last is¬
21, 1961
in the
tures
of
latter part
bonds
on
April 21,
1959 was bid on by Kidder,
Peabody & Co. and Rauscher, Pierce & Co., Inc.
that
Ju'ne
this
re¬
(joint¬
6.
subsidiary
of
Co.,
Burlington & Quincy RR.
Chicago,
(5/4)
W.
tive
bidding. Probable bidders: Salomon Bros. & Hutzler
Harriman
and
Halsey, Stuart & Co. Inc. Bids—To
Ripley & Co., Inc.; Kuhn, Loeb & Co.
Dillon, Union Securities & Co. (jointly 1.
and
Finance Inc.
11, 1960 it was reported by Paul O. Sebastian, Vice-
President-Treasurer, that the company is considering a
rights offering to stockholders of additional common
stock via a Regulation "A" filing, possibly to occur in
Arizona
Feb.
to
8,
1961
issue
it
about
preferred
The
Public
or
E.
&
Chestnut St., Columbus,
Co., Columbus, Ohio.
Service
was
Ohio
Co.
that this company plans
of bonds in May and some
stocks
in the fourth quarter.
reported
$38,000,000
common
company
expects
to
spend
about
$320,000,000
construction in the period 1961 to 1965 of which some
$230,000,000 will come from outside sources. Office—501
on
South
Third
determined.
Ave., Phoenix, Ariz. Underwriters—To be
The
last
sale
of
bonds
made
privately
1959 through Blyth & Co., Inc., and The
First Boston Corp. The last sale of preferred stock on
June. 18, 1958 and the last sale of common (to stockhold¬
ers on May 24,
1959) was also handled by J31yth & Co
on
March
and The
26,
First Boston Corp.
was
$4,800,000
equipment trust certificates. Offices—547
Blvd., Chicago, 111., and 39 Broadway, New
of
Jackson
York
or
Approved
Office—39
&
Co.
Light
to stockholders in June, 1956, con¬
sisted of 232,520 shares offered at $35 a share to holders
of record June 6, on the basis of one share for each
Broadway, New York City. Underwriters
—To be determined by competitive bidding. Probable
bidders: Halsey, Stuart & Co., Inc.; First Boston Corp.;
Underwriter—Vercoe
Power
7, 1961 it was reported that the company has
postponed until early 1962 its plan to issue additional
common
stock.
The offering would be made to com¬
mon stockholders first on the basis of one share for each
10 shares held. Based on the
number of shares out¬
City. Underwriters—To be determined by competi¬
be received on
about May 4.
Cincinnati Gas & Electric Co.
Feb. 16,
000
of
construction program.
Office—Fourtin & Main Sts.,
Cincinnati, O. Underwriter—(Bonds) To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
and Lehman Brothers (jointly); Morgan Stanley & Co.
and W. E. Hutton & Co.
(jointly); Blyth & Co., Inc.,
and First Boston Corp. (jointly); Eastman Dillon, Union
Securities & Co., and White, Weld & Co. (jointly).
The
last issue of common stock (81,510 shares) was sold pri¬
vately to employees in August, 1860.
Colorado
Interstate
Gas
Co.
Sept. 30, 1960, the sale would involve
$14,600,000.
about
The last of¬
common
held. Proceeds—For construction.
Office
Street, Wilmington, Del.
Underwriter—
determined by competitive bidding.
Probable
eight
shares
—600
Market
To
be
bidders: Carl M. Loeb,
Rhoades & Co., New York; W.
C.
Langley & Co., and Union Securities Co. (jointly); Leh¬
man
Brothers; First Boston Corp.; White, Weld & Co.,
and Shields & Co. (jointly); Kidder, Peabody & Co., and
Merrill
1961 it was stated in the company's 1960 annual
report that this utility plans to sell both first mortgage
bonds and common stock in 1962 to finance its $45,000,-
on
418,536 shares valued at about
fering
1962. Office—2
mid-1961.
Delaware
Feb.
standing
April 4, 1961 it was reported that this road plans to sell
Nov.
Stanley
ly); Salomon Bros. & Hutzler, and Merrill Lynch, Pierce,
Fenner & Smith Inc.
(jointly); Halsey, Stuart & Co.,
Inc., plans to sell $35,000,000 to $40,000,000 of bonds late in 1961 or early in
Eastman
The last sale of preferred
July 21, 1955, was handled by Morgan
on
& Co.
Inc.
sidering the
sue
Mich. Underwriter—(Bonds) To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; White, Weld & Co. and Shields & Co. (jointly);
Harriman Ripley & Co., and First Boston Corp. (joint¬
son,
Inc.; White, Weld & Co.
ceived at the office of the company on
American
ond
Central
15, 1961, the company announced plans to issue
$250,000,000 of debenture bonds. Proceeds—For refund¬
ing a like amount of 5%% debentures due Nov. 1, 1986,
on
or about July
10. Office—195 Broadway, New York
sey,
14, 1961 it was reported that the company plans
$6,000,000 of preferred stock possibly in the sec¬
quarter. Proceeds — For expansion. Office — South
to sell
(6/6)
March
(5/24)
April 4, 1961 it was reported that this company plans to
(jointly).
a
Inc.
Irving Place, New York City. Underwriters—To
by competitive bidding. Probable bidders:
fice—4
Co., Inc., New York City.
be
York,
I:
22, 1961 it was reported that this company plans
$50,000,000 of 30-year first mortgage bonds. Of¬
March
to
New
of
Co.
Edison
Consolidated
Road, Poughkeepsie, N. Y. Underwriter—To be named.
public sale of preferred in April 1949 was made
through Kidder, Peabody & Co., and Estabrook & Co.
will
Probable
Stuart & Co. Inc.; First Boston Corp.;
Halsey,
bidders:
Co., Inc.
House
1960
company's
Corp.
statement
This
stock.
bidding.
by competitive
determined
be
March
registration
a
common
this company plans to
10, 1961 it v/as reported that
$30,000,000 of bonds in the second quarter of 1961.
W. Adams Street, Chicago, 111. Underwriters
sell
covering 300,000 shares
full filing. Business—
The
company
intends to operate an amusement and
recreation park on 196 acres of land near Liberty, N. Y.
Proceeds—For development of the land. Office—55 South
Main St., Liberty, N. Y. Underwriter— M. W. Janis &
of
Read & Co.
Co.
and
Dec, 21, 1960 it was reported that this company plans to
refile
Equipment Corp.
was reported that a full filing of about
1960 it
8,
New York
Playlands
Inc.
Registration—Expected in mid-April.-
(managing).
ness—Book
City.
American
Enterprises,
1961 it was reported that this company plans
7%
rants.
Dec.
/
publicly about 40,000 units, each unit to consist
debenture, 6 common shares and three war¬
Underwriter—S. D. Fuller & Co., New York City
sell
of
Merrill Lynch, Pierce, Fen¬
$300,000 of units, consisting of common stock, bonds and
warrants will be made. Proceeds—For expansion of the
Inc.
Export Lines,
1961
Kidder, Peabody & Co.; Halsey, Stuart &
bidders:
to
24, 1951 it was reported that this company is nego¬
tiating for the sale of about $18,000,000 to $20,000,000
of bonds. Proceeds—For expansion of facilities. Office—
With its 1961
program
writers—To be determined by competitive bidding. Prob¬
March 22,
Jan.
April
-
tentatively scheduled at $20,000,000, the company can wait at least until fall before it
needs financing. Proceeds — For construction. Office—
2885 Foothill Boulevard, San Bernardino, Calif. Under¬
Birmingham, Ala. Underwriter—Lehman
Brothers, New York City.
New
Power Co.-v
pany's early need for long-term financing.
product for gauging the level of liquids. Office—First
San
(managing).
18, 1961 it was reported that this company's plans
to offer $8,000,000 of bonds will be governed more by
the conditions of the money market than by the com¬
able
Gas
Electric
Jan.
equipment, hospital surgical instruments and the metals >'
industry. It also makes fluorescent lighting fixtures and
Alamo
Westchester and Connec¬
Office—Riverside, Conn. Underwriter—Ira Haupt
construction
National Bldg.,
reported that a full filing will be
undisclosed number of common
share. Business—Operates a chain
an
Price—$5 per
April 11, 1961, it was stated that this company is seek¬
ing to acquire other firms with compatible product lines
and that equity financing may be needed to finance
current expansion program. Business — The company
manufactures
ultrasonic
cleaning systems for missile
a
was
of discount stores in Northern
ticut.
Co.
Kidder, Peabody & Co.; White, Weld & Co.;
it
covering
soon
St., Columbus 15, Ohio. Underwriter—Dillon,
bidders:
Inc.
Caidor,
Prospective Offerings
June 8.
on
Electric
Ohio
Southern
&
13, 1961 it was reported the company will sell
about $10,000,000 additional common stock in late 1961.
Proceeds—For expansion purposes. Office—215 N. Front
competitive
by
21.
March
v
Underwriter—To be de¬
St., Brooklyn 1, N. Y.
.
8, 1961 it was
Columbus
bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; First Boston Corp., and Har¬
riman
Ripley & Co., Inc.
(jointly); Merrill Lynch,
telephone us at REctor 2-9570 or
at 25 Park Place, New York 7, N. Y.
Columbia Gas System,
March
Co., and associates.
3, 1961 it was reported that this company plans
about $20,000,000 of mortgage bonds. Office—176
March
to sell
item
you
us
or
Co., Inc. and Alex. Brown & Sons (jointly). The last
of debentures was made to stockholders on May
&
termined
Would
1961
Brooklyn Union Gas Co.
hereunder.
similar to those you'll find
late
Liberty Streets, Baltimore 3, Md. Underwriters —
(Bonds) To be determined by competitive bidding. Prob¬
able bidders: Halsey, Stuart & Co. Inc.; White, Weld &
Co. and First Boston Corp. (jointly); Harriman Ripley
issue you're planning to register?
to know about it
bonds in
and
Weld
Corporation News Department would like
Our
April
debentures or preferred
quarter of 1961 and about $20,000,000
$20,000,000 of non-convertible
sale
UNDERWRITERS!
ATTENTION
Inc. (6/1;
I
reported that this company plans
to sell $30,000,000 of debentures in June and is con¬
sidering the sale of either $20,000,000 of debentures or
$25,000,000 of common stock in the fall.
Office—120
East 41st Street, New York 17, N. Y. Underwriters—To
be determined by competitive bidding.
Probable bid¬
ders: Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.;
Merrill Lynch, Pierce, Fenner & Smith Inc., and White,
Weld & Co. (jointly). Bids—To be received at the com¬
pany's office on June 1. Registration—The $30,000,000
of debentures will be registered with the SEC about
preferred stock on Aug. 13, 1940 was handled by White,
Metals, Inc.
^ Youngwood Electronic
April 13, 1961 filed 75,000 shares of common stock. Price
—$4 per share. Business—The design, development and
Lynch, Pierce, Fenner & Smith Inc.
Diversified
Automated
Sales
(jointly).
Corp.
1960 it was reported by Frazier N. James,
that a "substantial" issue of common stock,
constituting the firm's first public offering, is under
Nov.
16,
President,
makes a film and
DASCO, which will
sell as many as 18 products of various sizes and prices,
and will also accept exposed film for processing. Office
—223 8th Ave., South, Nashville, Tenn. UnderwriterNegotiations are in progress with several major under¬
Business
discussion.
flashbulb
vending
—
The
machine
company
called
writers.
if Dixie
April
P peline Co.
17,
Oct.
17, 1960 it was reported by Mr. A. N. Porter of the
company's treasury department that the company is
formed
awaiting a hearing before the full FPC with reference
to approval of its application for expansion of its sys¬
tem, which will require about $70,000,000 of debt fi¬
nancing which is expected in the latter part of 1961.
and
1961
it
was
reported
that
this firm,
recently
eight major oil companies, plans to build a
1,100 mile liquified petroleum gas pipeline from Texas
by
Louisiana
to
Mississippi, Alabama, Georgia and
the
multi-million dollar
pipeline will be financed in part by the sale of bonds
and that it will be in operation by late 1961. Office
■
Carolinas.
It
is
expected
that
the
Volume
193
Number 6048
.
.
The Commercial and Financial
.
Chronicle1 1
(1785)
Tulsa, Okla. Underwriters—First Boston Corp.; Morgan
Stanley & Co.; Carl M. Loeb, Rhoades & Co.
Edo
Corp.
March 21, 1961 it
reported that this company plans
$2,000,000 of bonds. Business—
electronic equipment,
was
of
The manufacturer of
particularly
marine, airborne and underwater devices. Proceeds—For
expansion. Office—1404 111 Street, College
Point, N. Y.
Underwriter—To be named.
Revenue Service had granted this
fund's application for
tax free exchange of shares for
Corporate
Securities.
It is expected that a
registration statement
covering this "centennial-type" fund will be filed with
a
shortly.
Office—Pittsburgh, Pa.
"
Epoderm Inc.
Jan.
27, 1961 it was reported that the company plans its
first public offering of 40,000 shares of
common stock.
Price
$10 per share. Business
The manufacture of
drugs. Proceeds—The research and synthesis of certain
hormones that may be
helpful in revitalizing dormant
hair growth. Office—New
Jersey. Underwriter—M. H.
—
—
Meyerson
& Co., Ltd.,
15
William St.,
New York
City
(managing).
share. Proceeds—For the production of TV and mo¬
films, the reduction of indebtedness, and for
tion picture
working capital. Office—619 W. 54th Street, New York
City. Underwriter—McClane & Co., Inc., 26 Broadway,
New York City (managing).
Registration—Expected on
or about April 1.
Offering—Expected in late May.
Fawcett
Publications, Inc.
Jan.
20, 1961 it was reported that this family-owned
publishing business is contemplating its first public of¬
fering. Office—Greenwich, Conn. Underwriter—To be
named.
First
Jan.
Continental
6, 1961 it
Real
Estate Trust
reported that this company plans to
file, at some future date, an SEC registration statement
covering 1,500,000 trust shares to be offered for public
sale.
was
Business—General real estate.
eral corporate purposes.
Proceeds—For gen¬
Office—105 West Adams Street,
Chicago 3, III.
First
National
March 22,
future
some
17,
N.
Y.
1961 it
Bank
was
of
Toms
River
(N.
time.
Office—730
Underwriter—To
on
May 16, 1957
be
Third
Ave.,
named.
offered for
was
Georgia
Bonded
Sept. 14, 1960 it
of
Fibers,
Inc.
N. J., and Buena
to issue $15,500,000 of 30-year first
mortgage
bonds, and $8,000,000 of new preferred stock. Proceeds—
For construction, plant modernization or
refunding of
outstanding debt. Off ice—Electric Bldg., Atlanta 3, Ga.
determined
by competitive bid¬
ding. Previous bidders for bonds included Harriman
Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,
Kidder, Peabody & Co., and Shields & Co. (jointly);
First Boston Corp.; Morgan
Stanley & Co.; Halsey, Stuart
& Co. Inc.; Equitable Securities
Corp., Eastman Dillon,
Securities
&
to
be received
•
Gfuckin
April
First
were
19,
Oct.
on
(Wm.)
it
1961
Boston
18.
& Co.,
was
Inc.
reported
that
this
subsidiary
of
Essex-Universal Corp., plans to
mon
sell about 200,000 com¬
Business—Manufactures and sells women's
shares.
foundation
Underwriter
garments.
—
Stanley Heller &
Gulf Power Co.
(12/7)
Jan. 4, 1960 it was reported that this subsidiary of The
Southern Co., plans to sell $5,000,000 of
30-year bonds.
Office—75 North Pace Blvd.,
Pensacola, Fla.
Under¬
writer—To
be
determined by competitive bidding. Pre¬
vious bidders included Halsey,
Stuart & Co. Inc.; Mer¬
rill Lynch,
Pierce, Fenner & Smith Inc.; Salomon Bros.
& Hutzler and Drexel & Co.
(jointly); Equitable Secu¬
rities Corp.; Kidder, Peabody & Co. and
White, Weld
& Co. (jointly). Bids—Expected to be received on Dec.
7, 1961.
(Paul), Inc.
~
March
River, N. J. Underwriter—None.
Power &
1960
24,
it
Light Co.
was
reported
amount of bonds may
Office—25
S.
E.
To be determined
2nd
that an undetermined
be offered in the Spring of 1961.
Ave., Miami, Fla.
by competitive bidding.
Probable bid¬
Pierce, Fenner & Smith Inc. and
Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co
Inc.; White, Weld & Co.; First Boston Corp.; Blyth &
Co., Inc.
•
Gas
April
Service
Co.
1961, the
19,
stockholders
shares
of
voted
company
to
reported that
authorize
a
new
on
issue
April 18
150,000
of
preferred stock
of preferred and may issue some bonds at the same time.
jDffice— 700 Scarritt Bldg., Kansas City, Mo.
Under¬
writers—To be named. The company has never issued
19,
1954
Dillon,
stock, but the last sale of common
was handled by Kuhn, Loeb & Co.,
Union
Securities
&
General Public Utilities
Co.,
April
Eastman
Co., and
Corp.
1961 it was stated in the company's 1960 an¬
nual report that the utility expects to sell additional
common stock to stockholders in 1962 through subscrip¬
on
on
the basis of one share for each 20 shares
the 22,838,454 common shares
outstanding
General
1961 it was reported that this
General
Telephone & Electronics Corp.
1,
Underwriters—To be determined by
Corp.
competitive bidding.
Co. Inc.; First Boston
Equitable Securities Corp. (jointly); White,
Co. and Kidder, Peabody & Co. (jointly); Paine,
and
Weld &
Webber,
curities
Jackson
Corp.
General
&
Curtis, and
Stone & Webster Se¬
Underwriter
Lighting & Power Co.
17, 1960 Mr. T. H. Wharton, President,
stated that
between $25-$35 million dollars is expected to be raised
publicly sometime in 1961, probably in the form of pre¬
ferred and debt securities, with the precise timing de¬
pending on market conditions. Proceeds—For construc¬
and
repayment
of
bank
loans.
Office
—
Electric
Building, Houston, Texas.
nancing
lon,
Underwriter — Previous fi¬
headed by Lehman Brothers, Eastman Dil¬
Securities & Co. and Salomon Bros. &
was
Union
Hutzler.
Idaho
Jan.
sell
mon
Power Co.
10, 1961 it
was
reported that this company plans to
and about $5,000,000 of com¬
$10,000,000 of bonds
in
the
third
quarter of 1961.
loans and for construction.
Proceeds—To repay
Underwriters—To
be
deter¬
mined by
mobile
Telephone Co. of Florida
1961 it was reported that this subsidiary of
Telephone & Electronics Corp., expects to
of
New York
City.
'
' bonds in the third
at
authorize the com¬
to
present, but that the debentures
or
fourth qarter of
1961. Proceeds—
Ave., Topeka, Kan.
Underwriter—First Boston Corp., New York
City (man¬
aging).
Laclede Gas Co.
Nov.
15, 1960 Mr. L. A. Horton, Treasurer, reported that
utility will need to raise $33,000,000 externally for
the
its
1961-65
construction program, but the current feel¬
ing is that it will not be necessary to turn to
long-term
securities until May 1962. Office — 1017 Olive
St., St.
Louis, Mo.
Long Island Lighting Co.
Jari. 25, 1961 it was reported
by Fred C. Eggerstedt Jr.,
Assistant Vice-President, that the
utility contemplates
issuance
of
$25,000,000
of
bonds probably in the second
Office—250 Old Country
30-year
third
or
first
mortgage
quarter of 1961.
Road, Mineola, N. Y.
Under¬
writers—To be determined
by competitive bidding. Prob¬
able bidders:
Halsey, Stuart & Co. Inc.; First Boston
Corp., and Blyth & Co., Inc. (jointly); W. C. Langley &c
Smith, Barney & Co. (jointly).
Co. and
Massachusetts Electric Co. (6/27)
March 21, 1961 it was reported that the
company plans
to issue $17,500,000 of first
mortgage bonds series F, due
1991. The company
recently merged six subsidiaries of
New England Electric
System and changed its name to
above, from iWorcester County Electric Co. Office
Southbridge Street, Worcester, Mass. Underwriters
be determined by
competitive bidding. Probable
bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.;
Merrill Lynch,
Pierce, Fenner & Smith, Inc.; Kidder,
Peabody & Co., and Coffin & Burr, Inc. Bids—To be re¬
—To
ceived
June 27.
on
Masters
Jan.
6,
Inc.
1961
it
reported
was
that
this
corporation
Is
contemplating its first public financing.
Business—The
operation of
Office—135-21
a
chain of discount
houses.
Avenue, Flushing 54, L. I., N. Y.
McCulloch Corp.
9, 1961 it was reported
Jan.
schedule
some
its
initial
time in
public
that
this
financing
corporation
for
late
will
1961
or
1962.
Business—The corporation manufac¬
tures Scott outboard motors and McCulloch chain
saws.
Office—6101 West Century
Boulevard, Los Angeles 45,
Calif.
Metropolis Bowling Centers Inc.
March
13, 1961 it was reported that this company is
planning to sell 192,000 shares of common stock (par 10
cents). Price—$5 per share. Business—The company has
three bowling alleys in operation in New York
City.
Proceeds
To maintain present
properties and acquire
bowling centers. Office—72 Park Row, New York
City. Underwriters—Thomas, Williams & Lee, Inc., and
Russell & Saxe, Inc., New York City
(managing).
—
other
General Public Utilities
Co., and First Boston Corp. (jointly);
Lynch, Pierce, Fenner & Smith Inc.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly); Salo¬
Merrill
Bros.
& Hutzler, and Eastman Dillon, Union Secu¬
Metropolitan
1,
1961
it
Edison
Co.|
that this subsidiary of
Corp., plans to sell about $10,000,000 of first mortgage bonds and $5,000,000 of deben¬
tures in August or September. Office — 2800 Pottsville
Pike, Muhlenberg Township, Berks County, Pa. Under¬
rities & Co.
writers
able bidders
was
reported
Probable bidders:
(jointly); Equitable Securities Corp. Prob¬
on the common: Blyth & Co., Inc.; Lazard
Freres & Co.; Kidder, Peabody & Co.; Merrill Lynch,
Pierce, Fenner & Smith, Inc.
Bell Telephone Co.
Illinois
March
31, 1961 it was reported that this subsidiary of
A. T. & T., plans to offer stockholders in June the right
subscribe
of
one
new
to
additional
common
share for each eight
stock
the
on
shares held.
basis
Based
on
the
33,525,217 shares outstanding on Dec. 31, 1960 this
would
amount
to
about
4,190,652 additional shares
valued at approximately $84,000,000. Office — 212 West
Washington St., Chicago 6, 111. Underwriter—None.
Illinois Terminal
Jan.
16,
1961
it
RR.
was
reported that this
company
plans
the sale later this year of about $8,500,000 of first mort¬
gage
bonds. Office—710 North Twelfth Blvd., St. Louis,
Underwriter—Halsey, Stuart & Co. Inc., Chicago.
March 29,
(5/31)
reported that this company plans
to sell $20,000,000 of 25-year debentures. Proceeds—For
1961 it
was
construction.
Offices — 2101
Spy Run Avenue, Fort
Wayne, Ind., and 2 Broadway, New York City. Under¬
writers
To
be
determined
by competitive bidding.
Probable bidders: Halsey, Stuart & Co., Inc.; Eastman
—
Service Corp., 2 Broadway
To
be
determined by competitive bidding.
Halsey, Stuart & Co. Inc.; White, Weld
& Co.; Kidder, Peabody & Co. and Drexel & Co.
(joint¬
ly); Blyth & Co., Inc.
—
Metropolitan Food Co.
April 12, 1961 it was reported that this company plans
to sell about 500,000 common shares. Business — Food
distribution.
Proceeds—For working capital.
Office—
45-10 Second Avenue, Brooklyn, N. Y.
Underwriter—•
Brand, Grumet & Siegel, New York (managing). Regis¬
tration—Expected in late April.
Michigan
March
24,
Wisconsin
1961 it
was
American Natural Gas
(11th floor) New York City.
pany
(managing).
For construction. Office—800 Kansas
Feb.
&
will be available if
Telephone & Electronics Corp.
April 19, 1961 stockholders voted to
Office—Chicago, 111. Un¬
that this company is
considering the issuance of $10,000,000 to
$15,000,000 of
Freres
issue up to $100,000,000 of convertible deben¬
tures. A spokesman stated that no financing is planned
General
parts.
Byllesby & Co., Chicago
Lazard
Dillon, Union Securities & Co.; First Boston Corp.; Har¬
riman Ripley & Co., Inc. Bids—To be received on May
31 at 11:30 a.m. (DST). Information Meeting—Scheduled
for May 26 at 3 p.m. (DST) at
^American Electric Power
•
M.
Kansas Power & Light Co.
March 15, 1961 it was reported
bonds:
Indiana & Michigan Electric Co.
Gen¬
offer
about $15,000,000 of bonds in November. Office —610
Morgan St., Tampa, Fla. Underwriters—Stone & Webster
Securities Corp., and Paine, Webber, Jackson & Curtis,
both
equipment and
derwriter—H.
competitive bidding. Probable bidders on the
Halsey, Stuart & Co. Inc.; Blyth & Co., Inc.;
Mo.
Feb. 8,
eral
was
-
i
Probable bidders: Halsey, Stuart &
'
-
reported that a registration will be
shortly covering an undisclosed number of out¬
standing common shares. Business—Manufactures auto¬
38th
to
Telephone Co. of California
subsidiary of
plans to sell
about $20,000,000
of bonds in the first half of 1961.
Office—2020 Santa Monica Blvd., Santa Monica, Calif.
Feb.
Street, Honolulu 13, Hawaii.
Houston
Oct.
Dec.
31, 1960, the offering will involve a minimum
of 1,141,922 additional shares. Office—67 Broad St., New
York 4, N. Y. Underwriter—None.
on
Alakea
—None.
mon
March 14,
tion rights
1130
on
Reynolds &
Allen & Co.
The last sale of bonds on July 6, 1958 was
made privately through Eastman Dillon, Union Securi¬
ties & Co., New York City and Stern Brothers & Co.;
Kansas City, Mo.
held. Based
Telephone Co.
8, 1961 it was reported that this company plans
to sell about $5,000,000 of common stock to stockhold¬
ers through subscription rights later this
year. Office—
tion
(par $100)., The company is
considering the sale of between $5,000,000 to $7,500,000
preferred
Hawaiian
Underwriter—
Merrill Lynch,
ders:
Inc.
Corp*
—939
July 17, with rights to expire Aug. 17. Price—About $22
share. Proceeds—To increase capital. Office—Toms
provide
per
Oct.
it
Co.
the
Hardeman
for payment of a 66%% stock dividend and sale of 20,000
new shares of common
(par $5) to stockholders on the •
basis of one new share for each 20 shares held of record
Florida
1961
&
Parts
filed
the
Co., New York City.
Dowd
ic International
Co.
(jointly). Previous bidders for
Corp., Lehman Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities
Corp. Bids—Expected
preferred
J.)
to
writer—R. F.
mission
To be
Monument
—
Georgia Power Co. (10/18)
Dec. 29, 1960 this subsidiary of the Southern
Co., ap¬
plied to the Georgia Public Service Commission for per¬
—
25
—
mon
Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and New York City.
Underwriters
1963. Office
100,000 shares of com¬
stock will be filed. Proceeds
Expansion of the
business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway,
Bronx, N. Y. Under¬
reported that registration of 150,000
stock is expected. Offices—Newark,
was
common
securities in
Circle, Indianapolis, Ind.
Industrial Gauge & Instrument Co.
Oct. 5, 1960 it was
reported that
April 4, 1961 it was reported that this company plans
to sell about 350,000 shares of common stock*
Pusiness—
Electronics. Office—Los Angeles, Calif. Underwriter—
Michael G. Kletz & Co., New York City.
stock
of additional
City, and associates.
reported that stockholders voted
this date to increase the authorized
on
Indianapolis Power & Light Co.
According to a prospectus filed with the SEC on
Aug.
25, 1^60, the company plans the sale of about
$14,000,000
The
subscription by common stockholders and was under¬
written by Paine,
Webber, Jackson & Curtis, New York
Union
Exploit Films, Inc.
March 8, 1961 it was reported that this
company plans
a full filing covering
100,000 common shares. Price—$5
per
at
York
shares
Empire fund, Inc.
March 8, 1961 it was reported that the
Federal Internal
the SEC
New
last issue of debentures
the issuance and sale
approval of
needed
45
000
of
Line
Office
—
Co.
(6/14)
this subsidiary of
Co., plans to sell about $30,000,-
bonds in the first half of
construction.
Mich.
Pipe
reported that
Underwriters—To
1961.
Griswold
500
be
Proceeds
—
For
Street, Detroit 26,
determined
by competitive
bidders: Halsey, Stuart & Co. Inc.;
Corp.; Blyth & Co., Inc. Bids—To be re¬
ceived in suite 4950, 30 Rockefeller Plaza, New York
City, on June 14 at 11 a.m. (DST).
bidding.
First
Probable
Boston
Mississippi Power Co.
(9/28)
Jan. 4, 1961 it was reported that this subsidiary of The
Southern Co., plans to sell publicly $5,000,000 of 30-year
bonds
and
$5,000,000
of
Proceeds—For construction
14th
preferred stock (par $100).
and expansion. Office—2500
St., Gulfport, Miss. Underwriter—To be deter¬
by competitive bidding.
Previous bidders for
were Eastman Dillon, Union Securities & Co., and
mined
bonds
I
Continued
on page
46
w
46
The Commercial
(1786)
Continued
Northern States Power Co.
from page 45
Inc.; Eastman Dillon, Union
Co.
&
Stuart
Securities &
Corp. (jointly). Bids—Ex¬
Sept. 28.
Co., and Equitable Securities
pected to be received on
-Mississippi River Transmission Corp.
27, 1961, it was reported that this subsidiary of
Mississippi River Fuel Corp., plans to sell about $6,500,000 of debentures or bonds in late 1961. Proceeds—For*
Feb.
repayment of bank debt. Office—9900 Clayton Road,
St. Louis, Mo. Under writer^-To be named. The last issue
of debentures by Mississippi River Fuel Corp., parent,
in March
1958 ,was underwritten by Eastman Dillon,
the
Union Securities &
Co., and associates.
plans to
sell $20,000,000 of bonds in the third quarter of 1961.
Offices—15 So. La Salle Street, Chicago 4, 111.;
15 So.
Fifth Street, Minneapolis 2, Minn.; Ill Broadway, New
York 6, N. Y.
Underwriters-—To be determined by
competitive bidding.
Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.;
Kidder, Peabody & Co., and White, Weld & Co. (jointly);
First Boston
Corp. and Blyth & Co., Inc.
(jointly).
Bids—Expected to be received on Aug. 8.
Northwestern
-—To be received on June 12.
Co.
April 11, 1961 it was reported that this company plans
to sell about 50,000 additional common shares to stock¬
holders in September or October on a l-for-10 rights
Cape Girardeau, Mo. Un¬
last five rights offerings
Office—400 Broadway,
basis.
derwriter—To
be
to
stockholders
&
named.
The
underwritten by Edward D. Jones
Co., St. Louis.
Home Construction Co.
Modern
April 18, 1961 it
sidering
were
was
reported that this company is con¬
the details
public offering of securities, but
a
decided upon. Office—Valdosta, Ga.
Underwriter—Harriman Ripley & Co., New York City.
have
not
yet
Monroe
Dec.
been
1960,
12,
Cecil
Carbonell,
Chairman,
announced
"Reg. A" filing covering
Price — $2 per share.
Business—The company is engaged in first mortgage
financing of residential and business properties in the
Florida Keys. Proceeds—To expand company's business.
Office—700 Duval Street, Key West, Fla.
Underwriter
—None. Registration—Expected in May.
is preparing
a
150,000 shares of common stock.
National
Airlines, Inc.
1961, G. T. Baker^ President, stated that the
company plans to sell publicly 400,000 shares of Pan
American World Airways, Inc., subject to the approval
of the CAB and the SEC. The stock was originally ob¬
April
3,
Sept. 9, 1958 agreement under which the
agreed to a share-for-share exchange of
tained under
two
a
carriers
and the lease of each others jet planes
during their respective busiest seasons. The CAB later
disapproved this plan and ordered the airlines to divest
themselves of the stock. Price — About $20 per share.
400,000 shares
$4,500,000 demand loan, and other
Proceeds—To repay a
Airport,
59, Fla. Underwriter—Merrill Lynch, Pierce, Fen¬
Smith Inc., New York City (managing).
corporate purposes. Office—Miami International
Miami
&
ner
National
Radiac,
Inc.
April 11, 1961 it was reported that a "Reg. A" will be
filed shortly covering 75,000 shares of common stock.
Price—$4 per share. Business — Manufactures radiation
detection equipment. Office—Newark, N. J. Underwriter
-—Hardy & Hardy, New York City (managing).
-At National Semi-Conductor Co.
April 18, 1961 it was reported that this company plans
to file a registration statement shortly covering an un¬
disclosed
Conn.
number
of
Office—Danbury,
shares.
common
Underwriters—Lee
Higginson
Corp.,
New
York
City and Piper, Jaffray & Hopwood, Minneapolis, Minn.
New
Mass. Underwriters
Probable
—
To be determined by
bidders:
competitive
Co. Inc.;
Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and White, Weld & Co.
(jointly); First Boston Corp.; Lehman Brothers. Offer¬
ing—Expected in October.
bidding.
New York Central RR.
Halsey,
Stuart
&
466
Lexington Ave., New York 17, N. Y. Underwriters—
determined by competitive bidding.
Probable
be
To
bidders:
Halsey, Stuart & Co. Inc., and Salomon Brothers
& Hutzler. Bids—To be received
Northern
Illinois
Gas
on
or
about May 10.
Co.
Pacific Gas & Electric
28, 1961 it was reported that this company plans
additional common stock to stockholders on the
basis of one share for each 20 shares held. Based on the
17,929,305 shares outstanding on Dec. 31, 1961 this would
to about 896,465 common shares.
Office—245
amount
Underwriter—To
San Francisco 6, Calif.
Market Street,
June 17, 1958 was
by Blyth & Co., Inc., New York City.
The last rights offering on
be named.
underwritten
Northern
March
Lighting Corp.
it was reported by Paul A. Miller, Treas¬
urer
that the company will probably go to the market
for $30,000,000 to $50,000,000 of new financing in 1961
and that it probably would not be a common stock offer¬
3,
Natural
Gas
Co.
1961, the company reported that it expects
to raise about $80,000,000 of new money in 1961. Present
plans are for issuance of about $30,000,000 of debentures
by mid-year and an additional $30,000,000 to $35,000,000
of debentures by year-end. It is also expected that some
$12,000,000 to $15,000,000 of common stock will be sold
stockholders through subscription rights in Septem¬
to
ber
or
October. Proceeds—For construction. Office—2223
Dodge St., Omaha 1, Neb. Underwriter
New York
City (managing).
,
—
Blyth & Co.,
^
expansion. Office—787 Bruckner Blv$.,r
& Co., Trenton,
Bronx, N. Y. Underwriter—L. C. Wegard
J.
(managing).
Discount
Silo's
Jan. 9, 1961
Office—Philadel¬
y, V-y y.y/y ■ /
public financing.
■'
v
1
Corp.
Sony
.
House
it was reported that this retail chain is con¬
templating its first
•
-
y
•
'
21, 1961 it was reported that this company plans
sell 2,000,000 common shares in the U. S., this sum¬
mer. A registration statement covering the proposed of¬
Feb.
to
Business—The com¬
fering will be filed with the SEC.
major producer of electronic consumer goods
transistor radios and television
sets, Office—Tokyo, Japan. Underwriter—To be named.
pany
is
such
as
a
tape recorders,
California
Office—600
ing.
Street,
San
Francisco
8,
Calif.
& Telegraph Co.
1961 stockholders of this A. T. & T. subsidiary
approved a plan to form a new company to be known as
the Pacific Northwest Bell Telephone Co. The new con¬
Pacific Telephone
and properties of the Pa¬
Telephone-Northwest division which operates in
Washington, Oregon, and Idaho. All of the stock of the
new
company will be owned by Pacific Telephone but
"as soon as practicable" it will be offered for sale to
Pacific Telephone stockholders at a price to be fixed by
the Board of Directors.
Office—140 New Montgomery
will acquire the business
cern
cific
Street, San Frah6isco,r'Calif. Underwriter—The last of¬
fering of common stock to shareholders on Feb. 25, 1960
was
not underwritten.
However, A. T. & T., which
owns
90%
over
of the outstanding shares, exercised
rights to subscribe to its pro rata share of the
Panhandle
March
Eastern
its
offering.
Lynch, Pierce, Fenner & Smith Inc., and Kidder
Merrill
Pennsylvania
(managing)j
Power & Light Co.
April 11, 1961 it was stated in the 1960 annual report
that this utility expects to spend $140,000,000 on new
construction in the 1961 to 1965 period, of which about
have to be raised through the sale of
However, the company now sees no necessity
securities, but expects to convert
present $35,000,000 of bank loans to long-term debt
$56,000,000 will
securities.
for
its
Co.
(6/X5)
1961 it was reported that this company, jointly
Alabama Power Co., and Georgia Power Co..
both in turn controlled by The Southern Co., plans the
Jan.
4,
owned by
public sale of $25,000,000 first mortgage bonds due June
1, 1992.
Proceeds—For expansion.
Office—600 North
Eighteenth St., Birmingham 3, Ala. Underwriters—To
be determined by competitive bidding. Previous bidders
included Merrill Lynch, Pierce, Fenner & Smith Inc.,
and Blyth & Co., Inc., (jointly); Morgan Stanley & Co.,
White, Weld & Co., and Kidder, Peabody & Co. (joint¬
ly); Eastman Dillon, Union Securities & Co., Equitable
Securities Corp. and Drexel & Co. (jointly); First Boston
Corp.; and Halsey, Stuart & Co. Inc. Registration—Ex¬
pected about May 8. Bids—To be received at 11 a.m. on
15.
June
.v.
Southern Natural
;y
Gas Co.
28, 1960 it was reported by Mr. Loren
Oct.
Fitch, com¬
that the utility is contemplating the
comptroller,
pany
$35,000,000 of 20-year first mortgage bonds some¬
time in 1961, with the precise timing
depending on
market conditions.
Proceeds — To retire bank loans.
sale of
Building, Birmingham, Ala. Underwriter
Office—Watts
Pipe Line Co.
1961 it was reported that this company ex¬
pects to sell about $72,000,000 of debentures in Septem¬
ber, subject to FPC approval of its construction program.
Office—120 Broadway, New York City.
Underwriters—
8,
Peabody & Co., both of New York City
Electric Generating
Southern
1961
—To
determined by competitive
be
bidding.
Probable
Halsey, Stuart & Co. Inc.; First Boston Corp.;
bidders:
Blyth & Co. and Kidder, Peabody & Co. (jointly).
Southern
Nov.
Railway Co.
1960 stockholders approved the issuance of
$33,000,000 of new bonds. The issuance of an unspeci¬
fied amount of additional bonds for other purchases was
21,
approved. Proceeds — For general corporate pur¬
including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter—
also
poses,
Co. Inc., will head
Halsey, Stuart &
bid
a
group
that will
the bonds.
on
the sale of equity
when securities market conditions are favorable.
—9th and Hamilton
ers—To be
privately.
1945
was
Boston
named.
Streets, Allentown, Pa.
Office
Underwrit¬
The last four bond issues
were
sold
The last public offering of bonds on Oct. 4,
by Smith, Barney & Co.; First
underwritten
Corp.; Dillon, Read & Co., Inc., and associates.
Swift
Feb.
& Co.
7,
1961
2, 1960, W. D. Virtue, treasurer, stated that com¬
plans the sale of about $20,000,000 of common stock
to be offered stockholders through subscription rights
in mid-1961. Proceeds—For expansion. Office—900 15th
it
was
reported
000 of convertible debentures,
stockholders
that
Jan. 26 to authorize the company to
issue
up
voted
to $35,000,-
and to increase authorized
to 8,000,000 shares to provide
shares for the proposed convert¬
ible issue. Proceeds—For expansion and working cap¬
ital. Office—Union Stock Yards, Chicago 9, 111.
Under¬
from
common
6,000,000
additional underlying
writer—To
Dec.
October
named.
be
The
last
issue
of
debentures
in
Salomon
pany
privately
Bros. & Hutzler, New York City.
St., Denver, Colo. Underwriter — Last equity financing
handled on a negotiated basis by First Boston Corp.
April 17, 1961 it was reported that stockholders voted to
increase the authorized $10 par stock to provide for sale
Public Service Electric & Gas Co.
to
22, 1961 it was reported that this company plans
sell about 900,000 shares of common stock, subject
to the
approval of the New Jersey Public Service Com¬
Proceeds
—
For
construction. Office
—
•
of
(6/6)
March
80
Park
Newark, N. J.
Underwriter — Merrill Lynch,
Pierce, Fenner & Smith Inc., New York City (manag¬
ing).
Place,
1958
Texas
Radiation
Applications,
Inc.
17, 1961 it was reported that this company is con¬
sidering a public offering of stock in 1962. Business-
a
private placement of the company's
&
Electric Corp.
Co.
(Dallas)
on
ceeds—To increase
Texas
Gas
1961 it
Transmission
was
Corp.
reported that this company plans to
$10,000,000 to $15,000,000 of bonds in the third quar¬
1961. Office—416 West Third Street, Owensboro,
Underwriter—Dillon, Read & Co., New York City.
ter of
Ky.
Thorough-Bred Enterprises,
March 16, 1961
to
sell
Price
—
construction.
Underwriter
—
To
be
determined
by competitive bidding. Probable bidders: Halsey, Stuart
Inc.; Kidder, Peabody & Co., White, Weld & Co.
(jointly); Kuhn, Loeb & Co.; Salomon
and Shields & Co.
Hutzler, Eastman Dillon, Union Securities & Co.,
and Equitable Securities Corp.
Inc.; The First Boston Corp
it
was
Inc.
reported that this company plans
85,000 shares of common stock (par 10 cents).
$4 per. share.
Business — Operates a breeding
thoroughbred horses. Proceeds—For building a
farm for
purchasing land and acquiring additional horses.
Office—Biscayne Boulevard, Miami, Fla. Underwriter—
barn,
Company, Inc., Newark, N. J., and New York
City.
1961 the company stated it plans to issue about
$15,000,000 of 30-year bonds in September. Proceeds—
Bros. &
Trust
April 27. Price—$25 per share. Pro¬
capital. Office—Main and Lamar Sts.,
Dallas, Tex. Underwriters—Rauscher, Pierce & Co., Inc.,
and First Southwest Co., both of Dallas.
rights to expire
Sandkuhl
Gas
Jan. 24,
& Co.
&
through
plastic
Rochester
For
Bank
placed
50,000 shares to stockholders on the basis of one new
13, with
sell
Jan.
was
share for each six shares held of record April
Jan. 11,
stock.
15,
equipment. Proceeds—For new product de¬
Pacific
Jan.
recently handled
1961 it
manufacture
ventilation
March
to offer
Develops
about
(par 10 cents). Price—$4 per share. Busi¬
of high altitude breathing and
stock
ness—The
phia, Pa.
Co.
Offering—Expected in June.
sell
£ Shepard Airtronics, Inc.
,
April 18, 1961 it was reported that .this company plans
to file a
"Reg. A" shortly covering 75,000 shares of
N.
was reported that this company plans
$20,000,000 of common stock through a
rights offering to stockholders. Office—50 Fox Street,
Aurora, 111. Underwriters—To be named. The last rights
offering in April, 1954, was underwritten by First Boston
Corp., and Glore, Forgan & Co., both of New York City.
March 22,
company/
$2,500,000 of the new
S. D. Underwriter—To
by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc., and Kidder, Peabody & Co.
Offering—Expected in September, -v'/v /Vrv;''''
and chemical materials for the elec¬
tronics and missile industries, and performs extensive
research and development in the fields of atomic energy,
extractive metallurgy, plastics, and electrical insulation.
Schenley Industries, Inc., owns about 36% of the out¬
standing stock. Office—Long Island City, N. Y. Under¬
writer—To be named. Hayden, Stone & Co., New York,
to
Business—A small business in¬
Office—Philadelphia, Pa.,, Under¬
writers—Blair & Co., New York City (managing); Stroud
& Co., and Woodcock, Moyer, Fricke & French, Philadel¬
phia." ' >
■
■ 111 '?■' '
be determined
mission.
(5/10)
April 4, 1961 it was reported that this road plans to sell
about $4,155,000 of equipment trust certificates. Office—
Thursday, April 20, 1961
.
would be issued. Office—Huron,.
Public Service Co. of Colorado
24, 1961 it was reported that this subsidiary of New
England Electric System plans to sell $20,000,000 -of
first mortgage bonds. Office—441 Stuart St., Boston 16,
.
shares.
common
velopment and
England Power Co.
Jan
of
ber
vestment
stated that it would sell the full amount
it concurrently redeemed all outstanding $1,500,000
March 24,
Mortgage & Investment Corp.
that this company
if
of
bonds
.
^ Science Capital Corp.
April 18, 1961 it was reported that a full filing will be
made within a few weeks covering an undisclosed num¬
common
The company
—
Utilities
Public Service So.
April 3, 1961 the company applied to the FPC for permisison to issue up to $4,000,000 of first mortgage bonds..
57/s% bonds, otherwise only
-
Edison Co. (6/12)
April 19, 1961 it was reported that this subsidiary of
Union Electric Co., plans to sell $2,000,000
of bonds.
Office—123 Vv North Fourth St., Louisiana, Mo. Under¬
writers
To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly). Bids
> Missouri
Missouri
(8/8).
10, 1961 it was reported that this company
Jan.
Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
Previous bidders for preferred stock included Halsey,
and Financial Chronicle
(jointly); Blyth 8i Co.,
Traid
Corp.
Jan.
4, 1961 it was reported that this company is con¬
templating some new financing.
No confirmation was
available. Business—The company
specializes in airborne
photo instrumentation and manufactures aircraft motion
picture
Calif.
D. A.
and accessory items.
Office
Underwriter—Previous financing was
Lomasney & Co., New York City.
cameras
— Encino,
handled bx
Volume
193
Number
6048
.
.The Commercial and Financial
.
Trunkline Gas Co.
8, 1961 it was reported that this subsidiary of
Panhandle Eastern Pipe Line Co., expects to sell about
$50,000,000 of
bonds
or
preferred
stock
Broadway, New York City.
in
Jan.
Electric
17, 1961 the
1961
19,
to sell
it
that
this
rities
plans
company
Corp.; Eastman Dillon, Union Secu¬
Co.; Salomon Bros. & Hutzler; Goldman, Sachs
&
Co.
Bids—Scheduled
$20,000,000 to $30,000,000 of preferred in late 1961
expansion of facilities. Office"— 315 N.
1949
Dillon,
Corp.;
was
Head
&
underwritten
Co.,
First
by
Boston
15, 1961 it
Brothers; White,
(jointly); and Blyth & Co.
sidering
ford,
Stuart
has
17,
1956
•
Oil
was
Products
in
company
insurance
Co.
order
further
to
in
expansion
"Compound X," will be produced. Business—The
is
a
April
com¬
sold
of the outstanding class A stock of WUI.
Then
Western Union Telegraph would purchase 250,000 shares
of class B stock for $100,000 and WUI would sell $4,-
500,000 of debentures
(managing).
done
was
1960
16,
Office—1500
North
Telephone
Jan.
Dale
York
Mabry
Vinco
Corp.
1961 it
reported that this company plans to
was
Power
sell
$2,000,000 of convertible bonds. Business—The man¬
of precision parts and' subassemblies for air¬
craft, missile and other industries.
The company also
produces guages and measuring instruments. Proceeds—
For expansion and acquisition. Office — 9111 Schaefer
Highway, Detroit, Mich. Underwriter—S. D. Fuller &
sale of preferred stock in May, 1958 was
Smith, Barney & Co., New York and Robert
W. Baird &
Co., Inc., Milwaukee (jointly).
Office
Dec.
&
that
Sept.
Underwriter
due
Zayre
Bonds Offered
maturity. The bonds will
be
redeemable at optional
105%
boncis,
99%
5%
from
interest
accrued
and
Line
Pipe
Gas
mortgage pipe line
due Nov. 1, 1981, at
first
Corp.
$35,000,000
of
offering
Transcontinental
1, 1961, was made on April
by an underwriting syndicate
to
prices ranging from
plus accrued in¬
par,
redemptions
may be made prior to May 1, 1966
through a refunding operation in¬
volving the incurring of indebted¬
terest.
ness
However,
with
May
19
interest
an
of
company
no
5.08%
cost to the
year
or
less.
per
jointly managed by White, Weld
Transcontinental Gas Pipe Line
Webster
Corp. owns and operates an inter¬
Co. J and
&
Stone
&
A
from
be
in
of the net proceeds
portion
sale
the
bonds
the
of
to
prepay
construction program. The
of
will
notes incurred
connection with the company's
used
balance
proceeds will be added to
the general funds of the company
to
the
be
available
and other
for
construction
corporate purposes. The
estimates that it will
approximately $113,600,000
Dec. 31, 1960 in completing
company
spend
after
work
construction
which
was
bonds
fund
sinking
at
100%
are
to
entitled
sufficient. to
of
and
New
.
a
tion
build
to
in
the
retire
mcf
1,262,518
supplemented
ing Nov. 1, 1979 and $4,500,000 on
storage
Nov.
additional
1,
1980
-•
to
by
facilities
1,473,514
during
the
mcf,
mcf of
457,452
capacity
the
stated that Wes1
day
from
winter
Lehman
1961, Stanley H. Feldberg, President,
future. The type
decided
upon
of
self-service
and
$1
shares of beneficial
Stephen Realty
In¬
par
in
interest
vestment
thous¬
1 9 3 0
Sherman
Colo., are being
offered
at
$5
per
share.
The
public offering is made on a best
efforts basis by Stephen Securities
Co.,
Denver,
Street,
Office—Natick, Mass. Underwriter—To be named.
sion.
Corp., for which it will receive a
selling commission of 40 cents per
share.
Stephen Realty is
mon
and
of Wilmington, Del., has
offered publicly 300,000 shares of
common
stock
at
par
($1
per
Corp.,
share), through Pacific Coast Se¬
curities Co., San Francisco, Calif.
machinery and equip¬
ment, plant facilities, increase of
inventory and for working capital.
a
Realty
NOTICES
DIVIDEND
States Lines
ited
organized
was
investing,
Common
partner
a
DIVIDEND
NOTICES
The UNITED Corporation
The Board of Directors has
declared
dividend from Net
a
Investment
Income
MON
share
on
of
10
the COM¬
STOCK, payable June
1961
to
stockholders
the
at
close
of
of
busi¬
May 26, 1961.
ness
Wm. M. Hickey,
President
April 18, 1961
ing in real property, interests in
property,
and
interests in
DIVIDEND
real
mortgages
In
real
on
addition
property.
Webb,
Mr.
to
trustees
W.
are
the
Gerald L. Schlessman,
Douglas Morrison, and George
S.
Postma,
Schlessman
and
of
all
is
Denver.
listed
Morrison
Mr.
DIVIDEND
Mr.
Chairman
as
The Board of Directors has authorized
of a dividend of fifty cents
share payable June 9, 1961,
of Common Stock of record
the payment
($.50)
to
per
holders
May 19, 1961.
THOMAS R. CAMPBELL, Secretary
One Broadway,
New York 4, N. Y.
It J.
Reynolds
Tolaeco Company
Secretary.
Makers of
NOTICE
Camel, Winston, Salem I Cavalier
periods.
and
is
Coleman
Stock
reinvest¬
and
Mr.
Company
ber, 1960, and as a real estate in¬
vestment trust for the purpose of
holding,
cigarettes
DIVIDEND
NOTICE
Common Stock
CALIFORNIA-PACIFIC!
UTILITIES
HOUSTON, TEXAS
have been declared at the
rates per
Carter Hall
The
DIVIDEND
Board
of
Directors
has
declared
55
Corporation at its
meeting held
April 18, 1961, de¬
clared
following
of
a
on
regular quarterly dividend
twenty-five and
(25J^c)
per
share
one-half cents
on
the Corpo¬
QUARTERLY DIVIDEND
A
quarterly dividend of 65c
share has been declared
per
the Common Stock of the
on
Company,
25tf
ration's Common Stock. This divi¬
1961
.
25^
dend is
ord
.
27tf
.
.
.
.'
5% Convertible Preferred
quarterly dividend of 28^ per share on
Common Stock, payable June 13,
5Vz% Convertible Preferred
\
J. Ley,
May 10, 1961
V1CE-PRES. & TREAS.
April 28,1961.
to
at
June
payable
stockholders
the
close
of
5,
rec¬
of business
May 15, 1961.
WILLIAM R. LYBROOFC,
22lM
D.
19, 1961.
payable May 31, 1961, to
stockholders of record
27
Common
May
J. E. IVINS, Secretary
smoking tobacco
5.40% Convertible Preferred
a
the
1961, to stockholders of record on
NO,
and South West
share:
5% Preferred
Albert, George Washington
COMPANY!
Quarterly dividends payable June 15
to shareholders of record June 1,
COM PAN Y
Prince
Dividend
The Board of Directors of Central
TRANSMISSION
has
D. Coleman to its Board of Direc¬
tors.
record
law trust in Decem¬
common
Corp.
with Drexel & Co.
13,
of the underwriter.
Stephen
Construction
announced the election of Bertram
cents per
stockholder
controlling
Named Director
BarChris
com¬
trust; and one of the
trustees, John T. Webb, is Presi¬
as
proceeds are to be used to
purchase
law
dent
a
Vending
Pharmaceutical
The
discount
stores,
Brothers,
The
stock. Business—The
expan¬
Common Offered
hundred
is considering the
company
common
department
operation
Common Offered
million four
or
in
principally in the east and south. Proceeds—For
Pharm. Vending
One
stated
of security to be sold has not
but the
issuance of debentures
Stephen Realty
peak
per
Co.;
&
The
Corp.
24,
near
been
Underwriters—To be determined
Langley
—
this company may require additional financing
that
Hempfield Township, West¬
for increases
allocated capacity of
system
from
the
present
allocated
1980,
seeking authoriza¬
the daily
annually thereafter to and includ¬
ij.
the
Jersey-Philadel¬
York-New
the company is
amount
principal
to
Coast
phia metropolitan area and has a
present allocated capacity of
1,262,518 mcf per day, exclusive
of
gas
available from storage.
Under pending applications with
the Federal Power Commission,
$500,000 on May 1, 1963 and semi¬
May.
Gulf
Louisiana
which would provide
scheduled at that date.
The
pipeline
system
for
the
transportation and sale of natural
gas. Its main pipeline system ex¬
tends 1,842 miles from the Texas
state
Securities Corp.
C.
W.
Inc.;
at
redemption
March
1961, J. Lee Rice, Jr., President of Allegheny
$4,500,000
leaving
1981,
1,
May
;
also
Public
Co.
&
incurred for property addi¬
Springs Road, Lake Geneva, Wis.
Milwaukee Co., Milwaukee. WU.
loans
(managing).
on
by competitive bidding. Probable bidders: Halsey, Stuart
Co., New York City.
bank
short-term
of
a company prospectus
capital stock or bonds
Proceeds—For the repayment
tions. Office—Sheridan
)
moreland County, Pa.
reported in
was
undetermined amount of
an
will be sold in 1961-1962.
Power Co.
800 Cabin Hill Dr.,
Southern Gas Co.
12, 1960 it
Co., Inc., New
common
System, Inc., parent company,
—
last
Wisconsin
expects to sell about $25,000,000 of bonds in 1962
Penn
ufacture
Trans.. Gas Pipe
10,
about
was
City.
Feb.
1961
19,
sell
—The
City.
Feb. 20,
Light Co.
handled by
underwritten by Blyth
West Penn
Power &
it was reported that this company plans
$6,500,000 of preferred stock in the third
quarter of 1961. Proceeds—For expansion. Underwriters
to
Co.
privately. The last sale of
was
.
».
Wisconsin
St., Everett, Wash. Underwriter—To be named. The last
debentures
bonds. Office—60 Hudson\St\,
or
New York City, Underwriter—American Securities Corp.
reported that this company plans to
companies.
it
In addition, American Securities
Corp., New
City, would purchase from Western Union Inter*
25%
constructs shell homes, provides credit life
home mortgages and operates a chain of
1961
11,
stock.
national about 133,000 additional shares of class A stock
giving American Securities ownership of approximately
sale of bonds and preferred stock in May and July 1960
before. However, the
last sale of common stock on Feb. 5, 1959 was handed
by Lehman Brothers, Smith, Barney & Co., and Merrill
Lynch, Pierce, Fenner & Smith Inc., all of New York
never
of
York
Corp.
was
Coast
$4,000,000 of sub¬
graph Co. in units of $100 of debentures and ten shares
stated in the 1960 annual report
that the company plans to spend $12,000,000 for new
construction in 1961, most of which is expected to be
raised by the sale of securities. Office—1714 California
a
has
on
loan
West
major petroleum and chemical research and
process development concern. Office—30 Algonquin Rd.,
Des Plaines, 111. Underwriter—To be named. The com¬
pany
(12/5)
Power Co.
Highway, Tampa, Fla. Underwriters—To be named.
major field which the company would not identify.
No
decision has been made on whether the product, named
pany
Western Union International of about
minimum of $20,000,900 of debentures. Business—
a
the
17, 1961 it was reported that this company may
require financing either through bank borrowings or the
debentures
(Jim)
sell
Jan.
of
&
a
ordinated debentures and 400,000 shares of class A stock
to be offered to stockholders of Western Union Tele¬
Richmond 9, Va.
Walter
small
sale
Electric
April 17, 1961 it
underwritten
by Harriman
Ripley & Co., Inc., New York and associates.
Universal
a.m.
Dillon, Union Securities & Co.; Salomon Broth¬
Hutzler; Goldman, Sachs & Co. Bids—To be re¬
ceived on Dec. 5, 1961.
,
;
,V
Office—400 Main St., East Hart¬
Underwriter—To be named. The company
Sept.
on
11
at
&
ers
issued bonds, but its last offering of preferred
never
stock
8
Telegraph Co.
company's plan to transfer its Atlantic cable system
newly organized company, Western Union Inter¬
national, Inc. The plan provides for the issuance by
Eastman
was
term loan.
Conn.
June
Union
the
to
(DST).
a.m.
Underwriters — To be deter¬
by competitive bidding. Probable bidders: Halsey,
& Co. Inc.; Stone & Webster Securities Corp.;
—
mined
reported that this company is con¬
issuance of $50,000,000 of bonds to replace a
seven-year
11
at
March 23,
Office
United Aircraft Corp.
Feb.
13
1961, the company announced plans to sell
.<$15,000,000 of securities, possibly bonds or debentures.
,
Lehman
Weld & Co. and Shields & Co.
June
Meeting—Scheduled for
Virginia
12th Blvd., St. Louis, Mo. Underwriter — To be deter¬
mined by competitive bidding. The last sale of preferred
November
for
(DST) at the Chase Manhattan Bank, One Chase Plaza,
New York City.
Proceeds—For
in
Western
Feb. 28, 1961 it was reported that the FCC has approved
Webster Securities
=y&
reported
was
Dillon, Union Securities & Co. and First Boston
Corp. (jointly); Harriman Ripley & Co.; Kidder, Peabody & Co. and White, Weld & Co. (jointly).
Probable
Co.
47
Eastman
company
Underwriter—To be determined by competitive bidding.
bidders: Halsey, Stuart & Co. Inc.; Stone &
September.
Underwriters-
Information
Jan.
(6/13)
announced plans to sell $30,000,000 of first mortgage bonds. Office—Richmond 9, Va.
Merrill Lynch, Pierce, Fenner & Smith
Inc., and Kidder,
Peabody & Co., both of New York City (managing).
Union
(1787)
Virginia Electric & Power Co.
March
Office—120
Chronicle
LEROY J. SCHEUERMAN
Secretary
J
■
Secretary
Wmstoo-Salera, N. C
April 14, 1961
Central and South West
.corporation
Wilmington, Delaware
Sixty-one Consecutive Years of
Cash Dividend
Payments
48
Chronicle
The Commercial and Financial
(1788)
.
.
Thursday, April 20, 1961
.
r,i-
COMING
WASHINGTON AND YOU
EVENTS
BEHIND-THE-SCENES INTERPRETATIONS
Si
'
CAPITAL
FROM THE NATION'S
—•
IN INVESTMENT FIELD -
l!
u
D. C. — Presi¬
and his chief¬
all branches of the service. They
doing some things and
approval of the White House, to
keep tight-lipped on all state¬
ments
and
opinions regarding
WASHINGTON,
*
Kennedy
dent
tains
v
are
preparing
some new
that have not made the
courses
Nevertheless,
headlines.
has
There
been
$41,000,000,000
There
ed.
down
policy
new
a
The
to
S.
that
un¬
the
in
the
future
out
hand
will
have
and
have
to
dig
to
clamp-down
Each
a
inter-service
rivalry.
branch of the service has
in
able
the
some
the
times
Navy
Force,
Army
at
As
each other.
few
during
presumably
Union
viet
year
and thus
could
vote.
not
graduate of Princeton Uni¬
A
top-flight
Sylvester
Washington
spondent
particular.
for
versity,
Mr.
a
was
the
at
will
Pentagon
approval
of
policy
the
have
Americans,
many
of
critical
been
have
who
unpublicized
new
for
Administrations
past
letting
so
much information get out of
McNa¬
Secretary
persuaded him to join the
Defense Department as the As¬
sistant
public information.
disarm
Meantime,
For years
thousands of people
have written
Congressmen, the White
this
their
House
country
the
and
criti¬
Pentagon
cizing the release of certain in¬
formation about new plans, sub¬
marines, missile sites, etc.
That is good as
those
of
Many
far
completely
on
critics
However,
they do not stop to realize that
f
are
we
democracy.
a
dictatorship,
Union,
like
Under
the
pretty
is
there
in
a
Soviet
much
blackout of all information,
cept that of
a
ex¬
propaganda nature
a
designed to serve a useful pur¬
pose.
While
and
is
it
mocracy,
people
live
we
under
true
living
are
of
income
our
of
life,
preferable to
The
a
Because
Our
taxes.
is
course,
far
dictatorship.
policy
Pentagon
silver
platter has
of
it
its
merits,
Cloy, who is
mili¬
hide
not all, but
their mistakes.
Congressional
investigating
tary
higherups
some
—
to
committees and
—
some
enterpris¬
ing news people in the past have
out
rooted
come
to
would
jurisdiction
there
to
get
V <
on
As much
to
the
be
the
Pentagon,
some
light
expenditures.
prominent attorseeking
is
life,
private
As
of
now,
program
five
new
time
erable
will
hopeless.
to
of
more
are
the
a
For
two
the
saying in effect:
big
boys—the
States
Soviet
the
and
Union—battle it out in the
race.
arms
parts
weeks
1
science
and
Where it will
stop
battle
a
technology.
of
knows.
race
will
five
next
least.
It
years,
what
tremendous
appalled
powers
the
two
big
in missiles and nuclear
of
these
days
something
hopeful
are
its
There
is
still
another
to
the
of small and
size.
kill
Governors
Hotel,
v
Oct. 15-18, 1961
could
of
the
Soviet
Oct.
16-20, 1961
50,000,000
could
to
Union
At
the
perhaps
Asso¬
at the
Springs Riviera Hotel.
National
Traders
Security
ciation Annual Convention
Palm
26-Dec. 1,
of
Board
Company
a
Harrison
sell
of
Pittsburgh-Pacific
and
to
Investment
Chairman of the
Hugh Harrison,
1961
partner
in
Coal
Rus¬
Company,
the
board
of
was
other
directors
of
Bankers
Hotel
Association
Hollywood
Diplomat
the
and
Hotel.
City)
Mutual
Savings Banks 15th annual mid¬
Dec.
4-5, 1961 (New York
Association
of
directors
National
Imperial
year
Imperial Fund, Inc.
were
Beach
meeting.
re-elected, A1 Sheldon,
Attention Brokers
President said today.
fUT
and Dealers:
MARKETS
American Cement
Botany Industries
W. L. Maxson
Official Films
King
Carl Marks & Co. Inc.
FOREIGN
20 BROAD
SECURITIES
STREET
TEL: HANOVER 2-0050
•
Our New
York telephone
SPECIALISTS
NEW YORK
5f N. Y.
TELETYPE NY
t
LERNER & CO.
1-971
Securities
Investment
«
These figures are frightening,
V-'-?
;
I&y * ?v.:.
Telephone
HUbbard
ac-
number is
CAnal 6-3840
10 Post Office Square,
happen through
(Hollywood,
Annual Convention at
75,000,000
farbut it could
(Palm Springs,
Calif.)
un¬
nuclear
75,000,000.
Association an¬
nual convention.
Waste
States
power,
(San Francisco,
Calif.)
Nov.
the
Americans.
high-ranking officers of
National
the needs of
serve
at
time, Russia, with its great
missile
Fall meeting of Board of
at the Brown Palace
Firms,
well get out
supply
on
perhaps
same
1961 (Denver, Colo.)
of
Stock
Exchange
Association
TRADING
M
reaching order that has gone out
The
trading
and kill tens of millions of peo¬
ple,
annual meeting at Jasper
Lodge, Jasper, Alta.
Fla.)
Fund
Americans,
Canada
Park
by
Named Director
Cloy, like many millions of his
fellow
Exchange
summer
Exchange Com¬
organizations
medium
All
'
I-
sound
give, and Mr. Mc¬
have to
&
future.
near
elected
weapons.
One
the
designed to
by
that is go¬
race
between
on
stunned
and
last
mission and plans to open
everywhere
people
armaments
recent
Stock
franchised
Securities
the
(Canada)
American Bankers
National
The
was
Country Club.
Hollow
by accident.
United
leash
say
in
world
National
technological prog¬
that could very
weapons
The
concerns
Mr. McCloy and his staff is
The
for
apply for membership in
Stock Exchange.
lege to
York
her privi¬
is unlikely
stop within
ten
or
But
the
of
will
I
of hand
range
Mercantile Ex¬
exercised
immediately
the
it
York
New
change, sponsoring organization of
The National Stock Exchange, and
in
ing
ress
says
before
darker
The
con¬
consid¬
Investment
Oct. 9-10,
she bought a seat
summer
the
on
is
smaller
and
countries
the
a
He
battle
to
Union
will be
away.
be
Last
is global.
the
that
our
ballistic missiles, we now know,
are
nobody
has
program
of course, such
appears
road
is
that
brighter.
gets
disarmament.
let
brandhave cropped
Kennedy
Soviet
the
news
practical
purposes,
some
countries, like Britain, are well
United
However, ten
York.
up.
with
years
Dreyfus & Co., 2 Broadway,
some
(New York City)
Association
of New
annual
outing at
Sleepy
15, 1961
June
Walk Investment Dealers Association of
in
been
one-half
New
problems may
trol outer space
has
and
three
with
now
anew
registered
next
the
within
years.
from
a
Hotel).
June 22-25, 1961
Poison
Mrs.
Street
know
now
we
as
Hilda Poison,
Mrs.
representative.
existence of the
stake
ten
or
years
all
the
by the Board of Governors of
The National Stock Exchange. She
is
reception at the Roose¬
and dinner
a
20
spending money on.
States
at
is
of
member
woman
7 by a
June
ceded
Club (pre¬
cocktail party
Country
Rapids
dar
exchange was elected April
stock
Washington experts who have
returned from visits in scattered
disarmament
a
launched.
mis¬
have
is spent under
of
needs
thrown
never
public light.
that
money
flagrant
some
that
takes
in
new
a
Mc¬
Mr.
administrator.
ment
the
the
by
tendency
our
was
after World War II,
is
Kennedy's
disarma¬
many
the
a
it
(Cedar Rapids, Iowa)
Bankers Associa¬
tion annual Field Day at the Ce¬
June 8, 1961
velt
colossal
a
of
Club.
views.]
own
Club
(New York City)
New York annual
2, 1961
Bond
outing at Sleepy Hollow Country
Capital
coincide with
not
may
or
first
The
for our
country at home and abroad, it
United
may
Of National Exch.
problems pile up
the
June
re¬
Woman Member
with little hope of success.
Yet, it is worth trying and it
that
intended to
is
Iowa Investment
one,
seems
toria Hotel.
column
McClov's
is
task
disarmament
disarmament
to
road
Glee
STANY
and
sane
a
Russia.
the "Chronicle's"
not
reason
Mr.
that
appears
President
It
not
McCloy, who
high commissioner of West Ger¬
There has always
been
the
govern¬
and
to trust the Communist leaders,
warned
but it could have some undemo¬
cratic effects.
the
of
have
we
on
pretation from the nation's
or
Springs.
napolis and Colorado
President
More
more
making everything available on
a
for
other im¬
are
going on in
side
John J.
our
that
under
for
of
executive
with
up
battle
the
there
portant things
on
and have to pay more and rpore
way
in
Russians
outer space,
de¬
a
rules and regulations,
more
catching
day
some
the
have
had the
clamp down
all United States
military information.
of
ment.
they would
power
military strategy with the hope
it goes.
as
maintained that if they
the Pentagon is
as
four
next
years.
As
preparing to step up our modern
the
over
get
flect the "behind the scene" inter¬
totally
we
They even demand
that we close down the service
academies at West Point, An¬
five
is worthy of
Impasse
Disarmament
The
Pentagon.
(I
of
charge
in
Secretary
the
in
trusting
Kremlin
the
that
demanding
will
we
[This
of
leaders
The
are
mara
The
that
un¬
Russia
Trust
Can't
corre¬
"Newark
the
when
News"
Con
and
Pro
in
deliberate intent,
or
the Potomac River
across
lumbia for many years
important
was
cident
less disarmament comes about.
he
when
McClean, Va., Mr. Sylvester
had lived in the District of Coi-
Communists and the So¬
the
Republican.
recently,
(New York, N. Y.)
Club
7th
annual
dinner dance at the Waldorf-As¬
May 19, 1961
Mr.
important position.
of the
meeting
Spring
—
Board of Governors.
to
they would release information
to
Firms
drafted
Sylvester was
Mr.
of
Association
Actu¬
moved
some
a
married in 1929.'
were
with
the
outdo
Meade
(St. Louis, Mo.)
Stock
Exchange
May 8-9, 1961
"We
of De¬
Until
and
tried to
result, in
a
instances,
that
outing May 5 at the Belle
a
Secretary
a
the
at
Sylvester is neither a Democrat
States
United
under
out
Sylvester.
the
nor
Spring party—dinner May 4
Hillwood
Country Club,
nual
policies
new
carried
Arthur
ally,
for
particular
that
the
Therefore,
Air
Security Dealers of Nashville An¬
right or
—
Assistant
fense,
it publicized.
wanted
Pentagon's
being
new
the
because
past,
of
"higherups
branch
change
a
(Nashville, Tenn.)
May 4-5, 1961
Country Club.
The
are
highly trained news and public
relations
personnel
that
has
made
such
information avail¬
lit''
deliv¬
wrong.
There has been
on
.0;
manding
information
piece
through
cans
together.
con¬
Penn-Sheraton
the
at
Hotel.
censorship, but many Ameri¬
have
written letters de¬
of
annual
Marshall
annual
41st
Banks
Savings
ference
This, of course, is a type
ered.
fu¬
a
military officials
funneled
being
are
stories
up
appeared
14th
John
the
at
May 1-3, 1961 (Philadelphia, Pa.)
National
Association of
Mutual
those di¬
Sometimes
channels before they are
infor¬
News media in the
ture
'Hi
of
wealth
a
Such statements
in foreign
policy.
Addresses of
Army,
convention
Hotel.
widely quoted
countries.
McNamara,
mation.
\X.
Societies
in
vergent statements
bit ridiculous.
Navy and Air Force is not going
M':
Analysts
chieftains
complete variance with White
were
Defense Rob¬
has decided
of
the past
of Financial
Federation
House
news
higherups,
Pentagon
Secretary
ert
Va.)
National
at
is going to
get in the future.
(Richmond,
3, 1961
April 29-May
the
of
some
have made statements that were
news
der
to
Astoria,
that
true
military
clamp-
no
legitimate
but
harder
be
been
is
It
is direct¬
year
a
has
on
sources,
! Hi,
of
at. the
Waldorf-
the
of
Ballroom
Grand
dinner
annual
York
New
Association
Traders
Security
Past Indiscretions
adopted at the Pentagon, where
the expenditure of more than
K
(New York, N. Y.)
April 21, 1961
policy.
foreign
they
the
with
directed,
important. : J/\
are
W
chart
to
been
have
2-1990,
;
Boston 9, Mass.
Teletype
»s 69
@FedFRASER